Category: Debt


Atlas Shrugged: The Movie

 

 

Atlas Shrugged Part 3

 

 

 

 

   We are all John Galt now … Here is a link to the official movie site and here is a link to theaters hosting the premiere 

 

 

 

 

 

 

 

 

 

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Letting The Cat Out Of The Bag On The Role Of Public Employee Unions

 

 

Illustration by Michael Ramirez

 

” Noam Scheiber makes a good case for the importance of the Wisconsin governor’s race at the New Republic. But the most interesting thing comes in what Scheiber, perhaps inadvertently, admits. Referring to the limitations on public employee union bargaining imposed by Governor Scott Walker and the Republican legislature, Scheiber writes, “He’s effectively defunded a key Democratic constituency.” “

 

 

 

 

” Let’s unpack that. Where do public employee unions get their money? Directly from dues paid by public employees, who in turn get that money from taxpayers. Where does that money go? Politically, almost entirely to the Democratic Party, as Scheiber admits. Public employee unions, whatever else they do, are (in almost all cases) a mechanism for mandatory taxpayer financing of one political party. Scheiber’s complaint is that Wisconsin Republicans have cut the amount of such public financing.

  What’s the argument for that? I understand that those who want the Democratic Party to win every election may think that’s good public policy. But what’s the politically neutral argument for public financing of one political party and not the other? “

 

 

Michael Barone explains

 

 

 

 

 

 

 

 

 

Does George Soros Know Something We Don’t About The S&P 500?

 

 

 

 

” Oh, goody. It’s 13F time, when mere mortals like us get to see how the big boys rolled the dice in the last quarter.

  Among the highlights, Soros Fund Management increased a bear-call bet on the S&P 500 in a huge way. The fund lifted a put position — a bet the market will go lower — on the S&P 500 ETF SPY +0.29% to its biggest size yet, in terms of value and portfolio percentage, making a 605% leap over the previous quarter.

  Bullion Baron, who has long kept a beady eye on Soros’s SPY moves, has summed up the latest dealings. He speculated that this could be  a hedge — or Soros is really worried about something. One possible something is China, which the hedge-fund titan referred to as a global uncertainty earlier in the year, notes the Baron.

  Soros also lifted positions in Apple and Facebook, so it seems he can’t be all that gloomy. As for that China unease, WSJ’s MoneyBeat reports that China bears are entrenched and see stocks headed for a big fall. One strategist says it’s not good to see that stocks there have been rallying on both good and bad economic news.

“ In [a] market frenzy, it is difficult to keep a cool head. But if things don’t add up, it will eventually fall apart,” Hao Hong, Bank of Communications international strategist, tells MoneyBeat.

  Now the only problem here, says the Baron, is that if things go pear-shaped in China, that’s not great news for equity markets anywhere, especially those at overvalued levels.”

 

 

Read more and see also …

 

 

” Legendary investor George Soros nearly doubled his ownership in a U.S. gold mining companies ETF and initiated new stakes in other gold producers, suggesting the big names in hedge funds continued to have confidence in the yellow metal. “

 

 

 

 

 

 

 

 

 

Government Has No Receipts For Thousands Of Unaccompanied Alien Children

 

 

 

 

” The Department of Justice does not have receipts for more than half of the unaccompanied alien children apprehended at the southwest border by Border Patrol since the start of fiscal year 2013, government records show.  

  U.S. Customs and Border Protection data show more than 85,000 total apprehensions of unaccompanied alien children during fiscal year 2013 and fiscal year 2014 through June. Information from the same time period provided toNational Review Online by the DOJ’s Executive Office for Immigration Review shows 41,592 total receipts marked as juvenile in immigration courts. Kathryn Mattingly, spokesperson for EOIR, tells NRO the receipts refer to new Notices to Appear (NTA) — the document the Department of Homeland Security uses to charge an illegal immigrant with being removable from the United States.”

 

National Review

 

 

 

 

 

 

 

 

 

Census Bureau: One New Migrant Enters U.S. Every 40 Seconds

 

 

Populous Nations

 

 

 

” The Census Bureau calculates that one person enters the United States legally, on net, every 40 seconds.

  The Census Bureau’s U.S. and World Population Clock lists  “components of population change” on the website: “one birth every 7 seconds;” “one death every 13 seconds;” “one international migrant (net) every 40 seconds;” making for a “net gain of one person every 12 seconds.”

