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Daily Digest 9/22 - The Three Stages of Empire, UN Fears The Third Leg Of Financial Crisis

Thursday, September 22, 2016, 8:12 AM


UN fears third leg of the global financial crisis - with prospect of epic debt defaults (Adam)

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.

Dallas Police Pension On Verge Of Collapse As Record Number Of Cops Seek Full Withdrawals (reflector)

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.

Jim Rogers: ‘Central Banks Are Losing Their Power…Thank Goodness’ (Herman J.)

“In Decembers they will raise rates, or the markets will raise rates…The market is much more powerful than the Federal Reserve.”

Canadian Mint employee accused of smuggling $180K of gold in his rectum (June C.)

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.

Moscow says attempts to accuse Russia of aid convoy attack are 'outrageous' (Uncletommy)

"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.

Long Term Consequences Of The Oil Price Crash (Josh O.)

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).

Bayer-Monsanto deal 'danger for our food': French chefs (Michael W.)

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

Click to read the PM Daily Market Commentary: 9/21/16

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."


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UN fears third leg of the global financial crisis - with prospec

UN fears third leg of the global financial crisis - with prospect of epic ...

Telegraph.co.uk-7 hours ago
"Alarm bells have been ringing over the explosion of corporate debt levels in emerging economies, which now exceed $25 trillion. Damaging deflationary spirals ...

SHOCK WARNING: Huge global financial crash is IMMINENT, says ...

Express.co.uk-4 hours ago
This huge debt bubble is no longer sustainable, according to Tad Rivelle, chief ... to start preparing for a serious shock and a "bad ending" to the credit bubble.

Fitch: China's Rebalancing Yet to Address Credit Risks

Reuters-7 hours ago

Fitch estimates general government debt to have reached 55% of GDP in 2015 ... FRANKFURT, Sept 22 The European Central Bank allotted 45.27 billion euros ..

China Said to Allow Default Swap Trade in 1st as Bad Debts Rise

Bloomberg - ‎3 hours ago‎
China's central bank has approved trading of credit-default swaps by financial institutions in the nation's interbank market, as it seeks to help investors tackle rising non-payment risks among the country's borrowers, according to people familiar with ...

Bank of Japan sets higher inflation goal to revive economy

Herald-Whig-21 hours ago
... benefit life insurers and other big institutional investors, whose investment returns have slumped since the central bank imposed a negative interest rate policy ...

Bank of Japan changes stimulus policy, denies it's running out of ...

euronews-21 hours ago
... radical stimulus efforts are being closely watched by other global central banks which are also struggling to revive growth, such as the European Central Bank.

Marc Faber: Central bankers are like alchemists

CNBC - ‎12 hours ago‎
At the same time, Faber noted that the low and negative interest rates globally were hurting pension funds. "Pension funds, even in these beautiful years of returns, 2009 to today, they have become less funded, they have become more underfunded," he said.

Central Bank Tools Are Losing Their Edge

Wall Street Journal-14 hours ago
The eurozone is in the same boat: The European Central Bank has pushed interest rates below zero in an effort to boost inflation which, even excluding food ...

Loans to households in Malaysia higher than GDP: Allianz Wealth ...

The Star Online-10 hours ago
“Household debt climbed to 89.1% of GDP, while the financial assets to GDP ratio ... Of the total global financial assets of Euros 155 trillion, the region Asia ...

Florida ranks 12th with $6.5 billion in unfunded debt, accounting ...

Watchdog.org-22 hours ago

Florida is known for its huge sinkholes, but its $6.5 billion in unfunded debt actually makes it the second smallest financial “sinkhole” among the 50 states, ..

Officials face truth behind Oregon's soaring pension costs

Mail Tribune-11 hours ago
Oregon's pension system owes billions of dollars more to retirees than it has, ... There's the sheer size of the deficit - $22 billion - at record heights even after a ...

WA posts record debt and deficit figures on back of falling GST and ...

