Steven Greenhut Says the Court Pension Ruling Gives Detroit New Hope

During a trip to Detroit in the 1980s, a cab driver gave Steven
Greenhut an ad hoc tour of some of the city’s deteriorating
neighborhoods. It was shocking even to someone who grew up in the
Rust Belt. Things have gotten even worse in the ensuing decades.
After Detroit declared bankruptcy, commentators wondered what went
wrong. Greenhut and others wondered what took so long. In
a Tuesday ruling giving bankruptcy the nod, Judge Steven
Rhodes ruled that pension rights, which have protections in the
Michigan constitution, can be “impaired” under federal bankruptcy
law. This could have nationwide impact if it becomes
precedent.   

View this article.

from Hit & Run http://reason.com/blog/2013/12/13/steven-greenhut-says-the-detroit-ruling
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Poll: Americans Don’t Want to Ban Trans Fats, Energy Drinks, E-Cigarettes, Online Poker, Violent Video Games or Genetic Testing Kits

The American people do not want to be nannied.

The new Reason-Rupe
poll
 finds that Americans oppose banning a number of items
governments have been working to prohibit.

The federal government recently proposed rules that would
effectively ban trans fats, but 71 percent of Americans say they
should be allowed to buy foods with trans fats if they so choose.
Just under a quarter, 24 percent of Americans, say foods with trans
fats should not be allowed.

The Food and Drug Administration recently ordered a genetic
testing company to stop selling its DNA tests. Reason-Rupe finds 55
percent of Americans believe they should be allowed to buy genetic
testing kits that provide information about a person’s DNA, 37
percent say these should not be allowed.

Over three quarters of Americans, 76 percent, say they should be
allowed to buy high-caffeine energy drinks. Twenty-one percent
think energy drinks should be prohibited.

Several cities have moved to ban e-cigarettes in public places,
but 62 percent of Americans say electronic cigarettes should be
allowed in public spaces. Thirty-four percent favor prohibiting the
use of e-cigarettes in public.

Congress is considering a bill that would legalize online poker
and 65 percent of Americans tell Reason-Rupe that adults should be
allowed to gamble in online poker games. Thirty-two percent oppose
allowing people to play online poker.

Two-thirds of Americans, 66 percent, tell Reason-Rupe that
people should be allowed to play violent video games, while 31
percent want them banned.

The one item Reason-Rupe asked about that the public wants to
ban is printing 3D guns. Six in 10 Americans think printing working
3D guns should be prohibited, while 30 percent say it should be
allowed.

Full Poll

The full poll is online here and
additional Reason-Rupe poll resources are available here.
Sign up
for notifications of new releases of the
Reason-Rupe poll here. This
is the latest in a series of Reason-Rupe public opinion surveys
dedicated to exploring what Americans really think about government
and major issues.  This Reason Foundation project is made
possible thanks to the generous support of the Arthur N. Rupe
Foundation.

The Reason-Rupe poll conducted live interviews with 1,011 adults
on mobile (506) and landline (505) phones from December 4-8, 2013.
The poll’s margin of error is plus or minus 3.7 percent. Princeton
Survey Research Associates International executed the nationwide
Reason-Rupe survey.

from Hit & Run http://reason.com/blog/2013/12/13/poll-americans-dont-want-to-ban-trans2
via IFTTT

The NSA’s “Lone Wolf” Justification for Mass Spying Is B.S.

Bonus:

General Electric Knew Its Reactor Design Was Unsafe … So Why Isn’t GE Getting Any Heat for Fukushima?

The NSA’s main justification for Constitution-shredding mass surveillance on all Americans is 9/11.

In reality:

  • American presidents agree
  • The chairs of the 9/11 Commission say that the spying has gone way too far (and that the Director of National Intelligence should be prosecuted for lying about the spying program)
  • Top officials say that the claim that the government could only have stopped the attacks if it had been able to spy on Americans is wholly false

But we want to focus on another angle:  the unspoken assumption by the NSA that we need mass surveillance because “lone wolf” terrorists don’t leave as many red flags as governments, so the NSA has to spy on everyone to find the needle in the haystack.

