Happy Father's Day and Financial News

Happy Father's Day to all my readers who may be fathers. I myself am a father. Unfortunately my father passed away about ten years ago and I can no longer celebrate it with him, I miss him and my mother. There are so many things that I would have liked to discuss with them while I was going through them. My parents were decent individuals with clear and level heads and I always knew that they loved us. My father lays for eternity in a casket with $20 cash, $40 in casino chips and a pack of cigarettes. That is the last gift that I could give him. He used to always say that a man always needed at least a $20 in his pocket and he was a man and I wish I could talk to him again.

I celebrated Fathers Day today with one of my children. A simple dinner out and some time together. My ex-father in law and I have had an interesting relationship over the years and I understand that he is sick. I wish him a happy fathers day, he raised five kids and I believe he did his best. In the end, none of us are perfect; but, we can try to raise our kids to be independent and to understand the ways of the world. I tried my best too.

Mail Online - Paedophile fire chief allowed to keep £150,000 pension payout despite being convicted of swapping child porn pictures online. Obviously not a very nice person; but, why an article about his pension? What about the victims, why is the focus on the pension? I can tell you why because I see the same type of articles all over the U.S. papers, should people be paid their public pension if they go to jail or commit a felony or whatever. It is an attempt to manipulate the public. Firstly, pensions benefits are earned just like a salary or your hourly wages. If someone commits a crime, do you have to pay them for the hours they have already worked for you? The answer is yes.

Lets consider where this is being driven by the media. They are trying to get us to support a situation where what you do outside of work can free the government from it's responsibilities. Would you deny someone Social Security because they once committed a crime? Lets say that we take that approach, what else could they use as an excuse to take away your pension, what if you complained about government policies, who within the government would say anything after they retired about what goes on if they could lose their pension and remember most government employees never receive social security.

Yahoo - The Atlantic - Yes, Credit Cards Are Making You a Bad Person. Don't worry, getting credit is going to get a lot harder in the future. This article is just to get you to think it is okay and that you are actually better off with less credit in the world.

The Atlantic - How the Music Industry Explains Inequality, Globalization, Middle-Class Decline ... Basically Everything. The article is non-sense; but, I want my readers to see the spin the author uses. The Atlantic is read by people who have and or come from money. This is how they are told that they deserve what they have. For a video retort I offer this from a Trust Fund Kid that knows better YouTube - The One Percent – An Inside View.

Yahoo - Reuters - IMF urges repeal of 'ill-designed' U.S. cuts. Now, I have been thinking that the crashes in the markets will begin this year; but, this article is making me think it may stretch out to next year. I have not decided yet. The IMF is asking the Federal Reserve to continue to quantitative easing until 2014. The IMF is also saying that they were wrong about pushing for "austerity" in Europe. Austerity means cutting benefits to those who need them the most and cutting services.

The Guardian - Raise interest rates on old student loans, secret report proposes. I guess it doesn't make sense to go to college in England either. Student loans are an issue worldwide, how odd.

Stop Smart Meters - Channel 5 EXPOSED: The Gadget Show’s RFID + Human Microchipping propaganda. I cannot vouch for the source; but, the video is interesting.

Wall Street Journal - IMF Revises US 2014 Growth Outlook Down to 2.7%, Keeps 2013 at 1.9%.

Yahoo - Reuters - Exclusive: Deutsche Bank 'horribly undercapitalized' - U.S. regulator
. This is a scary article because it is a very big bank.

Bloomberg - FX Rates Said to Face Global Regulation in Libor Review. Oh boy, international control over interest rates. Do you get this? Interest rates have been sovereign decisions.

Beck and Drudge give no updates.

Well, both Glenn Beck and Matt Drudge put out some very strange comments and neither has followed up with anything. I personally have no idea what they were trying to say because they were both very vague. I am however dissapointed in both of them for leading people on and then not delivering.

If they ever do follow up, I will post it.

Matt Drudge and Glenn Beck are being ominous.

I have been on the phone all day talking to people and taking care of business for my job. I am so talked out my head hurts; but, I was monitoring the news in them meantime.

Matt Drudge the owner of the Drudge report has put out some odd Tweets on Twitter. One says, "WE ARE EXPERIENCING A SHIT-STORM OF UNPRECEDENTED LEVELS" and another says, "Do you get the feeling God is no longer watching over America?" While still another says, "Survivors need to: Raise your spirituality. Raise your integrity. Raise your nutrition. Raise your physical health. Raise your consciousness". Perhaps we shall find out what he is talking about soon enough.

