The overhead picture proves that the March on Washington was attended by more than the "thousands" the media has reported. The NY Times, Washington Post, LA Times had not one prominent story about the protests. CNN, ABC, NBC and CBS barely reported on what was a huge protest in Washington. Has the mainstream media become Pravda, a tool of the state? Scary stuff.-LouMonday, September 14, 2009
The Protest The Media Says Never Happened
The overhead picture proves that the March on Washington was attended by more than the "thousands" the media has reported. The NY Times, Washington Post, LA Times had not one prominent story about the protests. CNN, ABC, NBC and CBS barely reported on what was a huge protest in Washington. Has the mainstream media become Pravda, a tool of the state? Scary stuff.-Lou
Trade War On
Just what the world economy needs a trade war between the world's largest trading partners. This is big stuff folks. The unions now have total influence over the federal government, God help us.-Lou
US Tire duties spark China clash
A full-blown trade row erupted between the US and China after Beijing accused Washington of “rampant protectionism” for imposing heavy duties on imported Chinese tyres and threatened action against imports of US poultry and vehicles.
Trade relations between two of the world’s biggest economies deteriorated after Barack Obama, US president, signed an order late on Friday to impose a new duty of 35 per cent on Chinese tyre imports on top of an existing 4 per cent tariff.
In his first big test on world trade since taking office in January, Mr Obama sided with America’s trade unions, which have complained that a “surge” in imports of Chinese-made tyres had caused 7,000 job losses among US factory workers.
Chen Deming, China’s minister of commerce, condemned the decision, saying that it “sends the wrong signal to the world” at a time when Washington and Beijing should be co-operating to deal with the worst economic and financial crisis in decades.
“This is a grave act of trade protectionism,” Mr Chen said in a statement. “Not only does it violate WTO rules, it contravenes commitments the US government made at the [April] G20 financial summit.”
Beijing said it had requested WTO-sanctioned consultations with the US over Washington’s new duties on tyres. Yao Jian, a commerce ministry spokesman, said the duties were in ”violation of WTO rules”.
China said it would now investigate imports of US poultry and vehicles, responding to complaints from domestic companies.
More...
US Tire duties spark China clash
A full-blown trade row erupted between the US and China after Beijing accused Washington of “rampant protectionism” for imposing heavy duties on imported Chinese tyres and threatened action against imports of US poultry and vehicles.
Trade relations between two of the world’s biggest economies deteriorated after Barack Obama, US president, signed an order late on Friday to impose a new duty of 35 per cent on Chinese tyre imports on top of an existing 4 per cent tariff.
In his first big test on world trade since taking office in January, Mr Obama sided with America’s trade unions, which have complained that a “surge” in imports of Chinese-made tyres had caused 7,000 job losses among US factory workers.
Chen Deming, China’s minister of commerce, condemned the decision, saying that it “sends the wrong signal to the world” at a time when Washington and Beijing should be co-operating to deal with the worst economic and financial crisis in decades.
“This is a grave act of trade protectionism,” Mr Chen said in a statement. “Not only does it violate WTO rules, it contravenes commitments the US government made at the [April] G20 financial summit.”
Beijing said it had requested WTO-sanctioned consultations with the US over Washington’s new duties on tyres. Yao Jian, a commerce ministry spokesman, said the duties were in ”violation of WTO rules”.
China said it would now investigate imports of US poultry and vehicles, responding to complaints from domestic companies.
More...
Sunday, September 13, 2009
Register and Members Page
There is now a "Members" page at www.thefinancialphysician.com. It's free all you have to do is register once.
The "Members" section will contain excerpts of my book "The Financial Physician: How To Cure Your Money Problems and Boost Your Financial Health" due to be published December 15th and other articles, newsletter etc.
The first entry on the members section is the introduction to the book.
My email is lou@thefinancialphysician.com Feel free to send me any comments or questions, I will be sure to respond.
Quote of the Day
Rising prices of precious metals and other commodities are an indication of a very early stage of an endeavor to move away from paper currencies...What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment.
-Alan Greenspan, 9 Sep 2009
-Alan Greenspan, 9 Sep 2009
Saturday, September 12, 2009
This is Kinda Creepy
Freaky Numbers
The Dow closed Friday at 9,605.41. On September 11, 2001, the Dow closed at guess what? 9,605.51.
Hey your up a whole 1/10 of a point over the last eight years, not bad. Oh by the way the dollar lost over 20% purchasing power over that time.
