JUN 19 SIT EC y POL
ZERO HEDGE
Cities,
States Shun Moody's For Blowing The Whistle On Pension Liabilities. Submitted
by Tyler Durden on 06/19/2015
In the wake of the Chicago downgrade, state and local
governments are moving away from Moody's as the ratings agency questions
pension fund return assumptions.
[Meaning : in time of
crisis the retirement pension owed to workers are misappropriated by City-State
authorities. This misappropriation
make by the City-State-Fed are liable & sue by
Workers if they get a good lawyer]
Explanation?... below …
Pension: A retirement
plan in which an employer makes a contribution
into an account each month. The contributions are invested
on behalf of an employee,
who may begin to make withdrawals
after retirement. Typically, pensions are tax-deferred,
meaning that the employee does not pay taxes on the funds in the
pension until he/she begins making withdrawals. Pensions may have defined
contributions, defined benefits, or both. (source: http://financial-dictionary.thefreedictionary.com)
Liability:
1- A financial
obligation,
or the cash
outlay
that must be made at a specific time to satisfy the contractual
terms of
such an obligation. 2- An obligation to pay an amount in money, goods, or
services to another party. The balance sheet lists the liabilities. Also called
debt. Compare asset. See
also contingent
liability, current
liability (source: http://financial-dictionary.thefreedictionary.com)
Pension Liability:
1- Future liabilities
resulting from pension
commitments made by a corporation.
Accounting for pension
liabilities varies widely by country.
2- Future payouts
that a pension
is obligated to make. A pension run by a company that has a large number of
workers nearing retirement
has more liabilities than one run by a company with a smaller eligible
workforce. Accounting
for pension liabilities varies from country to country. (source: http://financial-dictionary.thefreedictionary.com)
[Who initially create & pay the pension? The worker. To whom? To the owner of the
comp or state-office s/he work in. The pension can be taken as an inversion in
oneself by the worker because the money of the pension has to be returned to him when he quits or
retire the job. When a worker gets 65 s/he has the right to collect a
retirement pension. So, a pension is a debt owed by the employer to the worker.
I has to be returned once s/he quits or retire the job. This obligation or
liability is regulated by State/Fed laws. The provider of work is liable (can
be sue) if he don’t pay back the pension (or is mis-appropriated) . So, a
pension it is a debt that any employer has to be pay back to the worker.
]
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Debt:
War And Empire By Other Means. Submitted by Tyler
Durden on 06/19/2015
The economic hitmen have honed their skills among the
poor and relatively defenseless, and have been coming closer to home in search
of new hunting grounds and fatter spoils. There is nothing 'new' or 'modern'
about this. The only difference is that it is not happening in the past or in a
book, it is happening here and now. "Economic powers continue to
justify the current global system where priority tends to be given to
speculation and the pursuit of financial gain. As a result, whatever is fragile
is defenseless before the interests of the deified market, which becomes the
only rule."
…
This video below may help
one to understand some of the seemingly obtuse demands from the Troika with
regard to Greece. URL https://youtu.be/p7gxkgssngU
The video is a bit dated, but the debt scheme it
describes remains largely unchanged. The primary development has been the
creation of an experiment called the European Union and the character of the
targets. One might also look to the wars of 'preventative intervention'
and 'colour revolutions' that raise up puppet regimes for examples of more
contemporary economic spoliation.
…
You may also find some information about the contemporary
applications of these methods in
The IMF's 'Tough Choices' On Greece by Jamie Galbraith.
….
This is as old as Babylon, and evil as sin. It is the
power of darkness of the world, and of spiritual wickedness in high
places. The only difference is that it is not happening in the
past or in a book, it is happening here and now.
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IMF
Humiliates Greece, Repeats It Will Keep Funding Ukraine Even If It Defaults.
Submitted by Tyler Durden on 06/19/2015
"I ... welcome the government's continued efforts to
reach a collaborative agreement with all creditors," IMF Managing Director
Christine Lagarde said in a statement. "This is important since this
means that the Fund will be able to continue to support Ukraine through its
Lending-into-Arrears Policy even in the event that a negotiated agreement with
creditors in line with the program cannot be reached in a timely manner."