  The Census provides some background on the immigration debate in the United States on August 3rd, apropos of the 131st anniversary of the law banning people from immigrating to the United States if they were likely to need government assistance. “

 

The Corner

 

 

 

 

 

 

 

 

 

 

The Clintons Are ‘Slumming It’! Power Couple Downsize Their Summer Home To Pay $100,000 On $18m Hamptons Property

 

 

Home for the summer: The Clintons are renting a house belonging to Andre and Lois Nasser in Amagansett, NY

 

 

” The Clintons are ‘downsizing’ their summer home to a simple, $18million house in the pretty Hampton’s hamlet of Amagansett.

  Former President Bill Clinton, 67, and ex-Secretary of State Hillary Clinton, 66, are expected this week at the sprawling five-bedroom property, owned by Andre and Lois Nasser, which they have rented for the remainder of the month.

  Their summer jaunt comes just weeks after Mrs Clinton controversially declared the power couple were ‘dead broke’ after leaving the White House in 2000.

  Sources tell MailOnline they are paying $100,000 for their three-week stay – saving $100,000 from last year’s luxury rental in Sagaponack.

  Mr Nasser, 67, a collector of primitive art, owned a gallery in New York, and is believed to have made his money with a number of clothing manufacturing plants. He is now said to be ‘semi retired’.

  Public records show that he is a Republican donor-  handing over $2,500 to Mitt Romney’s Presidential campaign in 2012.

  His wife, Lois, is a Senior Global Real Estate Advisor with Sothebys, and her clients are said to include ‘celebrities and business leaders’.

  The property – address 44 Broadview Road – is next door to movie mogul Harvey Weinstein, who is a noted Democrat supporter and longtime close friend of the Clintons.

  It is situated on the top of a bluff, 200 feet up, overlooking Gardiner’s Bay and Gardiner’s Island in what’s known as the Bell Estate.”

 

Daily Mail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part 1 From Victor Wendl At Seeking Alpha

 

 

 

 

 

” Ayn Rand wrote an influential book, Atlas Shrugged, in the ’50s that seems to resurface in popularity with each new wave of government intrusion on the lives of our overregulated, overtaxed citizens. The book describes a world that was on a slow but steady path toward ever more central planning by meddling bureaucrats interfering with the entrepreneurial class who relied on one another for their production of output. As the pages of the book are turned, this “road to serfdom” (a phrase I borrow from Friedrich Hayek) reaches a peak with the last of a small subset of productive entrepreneurs dropping out of their respective professions and sealing themselves off in a secret location created by John Galt. Their isolation from government interference in Galt’s secret hideaway was designed to allow this subset of creative, hard-working individuals to pursue their dreams and live in a rational way, trading value for value with one another. The vision of Galt in his hidden refuge is consistent with the Ayn Rand objectivist philosophy that she advocated her entire life as an immigrant to America from the Soviet Union.

  Rand never wrote a sequel to Atlas Shrugged, but I wonder where she would pick up after the first novel ends. We’re left with John Galt and his band of entrepreneurial cohorts waiting to eventually reenter the failed utopia created by central planners. Taking a peek out of his libertarian lair, I wonder what Galt would think of America today. Some of the current dismal economic statistics seem consistent with the world Ayn Rand created in her fictional novel. The latest Census Bureau figures show a larger percentage of people receive some form of means-tested public assistance than work full-time. Would this be a rock-bottom entry point where Galt and his band of entrepreneurial cohorts can once again return to the world and begin rebuilding America based on principles of limited government and free markets? Not quite yet. One last worn-out shoe has yet to drop: the U.S. stock market.

