Eric Sprott Exclusive: The Fed Has Lost Control of the Bond Market!

Posted on September 24, 2013 by DRenegade

httpv://www.youtube.com/watch?v=E6FAL1eRgjg#t=56s

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It Begins: Monte Paschi “Bails In” Bondholders, Halts $650 Million In Coupon Payments

Posted on September 24, 2013 by DRenegade

Recall that three weeks ago we warned that “Monti Paschi Faces Bail-In As Capital Needs Point To Nationalization” although we left open the question of “who will get the haircut including senior bondholders and depositors…. given the small size of sub-debt in the capital structures.” Today, as many expected on the day following the German elections, the dominos are finally starting to wobble, and as we predicted, Monte Paschi, Italy’s oldest and according to many, most insolvent bank, quietly commenced a bondholder “bail in” after it said that it suspended interest payments on three hybrid notes following demands by European authorities that bondholders contribute to the restructuring of the bailed out Italian lender. Remember what Diesel-BOOM said about Cyprus – that it is a template? He wasn’t joking.

As Bloomberg reports, Monte Paschi “said in a statement that it won’t pay interest on about 481 million euros ($650 million) of outstanding hybrid notes issued through MPS Capital Trust II and Antonveneta Capital Trusts I and II.” Why these notes? Because hybrid bondholders have zero protections and zero recourse. “Under the terms of the undated notes, the Siena, Italy-based lender is allowed to suspend interest without defaulting and doesn’t have to make up the missed coupons when payments resume.” Then again hybrids, to quote the Dutchman, are just the template for the balance of the bank’s balance sheet.

Why is this happening now? Simple: the Merkel reelection is in the bag, and the EURUSD is too high (recall Adidas’ laments from last week). Furthermore, if the ECB proceeds with another LTRO as many believe it will, it will force the EURUSD even higher, surging from even more unwanted liquidity. So what to do? Why stage a small, contained crisis of course. Such as a bail in by a major Italian bank. The good news for now is that depositors are untouched. Unfortunately, with depositor cash on the wrong end of the (un)secured liability continuum it is only a matter of time before those with uninsured deposits share some of the Cypriot pain. After all, in the brave New Normal insolvent world, “it is only fair.”

To wit:

“In the new world we’re in, bondholders pick up the tab when they can be forced to,” said John Raymond, an analyst at CreditSights Inc. in London. “State aid rules impose losses where possible.”

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Posted in Editorial, Financial | Tagged | 1 Comment

Cyprus-Style Wealth Confiscation Is Now Starting To Happen All Over The Globe

Posted on September 24, 2013 by DRenegade

The Earth

Now that “bail-ins” have become accepted practice all over the planet, no bank account and no pension fund will ever be 100% safe again.  In fact, Cyprus-style wealth confiscation is already starting to happen all around the world.  As you will read about below, private pension funds were just raided by the government in Poland, and a “bail-in” is being organized for one of the largest banks in Italy.  Unfortunately, this is just the beginning.  The precedent that was set in Cyprus is being used as a template for establishing bail-in procedures in New Zealand, Canada and all over Europe.  It is only a matter of time before we see this exact same type of thing happen in the United States as well.  From now on, anyone that keeps a large amount of money in any single bank account or retirement fund is being incredibly foolish.

Let’s take a look at a few of the examples of how Cyprus-style wealth confiscation is now moving forward all over the globe…

Poland

For years, there have been rumors that someday the U.S. government would raid private pension funds.

Well, in Poland it just happened.

According to Reuters, private pension funds were raided in order to reduce the size of the government debt…

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Posted in Editorial, Financial | Tagged , , | 1 Comment

Ed Royce: Rowhani Using Same Playbook That North Korea Used To Get Nuclear Weapons

Posted on September 24, 2013 by DRenegade

httpv://www.youtube.com/watch?v=G3iQbq7HjMs

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A Message from Sara El-Amine: National Organizing Director for Organizing for Action (Is that Title Redundant?)

Posted on September 24, 2013 by DRenegade

Organizing for ActionFriend —

From the start, we’ve built our strategy by listening to the people carrying it out — you.

OFA doesn’t just slap the word “grassroots” on what we do and call it a day — we live by it.

Every once in a while, we want to take a chance to check in with where our supporters are, what’s important to you, and what you want to focus on in your organizing in the months ahead.

Answer this quick, one-question poll and let us know what you’re thinking.

We learn a lot from these surveys, and we’ve spent the first eight months adjusting our plans based on what we hear from people on the ground.

So whether your focus is on climate change, jobs, gun violence, immigration reform, Obamacare, women’s rights, marriage equality, or something that’s not on this list, I want to hear about it.