But this is nonsense. The 9/11 hijackers were not lone wolves.

The former Chair of the Senate Intelligence Committee, outside adviser to the CIA, and Co-Chair of the congressional investigation into 9/11 – Bob Graham – says:

I have personally talked to the other cochair of the Congressional Joint Inquiry, a man who was a very distinguished congressman and, later, director of the CIA [Porter Goss], I have talked to the two chairs of the … 9/11 Commission, asking them, what do you think were the prospects of these 19 people being able to plan, practice, and execute the complicated plot that was 9/11 without any external support?

 

All three of them used almost the same word: “Implausible”. That it is implausible that that could have been the case.

 

Yet that has now become the conventional wisdom to the aggressive exclusion of other alternatives.

 

Indeed, it is pretty clear that 9/11 was state-sponsored terror … although people argue about which state or states were responsible (we personally believe that at least two allied governments were involved. Zero Hedge readers:  Which governments do YOU think were involved?).

Indeed, Graham – unlike with 9/11 Commissioner and former Senator Bob Kerrey – said in sworn declarations that the Saudi is linked to the 9/11 attacks.  They’re calling for either a “permanent 9/11 commission” or a new 9/11 investigation to get to the bottom of it.

An FBI report implicates the Saudi government.

And many other top U.S. counter-terrorism officials say that the government’s explanation of the 9/11 hijackers being “lone wolves” connected only to Al Qaeda is ridiculous. See this and this.

If this sounds implausible,  remember that Saudi Prince Bandar – head of Saudi intelligence – helped to arm the Mujahadeen in Afghanistan, and is now arming Al Qaeda in Syria. (Background).   Respected financial writer Ambrose Evans-Pritchard says that Prince Bandar admitted that Saudi Arabia carries out false flag terror.

Indeed, the Joint Congressional Inquiry into 9/11 found that the Saudi government supported the 9/11 attacks,  but the Bush administration classified the 28 pages of the report which discussed the Saudis.

Bipartisan Bill to Publicly Release Report on Saudi Involvement In 9/11

A bipartisan bill – introduced by  congressmen Walter B. Jones (Republican from North Carolina) and Stephen Lynch (Democrat from Massachusetts)  would declassify the 28 pages of the Joint
Inquiry which implicate the Saudi government.

Some assume that passage of the bill is assured …

But both the Bush and Obama administrations have fought to keep Saudi involvement under wraps for more than 10 years.

Remember, the U.S. government allowed members of Bin Laden’s family – and other suspicious Saudis – hop on airplanes and leave the country right after 9/11 without even interviewing them, even though air traffic was grounded for everyone else.

Additionally, a Saudi FBI informant hosted and rented a room to Mihdhar and another 9/11 hijacker in 2000.

Investigators for the Congressional Joint Inquiry discovered that an FBI informant had hosted and even rented a room to two hijackers in 2000 and that, when the Inquiry sought to interview the informant, the FBI refused outright, and then hid him in an unknown location, and that a high-level FBI official stated these blocking maneuvers were undertaken under orders from the White House.

As the New York Times notes:

Senator Bob Graham, the Florida Democrat who is a former chairman of the Senate Intelligence Committee, accused the White House on Tuesday of covering up evidence ….The accusation stems from the Federal Bureau of Investigation’s refusal to allow investigators for a Congressional inquiry and the independent Sept. 11 commission to interview an informant, Abdussattar Shaikh, who had been the landlord in San Diego of two Sept. 11 hijackers.

 

In his book “Intelligence Matters,” Mr. Graham, the co-chairman of the Congressional inquiry with Representative Porter J. Goss, Republican of Florida, said an F.B.I. official wrote them in November 2002 and said “the administration would not sanction a staff interview with the source.” On Tuesday, Mr. Graham called the letter “a smoking gun” and said, “The reason for this cover-up goes right to the White House.”

The government obstructed the 9/11 Commission in every way possible.  During both the Joint Congressional Inquiry into 9/11 and the 9/11 Commission investigation, government “minders” intimidated witnesses and obstructed the investigation.