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Rand
Paul: "Americans See The Rot In The System...And Want It To End!".
Submitted by Tyler Durden on 06/19/2015
"My tax plan would blow up the tax code and start
over. Today, the American people see the rot in the system that is degrading
our economy day after day and want it to end. That is exactly what the Fair
and Flat Tax will do through a plan that’s the boldest restoration of fairness
to American taxpayers in over a century."
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Inciting
Bank Runs As A Negotiating Tactic. Submitted by Tyler
Durden on 06/19/2015
The troika of Greek creditors has gone into full-frontal
morals-be-damned attack mode. This has turned into the kind of economic
warfare one would expect to see between sworn and lethal enemies, that the US
would gladly use against Russia for instance, but not between partners in a
union founded on principles based entirely and exclusively on being mutually
beneficial to everyone involved. And all EU nations should understand by
now that this is not about Greece anymore, it’s about all of them.
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"The
Fed Has Wreaked Havoc" Ron Paul Warns Markets' "Day Of
Reckoning" Looms. Submitted by Tyler
Durden on 06/19/2015
"I am utterly amazed at how the Federal Reserve
can play havoc with the market," Ron Paul exclaimed on CNBC's
"Futures Now" referring to Thursday's surge in stocks, warnings that
he sees it as "being very unstable." As Paul rages, "the
fallacy of economic planning" has created such a "horrendous
bubble" in the bond market that it's only a matter of time before the
bottom falls out. And when it does, it will lead to "stock market
chaos."
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The
Glorious Imbecility of War. Submitted by Tyler
Durden on 06/19/2015
Today, on the eve of the bicentennial of the Battle of
Waterloo, we do not celebrate war. Only a fool would celebrate something so
horrible. But we pay our respects to the glorious imbecility of it. War may
be dreadful, little more than a racket in many ways, but it is also a
magnificent undertaking. It engages the heart and the brain at once and exposes
both the genius of our race and its incredible stupidity. But we are talking
about real war. Not phony wars against enemies who pose no real threat.
Phony wars earn real profits for the war industry, but only an ersatz glory for
the warriors. Real soldiers take no pride in them. Instead, to a real hero,
they are a source of shame and embarrassment.
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Black
People Are 12 Times More Likely To Die In America Than In Other Developed
Countries. Submitted by Tyler
Durden on 06/19/2015 [ This is not my America…]
Among countries with relatively high Human Development Index
scores, the number of African Americans killed per 100,000 people in the US
each year is around 12 times the average for all people in developed countries
and is comparable to the homicide rate in Rwanda and Mexico.
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Caption
Contest: Merkel's Red Herring?. Submitted by Tyler
Durden on 06/19/2015
Michelle Bachmann had her corndog, but Angela Merkel has
something much fishier... For those
seeking analogies - Greece is her pickled
herring... See picture
Or perhaps this is a clearer picture.... as the weekend
looms. See picture at : http://www.zerohedge.com/news/2015-06-19/caption-contest-merkels-red-herring
…
[[Meaning of RED HERRING? 1- something
intended to divert attention from the real problem or matter at hand; a
misleading clue. 2- Something that draws attention away from the matter being
discussed or dealt with (is like smoking or using a febreze to face a nasty
odor .. por que fumas en el baño, le pregunte a un
quate de Mx .. para disimular mis cagis de borracho, me contesto
.. me divirtió ese uso del fumar como furting-cagis-killer or “red-herring”.. son como las risitas de la
Merkel .. y se parecen a los resos del musli de Oman que lo vi rezar casi una
hora para purgar el pecado de haber robado una casaca fina de una tienda en Pgh
.. más tarde siguió robando .. el resar
sirve para eso: para cubrir los pecados, son el “red herring” de los pecadores
.. es lo que hoy hace el pope, ese que ayer bendijo los crímenes de un dictador
en Argentina .. y que ahora –para purgar sus
pecados se volvió militante de la filosofía del BRICS y llego a decir lo siguiente "Saving banks at any cost, making the public pay the price, foregoing a
firm commitment to reviewing and reforming the entire system, only reaffirms
