Another MF Global?

Posted on July 9, 2012 by DRenegade

BESTDirect

Update: PFG Is Now MFG(lobal) Part 2 As $220 Million In Segregated Client Money Has Just Vaporized

PFG Best has had all of their funds put on hold due to “some accounting irregularities”. See the announcement below dated July 9, 2012. From their site:

PFGBEST Services

As a firm committed to sustainable investing, we provide expertise in handling a variety of services across asset classes. Choose from futures, forex, options, managed accounts or systems trading, and we will work with you to create your account so that you are able to trade or invest in multiple asset classes from one single PFGBEST account.

Whether this is the third of many brokerage firms and banks (after MF Global and JP Morgan) to be caught in the Euro crisis speculation will be known shortly. The bigger story that will break at any time is the outright theft of gold being held by these institutions which has been sold to other countries without the customers’ knowledge. You cannot CNTL P gold like Bernanke is printing dollars with the US Treasury.

David DeGerolamo

Futures Brokerage PFG Best Freezes Accounts Following Discovery Of Accounting Irregularity

Monday, July 9, 2012

Due to a recent emergency involving Russell R. Wasendorf, Sr., a suicide attempt, some accounting irregularities are being investigated regarding company accounts.  PFGBEST is wholly owned by Mr. Wasendorf.  Therefore, the NFA and other officials have put all funds on hold, and PFGBEST is in liquidation-only status with our clearing FCM.  What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds.  We will update you as any new procedures are stipulated and with any further information as it becomes available.

From Zerohedge: Continue reading →

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Scranton Mayor: Minimum Wage For All Or Become Stockton

Posted on July 9, 2012 by DRenegade

The infamous city of Scranton, PA has had financial troubles for a couple of decades – losing population since the end of WWII – but as NPR reported this weekend, the $16.8 million budget gap that Mayor Chris Doherty is trying to fill (and the disagreements between his taxation proposal and the city council’s borrow-more-money view) has driven the mayor to an incredible action.Doherty has reduced everyone’s pay – including his own – to the state’s minimum wage of $7.25 per hour. In an ironic choice of words, the desperate mayor noted: “I’m trying to do the best I can with the limited amount of funds that I have,” Doherty says, “I want the employees to get paid. Our people work hard — our police and fire — I just don’t have enough money and I can’t print it in the basement.” NPR continues, After paying workers Friday, the city had only about $5,000 left in the bank. More money flowed into city accounts that day, but it was still not enough to pay the $1 million the city still owes to its nearly 400 employees.

This is, of course, stressful on the union workers affected as one notes: “[The] kids aren’t going to be able to do certain activities this summer — maybe we’re not going to be able to go on vacation” (to Italy we wonder?) adding that (via HuffPo), “With Scranton and Pennsylvania being such a hot bed for the next election, we want to make sure that they know there’s a Democratic mayor that’s not taking care of his public safety unions,”. The unions plan to be back in court first thing Monday morning to ask the judge to hold Doherty in contempt. It seems municipalities across the country are increasingly turning to austerity measures to tackle their budget gaps and protect bond-holders (until they finally become Stockton, CA).

Source

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The Middle of the End

Posted on July 9, 2012 by LT

Nothing as big as the global economy crashes over night – even a “truly sudden crash” takes a year or more to manifest at this scale, but we are indeed witnessing such a crash.  Like a train wreck in extreme slow motion, it is happening now, all around us.

The efforts of central banks to create growth are failing, like the brakes of a great train overheating… the proof is in the headlines, for those who are watching –

Operation Twist is Failing to drive growth in the US, and we have just had our first quarter of a new recession here in the US.

Asian markets are Crashing in China [also here] [and here], Japan, and Russia. Continue reading →

Posted in Editorial | 1 Comment

Why Economy Is Slowing: ‘Things Could Get Much Worse’

Posted on July 9, 2012 by DRenegade

The global economy is weak and getting weaker, due in large part to the same policies that helped bring the world back from the brink just a few years ago.


Measures like lowering interest rates and creating money for central banks to conduct trillions in asset purchases are “now seen as a sign of weakness rather than strength,” said Andrew Kenningham, senior global economist at Capital Economics, a London-based forecasting firm.

That view is gaining validity as easing moves last week in Europe and China as well as the recent measure from the Federal Reserve have had little effect in financial markets.

In the meantime, optimism already has turned against a supposed deal to recapitalize European banks, the latest in a long line of plans to staunch the euro zone debt crisis initially greeted with enthusiasm then quickly discarded as insufficient.

“Hopes that the EU was finally getting to grips with its crisis and that monetary stimulus would boost global demand have faded,” Kenningham said in a research note. “With euro break-up risk likely to rise in the second half of the year and monetary policy looking increasingly impotent, things could get much worse before they get better.”

Consensus is becoming more widespread that central banks are running out of bullets.