Gold tripled over that time frame, rember that the next time some lame brained financial commentator says that gold is bad because it pays no interest or dividends.-Lou
The Dow closed Friday at 9,605.41. On September 11, 2001, the Dow closed at guess what? 9,605.51.
Hey your up a whole 1/10 of a point over the last eight years, not bad. Oh by the way the dollar lost over 20% purchasing power over that time.
Gold tripled over that time frame, rember that the next time some lame brained financial commentator says that gold is bad because it pays no interest or dividends.-Lou
Gold Makes Record Weekly Closing High
click on chart to enlargeGold soared this week taking out $1,000/ounce after a rough and tumble battle with The Powers That Be who want gold below the magical millenial level. Cash Gold closed at $1005/oz the highest weekly close EVER. Look for more upside fireworks in the weeks and months to come. The debasement of the US currency is fully underway, when the average Joe understands whats happening all hell will break loose in the gold and currency market.-Lou
Trade War With China?
This is a great mistake Mr. President. A. You don't want to piss off the Chinese who can destroy our country economically by just selling a portion of their $ trillion plus US bond reserves. Interest rates would skyrocket, the dollar would plunge (more than it is already) and inflation would soar. B. Protectionism and trade wars with your biggest trading partner is suicide. This is what made the depression as bad asit was, trade protectionism.-Lou
China Slams U.S. Tariffs on Tires as 'Serious Act of Trade Protectionism'
BEIJING - China strongly opposed President Barack Obama's decision to impose punitive tariffs on imports of car and light truck tires calling it protectionism that violates World Trade Organization rules.
New tariffs send a wrong signal to the world ahead of the upcoming Group of 20 nations in Pittsburgh Sept. 24-25, and could spark a chain reaction of trade protectionist measures that slow economic recovery, a notice on the Ministry of Commerce Web site said Saturday.
Such actions will harm U.S.-China economic and trade relations, it said.
China reserves the right to react, Ministry of Commerce spokesman Yao Jian said Saturday, without giving details.
For the Chinese government, the tire dispute threatens an economic relationship crucial to the country's economic growth. Chinese officials had previously appealed to Washington to avoid taking steps that might harm relations.
"China strongly opposes this serious act of trade protectionism by the U.S.," the ministry statement said. "This act not only violates the rules of the World Trade Organization but also violates the relevant commitments made by the U.S. government at the G-20 financial summit."
Obama had until Sept. 17 to accept, reject or modify a U.S. International Trade Commission ruling that a rising tide of Chinese tires into the U.S. hurts American producers. A powerful union, United Steelworkers, blames the increase for the loss of thousands of American jobs.
Bank Failure Friday Claims 3 More Banks
I did not see any news this morning about any bank closures last night. I was just about to put up a post saying it was finaly nice to go a week without a bank failure. I went to FDIC website and found these three press releases. The failure of these three banks will cost the FDIC Insurance fund another $2 billion plus dollars. The FDIC has to be running on empty-no? -LouMB Financial Bank, National Association, Chicago, Illinois, Assumes All of the Deposits of Corus Bank, National Association, Chicago, Illinois
FOR IMMEDIATE RELEASE
September 11, 2009
Chicago, Illinois, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, Illinois, to assume all of the deposits of Corus Bank, N.A.
The eleven branches of Corus Bank will reopen on their next normally scheduled business day as branches of MB Financial Bank. Depositors of Corus Bank will automatically become depositors of MB Financial Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until MB Financial Bank can fully integrate the deposit records of Corus Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.7 billion. MB Financial Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Corus Bank is the 90th FDIC-insured institution to fail in the nation this year, and the sixteenth in Illinois. The last FDIC-insured institution closed in the state was Platinum Community Bank, Rolling Meadows, on September 4, 2009.
First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of Venture Bank, Lacy, Washington
FOR IMMEDIATE RELEASE
September 11, 2009
Venture Bank, Lacy, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Venture Bank.
Venture Bank, Lacy, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Venture Bank.
The eighteen branches of Venture Bank will reopen during normal business hours beginning tomorrow as branches of First-Citizens Bank & Trust Company. Depositors of Venture Bank will automatically become depositors of First-Citizens Bank & Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until First-Citizens Bank & Trust Company can fully integrate the deposit records of Venture Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $298 million. First-Citizens Bank & Trust Company's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Venture Bank is the 92nd FDIC-insured institution to fail in the nation this year, and the third in Washington. The last FDIC-insured institution closed in the state was Westsound Bank, Bremerton, on May 8, 2009.