the absolute power of a financial system, a power which has no future and will
only give rise to new crises."(God's
Man On Earth Tells Goldman It Isn't Doing "God's Work") … como se acomoda al temporal!.. un
cristiano típico.. esta donde están las masas y como el tiburón frente a las sardinas, espera el mejor
momento para engullirse sus conciencias. .. Soy cristiano.. pero no cojudo, diría
Sofocleto .. un ilustre científico-literato
y filósofo peruano = humorista: lea su
libro “Los Cojudos” http://dejavudjv.blogspot.com/2009/11/los-cojudos-sofocleto.html
... Me divierte el humor tras los red herrings que grafica el autor de este art
Tyler Durden .. leo los red-herrings como ejemplo de sorna o sarcasm y no lo grafico
como Sofo ni como Tyler Durden pero escribo cuentitos cortos
sobre ello]]
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Alexis Tsipras' Open Letter To The Germans: "Duty Rests On All Our Shoulders". Submitted by Tyler Durden on 06/19/2015
As so often, Mr. Tsipras makes a number of fair points.
However, it seems to us that everybody is skirting the main issues. Greece
cannot become a “socialist Utopia”, unless its citizens are happy with being
condemned to a hand-to-mouth existence for a long, long time indeed.
Whether or not Greece defaults, the one thing the government will be unable
to fund is the very socialism that is its basic ideology.
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Low
Oil Prices Prompt Statoil To Cut Even More Jobs. Submitted by Tyler
Durden on 06/19/2015
Once more Statoil is reducing its richest asset –
employees – in order to keep financial losses to a minimum because of low oil
prices. It will eliminate up to 1,500 more full-time jobs and 500 temporary
consultant positions by the end of 2016.
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The
IMF "Trained" Greek Journalists In Washington To Spin Stories In
Favor Of Troika. Submitted by Tyler
Durden on 06/19/2015
In what can only be described as a shocking testimony,
Greece’s former representative to the IMF, Panagiotis Roumeliotis, in front of
the special parliamentary committee on the Greek debt, said that several
Greek journalists were “trained” in Washington D.C. in order to support the
positions of the IMF and the European Commission in Greek media.
[ The presstitute and the
American bourdel uncovered ]
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Why
Ronald Reagan Is Rolling In His Grave: The Keynesian Putsch At The Fed.
Submitted by Tyler Durden on 06/19/2015
Ronald Reagan is surely rolling in his grave. He is
credited for much that he didn’t actually accomplish on the economic front, but
his most singular real victory - decisive repudiation
of the Keynesian macro-economic policy model that had produced stagflationary
havoc for more than a decade - overshadows all his
fiscal failures and the urban legend that he actually tamed Big
Government. Needless to say, however, that 35-years ago repudiation
has now been itself completely repudiated by the keynesian apparatchiks
who presently rule the Eccles Building. This week
Janet Yellen was at it again, displaying outright contempt for the
Gipper’s crowning achievement.
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Bonds, Banks,
& Bears. Submitted by Tyler
Durden on 06/19/2015
History tells us two related facts. Central banks
are always defeated by markets in the end, and central bankers have a touching
faith that next time they will retain control over markets. But if we
accept the lessons of history, we must dismiss complacency over systemic risk
to the financial system. We can go even further, and begin to expect that of
all the risks that will eventually trigger a widely expected financial crisis,
it will be an old-fashioned bear market in bonds.
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ECB
Gives Greek Banks Barely Enough Cash To Cover One Day's Bank Run. Submitted
by Tyler Durden on 06/19/2015
Yesterday evening, after what had been a dramatic surge in
the Greek bank run which has resulted in over €3 billion in cash withdrawn
through Thursday night, the Greek central bank requested an emergency cash
dispensation from the ECB under the country's Emergency Liquidity Assistance
program, just one day after the ECB granted the latest €1.1 billion expansion
in the ELA. Rarlier today, in an unscheduled session, the ECB did as requested,
however it granted Greece far less than the amount it sought, and according to MarketNews
reports, the ECB gave Greece just €1.8 billion in addition funds.
