We discuss how some looters are more equal than others as Jamie Dimon gets to keep his mortgage fraud deal with the Department of Justice secret while others get gunned down in broad daylight for lifting a cigarette. In the second half, Max interviews journalist and author, Matt Taibbi about the injustice that follows the wealth divide and how Ferguson, Missouri plays into that.
It doesn’t matter who pays Tony Blair, as long as Tony Blair gets paid. When he’s not busy committing war crimes or advising JP Morgan, the former UK Prime Minister (who has amassed a fortune estimated at over $115 million) can be found doing public relations work for some of the world’s most autocratic rulers, such as Kazakhstan’s Nursultan Nazarbayev.
Read more here.
Silver and gold prices continue to deteriorate as the speculators continue to buy up shorts and the commercials were able to wrest all higher priced longs from them in short covering, depressive episodes which, repeated in nature, have convinced the speculators prices are going much further South, and soon.
The important thing for the powers that be to do now is to reinforce the negative thinking on the part of speculators and anyone with interest in physical metal as they want it all for their one world currency backing, and they want it at low prices.
When prices do go below $17 we are going to begin to see foreign governments coughing up physical into the market as they will embrace all things paper and the promise of far greater returns on investment and protection from inflation for their people while watching the DOW eclipse 18,000, then 19,000 then…20,000.
If you believe Martin Armstrong, we will see DOW in the high 20,000s maybe even break 30,000.
All will seem well in the world of paper until merely days before the planned economic collapse of the world’s derivatives and bonds, and lastly all currencies.
Click here for more on the DOW to break 30,000 ahead of hyperinflationary collapse:
There’s only one small problem with relying on artifice: we haven’t actually fixed what’s broken in the real world.
As I noted yesterday, we now game dysfunctional systems rather than actually repair them. Rather than fix the dysfunctional system of higher education, for example (as I proposed in my book The Nearly Free University and The Emerging Economy), students and their parents go to extraordinary lengths to game the Ivy league university admissions system.
Rather than actually address the structural causes of unemployment, we lower interest rates to zero and reckon the resulting financial bubble will fix unemployment (and everything else).
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Originally appeared at Bitcoinomics
Scientists suggest humans used drugs even in prehistory, having discovered over-and-over evidence linking Stone Age man to herbal mixtures for “visions and journeys”. Researchers have even discovered equipment used to prepare hallucinogenic drugs for sniffing, dating them back to prehistoric South American tribes. Ceramic bowls and bone tubes for inhaling fumes or powders appear to have originated in South America between 100BC and 400BC.
Bone tubes are common in pre-contact South America, and are associated with ritual shamanism. Archeologists have suggested that humans were extracting mind-expanding drugs from mescal beans and peyote cacti as far back as 5,000 years ago. Here are some quick examples of the most convincing evidence for the use of mind-altering substances in human prehistory. Read more ›
“My father ran away from home to join the Royal Navy in 1936, just in time for the Spanish Civil War in which we allegedly took no official part, though he remembered his ship dropping off individual men near the coast of Spain who made their own solitary way to land.” - Read my latest daily blog in full here
• SO IT GOES – John Fleming’s Blog
Another banker to run yet another European economy into the ground for bailouts and bonuses.
If Argentina were in a high-stakes chess match, the country’s actions this week would be the equivalent of flipping over all the pieces on the board.
– David Dayen, Fiscal Times, August 22, 2014
Argentina is playing hardball with the vulture funds, which have been trying to force it into an involuntary bankruptcy. The vultures are demanding what amounts to a 600% return on bonds bought for pennies on the dollar, defeating a 2005 settlement in which 92% of creditors agreed to accept a 70% haircut on their bonds. A US court has backed the vulture funds; but last week, Argentina sidestepped its jurisdiction by transferring the trustee for payment from Bank of New York Mellon to its own central bank. That play, if approved by the Argentine Congress, will allow the country to continue making payments under its 2005 settlement, avoiding default on the majority of its bonds.
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