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Breaking News: 21 Killed in Shootout Between Mexican Gangs Near U.S. Border
Originally posted by SpaceMonkeys
A very interesting edition of the Vulcan Report today. He thinks something strange is going on in the markets and something is definately not right. See for yourself.
A study by Moody’s outlines that a BP bankruptcy would impair 117 Collateralized Synthetic Obligations (CSOs), which would lead to pervasive losses by a broad range of holders. The 117 effected is a startling 18% of the total CSOs outstanding, which is an indication of the scope and impact of BP financing globally. For those that remember the 2008 financial debacle, you will recall its epicenter was the collapse of Collateralized Debt Obligations (CDO) associated with mortgages and Credit Default Swaps (CDS) of financial companies impacted. CSOs are even more leveraged and toxic.
Commodity professionals were caught off guard Wednesday by a U.S. Department of Agriculture report showing 1 million fewer acres of corn planted this year than earlier projected, and almost 300 million fewer bushels of corn in storage.
The report, which cut the acreage for corn planting this year by 1 million from the 88 million projected on March 31, left traders using terms such as "game-changer" and "shocking."
In a glass skyscraper in Paris, a Bilderberg-connected banker named Jean-Claude Trichet and his 16,000 employees are struggling to save the euro and promote the “amero.” The European Central Bank is under heavy pressure to save the euro. So Trichet’s bank is buying billions of euros worth of government bonds in an effort to stabilize markets. But this has generated new tensions as Germany objects, saying it is a violation of the central bank’s rules. Unlike Ben Bernanke’s Federal Reserve, the European Central Bank must strictly monitor inflation and is limited in the amount of euros it can loan into circulation.
As the economy fizzled further, Trichet decided that the goal of European unity was more important than the law and presented a compromise: They would buy bonds on the open market, not directly from governments, ducking the prohibition on funding government debt. At the same time, they would take other steps to avoid increasing the money supply to ease inflationary pressures.
In Toronto, Bilderberg-linked participants strongly supported Trichet’s money plan. “It’s the only way to save the euro, and without the euro, the European Union falls apart and the American Union never comes into existence” said one, echoing the agony expressed at Bilderberg’s meeting in Spain. “We can’t let that happen, ever.”
“Euro-area governments have effectively thrown away the rule book,” moaned Volker Wieland, an economist at Goethe University Frankfurt. “It’s a complete regime change. No bailouts and individual fiscal responsibility have been replaced with mutual guarantees” for government debt.
Bilderberg also is reportedly supporting strong international regulations on banks, as a step toward creating a world treasury department, which gained much approval in Toronto.
Myth 1: Unemployment is below 10%
Myth 2: The markets are panicking about the deficit
Myth 3: The U.S. is sliding into "socialism"
Last night, as part of a procedural vote on the emergency war supplemental bill, House Democrats attached a document that “deemed as passed” a non-existent $1.12 trillion budget. The execution of the “deeming” document allows Democrats to start spending money for Fiscal Year 2011 without the pesky constraints of a budget.
The procedural vote passed 215-210 with no Republicans voting in favor and 38 Democrats crossing the aisle to vote against deeming the faux budget resolution passed.
Never before -- since the creation of the Congressional budget process -- has the House failed to pass a budget, failed to propose a budget then deemed the non-existent budget as passed as a means to avoid a direct, recorded vote on a budget, but still allow Congress to spend taxpayer money.
House Budget Committee Ranking Member Paul Ryan (R-Wisc.) warned this was the green light for Democrats to continue their out-of-control spending virtually unchecked.