The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title – anonymous
A wave of speculative activity is sweeping major markets.
The uncertainty regarding the shutdown and “debt default” constitutes a golden opportunity for “institutional speculators”. Those who have reliable “inside information” regarding the complex outcome of the legislative process are slated to make billions of dollars in windfall gains.
The settlement between JPMorgan Chase and the Justice Department has been reported at $13 billion, for charges that Chase sold toxic mortgage-backed securities that fuelled the financial crisis of 2008.
The reported $13 billion amount is a misrepresentation of the actual figure by the Justice Department and has “nothing to do with mortgage-backed securities,” said former financial regulator Bill Black.
JP Morgan doesn’t want to make this settlement; especially if they have to admit guilt or wrong doing because that could cement more civil fraud settlements by all the investors who bought the bank’s RMBS. According to JPM’s quarterly filings, those investors equal at least $160 billion of private rmbs litigation these days. And while JPM is a very profitable bank ($2.4 trillion in assets) making money hand over fist it doesn’t have enough cash to payoff all those private rmbs suits at the dollar amount they could likely legally win if they ever went to trial.
the financial elite is above the law. It, like the aristocracies of old, is immune from the laws that apply to the lower orders. In America, people are routinely sentenced to long prison terms for petty crimes that involve hundreds of dollars. The speculators and swindlers who steal millions and billions, however, do so with impunity. They control the government and both political parties.
Ireland’s set to leave its international bailout program – says the country’s Prime Minister. The 85-billion-euro emergency aid came after the banks collapsed in 2010, it meant tax rises and spending cuts to qualify for it. But even when relieved of the bailout burden, there are still years of punishing austerity ahead for Ireland.
While politician and banker salaries and pensions are protected and golden handshakes are the order of the day for retiring civil servants and financial regulators, extra taxes, cutbacks in services and attending the funerals of family members and friends who could no longer cope with the stress and strain is now common place for many Irish people.
Reduced land productivity, combined with elevated oil costs and population growth, threaten a systemic, global food crisis. Citing findings from a study by Paul and Anne Ehrlich, published by the Royal Society, Nafeez Mosaddeq Ahmed identified the links among intensifying economic inequality, debt, climate change, and fossil fuel dependency to conclude that a global food crisis is now “undeniable.”
“It’s across all banks. Our summonses say the banks have broken their contracts, and each summons is looking for €1m apiece in costs and damages. Everybody in the country with a mortgage should be taking a case against their banks.”
It was announced today that the Red Cross will be distributing its first emergency food parcel programme in the UK since World War II. The charity is gearing up to provide food for 500,000 starving Britons this winter, as the UK government announces the British economy is back on track.
China’s official news agency has called for the creation of a “de-Americanised world”, saying the destinies of people should not be left in the hands of a hypocritical nation with a dysfunctional government.
Heaping criticism and caustic ridicule on Washington, the Xinhua news agency called the US a civilian slayer, prisoner torturer and meddler in others’ affairs, and said the ‘Pax Americana’ was a failure on all fronts.
Universal Jobmatch, the DWP’s job search website that became ‘mandatory’ for those claiming unemployment benefit on March 1st 2013, has been dogged by controversy amid claims it is simply a tool for keeping tabs on jobseekers rather than an effective aid to help them find work.
Websites like The Void and Consent Me have done sterling work exposing this and other government scams, like Workfare, designed to shame and exploit the victims of its economic criminality.
