If you realise that the world is topsy turvy, inside out and upside down, you can understand why this may happen when the lunatics have taken over the asylum
I always thought of the UK Green Party as a non-starter, not because I disagree with wanting to leave the planet in better shape than what he inherited it as but simply because of policy. They lacked a credible and meaningful direction but to be perfectly honest, they’re getting there and could give the status quo and public something to think about.
Public Credit Creation, Citizen’s Income and Land Value Tax are acting as the trinity of their economic policy, it’s a damn sight more equitable than what we have at the moment. Funny how nothing is mentioned on the 6 o’clock news, don’t want to give people hope or options, it’s just not good for business. Now back to Hollyoaks, Splash, Eastenders and whatever other shite passes as viewing these days. Courtesy of David Bollier @ Bollier.org:
The Green Party of England and Wales really knows how to stake out some fresh territory in their national politics! At the autumn conference, the Greens adopted a resolution calling for “a programme of reform to remove the power to create money from private banks, and to fully restore the supply of our national currency to democratic and public control so that it can be issued free of debt and directed to environmentally and socially beneficial areas.”
Bold thinking! The Greens explain why the existing banking system is so pernicious:
“The existing banking system is undemocratic, unfair and highly damaging. Banks not only create money, they also decide how it is first used – and have used this power to fund financial speculation and reckless mortgage lending, rather than to finance investment in productive businesses. Through the interest charged on the loans on which all credit is based, the current banking system increases inequality. It also regularly causes economic crises: banks create and lend more and more money until the level of debt becomes unsustainable, boom turns to bust, and the taxpayer bails out banks that are ‘too big to fail.’ Finally, the need to service the growing mountain of debt on which our money is based is a key driver of unsustainable economic growth that is destroying the environment.” Continue reading
So the Chinese default of CCT has been averted or the can has been kicked down the road, I’ll let you decide…Courtesy of The Hedge:
In a 2-line statement, offering very few details, ICBC’s China Credit Trust Co. said it reached an agreement to restructure the CEG#1 that ha sbeen at the heart of the default concerns in recent weeks. The agreement includes a potential investment in the 3 billion-yuan ($496 million) product but didn’t identify the source of funds, or confirm whether investors would get all of their money back. The media is very excited about this entirely provisional statement and we note, as Bloomberg reports, investors in the trust product must authorize China Credit Trust to handle the transaction if they want to recoup their principal which will involve the sale of investors’ rights in the trust at face value (though no mention of accrued interest). As BofAML notes, however, “the underlying problem is a corporate sector insolvency issue… there may be many more products threatening to default over time,” and while this ‘scare’ may have raised investors’ angst, S&P warns “a bailout of the trust product [leaves] Chinese authorities with a growing problem of moral hazard,” and they have missed an opportunity for “instilling market discipline.”
1) ICBC issues a 2 line statement on a CEG#1 restructuring – no details and no comments from anyone involved
China Credit Trust Co. said it reached an agreement to restructure a high-yield product that sparked concern over the health of the nation’s $1.67 trillion trust industry…
Beijing-based China Credit Trust’s two-line statement on its website didn’t identify the source of funds, or say whether investors would get all of their money back. Continue reading
Courtesy of Lund University:
Lingonberries almost completely prevented weight gain in mice fed a high-fat diet, a study at Lund University in Sweden has found – whereas the ‘super berry’ açai led to increased weight gain. The Scandinavian berries also produced lower blood sugar levels and cholesterol.
The Lund University research team used a type of mouse that easily stores fat and therefore can be regarded as a model for humans who are overweight and at risk of diabetes.
Some of the mice were fed a low-fat diet, while the majority of the animals were fed a diet high in fat. They were then divided into groups, where all except a control group were fed a type of berry – lingonberry, bilberry, raspberry, crowberry, blackberry, prune, blackcurrant or açai berry.
When the mice were compared after three months, it could be observed that the lingonberry group had by far the best results. The mice that had eaten lingonberries had not put on more weight than the mice that had eaten a low-fat diet – and their blood sugar and insulin readings were similar to those of the ‘low-fat’ mice. Their cholesterol levels and levels of fat in the liver were also lower than those of the animals who received a high-fat diet without any berries. Continue reading
“Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold [is] an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs; upon virtue of the victims. Watch for the day when it becomes marked; Account overdrawn.”
Rand, Atlas Shrugged ,1957
Part 2 of the Big Reset, courtesy of @Koosjansen & In Gold We Trust:
This is part two of a Q&A with Willem Middelkoop about his new book The Big Reset. In his book a chapter on the ‘War on Gold’ takes a prominent position. Willem has been writing about the manipulation of the gold price since 2002 based on information collected by GATA since the late 1990’s. So part two of our interview will focus on this topic.
The War On Gold
Why does the US fight gold?
The US wants its dollar system to prevail for as long as possible. It therefore has every interest in preventing a ‘rush out of dollars into gold’. By selling (paper) gold, bankers have been trying in the last few decades to keep the price of gold under control. This war on gold has been going on for almost one hundred years, but it gained traction in the 1960’s with the forming of the London Gold Pool. Just like the London Gold Pool failed in 1969, the current manipulation scheme of gold (and silver prices) cannot be maintained for much longer.
What is the essence of the war on gold?
The survival of our current financial system depends on people preferring fiat money over gold. After the dollar was taken of the gold standard in 1971, bankers have tried to demonetize gold. One of the arguments they use to deter investors from buying gold and silver is that these metals do not deliver a direct return such as interest or dividends. But interest and dividend are payments to compensate for counterparty risk – the risk that your counterparty is unable to live up to its obligations. Gold doesn’t carry that risk. The war on gold is, in essence, an endeavor to support the dollar. But this is certainly not the only reason. According to a number of studies, the level of the gold price and the general public’s expectations of inflation are highly correlated. Central bankers work hard to influence inflation expectations. A 1988 study by Summers and Barsky confirmed that the price of gold and interest rates are highly correlated, as well with a lower gold price leading to lower interest rates.