CorTrust Bank National Association, Mitchell, South Dakota, Assumes All of the Deposits of Brickwell Community Bank, Woodbury, Minnesota
Brickwell Community Bank, Woodbury, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CorTrust Bank N.A., Mitchell, South Dakota, to assume all of the deposits of Brickwell Community Bank.
The sole branch of Brickwell Community Bank will reopen on Saturday as a branch of CorTrust Bank. Depositors of Brickwell Community Bank will automatically become depositors of CorTrust Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until CorTrust Bank can fully integrate the deposit records of Brickwell Community Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22 million. CorTrust Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Brickwell Community Bank is the 91st FDIC-insured institution to fail in the nation this year, and the third in Minnesota. The last FDIC-insured institution closed in the state was Mainstreet Bank, Forest Lake, on August 28, 2009.
Friday, September 11, 2009
Gold and Silver Take Off, Dollar Falls
As has been the norm this week, gold continued higher blasting through $1,000/ounce and the dollar index continues to hit new lows.-Lou US gold rises above $1,010 on dollar deterioration
NEW YORK, Sept 11 (Reuters) - U.S. gold futures broke above$1,010 an ounce on Friday, reaching their highest level sinceFebruary, as a steadily weakening dollar increased the statusof bullion as an alternative investment. For the latest detailed report, click on [GOL/]. GOLD * December gold GCZ9 up $13.80, or 1.4 percent, at $1,010.60 an ounce at 10:26 a.m. EDT (1426 GMT) on the COMEX division of the New York Mercantile Exchange.
* Ranged from $996.30 to $1,013.70, which marked the
highest level since Feb. 20.
highest level since Feb. 20.
* The U.S. dollar fell to a one-year low against major
currencies as optimism about the outlook for the global economy
encouraged investors to favor higher yielding currencies and
stocks instead of the safety of the greenback.
currencies as optimism about the outlook for the global economy
encouraged investors to favor higher yielding currencies and
stocks instead of the safety of the greenback.
* Gold continues its steady upward move, helped by
technical buying, stronger euro and crude oil rally - George
Gero, vice president of RBC Capital Markets Global Futures. * COMEX gold open interest continues to expand, signaling strong investment demand from funds - Gero.
technical buying, stronger euro and crude oil rally - George
Gero, vice president of RBC Capital Markets Global Futures. * COMEX gold open interest continues to expand, signaling strong investment demand from funds - Gero.
* COMEX estimated 9 a.m. volume at 47,223 lots. * Gold/oil ratio at 13.96, down from the previous session's 13.89.
A Day Of Remembrance
We all remember where we were that crystal clear, late summer morning when we heard the news. I was stranded in Las Vegas away from my family and friends. I will never forget the feeling of distance from home. The country pulled together in the days after 9-11 in a way that I had never seen before. Unfortunately we are now more divided than ever.
Let us take this day to remember those killed on September 11, 2001. Let us also remember all the first responders who are now ill from the toxic air they breathed on the pile. They are suffering horribly and need our support.
Here is the organization most worthy of your donations, I will be attending their charity event tonight.
Feal Good Foundation
Something Doesn't Seem Right
I'm getting a strange feeling that things in the world are beginning to fall apart and the months ahead are going to be very dangerous and frightening in many ways. A large number of problems seem to be developing all at the same time. These problems are integrated and while each is important and potentially disastrous the synergies of them all happening at the same time is horrible to contemplate. I have had an underlying feeling of anxiousness lately, a feeling that we are about to witness historic changes in the world. I hope I'm wrong. Maybe I'm just too immersed in the news.-Lou
Here are some links to the issues facing the world today:
Is another 9/11 set to unfold? Scariest
Dr Byron Weeks: War may be imminent in the Middle East
'Israel link' in Arctic Sea case
Netanyahu's 'secret visit to Moscow
Beijing Backs Derivatives Fights
Treasury: Millions more foreclosures coming
The Dollar Collapses
China alarmed by US money printing
Gov. Baldacci proclaims civil emergency due to H1N1
China may back out of derivative contracts,
Why This Fall and Winter Could Get Ugly
Why $200 Oil Is Just Around the Corner
Job outlook hits worst-ever level
Will The Collapse Of FDIC Insured Banks Cause Another Stock Market Crash?
