Author Archives: admin

Egan Jones Downgrades US To AA-

open quoteEgan Jones just dropped the Friday afternoon hammer on the US again, downgrading the US for the 2nd time in as many years, from AA to AA-.

Egan Jones states the reason for the downgrade is Thursday’s QE3 announcement, which the firm states will ‘hurt the US economy and, by extension, credit quality….the increased cost of commodities will pressure profitability of businesses, and increase the costs of consumers thereby reducing consumer purchasing power. Hence, in our opinion QE3 will be detrimental to credit quality for the US‘.close quote (Read more)

Producer Of Anti-Islam Film Was Fed Snitch

open quoteIn remarks stressing that the U.S. government had “absolutely nothing to do with” the anti-Islam film that has touched off violence in the Middle East, Secretary of State Hillary Clinton yesterday sought to quash Arab concerns that the “disgusting and reprehensible” movie was somehow produced or condoned by American officials.

However, Clinton’s attempt to distance the U.S. from “Innocence of Muslims”–and, by extension, its felonious producer–may be complicated by the revelation that Nakoula Basseley Nakoula became a government informant after his 2009 arrest for bank fraud, The Smoking Gun has learned.

Though many key documents from the U.S. District Court case remain sealed, a June 2010 sentencing transcript provides an account of Nakoula’s cooperation with federal investigators in Los Angeles (and how his prison sentence was reduced as a result).

Nakoula, 55, was arrested in June 2009 for his role in a check-kiting ring that stole nearly $800,000 from six financial institutions by using stolen Social Security numbers and identities. Nakoula was named in a six-count felony indictment accusing him and unnamed “co-schemers” of perpetrating the bank fraud.close quote (Read more)

“Rejoicing” Markets

Patrick Barron‘s letter to the Philadelphia Inquirer:

open quoteDear Sirs:
It is a misnomer to claim that markets “rejoice” due to interventions by monetary authorities, in this case by the European Central Bank (ECB), to drive down the interest rate artificially. True, the world’s stock markets went up and the targeted interest rates did go down, but this is strictly the result of money printing and not the result of market fundamentals, such as increased profits. When a central bank intervenes to lower interest rates, it buys bonds at above market prices, which is the flip side of the interest rate; i.e., when bond prices rise, interest rates go down (and vice versa, of course). One may view this as nothing more than a counterfeiter paying more for a good than the free market price; there is no market force involved. Consequently, when bond interest rates are forced down by such action, these bonds become less attractive investment instruments. Money that would have been invested in bonds will now flow to stocks, where one may get a better yield. The resultant increase in stock prices is not some sort of rejoicing by the market, but simply arithmetic by investors who have nowhere else to go. This game of ever larger injections of funny money will come to an end when price inflation gets out of hand. Simply stopping the increase in the monetary spigot will cause the whole, corrupt house of cards to come crashing down.close quote

Sexist remarks and wolf-whistles could become criminal offences

open quoteSalacious whistles and sexist comments may fall foul of new laws against sexual harassment to which Britain is signing up, the prime minister will announce on Thursday.

The pledge to criminalise “verbal, non-verbal or physical” sexual harassment is one of the commitments in the Council of Europe’s convention on violence against women, which David Cameron will commit to signing at a special event to mark International Women’s Day.close quote (Read more)

Criminal charges filed against German rabbi for performing circumcisions

open quoteFor the first time, criminal charges have been pressed against a German rabbi for performing circumcisions, a Jewish weekly reported on Tuesday.

A doctor from Hesse filed a criminal complaint against Rabbi David Goldberg, who serves in the community of Hof, in Upper Franconia (northern Bavaria), according to the Juedische Allgemeine weekly newspaper. The chief prosecutor of Hof confirmed that charges had been filed against the rabbi. The charges are based on the controversial decision of a Cologne district court, which ruled in June that circumcisions for religious reasons constitute illegal bodily harm to newborn babies.

“I am shocked,” said Cologne Rabbi Yaron Engelmayer, co-chairman of the national umbrella group of Orthodox rabbis in Germany, in a first reaction to the report.close quote (Read more)

WikiLeaks Bypasses Financial Blockade With Bitcoin

open quoteeople shouldn’t fear their government; government should fear its people. Publishers and journalists will not be intimidated nor silenced. Now entering day 626 of the financial blockade against WikiLeaks, Julian Assange sits in the Ecuadorian Embassy in London awaiting safe passage.

Following a massive release of secret U.S. diplomatic cables in November 2010, donations to WikiLeaks were blocked by Bank of America, VISA, MasterCard, PayPal and Western Union on December 7th, 2010. Although private companies certainly have a right to select which transactions to process or not, the political environment produced less than a fair and objective decision. It was coordinated pressure exerted in a politicized climate by the U.S. government and it won’t be the last time that we see this type of pressure.

Fortunately, there is way around this and other financial blockades with a global payment method immune to political pressure and monetary censorship.

On its public bitcoin address, Wikileaks has taken in over $32,000 equivalent in more than 1,100 separate bitcoin donations throughout the blockade (1BTC = $10.00). But these amounts may be significantly higher, because it does not even include the individually-generated bitcoin addresses that WikiLeaks provides for donors upon request.close quote (Read more)