Posts Tagged ‘Gordon Brown’

UK Taxpayers Ramrodded Into EU Bailout; Good Riddance to “Clown” Brown

Since when is a financial crisis a "natural disaster." ??  ("Euro-zone leaders are attempting to get round objections from countries such as Britain by invoking Article 122 of the Lisbon Treaty, intended to enable a collective response to natural disasters.")  - Ilene 

UK Taxpayers Ramrodded Into EU Bailout; Good Riddance to "Clown" Brown

REUTERS PICTURE HIGHLIGHT

Courtesy of Mish

Smack in the midst of an election that will likely cost Prime Minister Gordan Brown his job, British taxpayers ordered to bail out euro.

All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a “European stabilisation mechanism." Britain will be unable to veto this as it will be put through under the “qualified majority voting” system.

The deal, effectively to shore up the euro, was denounced as a “stitch-up” last night after it emerged Nicolas Sarkozy, the French President and Angela Merkel, the German Chancellor, had devised it behind closed doors and were attempting to push it through at a time when there is no clear government in Britain.

“When the markets reopen Monday we will have in place a mechanism to defend the euro,” said President Sarkozy yesterday. “This is a full-scale mobilisation.”

Euro-zone leaders are attempting to get round objections from countries such as Britain by invoking Article 122 of the Lisbon Treaty, intended to enable a collective response to natural disasters. This does not need unanimous agreement.

By doing so, Mr Sarkozy has ensured a speedy confrontation with a new British prime minister and other leaders of non-euro currency countries. All 27 EU finance ministers must be present, but because decision will be taken by qualified majority vote, the 16 euro zone leaders can ensure its passage.

British exposure to liabilities created by a bail-out under the scheme would amount to around 10 per cent of the total loan. If a country failed to repay, the cost to Britain would be ¤10 billion (£8.6 billion) for every ¤100 billion on which it defaulted.

The scheme will present an immediate dilemma for an incoming Conservative government. A bail-out would increase British liabilities and debt at a time when Mr Cameron would be seeking to restrain spending.

Refusal to lend the money would plunge a Tory prime minister, overseeing a coalition or minority government, into a damaging conflict with the EU.

British officials are concerned that the EU is preparing


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10 Things You Need To Know That Are Going On This Weekend

SPECIAL EDITION: 10 Things You Need To Know That Are Going On This Weekend

Courtesy of Joe Weisenthal, at Clusterstock 

It’s a Saturday, but it certainly doesn’t feel like it, because there’s a heck of a lot going on. 

Here’s what you need to be paying attention to this May Day.

  • Greece/IMF/EU talks continue. According to Greek government officials, some kind of announcement may be made today. The market is hoping to hear something that’s orders of magnitude stronger than any bailout announcement we’ve gotten so far, or otherwise the feeling will be that it can and will fall through again.
  • Of course, there are fresh violent, anti-austerity protests going on today in Athens. The fact that it’s May Day, a day for celebrating anti-capitalism only adds to the tension.
  • New reports suggest the criminal probe into Goldman Sachs is not just a perfunctory follow-on to the SEC charges, but rather a truly separate thing that’s wider than Abacus, and that started before the SEC’s investigation. HUGE.
  • With just five days before the election, UK’s The Guardian has endorsed the Liberal Democrats, the country’s biggest third party. Its leader, Nick Clegg, has surged thanks to a string of strong debate performances, Gordon Brown’s disastrous campaigning, and a lingering sense of unease with the conservatives.


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    Bigotgate

    Jon Stewart discusses Gordon Brown’s “bigoted” comment last night on the Daily Show. (Gordon Brown forgot to turn off his mic in the car, after speaking with the "sweetest old lady in England.") Opps. – Ilene

    The Daily Show With Jon Stewart Mon – Thurs 11p / 10c
    Clustershag to 10 Downing
    www.thedailyshow.com
    Daily Show Full Episodes Political Humor Tea Party

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    Brown’s Bottom Is an Enormous Issue In the UK: Was This a Bailout of the Multinational Bullion Banks Involving the NY Fed?

    Brown’s Bottom Is an Enormous Issue In the UK: Was This a Bailout of the Multinational Bullion Banks Involving the NY Fed?

    Courtesy of JESSE’S CAFÉ AMÉRICAIN

    The bottom referred to, of course, is the bottom of the gold price, and the sale of approximately 400 tonnes of the UK’s gold at the bottom of the market.

