Rar Passport Knacker Boersen

1. Rar Passport Knacker Boersen Farms

15 July 2010Why the BIS Gold Swaps Are Important and the Failure to Reform (his recent commentary, Gold Derivatives Update: BIS Swaps (Reg Howe notes:'Not surprisingly, revelation of these swaps has generated considerable discussion, comment and analysis by students of the gold market. What appears to have happened is that one or more central banks loaned gold to one or more bullion banks, which then swapped the gold with the BIS for cash, leaving the physical metal in place. Under this arrangement, the accounting conventions promulgated by the International Monetary Fund allow the central bank or banks to continue to count the gold in official reserves while the BIS enjoys a high level of security on the gold side of the swap.' This is how I described the swaps in a July 6 blog entry (parties have mistakenly asserted that since a swap is not a lease for accounting purposes, which is quite correct, then the gold could not have been sold. That is just a simplistic misconception. A swap transfers the benefits of the assets from one party to another for a period of time in exchange for interest paid, generally on forex received.

Its does not sell the property but it transfers the mineral rights for a time, if you will.The party that then holds that gold asset can just hold it, or they can utilize it in some way, such as leasing it out for a period of time to another party, like a bullion bank, who can subsequently sell it. These types of 'three way deals' were very commonly seen when Lehman and Bear Stearns started to unravel and they needed to be unwound, and were a key component of the whole issue of hidden counter party risks. Remember that?So on the books of the first party there are in fact no leases or sales shown, just swaps of varying duration and terms.

But the swap has delivered an asset, in this case gold, into the hands of a party who may have no qualms about leasing that asset out to a third party to obtain funds, and that third party is likely to sell it. I would of course agree that this does not PROVE anything. How can it when the books of some of the parties are still opaque, and audits rarely conducted to verify ownership. But after what we have just seen over the last three years in these games of asset merry-go-round, how can anyone just blatantly dismiss that can and likely is happening, where there is an easy profit to be made. Especially considering the past history of transactions between the bullion banks and the central banks.Personally I would view this report as bullish for the price of gold, since it is past history, and almost certainly an indication of concerns about Comex offtake.

In other words, shortages are appearing, and fresh sources of bullion are becoming increasingly difficult to find.' Quite a few of the usual suspects and industry bottom feeders have questioned the significance of these swaps, while admitting they do not understand them. So confusing, who would care. Move on, nothing to see here. By the way, strike those nutters off the guest interview lists, and make sure people know that they are persona non grata.The significance of these swaps seems almost transparently obvious to anyone who is following the commodity markets, but Reg Howe says it quite well, and has been illuminating this smarmy little scheme for several years.' .an integral part of gold banking in recent years has been the suppression of gold prices, not least by increasing the ratio of paper claims on gold to the underlying amount of available real metal. In this sense, if the new gold swaps disclosed by the BIS are just the latest technique for giving official support to an increasingly shaky gold banking business, they might be viewed as a short-term negative for gold prices.

But in a larger sense, the growing reluctance of central banks to part with whatever gold they have left can only be a positive development for committed gold investors.' (point is that some of the central banks, led by the example of the Fed and J.P. Morgan, have been leasing out their gold inventories to the bullion banks at very low rates, without reflecting those leases on their books.

Technically this does not violate any prohibitions against selling sovereign assets without the oversight and consent of the people. Goldman Judgment And Consent Documents (by Tyler Durden (on 15:44 -0500This is all that Goldman consents was done wrong (without admitting or denying guilt:Goldman acknowledges that the marketing materials for the ABACUS 2007-ACI transaction contained incomplete information. In particular, it was a mistake for the Goldman marketing materials to state that the reference portfolio was 'selected by' ACA Management LLC without disclosing the role of Paulson & Co.

