Daily Digest

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Daily Digest 4/4 - The Truth Behind U.S. Jobs Data, Where Bad Bankers Go To Prison

Monday, April 4, 2016, 8:48 AM

Economy

This Is Where Bad Bankers Go to Prison (jdargis)

It may not be hard time, but it’s a far cry from the giddy days when the Kaupthing bankers hosted parties for clients aboard yachts in Monte Carlo and hired the likes of pop legend Tom Jones to serenade guests at London galas. In sentencing these financiers to serve terms of up to 5½ years, the Icelandic courts have done something authorities in the world’s two great banking capitals, New York and London, haven’t: They’ve made bankers answer for the crimes of the crash. “The Icelandic banks went overboard,” says Olafur Hauksson, the onetime small-town police chief who in January 2009 was appointed special prosecutor to investigate the banking cases. “They were basically bankrupt.”

Wikileaks Reveals IMF Plan To "Cause A Credit Event In Greece And Destabilize Europe" (Ivo M.)

This morning we got another confirmation of how supernational organizations "plan" European crises in advance to further their goals, when Wikileaks published the transcript of a teleconference that took place on March 19, 2016 between the top two IMF officials in charge of managing the Greek debt crisis - Poul Thomsen, the head of the IMF's European Department, and Delia Velkouleskou, the IMF Mission Chief for Greece.

Ominous Population, Job, & Housing Trends (Chris H.)

Since '00, the population of 55+ Americans has grown by 27 million (+45%) and full time employment among this segment risen by 10 million (+93%). A large swath of boomers did not and have not retired maintaining existing or establishing new full time work. Theoretically, they are willing to work for less to maintain medical benefits and bridge shortcomings in their retirement savings.

Total Inequality (jdargis)

Total Inequality is not merely income inequality (although it matters) nor merely wealth inequality (although that matters, too). Total Inequality would refer to the sum of the financial, psychological, and cultural disadvantages that come with poverty. Researchers cannot easily count up these disadvantages, and journalists cannot easily graph them. But they might be the most important stories about why poverty persists across time and generations.

HUD Wants to Outlaw Tiny Homes and RV Living (Phil H.)

The U.S. Department of Housing and Urban Development – which ironically was founded to end poverty and racial injustice in housing – proposed a law last month that would make living in a recreational vehicle – and potentially a tiny home – illegal.

The Truth Behind U.S. Jobs Data (Tiffany D.)

While the data was positive on the surface, a little digging reveals the real picture. In fact, March layoffs were 31% higher than the same month a year ago, making it the fourth consecutive year-over-year increase. For the first quarter, employers announced a total of 184,920 job cuts, a 31.8% increase from the first quarter of 2015.

How the One Percenters Divorce: Offshore Intrigue Plays Hide and Seek with Millions (jdargis)

“A dishonest husband is as much a fraudster as Bernard Madoff,” Martin Kenney, an asset recovery specialist in the British Virgin Islands who has worked on behalf of wives from Russia, the United Kingdom, Switzerland and the United States, told ICIJ. “These offshore companies and foundations . . . are instruments in a game of hide and concealment.”

At the heart of Elena Rybolovleva’s legal battle was the allegation that her estranged husband — now ranked by Forbes as Russia’s 14th richest man — had used tax havens to help obscure real estate and other wealth.

Tesla Model 3 electric car orders accelerate to 276,000 (jdargis)

It can be ordered in advance in dozens of countries, including the UK, Republic of Ireland, Brazil, India, China and New Zealand.

Potential car owners need to put down $1,000 deposits to reserve their vehicles.

Gold & Silver

Click to read the PM Daily Market Commentary: 4/1/16

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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saxplayer00o1's picture
saxplayer00o1
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Posts: 4060
Subprime housing risks raise red flags in China

 

IMF says insurers pose risks to the global economy

Government Pension Investment Fund likely lost more than ¥5 trillion last year

The Japan Times - ‎2 hours ago‎
The Government Pension Investment Fund is likely to record losses of more than ¥5 trillion for fiscal 2015, which ended Thursday, amid a deteriorating investment environment since January, according to recent estimates by financial experts. The GPIF ...