Here are some links to the issues facing the world today:
Is another 9/11 set to unfold? Scariest
Dr Byron Weeks: War may be imminent in the Middle East
'Israel link' in Arctic Sea case
Netanyahu's 'secret visit to Moscow
Beijing Backs Derivatives Fights
Treasury: Millions more foreclosures coming
The Dollar Collapses
China alarmed by US money printing
Gov. Baldacci proclaims civil emergency due to H1N1
China may back out of derivative contracts,
Why This Fall and Winter Could Get Ugly
Why $200 Oil Is Just Around the Corner
Job outlook hits worst-ever level
Will The Collapse Of FDIC Insured Banks Cause Another Stock Market Crash?
Massive Government Market Manipulation?
A long article but an interesting read. I too have been wondering how the stock market can levitate when the economy is still very much in the dump. One massive government intervention according to J.S. Kim. I believe him-Lou
The Coming Consequences of Banking Fraud
J.S Kim
The Double Dip Recession, or the “W” shaped recovery that a minority of economists, such as Joseph Stiglitz, is now stating as a strong possible outcome of this current rally, should not be discussed in the realm of economics but rather in the more apropos realm of financial fraud.
The fact that the upleg of the “W” shaped recovery that is occurring now will inevitably crumble in spectacular fashion will not be a result of any free market principle, but rather the direct consequence of a fraudulent scheme executed by an elite global financial oligarchy, otherwise known as Central Banks. If the mission of this current manufactured leg-up in Western stock markets was to fool the world into believing that global economies are recovering, then clearly, up until this point, the mission has been a resounding success. For those unfamiliar with the term “blowback”, it's a CIA term that was first used in March 1954 to describe the unintended consequences of US government international activities kept secret from the American people.
Though this term has primarily been used to describe the consequences of covert military operations, “blowback” is an appropriate term to use to describe the coming consequences of banking fraud because the US government, US Federal Reserve, Wall Street, the US Treasury, and the Exchange Stabilization Fund have all engaged in domestic and international financial and monetary transactions that have been kept secret from the world, and that will have severe and negative consequences in the not so distant future.
In fact, I predict that the blowback of these activities will not only exceed, but far exceed, the fallout the world experienced in 2008 at the prior apex of this current crisis. Most people today can not even fathom how bad the situation will become primarily because of all the secrecy that the banksters have engaged in – in US Treasury markets, the gold markets, the US dollar markets, agriculture commodities, stock markets, and financial markets – in hiding reality from the people.
In an article I wrote three months ago, on June 10, 2009, titled, “Can Rising Stock Markets Serve as a Confirmation of a Crashing Economy?”, I stated, “Whether I am right or wrong about US markets tanking by summer’s end/fall’s beginning, if [we] position [our] investment assets based upon an understanding of the fraudulent monetary system, [we] can still continue to create wealth.” While true, I was a bit early in raising the proposition of a stock market correction the month before; I amended my prediction in June upon realizing the breadth of the manipulation schemes occurring in Western stock markets.
In today’s markets, only a complete investment novice would try to predict market behavior without accounting for the massive government intervention schemes and forays into stock markets as well as the computerized manipulation of daily trading volume. One of the main reasons, but not the only one, that I amended my target for the end of this rally this past June to the fall season is the fact that fall normally marks the return of much higher daily trading volume from the traditional summer lulls.
Thus, it is a much more difficult proposition for Central Banks and computerized trading programs to manipulate a continued rise in stock markets in the face of higher daily trading volumes.
More...
The Coming Consequences of Banking Fraud
J.S Kim
The Double Dip Recession, or the “W” shaped recovery that a minority of economists, such as Joseph Stiglitz, is now stating as a strong possible outcome of this current rally, should not be discussed in the realm of economics but rather in the more apropos realm of financial fraud.
The fact that the upleg of the “W” shaped recovery that is occurring now will inevitably crumble in spectacular fashion will not be a result of any free market principle, but rather the direct consequence of a fraudulent scheme executed by an elite global financial oligarchy, otherwise known as Central Banks. If the mission of this current manufactured leg-up in Western stock markets was to fool the world into believing that global economies are recovering, then clearly, up until this point, the mission has been a resounding success. For those unfamiliar with the term “blowback”, it's a CIA term that was first used in March 1954 to describe the unintended consequences of US government international activities kept secret from the American people.
Though this term has primarily been used to describe the consequences of covert military operations, “blowback” is an appropriate term to use to describe the coming consequences of banking fraud because the US government, US Federal Reserve, Wall Street, the US Treasury, and the Exchange Stabilization Fund have all engaged in domestic and international financial and monetary transactions that have been kept secret from the world, and that will have severe and negative consequences in the not so distant future.
