Alexis and Angie are meeting
It should be an interesting greeting
A leaf from a fig?
Or a seat with a pig?
Content to continue the beating
The Limerick King

EU and Greece Running Out of Time – As Bank Runs Intensify, Bail-Ins Likely

EU and Greece Running Out of Time – As Bank Runs Intensify, Bail-Ins Likely

- EU and Greece running out of time as talks end “in disarray” – again
- Greece warns Merkel of ‘impossible’ debt
- Concerns Greece out of money by end of April
- Friday’s “agreement” in Brussels falls apart hours later as protagonists fail to agree on specifics
- Greece now insolvent – will run out of liquidity by end of April
- Greek banks on verge of collapse as runs continue – €1.5 billion emptied out of banks last week alone
- ‘Grexit’ could propel gold to over $2,000/oz
- Cyprus style bail-ins look increasingly possible


Greece’s place in the Eurozone is as precarious as ever as talks between Prime Minister Tsipras and European leaders in Brussels broke down – hours after reaching general agreement – and Greece warned Germany that it will be “impossible” for Greece to service debt payments due in the coming weeks if the EU fails to provide short-term financial assistance. Read more ›

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Hurry up delivery man. You have £31,000 worth of StartCOIN scratch cards that we want to start giving away this week

On My Mind: Finance and Books


Classic Financial Reportage

If you read Section C of the U.S. print edition of Thursday’s Wall Street Journal, you were treated to articles about banks trying to dump their souring energy loans, Citi squeezing a pass in this year’s stress test (it failed last year), the systemic ripple effects of the failure of Austria’s Hypo-Alpe-Adria bank (German lenders hold $5.5 billion of the bonds, but Deutsche Bank is “comfortable” with its exposure), and a Wall Street paid advocate claiming regulators are—contrary to what a lady in Chicago asserts–too tough on banks.

According to the people quoted in the WSJ articles, no one saw it coming: lower oil prices, lower housing prices, currency risk. Almost seven years after a global financial crisis, bankers educated at Ivy League schools still just don’t know that kind of stuff.

God’s Bankers

Yes, Chicago is cold in the winter, so what do I do besides work, play in the snow, and play at home? I investigate things that frighten the bankers, including some stuff that isn’t strictly business. If you want to read more non fiction about the history of money and power in the Vatican, I have good news! Gerald Posner has a new book, God’s Bankers, currently in the top 100 on Amazon. I can also recommend an older, in some ways darker book, God’s Banker, by Rupert Cornwell, written more than thirty years ago, when the press was still calling Roberto Calvi’s murder a suicide. There is no Kindle edition, but you can borrow it from your library or purchase it second hand via Amazon. While supplies last, it is a steal plus shipping.

Archangel high res Kindle March 2 210 x 315The Sequel

If all goes well, Vatican Gold, the sequel to my financial fiction (fi-fi) murder mystery, Archangels: Rise of the Jesuits will be ready by Christmas 2015. The Spanish edition, La rebelión de los Jesuitas, minus the sex scenes of the English edition and suitable for 13 and up, is due out before summer.

What Would You Be Willing to Do for Money and Power?

A memoir (in part, inspired by the suicide of my former boss), Decisions: Life and Death on Wall Street, is coming out right on schedule. My editor says the final files have been uploaded and approved by Amazon. The Amazon Kindle version will be released April 4, and the print edition will come out at the same time or shortly thereafter. (This book will not be eligible for discounts and Kindle Countdown deals to enable future wider distribution.)

Unveiled Threat ($0.99 USA, and 0.99 sterling UK through March 25 in honor of POTUS’s address to Iran)

It is a sign of how disconnected and increasing estranged POTUS is that he keeps saying ISIL (meaning the Levant, which includes Israel) , and he can’t make that meme catch on. Most journalists and almost all book authors (including Patrick Cockburn) say ISIS, (the Islamic State in Iraq and Syria…yes, I know it spread beyond that, but it does not include Israel, for Pete’s sake).

To my surprise, the President of the United States addressed the people of Iran in a video. If he wants to persuade people to support his unpopular polices, then try persuading U.S. citizens. I am personally opposed to nuclear weapons for Iran. If you read my memoir, Unveiled Threat, you know that I believe he is horribly and dangerously wrong. By the way, “unveiled treat” refers to an unveiled woman.

In honor of truth (fundamentalist Islam teaches submission, not peace), I am offering a special Kindle Countdown deal on Unveiled Threat, through March 25. Another surprise, in the USA it is a popular biography with teens and young adults.

Next Geek Book?

I don’t have a deadline yet. I probably will not update Credit Derivatives or Structured Finance, (the books Michael Burry told the FCIC that he read before putting on his big short), since negotiating with Wiley is like negotiating with the Russians. But I will have books out on special topics: credit, swaps, tax trades. Meanwhile, you can read my free articles on basic definitions and concepts in structured finance.