Glenn Beck has posted this video. YouTube - Glenn Beck Arriving in NYC Searching for Big Breaking New Secret...That Will Change History. Mr. Beck claims that he is about to interview people who will tell us something and that our whole world will change, he implies that it may mean we lost all of the material things we expect, that we may only be able to save our freedom and Constitution.

The fact is that the government intentionally manipulated the banks, stock market and manufacturers to create the housing bubble knowing full well what would happen after that bubble burst. What if some top bank executives came out and admitted that? What if they told us how this is all going to end badly. Wall Street would lose the little trust left in it. We might be mixed on how we felt about what our government did if we understood what the alternatives were. Will Mr. Beck get testimony from someone that will change out beliefs to the point where the markets begin crashing? What is concerning Matt Drudge, he is usually quick to explain; but, not this time.

The final drop of the Japanese stock exchange came in at over 6% of their market yesterday, it is recovering as I write this.

Yahoo - CNBC - 60% Chance of Recession: Pimco

Yahoo - Breakout - Japanese Crash Mocks Central Bank Intervention.

CNBC - Just the Scent of Money Is Corrupting: Study

What happens if we lose all faith in our institutions a have to change them all?

Volatility precedes Baloney.

I told you weeks ago to watch for market volatility and that is all we have seen since then. Right now while the U.S. and European markets are closed the Nikkei has seen an almost 700 point drop about 5%. I don't know how the night will end for them and I do not plan on staying up to see how it does.

You can go back and read the links I provided while telling you that extreme volatility was coming, they were all dismissed at the time, read the comments to the original articles I linked to (not my posts sillies), starting with the oldest first.

Okay this is an update, I am still watching the Nikkei, it is a train wreck. This has not been a good week for Abenomics in Japan or their stock exchange. If they continue this way then their combined loss for the month will be over 20% and that my friends is considered a true depression. I want to write; but, I cannot help but continue watching the market and I switch between my blog and a market ticker for Asia. LOL. I cannot stop watching it.

Okay, I am not a Sadist; but, yes, I took the day off to watch the market crash of 2008. I knew it was coming so I wanted to watch the spin they put on it. I am not a bad person; but I love knowing the end of the story. I had to stay home and watch, I wanted to see if I got it right and I did that time. I have made some mistakes since then; but, the game is still the same and my mistakes were of timing and approach. The end game has not changed one bit. I am not an insider and probably never be invited in. I consider myself more of an observer. I am not particularly worried about the outcome, that is predetermined.

I have to return to what I was writing and stop watching the Asian markets. First off,

Yahoo - CNBC - 60% Chance of Recession: Pimco

Huffington Post - NSA Spying Controversy Highlights Embrace Of Big Data. An article on how the great the technology is that allows the government to spy on us all.

I personally enjoy articles that are nothing but spin, like this one. Yahoo - Daily Ticker - Here’s the “Enormous Problem” Facing States: Ravitch. I want to dissect this liar for a moment, he is a former official with the state of New York. He begins by explaining that states and local governments are in trouble because of rising costs for retirement and healthcare for employees. That is a complete and utter lie. Municipalities lost money because of the economy, am I the only one that gets that? Less sales tax and less property tax have nothing to do with a municipalities revenue or did I misunderstand him? How can municipalities make the same amount when both sales and property taxes or down? Are we not in a recession because apparently it is why everyone else is making less; but local governments are making less because they pay people to work for them?

His second lie is that somehow the problem of a bad economy at a federal level is "passed down" to states. NO, the fed and state have different roles and different funding sources. States are supposed to be self sufficient and not reliant on the Fed. Listen to the whole thing because I cannot do it again. If the economy took a 5% contraction, shouldn't we all share? He doesn't think so.

TheStreet - Another article to convince you that market is about to dive. The Street - Brace Yourself for Stimulus' End.

I have multiple sources saying that there will be a major anouncement in the next two days that will shake our belief in the system. if you are going to replace the current economic system, doesen't there have to be a complete distrust of the previous one?

Is Anti-Globalist the Same as Anti-Capitalist? And News at the end.

I had a couple of people tell me the same thing today. They said that they had heard that the wealthy were selling of their stocks and bonds. I asked if they knew what they were buying instead. I know the answer, they are buying large amounts of property, luxury yachts, overpriced art and other hard assets that are not gold. They are putting their money into things that will not be destroyed when the currencies crash. You might wonder why the yachts. That should be obvious, in a global world, they can just go to another country when one is hit by riots or other civil disturbances. That is what the Russians in Cyprus did.