Obama has been no better.  Obama’s Department of Justice filed an amicus brief in the U.S. Supreme Court arguing that the lawsuit brought by the families of victims killed in the 9/11 attacks against Saudi Arabia should be thrown out of court (it was).

And Graham said that he’s lobbied Obama for years to release the 28 pages and to reopen the investigation, but Obama has refused.  The former Chair of the Senate Intelligence Committee and 9/11 investigator has even resorted to filing Freedom of Information requests to obtain information, but the Obama administration is still stonewalling:

Graham said that like the 28 pages in the 9/11 inquiry, the Sarasota case is being “covered up” by U.S. intelligence. Graham has been fighting to get the FBI to release the details of this investigation with Freedom of Information Act (FOIA) requests and litigation. But so far the bureau has stalled and stonewalled, he said.

Still Urgent Today

Ancient history, you say?

Graham notes:

Although it’s been more than a decade ago when this horrific event occurred, I think [the questions of who supported the attacks] have real consequences to U.S. actions today.

For example, the U.S. might not want to support – let alone launch joint military adventure alongside – a regime which supported the 9/11 hijackers.

As Graham told told PBS last year:

[Question]: Senator Graham, are there elements in this report, which are classified that Americans should know about but can’t?

 

SEN. BOB GRAHAM: Yes … I was surprised at the evidence that there were foreign governments involved in facilitating the activities of at least some of the terrorists in the United States.

 

I am stunned that we have not done a better job of pursuing that to determine if other terrorists received similar support and, even more important, if the infrastructure of a foreign government assisting terrorists still exists for the current generation of terrorists who are here planning the next plots.

 

To me that is an extremely significant issue and most of that information is classified, I think overly-classified. I believe the American people should know the extent of the challenge that we face in terms of foreign government involvement. That would motivate the government to take action.

 

[Question]: Are you suggesting that you are convinced that there was a state sponsor behind 9/11?

 

SEN. BOB GRAHAM: I think there is very compelling evidence that at least some of the terrorists were assisted not just in financing — although that was part of it — by a sovereign foreign government and that we have been derelict in our duty to track that down, make the further case, or find the evidence that would indicate that that is not true and we can look for other reasons why the terrorists were able to function so effectively in the United States.

 

[Question]: Do you think that will ever become public, which countries you’re talking about?

 

SEN. BOB GRAHAM: It will become public at some point when it’s turned over to the archives, but that’s 20 or 30 years from now. And, we need to have this information now because it’s relevant to the threat that the people of the United States are facing today.

And – most importantly – if the entire mass spying program is based on the “lone wolf” theory of 9/11, it is unnecessary and counterproductive.

Postscript:  Ironically, the U.S. government has in the past alleged state sponsorship of 9/11 when it suited its purposes.  Specifically, people may not remember now, but – at the time – the supposed Iraqi state sponsorship of 9/11 was at least as important a justification for the Iraq war as the alleged weapons of mass destruction.  This claim that Iraq is linked to 9/11 has since been debunked by the 9/11 Commission, top government officials, and even – long after they alleged such a link – Bush and Cheney themselves.  But 70% of the American public believed it at the time, and 85% of U.S. troops believed the U.S. mission in Iraq was “to retaliate for Saddam’s role in the 9-11 attacks.”


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/XObfDHUNqPQ/story01.htm George Washington

Mandela Fake “Interpreter” Is Schizophrenic Who Has Faced Rape, Theft And Murder Charges

As the surreal facts and fictions surrounding Nelson Mandela’s death grow (as hundreds breached security and flooded his coffin), the story of the “fake” interpreter goes from the sublime to the ridiculous. eNCA is reporting that Thamsanqa Jantjie – who stood mere feet away from the world’s leaders (and waved his hands like a muppet) is being treated for schizophrenia, has also faced rape (1994), theft (1995), house-breaking (1997), malicious damage to property (1998), murder, attempted murder and kidnapping (2003) charges. Many of the charges brought against him were dropped, allegedly because he was mentally unfit to stand trial.  

Via eNCA,

The man now known by many as the ‘fake interpreter’, stood just a foot away from world leaders, including US President Barack Obama, who is one of the most heavily protected men on the planet.

 

…faced a murder charge in 2003.