Negative Interest Rates Lift Tokyo Property Market

Bloomberg-14 hours ago
The Bank of Japan's introduction of negative rates has helped trigger a property boom in Tokyo, and that's led some investors to warn that the market there is ...

Japan firms' inflation expectations weaken, keeps BOJ under pressure

Reuters - ‎14 hours ago‎
TOKYO Japanese companies' long-term inflation expectations weakened in March from three months ago, a central bank survey showed, a sign January's decision to adopt negative interest rates has failed to convince firms that price rises will accelerate ...

'Godfather' of Abenomics warns sales tax hike will suck Japan into ...

Telegraph.co.uk-18 hours ago
“Right now, the ministry of finance can collect tax revenues through the Bank of Japan's negative interest rate policy but it should only be for the short term.”.

ECB prepared to do more if necessary to achieve inflation target

Reuters-6 hours ago
FRANKFURT The European Central Bank is prepared to ease monetary policy further if necessary to prevent low inflation in the euro zone from becoming ...

ECB Will Act Forcefully If Necessary to Fight Low Inflation, Says Praet

Wall Street Journal - ‎5 hours ago‎
FRANKFURT—An extended period of low inflation in the eurozone would be very harmful, the European Central Bank's chief economist Peter Praet said Monday, underscoring the monetary authority's readiness to pump more cash into the economy, if such ...

ECB Bought 61.3 Billion Euros of Debt in March Ahead of QE Boost

Bloomberg - ‎1 hour ago‎
Holdings of public and private-sector debt climbed to 832.7 billion euros, data on the ECB's website showed on Monday. The central bank announced on March 10 that it planned to buy an average of 80 billion euros a month of bonds, up from 60 billion, ...

China debt-to-equity swap could 'resolve' $154 bln in potential bad ...

Reuters-4 hours ago
Last month, people with direct knowledge of the policy told Reuters that China's central bank is drawing up regulations to allow commercial lenders to swap ...

Subprime housing risks raise red flags in China

MarketWatch-8 hours ago
Banks and property developers say household leverage is still far from the debt levels in the U.S. that preceded the subprime debacle. Mortgage-default rates ...

Biggest Ever Saudi Overhaul Targets $100 Billion of Revenue

Bloomberg-8 hours ago
The central bank's net foreign assets have tumbled by more than 500 billion riyals ... The government is in talks with banks to raise about $10 billion through a ...

Morgan Stanley Favors Inflation-Linked Debt as Fed Seen `Dovish'

Bloomberg-13 hours ago
BlackRock, the world's largest money manager with $4.6 trillion in assets, recommended TIPS as recently as last week. Pimco's Mihir Worah, one of the three ...

Britain could lose AAA rating if it leaves EU, S&P warns again ...

The Guardian-4 hours ago

But the Germans say a debt haircut is not on the agenda, Reuters is .... the Chancellor announced plans to double the housing budget to over £2 billion a ye

Chicago grapples with worst murder rate in two decades

PBS NewsHour-17 hours ago
We have $20 billion public workers' pension deficit here. And we have teachers that are on the precipice of going on strike. HARI SREENIVASAN: All right.

Greek Bonds Drop as IMF Says Deal on Additional Loans Is Far Off

Bloomberg - ‎3 hours ago‎
The tension with the IMF comes as European officials monitoring the progress of debt negotiations say the nation could again face the threat of being pushed into default and out of the euro if the current bailout review drags on into June and July ...

U.K. pension liabilities soar in March — Mercer

Pensions & Investments-23 minutes ago
The accounting deficit of FTSE 350 company defined benefit funds increased 65.3% ... Total assets for these pension funds increased 1.5% to £657 billion in the ...