  Unlike the beaten-down real economy, activity on Wall Street continues to flourish. Large banks and their institutional clients have benefited from the artificial stimulation promulgated by the Federal Reserve. By keeping interest rates near zero percent for the last five years, middle-income families receive next to nothing off their life savings, while institutional clients can borrow money at bargain rates from large banks. In a classic example of crony capitalism, banks have rewarded their institutional clients with cheap loans, enabling them to use borrowed money and speculate on stocks, driving valuations to levels not seen since before the bank bailout in 2008. The governor of the Bank of England recently commented that “banks operated in a privileged heads-I-win-tails-you-lose bubble.[i] I believe Galt would be disgusted at this unintended consequence of government intervention that is driving a wedge between the elite on Wall Street and the average American struggling to make ends meet on a beleaguered Main Street. If Galt were a stock investor, would he trade in some of his gold for fiat currency, cozying up to this collection of institutions buying large-cap stocks on margin? At these nosebleed valuation levels, Galt would probably “flip the bird” at Mr. Market before sliding back into his hidden sanctuary until greener pastures emerged in the equity investment arena. Galt strikes me as the kind of independent investor that would keep his libertarian powder dry until the current statist experiment ran its complete course, waiting patiently to scoop up the right kind of stocks at a great price. Assuming the skeleton infrastructure of an organized stock exchange still remained on the day of Galt’s return to the investment arena, what stocks would he select from the rubble left on the corner of Broad and Wall? A review of the character’s profile might give us a few clues. Let’s go through a few stock categories I believe John Galt would avoid. Buying large company stocks would probably be out of the question for Galt. In the recent past, these stocks were the economic football the large institutions speculated on with borrowed money. As already mentioned, savers deposited hard-earned money in their bank accounts and received close to a zero percent interest rate, while money was loaned out in a speculative frenzy to the bank’s institutional buddies. Adding insult to injury, not only do retirees earn about the same interest rate as preppers get off of canned goods stored in their bomb shelters, their principal is being debased from continuous quantitative easing by the Federal Reserve. The stench coming off this large-cap football used by highly leveraged institutions in stock speculation would be too much for Galt to muster a bid order. “

 

 

Read it all

 

 

 

 

 

 

 

 

 

 

Time Offers Readers The Opportunity To Vote For First Woman On The Dollar Bill

 

 

Woman Dollar Bill Poll

 

 

 

” Eleanor Roosevelt? Harriet Tubman? Beyoncé? Cast your vote in the poll below.

  Is it time to put a woman on our paper currency? President Obama went on record today saying it’s a “pretty good idea.” During a speech in Kansas City, Obama said he received a letter from a young girl asking why there aren’t any women on American paper money. (Dollar coins with Susan B. Anthony and Sacagawea are still in circulation, but they are no longer being minted, and Martha Washington appeared on a paper note in the 19th century.)

  Well, if Congress is taking suggestions… who do you think should get the honor? Take our poll: “

 

 

    Two things strike us about this poll … firstly that Ayn Rand Is the runaway leader but even more-so the fact that Time Inc included her in the first place . Ayn Rand rocks … Go cast your ballot . We don’t imagine that these are the results that either Obama or Time had in mind .

 

 

 

 

 

 

 

 

 

 

 

Immigrant Detention Center Has Hair Salon For Women

 

 

 

 

” Federal immigration officials on Thursday sought to show the softer side of immigrant detention, complete with cartoon wall murals, stuffed animals, playgrounds, snacks and a hair salon at a South Texas facility that will house women and their children who crossed the border illegally.

  With a surge in illegal immigration in recent months, especially children traveling alone and parents bringing in children from Central America, authorities moved to convert an all-male detention facility about 50 miles Southeast of San Antonio into one that could temporarily house families.

  The Karnes County Residential Center is the third such family center in the nation, with the others in the New Mexico and Pennsylvania, and more could be on the way.

  The facility will start receiving immigrants on Friday and can house up to 532 people at a cost of about $140 a day per person.

  The Karnes County local government contracts the day-to-day operation with the private prison company The GEO Group .”

 

 

   Doing the math the operating costs for just one of the facilities is $74,480 per day , $521,360 per week and a whopping $27,110,720.00 , yes that’s right … TWENTY SEVEN MILLION DOLLARS per year .

   Now add to that staggering cost the blatant , arrogant lies of Obama’s “Homeland Security” chief …

 

 

” “ Our borders are not open to illegal immigration; if you come here illegally and don’t have a legal basis to stay under our laws, we will send you back,” Secretary of Homeland Security Jeh Johnson said in a statement. “The opening of this additional facility represents our continued commitment to provide temporary facilities for adults with children while they undergo removal proceedings.” “

 

 

… and it should be obvious to all that we are being taken to the cleaners by our own government and being forced to fund our own demise .

 

Read more

 

 

 

 

 

 

 

 

 

 

 

Congress Brings Socialism To America With This Proposed Law

 

 

 

” Sadly today I am reporting to you yet another development that seems as if we are all living within the pages of Ayn Rand’s seminal work Atlas Shrugged.

  You may recall from the book that John Galt, the enigmatic protagonist, started off as a young engineer at the Twentieth Century Motor Company.

  When the owner of the company died, the heirs decided to run the business according to the new enlightened principles of the time.

  Primarily, they let all the workers vote on how the factory was supposed to be run and how much everyone should be compensated.