 

…It’s unknown if the case was ever concluded as the court file is mysteriously empty.

 

eNCA’s investigations have found that Thamsanqa Jantjie, who is being treated for schizophrenia, has also faced rape (1994), theft (1995), housebreaking (1997), malicious damage to property (1998), murder, attempted murder and kidnapping (2003) charges. 

 

Many of the charges brought against him were dropped, allegedly because he was mentally unfit to stand trial.

 

Jantjie was acquitted on the rape charge, but he was convicted of theft for which he was sentenced to three years in prison. It’s unclear if he ever spent time in jail.

During the memorial, it emerged on social media networks that Jantjie wasn’t a properly qualified sign language interpreter and that his signing during that historic event didn’t make any sense.

The story went global and Jantjie was portrayed as a joke.

But this story took a serious turn when eNCA established he was mentally ill.

Jantjie admitted that he was heavily medicated for schizophrenia and has spent time at the Sterkfontein Psychiatric Hospital.

 

But apart from that… we are sure his mom says he is really good boy…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/T7-xFkCpZ0A/story01.htm Tyler Durden

Mandela Fake "Interpreter" Is Schizophrenic Who Has Faced Rape, Theft And Murder Charges

As the surreal facts and fictions surrounding Nelson Mandela’s death grow (as hundreds breached security and flooded his coffin), the story of the “fake” interpreter goes from the sublime to the ridiculous. eNCA is reporting that Thamsanqa Jantjie – who stood mere feet away from the world’s leaders (and waved his hands like a muppet) is being treated for schizophrenia, has also faced rape (1994), theft (1995), house-breaking (1997), malicious damage to property (1998), murder, attempted murder and kidnapping (2003) charges. Many of the charges brought against him were dropped, allegedly because he was mentally unfit to stand trial.  

Via eNCA,

The man now known by many as the ‘fake interpreter’, stood just a foot away from world leaders, including US President Barack Obama, who is one of the most heavily protected men on the planet.

 

…faced a murder charge in 2003.

 

…It’s unknown if the case was ever concluded as the court file is mysteriously empty.

 

eNCA’s investigations have found that Thamsanqa Jantjie, who is being treated for schizophrenia, has also faced rape (1994), theft (1995), housebreaking (1997), malicious damage to property (1998), murder, attempted murder and kidnapping (2003) charges. 

 

Many of the charges brought against him were dropped, allegedly because he was mentally unfit to stand trial.

 

Jantjie was acquitted on the rape charge, but he was convicted of theft for which he was sentenced to three years in prison. It’s unclear if he ever spent time in jail.

During the memorial, it emerged on social media networks that Jantjie wasn’t a properly qualified sign language interpreter and that his signing during that historic event didn’t make any sense.

The story went global and Jantjie was portrayed as a joke.

But this story took a serious turn when eNCA established he was mentally ill.

Jantjie admitted that he was heavily medicated for schizophrenia and has spent time at the Sterkfontein Psychiatric Hospital.

 

But apart from that… we are sure his mom says he is really good boy…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/T7-xFkCpZ0A/story01.htm Tyler Durden

Jacob Sullum in Forbes: Mandatory Minimums Give Prosecutors the Power to Coerce Guilty Pleas

In 2005 Sandra
Avery was arrested for possessing 50 grams of crack cocaine with
intent to deliver. That amount, less than two ounces, was enough to
trigger a 10-year mandatory minimum sentence. Because federal
prosecutors did not offer to reduce the sentence, Avery went to
trial. She was convicted and received a mandatory life sentence
after prosecutors called the court’s attention to two prior
convictions for possessing small amounts of crack. Writing in
Forbes, Senioir Editor Jacob Sullum explains how that kind
of disparity magnifies the injustice caused by mandatory minimum
sentencing rules, punishing people more severely for exercising
their right to a trial than for violating the drug laws.