Take our brief one-question poll — and let us know:

http://my.barackobama.com/One-Question-Poll

Thanks,

Sara

Sara El-Amine
National Organizing Director
Organizing for Action

Posted in Domestic Enemies, Editorial | Tagged , | 1 Comment

A Message from the Democrat Party

Posted on September 24, 2013 by DRenegade

Load images -- are you in?

I think the correct question would be “ARE YOU INSANE“?

David DeGerolamo

Posted in Editorial, Elections | 1 Comment

Obama Stabs Israel in the Back

Posted on September 24, 2013 by DRenegade

pResident Obama has started negotiations with Iran to accept their nuclear program. As Bill Clinton (and the United States) realized after “negotiating” a deal with North Korea with Madeleine Albright, you do not negotiate with Muslim dictators. Let’s pray that Israel will not have to pay for the consequences of our Muslim dictator.

David DeGerolamo

Washington and Europe rush headlong towards accepting a nuclear Iran

Iranian president Hassan Rouhani lands in New York

Iranian president Hassan Rouhani lands in New York

The Iranian delegation arrived at the UN General Assembly in New York this week to an enthusiastic Western welcome led by the Obama administration, without having rescinded one iota of its aggressive policies or nuclear ambitions.

“We welcome an Iran ready to engage seriously through that (diplomatic) process given that it represents the international community’s commitment to hold Iran accountable, but also being open to a diplomatic resolution.”

This convoluted message was how Ben Rhodes, US Deputy National Security Adviser, referred Monday, Sept. 23, to the US Secretary of State John Kerry’s get-together with Iranian Mohammad Javad Zarif Thursday, along with foreign ministers of the five world powers.

…

Sources close to Prime Minister Binyamin Netanyahu say he is determined to tear the false veil off Iran’s face – even if he is a lone voice, when he addresses the UN later this month.

Last Thursday, Netanyahu tried throwing water on Rouhani’s claims that Iran’s nuclear program was peaceful, calling them fraudulent. He dismissed Iran’s offer to engage in diplomacy as false “media spin,” which should not fool anyone.

But no one in the West was listening. And at home, people were asking what happened to Netanyahu’s solemn pre-election pledge to stop Iran attaining a nuclear bomb.

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Glenn Beck Attacks Obama On ‘Transformation’ of America: ‘We’re Literally Living in 1984′

Posted on September 24, 2013 by DRenegade

httpv://www.youtube.com/watch?v=_7T6JTKtzWg#t=1s

Posted in Domestic Enemies, Editorial | Tagged | 1 Comment

Rep Renee Ellmers weak on immigration control – take action

Posted on September 24, 2013 by DRenegade


Immigration Activists and Concerned Citizens,

Congresswoman Renee Ellmers from North Carolina says we need immigration reform that is in line with the realities facing “undocumented” people (what about the realities facing unemployed citizens and the taxpayers).  She has become too cozy with cheap labor interests who want an amnesty (she meets frequently with cheap labor business groups and the Farm Bureau, but rarely with her own local constituents).  She has also made comments supporting illegal immigrants getting legal work status (she apparently is ignorant that North Carolina’s unemployment rate is the third highest and worst in the nation —  and that over 20 million citizens in the USA are either unemployed or want but cannot find a full-time job).  She says immigration reform is essential for growing the American economy (this is a code phrase for more legal immigration beyond the one million legal immigrants already allowed to immigrate to the USA each year). 

Congresswoman Ellmers frequently focuses only on the border and controlling it.  Remember that any member of Congress that focuses mostly on the border only (like Senator John McCain and a host of others) and not in concert with other enforcement measures is not serious about real immigration enforcement.

CONTACT CONGRESSWOMAN ELLMERS:

She restricts who can email her, so call her at one of these numbers:

Toll free to her Dunn, NC office –  (877) 645-8764 or

(202) 225-4531 at her Washington, DC office

Tell Congresswoman Ellmers that any “pathway to legal work status or citizenship” for illegal alien immigrants is bad for unemployed citizens and bad for our nation.  Where is her concern for unemployed citizens and our horrible unemployment rate in North Carolina?  We need enforcement only (enforce existing laws), require E-Verify for all businesses to check new and existing employees, control our borders, and finish implementing a thorough entry and exist system to make sure we know who comes into our  Country and whether they ever leave (one third of illegal immigrants originally came to the USA on a short term legal visa or as a tourist and never left, hence becoming an illegal alien).  Outside of allowing maybe the 5,000 smartest people on the Earth to immigrate to the USA each year, we already have plenty of smart, educated, and talented Americans who are unemployed.