In fact, I predict that the blowback of these activities will not only exceed, but far exceed, the fallout the world experienced in 2008 at the prior apex of this current crisis. Most people today can not even fathom how bad the situation will become primarily because of all the secrecy that the banksters have engaged in – in US Treasury markets, the gold markets, the US dollar markets, agriculture commodities, stock markets, and financial markets – in hiding reality from the people.
In an article I wrote three months ago, on June 10, 2009, titled, “Can Rising Stock Markets Serve as a Confirmation of a Crashing Economy?”, I stated, “Whether I am right or wrong about US markets tanking by summer’s end/fall’s beginning, if [we] position [our] investment assets based upon an understanding of the fraudulent monetary system, [we] can still continue to create wealth.” While true, I was a bit early in raising the proposition of a stock market correction the month before; I amended my prediction in June upon realizing the breadth of the manipulation schemes occurring in Western stock markets.
In today’s markets, only a complete investment novice would try to predict market behavior without accounting for the massive government intervention schemes and forays into stock markets as well as the computerized manipulation of daily trading volume. One of the main reasons, but not the only one, that I amended my target for the end of this rally this past June to the fall season is the fact that fall normally marks the return of much higher daily trading volume from the traditional summer lulls.
Thus, it is a much more difficult proposition for Central Banks and computerized trading programs to manipulate a continued rise in stock markets in the face of higher daily trading volumes.
More...
Thursday, September 10, 2009
How Banks Steal From Their Customers
This is an outrage. I have had the same problem with my bank. If you do not have funds in your account to pay for something with your debit card it should be rejected. The banks want you to go over so they can charge you $35 everytime you use your card that day. They also do not credit deposits until the end of the day so debits will cause an overdraft even when you deposited money earlier in the day. This is criminal and needs to be dealt with.-Lou
Overspending on Debit Cards Is a Boon for Banks
When Peter Means returned to graduate school after a career as a civil servant, he turned to a debit card to help him spend his money more carefully.
So he was stunned when his bank charged him seven $34 fees to cover seven purchases when there was not enough cash in his account, notifying him only afterward. He paid $4.14 for a coffee at Starbucks — and a $34 fee. He got the $6.50 student discount at the movie theater — but no discount on the $34 fee. He paid $6.76 at Lowe’s for screws — and yet another $34 fee. All told, he owed $238 in extra charges for just a day’s worth of activity.
Mr. Means, who is 59 and lives in Colorado, figured employees at his bank, Wells Fargo, would show some mercy since each purchase was less than $12. In addition, a deposit from a few days earlier would have covered everything had it not taken days to clear. But they would not budge.
Banks and credit unions have long pitched debit cards as a convenient and prudent way to buy. But a growing number are now allowing consumers to exceed their balances — for a price.
Banks market it as overdraft protection, and the fees it generates have become an important source of income for the banking industry at a time of big losses in other operations. This year alone, banks are expected to bring in $27 billion by covering overdrafts on checking accounts, typically on debit card purchases or checks that exceed a customer’s balance.
In fact, banks now make more covering overdrafts than they do on penalty fees from credit cards.
More...
Overspending on Debit Cards Is a Boon for Banks
When Peter Means returned to graduate school after a career as a civil servant, he turned to a debit card to help him spend his money more carefully.
So he was stunned when his bank charged him seven $34 fees to cover seven purchases when there was not enough cash in his account, notifying him only afterward. He paid $4.14 for a coffee at Starbucks — and a $34 fee. He got the $6.50 student discount at the movie theater — but no discount on the $34 fee. He paid $6.76 at Lowe’s for screws — and yet another $34 fee. All told, he owed $238 in extra charges for just a day’s worth of activity.
Mr. Means, who is 59 and lives in Colorado, figured employees at his bank, Wells Fargo, would show some mercy since each purchase was less than $12. In addition, a deposit from a few days earlier would have covered everything had it not taken days to clear. But they would not budge.
Banks and credit unions have long pitched debit cards as a convenient and prudent way to buy. But a growing number are now allowing consumers to exceed their balances — for a price.
Banks market it as overdraft protection, and the fees it generates have become an important source of income for the banking industry at a time of big losses in other operations. This year alone, banks are expected to bring in $27 billion by covering overdrafts on checking accounts, typically on debit card purchases or checks that exceed a customer’s balance.
In fact, banks now make more covering overdrafts than they do on penalty fees from credit cards.
More...
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