  And it was soon decided that “everybody in the factory would work according to his ability, but would be paid according to his needs.”

  Naturally, bright hard-working employees soon left; they found themselves working around the clock for the benefit of others who felt entitled to contribute as little as possible.

  John Galt was among the first out the door.

  And not long after, the once successful company went bust. No surprise.

  Unfortunately this is no longer fiction. Because in the Land of the Free, the United States Congress is striving to make Atlas Shrugged a reality.

  Their latest brainchild is to set up a new government bank, stuff it full of taxpayer funds, and loan the money to American workers for the exclusive purpose to help them form collectives and buy the companies they work for.

  It’s called the United States Employee Ownership Bank Act.

  And, straight from the bill, they aim to provide “loan guarantees, direct loans, and technical assistance to employees to buy their own companies. . .”

 

Read the rest at Zero Hedge

 

 

 

 

 

 

 

 

 

Billionaire Warns: Yellen Collapse ‘Will Be Unlike Any Other’

 

 

 

 

” Another horrific stock market crash is coming, and the next bust will be “unlike any other” we have seen.

  That’s the message from Jeremy Grantham, co-founder and chief investment strategist of GMO, a Boston-based firm with $117 billion in assets under management. 

  Grantham pulls no punches when assigning responsibility for the coming financial carnage. In a recent interview with The New York Times, he calls Federal Reserve Chair Janet Yellen “ignorant” and says the Federal Reserve all but killed the economic recovery

  Grimly, he adds, “We have never had this before. It’s going to be very painful for investors.” 

  Grantham isn’t the only one worried about a market collapse. 

“ We have no right to be surprised by a severe and imminent stock market crash,” explains Mark Spitznagel, a hedge fund manager who is notorious for his hugely profitable billion-dollar bet on the 2008 crisis. “In fact, we must absolutely expect it.” 

  Billion-dollar investor Warren Buffett is rumored to be preparing for a crash as well. The “Warren Buffett Indicator,” also known as the “Total-Market-Cap to GDP Ratio,” is breaching sell-alert status and a collapse may happen at any moment. “

 

 

Money News

 

 

 

 

 

 

 

 

 

 

Why You Feel Poorer

 

 

costoflivingxpenses-7-1-14

 

 

 

 

” You feel poorer because you are poorer.

  In the last fourteen years, has your income increased over 50%? If you think it has, has it done so after taxes? Even if it has, you likely have not kept up in terms of inflation.

  If you are a retiree, living on fixed income, a pension or bonds, you certainly have become poorer. If you had bought the Dow-Jones on 12/31/1999 you would have entered at about 11,500. It closed last week at less than 17,100. That would have been an appreciation of 6,600, better than 50%. But, of course, that was before taxes.

  As a retiree, you have seen your purchasing power stolen by Fed policies. Whether you invested in fixed income or equities, you lost ground. Anyone in that position has seen their lives become poorer despite a lifetime of successful work and careful financial planning.”

 

 

    As it stands now , no matter how hard you work and save , you’ll never get ahead , not with the present monetary policies put in place at the behest of the Fed and the government . The authorities are systematically destroying all that the American public has worked so hard to attain . The American dream is not being killed by China … It is a victim of filicide

 

 

” For those still working, most are losing purchasing power each year. Wages are not keeping up with inflation, even the understated numbers reported by government. In short, the decline of a once-great economic power is well underway. The country is no longer growing enough to raise everyone’s standard of living.

  Government has killed the golden goose and in an attempt to hide the obvious is debauching the dollars. Government tries to hide their own failure with phony statistics and a welfare state designed to placate the masses. Bread and circuses are deceptions not progress.”

 

 

Read the rest

 

 

 

 

 

 

Border Patrol Agent: The Obama Admin “Aiding And Abetting And Facilitating The Smuggling Of Illegals” Into US

 

 

 

 

” After being questioned by the other guest, Garza goes on to explain that what he means by “aiding and abetting” is that the federal government is just taking the information of these illegals and telling them to report back to an immigration hearing based on the honor system. He says that the majority of these people will never report back to an immigration hearing.

  Garza also points out that it’s not just children being smuggled, but whole families coming across, and he asks a very important question:

  How do you expect a mother from Honduras that is crossing the country with 3 to 5 children, and they’re all young-aged children, how do you expect for that mother who comes to this country to actually begin working?

  This illegal alien who comes to this country with 3 to 5 kids is gonna depend on our welfare system, on government assistance. And you know what? That is costing the taxpayer a lot of money.