Kiwi loan defaulters overseas be warned: Some of you are being lined up for arrest

TVNZ - ‎15 hours ago‎
Tertiary Education Minister Steven Joyce says the IRD will "continue to target" overseas-based borrowers who default. He warned that the IRD ... He returned home to Rarotonga after his January arrest, vowing to pay off his $120,000 debt. "Inland ...
sand_puppy's picture
sand_puppy
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FBI Report on the Dancing Israelis

Mark Gaffney reports again on the "5 dancing Israelis" and finds more to suggest that these gentlemen knew in advance about the attacks and knew in advance that "they were about to bring down the second tower."

These 5 individuals were observed filming the WTC attacks and celebrating.

9/11:  The FBI Report and the Dancing Israeli's Stands Truth on its Ear

The FBI investigation took a serious turn when two of the [five] men turned up in a US national intelligence database, indicating they were known Mossad agents. Mossad is the Israeli equivalent of the CIA. Also, two of the men (it is not clear if these were the same two) were found to be in possession of round-trip airline tickets. The two had arrived in the US from Tel Aviv via Athens on June 15, 2001, and were scheduled to return to Israel on September 12, 2001, the day after the attacks.vi Was the suspicious timing of their planned departure just a coincidence?

In March 2002, an un-named high-ranking US intelligence official told The Forward, a venerable New York Jewish newspaper, that the FBI concluded at the end of its investigation that the Israelis arrested in New Jersey had been conducting a Mossad surveillance mission on September 11, and that their employer, Urban Moving Systems, served as a front.vii

One of the 5 Israelis was NOT a Mossad agent and was a just a worker at the Urban Moving Company.  This "fifth" man geve a more detailed report on the events of the morning.

The fifth Israeli

It seems that one of the five Israeli detainees did not know enough to keep his mouth shut, probably because he was not a member of the core Mossad group, hence, was not in the loop. This fifth Israeli was apparently just a guy, a poor shmuck who happened to be in the wrong place at the wrong time. According to the FBI report, the man broke down and sobbed repeatedly under interrogation, not what you would expect of a Mossad operative. The man told the FBI he barely knew the four other Israelis who were in the van with him at the time of the arrest, and did not even know their last names. Evidently, this fifth man was one of two Johnny-come-late-lies who joined the group after the high-fivers left the parking lot below Maria’s apartment.xvii

This odd man out gave the FBI the fullest account of any of the detainees. He described in considerable detail the events of that morning; how he first noticed smoke pouring from the World Trade Center while en route to work; and how he arrived at UMS late, between 9:15 - 9:20 a.m., whereupon, he reported to the box packaging area in the UMS warehouse for some scheduled training. Apparently, the man was still a novice mover. He further explained that around 11 a.m. one of the other Israelis came in and announced that “they are taking down the second building,” at which point everyone in the warehouse hurried up to the roof to watch the mind-boggling spectacle. The fifth Israeli told the FBI that (and I quote) “at the time [he, the fifth man] believed that the authorities had purposely collapsed the building to prevent the additional damage that would be caused by the building tumbling to its side. It was not until later that night when he saw a TV news report in jail that he realized that the planes had caused the buildings’ collapse.” This is verbatim from the FBI report.

Looking back with unblinkered hindsight, it’s clear that the naive fifth Israeli heard it right the first time from the other Israeli who knew the truth: that the World Trade Center was being systematically demolished in plain view of the whole world.

 

Tall's picture
Tall
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Posts: 564
Good news Monday

Con Edison reimagines electricity supply in NYC

BQDM, as it's called, is a plan that reimagines the area's grid for 21st century climate changes, especially longer, hotter summers. While the specifics are not fully formed, BDQM is likely to harness state-of-the-art grid management, emissions-free on-site power generation and basic customer-side energy efficiency, which is already going into effect.