More…

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Israel perturbed by Obama’s outreach to Mursi – against his word

Posted on July 9, 2012 by DRenegade

US Deputy Secretary of State William Burns and Egyptian President Mohammed MursiIsraeli government and military leaders were taken aback by the news of US President Barack Obama’s invitation to the new Egyptian president Mohammed Mursi to visit Washington in September – in breach of the president’s assurances to US Jewish leaders at the White House last month, DEBKAfile’s exclusive Washington and Jerusalem sources report. His key assurance was that Mursi would not be invited to the White House and Obama would not maintain direct telephone contact with him until he met certain conditions, the foremost of which concerned a public and unambiguous commitment to Egypt’s 1979 peace treaty with Israel.

They American Jewish delegation was assured that President Mursi would be required to devote a section of his earliest speech on foreign affairs to the specific affirmation of his profound commitment to the peace pact with Israel. The unspecific pledge to uphold Cairo’s international accords he made upon his election on June 24 would not satisfy the US president, the American Jewish delegation was promised. Indeed the new Egyptian president would also be required to table the peace pact with Israel in the new Egyptian parliament for ratification.

With these assurances, the Jewish delegation was satisified.

However, it turned out Monday, July 8, that, instead of standing by his promises, President Obama had sent Deputy Secretary of State William Burns to Cairo for two days of interviews with Egyptian officials, in none of which did  future relations with Israel figure. President Mursi’s spokesman then announced that the US official had handed the new president an invitation to visit the White House in September. Neither Burns nor the White House contradicted him.

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Justice unseals indictment charging 5 in Brian Terry’s death, offers $1M reward for leads on fugitives

Posted on July 9, 2012 by DRenegade

brian_terry.jpg

The Justice Department on Monday unsealed an indictment charging five individuals allegedly involved in Border Patrol agent Brian Terry’s death, and announced a reward of up to $1 million for information leading to the arrest of those suspects still at large.

For the first time, federal officials also revealed that Terry and an elite squad of federal agents initially fired bean bags — not bullets — at a heavily armed drug cartel crew in the mountains south of Tucson in December 2011. During the exchange, Terry was shot and killed.

The 11-count indictment, originally handed up by a grand jury in November 2011, implicates five defendants in the killing. A sixth suspect has also been charged in a related incident.

More…

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Egypt parliament set to meet, defying army

Posted on July 9, 2012 by DRenegade

Supporters of Egypt's first Islamist President Mohamed Mursi cheer and shout slogans against the military council at Tahrir Square in Cairo July 9, 2012. REUTERS-Mohamed Abd El Ghany

(Reuters) – Egypt’s parliamentary speaker said the chamber would reconvene on Tuesday, risking a showdown with the army after the new, Islamist president defied the generals by quashing the dissolution of the legislature they had ordered last month.

Quoted by the state news agency on Monday, Saad al-Katatni, who like President Mohamed Mursi hails from the long-suppressed Muslim Brotherhood, said the lower house would sit from noon (0600 EDT) on Tuesday, overturning a court judgment and military order issued a month ago, before Mursi’s election.

The move, heralded by a decree issued by Mursi on Sunday, barely a week after he took office, threatens Egypt with fresh political uncertainty likely to take a toll on a fragile economy and dash the hopes of many desperate for a period of calm after 17 turbulent months since the overthrow of Hosni Mubarak.

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Japan Machinery Orders Implode As Global Economy Grinds To A Halt

Posted on July 8, 2012 by DRenegade

Japan’s core machinery orders were expected to post a modest -2.6% drop. Instead they had a worse collapse than anything seen in the aftermath of the Fukushima disaster, plunging by a stunning 14.8% . And the kick in the groin cherry on top was the current account surplus plunged by 62.6%: consensus forecast: -14.5%. The Japanese economy has once again ground to a halt, only this time it has no earthquake or nuclear explosion to blame. This time it is the entire world’s fault, where demand has collapsed proportionately. As a reminder the BOJ expanded its QE yet again on April 27. Must be time for another QE because this time will certainly be different after more than 30 years of failures.  It is time for those brilliant central planners Ph.D’s to do engage in more of the same insanity that Einstein warned about decades ago. And incidentally this is not a joke: on Thursday the BOJ is expected to ease yet again. As a reminder, the BOJ already buys ETFs, Corporate Bonds, and REITs. What’s left: gold?

More…

Posted in Financial | Tagged | 1 Comment

Wake Election Board Sued After June 26 Board Ruling

Posted on July 8, 2012 by DRenegade

MEDIA ADVISORY
Voter Integrity Project of NC – 919-332-4129 – info@VoterIntegrityProject.com

(Raleigh, NC)–Voter Integrity Project of North Carolina filed a complaint late Friday in Wake Superior Court, against a Wake County Board of Elections decision to dismiss 510 of the VIP-NC challenges of non-US citizens who were registered voters.

“We hope that the Board [of Elections] is as good as their leadership claims they are and that these 510 registered voters really were US citizens when they voted,” said Jay DeLancy, a voting-rights activist, “but in their haste to dismiss our challenges, they made sure we couldn’t examine their proof.”

The 510 registered voters that VIP-NC disputes were all dismissed because of email and spreadsheets shared between state and county election officials and the NC Division of Motor Vehicles, but none of the information was discussed, but never presented, at the public hearing.