Alasdair Macleod: Fed Throws in the Towel, “Something is About to Break”

With massive currency volatility & a big jump in gold & silver in the wake of the FOMC statement, Alasdair Macleod joins the show this week discussing:  

  • Massive moves in the dollar are justified, as The Federal Reserve has effectively thrown in the towel on any raise in interest rates! 
  • Is the dollar’s parabolic moon shot over?  Alasdair explains why he is a “Seller of the Dollar” here 
  • A BIG RESET is coming- “Something is about to break” 
  • UK, Germany, France, Italy, & Australia ditch the US, join Chinese/Russian-led Asian Infrastructure Investment Bank… as  founding members! Putin has played the most extraordinarily brilliant move I have ever seen!” 
  • Alasdair states that when the US tries to join the Asian Infrastructure Investment Bank IT WILL BE REFUSED, and the days of the dollar are basically gone! 
  • SHORT SQUEEZE!  Gold & silver rip higher Friday
  • Macleod explains that “The dollar will begin to weaken when the market begins to realize what has occurred!

Click here for the SD Weekly Metals & Markets With The Doc, Eric Dubin, & Alasdair Macleod:

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Max Keiser reacts to latest UK Budget #budget2015

Max Keiser on UK’s #LongTermEconomicPlan

[KR734] Keiser Report: Whop, Whop, Ponzi Style!

We discuss nations joining the anti-dollar alliance as those on the hamster wheel of debt grow tired of working, working, working to pay the interest to those in early on the global debt pyramid scheme. In the second half, Max interviews former Goldman Sachs banker, Nomi Prins, author of All the Presidents’ Bankers about the Cold War – Wall Street nexus of World Bank and NATO style institutions designed to enforce US hegemony.

The Tax Justice Network Podcast (March 2015)

Democracy for sale: how our politics are heavily reliant on tax haven-friendly donors. Also, we ask: why is HSBC shutting down offshore accounts in Jersey? Are we in the final few years of the corporate income tax? Is Australia’s exempting of big companies from new transparency rules a joke? Plus more scandal and analysis you won’t find anywhere else.

“We were not sent here to run this country for a handful of wealthy individuals and powerful corporations, we were sent here to make this country work for all our people.”

Senator Elizabeth Warren addressing Congress

Featuring: John Christensen of the Tax Justice Network, Rebecca Wilkins of the Financial Accountability and Corporate Transparency Coalition, Nick Mathiason and Melanie Newman of the Bureau of Investigative Journalism, Donnachadh McCarthy author of The Prostitute State: How Britain’s Democracy Has Been Bought, Labour MP and UK opposition leader Ed Miliband, British PM David Cameron, US Senator Elizabeth Warren.

Produced by @Naomi_Fowler for the Tax Justice Network

All previous Taxcasts can be found here and here

Look for us on iTunes or subscribe to our RSS feed


Dumping American Junk in Europe, Draghi Asked for it

This is just the beginning, a new trend that will turn into the next craze. ECB President Mario Draghi, in his infinite wisdom, asked for it: he’d driven the ECB deposit rate into the negative and has promised to buy €60 billion of assets a month, including Eurozone government debt, other debt, and even, as German politician Frank Schäffler had predicted so poignantly in July 2012, “old bicycles.”

Read…  Dumping American Junk in Europe, Draghi Asked for it 

Clinton Foundation’s Deep Financial Ties to Ukrainian Oligarch Who Pushed for Closer Ties to EU Revealed

Screen Shot 2015-03-20 at 1.08.51 PM

When I first came across the title to this article, I didn’t think much of it. In fact, I almost didn’t even click the link thinking it was just a repeat of a prior expose I highlighted in the post: Hillary Clinton Exposed Part 2 – Clinton Foundation Took Millions From Countries That Also Fund ISIS.

Fortunately, I did decide to take a look and pretty soon my jaw absolutely hit the floor. Although the Wall Street Journal didn’t play up the connection, I was stunned to see that of all the oligarchs connected to foreign governments who donated to the Clinton Foundation while she was Secretary of State, Ukraine was at the very top. I thought this to be strange, but as I read on I just couldn’t believe how connected the main donor was to the current regime in power. Considering this is the main geopolitical hotspot on earth right now, many, many questions need to be asked…

Read more here.

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Income, Education and Inequality in the “Recovery”: Prepare to be Surprised

Note to the higher education industry: issuing diplomas doesn’t magically create new jobs in the real world.

By virtually any standard, wealth inequality has soared to historic levels in the six years of “recovery” since the Great Recession of 2008-09. Economist Emmanuel Saez, who has long collaborated with Thomas Piketty, described the recent extremes of wealth inequality in a recent paper Striking it Richer: The Evolution of Top Incomes in the United States, which provides an in-depth look at the widening gulf between the top 1% and the bottom 90% from 2009 to 2012.

Here is a chart of the top 10% share of income, based on their research (the note in red marking the beginning of financialization in 1982 is my own):

Read more ›

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