ABC Online-11 hours ago
But debt is still predicted to keep rising dramatically in the coming years and was forecast in the May budget to reach $40 billion by June 30, 2019. Dr Nahan ...

How Italy Might Turn Piles of Bad Debt Into Assets for Banks

Bloomberg-1 hour ago
Banca Monte dei Paschi di Siena SpA, Italy's third-largest bank, plans to securitize 28 billion euros of bad debt for 33 percent of the gross value and may seek a ...

Most of Puerto Rico Plunged Into Darkness by Substation Fire

Bloomberg - ‎16 hours ago‎
The blackout comes as Prepa, its bondholders, insurance companies and fuel-line lenders are working on a deal that would reduce the utility's $9 billion debt load through a bond exchange. The Aguirre power plant, which accounts for one third of the ...

Indonesia Might Issue $2b More in Bonds if 2016 Budget Deficit ...

Jakarta Globe-13 hours ago
Indonesia plans to issue an extra Rp 27 trillion ($2.06 billion) in bonds if its 2016 ... Any issuance of additional debt will be denominated in rupiah, he said.

Argentina says fiscal deficit widened to 37.2 bln pesos in August

Reuters-13 hours ago
BUENOS AIRES, Sept 21 Argentina posted a primary fiscal deficit of 37.2 billion pesos($2.46 billion) in August, the Finance Ministry said on Wednesday, around ...

Pressure Mounting on U.K. Budget Deficit as Growth Slows

Bloomberg - ‎Sep 21, 2016‎
The U.K. fiscal deficit is declining more slowly than the government forecast as pressure builds on the public finances following the decision to leave the European Union. The budget shortfall stood at 33.8 billion pounds ($44 billion) in the first ...

Lost Trillions Haunt Russian Budget Keeper in Cheap-Oil Era

Bloomberg-5 hours ago

Already running its widest deficit since 2010 this year after oil's collapse, ... that later stalled, which totaled 500 billion rubles as of July 1, or 130 billion rubles in ..

Social care at 'tipping point' as watchdog warns services require ...

Herald Scotland-15 hours ago
The Fraser of Allander Institute said ministers would have to make billions of ... as the UK government continues to pursue its deficit reduction plans after the EU ...

For some Alaskans, individual health insurance costs more each ...

KTOO-13 hours ago
There are two reasons: Health care just costs more in Alaska than in other states, and the other reason is a lot of Alaskans with existing health problems buy ...

Maryland cuts revenue projections $800 million

Baltimore Sun-18 hours ago
Together with a previously reported $250 million shortfall for the budget year that ended June 30, the state faces more than a $1 billion structural deficit for the ...

Crime-plagued Chicago to add nearly 1000 police officers

Yahoo News-16 hours ago
The city of 2.7 million is struggling with chronic budget deficits, a big unfunded pension liability and falling credit ratings. The mayor said on Wednesday that he ...

Wall Street's stock-selling business is the worst in 20 years

MarketWatch-3 hours ago
So far this year, banks have taken in just $3.7 billion in fees from U.S.-listed equity ... public and convertible-debt issues, according to Dealogic data this week.


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Developments in Charlotte


You can't convict the dead guy on the basis of his criminal record, but he did have a record of violent crimes starting in 1992.  So it wouldn't be all that surprising if he did have a gun and if he defiantly refused police orders to drop it.  Since he was a convicted felon, possession of a firearm would've indicated a likely sentence of at least 5 more years in prison.  Maybe he decided he'd rather die than go back to prison.  Time will tell.

A public records search shows that Scott was convicted in April 2004 of a misdemeanor assault with a deadly weapon charge in Mecklenburg County. Other charges stemming from that date were dismissed: felony assault with a deadly weapon with intent to kill, and misdemeanors assault on a child under 12, assault on a female and communicating threats.

In April 2015 in Gaston County Court, Scott was found guilty of driving while intoxicated. 