Now lets talk about the difference between globalism and capitalism, they are not the same thing. Recently, I saw an article that called people protesting the G8 (a meeting of the top 8 economies) "anti-capitalist". It was quite misleading. Russia was communist for years and that did not stop the United States from being a capitalist economy. Heck, every country in the world could be capitalistic and it would not mean that we would have to be in a globalist system. The opposite is also true, the whole world could have communistic or socialistic or any other kind of istic economy and it still would not require a globalist format.

Globalism is about an end to national sovereignty. It is that simple. Now, you might think this is a good or bad thing; but, it has nothing to do with capitalism. The European Union is an attempt at creating a framework for globalism. As the Eurozone continues to fail the "leaders" are calling for the EU to be turned into a federation, something resembling states in the United States. In fact, they are already their with 80% or so of their laws being written by the EU in Brussels rather than by the participating nations.

Now lets look at what capitalism is. It is private ownership of the wealth of a nation and the ability to trade amongst one another. Dealing pot is capitalistic, selling sex is capitalistic, selling your children is capitalistic, even murder for hire is capitalistic and any hitman will tell you. The question becomes, should there be limits on how we conduct business and what we sell? Should the courts have to enforce contracts that are to do illegal acts? If so, then what laws can we have to protect anyone?

There is a new movie out called "The Purge", it is about a future where for one night a year, nothing is illegal and everyone is on their own. That would be the definition of pure capitalism. The media likes to determine how we will view events rather than just give us the facts anymore. The mainstream media has become the pimps for whoever pays them and it is a shame. Look how quickly the term "job creators" was universally adopted by the media. They are appealing to our belief that the system works as intended and it does not. The system is rigged to benefit those who are already rich.

My concept of capitalism is a system where everyone has a chance to succeed based on their efforts. Slavery can exist within a capitalistic system. You can be sold into slavery or even sell yourself into slavery in a true completely capitalistic society. What concerns me today is that the mainstream media seems to support this type of capitalism. In Pakistan people sell their children to Arabs to be camel jockeys (this is not joke and is very cruel), they sell their kids so they can eat and that their kids can eat.

The alternative to a world where anything goes and communism is as varied as you can imagine. Communism supposedly rewards everyone the same and that has a tendency to be unfair, yet, it is no more unfair than being sold into slavery. We can have a world with rules where we benefit those based on their efforts and willingness to risk their own money. Instead we have an economy where CEOs make their money by risking the investors money rather than there own. Heck, if they make a mistake they can get paid even better. Rewarding people for gaming or misusing the system is not capitalism, it is lawlessness.

Bloomberg - Traders Said to Rig Currency Rates to Profit Off Clients. If I pay someone to help me and instead they steal from me, is that capitalism or insanity? You may wish to think that the problem is one of morals and on a level it is; but, these people are taught that manipulating the system is their job and they are rewarded for doing so. Just consider the bonuses we paid to bankers AFTER their banks failed and we had to bail them out. Is that the type of capitalism you think we should support, one without rules. Greenspan reportedly believed in that type of capitalism and that is why it is claimed he did not want the derivatives market regulated. Well, that may or may not be his reason, I believe he is okay with an Globalism.

Yahoo - Reuters - Regulator gives big banks two years to push out swaps trading. As part of financial reform laws, big banks that received bailouts are supposed to stop making certain types of high risk investments and trades; but, we are going to give them two more years. What do you think they will do with the assets that they have to move out of the system in the next two years, do you think they will try and game the system again. They will and have already begun.

CNBC - Cramer: Stock Market 'Do Not Enter' Sign?. Somethings can only hidden for so long and even Cramer has to tell the truth sometimes or he would lose all credibility.

Yahoo - Business Insider - Central Banks May Finally Be Losing Control

Bloomberg - Eminent Domain Debate for Mortgages Revived by Fed Paper. So, why would cities and counties that claim to be in such dire straights want to buy up homes? Seems odd that one of the biggest proponents was San Bernadino when they also declared bankruptcy and then it turned out that they lied and could fund their pensions as I previously discussed and as was verified by Calpers? Well, by taking over the homes at a cut rate, they can then rent them out and create a revenue stream for the long term. The homeowners won't complain because it will artificially inflate the property value.

The International Monetary Fund plan called the "Chicago Plan Revisited" basically calls for eliminating all household debt, a reset if you will. In exchange, instead of buying your house, you merely pay the interest on the original loan for life. Isn't it interesting that many people had interest only loans for the first five years, we already know they can make that payment. You are freed from your "debt" because you will never own anything again. It is not capitalism and yet it is.

