Daily Digest 1/17 - Social Security Fraud, WikiLeaks gets Offshore Banking Secrets, Untapped Reserves for BP
- EMU Policies Are Pushing Southern Europe Into Systemic Political Crisis
- Accelerating Deposit Flight In Ireland Forces Irish Central Bank To Print Money Independent Of ECB
- The Fraud at the Heart of Social Security
- Swiss Whistleblower Plans To Hand Over Offshore Banking Secrets To WikiLeaks
- Airbus Tops Boeing on Orders, Deliveries Amid Recovery
- More Strong Bank Results Desired by Investors
- Rosneft Deal Brings BP Trove of Untapped Reserves
Greece, Portugal, Spain, and Ireland will stay trapped in structural depression through this year, and well into next, rotating from a liquidity crisis to a chronic political and social crisis that exposes the inability of elected governments to counter 1930s job wastage. Unemployment is 28pc in Andalucia, and 30pc in Cadiz.
It appears that Irish savers are sufficiently smart to realize that their money is no longer safe in a banking system whose existence is now only backstopped merely from referendum to referendum. As it is very unclear what will happen to the IMF/ECB rescue mechanism once the Irish election is held in March, with a material possibility that the whole plan will be unwound, leaving the country's financial system in the wind, a behind the scenes bank run is accelerating.
The Fraud at the Heart of Social Security (pinecarr)
There are two frauds at the very heart of the Social Security system, and I am going to describe and source them in detail. After spending a number of hours poring over public data from the Social Security Administration (SSA), The U.S. Treasury and the Congressional Budget Office (CBO), and additional hours searching the Web for other published analyses, I can state with some authority that there are no published analyses or accounts of Social Security which incorporate the actual outlays and receipts from fiscal year 2010 in a context which includes the Social Security Trust Fund.
He is also – at a time when the activities of banks are a matter of public concern – one of a small band of employees and executives seeking to blow the whistle on what they see as unprofessional, immoral and even potentially criminal activity by powerful international financial institutions. Along with the City of London and Wall Street, Switzerland is a fortress of banking and financial services, but famously secretive and expert in the concealment of wealth from all over the world for tax evasion and other extra-legal purposes.
The planemaker expects deliveries to rise to as many as 530 aircraft in 2011, with new orders topping that figure, Enders said. The company aims to secure a higher percentage of orders from North America this year, as carriers including Delta Air Lines Inc. start replacing ageing aircraft and airlines consider the revamped A320, Airbus’s most successful aircraft. Airbus is currently building 36 single-aisle planes each month, with plans to increase the rate to 40 in 2012. Demand is sufficient for Airbus to raise single-aisle production to as many as 44 monthly, and wide-body jets to 10 or 11 a month from nine, Enders said, with a decision expected shortly.
As earnings give hopes on a higher run for stocks, the bank shares’ rise pushed sector indexes to confrontational levels. This may mean a halt for shares in the shortened week due to Martin Luther King Jr. Day on Monday when the market is closed. JP Morgan Chase reported stronger-than-analyst-expected profit and revenue. Its CEO said that upon the go signal from regulators by the end of March, the bank could increase its dividend. Thomson Reuters data said financials are projected to have by far the highest growth rate in earnings for the 4th quarter, because of easy year-ago comparisons.
BP agreed last week to exchange $7.8 billion of its equity for a 9.5 percent holding in Russia’s largest oil producer. As part of the accord, the two companies will explore a 125,000 square-kilometer (48,000 square-mile) area of the Kara Sea, north from Russia’s largest developed fields in West Siberia.
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