In 1992, Scott was charged in Charleston County, S.C., with ​several different crimes on different dates, including carrying ​a concealed weapon​ (not a gun), simple assault and contributing to ​the delinquency of a minor. ​He pleaded guilty to ​all charges.

Scott also was charged with aggravated assault in 1992​ and assault with intent to kill in 1995. Both charges were reduced, but the disposition of the case​s​ is unclear.

According to Bexar County, Texas, records, Scott was sentenced in March 2005 to 15 months in a state jail for evading arrest. In July of that year, records show, he was sentenced to seven years in prison on a conviction of aggravated assault with a deadly weapon. A Texas Department of Criminal Justice spokesman said Scott completed his sentence and was released from prison in 2011.

And wait until the anger among hot-headed whites boils over in response to black anger and crime:


Read more here: http://www.charlotteobserver.com/news/local/crime/article103175292.html#storylink=cpy
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Samantha Powers: US Neocon at the UN Security Council

I would like to recommend the first 25 minutes of the Greg Hunter – Paul Craig Roberts interview posted above by Arthur. 


Please also read PCR’s column, where a guest editor delivers a scathing evaluation of the Neocon, Samantha Powers.  This is of immense importance to us all as Samantha Powers is the Permanent US representative to the UN Security Council.


Last week when US forces “mistakenly” bombed “friendly” forces in Syria (while pretending to fight ISIS) Russia was outraged and took the issue to the UN Security Council.  There, Powers was able to prevent any meaningful negotiation.


Who is Samantha Powers?  Who is she married too?  What institutions/factions endorse her?  Please look into this in your own way.


What is her developmental level?    She is described as a “cruise missile liberal,” one of the group that advocates for “humanitarian goals” by dumping thousands of tons of explosives on adversaries.  This is the wolf in sheep’s clothing deception where a RED Meme group pursues power and commits violence under the pretext of GREEN Meme activity (“doing good,” fighting for the rights of women and children,” “spreading democracy”).


This is RED Meme.  It is very very important to recognize a RED Meme coalition, as many nations have been lead to their destruction by their own RED Meme leaders.


RED Meme pursues its needs by domination and destruction of adversaries.


“Submit or die.”

“My way or I will destroy you.”

“Only one of us matters here, and it is me.”

Typically RED is rare in the west at this point in history and is only seen in prison and inner city gangs.  A brutal leader creates a climate of fear and crushes competitors with arbitrary violence.  The leader hurts others randomly, simply to show that he can.  And the power to hurt another is the source of the “respect” that they show him.


When the RED Meme Neocon faction seeks to dominate and punish Russia, how will Russia respond?  How would you respond if you had to live in the same home with an abusive person?


This is the reason that we here at PP are no longer RED.  We have seen where this leads in history and in personal life experiences.



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Maybe they'll grow up or learn their power is illusory


Opening paragraph:

What, precisely, is the US military for, and what, precisely, can it do? In practical terms, how powerful is it? On paper, it is formidable, huge, with carrier battle groups, advanced technology, remarkable submarines, satellites, and so on. What does this translate to?

After some sensible analysis, here's the final conclusion:

All of which is to say that while the US military looks formidable, it isn’t particularly useful, and aids China by bankrupting the US. Repeatedly it has demonstrated that it cannot defeat campesinos armed with those most formidable weapons, the AK, the RPG, and the IED. The US does not have the land forces to fight a major or semi-major enemy. It could bomb Iran, with unpredictable consequences, but couldn’t possibly conquer it.

The wars in the Mid-East illustrate the principle nicely. Iraq didn’t work. Libya didn’t work. Iran didn’t back down. ISIS and related curiosities? The Pentagon is again bombing an enemy that can’t fight back—its specialty—but that it seems unable defeat.

Wrong military, wrong enemy, wrong war, wrong world.