Here is how it could go down. Your local municipality will buy houses in foreclosure, you will be allowed to live their as long as you live and make the interest only payment. You will be required to maintain "your" property and will have to agree to keep up payments unless you lose your job or die or whatever else they consider to be a valid reason for leaving.

Now, timing for all of this I still do not know. We are seeing the market volatility that I had predicted and certainly the warning signs are all there. I cannot tell you exactly how it will all unravel or if it will take a month or two years. If I see someone building roads and utilities out to an area where there are no people, I know people are coming; but, when is much more tricky. I wish that I could say that it won't be for two years and maybe it will not. I wish I could tell you for sure that it will begin this month; but, remember even if it does, there are a whole lot of other pieces that will have to follow and that could take two years or more. Everything will not happen at once, markets will all see downturns in a fairly short period; but the actual implementation of the solution may take a bit and will.

Now lets try the Pimpernel tax model. What if we guaranteed everyone to live at the poverty level. Everyone would be guarenteed at least $20,000 if they at least worked or did community service, we would just provide it to the disabled, elderly or undesirable if they could not provide for themselves. We could make it more or less based on whatever was determined to be needed, we could base it on the number of people in the family and skew for the number that are capable of working. What about a system that ensured that everyone who was willing to work could have food and a place to live even if we didn't have a job for them? And when a job became available that they were capable of doing that did not involve something that might be found morally offensive to some, if they did not take the job, they would lose their benefits. I mention this because in some countries where prostitution is legal, welfare recipients were expected to take those jobs even if they found it against their beliefs. I wrote about that a long time ago; but, am not going to go back and find it.

What if everyone else was taxed 15% of all income that they made each year, not on their holdings, on their income regardless of where it came from. You know what, we could pay off the national debt in under ten years and keep private ownership of houses and everything else. Here is a video that you should watch, it is not long.

YouTube - A TED Talk on Income Inequality by Nick Hanauer

Interesting Movie and some news.

First up is the news, the markets continue to swing wildly across the world and there is more to come I believe.

Yahoo - Reuters - Analysis: Euro bailout Troika nears end of road with patchy record.

Yahoo - Reuters - Every Major Asset Class Is Overpriced: Analyst.

YouTube - The Encounter 2010 DVDRip Xvid AC3 Freebee. This is an interesting video; but, is about an hour and a half long. I hope some of you take the time to enjoy and consider it.

There is no Privacy on the Internet

Not at my best today; but, I wanted to post a couple of things. Well, I guess a CIA/NSA former employee and current contractor has exposed the fact that the U.S. government spies on and reads everything, every e-mail, every tweet, just everything that is on the internet. Yahoo - Reuters - U.S. snooping revelations cause trouble for allies. This is not news to me, in fact I have talked about it before and the person who helped design the program had previously come out and said that it was being used against Americans and everyone else.

You might notice that other nations leaders did not freak about our spying, because they knew we did it and we gave them access too. The Chinese know we monitor everything on the internet too and they do too. So why all of the revelations at the same time. We just had a judge say that the government has the right to monitor all calls and internet traffic. Why let you know that everything you do is monitored? Because once you are over the initial indignation, you will accept it. I grew up with the government monitoring me, I could care less on a personal level. I find it amusing; but, they had a reason for monitoring me. I don't like the idea of everyone else losing their illusion of privacy. It changes the way people view their lives.

In other news.

Associated Press - Report: US hasn't seen expected 'Great Recovery'

Yahoo - CNBC - Wild Swings? Emerging Currencies Have It Worst

Yahoo - CNBC - Can Japan's Nikkei Escape From the Bears?

Yahoo - CNBC - Risk Appetite Still Dire, Worst Ever: UBS CEO

Yahoo - CNBC - Market Pullback Could Finally be at Hand

Yahoo - CNBC - Yen Rally Sends Shock and Selling Through Markets

Long Island Press - U.S. Military ‘Power Grab’ Goes Into Effect - Pentagon Unilaterally Grants Itself Authority Over ‘Civil Disturbances’
U.S. Troops in Afghanistan (Photo: Senior Airman Sean Martin, U.S. Air Force). They want you to know that if there are civil disturbances, the military will take action. They want you to know that and they want you to feel comfortable with it. You see, we are going to have markets collapse and they want you to not panic or overreact.

Fox Business - Wall Street Zooms Higher as Traders Cheer Data

Well that is the news. Have a great week.