That’s exactly right. Cloward and Piven at the border. “

 

The Right Scoop

 

 

 

 

 

 

 

 

 

Christine Lagarde – The Most Dangerous Woman In The World

 

 

 

 

 

” I have gone on record that the most dangerous organization is the now French led IMF with Christine Lagarde at the helm, which has presented a concept report that debt cuts for over-indebted states are uncompromising and are to be performed more effectively in the future by defaulting on retirement accounts held in life insurance, mutual funds and other types of pension schemes, or arbitrarily extending debt perpetually so you cannot redeem. Yes you read correctly, The new IMF paper is described in great detail exactly how to now allow the private sector, which has invested in government bonds,  to be expropriated to pay for the national debts of the socialist governments.

  I have been warning that there is an idea that has been running around behind the curtain that the national debt of the USA could be settled by usurping all pension funds in the country. Here is a remarkable blueprint that throws all previous considerations concerning the purchase of government bonds over the cliff. The IMF working paper from December 2013 states boldly:

 

“ The distinction between external debt and domestic debt can be quite important. Domestic debt issued in domestic currency typically offers a far wider range of partial default options than does foreign currency–denominated external debt. Financial repression has already been mentioned; governments can stuff debt into local pension funds and insurance companies, forcing them through regulation to accept far lower rates of return than they might otherwise demand.”

  People are blind. They think this is authorization to go get the rich. They are going after everyone for the “rich” are tiny players in the game. People do not want to hear that. They want to think the rich can pay the bills for everyone else. That is not practical and even Julius Caesar recognized that they may be a small group, but they are the engine of the economy that creates jobs. It would have been popular for him to wipe out all the rich who he was against. But in the end, he had to solve the debt crisis by simply retroactively attribute all interest to capital in order to solve the debt crisis that led to the first civil war.”

 

Armstrong Economics

 

 

 

 

 

 

 

 

 

 

The Map With Only 38 States

 

 

 

” In 1973, California State University geography professor George Etzel Pearcy suggested that the U.S. redraw its antiquated state boundaries and narrow the overall number of states to 38.

  Pearcy’s proposed state lines were drawn in less-populated areas, isolating large cities and reducing their number within each state. He argued that if there were fewer cities vying for a state’s tax dollars, more money would be available for projects that would benefit all citizens.

  Because the current states were being chopped up beyond recognition, part of his plan included renaming the new states by referencing natural geologic features or the region’s cultural history.

  While he did have a rather staunch support network—economists, geographers, and even a few politicians argued that Pearcy’s plan might be crazy enough to work—the proposal lost steam in Washington. Imagine all the work that would have to be done to enact Pearcy’s plan: re-surveying the land, setting up new voter districts, new taxation infrastructure—basically starting the whole country over. It’s easy to see why the government balked (though that doesn’t mean it was a bad idea).”

 

Mental Floss

 

 

 

 

 

 

 

 

 

 

Another Business Moves Abroad, Leaving Behind High U.S. Taxes

 

 

 

 

” Yet another business is moving abroad to escape the America’s high tax rates.

  Medtronic, one of the world’s largest medical device companies, recently acquired Covidien for $42.9 billion in a move that will relocate headquarters from Minneapolis to Ireland.

  The draw? Medtronic’s corporate tax rate will drop from America’s 35 percent rate to Ireland’s 12.5 percent rate.

“ That’s how it works,” Jim Cramer of CNBC’s Mad Money said. “You buy a company that’s legitimately headquartered in a lower-tax country, even if it does all of its business here, and then you can get out of paying the higher U.S. taxes.” “

 

Read on

 

 

 

 

 

 

 

 

 

 

The Kronies: Laughing All The Way To The Export-Import Bank

 

 

 

 

Published on Jun 16, 2014

” Get Konnected at http://thekronies.com/

  In this very special episode of “The Less You Know”, Johnny and Bobby learn a valuable lesson about campaign finance. 

  With a crucial re-authorization vote looming, the Representatives must decide whether or not to support the U.S. Export-Import Bank. Johnny and Bobby nearly make a terrible mistake, one that could endanger their political careers! 

  Luckily, Bankor and Ariel Stryker appear just in time to set the Reps straight…straight on the path to re-election. Including a special appearance by “the Big man” himself, this episode is sure to capture hearts, minds, and votes.”