Besides Red Meme neocons growing up or learning that their military is illusory, the other possibility is that they're maniacs and don't care if they destroy them AND us:

We live  in a  military world fundamentally different from that of the last century. All-out wars between major powers, which is to say nuclear powers, are unlikely since they would last about an hour after they became all-out, and everyone knows it. In WWII Germany could convince itself, reasonably and almost correctly, that Russia would fall in a summer, or the Japanese that a Depression-ridden, unarmed America might decide not to fight. Now, no. Threaten something that a nuclear power regards as vital and you risk frying. So nobody does.

At any rate, nobody has. Fools abound in DC and New York.

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This will be a bitter pill to swallow for some


Black people were once again shot by police and so there are once again violent BLM riots in which people are dying. As usual, it is not clear that either police officer committed murder and, if they did, that it had anything to do with race.

The first incident occurred in Tulsa. Police encountered Terrence Crutcher who was unresponsive to their commands. They thought he had a weapon and ordered him to stop approaching his car. He continued to approach his vehicle, with his hands up, and they shot him.

The second incident occurred in North Carolina where police say that Keith Lamont Scott got out of his car with his gun and then refused to drop his weapon. The family says that he was sitting in his car reading a book when the police shot him. The police have recovered a gun from the scene but no book.

In my opinion, the second shooting was clearly justified while the first may not have been. Regardless, these are merely anecdotes. The media bombards us with at least one story like this every month and the public forms their views on police shootings based on these incidents.

This reliance on a limited number of anecdotes is problematic since a dozen or so police killings represents a minuscule fraction of the hundreds of people killed by police every year. This sample is tiny, and there is no reason to think that it is representative of police killings in general...

Looking at the racial breakdown of people legally killed with guns drives this point home even further. Between 2008 and 2012, 59.1% of all individuals legally killed with a gun were Black. 41% of all people legally killed with a gun were Black people killed by other Black people. 92% of those legally killed with a gun by Black people were Black.

In other words, Black people are far more heavily overrepresented among the legal killing of Black people by Black people than they are among the killing of Black people by police.

Unless you think that Black people are even more racist (against Black people) than police are, something else is probably going on here. Police are less likely to kill Black people than Black people are, and less likely to kill Black people than you would expect given their violent arrest rates, which do in fact reflect their violent crime rates.

This conclusion is backed up by experimental research. If you have police play highly realistic virtual reality games in which they confront violent criminals they pause before shooting someone who is clearly coming after them. This pause is longer when their attacker is Black.

This hesitancy to shoot Black people happens even though areas of the brain associated with perceiving danger light up more when police officers see Black attackers, suggesting that police officers are stopping themselves from appropriately responding to the threat they perceive when that threat comes from Black people.

Perhaps they are afraid of the media turning their act of self-defense into a news story. This would explain why research has found that police are more likely to shoot Black people when they are using a body camera.

To conclude, I don’t think that most of the anecdotes focused on by the media are examples of police unjustifiably killing Black people. Even if they were though, these stories are anecdotes, not evidence, and the deaths of, say, 15 people, a year tells us next to nothing in a nation of more than 300 million inhabitants. If we look at real data, it becomes apparent that we would expect more Blacks to be killed by cops, rather than fewer, if the police were truly color blind.

Charts and data in the article not reproduced here.


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Karma's a bitch!

Thanks T2H. Now I have something to feed to the local sheeple which is contrary to their usual diet! devil

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America spends up big.

According to a Russian analysis. 

The US spends 11 times more than Russia on military expenditures. According to the Department of Defense, the budget for the military spending in 2016 is $585 billion, an amount that consumes more than 54 percent of the country’s total budget (after all, safe roads and bridges are so overestimated these days). In fact, military spending in the United States is so crazy out of control that the Pentagon actually managed to “lose track of” over 2 trillion dollars, as announced by former Defense Minister Donald Rumsfeld on September 10, 2001 (understandably, the accounting error was quickly forgotten the next day).

Russia is not your enemy. 

Catherine Austin Fitts said that the money went to funding UFO's. Has she been sheep dipped?