In the portfolio selection process and that Paulson's economic interests were adverse to CDO investors. Goldman regrets that the marketing materials did not contain that disclosure.We, in turn, regret that America no longer has a fair and just legal system71 comments (more (curbyourriskon Thu, - 94 (in turn, regret that America no longer has a fair and just legal system'You got that right, just ask Martin Armstrong.Turd Fergusonon Thu, - 73 (must admit to being shocked by the announcement. $550M is a total joke. How much free money does GS make daily by borrowing at the discount window and reinvesting in 10-year treasuries?

So,1) GS et al totally, fraudulently fuck up our entire financial system and economy.2) Deemed TBTF, The Fed asks GS to convert into a savings bank.3) GS now can borrow freely at the discount window and use $ to buy trsys.4) Obama DoJ sues GS for fraud re #1.5) GS settles with govt and pays fine with $ it earned for free from said govt.What a fucking racket. I cannot believe that this is actually happening in The United States of America. I know many of us ZHers feel that nothing about our kleptocracy should surprise anyone, but this is outrageous. I'm speechless.Kalion Thu, - 28 (This is why small businesses will disappear. The corporations with the money, guns and lawyers will always win. Farcism at its finest.Statement On SEC Settlement (by Tyler Durden (on 16:38 -0500'We believe that this settlement is the right outcome for our firm, our shareholders and our clients.'

And now, back to recommending the worst possible trades to these very clients.47 comments (more (Cammy Le Flageon Thu, - 99 (fraud with a cherry on top. I know of no individual who could get away with that.Bizzleon Thu, - 99 (lack the words to describe how this makes me feel. I am past outraged. I guess just sad and dejected.I hope there's a revolution. I will join it.ZeroPoweron Thu, - 32 (cant believe the $500MM amount.ITS 3 DAYS OF REVENUES FOR GS!Did the SEC think this being labeled as 'biggest fine yet' made it any harsher?Fazzieon Thu, - 00 (fine yet' = two slaps on wrist. If I were to be caught stealing a can of spam from a store, by comparison, I would get fined at least a full weeks pay and would never be offered a plea deal to avoid admitting guilt. I would have a criminal record too.SEC Settlement Vote Split Along Party Lines (by Tyler Durden (on 17:49 -0500Reuters reports that democrats vote for settlement; republicans against.

Is the president starting to miss all that Goldman lobby cash (Alas, it might be a little too late for kiss and make up.26 comments (NOTW777on Thu, - 61 (of the day to americans - crime pays.:bad. 15 July 2010The Last Bubble: The Problem of Unresolved Debt in the US Financial System (David White has painted some dire pictures of the US housing market, but this one is shocking in its implications.(fromA Blistering Ride Through Hell (by Michael David White.I enjoyed the synopsis of this chart that was done by Automatic Earth in Is It Time to Storm the Bastille Again: (is, what Americans' homes are worth, their equity, decreased by $7 trillion -from $20 trillion to $13 trillion, from spring 2006 to spring 2010. In the same period, mortgage debt, what Americans owe on their homes, went down by only $270 billion. Yes, that's right: US homeowners lost more, by a factor of 26, than they 'gained' through clearing mortgage debt. Thus, if we estimate that there are 75 million homeowners in America, they all, each and every one of them, lost $93,333.' Nine out of ten Americans will notice that there is a significant gap that must be closed here. What makes it even more chilling is that the gap is continuing to widen as home prices continue to correct to the mean.This debt must be resolved.

There are two major ways to do it: repayment and default.Repayment is probably a fantasy, if not beating a dead horse. The homeowners do not have the money with which to pay the loans given the current state of employment and wage stagnation, and the mortgages are for the most part on houses whose value is significantly under water compared to the debt, as in ' just mail in the keys.'

Straight up default, writing off the debt even through foreclosure, is also probably out of the question, because it would essentially vaporize the balance sheet of the US banking system which is also insolvent, to a greater degree than most understand, and if they understand it, would admit.Automatic Earth references an essay which we also had linked here by Eric Sprott called Wither Green Shoots (that points out the unfortunate fact that of the 986 bank holding companies in the US, 980 of them lost money last year. The lucky six were the TBTF banks on major government subsidy.So, where is the government going to liquidate the debt? And what effect will it have on dollar assets when they do it?The Japanese solution was to ignore their bad debt and insolvent kereitsu, because admitting it would cause significant loss of face, not to mention financial loss, to an elite that does not permit such things to happen.