 

 

 

 

 

 

 

 

 

 

 

 

 

9 Unbelievably Absurd Acronyms the FBI Is Tracking On Twitter, Or 9UAATFBIITOT

 

 

FBI Twitterspeak

 

 

 

 

 

” In this week’s stranger news, an 83-page document was procured by self-proclaimed “FOI Geek” Jason Smathers under the Freedom of Information Act. The document, created by the FBI’s Directorate of Intelligence Research Support Unit, features an “extensive—but far from exhaustive—list of shorthand and acronyms used on Twitter and other social media venues.”

  The list contains more than 2,800 entries (you read that correctly) which the FBI asserts you “should find useful in your work or for keeping up with your children and/or grandchildren.” In case your child decides to tell you, “HGH”, during in the middle of a conversation, fret not, for now you can just pull out your handy dandy 83-page guide to internet slang and see that they’re obviously telling you “Haters Gonna Hate.” Duh.

  With over 2,800 abbreviations on the list, there are understandably some strange ones which, based on a quick internet search, have literally never even been used. Imagine employing any of these in daily conversation, not to mention trying to memorize them:

From Reason:

 

  • IOKIYAR, “It’s okay if you’re a Republican
  • ALOTBSOL, “Always look on the bright side of life”

 

 

 

 

 

 

  • BTDTGTTAWIO, “been there, done that, got the T-shirt and wore it out”
  • EOTWAWKI, “end of the world as we know it”

 

 

 

 

 

  • HCDAJFU, “He could do a job for us”
  • IITYWTMWYBMAD, “If I tell you what it means will you buy me a drink?”
  • LFBBEG, “Looking for big bad evil guy”
  • KTBSPA, “Keep the backstreet pride alive”
  • PMIGBOM, “Put mind in gear before opening mouth”

 

 

     Our tax dollars at work … Jeez . One would think that with all the threats to our way of life from those evil “right-wing extremists” , the need to change illegal’s diapers , arming terrorists and such that the Feds would have enough to do without spending a fortune studying social media acronyms … but one would be wrong , wouldn’t one ? 

   In Obama’s Amerika no job is to small for the hand of big government .

Read more  here and here:

 

FBI Releases 83-Page Guide to Social Media Slang, Acronyms

FBI’s Amusing ‘Twitter Speak’ Dictionary Revealed

WTF FBI? Agency Has Huge List of Twitter Slang (and Some of It’s Fake)

FBI discovers Twitter-speak, starts a dictionary

 

 

 

 

 

 

 

 

 

 

VIDEO: College Students Asked To Help Get Hillary Out Of Debt; Their Reactions Are A Must Watch

 

 

 

 

” Hillary Clinton cried ‘woe is me’ as she lamented on the ‘fact’ that she and her husband Bill were not only dead broke when they left the White House, they were also, according to Hillary, in debt. Given the fact that they lived in the White House for 8 years with nearly all of their expenses paid, many have found that supposed fact that Hillary is trying to sell to be simple not believable. In addition, the fact that Hillary received an $8 million signing bonus for her memoirs soon after they left the White House makes her claim even more laughable.

  Charging $200,000 per speech, Bill and Hillary Clinton have raked in the dough to help pay for the houses that Hillary claims they struggled to afford. They have supposedly made over $100 million since they left the White House. 

  Caleb Bonham, from Campus Reform, ventured onto the Georgetown Campus in Washington, DC to collect donations from students for the “Hillary Clinton Fund for Broke Politicians.” The reactions from the students are quite funny and some of them have some choice words that address Hillary’s claim. The fund received a whopping $5.62 in total donations which, Campus Reform says, was sent to the Clintons posh residence in D.C.”

 

Many thanks to TPNN  , and be sure to check out the comments at Youtube , they’re hysterical .

 

 

 

 

 

 

 

 

 

 

 

IMF Slashes Estimate For US Economic Growth In 2014

 

 

 

 

 

” The International Monetary Fund slashed its forecast for US economic growth on Monday, citing a harsh winter, problems in the housing market and weak international demand for the country’s products.

  In its annual review of the US economy, the IMF cut its growth forecast by 0.8 percentage points to 2%. At a press conference IMF managing director Christine Lagarde blamed the bad winter for much of the cut and said the setback should be temporary. But she warned: “Growth in and of itself will not be enough.”

  As part of a series of reforms the IMF has called for an increase in the minimum wages in the US, currently the lowest when compared to the average wage in any of the Organisation for Economic Co-operation and Development (OECD)’s 34 countries.

