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What Would Happen if Goldman Sachs Disappeared?
by John Rubino As Europe grinds out yet another doomed banking system rescue plan, it might be helpful to examine the underlying assumption, which is that we need these big banks. Do we really? If Goldman Sachs, JP Morgan Chase, Deutsche Bank, Crédit Lyonnais and five or six of their peers ceased to exist tonight, [...]
Full StoryComputerized Front Running and Financial Fraud
How a Computer Program Designed to Save the Free Market Turned Into a Monster by Ellen Brown, While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs. Market commentators are fond of talking about “free market capitalism,” but according to Wall [...]
Full StoryIt’s Impossible to “Get By” In the US
by: Graham Summers of Phoenix Capital Research While the market cheers on the fantastic job “growth” of March 2010, the more astute of us are concerned with a growing tide of personal bankruptcies. March 2010 saw 158,000 bankruptcy filings. David Rosenberg of Gluskin-Sheff notes that this is an astounding 6,900 filings per day. This latest [...]
Full StoryStudy: California Public Pensions Underfunded by Over $500B
From: California Healthline California’s three major public pension funds are underfunded by more than half a trillion dollars, according to a report released Monday, the San Jose Mercury News reports. Gov. Arnold Schwarzenegger (R) commissioned the study, which was prepared by graduate students at the Stanford Institute for Economic Policy Research (Theriault, San Jose Mercury [...]
Full StoryThe Most Important Chart of the Century
From: Nathan’s Economic Edge The latest U.S. Treasury Z1 Flow of Funds report was released on March 11, 2010, bringing the data current through the end of 2009. What follows is the most important chart of your lifetime. It relegates almost all modern economists and economic theory to the dustbin of history. Any economic theory, [...]
Full StoryIs It All Just A Ponzi Scheme?
Published December 23rd, 2009 in Fixed Income Here is the recent missive from Sprott Asset Management (written by Eric Sprott & David Franklin). It is a tad long but well worth the read. It basically explains plainly what is going on behind the Fed’s curtains to fund the massive US deficit. At first it seems [...]
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