British Empire Unleashes Terrorism, Regime-Change Across Asia - By Mike Billington (5/4/14) PDF Print E-mail
Mike Billington   
Saturday, 05 April 2014 15:49

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The Global Financial Tsunami End Game Is Upon Us - By Matthias Chang (5/4/14) PDF Print E-mail
By Matthias Chang   
Saturday, 05 April 2014 13:58


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The Most Important Thing Holding Up The US Dollar - By Ron Paul (4/4/14) PDF Print E-mail
Ron Paul   
Friday, 04 April 2014 07:56

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America’s Credit Supercycle: The End Is Near - By Bill Bonner (4/4/14) PDF Print E-mail
Bill Bonner   
Friday, 04 April 2014 07:54

Daily Reckoning

No credit-based system in the modern world has survived an entire credit cycle. Daily Reckoning co-founder Bill Bonner explains why he believes the United States’ credit-based monetary system is nearing collapse.

[Note: This is an excerpt from Bill Bonner's speech at the 2013 Agora Financial Investment Symposium]

The important thing to remember is that, in a credit-based system the amount of credit is infinitely expandable. And the other thing is that in the credit-based system – the credit is manageable.  Somebody is always managing the value of that credit; especially in these hybrid systems we’ve had lately where somebody can manage it; where, in a bouillon system, you can’t manage the value of gold.  It’s what it is.

What we have today, by the way, is a credit-based system, but it’s a hybrid credit-based system that has many of the bad elements of a credit-based system, and it allows – and it is, essentially, a Paleolithic or Bronze Age system, which is being tried again.  And, when you have these systems, then you get these elaborate confections of credit, just as they did in the old days with the cows, and the chickens, and everything.  Now, you owe a mortgage.  You owe a mortgage.  The mortgage itself is then put into a derivative contract.  Derivative contract is bought by a hedge fund, which has borrowed money from a back at a preferential rate because it’s a bank favored by the Fed.  And all of this is quantified in these IOUs by the biggest debtor on the planet, and you wonder, “What are these things worth?  Does anybody know?  Does anybody know whether – who’s solvent and who’s not solvent?  Does anybody know what the credits are worth?  Does anybody know when this thing will blow up?”

No.  Nobody knows, but there’s no record in all of the historical record of any credit-based system in the modern world that has survived an entire credit cycle.  And now, we’re getting the turn in the credit cycle, so I think we’re getting close to the time when we’re going to find out whether this is something really, really  new, or whether this is a repeat experiment.

It's hard to believe that more than ten years have gone by since we began writing The Daily Reckoning out of a Paris office back in July of 1999?

Since then, a lot has changed. We have seen the dot com boom and bust... a massive expansion of credit...real estate mania and meltdown?and epic highs and lows in the markets.

Nothing about the past ten years has been boring. And we have been there throughout, trying to help readers make some sense out of our global economy. And hopefully providing a few laughs along the way.

In short, we pen The Daily Reckoning each day -- for free -- to show you how to live well in uncertain times. We aim to make each article the most entertaining 15-minute read of your day.



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What About The Dollar: Russia, Iran Announce $20 Billion Oil-For-Goods Deal - By Tyler Durden (4/4/14) PDF Print E-mail
Tyler Durden   
Friday, 04 April 2014 07:50

Zero Hedge

Spot what is missing in the just blasted headline from Bloomberg:

IRAN, RUSSIA SAID TO SEAL $20B OIL-FOR-GOODS DEAL: REUTERS


If you said the complete absence of US Dollars anywhere in the funds flow you are correct. Which is precisely what we have been warning would happen the more the West and/or JPMorgan pushed Russia into a USD-free corner.

Once again, from our yesterday comment on the JPM Russian blockade: "what JPM may have just done is launch a preemptive strike which would have the equivalent culmination of a SWIFT blockade of Russia, the same way Iran was neutralized from the Petrodollar and was promptly forced to begin transacting in Rubles, Yuan and, of course, gold in exchange for goods and services either imported or exported. One wonders: is JPM truly that intent in preserving its "pristine" reputation of not transacting with "evil Russians", that it will gladly light the fuse that takes away Russia's choice whether or not to depart the petrodollar voluntarily, and makes it a compulsory outcome, which incidentally will merely accelerate the formalization of the Eurasian axis of China, Russia and India?"



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