Many have weighed in on Time Magazines recent 36-page article by Steven Brill, titled “Bitter Pill: Why Medical Bills Are Killing Us” including his current employer, Yale University. The Yale Daily news reports – [Read more…]
First Slovakia voted NO for the newest bailout, but then voted YES. Here’s Zerohedge’s latest on this continued saga…
Well, that’s that.
SLOVAK PARLIAMENT APPROVES EXPANSION OF EFSF RESCUE FUND, CONCLUDES RATIFICATION IN ALL EURO ZONE COUNTRIES -RTRS 114 voted for the EFSF, 30 against and 3 abstained from 147 present (out of 150)
Now: perhaps we can finally get some details of what will happen next instead of just blind short covering squeeze on rumor-based headfakes? Oh wait, we won’t? Because there are no real details and it is all just rhetoric?
And then there is this update “Van Rompuy And Barroso Announce €440 Billion EFSF Fully Functional; Now, How Do They Expand It To €3 Trillion?”
Zerohedge has this story over at their site, but to give this puppy more exposure we thought it wise to bring it over here. Here’s what ZH has to say –
“A week after the BBC exploded Alessio Rastani to the stage, it has just done it all over again. In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone’s mind: “If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serrious than the crisis in 2008…. What we don’t know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems.”
To read more from Zerohedge click HERE
By Anonymous Americus
By now we’ve heard from practically everyone – experts and layman alike – why Solyndra declared bankruptcy. Everyone, that is, except the management and owners of Solyndra.
Although the company’s executive management was called before Congress to testify about the bankruptcy, they declined to answer any questions, citing their fifth amendment protection against self-incrimination.
Most observers claim it was the fall in silicon prices that made the company’s business model unsustainable. According to the New York Times:
“Solyndra’s unique tube-shaped solar panels — which harvest early morning and evening light for electricity instead of just midday sun — do not rely on silicon. But it assumed its competitors would continue to pay a relatively high price for silicon, allowing Solyndra to charge the premium required to turn a profit on its panels. It was an assumption Obama officials bought into. But industry experts outside the federal government, going back to 2008, were predicting silicon prices were headed for a steep fall.”
However, no-one really knows if this is true or not. What was the sales price of Solyndra’s panels? What did their order book look like? How many long-term supply contracts were signed with European developers, with whom the Solyndra product was so popular? Were buyers also attracted to the energy-harvesting capabilities, portability and ease of installation of Solyndra panels versus silicon PV? Only the privately-held company’s executive management and owners know the answers to those questions, and they are not telling. [Read more…]
Central bankers don’t want us to know what happened during 2008 bailouts
June 22, 2011
By Rep. Ron Paul – The Washington Times
Among the facts that the Federal Reserve would rather you didn’t know is that at the height of the financial turmoil in 2008, when average Americans were just beginning to suffer, the institution was passing out sweetheart deals to protect the powerful and well-connected. Among the beneficiaries were foreign banks, Wall Street giants and even the company that then owned MSNBC.
Recently, my House subcommittee on domestic monetary policy held a hearing to examine information disclosed by the Federal Reserve about its bailout lending during the 2008 financial crisis – disclosure that was required by the Dodd-Frank Act and the Freedom of Information Act. [Read more…]
Is JP Morgan Shifting Its Silver And Gold Shorts To Non-US
Domiciled, And Thus Unregulatable, Banks?
Submitted by Tyler Durden on 12/20/2010 22:07 -0500
Going through recent bullion bank shorting information, Adrian Douglas has stumbled across a nugget that may explain the sudden willingness of JPM to admit to the FT, via proxies as obviously the bank would never expose itself to even remote market manipulation claims, that it has collapsed its silver short. The reason: even as US bank silver (and gold) shorts by US banks have been gradually declining, those positions established by non-US bank, and thus entities not under the CFTC’s control, have seen their silver shorts surge, increasing by orders of magnitude over the past several months. Is there a stealthy transfer of precious metals market manipulation taking place, one that exonerates the domestic, and therefore regulatable, suspects, while making foreign banks carry the burden of suppressing silver and gold prices? The reason: hand over the silver shorts to entities that would not be subject to the CFTC’s upcoming size limit rules. Per Douglas: “The sudden and massive increase in their short positions in both metals is conspicuous when compared with historical trading patterns. The fact that it occurs at a time when the US banks that are mega-short appear to be covering makes it doubly intriguing. It looks like a strategy to shift suppression and manipulation of the market to banks that are not under the direct supervision of the CFTC. Will these non-US banks be expecting to receive an exemption to position limits where US banks might not be successful?” We hope to get an answer to all these questions soon – Douglas has sent out the following letter to the only honest man at the CFTC, Bart Chilton, which explains Douglas’ findings, and demands an inquiry into just who these foreign banks are that are suddenly shorting silver and gold on the margin at alarming rates.
Read full story HERE