Read this article
.

from Hit & Run http://reason.com/blog/2013/12/13/jacob-sullum-in-forbes-mandatory-minimum
via IFTTT

Ireland Exits Troika Bailout To Prepare For Bail-ins: Nothings Changed & Don’t Believe Everything That You’re Told

A BoomBustBlogger (h/t @johnjoechad) forewarded an interesting report to me this morning. An Irish MEP from Dublin, Paul Murphy, who seems damn bright wrote it and if I didn’t know any better I would have sworn I wrote it myself about 4 years ago. Here are excerpts from the document along with my comments. 

Irish bailout exit economic reality 1Irish bailout exit economic reality 1    

  Irish bailout exit economic reality 2Irish bailout exit economic reality 2 

This GDP growth and EC forecast thingy is one of the primary reasons why the EU is taking so long to get back on its feet. A total, complete and unequivocal lack of believability. Exactly how many times can one be caught in the same lie. Let’s reference my work 2010 – that’s right, nearly 4 years ago. Our (subscriber only) File Icon Ireland public finances projections report shows Ireland getting very, very optimistic with their economic forecasting, to wit:

Irish bailout exit economic reality 5Irish bailout exit economic reality 5

I want you to think about his carefully. The Irish government actually made the EC look conservative. So, if you peruse my other public piece on the topic, Lies, Damn Lies, and Sovereign Truths: Why the Euro is Destined to Collapse!:

If this article goes viral around the web, I wouldn’t be surprised if the euro tanks and several European sovereign states’ spreads blow out. I have busted several of them in another of a long series of “creative” economic forecasting schemes to fudge the appearance of “austerity”.

The IMF and the EU have been consistently and overtly optimistic from the very beginning of this crisis. Their numbers have been dramatically over the top on the super bright, this will end pretty, rosy scenario side – and that is after multiple revisions to the downside!!! We can visit the US concept of regulatory capture (see How Regulatory Capture Turns Doo Doo Deadly and Lehman Brothers Dies While Getting Away with Murder: Regulatory Capture at its Best) for the EU, but due to time constraints we will save that topic for a later date. To make matters even worse, the sovereign states have taken these dramatically optimistic and proven unrealistic projections and have made even more optimistic and dramatically unrealistic projections on top of those in order to create the illusion of a workable “austerity” plan when in reality there is no way in hell the stated and published plans will come anywhere near reducing the debts and deficits as advertised – No Way in Hell (Hades/Tartarus/Anao/Uffern/Peklo/Niffliehem – just to cover some of the Euro states caught fudging the numbers)!

Let’s take a visual perusal of what I am talking about, focusing on those sovereign nations that I have covered thus far.

The EU/EC has proven to be no better, and if anything is arguably worse!

image031.pngimage031.pngimage031.pngimage031.png

Revisions-R-US!

image044.pngimage044.pngimage044.pngimage044.png

and the EU on goverment balance??? Way, way, way off.

image040.pngimage040.pngimage040.pngimage040.png

If the IMF was wrong, what in the world does that make the EC/EU?

The EC forecasts have been just as bad, if not much, much worse in nearly all of the forecasting scenarios we presented. Hey, if you think tha’s bad, try taking a look at what the govenment of Greece has done with these fairy tale forecasts, as excerpted from the blog post “Greek Crisis Is Over, Region Safe”, Prodi Says – I say Liar, Liar, Pants on Fire!

greek_debt_forecast.pnggreek_debt_forecast.pnggreek_debt_forecast.pnggreek_debt_forecast.png

Think about it! With a .5% revisions, the EC was still 3 full points to the optimistic side on GDP, that puts the possibility of Greek government forecasts, which are much more optimistic than both the EU and the slightly more stringent but still mostly erroneous IMF numbers, being anywhere near realistic somewhere between zero and no way in hell (tartarus, hades, purgatory…). 

And what about Italy???

image042.pngimage042.pngimage042.png

 So, have I proven my point yet? Which one of you want to bet me that the EC has accurately and adequately forecasts Ireland’s growth at a level that can assure market participants to fund it through the next 20 years??? 

Irish bailout exit economic reality 3Irish bailout exit economic reality 3   

The issue of debt is an interesting one. Our (subscriber only) File Icon Ireland public finances projections report had the most pessimistic forecasts for Ireland that I know of, yet it was still unrealistically optimistic. Add to this the fact that I belive the Irish banks are sitting on a stockpile of unreported and/or unrecognzied debt and we have a bailout du jour, or at least a bail-in du jour followed by a bailout to clean up the loose ends. 