So instead they arranged for their single party LDP system to drag the debt like a ball and chain through what came to be known as 'the lost decade' while they tried to make it go away by export mercantilism and crony monetarism wherein funds were given to the same kereitsu in a remarkably ambitious (and expensively wasteful) series of public works boondoggles.Do you think the US can follow this path? Japan started from a base as a net exporter with a huge trade surplus and little debt. Scratch that idea.Someone has to end up 'holding the bag.' And the consumer cannot rise to the occasion, the banks are all insolvent and a sinkhole until they change their business models. So what will be 'the last bubble?' Bernanke has managed to monetize about 1.5 trillion dollars so far. Only 5.5 trillion more to go, if housing prices can stabilize at current levels, and employment return to pre-crash levels quickly.A few European readers have expressed their relief, and some noticeable pride, that their banking and political system resolved its own debt crisis so quickly and easily.

A moving image got this wheelchair maker rolling (10, 2010 By Abby Sewell, Los Angeles TimesThirteen years ago, a biomedical engineer in Orange County had a religious awakening and began tinkering with plastic lawn chairs and bicycle wheels in his garage. Don Schoendorfer, who has a doctorate from the Massachusetts Institute of Technology, was in search of the perfect wheelchair for the poor in the developing world — a vehicle that would be light, durable and, above all, cheap. His peers thought he had gone off the deep end. Even his wife, although supportive, soon tired of his creations cluttering the garage of their Santa Ana home.But Schoendorfer kept plugging away, and his modest dream of building a better wheelchair became a massive undertaking. Now he heads the Free Wheelchair Mission, (a faith-based nonprofit headquartered in Irvine that says it has given away nearly 500,000 wheelchairs in 77 developing nations.Allen J. Schaben:supi / Los Angeles Times.

Apple Representing A 20% Weighting In The Nasdaq, Steve Jobs Better Pick His Words Well Or Flash Crash 2 Is Here (by Tyler Durden (on 12:11 -0500chart from Bespoke Investment Group demonstrates why Steve Jobs better pick his words very, very carefully. As AAPL accounts for a 20.1% weight in the Nasdaq, and is an HFT darling, as well as having every analyst on Wall Street loving it, should this stock tumble, we expect an 80 point ES drop in the market by EOD.127 comments (more (http://www.zerohedge.com/article/apple-representing-20-weighting-nasdaq-steve-jobs-better-pick-his-words-well-or-flash-crash-):rolleyes.

Obamanomics: Keynesianism Explained Using Victoria's Secret Models (by Tyler Durden (on 14:24 -0500the topic of Keynesian stimulus now so prevalent, that for some reason everyone, even economic Ph.D.' S feel entitled to chime in with their useless opinions on whether or not it is appropriate for your overleveraged economy, we would like to present this very educational anecdote about the Obamanomic version of Keynesianism as it pertains to jobs, explained by Daniel Mitchell of the Cato Institute. The kicker - Victoria's Secret models. If after this one still doesn't understand the wonderbra approach to pushing up our economy, one is hopeless.23 comments (more (night:D. Post: Lloyd Blankfein's Days Are Numbered As Chairman Of Goldman Sachs (by Tyler Durden (on 20:47 -0500It's a testament to the odd world in which we live that when a Wall Street firm pays a $550 million fine by conceding negligence in how it dealt with clients, its stock surges, adding billions of dollars in market value for the firm's shareholders. But that's what's happening to Goldman Sachs, as it reached its long awaited settlement with the Securities and Exchange Commission over how it sold a basket of mortgage related debt to investors in 2007. Back when the SEC brought the case, the conventional wisdom on Wall Street and the financial media was that Goldman didn't have to settle - the case was weak and Goldman is, after all, Goldman.

