New Economic Perspectives Fri 2010-07-16 14:28 EDT

Goldman Vampire Squid Gets Bitch Slapped: JP Morgan Bitch Slaps the Dow; and Geithner Tries to Bitch Slap Elizabeth Warren

L. Randall Wray

Ok here were three pieces of news today. First, Goldman Sachs was fined $550 Million for duping customers...For Goldman it was a tiny slap on the wrist--it still controls the Obama administration, with its moles, Timmy Geithner and Larry Summers still in charge of fiscal policy, thus prepared to funnel whatever money is necessary to prop up their firm--and the fine amounts to just 14 days of Goldman's earnings...The other remaining investment bank, JP Morgan announced that its profits rose by 76%. Funny thing is that in all banking categories, JP Morgan's results were horrendous...the profits supposedly came from ``trading''. In reality they mostly came from reducing ``loan loss reserves''...Our favorite Timmy has weighed in on Elizabeth Warren...Timmy Geithner (let me repeat that: Timmy! Geithner!) the most incompetent and conflicted public official since ``heck-uv-a-job'' Brownie has dared to oppose Ms. Warren to lead the new Consumer Financial Protection Bureau...Actually I agree with Timmy. Elizabeth Warren ought to be gunning for Timmy's job. Fire Geithner. Now. Elizabeth Warren for Treasury Secretary! And in 2012, Warren for President...Time for a new face in the White House. Elizabeth is our man, or woman.

Bitch Slap Elizabeth Warren; bitch slaps; Dow; Geithner trying; Goldman Vampire squid; JP Morgan Bitch Slaps; New Economic Perspectives.

zero hedge Wed 2010-04-07 18:26 EDT

The Latest Gold Fraud Bombshell: Canada's Only Bullion Bank Gold Vault Is Practically Empty

Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA's Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta, located at 40 King Street West in Toronto, and find the vault is practically empty..."The game ends when the people who own all these paper obligations say enough and take physical delivery, and that's when the mess will occur."...It is funny that central bankers thought they could take the ponzi mentality of infinite dilution of all assets coupled with infinite debt issuance, as they have done to fiat money, and apply it to gold, in essence piling leverage upon leverage. They underestimated gold holders' willingness to be diluted into perpetuity - when the realization that gold owned is just 1% of what is physically deliverable, you will see the biggest bank run in history.

Bullion Bank Gold Vault; Canada's; Latest Gold Fraud Bombshell; practically empty; Zero Hedge.

Mish's Global Economic Trend Analysis Mon 2009-09-21 14:09 EDT

Is Pent-Up Inflation From Fed Printing Waiting On Deck?

Michael Shedlock

Inquiring minds are wondering about the possibility of "pent-up" inflation from the massive expansion money supply by the Fed...Hardly. A funny thing happened to the inflation theory: Banks aren't lending and proof can be found in excess reserves at member banks. Because of rising credit card defaults, commercial real estate defaults, foreclosures, walk-aways, and other bad debts, banks need those reserves to cover future losses...banks are insolvent, unable or unwilling to lend. Moreover, tapped out consumers are unable or unwilling to borrow.

deck; Fed Printing Waiting; Inflation; Mish's Global Economic Trend Analysis; pent.

Sat 2008-01-05 00:00 EST

Money Matters: Japan Jumps The Shark--Nikkei Collapses

by Elaine Meinel Supkis; japanese forex reserves based on funny money supporting carry trade

Japan jump; money matters; Nikkei Collapses; Sharks.

Sat 2007-12-08 00:00 EST

Money Matters: Pyramids Of Funny Money And Tombs Of Death

by Elaine Meinel Supkis; Japan, China in secret accord to support dollar, weaken yen, yuan?

death; Funny Money; money matters; pyramid; tomb.