Egypt’s Bankruptcy and America’s Foreign Policy Failure

“Short of Money, Egypt Sees Crisis on Fuel and Food” is the headline of David Kirkpatrick’s dispatch running the length of the right-hand column of Sunday’s New York Times. Two years after Egypt’s impending economic disasterbecame apparent, it leads the liberal newspaper of broken record. As Kirkpatrick belatedly observes:

Egypt is running out of the hard currency it needs for fuel imports. The shortage is raising questions about Egypt’s ability to keep importing wheat that is essential to subsidized bread supplies, stirring fears of an economic catastrophe at a time when the government is already struggling to quell violent protests by its political rivals. Farmers already lack fuel for the pumps that irrigate their fields, and they say they fear they will not have enough for the tractors to reap their wheat next month before it rots in the fields.

The American foreign policy consensus is riding a dying horse. The Obama administration’s hopes for Muslim democracy have run up against reality, along with the illusions of the Republican mainstream. As recently as March 8, Charles Krauthammer, the pundit who gave the name “democratic realism” to these illusions, argued that “we should not cut off aid to Egypt,” that “we should remain engaged,” because “there is nothing inevitable about [Muslim] Brotherhood rule.”  That is true, strictly speaking. Egypt’s military might seize power, but that’s not what Krauthammer meant. The trouble is that Washington is still arguing about the disposition of deck chairs on a Saharan version of the Titanic. The question is, rather: How do we deal with a Middle East in which social chaos becomes the new normal?

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Cyprus President’s Family Transferred Tens Of Millions To London Days Before Deposit Haircuts

A day after former Cypriot President Vassilou was found to be among many elite Cypriot (politicians and businessmen) who had loans written-off by the major (now insolvent) banks; it appears the rot is far fouler than expected. In a somewhat stunning (or purely coincidental) revelation, ENETEnglish reports that Cypriot newspaper Haravgi claims that current President Nicos Anastasiades’ family businesses transferred ‘dozens of millions’ from their Laiki Bank accounts to London just a week before the devastating depositor haircuts were unleashed upon his people. Of course, the denials are loud and Anastasiades has demanded an investigation into the claims; we are sure the government-selected ‘independent’ committee will be as thorough as the Libor anti-trust investigators. As a reminder, as we noted yesterday, here are Cyprus’ gun control laws.

Via EnetEnglish,

A company owned by in-laws of Cypriot President Nicos Anastasiades withdrew dozens of millions from Laiki Bank on March 12 and 13, according to an article published in Cypriot newspaper Haravgi.

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Obama Proclaims April the Month to Teach Young People ‘How to Budget Responsibly’

President Barack Obama, who has increased the national debt by $53,377 per household, has proclaimed April“National Financial Capability Month,” during which his administration will do things such as teach young people “how to budget responsibly.”

“I call upon all Americans to observe this month with programs and activities to improve their understanding of financial principles and practices,” Obama said in an official proclamation released Friday.

“My Administration is dedicated to helping people make sound decisions in the marketplace,” he said.

“Together, we can prepare young people to tackle financial challenges–from learning how to budget responsibly to saving for college, starting a business, or opening a retirement account,” he said.

“My Administration continues to encourage responsibility at all levels of our financial system by cracking down on deceptive practices and ensuring that consumers are informed of their rights,” he said.

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Cyprus Parliament President Says “No Future” Under Troika, Calls For “Iceland” Solution

Just last week Yiannakis Omirou, Cypriot House of Representatives President, was calling for the nation to accept it is “time for responsibility” as they progressed towards a final solution; and yet today, as Cyprus’ Famagusta reports, he believes the ‘Troika-imposed’ responsibility will, “turn Cyprus into a colony of the worst possible type.” His ‘Icelandic’ solution is to “leave the Troika and EMS behind,” to ensure “national independence, national sovereignty, moral integrity, and economic independence.” He may have a point; judging from the chart below of the Troika’s poster-child Greece, relative to Iceland, things are not going so well. As Omirou ominously concludes, “if we remain bound by the Troika and the memorandum Cyprus’ destiny is already foretold and there will be no future.”

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Is Fukushima Radiation Causing the Epidemic of Dead and Starving Sea Lions In California?

IMG_5186.jpg

Associated Press reports:

At island rookeries off the Southern California coast, 45 percent of the pups born in June have died, said Sharon Melin, a wildlife biologist for the National Marine Fisheries Service based in Seattle. Normally, less than one-third of the pups would die.