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Tulsa officer Betty Shelby charged with manslaughter


Prosecutors charged a white Oklahoma police officer with first-degree manslaughter Thursday, less than a week after she killed an unarmed black man on a city street and just days after police released graphic videos, saying in court documents the officer “reacted unreasonably.”

Tulsa officer Betty Shelby fatally shot 40-year-old Terence Crutcher on Sept. 16. The affidavit filed with the charge says Shelby “reacted unreasonably by escalating the situation from a confrontation with Mr. Crutcher, who was not responding to verbal commands and was walkingaway from her with his hands held up, becoming emotionally involved to the point that she over reacted.”...

Prosecutors offer two possible theories in charging documents: that Shelby killed Crutcher impulsively in a fit of anger or that she wrongly killed him as she sought to detain him. The case first goes to a judge, who will decide whether there is enough evidence for a trial. Lee F. Berlin, a Tulsa-based defense lawyer and a former assistant district attorney in Oklahoma, said prosecutors may at some point decide to move forward with only one of the theories or could present both to jurors and let them decide.

If convicted, Shelby faces between four years and life in prison.

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i've seen this posted in 3 different sites, t2h, but there seems to be no confirmation aside from FARS and others who are linking to the FARS story, so i am skeptical.

but if true, this is huge news.

this was just posted by Prof Michel Chossudovsky, a good analysis here i think, but he also hedges by saying, "Assuming that the Fars New Report is accurate":




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Ferrying us, like Charon, to the land of the dead

"...Philosopher George Santayana foresaw that America’s obsessive individualistic culture of competition and mimicry would eventually incite “a lava-wave of primitive blindness and violence.” The inability to be self-critical and self-aware, coupled with the cult of the self, would lead to a collective suicide. Cultural historian Carl Schorske in “Fin-de-Siècle Vienna: Politics and Culture” wrote that Europe’s descent into fascism was inevitable once it cut the “cord of consciousness.” And, with the rise of Trump, it is clear the “cord of consciousness” has also been severed in the twilight days of the American empire. Once we no longer acknowledge or understand our own capacity for evil, once we no longer know ourselves, we become monsters who devour others and finally devour ourselves. 

“Totalitarianism with its tens of millions of victims was identified as a malevolent reaction to the benevolent Enlightenment tradition of rationalism, humanism, universalism and liberal democracy—a tradition seen as an unproblematic norm,” Mishra writes. “It was clearly too disconcerting to acknowledge that totalitarian politics crystallized the ideological currents (scientific racism, jingoistic nationalism, imperialism, technicism, aestheticized politics, utopianism, social engineering and the violent struggle for existence) flowing through all of Europe in the late nineteenth century.” 

Mishra knows what happens when people are discarded onto the dung heap of history. He knows what endless wars, waged in the name of democracy and Western civilization, engender among their victims. He knows what drives people, whether they are at a Trump rally or a radical mosque in Pakistan, to lust after violence. History informs the present. We are afflicted by what writer Albert Camus called “autointoxication, the malignant secretion of one’s preconceived impotence inside the enclosure of the self.” And until this “autointoxication” is addressed, the rage and violence, at home and abroad, will expand as we stumble toward a global apocalypse. The self-alienation of humankind, Walter Benjaminwarned, “has reached such a degree that it can experience its own destruction as an aesthetic pleasure of the first order.” 

The conflicts in Egypt, Libya, Mali, Syria and many other places, Mishra notes, are fueled by “extreme weather events, the emptying of rivers and seas of their fish stocks, or the desertification of entire regions on the planet.” The refugees being driven by their homelands’ chaos into Europe are creating political instability there. And as we sleepwalk into the future, the steady deterioration of the ecosystem will ultimately lead to total systems collapse. Mishra warns that “the two ways in which humankind can self-destruct—civil war on a global scale, or destruction of the natural environment—are rapidly converging.” Our elites, oblivious to the dangers ahead, blinded by their own hubris and greed, are ferrying us, like Charon, to the land of the dead."

For the entire essay: http://www.truthdig.com/report/print/the_age_of_anger_20170611

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