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Angry
Russia Will "Respond In Kind" To Europe's Asset Seizures. Submitted
by Tyler Durden on 06/19/2015
On the heels of Thursday's move by Belgium, France, and
Austria to freeze Russian state assets in connection with the disputed Yukos
ECHR ruling, Moscow vows to retailiate in kind, while the chairman of
the former Yukos holding company pushes the US to join Europe in enforcing the
arbitration court's decision.
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Greek
PM Tsipras Speaks At St. Petersburg Forum In Russia - Live Webcast. Submitted
by Tyler Durden on 06/19/2015
While the ECB is deciding the fate of Greece whether or not
it will hike Greek ELA yet again in another emergency meeting (according to
preliminary Reuters reports the answer is yes), Greek PM Tsipras is speaking
live at the St. Petersburg International Economic Forum, just meters away from
the "isolated" Putin.
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Troika
Exploits Greek Bank Run As Varoufakis Slams "Pernicious" Banking
Sector "Leaks". Submitted by Tyler
Durden on 06/19/2015
The troika is tightening the screws on Greece and its ailing
banks. With deposit flight running above €1 billion per day, the ECB may
look to tie future ELA cap increases to austerity concessions in a move that
would appear to support Yanis Varoufakis' implicit suggestion that the troika
is colluding to exploit deposit outflows to force political change in Athens.
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Submitted by Tyler
Durden on 06/19/2015 - 07:46
- Greek PM optimistic on debt deal as banks bleed (Reuters)
- Greek central bank chief says banking system stable (Kathimerini)
- ECB Said to Confer on Emergency Greek Aid Amid Cash Flight (BBG)
- More tax "avoidance": Citigroup to shift European retail banking HQ to Dublin (Reuters)
- Florist's tip led police to Charleston shooting suspect (USAToday)
- Asian shares edge higher on Fed caution, China sell-off intensifies (Reuters)
- Toyota in damage control mode after American exec arrested (Reuters)
- Venezuela Oil Loans Go Awry for China (WSJ)
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"Calm
Reigns" Everywhere As Greece Inches Closer To Default, China Crashes.
Submitted by Tyler Durden on 06/19/2015
European shares remain higher, close to intraday highs, with
the autos and travel & leisure sectors outperforming and basic resources,
utilities underperforming. Meeting of finance officials to reach a deal over
Greek aid ended in frustration, forcing leaders to call for an emergency summit
for Monday. ECB plans to hold an emergency session of its Governing Council on
Friday to discuss a deterioration in liquidity at Greek banks, three people
familiar said. German airwave auction raises $5.7b to top 2010 sale. Bank of
Japan leaves monetary policy unchanged as forecast. Shanghai Composite Index
capped its worst weekly decline in seven years.
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"The
System Is Broken": Americans No Longer Believe In Its Institutions.
by
Mac Slavo via SHTFPlan.com. Submitted by Tyler
Durden on 06/18/2015 [ Here only extracts ]
It’s not difficult to see that the foundation is
crumbling...
A new Gallup poll has found that already low “confidence” in
our system of government, our economy, the media, banking, big business,
religious institutions and watchdogs is further eroding. Just check out how
little faith remains in the structure of, well, just about any institution in
America, by the numbers:
Only 8 percent have confidence
in Congress, down by 16 points from a long-term average of 24 percent
– the lowest of all institutions rated.
33 percent have confidence in
the presidency, a drop from a historical average of 43 percent.
32 percent have confidence in
the Supreme Court, down from 44.
28 percent have confidence
in banks, down from 40 percent.
21 percent have confidence in
big business, down from 24 percent.
24 percent have confidence in
organized labor, down from 26.
24 percent have confidence in
newspapers, down from 32 percent.