SUN-SUN-PAGES-NEWS-MONEY-6066 copy copySUN-SUN-PAGES-NEWS-MONEY-6066 copy copy

I warned the Germans – Angela Merkel Should Talk To Me If She’s Truly Enraged By The Anglo Irish Revelation, For That’s Just The Beginning! This warning was based on multiple earlier warnings to the Irish, summarized (more or less) in the posts – Ireland, You May Very Well Be Bust & I Make No Apologies For What I’m About To Show You and The Beginning Of The Great Irish Unwind and  If I Provide Proof That The Entire Irish Banking System Is A Sham, Does It Set Up A Much Needed System Reboot? Let's Go For It. As for bail-ins, I reference: 

 

 Irish bailout exit economic reality 4Irish bailout exit economic reality 4

 

See also: 

 Exactly As I Warned, “Cyprusization” Goes Mainstream! Ireland On Tap, Next Up For Citizen Fund Confiscation (Again)


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/LS0hIaYSt9U/story01.htm Reggie Middleton

Ireland Exits Troika Bailout To Prepare For Bail-ins: Nothings Changed & Don't Believe Everything That You're Told

A BoomBustBlogger (h/t @johnjoechad) forewarded an interesting report to me this morning. An Irish MEP from Dublin, Paul Murphy, who seems damn bright wrote it and if I didn’t know any better I would have sworn I wrote it myself about 4 years ago. Here are excerpts from the document along with my comments. 

Irish bailout exit economic reality 1Irish bailout exit economic reality 1    

  Irish bailout exit economic reality 2Irish bailout exit economic reality 2 

This GDP growth and EC forecast thingy is one of the primary reasons why the EU is taking so long to get back on its feet. A total, complete and unequivocal lack of believability. Exactly how many times can one be caught in the same lie. Let’s reference my work 2010 – that’s right, nearly 4 years ago. Our (subscriber only) File Icon Ireland public finances projections report shows Ireland getting very, very optimistic with their economic forecasting, to wit:

Irish bailout exit economic reality 5Irish bailout exit economic reality 5

I want you to think about his carefully. The Irish government actually made the EC look conservative. So, if you peruse my other public piece on the topic, Lies, Damn Lies, and Sovereign Truths: Why the Euro is Destined to Collapse!:

If this article goes viral around the web, I wouldn’t be surprised if the euro tanks and several European sovereign states’ spreads blow out. I have busted several of them in another of a long series of “creative” economic forecasting schemes to fudge the appearance of “austerity”.

The IMF and the EU have been consistently and overtly optimistic from the very beginning of this crisis. Their numbers have been dramatically over the top on the super bright, this will end pretty, rosy scenario side – and that is after multiple revisions to the downside!!! We can visit the US concept of regulatory capture (see How Regulatory Capture Turns Doo Doo Deadly and Lehman Brothers Dies While Getting Away with Murder: Regulatory Capture at its Best) for the EU, but due to time constraints we will save that topic for a later date. To make matters even worse, the sovereign states have taken these dramatically optimistic and proven unrealistic projections and have made even more optimistic and dramatically unrealistic projections on top of those in order to create the illusion of a workable “austerity” plan when in reality there is no way in hell the stated and published plans will come anywhere near reducing the debts and deficits as advertised – No Way in Hell (Hades/Tartarus/Anao/Uffern/Peklo/Niffliehem – just to cover some of the Euro states caught fudging the numbers)!

Let’s take a visual perusal of what I am talking about, focusing on those sovereign nations that I have covered thus far.

The EU/EC has proven to be no better, and if anything is arguably worse!

image031.pngimage031.pngimage031.pngimage031.png

Revisions-R-US!

image044.pngimage044.pngimage044.pngimage044.png

and the EU on goverment balance??? Way, way, way off.

image040.pngimage040.pngimage040.pngimage040.png

If the IMF was wrong, what in the world does that make the EC/EU?