It’s gotten so bad in the past two weeks that the National Oceanic and Atmospheric Administration declared an “unusual mortality event.” That will allow more scientists to join the search for the cause, Melin said.

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Even the pups that are making it are markedly underweight …

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Rescuers have had to leave the worst of them in an effort to save the strongest ones, she said. 

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Routine testing of seafood is being done by state and federal agencies  and consumer safety experts are working with NOAA to find the problem.”No link has been established at this time between these sea lion strandings and any potential seafood safety issues,” NOAA said in a statement.

Given that the FDA has refused to test seafood for radiation, we’re not that confident that the government is looking that hard to see if Fukushima fallout is the cause.

Reuters notes:

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Intelligence insider: Obama administration agenda to “kill U.S Dollar”

This week, I had a series of very sobering discussions with my highly-placed source within the intelligence world. The information he provided hit me like a proverbial tons of bricks. It connects everything we are seeing play out across the world, from the economic problems in Europe to the U.S. DHS ammunition acquisition orders and even the “gun control” debate. If you’re like me, you’re looking for clarity, context and focus with regard to all of the events we’re constantly hearing about but seem to lack legitimate explanation. I believe this report will provide the context and clarity we are all seeking, but I must warn you that the picture is not pretty.

The economic agenda: In plain sight

Some might be surprised to learn that the fate of America’s economy has already been determined, verified and announced by the Obama White House. Yet, it has received scant attention from the corporate media. In 2011, economist Kyle Bass interviewed a senior member of the Obama administration about its planned solutions for fixing the US economy and trade deficit[ia].

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Debt-Slavery For Dummies

Everything the Fed does ultimately leads to less economic activity, less savings and more debt resulting in poverty for Americans, not prosperity.  Debt is not prosperity. Debt is poverty and economic slavery.

Why are you working harder but getting poorer?

Let us analyze the effectiveness of the Fed’s only policy tool of printing money since the onset of the great financial crisis in 2008 by looking at:

  • Economic activity as measured by human action – the real source of all wealth
  • Earnings
  • Savings
  • Debt
  • Poverty
  • Government dependency


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How Does a Muslim President Celebrate Easter?

The White House

Presidential Proclamation — Cesar Chavez Day

CESAR CHAVEZ DAY, 2013
– – – – – – –
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATION
Every year, Americans all across our country pause on March 31 to remember a man who made justice his life’s calling. Growing up the son of migrant farm workers who lost everything in the Great Depression, Cesar Chavez knew hard work and hardship from an early age. He labored long hours for little pay, taking odd jobs to help his family get by and forgoing a formal education to follow the crop cycles. But where others might have given up or given in, Cesar Chavez never lost hope in the power of opportunity. He lived each day by a belief as old as America itself — the idea that with courage and determination, any of us can reach beyond our circumstances and leave our children something better.
More than anything, we remember Cesar Chavez for lending voice to the voiceless. When no one seemed to care about the invisible farm workers who picked our Nation’s food, beset by poverty and cheated by growers, a courageous man dedicated to dignity stood up and spoke out. Alongside Dolores Huerta and fellow organizers, he rallied a generation of workers around “La Causa,” marching and fasting and boycotting for fair pay and protections on the job. They fought through decades of setbacks and fierce resistance. But through every trial, Cesar Chavez refused to curb his ambitions or scale back his hope. Step by step, march by march, he helped lead a community of farm workers to make the change they sought.
Cesar Chavez’s legacy lives on at Nuestra Señora Reina de la Paz, his home and workplace, which I was proud to designate a National Monument last October. It also lives on in those who remember his central teaching: that when workers are treated fairly and humanely, our country grows more just, opportunity becomes more equal, and all of us do better. Because even with the strides we have made, we know there is more left to do when working men and women toil in poverty without adequate protections or simple respect. We know there is more to do when our broken immigration system forces workers into a shadow economy where companies can ignore labor laws and undermine businesses following the rules. Fixing those problems means securing what Cesar Chavez fought for at La Paz. It means taking on injustice, making sure hard work is rewarded, and bringing more Americans into a rising middle class.
In 1966, when Cesar Chavez was struggling to bring attention to his cause, he received a telegram from Dr. Martin Luther King, Jr. “As brothers in the fight for equality, I extend the hand of fellowship and goodwill,” he wrote. “We are with you in spirit and in determination that our dreams for a better tomorrow will be realized.” It is a story that reminds us how here in America, we are bound together not by the colors of our skin or the languages we speak, but by the values we share and the brighter future we seek for our children. So today, as we honor a man who risked everything to stand up for what he believed in, let us reflect on our common cause and recommit to moving forward together — as one Nation and one people.
NOW, THEREFORE, I, BARACK OBAMA, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim March 31, 2013, as Cesar Chavez Day. I call upon all Americans to observe this day with appropriate service, community, and education programs to honor Cesar Chavez’s enduring legacy.
IN WITNESS WHEREOF, I have hereunto set my hand this twenty-ninth day of March, in the year of our Lord two thousand thirteen, and of the Independence of the United States of America the two hundred and thirty-seventh.