  She said the number of long-term unemployed, 3.4 million in May according to the Department of Labor, remained too high and the percentage of people in or actively looking for work, the so-called participation rate, remained too low.”

 

 

 

    While acknowledging the impact that our huge unemployment rate is playing in the lack of recovery , Ms Lagarde proceeds to lecture the US on the need to hike the minimum wagethat will spur employment , yeah , right . Their second recommendation is the other tried and true Statist “recovery tool” … government stimulus

 

” The IMF believes the US also needs to do more to mitigate the impact of its aging population and to stimulate productivity. The best option would be for government to boost spending, notably on infrastructure, the IMF said.”

 

 

 

The Guardian has more

 

 

 

 

 

 

 

 

“Liquidity Is Becoming A Serious Issue” As Japan’s Bond Market Death Goes Global

 

 

 

 

 

” While we noted last week the death of the Japanese bond market as government intervention has killed the largest bond market in the world; it is now becoming increasingly clear that the dearth of trading volumes is not only spreading to equity markets but also to all major global markets asinvestors rotate to derivatives in order to find any liquidity. Central planners removal of increasing amounts of assets from the capital markets (bonds and now we find out stocks), thus reducing collateral availability, leaves traders lamenting “liquidity is becoming a serious issue.” While there are ‘trade-less’ sessions now in Japanese bonds, the lack of liquidity is becoming a growing problem in US Treasuries (where the Fed owns 1/3rd of the market) and Europe where as JPMorgan warns, “some of this liquidity may be more superficial than really deep.” The instability this lack of liquidity creates is extremely worrisome and likely another reason the Fed wants to Taper asap as DoubleLine warns, this is “the sort of thing that rears its ugly head when it is least welcome — when it’s the greatest problem.”

As Bloomberg reports,

Japan’s bond market is dead… and so is its stock and FX markets…

 

  The Bank of Japan’s unprecedented asset purchase program has released a creeping paralysis that is freezing government bond trading, constricting the yen to the tightest range on record and braking stock-market activity.

“ All the markets have been quiet,” said Daisuke Uno, the Tokyo-based chief strategist at Sumitomo Mitsui Banking Corp. “We’ve already seen the BOJ dominance of JGBs since last year, but recently participants in currency and stock markets are also decreasing as those assets have traded in narrow ranges.”

“ The flows on both the buying side and selling side continue to fall,” said Takehito Yoshino, the chief fund manager at Mizuho Trust & Banking Co., a unit of Japan’s third-biggest financial group by market value. “Falling volatility is a very serious problem for traders and dealers who are unable to get capital gains.”

The effects of the plunge in Japan’s bond market is hardly limited to the land of the Rising Sun …

The US is getting that way as the Fed owns one third of the market…

 

” And with that not only have the central planners broken the largest and historically most liquid markets in the world but have forced investors into leveraged derivatives positions (in order to find liquidity for their exposure-seeking) which themselves are entirely over-promise (relative to the underlyings) and under-collateralized with any quality collateral. As we concluded previously

 
 

  Assume tomorrow the real black swan appears and all the liabilities: traditional and shadow, promptly demand collateral delivery. Well, the $11 trillion shortage would mean that risk values of, for example the S&P, would be haircut by a factor of, say, 75%. Or back to the proverbial 400 on the S&P500.

  Still think owning real high quality collateral, not of the paper but of the hard asset variety such as gold, is a naive proposition, best reserved for fringe lunatic, tin foil hatters and gold bugs?

Go ahead then: sell yours. “

 

 

 

Continue reading at Zero Hedge

 

 

 

 

 

 

 

 

 

 

 

Courtesy Of Allen West

 

 

 

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     With two book deals worth a combined $18 million , two homes worth a combined $4.55 million , Bill hauling in nearly $10 million in speaking fees and Hillary’s $145,000 annual Senate salary we all should be so “dead broke” . 

   Spoken like a true 1%er …

 

 

 

 

 

 

 

 

 

 

 

Elites Beware: Eric Cantor’s Defeat May Signal A Populist Revolution

 

 

 

 

” Expecting House Majority Leader Eric Cantor to win his GOP primary in Virginia, I spent Election Day in Pennsylvania – interviewing angry Republicans, Democrats and independents about the rise of political populism.

  I was in the wrong state, but I had the right topic. Cantor’s defeat has less to do with immigration reform than it does with an uneven movement that should frighten conservative and liberal political elites to their shallow cores.

