Posts Tagged ‘Social Democrats’

The Trashing of Iceland By Private Banks, and Its Efforts at an Economic Renaissance

The Trashing of Iceland By Private Banks, and Its Efforts at an Economic Renaissance

Iceland, Jokulsarlon Lagoon with icebergs

Courtesy of JESSE’S CAFÉ AMÉRICAIN

Iceland represents an interesting situation. Most people are not very familiar with it. With only 300,000 inhabitants, Iceland certainly fits the description of a ‘microcosm.’ The story of the privatization of the Icelandic banks, and the ensuing orgy of credit expansion and fraud, is well worth some attention.

Banks that are private sometimes should be allowed to fail. One might consider saving the depositors, especially if it is a fraud, and certainly if the accounts are explicitly insured, but the creditors and investors should be wiped out, utterly and completely. This is the only way to wring moral hazard out of the system. This of course should be accompanied by vigorous and aggressive investigations for fraud, and prosecutions if the evidence indicates for indictment. I would follow those perpetrators to the ends of the earth, seeking their extradition, to insure that justice was done. These people are little better than traitors to their country and their people.

We tend to treat these sorts of banking frauds far too lightly. They are like poison to the system, because they not only involve the theft of funds, but the destruction of the confidence and integrity which permits the social system to function.

Their reform movement and new approaches to banking in Iceland are hopeful signs. They should not even think about joining the EU, or taking any loans for their banks.

They might also consider relieving the Social Democrats of power, because it sounds as if they are not interested in serving the people. The only question I would have is, "Why are they still in office, and not out on the street looking for employment?"

Iceland Jails Bankers and Sues Accounting Firms - AFP

The IceSave Dispute - Wikipedia

UK Slowly Strangled Iceland Says Ex-Central Banker - Bloomberg

h/t to Anonymous

While not mentioned in the video, the implications of the recent Icelandic Supreme Court’s decision on the illegality of loans indexed to foreign currency baskets may be significant.

Under the provisions of the IMF Articles of Agreement, courts of other member states, including the US, UK and the Netherlands, are presumably/arguably barred from reaching a different conclusion. See, Article VIII, Section 2(b):

(b) Exchange contracts which involve the currency of any member and which are contrary to the


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ValueWalk

How One Woman's Failure To Act Is Costing Her More Than Just Money

By Sovereign Man. Originally published at ValueWalk.

Every summer around this time I rent a palatial wine and olive estate here in central Italy for a few weeks of relaxation with friends, business colleagues, and Sovereign Man: Total Access members.

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Senate GOP advances a health care bill. Now what?

 

Senate GOP advances a health care bill. Now what?

Courtesy of Jeffrey Lazarus, Georgia State University; David McLennan, Meredith College, and Rachel Caufield, Drake University

On July 25, Senate Majority Leader Mitch McConnell narrowly managed to keep a Republican effort to reform health care alive. We asked our experts to consider the importance of this procedural vote and what happens next.

Jeffrey Lazarus, Georgia State University

Which...

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Zero Hedge

"If The VIX Goes Bananas", Morgan Stanley Shows What It Would Look Like

Courtesy of ZeroHedge. View original post here.

From Chris Metli of Morgan Stanley

It’s easy to become numb to the low volatility environment and the risks it presents.  While trying to pick a trough in vol has been a fool’s errand, focusing on the risks resulting from vol being so low is not.  Low volatility has produced a regime where the risks are asymmetric and negatively convex, so being prepared for an unwind is critical.  This is not a call that vol is about to spike, but you need a plan if it does.

This note details how a short vol unwind might develop. A violent rise in volatility c...



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Digital Currencies

SEC Cracks Down On "Initial Coin Offerings": Concludes Tokens Are Subject To Securities Laws

Courtesy of ZeroHedge. View original post here.

In potentially groundbreaking news for the blockchain community, moments ago the SEC issued a press release, referencing an investor bulletin on Initial Coin Offerings, which concluded that DAO Tokens, a Digital Asset, are securities for ...



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Biotech

Biologics: The pricey drugs transforming medicine

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

 

Biologics: The pricey drugs transforming medicine

Courtesy of Ian HaydonUniversity of Washington

The cells inside this bioreactor are the real pharmaceutical factories. Sanofi Pasteur, CC BY-NC-ND

In a factory just outside San Francisco, there’s an upright stainless steel vat the size of a small car, and it’s got something swirling inside.

The vat is stud...



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Insider Scoop

Morgan Stanley Joins Bull Thesis TEAM On Atlassian Corporation

Courtesy of Benzinga.

Related Benzinga's Top Upgrades, Downgrades For July 25, 2017 20 Stocks Moving In Monday's Pre-Market Session ...

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Chart School

Tech Gaining Momentum. Small Caps Recover.

Courtesy of Declan.

Tech markets continued the good work from Friday as buyers continued to bid up the Nasdaq and Nasdaq 100. Large Caps posted small losses but this was more about attention elsewhere than any Large Cap specifics.

The Nasdaq experienced a mini-breakout from the consolidation over the last 3 days (traders on the hourly time frame may find some joy here) which keeps the index on course to test larger upper channel resistance. Technicals are net bullish but its relative performance against peer indices which is doing particularly well; Large Caps in particular.

...

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OpTrader

Swing trading portfolio - week of July 24th, 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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Members' Corner

Why we need to act on climate change now

 

Why we need to act on climate change now

Interview with Jan Dash PhD, by Ilene Carrie, Editor at Phil’s Stock World

Jan Dash PhD is a physicist, an expert at quantitative finance and risk management, and a consultant at Bloomberg LP. In his thought-provoking book, Quantitative Finance and Risk Management, A Physicist's Approach, Jan devotes a chapter to climate change and its long-term systemic risk. In this article, Ilene interviews Jan regarding his thoughts on climate change and the way it can affect our futu...



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Mapping The Market

The App Economy Will Be Worth $6 Trillion in Five Years

Courtesy of Jean-Luc

This would be excellent news for AAPL and GOOG to a lesser extent although not inconsequential:

The App Economy Will Be Worth $6 Trillion in Five Years 

In five years, the app economy will be worth $6.3 trillion, up from $1.3 trillion last year, according to a report released today by app measurement company App Annie. What explains the growth? More people are spending more time and -- crucially -- more money in apps. While on average people aren't downloading many more apps, App Annie expects global app usership to nearly double to 6.3 billion people in the next five years while the time spent in apps will more than double. And, it expects the...



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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

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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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