Thank you and send this information to your friends and associates.

Regards,

Ron Woodard
Director
NC LISTEN

www.nclisten.com

(919) 460-8156

Posted in Editorial, Elections, Immigration | Tagged , | 1 Comment

FED-UP NY MAN SETS UP HIDDEN CAMERA TO FIND OUT WHO WAS REPEATEDLY STEALING HIS PRO-GUN SIGN

Posted on September 24, 2013 by DRenegade

NY Man Sets Up Hidden Camera and Finds Out Cop Stole His Pro Gun Sign

A man in Somers, N.Y., hatched a plan to catch the individual responsible for allegedly stealing his pro-gun signs repeatedly from his front yard. He bought a trail cam, set it up near the sign — and then waited.

When he learned that his sign had been taken yet again, he was elated because he knew he had finally caught the person responsible on camera.

He just didn’t expect that person to be a uniformed police officer.

NY Man Sets Up Hidden Camera and Finds Out Cop Stole His Pro Gun Sign

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Posted in 2nd Amendment, Editorial | Tagged | 4 Comments

Pelosi on Hillary: She’s ‘Certainly More Prepared Than President Obama’

Posted on September 24, 2013 by DRenegade

If Hillary Clinton runs for president in 2016, “she will win” and she will be the “best prepared” for the job, “certainly more prepared than President Obama,” said House Minority Leader Nancy Pelosi (D-Calif.).

In an interview Sunday on CNN’s State of the Union, Pelosi was asked whether Clinton, the former Secretary of State, would run in 2016. Pelosi said, “I don’t know. But I know that if she does, she will win. And when she becomes president, she’ll be the best equipped, best prepared people to enter the White House in a very long time. She is, by dint of her experience as a senator, as a Secretary of State, as a first lady herself with participating the way she did.”

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Posted in Domestic Enemies, Editorial | Tagged , , | 1 Comment

Reid: Defunding Obamacare ‘dead on arrival’ in Senate

Posted on September 24, 2013 by DRenegade

Senate Majority Leader Harry Reid declared the House version of the bill that funds the government and defunds Obamacare “dead on arrival” in the Senate, accusing Republicans of trying to hold the country “ransom.”

On Friday, the House passed a bill that funds the government through December 15, while defunding Obamacare. Reid moved to begin consideration of the bill when the Senate returned to session Monday afternoon, but made clear that it would be sent back to the House without that provision.

“Any bill that defunds Obama’s health-care plan is dead on arrival in the Senate,” Reid said on the Senate floor.

“We’re not going to bow to tea party anarchists who deny that Obamacare is the law,” he added.

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Posted in Editorial, Health Care | Tagged , , , | 1 Comment

20 Ordinary Americans Talk About The Economic Despair That Is Growing Like A Cancer All Around Them

Posted on September 24, 2013 by DRenegade

There are hundreds of formerly prosperous communities all over America that are being steadily transformed into rotting, decaying hellholes.  The good paying middle class jobs that once supported those communities are long gone, and they have been replaced with low paying service jobs if they have been replaced at all.  When you visit those communities, it is almost as if all of the hope has been sucked right out of the air.  It can be absolutely heartbreaking to look into the hollow eyes of someone that has totally given in to despair, but unfortunately the number of Americans that are giving up on the economy continues to grow.  Today, the labor participation rate is the lowest that it has been in 35 years, and more than 100 million Americans are enrolled in at least one welfare program.  It is easy to say that they should just “get a job”, but as I have written about repeatedly, our economy simply is not producing enough jobs for everyone anymore.  The percentage of working age Americans with a job has remained at the same level that it was at during the worst days of the last recession, and meanwhile the quality of our jobs has continued to steadily decline.  Median household income has fallen for five years in a row, but the cost of living continues to rise rapidly.  The middle class is being systematically shredded, and poverty is growing at an alarming rate.  The U.S. economy has been in decline for a long time, and the really bad news is that it appears that this decline is about to accelerate.

We are a nation that consumes far more wealth than we produce.  We are a nation that buys far more from the rest of the world than they buy from us.  We are a nation that has a “buy now, pay later” mentality.

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Obama Care Supporters Plan to Add Birth Control to Water Supply

Posted on September 24, 2013 by DRenegade

httpv://www.youtube.com/watch?v=2N7Imk5pA50

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Spy Agencies Are Doing WHAT?

Posted on September 24, 2013 by DRenegade

Revelations about the breathtaking scope of government spying are coming so fast that it’s time for an updated roundup:

  • NSA whistleblowers say that the NSA collects all of our conversations word-for-word

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