  Americans see a grim future for themselves, their children and their country.  They believe their political leaders are selfish, greedy and short-sighted – unable and/or unwilling to shield most people from wrenching economic and social change. For many, the Republican Party is becoming too extreme, while the Democratic Party – specifically President Obama – raised and dashed their hopes for true reform.”

 

 

 

   Only someone who has lived in a cave for the past twenty years could believe that real change can come from the District of Corruption . Despite the best efforts of the Corporate-State run media to demonize all things Tea Party and despite the occasional drug-addled morons shooting up the neighborhood a la Las Vegas , more and more citizens are coming to the conclusion that the ballot box and the courts offer no recourse … 

 

 

 

” At the West Chester’s popular D.K. Diner, a U.S. veteran who served five combat tours in Iraq and Afghanistan said the only solution may be a revolution against political elites. “We may need to drag politicians out and shoot them like they did in Cuba,” said a grim-faced Frederick Derry two days after a Los Vegas couple allegedly shot two police officers. The attackers draped their bodies with a “Don’t Tread on Me” flag, according to ABC News, pinned a swastika on them and a note that read “The revolution has begun.”

  A violent revolution is unconscionable. But what may be in the air is a peaceful populist revolt – a bottom-up, tech-fueled assault on 20th century political institutions. In a memo to his fellow Democrats, former Clinton White House political director Doug Sosnik writes persuasively about “an increasing populist push across the political spectrum.

  At the core of Americans’ anger and alienation is the belief that the American Dream is no longer attainable. Previous generations held fast to the promise that anyone who worked hard and played by the rules could get ahead, regardless of their circumstances. But increasingly, Americans have concluded that the rules aren’t fair and that the system has been rigged to concentrate power and wealth in the hands of a privileged few at the expense of the many. And now the government is simply not working for anyone.”

 

 

 

    Sosnik is wrong in that the government is working for some people and some businesses , just not the bulk of the taxpaying public . It’s working just fine if you draw a publicly funded paycheck as a federal employee or are a lobbyist , politician or corporate bigwig . It also works quite well if you happen to be a member of the media elite as the cronyism and nepotism between those two entities is well-documented . 

But he is correct in thinking that the time is nigh for the average citizen to choose sides and decide if he/she will indeed take part in the destruction of the barricades .

 

 

 

” Which side of the barricade are you on? Populists from the right and the left – from the tea party and libertarian-leaning Rand Paul to economic populist Elizabeth Warren – are positioning themselves among the insurgents. Sosnik pointed to six areas of consensus that eventually may unite the divergent populist forces:

  • A pull back from the rest of the world with more of an inward focus.
  • A desire to go after big banks and other large financial institutions
  • Elimination of corporate welfare.
  • Reducing special deals for the rich.
  • Pushing back on the violation of the public’s privacy by the government and big business.
  • Reducing the size of government.

  In Washington, Cantor’s defeat is being chalked up to the tea party’s intolerance toward immigration reform. While he paid a price for flirting with a White House compromise, Cantor’s greater sin was inauthenticity – brazenly flip-flopping on the issue. Typical politician.”

 

 

 

    Mr Fournier’s contention that Elizabeth “Fauxcahontas” Warren is anything but a confirmed Statist aside , we are willing to concede that the lines of battle are being drawn and that there is much common ground to be found between the Occupy crowd and the Tea Partiers .

   The question remains , which American personage will be able to unite these disparate interests and lead the charge over the barricades of corruption to reinstate American republicanism and reestablish a nation of limited government .

 

 

Ron Fournier

 

 

 

 

 

 

 

 

 

 

Taxpayer Money Goes To Party Video Dubbed As ‘Team Building’

 

 

Miami %22Team Building%22 Video

 

 

 

” It is a party video you have been paying for every year since 2010. 

  Miami-Dade County’s Community Information and Outreach department has been producing it, it said, to show around the holiday season and as a “team-building” exercise.

  Most of the videos appear to be a series of skits involving images of drinking, dancing and dramatics apparently designed to be funny.

” Shocking” is how one county employee described it, who did not want to be identified for fear of losing their job.

  One scene, for example, has images of one current and one former employee holding what appears to be beer and waiving dollar bills. All of this as the music says, “Bottoms up” and the two men are heard saying, “Cheers baby!”

  Other parts have employees dancing to popular songs like “Gangnam Style.” “

 

 

Read more on this obscene waste of public funds , modeled after those wasteful IRS ads of last year .

 

 

 

 

 

 

 

 

 

 

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