The EC forecasts have been just as bad, if not much, much worse in nearly all of the forecasting scenarios we presented. Hey, if you think tha’s bad, try taking a look at what the govenment of Greece has done with these fairy tale forecasts, as excerpted from the blog post “Greek Crisis Is Over, Region Safe”, Prodi Says – I say Liar, Liar, Pants on Fire!

greek_debt_forecast.pnggreek_debt_forecast.pnggreek_debt_forecast.pnggreek_debt_forecast.png

Think about it! With a .5% revisions, the EC was still 3 full points to the optimistic side on GDP, that puts the possibility of Greek government forecasts, which are much more optimistic than both the EU and the slightly more stringent but still mostly erroneous IMF numbers, being anywhere near realistic somewhere between zero and no way in hell (tartarus, hades, purgatory…). 

And what about Italy???

image042.pngimage042.pngimage042.png

 So, have I proven my point yet? Which one of you want to bet me that the EC has accurately and adequately forecasts Ireland’s growth at a level that can assure market participants to fund it through the next 20 years??? 

Irish bailout exit economic reality 3Irish bailout exit economic reality 3   

The issue of debt is an interesting one. Our (subscriber only) File Icon Ireland public finances projections report had the most pessimistic forecasts for Ireland that I know of, yet it was still unrealistically optimistic. Add to this the fact that I belive the Irish banks are sitting on a stockpile of unreported and/or unrecognzied debt and we have a bailout du jour, or at least a bail-in du jour followed by a bailout to clean up the loose ends. 

SUN-SUN-PAGES-NEWS-MONEY-6066 copy copySUN-SUN-PAGES-NEWS-MONEY-6066 copy copy

I warned the Germans – Angela Merkel Should Talk To Me If She’s Truly Enraged By The Anglo Irish Revelation, For That’s Just The Beginning! This warning was based on multiple earlier warnings to the Irish, summarized (more or less) in the posts – Ireland, You May Very Well Be Bust & I Make No Apologies For What I’m About To Show You and The Beginning Of The Great Irish Unwind and  If I Provide Proof That The Entire Irish Banking System Is A Sham, Does It Set Up A Much Needed System Reboot? Let's Go For It. As for bail-ins, I reference: 

 

 Irish bailout exit economic reality 4Irish bailout exit economic reality 4

 

See also: 

 Exactly As I Warned, “Cyprusization” Goes Mainstream! Ireland On Tap, Next Up For Citizen Fund Confiscation (Again)


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/LS0hIaYSt9U/story01.htm Reggie Middleton

About That “Bull Market Til 2016” Meme: Before You BTFATH, Check Out This Chart

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

If credit expansion leads the stock market, the market is in trouble.

Before you buy the dip "because this Bull market will run until 2016," please ponder this chart from our Chartist Friend From Pittsburgh of total credit and the Dow Jones Industrial Average (DJIA). Unsurprisingly, the stock market advances when credit is expanding and declines when credit growth slows.

Why is this unsurprising? Because ours is a debt-dependent consumer economy: everything from local government building projects to the purchase of vehicles to going to college requires borrowing money (i.e. credit expansion).

 


Source: The Dome Top Bears Have Been Given Their Stock Market Sell Signal

Here is Chartist Friend From Pittsburgh's commentary:

Total Credit Market Debt (TCMD) growth is not confirming the new DJIA high at all.

The trend of TCMD growth clearly reversed lower in 2007 by making a new all time low. The uptrend of the DJIA appears to be up since it's recently made new all-time highs.

The point is – there's a serious disconnect/divergence/non-confirmation going on here and in the end credit growth is the more important of the two and determines the trend because people can't make a move nowadays without taking out a loan (house, car, student, government spending, etc.).

I would add these points:

1. Notice that credit growth is rolling over, and that its recent peak was significantly lower than the 2007 peak. In other words, despite rescuing the Too Big To Fail Banks (TBTF) to the tune of $16 trillion and the creation of $3.2 trillion that it pumped into the financial system to goose housing and stocks, the Federal Reserve's unprecedented campaign to reflate leverage and credit only managed a weak bounce from 2007 highs in credit growth.