    The sticky issue is not so much the actual sale itself, but the method under which the sale was taken and who benefited. There has been widespread speculation that the manner in which the sale was conducted and announced was in support of the nascent euro, which Brown favored. This does not seem to hold together however.

    There is also a credible speculation that the sale was designed to benefit a few of the London based bullion banks which were heavily short the precious metals, and were looking for a push down in price and a boost in supply to cover their positions and avoid a default. The unlikely names mentioned were AIG, which was trading heavily in precious metals, and the House of Rothschild. The terms of the bailout was that once their positions were covered, they were to leave the LBMA, the largest physical bullion market in the world.

    "LONDON, June 1, 2004 (Reuters) — AIG International Ltd., part of American International Group Inc., will no longer be a London Bullion Market Association (LBMA) market maker in gold and silver, the LBMA said on Tuesday." 

    LONDON, April 14, 2004 (Reuters) — NM Rothschild & Sons Ltd., the London-based unit of investment bank Rothschild, will withdraw from trading commodities, including gold, in London as it reviews its operations, it said on Wednesday.

    The manner in which the sale was conducted, and the speed at which it was undertaken, without consultation of the Bank of England, made many of the City of London’s financiers a bit uneasy. The sale as bailout was given impetus by this revelation which surfaced some years later.

    "In front of 3 witnesses, Bank of England Governor Eddie George spoke to Nicholas J. Morrell (CEO of Lonmin Plc) after the Washington Agreement gold price explosion in Sept/Oct 1999. Mr. George said "We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake.

    Therefore


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    Monday Market Mark-Up – 50 Ways to Dump the Dollar

    "The problem is all inside your head", G20 said to me
    The economy's an easy fix if you don't want to wait
    All we need to do is globally inflate
    There must be fifty ways to dump the dollar

    G20 said it's really not our habit to deflate
    Furthermore, we have elections and the voters hate to wait
    So we'll indebt ourselves, buy lowering the rates
    There must be fifty ways to dump the dollar
    Fifty ways to dump the dollar

    You just buy a few Yen, Wen
    Push up the Pound, Brown
    You buy up the troy, boys
    Give Goldman the fees
    Take the IMF bling, Singh
    Let it drop like a rock, Barack 
    Act like you're bored Jean-Claude
    Let the dollar fall free

    I heard they were dancing to this one at the G20 Meeting so I thought I'd share it with you.  Never have so many gathered so often to accomplish so little as our G20 in the past 18 months.  This weekend's meeting of the World's "top" Finance Ministers resulted in a split on whether to tax financial trading as part of a broader strategy to ensure the global economy’s expansion is less crisis-prone.  The idea of the levy was to prevent excessive risk-taking and fund future bank rescues but US Treasury Secretary, Tim Geithner said trying to get the banks to behave is "not something we’re prepared to support."

    That was all the Gang of 12 needed to hear and the commodity markets went wild with the guarantee of no additional regulation on the horizon and the dollar was taken down to new lows in overnight trading, plunging to $1.50 to the Euro and $1.685 to the Pound, over 2% off Friday's lows.  They Yen Rose back to under 90 to the Dollar and the Nikkei, of course, did not like that one bit and an early rally turned into a flatline for the day.  The rest of the global markets, however, were off to the races with Europe up 1.5% at 8 am and the US futures up over a point as well as gold flies to $1,110 an ounce and oil heads back to $78.50, up $2 from Friday's low

    Of course, doing nothing to prevent excessive speculation by the "too big to fail" crowd isn't…
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    Did Lehman Brothers Fall or Was It Pushed?

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    Did Lehman Brothers Fall or Was It Pushed?

    lehman brothersCourtesy of ELLEN BROWN at Web of Debt

    A year after the bankruptcy of Lehman Brothers on September 15, 2008, questions still swirl around its collapse. Lawrence MacDonald, whose book A Colossal Failure of Common Sense came out in July 2009, maintains that the bank was not in substantially worse shape than other major Wall Street banks. He says Lehman was just “put to sleep. They put the pillow over the face of Lehman Brothers and they put her to sleep.” The question is, why?