BARACK OBAMA

h/t Randys Right

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Google’s Tribute on Easter

google

 

Google is celebrating the 86th birthday of Cesar Chavez today. March 31st, 2013. On the resurrection day of Jesus. On Easter.

David DeGerolamo

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Risk – It’s Not Just A Board Game

httpv://www.youtube.com/watch?v=wzzoBVK3fyE#!

From YouTube:

My recent presentation at Mines & Money in Hong Kong in which I discuss risk – focusing on the corruption of traditional price signals by Central Banks’ ZIRP policy, financial repression and the possibility that the gold leasing market is about to fall apart.

h/t Zerohedge.com

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Have A Holy and Blessed Easter

httpv://www.youtube.com/watch?v=pXleTZO8Wzs
h/t Sister Marie Suzanne
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The Bank Runs Have Started


It made no sense. Why would people keep their money in a bank for 0.01% interest while real inflation is running close to 6%? Where were the bank runs since the Cypriot bail-in (theft) was made public? It appears that people were withdrawing their money but the media was not reporting it. The joke about what is in your wallet now has a definitive answer: what used to be in your bank.

David DeGerolamo

Who’s Next? Italy’s Monte Paschi Admits Billions In Deposit Outflows

It appears, given news from Italy today, that European depositors are increasingly coming to the realization that deposits in their local bank are not ‘safe’ places to put their spare cash, but are in fact loans to extremely leveraged businesses. In a somewhat wishy-washy, ‘hide-the-truth’-like statement on Monte dei Paschi’s website, the CEO admits to, “the withdrawal of several billion in deposits.” Of course, the reasons why these depositors withdrew their capital from the oldest bank in the world will never be known though of course he blames it on “reputational damage” from their derivative cheating scandal. Unsurprisingly, as Reuters notes, the CEO declined to give a forecast on the level of deposits at the end of the first quarter of 2013; no wonder given the bank just doubled its expectations for bad loans and the ‘Cypriot Solution’ dangling over uninsured depositor hordes.

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It Can Happen Here… And It Will

It Can Happen Here:
The Confiscation Scheme Planned for US and UK Depositors

By Ellen Brown
(InformationClearinghouse.com) March 28, 2013 
  Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.

New Zealand has a similar directive, discussed in my last article here, indicating that this isn’t just an emergency measure for troubled Eurozone countries. New Zealand’s Voxy reported on March 19th:

The National Government [is] pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts . . . .

Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.

Can They Do That?

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Big Government: An Unnecessary Evil That Should Be Abolished

biggovernment

There are two types of people in this world; those who worship the ideal of centralized command authority, and those who do not. Those who value freedom regardless of risk or pain, and those who value slavery in a desperate bid to avoid risk and pain.

I have always found the worshipful attitude that some citizens ascribe to government simultaneously fascinating and disturbing, because these people are not bowing down to a wise and benevolent entity. Rather, they are bowing down to their own delusions of what they believe that entity to be.

Big government is not a “necessary evil”. It is just evil.

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Q&A: Europe’s freezing Easter and global warming

Is it Easter or Christmas? Many Europeans would be forgiven for being confused by winter’s icy grip on lands that should be thawing in springtime temperatures by now.

Britain is on track for the coldest March since 1962, according to national weather service the Met Office, which also says daily low temperatures in London are going to remain below freezing through the Easter holiday. The mean temperature in Britain from March 1-26 was 2.5 C (36.5 F) — three degrees below the long-term average.

In Berlin, Good Friday saw a new round of snowfall and temperatures just above freezing. The city’s popular lakeside beach opened for the season as planned, though it wasn’t exactly beach weather. Some visitors built a snowman and few ventured into the freezing water.

What’s going on?

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