Now that Goldman has indeed settled, the news is being spun, again mostly by the financial media, that the deal with the SEC was a victory for Goldman's CEO Lloyd Blankfein, who survived the investigation largely unscathed, paying a measly $550 million to the government (equivalent to a few days trading gains at Goldman) and without having to give up any power, such as relinquishing his role as chairman of the board, as senior executives both inside Goldman and at competing firms believed would be part of any settlement. Well, if history is any guide, Blankfein may not go tomorrow, or even next month, but sometime in 2011, Blankfein will at the very least no longer be chairman of Goldman, and may also be forced out of the firm altogether. Charlie Gasparino44 comments (mor. (VKon Fri, - 62 (bet the Dark Lloyd will get a hefty payoff when he leaves, maybe he becomes the new treas. I mean doing God's work requires good money. Something the catholic church knows well and has perfected.GlassHammeron Fri, - 78 (help us if he find his way to a government job.Scary.wer auch immer - GS wird wohl zum:bad bleiben:mad.

SIMON JOHNSON White House Failure To Appoint Elizabeth Warren Would Be The Last Straw ((one thing to block Elizabeth Warren from heading the new Consumer Financial Protection Bureau.It's quite another thing to deny in public, for the record, that any such blocking is going on (e.g., see this report; Michael Barr apparently said something quite similar today).Cenk Uygur: Obama's Last Test ((873) (Timothy Geithner (SUPER USERManx (5 minutes ago (2:59 AM)Elizabeth Warren is phenomally popular because a person with real integrity in Washington is a rarity. We're so inured to the demagogues, political hacks and insincere politicians, that Warren is like a breath of fresh air. Corporatist, Geithner doesn't want her near the Treasury Department because he sees her as his nemesis. He fears that she might be too successful in the job at the consumer protection agency. The Banksters don't want her in that position so it figures that their loyal friend and protector, Geithner, would oppose Warren's nomination.:gomadIf Obama throws her under the bus, what's left of his base will go ballistic.

I'm not sure Obama and his advisors are aware of this because based on previous decisions, they seem detached and out of touch. I've reached the conclusion that Obama's advisors, Axelrod, Summers and Rahm Emanuel are politically obtuse, to be polite.(HUFFPOST COMMUNITY MODERATORpsychodog (18 minutes ago (2:46 AM)THIS is why we like Warren.pz7ruJw6byQShe has a proven track record of holding Geithner's feet to the fire. That's fantastic credentials in my book.HUFFPOST COMMUNITY MODERATORTeeLolly (24 minutes ago (2:40 AM)Obama has a choice: it's either the people who put him in office (ergo, Elizabeth Warren), or Tax Cheat Timmy.It looks like a no brainer to me.ob's wieder ein NO WE CAN'T wird:rolleyes:mad. YOUR TREASURY SECRETARY ON STEROIDS ((Reform Bill Gives Geithner Sweeping New Influence Over Regulation (a year after some predicted he would be booted from the Obama administration, Treasury Secretary Timothy F. Geithner stands to inherit vast power to shape bank regulations, oversee financial markets and create a consumer protection agency.:dumm(722) (Timothy Geithner (((22 minutes ago (2:44 AM)I just dont get it.

Timmy G and Rham ( aka Pinky and the Brain) are in the white house because President Obama ask them. They work for him, but it seems they work more against him. (.bei Obama wird mehr und mehr sichtbar, dass er wohl nur eine Marionette ist - ob er's auch schon gemerkt hat:confused:rolleyes). Cyclical Bull LivesAdam Hamilton July 16, 2010 2874 WordsNaturally in the wake of the recent stock-market selling, bearish theories have made a major resurgence. You can’t turn on CNBC for 5 minutes, let alone open a financial newspaper, without seeing endless reasons why the stock markets are doomed to spiral ever lower. But the little-discussed contrarian case against these mainstream arguments is pretty compelling today.It asserts the US stock markets remain in a powerful cyclical bull (albeit within a secular bear). The 16% selloff in the flagship S&P 500 stock index (SPX) between late April and early July was simply a mid-bull correction.