    The Lehman bankruptcy is widely considered to be the watershed event that changed the rules of the game for those Wall Street banks considered “too big to fail.” The bankruptcy option was ruled out once and for all. The taxpayers would have to keep throwing money at the banks, no matter how corrupt, ill-managed or undeserving. As Dean Baker noted in April 2009:

    “Geithner has supposedly ruled out the bankruptcy option because when he, along with Henry Paulson and Ben Bernanke, tried letting Lehman Brothers go under last fall, it didn’t turn out very well. Of course, it is not necessary to go the route of an uncontrolled bankruptcy that Geithner and Co. pursued with Lehman. . . . [But] the Geithner crew insists that there are no alternatives to his plan; we have to just keep giving hundreds of billions of dollars to the banks . . . , further enriching the bankers who wrecked the economy.”

    Although Lehman Brothers filed for bankruptcy on Monday, September 15, 2008, it was actually “bombed” on September 11, when the biggest one-day drop in its stock and highest trading volume occurred before bankruptcy. Lehman CEO Richard Fuld maintained that the 158 year old bank was brought down by unsubstantiated rumors and illegal naked short selling. Although short selling (selling shares you don’t own) is legal, the short seller is required to have shares lined up to borrow and replace to cover the sale. Failure to buy the shares back in the next three trading days is called a “fail to deliver.” Christopher Cox, who was chairman of the Securities and Exchange Commission in 2008, said in a July 2009 article that naked short selling “can allow manipulators to force…
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    Chanos: I warned Brown and Geithner of financial calamity

    Chanos: I warned Brown and Geithner of financial calamity

    Jim ChanosCourtesy of Edward Harrison at Credit Writedowns

    Evidence is now surfacing that Timothy Geithner and Gordon Brown were among policymakers warned in April 2007 of an impending financial crisis. Famed fund manager and shortseller Jim Chanos met with the policy makers at the time, along with several other hedgies during the G-8 Summit in Washington, D.C.

    Their worry: an impending financial crisis.  Recalling the events, here’s what Chanos has to say.

    Jim Chanos: Well, there was a lot of sort of – you have to keep in mind this was Sunday afternoon. You’re at the end of the conference. But I think we were seen probably as much as an annoyance as anything else from people who wanted to catch a plane or get home.

    But there was some uncomfortable paper shuffling. There was sort of, you know, that looking at the ceiling across the table. There was a bit of eye rolling. There’s no doubt about that.

    And at the end of my talk the fellow running the meeting asked if there was any questions. There were literally no questions and at that point the Chair of the meeting said, “Well, that’s all very interesting and now what do you think about insurance.”

    And it was just that complete realization that we’ve got – it just didn’t sink in, the import was not grasped, certainly by the Chair, that they were gonna move on to the next item on the agenda with nary a bit of discussion.

    And then shortly after the meeting ended, a few hours later, there were two central bankers, both EU central bankers who came up to me and with their assistants and we exchanged contact information, and both said they thought that my presentation was very interesting and if I had anything additional please send it to them, and to keep in touch and blah, blah, blah.

    And that was sort of it. I was thanked by the U.S. delegation and we went on our way. And both Paul Singer and I left the room sort of incredulous that the presentation…really elicited no official questions or comments.

    It sort of reminds one of the famous intelligence memo declaring “Bin Laden Determined to Strike in U.S.

    More here. If you’re really interested in this story, the …
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    Phil's Favorites

    The PhilStockWorld.com Weekly Webinar - 05-27-2020

    For LIVE access on Wednesday afternoons, join us here at Phil's Stock World!

     

    Major Topics:

    00:01:40 - Yang 4 Day Work Week
    00:12:21 - DIS
    00:19:01 - Bonds
    00:25:49 - COVID-19 Update
    00:41:12 - Trading Techniques
    00:45:18 - US Corporate Taxes
    00:52:27 - US National Debt
    01:04:36 - Beige Book
    01:09:25 - Hedge Funds
    01:10:08 - States Reopening
    01:14:16 - May Portfolio Review
    01:14:52 - STP & LTP
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    01:35:18 - VIAC

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    Biotech/COVID-19

    How coronavirus contact tracing works in a state Dr. Fauci praised as a model to follow

     

    How coronavirus contact tracing works in a state Dr. Fauci praised as a model to follow

    Pairing widespread testing with fast, effective contact tracing is considered essential for controlling the coronavirus’s spread as the U.S. passes 100,000 deaths. AP Images/Rick Bowmer

    Courtesy of Jenny Meredith, University of South Carolina

    After weeks of keeping people home to “flatten the curve,” restrictions on U.S. businesses are loosening and the coronavirus pandemic response is moving ...