The cost: About $200 million, less than one-fifth the price of a substation.

http://insideclimatenews.org/news/04042016/coned-brooklyn-queens-energy-demand-management-project-solar-fuel-cells-climate-change

 

Edwardelinski's picture
Edwardelinski
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Posts: 309
The Panama Papers

Today is an example of Good triumphing over Evil.The International Consortium of Investigative Journalism blew the lid off the most greedy,corrupt,power players the world has seen in 20 years.These 400 strong reporters were able to keep this a secret for a year and as a result regimes may topple.Included in the list are 4 Prime Ministers,2 sitting Presidents,A Saudi King and assorted friends of Putin.Granted,its in early stages,but the citizens of Iceland have already assembled in the streets calling for he Prime Ministers resignation at this very moment.So,3 cheers for them! 

Bankers Slave's picture
Bankers Slave
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I have not looked, but

is there a deficit of western characters named in this release. 

Is this selective demonisation by so called western investigative journalists against the usual bogeymen?

Edwardelinski's picture
Edwardelinski
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No selective demonization

No bogeyman either.The consortium is made up of 190 journalists( Investigative Reporters) in 65 countries around the world.They range from the Netherlands,Hong Kong and include the Washington Post.What came out over the weekend ist he initial small dump because there are millions of files.According to Suddeutshe Zeitung the US individuals implicated will be coming.If you are interested in there calibur of journalism please go to ICIJ.org.This is an exhaustive report with the best journalists in the world.The Atlantic provides a good primer and Fusion does as well.Bloomberg has a decent piece this morning.Its the tabloid papers that dirty up the message....

blackeagle's picture
blackeagle
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Posts: 216
Panama papers

Royal Bank of Canada is named. There are 350 Canadians citizens too. Their names have been communicated to CBC (Radio Canada) which did not made them public yet. To follow...

What is troubling is that these 11.5M papers comes from ONE company. Just ONE!!!! There are hundreds of them doing the same thing. How much money is diverted?

 

Edwardelinski's picture
Edwardelinski
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Posts: 309
The amount remains to be seen

Keep in mind this is one country (Panama),one tax haven (Panama) one law firm (Panama) with what looks to be one whistleblower.Which makes it so extraordinary.One human being that was compelled to come forward and the hard work that went into following the money trail.There are many tax havens around the world like Grand Cayman.It is the go to place for American corporations.The Caymans still  remain a mystery.

Tall's picture
Tall
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Posts: 564
How much offshore?

http://www.reuters.com/article/us-offshore-wealth-idUSBRE86L03U20120722

Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

 
The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.
reflector's picture
reflector
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Posts: 267
mossack
Edwardelinski wrote:

According to Suddeutshe Zeitung the US individuals implicated will be coming.

i will believe that when it happens.

and if it does happen, exposed will be those who are less politically connected, and those who didn't pay the requisite hush money.

you can be sure that those at the top of the US elite criminal class, like clintons, bushes, blankfeins, dimons, rockefellers, etc, won't be touched.

for the time being, what is clear, is that for now, the disclosures discredited / destabilized US rivals, rather than the US.

you may have seen this already:

http://www.zerohedge.com/news/2016-04-04/mossack-fonseca-has-441-us-clie...

 

reflector's picture
reflector
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Posts: 267
saved not lost
Tall wrote:

Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

$280 billion "lost"? that's a funny way of putting it...i would tend to say that it was saved rather than lost, but i suppose that's a matter of perspective.

a lot of innocent people could be killed by drone strike for $280 billion, a lot of foreign governments could be overthrown for that much (usa only paid $5 billion to overthrow the elected government of ukraine), a lot of people could be illegally spied upon, a lot of foreign leaders could be blackmailed and bullied, a lot of crony banksters could be bailed out.

the usa federal government is the most violent and destructive government on the planet, so, as far as i'm concerned, those of us who have any connection to the usa have a moral responsibility to deprive the federal government of any support, to the greatest extent possible.

Michael_Rudmin's picture
Michael_Rudmin
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Posts: 772
I might agree with you on the definition of lost... but...

but the very people that this 280 billion is lost TO are the very people who run drone strikes and run the war engine you speak of.

These are the very people who slam innocent middle class Americans for extra taxes, beyond even their own claims of "fair", to make up the difference.

These are the people who drive the industries to the slave factories.

280 billion lost?

I'd say rather several tens of trillions of destruction oncoming.

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