Posts Tagged ‘ICELANDIC BANKING CRISIS’

Iceland Voters Reject Bank Bailouts in Crushing Electoral Defeat; Neo-Liberalism In Context

Iceland Voters Reject Bank Bailouts in Crushing Electoral Defeat; Neo-Liberalism In Context

Courtesy of JESSE’S CAFÉ AMÉRICAIN

Iceland, Jokulsarlon Lagoon with icebergs

"Voters rejected the bill because ordinary people, farmers and fishermen, taxpayers, doctors, nurses, teachers, are being asked to shoulder through their taxes a burden that was created by irresponsible greedy bankers."

"Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?" Senator Carter Glass (D-Va), author of the Banking Act of 1933 and of Glass-Steagall

It is interesting that the government of Iceland had already declared the vote of the people as ‘obsolete.’ One has to wonder when the voters will declare their current government and their representatives as obsolete. One would give the government credit for at least allowing a vote on a referendum, but to then disregard and circumvent it through political devices is seems like a base hypocrisy.

Iceland is a victim of the neo-liberal economic deregulation of the 1990′s, in which a few bankers can buy the government, and rack up enormous profits for themselves in Ponzi like leverage, and then attempt to socialize the debt back to the people when their schemes collapse.

Neo-Liberalism is a system of economic thought embracing the efficient markets hypothesis, the inherent good of deregulation and the natural impediment of government regulation, the necessity of free trade and globalization, the supremacy of the corporation over the individual person in the social economy, and supply side economics. It most likely favors a one world currency and consolidation of production into large corporate combinations or ‘trusts’ under the principle of laissez-faire.

Neo-liberalism may degenerate into crony capitalism, or even corporatism, as its theoretical idealism of perfect rationalism and virtue falters against the reality of human behaviour. In times of financial crisis, for example, neo-liberalism ironically turns to centralized economic planning by allegedly private banks which appropriate public funds and the power of the monetary license to socialize private debts, and, in a strikingly Orwellian twist, eviscerate the discipline of the markets and the individual to preserve their freedom, and the well being of the private corporations. Although now largely repudiated, neo-liberalism has strong roots in the public consciousness, and its adherents hold considerable power in Western governments and among the…
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Zero Hedge

ECB May Have Only €220 Billion In QE Left If The Hawks Get Their Way

Courtesy of ZeroHedge. View original post here.

After seemingly sending out trial balloons (via Bloomberg and Reuters simultaneously) on tapering last Thursday, which had almost zero impact (see “ECB Reportedly Considering Slashing QE in Half in January, EURUSD Shrugs), Draghi’s minions have been busy again.

“Central bank officials familiar with the matter” ...



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Phil's Favorites

The pull of energy markets - and legal challenges - will blunt plans to roll back EPA carbon rules

 

The pull of energy markets – and legal challenges – will blunt plans to roll back EPA carbon rules

Courtesy of Hari OsofskyPennsylvania State University and Hannah WisemanFlorida State University

Grid operators set the prices for energy markets and are structured to take the lowest prices – a disadvantage for coal and nuclear power. CC BY

On Oct. 10, EPA Administrator Scott Pruitt ...



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ValueWalk

Indo-US Obnoxious Stance On CPEC: A Critical Appraisal

By Guest Post. Originally published at ValueWalk.

Since  the beginning of work on China Pakistan Economic Corridor project (CPEC),  India is quite open in opposing this mega Project and now the US has also shown its weight behind India by saying that it too believes the route of corridor passes through a disputed territory — a reference to Northern areas of Pakistan. The statement has come at a time when Foreign Minister Khawaja Asif was in Washington and held series of talks with the US officials to normalize the tense relations. This new stance has started another debate and is undoubtedly going to further damage the bilateral ties, as it is profusely obvious now that US envision a greater role for India in the region. Pakistan and China are wo...



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Chart School

Market Cycle Top?

Courtesy of Declan.

About four years ago I went to a Bloomberg hosted talk on Market Cycles. I have been wracking my brain and Google trying to find the presentation and speaker name (which was available on line) but I thought the talk interesting enough to market in my Google calendar the date for the New Moon in October 2017, which was a focus point convergence of a number of market cycles and potentially a significant market top event (the countdown clock in the sidebar). The years have since ticked by and we are not just a couple of days from the October 2017 New Moon. The market has at least cooperated by sitting at new all-time highs but whether this evolves into a major top remains to be seen. I'm mad with myself that I can't find in my pinboard or delicious bookmarks the link so all I can say is the day will soon be upon us ...

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Insider Scoop

The BLUE And The BOLD; Analyst Suggests Pair Trade Ahead Of Year-End Catalysts

Courtesy of Benzinga.

Related BLUE 30 Stocks Moving In Monday's Mid-Day Session Benzinga's Top Upgrades, Downgrades For October 16, 2017 ...

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Digital Currencies

WTF is the Blockchain?

 

Source: TechiesPad

...

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Mapping The Market

Puts things in perspective

Courtesy of Jean-Luc

Puts things in perspective:

The circles don't look to be to scale much!

...

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Biotech

Circadian rhythm Nobel: what they discovered and why it matters

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

 

Circadian rhythm Nobel: what they discovered and why it matters

Courtesy of Sally Ferguson, CQUniversity Australia

Today, the “beautiful mechanism” of the body clock, and the group of cells in our brain where it all happens, have shot to prominence. The 2017 Nobel Prize in Physiology or Medicine has been awarded to Jeffrey C. Hall, Michael Rosbash and Michael W. Young for their work on describing the molecular cogs and wheels inside our biological clock.

In the 18th century an astronomer by the name of Jean Jacques d'Ortuous de Ma...



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Members' Corner

Day of Last Dances

News today has been relentlessly terrible. A horrific mass murder happened last night in Las Vegas. (Our politician's abject failure to address gun control is beyond sickening.) And today, reports that Tom Petty died of a heart attack, followed by reports that Tom Petty is not dead, and now reports confirming that Tom Petty has passed away. 

...

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OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

Join our webinar, free, it's open to all. 

Just click here at 1 pm est and join in!

[For more information on NewsWare, click here. For a list of prices: NewsWar...



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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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