Such events from time to time are perfectly normal and healthy, as they rebalance sentiment to keep greed from getting out of hand before a bull fully runs its course.The implications of this bull/bear debate are certainly not trivial. If the cyclical bull is dead as the bears assert, traders need to sell positions, raise cash, and maybe get short. But if the cyclical bull lives, traders need to buy positions, deploy cash, and get long. These diametrically-opposed outcomes will be greatly leveraged in sectors that amplify underlying SPX moves including commodities stocks and tech stocks. Being right or wrong at today’s critical juncture will make or break your entire year.So not only are the stock markets likely to continue rallying for the rest of 2010, but their gains should be strong. In order for this year to even come close to conforming with cyclical-bull-within-secular-bear precedent, the SPX needs to rally another 12% to 22% from today’s levels. And leveraged sectors like commodities stocks will soar in such a scenario, greatly amplifying the broad-market gains.Adam Hamilton, CPA July 16, 2010.na dann ein comment dazu:(Moneysuckle (this is not a correction in a bull market.

We've seen:1. The 50 cross below the 2002. The RSI break the floor for uptrends (38) and can't get above the ceiling for downtrends (62).Now, we might get one last rally to the 1120 to 1170 level by mid-August, but that won't be a new uptrend. That would just be the right shoulder of a massive bearish head & shoulder formation.Why am I so sure? Because confidence has been shaken. Stocks do well when people have an appetite for risk.

Not when safety is king. Thanks to Terry Laundry, I look at the ratio of an excellent junk bond fund (FAGIX) divided by an excellent treasury bond fund (VUSTX) to determine confidence.

When that ratio is rising, risk is in vogue and stocks do well. When it's falling, safety is in vogue and stocks do poorly. The confidence index broke down in early May and has not recovered.Further, Martin Armstrong calls for an 8.6 year cycle low in confidence in June of 2011. If he's right, it's all over but the shouting.I'm a firm believer in 17-20 year stock/gold cycles. In the current cycle, I'm looking for opportunities to short the stock market and go long gold. If I trade against these dominant trends, I better have an excellent reason. I made a bundle last fall and this spring going long the precious metals.

I am now focusing on shorting stocks. 17 July 2010Nothing Was Sacred: The Theft of the American Dream (must decide what type of country it wishes to be, and then conform public and foreign policy to those ends, and not the other way around. Politicians have no right to subjugate the constitutional process of government to any foreign organization.Secrecy, except in very select military matters, is repugnant to the health of a democratic government, and is almost always a means to conceal a fraud. Corporations are not people, and do not have the rights of individuals as such.Banks are utilities for the rational allocation of capital created by savings, and as utilities deserve special protections.

All else is speculation and gambling. In banking, simpler and more stable is better. Low cost rules, as excessive financialisation is a pernicious tax on the real economy.Financial speculation, as opposed to entrepreneurial investment, creates little value, serving largely to transfer wealth from the many to the few, often by exploiting the weak, and corrupting the law. It does serve to identify and correct market inefficiencies, but this benefit is vastly overrated, because those are quickly eliminated. As such it should be allowed, but tightly regulated and highly taxed as a form of gambling.When the oligarchy's enablers, hired help is the politer word, and assorted useful idiots ask, 'But how then will we do this or that?' Ask them back, 'How did we do it twenty years ago?'

Before the financial revolution and the descent into a bubble economy and a secretive and largely corrupted government with a GDP whose primary product is fraud.Other nations, such as China, are surely acting for their own interests, and in many cases the interests of their people, much more diligently and effectively than the kleptocrats who are in power in Washington and New York these days. How then could we possibly subvert the Constitution and the welfare of the people to unelected foreign organizations? If this requires a greater reliance on self-sufficiency, then so be it. America is large enough to see to its own, as the others see to theirs.Economics will not provide any answers in and of itself. Economics without an a priori policy and morality, without a guiding principle like the Constitution, is a heartless monster easily manipulated to say whatever one wishes it to say, if they are willing to pay enough economists to say it. Its reputation as a science is greatly exaggerated.'

