Archive for July, 2010

Max Keiser interviews Jim Willie

Saturday, July 31st, 2010

You can see the interview here. A fabulous bombshell of data on precious metal market manipulations, politics, finance and conspiracy. My kind of stuff.

France tries to reduce debt by adding to debt

Friday, July 30th, 2010

From Max Keiser. Vive la Stupidity!

To reduce debt, France has announced the sale of State assets.

Paradoxically, these sales will achieve the opposite effect and increase the overall indebtedness of France. Since any buyer of these assets will do so with borrowed money and the money they borrow will come from the over-indebted banking system that had to be recently bailed out by the State.

In other words, the loans used to make the asset purchases will end up right back on the French government’s balance sheet. (more…)

Billionaires accused of insider trading

Friday, July 30th, 2010

From our “No way, I would’ve never guessed that a billionaire might resort to stealing” files.

Sam and Charles Wyly, Dallas billionaire investors known for their support of conservative candidates and causes, made $550 million in undisclosed profits through 13 years of insider trading, according to a Securities and Exchange Commission lawsuit filed Thursday. (more…)

Dead files for 27 Jul – 2 Aug 2010

Friday, July 30th, 2010

30 Jul -

Christopher Story died peacefully at home on 14th July 2010 after a short illness.

Very sad news since we at ShadowTraders enjoyed his in-depth reports on finance and politics.


30 Jul -

German billionaire, owner of Aldi & Trader Joes

Kindergarten Double Dip Economics

Thursday, July 29th, 2010

Full story here from The Golden Jackass.

Double Dip used to pertain to ice cream cones, but now to dreaded return to economic recession. Green Shoots used to refer to gardening projects, then to deceptive economic viewpoints. My favorite is the second half recovery mantra, indicative of totally clueless. This year’s promised recovery in the second half of the year will feature a return to recession instead, thus stripping mainstream economists of any remaining credibility. The endless links in the chain are impressive by the clueless cast of economists that disgrace the US landscape. (more…)

The government debt is becoming a pure Ponzi scheme

Thursday, July 29th, 2010

Full story here from ZeroHedge. More from Nassim Taleb, author of The Black Swan.

In an interview conducted with Business Week, Nassim Taleb discusses his view of the biggest black swan in the market currently, and isn’t shy to call government debt a “Pure Ponzi scheme.” – When asked where he the biggest potential source of systemic fragility is, he responds: “The massive one is government deficits. (more…)

Trillions for Wall St, zilch for you

Thursday, July 29th, 2010

Full story here from Mike Whitney.

On Tuesday, the 30-year fixed rate for mortgages plunged to an all-time low of 4.56 per cent. Rates are falling because investors are still  moving into risk-free liquid assets, like Treasuries. It’s a sign of panic and the Fed’s lame policy response has done nothing to sooth the public’s fears. The flight-to-safety continues a full two years after Lehman Bros blew up. (more…)

500K to lose state jobs

Tuesday, July 27th, 2010

Full story here from ZeroHedge.

Ever wonder why according to the latest economic poll published by Reuters earlier the general public’s satisfaction with Obama’s handling of the economy is deteriorating faster than any other issue? (not to mention that 46% of Americans believe Obama is not focused enough on job creation, and that 72% of republicans say they are certain to vote at the November congressional elections versus 49% of democrats). A part of the answer comes courtesy of a new study produced by National League of Cities, the U.S. Conference of Mayors and the National Association of Counties titled simply enough: “Local Governments Cutting Jobs and Services: Job losses projected to approach 500,000″, showed local governments moved to cut the equivalent of 8.6 percent of their workforces from 2009 to 2011. As a result of local government cutbacks, almost 500,000 people will lose their jobs, and the total will likely rise. (more…)

Decade long decline in housing

Tuesday, July 27th, 2010

Full story here from Mike Whitney.

The housing depression will last for a decade or more. This is by design. The Fed has been working with the banks to withhold inventory so prices do not fall too fast or too far. That way the banks can manage their write-downs without slipping into insolvency. But what’s good for the banks is bad for the country. Capital impairment at the banks means no credit expansion in the near-term. It means the economy will continue to contract, unemployment will remain high, and deflation will push down wages and prices. Everyone will pay for the mortgage-backed securities scam that was engineered by the banks. (more…)

The year America dissolved

Tuesday, July 27th, 2010

Full story here from Paul Craig Roberts.

It was 2017.  Clans were governing America.

The first clans organized around local police forces. The conservatives’ war on crime during the late 20th century and the Bush/Obama war on terror during the first decade of the 21st century had resulted in the police becoming militarized and unaccountable. (more…)