This is known as diminishing returns: Our Era’s Definitive Dynamic: Diminishing Returns (November 11, 2013)

The Fatal Disease of the Status Quo: Diminishing Returns (May 1, 2013)

2. In a debt-dependent consumer economy beset with declining real income for the bottom 90%, the only way to expand credit is to blow asset bubbles that boost phantom assets long enough to leverage new debt:

Why Our Consumer-Debt Dependent Economy Is Doomed December 10, 2013

Why We're Stuck with a Bubble Economy December 9, 2013

See those two little blips up in the real wages of the bottom 90%, circa 1999 and 2007? Those modest boosts in income were the result of monumental credit/asset bubbles. Once those bubbles popped, real income for 100% of households plummeted, and the bottom 90% saw its real income (i.e. the purchasing power of earnings) decline by 7%.

You can't leverage more debt off declining income unless you loan money at near-zero rates of interest. That explains the Fed's Zero Interest Rate Policy (ZIRP), which has the sole purpose of enabling more leverage and debt even as real income stagnates.

And just to remind us how those bubbles ended:

 

Buy the dip "because this Bull market will run until 2016?" Based on what? Does liquidity from the Fed ultimately drive the market, or does credit expansion drive the market? We will find out in 2014.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/d67UBya54vg/story01.htm Tyler Durden

About That "Bull Market Til 2016" Meme: Before You BTFATH, Check Out This Chart

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

If credit expansion leads the stock market, the market is in trouble.

Before you buy the dip "because this Bull market will run until 2016," please ponder this chart from our Chartist Friend From Pittsburgh of total credit and the Dow Jones Industrial Average (DJIA). Unsurprisingly, the stock market advances when credit is expanding and declines when credit growth slows.

Why is this unsurprising? Because ours is a debt-dependent consumer economy: everything from local government building projects to the purchase of vehicles to going to college requires borrowing money (i.e. credit expansion).

 


Source: The Dome Top Bears Have Been Given Their Stock Market Sell Signal

Here is Chartist Friend From Pittsburgh's commentary:

Total Credit Market Debt (TCMD) growth is not confirming the new DJIA high at all.

The trend of TCMD growth clearly reversed lower in 2007 by making a new all time low. The uptrend of the DJIA appears to be up since it's recently made new all-time highs.

The point is – there's a serious disconnect/divergence/non-confirmation going on here and in the end credit growth is the more important of the two and determines the trend because people can't make a move nowadays without taking out a loan (house, car, student, government spending, etc.).

I would add these points:

1. Notice that credit growth is rolling over, and that its recent peak was significantly lower than the 2007 peak. In other words, despite rescuing the Too Big To Fail Banks (TBTF) to the tune of $16 trillion and the creation of $3.2 trillion that it pumped into the financial system to goose housing and stocks, the Federal Reserve's unprecedented campaign to reflate leverage and credit only managed a weak bounce from 2007 highs in credit growth.

This is known as diminishing returns: Our Era’s Definitive Dynamic: Diminishing Returns (November 11, 2013)

The Fatal Disease of the Status Quo: Diminishing Returns (May 1, 2013)

2. In a debt-dependent consumer economy beset with declining real income for the bottom 90%, the only way to expand credit is to blow asset bubbles that boost phantom assets long enough to leverage new debt:

Why Our Consumer-Debt Dependent Economy Is Doomed December 10, 2013

Why We're Stuck with a Bubble Economy December 9, 2013

See those two little blips up in the real wages of the bottom 90%, circa 1999 and 2007? Those modest boosts in income were the result of monumental credit/asset bubbles. Once those bubbles popped, real income for 100% of households plummeted, and the bottom 90% saw its real income (i.e. the purchasing power of earnings) decline by 7%.

You can't leverage more debt off declining income unless you loan money at near-zero rates of interest. That explains the Fed's Zero Interest Rate Policy (ZIRP), which has the sole purpose of enabling more leverage and debt even as real income stagnates.

And just to remind us how those bubbles ended:

 

Buy the dip "because this Bull market will run until 2016?" Based on what? Does liquidity from the Fed ultimately drive the market, or does credit expansion drive the market? We will find out in 2014.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/d67UBya54vg/story01.htm Tyler Durden