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    ValueWalk

    Don't expect a second round of stimulus checks in June

    By Michelle Jones. Originally published at ValueWalk.

    Lawmakers from both parties are finally starting to agree that a second round of coronavirus stimulus checks may be needed. However, they are still a long way from making a final decision that will actually result in another round of checks for everyone. Here’s the current status on a second round of stimulus checks.

    Q1 2020 hedge fund letters, conferences and more

    Coronavirus stimulus checks: second round status

    The Democrat-led House of Representatives passed the Health and Ec...



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    Zero Hedge

    Futures Tread Water In Calm Before US-China Storm, Trump Twitter Crackdown

    Courtesy of ZeroHedge View original post here.

    The S&P's remarkable stretch of posting gains in the overnight session continued for another day, with the S&P rising as high as 3,053, and last trading 9 points higher at 3,044, tracking global stocks higher, with Europe's Stoxx 600 rising 1.3% to session highs as investors weighed again increased friction between America and China and the official passage of China's National Security Law in defiance of Trump, against fresh fiscal stimulus promised by the European Union. Treasuries edged up, while the dollar was modestly lower even as traders "treaded water...



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    Kimble Charting Solutions

    Tech Indicator Suggesting A Historic Top Could Be Forming?

    Courtesy of Chris Kimble

    Tech stocks have been the clear leader of the stock market recovery rally, this year and since the lows back in 2007!

    But within the ranks of leadership, and an important ratio may be sending a caution message to investors.

    In today’s chart, we look at the ratio of large-cap tech stocks (the Nasdaq 100 Index) to the broader tech market (the Nasdaq Composite) on a “monthly” basis.

    The large-cap concentrated Nasdaq 100 (only 100 stocks) has been the clear leader for several years versus the ...



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    The Technical Traders

    M2 Velocity Collapses - Could A Bottom In Capital Velocity Be Setting Up?

    Courtesy of Technical Traders

    M2 Velocity is the measurement of capital circulating within the economy.  The faster capital circulates within the economy, the more that capital is being deployed within the economy to create output and opportunities for economic growth.  When M2 Velocity contracts, capital is being deployed in investments or assets that prevent that capital from further circulation within the economy – thus preventing further output and opportunity growth features.

    The decline in M2 Velocity over the past 10+ years has been dramatic and consistent with the dramatic new zero US Federal Reserve interest rates initiated since just after the 2008 credit crisis market colla...



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    Lee's Free Thinking

    US Southern States COVID19 Cases - Let's Give Credit Where Due

     

    US Southern States COVID19 Cases – Let’s Give Credit Where Due

    Courtesy of  

    The number of new COVID 19 cases has been falling in the Northeast, but the South is not having the same experience. The number of new cases per day in each Southern state has been rangebound for the past month.

    And that’s assuming that the numbers haven’t been manipulated. We know that in Georgia’s case at least, they have been. And there are suspicions about Florida as well, as the State now engages in a smear campaign against the fired employee who built its much praised COVID19 database and dashboar...



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    Chart School

    Is this your local response to COVID 19

    Courtesy of Read the Ticker

    This is off topic, but a bit of fun!


    This is the standard reaction from the control freaks.








    This is the song for post lock down!







    What should be made mandatory? Vaccines, hell NO! This should be mandatory: Every one taking their tops off in the sun, they do in Africa!

    Guess which family gets more Vitamin D and eats less sugary carbs, TV Show



    ...



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    Digital Currencies

    Blockchains can trace foods from farm to plate, but the industry is still behind the curve

     

    Blockchains can trace foods from farm to plate, but the industry is still behind the curve

    App-etising? LDprod

    Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

    Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



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    Members' Corner

    Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

     

    Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

    No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

    Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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    Insider Scoop

    Economic Data Scheduled For Friday

    Courtesy of Benzinga

    • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
    • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
    • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
    • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
    ...

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    Promotions

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    Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

    This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

    Mike will show off the TradeExchange's new platform which you can try for free.  

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    Mapping The Market

    How IPOs Are Priced

    Via Jean Luc 

    Funny but probably true:

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    About Phil:

    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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    Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.