“There apparently was a lot of interagency communication in their prep for our hearing and all of that information is public property that we want to see,” he said. “But this puts us in the uncomfortable position of naming some pretty high flying government officials in the complaint.” Continue reading →

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God Bless the USA – Lee Greenwood

Posted on July 8, 2012 by DRenegade

httpv://www.youtube.com/watch?v=h2rDCnr0eYc

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Opening for “The Newsroom” on HBO

Posted on July 8, 2012 by DRenegade

httpv://www.youtube.com/watch?v=S4r7hIWln7Q

See additional comments on Tea Party Nation.

Language warning.

I agree that the first step to solving a problem is to recognize that the problem exists. The second step is whether the problem is worth addressing. If it is worth addressing, then a solution to actually fix the problem must be found. If the solution will not fix the problem, we are wasting time and resources.

Although this is a simple concept, consider the following questions:

1. Did the stimulus programs lower unemployment?

2. Did the $5 trillion increase in our debt in 2011 happen under a Republican or Democrat controlled House of Representatives? The House can defund spending such as Acorn at its convenience.

3. Why is the Federal Reserve not audited when a majority of House members are sponsors of this legislation?

4. Why does the president’s birth certificate on whitehouse.gov have layers?

Continue reading →

Posted in Editorial, Elections | Tagged | 1 Comment

The Collapsing US Economy and the end of the world

Posted on July 8, 2012 by DRenegade

By Paul Craig Roberts

In a recent column, “Can The World Survive Washington’s Hubris,” I promised to examine whether the US economy will collapse before Washington in its pursuit of world hegemony brings us into military confrontation with Russia and China. This is likely to be an ongoing subject on this site, so this column will not be the final word.

…

To corral China and Russia (and Iran) is a massive undertaking for a country that is financially busted. With wars and bankster bailouts, Bush and Obama have doubled the US national debt while failing to address the disintegration of the US economy and rising hardships of US citizens.
The charts below are courtesy of www.shadowstats.com

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California Considers Theft of Private Property

Posted on July 8, 2012 by LT

California Cities Considering (Legal?) Theft of Private Property – Why Doesn’t This Surprise Me?

(Zerohedge)  All Americans should be very, very alarmed. Today’s Wall Street Journal ran a front page story on a proposal put forth by Mortgage Resolution Partners LLC as a ‘solution’ to the problem of underwater mortgages. When you read their PowerPoint presentation for comprehension, it is clearly threatening to all commonly perceived rights of private property and free will.  ~~~~NNNNN~~~~

In essence, the Counties/Municipalities of California are considering using Eminent Domain to accomplish the final wave of destruction of the mortgage industry, by essentially STEALING those mortgages which are still performing (paying their payments) even though they are “underwater” and thus not eligible for refinancing.  Here are the four ways in which this would spell the destruction of middle class communities, and end of all mortgage business in the US –

Continue reading →

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Executive Order — Assignment of National Security and Emergency Preparedness Communications Functions

Posted on July 7, 2012 by DRenegade

EXECUTIVE ORDER

– – – – – – –

ASSIGNMENT OF NATIONAL SECURITY AND
EMERGENCY PREPAREDNESS COMMUNICATIONS FUNCTIONS

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:

Section 1. Policy. The Federal Government must have the ability to communicate at all times and under all circumstances to carry out its most critical and time sensitive missions. Survivable, resilient, enduring, and effective communications, both domestic and international, are essential to enable the executive branch to communicate within itself and with: the legislative and judicial branches; State, local, territorial, and tribal governments; private sector entities; and the public, allies, and other nations. Such communications must be possible under all circumstances to ensure national security, effectively manage emergencies, and improve national resilience. The views of all levels of government, the private and nonprofit sectors, and the public must inform the development of national security and emergency preparedness (NS/EP) communications policies, programs, and capabilities.

Sec. 2. Executive Office Responsibilities. Continue reading →

Posted in Education | Tagged , , | 4 Comments

Maybe We Really Do Need a Third Party – Erick Erickson

Posted on July 7, 2012 by DRenegade

Senator Max Baucus of Montana receives campaign donations from the parent company of Phillip Morris. Senator Baucus then puts a provision in the highway transportation bill banning roll your own cigarette operations, a business that does not exist in Montana.

Forty people in Harry Reid’s Nevada and elsewhere will lose their jobs because atransportation bill actively and willfully legislated a legal business out of business by driving up the regulatory burden so excessively. Major cigarette manufacturers championed the legislation and Republicans supported it because it will increase tax revenue without them voting to raise taxes.

Put bluntly, Republicans voted to do exactly what they accuse the Democrats of doing — shut down businesses by driving up regulatory burdens in an effort to increase taxes.

Max Baucus may have inserted the provision, but it made it through Republican House of Representatives. Maybe we do need a third party to do the job Republicans campaign on doing, but then get to Washington and don’t actually do.

I am not at the point of really advocating a third party. But I know me writing this will get the attention it needs to get.

The Republicans in Washington really have no clue.

More at Redstate.com:

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