Have you ever wondered how the big banks make such enormous mountains of money? Well, the truth is that much of it is made by gambling recklessly. If they win on their bets, they become fabulously wealthy. If they lose on their bets, they know that the government will come in and arrange for the banks to be bailed out because they are "too big to fail". Either they will be bailed out by... read more
I recently released a video about the Internet-based currency, Bitcoin. I asked the question: is Bitcoin money? In brief, I said no it’s an irredeemable currency. This generated some controversy in the Bitcoin community. I took it for granted that everyone would agree that money had to be a tangible good, but it turns out that requirement is not obvious. This prompted me to write further... read more
(Reuters) - One of the Federal Reserve's most hawkish officials confronted one of the institution's most dovish policymakers on Tuesday in a rare joint public debate over the risks posed to inflation by the U.S. central bank's bold steps to spur growth.
Policy dove Charles Evans, president of the Federal Reserve Bank of Chicago, and anti-inflation hawk Jeffrey Lacker, chief of the Richmond F... read more
On the heels of the Cypriot Finance Minister quitting and continued volatility in gold, today acclaimed money manager Stephen Leeb told King World News the West is much closer to collapse than it was even three weeks ago, and gold is being sold to mask the desperate situation the West faces going forward. Here is what Leeb had to say in this powerful interview: “Eri... read more
Is the Cyprus Bank “Bail-in” a “dress rehearsal” for things to come: the staging of a “Savings Heist” operation in the European Union and North America which could result in the outright confiscation of bank deposits?
In Cyprus, the entire payments system has been disrupted leading to the demise of the real economy.
Pensions and wages are no longer paid.... read more
(by Mish - Global Economic Analysis) I have encouraging news in the state of Arizona where lawmakers back gold, silver as currency.
The measure is Arizona's latest jab at the federal government, which prohibits states from minting their own money. It also reflects a growing distrust of government-backed money.
The bill, which advanced in a 4-2 vote by a House committee Monday, states that g... read more
Today a legend in the business warned King World News that the coming financial collapse has now been moved up a notch after the recent events in Cyprus. Keith Barron, who consults with major companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, also told KWN this is the beginning of the great Ponzi scheme unw... read more
“I think the US stock market is building a massive rounded top, and when it finally buckles it will probably be the start of the end game. The volume keeps declining as the markets rise. This is not a good pattern when viewed from a historical context.
So the whole situation we find ourselves in makes me very uncomfortable. The mainstream media continues with its propaganda in order to mis... read more
The dramatic recent events in Cyprus have highlighted the fundamental weakness in the European banking system and the extreme fragility of fractional reserve banking. Cypriot banks invested heavily in Greek sovereign debt, and last summer's Greek debt restructuring resulted in losses equivalent to more than 25 percent of Cyprus' GDP. These banks then took their bad investments to the government... read more
Henry Kissinger has been oft-quoted as saying: “Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world.” Regardless of whether or not he ever actually said such a thing (there is no source for this alleged quotation), it is nonetheless an apt observation. In fact, it is true almost by definition. Anyon... read more