Eliminating government' is a trap put forward by the plutocrats for those unable to reason except by prejudice, as they desire to exercise their power unimpeded by the rule of law. Once you knock down the protections and the safeguards in the name of reform, the wolves will turn on the public in an orgy of looting and exploitation. This is an old story, and sadly it often works.Efficient markets hypothesis is almost as great a hoax as the benefits of globalization and 'free trade' have been to the American people as a whole. These things are promoted by the few, at the expense of the gullible many, for their own personal benefit.Hatred, mean spiritedness, and resentment of the weak, the old, the different, is a trick played on the masses by oligarchs and would be dictators from time immemorial.

They play to the darker side of the crowd. It is a trap, and the means to the demise of freedom. And these tricksters play it well, because deceit is their specialty, their stock in trade.' First they ignore you, then they ridicule you, then they fight you, then you win.'

- Mohandas K. Gandhi So it will not be easy, and it is a mistake to think that it will be.

But what greater task can we set ourselves to, other than justice and freedom for ourselves and children?It’s the End of the World As We Know ItBy Phil of Phil’s Stock World (are 308,367,109 Americans supposed to do? First of all, despite clamping down on immigration, our population grew by 2.6M people last year (Unfortunately, not only did we not create jobs for those 2.6M new people but we lost about 4M jobs (so what are these new people going to do? Not only that, but nobody is talking about the another major job issue: People aren’t retiring! They can’t afford to because the economy is bad – that means there are even less job openings The pimply faced kid can’t get a job delivering pizza because his grandpa’s doing it.There are some brilliant pundits who believe cutting retirement benefits will fix our economy. How will that work exactly? Pay old people less money, don’t cover their medical care and what happens?

Then they need money. If they need money, they need to work and if they need to work they increase the supply of labor, which reduces wages and leaves all 308,367,109 of us with less money. Oh sorry, not ALL 308,367,109 – just 308,337,109 – the top 30,000 (0.01%) own the business the other 308,337,109 work at and they will be raking it in because labor is roughly 1/3 of the cost of doing business in America and our great and powerful capitalists have already cut their manufacturing costs by shipping all those jobs overseas, where they pay as little as $1 a day for a human life so now, in order to increase their profits (because profits MUST be increased) they have now turned inward to see what they can shave off in America.(How does one decrease the cost of labor in America? Well first, you have to bust the unions. Check (Then you have to create a pressing need for people to work – perhaps give them easy access to credit and then get them to go so deeply into debt that they will have to work until they die to pay them off.

Check (It also helps if you push up the cost of living by manipulating commodity prices. Check (Then, take away people’s retirement savings.

Check (Lower interest rates to make savings futile and interest income inadequate. Check (And finally, threaten to take away the 12% a year that people have been saving for retirement by labeling Social Security an “entitlement” program – as if it wasn’t money Americans worked their whole lives to save and gave to the government in good faith. Check (Allen Smith says (“Ronald Reagan and Alan Greenspan pulled off one of the greatest frauds ever perpetrated against the American people in the history of this great nation, and the underlying scam is still alive and well, more than a quarter century later.

It represents the very foundation upon which the economic malpractice that led the nation to the great economic collapse of 2008 was built. Essentially, Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!“Both Reagan and Greenspan saw big government as an evil, and they saw big business as a virtue.

They both had despised the progressive policies of Roosevelt, Kennedy and Johnson, and they wanted to turn back the pages of time. They came up with the perfect strategy for the redistribution of income and wealth from the working class to the rich.

If Reagan had campaigned for the presidency by promising big tax cuts for the rich and pledging to make up for the lost revenue by imposing substantial tax increases on the working class, he would probably not have been elected. But that is exactly what Reagan did, with the help of Alan Greenspan.

Rar Passport Knacker Boersen Farms

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