We know already that the poisonous side-effect of zero rates and quantitative easing in the US, Europe, and Japan was to flood developing nations with cheap credit, upsetting their internal chemistry and drawing them into a snare. What is less understood is just how destructive this has been.
The rampant fraud at the DPFP left the fund over $3BN underfunded and its board of directors with no other option but to seek a $600mm infusion from taxpayers to keep the fund afloat. Even worse, a review of the pension’s financials revealed $2.11 of annual benefit payments to members for every $1.00 contributed to the plan by members and taxpayers (mostly taxpayers)…the typical pension ponzi whereby plan administrators borrow from assets reserved to cover future liabilities (which are likely impaired) to cover current claims in full.
“In Decembers they will raise rates, or the markets will raise rates…The market is much more powerful than the Federal Reserve.”
One day a teller became suspicious at the size and number of Ottawa Gold Buyers cheques being deposited and Lawrence’s request to wire money out of the country. She then noticed on his account profile that he worked at the Mint. The first red flag was up.
“Such attempts, which are unconfirmed by any facts, are designed, among other things, to distract attention from a strange ‘error’ made by pilots of the US-led anti-ISIS coalition on September 17 when its planes bombed the Syrian government troops positions near Deir ez-Zor,” the Russian Foreign Ministry stressed.
The Three Stages of Empire (reflector)
That line describes the American state and central bank perfectly. The burdens of an increasingly self-serving hierarchy are falling most heavily on the middle and upper-middle class, while bread and circuses (i.e. Medicaid-paid opiates) are freely distributed to the restless masses to distract them from the immense concentration of wealth and power at the top of the pyramid…
Has Real Estate Hit Its Peak? (Tiffany D.)
In 2005, I was on hand as a reporter in Las Vegas as developers announced the start of “CityCenter” — a $9 billion building project next to the strip. As executives proudly noted at the time, it was the largest privately funded development in the history of the United States. By 2009, the project’s backer was on the verge of bankruptcy.
The IEA found that worldwide investment in energy in 2015 was $1.8 trillion, a fall in real value of 8 percent from 2014. Investment in oil and gas fields, according to IEA’s executive director, by 25 percent in 2015 to $583 billion, with a further decline of $450 billion expected for 2015. The decline in oil and gas, which has otherwise retained the largest share (46 percent) of total investment, was partially off-set by growth in renewables, electricity networks and energy efficiency (see a handy pie chart here).
Monsanto’s genetically modified crops, its herbicide Roundup and other pesticides “threaten cultural as well as agricultural diversity”, the chefs said in their letter published on the Atabula website.
“Without quality and healthy products and a diversity of crops, cooks can no longer exercise their creative talents,” added the letter, which was also signed by three-star Michelin chefs Yannick Alleno and Michel and Sebastien Bras.
Gold & Silver
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