21 percent have confidence in
television news, down from 30 percent.
52 percent of Americans […] are
confident in the police [57 percent historically]
What else can be said, but that the system is broken?
Obviously it bears little resemblance to the one envisioned
by the founding fathers and their emphasis on separation of powers and limited
government.
None of the three branches of government are trusted by even
close to a majority of the American populace… maybe that’s to be expected, with
frequent media criticisms of political figures in a polarizing two party
system.
But other pillars of society have lost their backing of
the public, too – in astonishing numbers that show not only that the
American dream is dead, but that private institutions are widely perceived as
being just as corrupt as public ones (or worse).
Whether most Americans follow these developments or
not, they instinctually sense them. No one trustworthy is steering this ship –
worse, no one may be at the wheel at all.
The constant detriment of individual rights and the endless
calls to transfer power to the collective – whether inside or outside of
government – is the real source of the problem that this Gallup poll reflects.
Our best hope at a better world should start there.
Is it still possible?
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WASHINGTON BLOG
oday we present a guest post by frequent contributor Jeff
W. on informal credit, a non-financial but very real asset that is the
foundation of the community economy.In our financialized world view, few
even recognize the value of informal credit, much less promote it.
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Ukraine’s
Neo-Nazi’s Make an Endrun Around the Conyers-Yoho Amendment. Posted on June 19, 2015 by George Eliason
Last week the stand Congressmen John Conyers and Yoho
against providing weapons to Ukrainian nazi battalions should have been lauded
by Americans because they stood up for our American values.
The Ukrainian reaction to the amendment they attached on the
support bill denying money to neo-Nazi groups in Ukraine provides the most
telling look into Ukrainian nationalist politics the west has seen so far.
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GLOBAL RESEARCH
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NEWS IN SPANISH
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GRECIA El inminente paquete de austeridad. Costas Lapavitsas. Las “instituciones” europeas están buscando una derrota pública de
Syriza y así bloquear cualquier tipo de alternativa
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Los universos paralelos. Jorge Majfud.
La Era
moderna nos legó dos viejos demonios que hoy son dioses: la igualdad y la
diversidad. Ambos son caras de la misma moneda, ya que somos iguales porque
somos diferentes y no se puede revindicar uno sin defender el otro. Pero no
cualquier diferencia vale. Las diferencias que llamamos diversidad y que no
contradicen la igualdad de derechos son las diferencias horizontales, que antes
eran verticales, no solo en la práctica sino también en su legitimidad social.
Tanto la igualdad como la diversidad necesitan de la libertad y de la
seguridad, pero no administradas verticalmente sino horizontalmente.
[ Los contrarios coexisten
para luego negarse entre ellos, una ley de la dialéctica ]
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Chile. La masividad en las calles se
mantiene, miles de profesores de regiones y un Gobierno intransigente. Ángela Gallardo Suárez.
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PRESS TV
Riyadh
derailed Yemen talks: Ansarullah.
Fri Jun 19, 2015 The Ansarullah movement slams the Saudi regime for
derailing Yemen’s peace talks.
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Russia
economy open to world: Putin. Fri Jun 19, 2015 Russia’s President
Vladimir Putin says his country is open to the world and will continue economic
cooperation with the West.
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US
shooting an 'act of racial terrorism'. Fri Jun 19, 2015 NAACP President
Cornell Brooks says Wednesday’s shooting in South Carolina “was an act of
racial terrorism.”
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S
Carolina home to 19 racist groups. Fri Jun 19, 2015 South Carolina is
home to 19 known hate groups, including two factions of the Ku Klux Klan and
four "white nationalist" organizations.
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‘Access
to Iran military sites forbidden’. Fri Jun 19, 2015 A high-ranking
Iranian commander rules out access to or inspection of the Islamic Republic’s
military sites.
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US,
Russia edging to nuclear catastrophe. Fri Jun 19, 2015 The United
States and its NATO allies are edging toward a high-risk military standoff with
Russia over the crisis in Ukraine, an annalist says.
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