"The Illuminati Were Amateurs" - Matt Taibbi Explains How "Everything Is Rigged" Submitted by Tyler Durden on 04/26/2013 20:38 -0400 Bank of America Bank of America Barclays Commodity Futures Trading Commission Corruption Gross Domestic Product JPMorgan Chase LIBOR Matt Taibbi Royal Bank of Scotland From Matt Taibbi of Rolling Stone , back to his best, most floral of writing styles: Everything Is Rigged: The Biggest Price-Fixing Scandal Ever The Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There's no price the big banks can't fix Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything. You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it "dwarfs by orders of magnitude any financial scam in the history of markets." That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps. Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget. It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks – including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland – that serve on the Libor panel that sets global interest rates. In fact, in recent years many of these banks have already paid multimillion-dollar settlements for anti-competitive manipulation of one form or another (in addition to Libor, some were caught up in an anti-competitive scheme, detailed in Rolling Stone last year , to rig municipal-debt service auctions). Though the jumble of financial acronyms sounds like gibberish to the layperson, the fact that there may now be price-fixing scandals involving both Libor and ISDAfix suggests a single, giant mushrooming conspiracy of collusion and price-fixing hovering under the ostensibly competitive veneer of Wall Street culture. Why? Because Libor already affects the prices of interest-rate swaps, making this a manipulation-on-manipulation situation. If the allegations prove to be right, that will mean that swap customers have been paying for two different layers of price-fixing corruption. If you can imagine paying 20 bucks for a crappy PBJ because some evil cabal of agribusiness companies colluded to fix the prices of both peanuts and peanut butter, you come close to grasping the lunacy of financial markets where both interest rates and interest-rate swaps are being manipulated at the same time, often by the same banks. "It's a double conspiracy," says an amazed Michael Greenberger, a former director of the trading and markets division at the Commodity Futures Trading Commission and now a professor at the University of Maryland. "It's the height of criminality." The bad news didn't stop with swaps and interest rates. In March, it also came out that two regulators – the CFTC here in the U.S. and the Madrid-based International Organization of Securities Commissions – were spurred by the Libor revelations to investigate the possibility of collusive manipulation of gold and silver prices. "Given the clubby manipulation efforts we saw in Libor benchmarks, I assume other benchmarks – many other benchmarks – are legit areas of inquiry," CFTC Commissioner Bart Chilton said. But the biggest shock came out of a federal courtroom at the end of March – though if you follow these matters closely, it may not have been so shocking at all – when a landmark class-action civil lawsuit against the banks for Libor-related offenses was dismissed. In that case, a federal judge accepted the banker-defendants' incredible argument: If cities and towns and other investors lost money because of Libor manipulation, that was their own fault for ever thinking the banks were competing in the first place. "A farce," was one antitrust lawyer's response to the eyebrow-raising dismissal. "Incredible," says Sylvia Sokol, an attorney for Constantine Cannon, a firm that specializes in antitrust cases. All of these stories collectively pointed to the same thing: These banks, which already possess enormous power just by virtue of their financial holdings – in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation's GDP – are beginning to realize the awesome possibilities for increased profit and political might that would come with colluding instead of competing. Moreover, it's increasingly clear that both the criminal justice system and the civil courts may be impotent to stop them, even when they do get caught working together to game the system. If true, that would leave us living in an era of undisguised, real-world conspiracy, in which the prices of currencies, commodities like gold and silver, even interest rates and the value of money itself, can be and may already have been dictated from above. And those who are doing it can get away with it. Forget the Illuminati – this is the real thing, and it's no secret. You can stare right at it, anytime you want . Continue reading at Rolling Stone Average: 4.90909 Your rating: None Average: 4.9 ( 11 votes)
Yen Surges As Japan's Deputy PM Says Excessive Yen Gain "Corrected" Submitted by Tyler Durden on 04/08/2013 20:23 -0400 Bond Green Shoots Japan Nikkei Yen The circus continues. For this evening's entertainment, the countrty Deputy PM Taro Aso explains the "excessive JPY gain has been corrected," upon which USDJPY instantly strengthens 40 pips reversing all the post-US0-close JPY weakness. Of course, the market reaction was evidently enough for him to swallow his words and 'retract' his comments mere moments later. At the same time, the BOJ declares: *BOJ MEMBERS AGREED JAPAN'S ECONOMY STOPPED WEAKENING While their optimism is welcome, facts (as they often do) stand tall in the face of their rhetoric as Japan's Macro index and manufacturing new orders (to name just two recent data points) do not even show second-derivative green shoots. And for the third and final act of this evening's early debacle, 30Y JGB yields have slammed 9bps higher (as JGB Futures prices look set for another halt). The Bottom is in? The Bottom is in? What happens when Aso opens his mouth... ruining the 100 target the world had for 2am... (maybe push it back to 3 or 4am)... and it looks like we are set for another JGB Futures halt as long-dated Japanese bond yields are blowing higher once again... and 20Y even more volatile... and just to add to the fun - SGX entire futures exchange down.... Mini JGB's and Nikkei 225 yet to open on SGX... Average: 4.9 Your rating: None Average: 4.9 ( 10 votes) Tweet - advertisements - Login or register to post comments 10547 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Rajoy Summarizes Overnight (And Recurring) Sentiment: "There Are No Green Shoots, There Is No Spring" 17 Macro Surprises For 2013 Chris Martenson Interviews Mike Shedlock, Discusses Deflation, The Fed, Gold And Other Subjects VIXterminating, Voluelmess Ramp Left To The US Stock Market For Second Day In A Row Japan Megaquake And Tsunami - Gold Mixed As Yen Surges Against All Currencies
Japan Food Prices Set To Soar As Government Hikes Wholesale Wheat Prices By 10% Submitted by Tyler Durden on 02/28/2013 13:30 -0500 Central Banks China Japan Nikkei Reality Trade War Yen If the past three months have been any indication of what Japan has to look forward to from Abenomics, we have a feeling his tenure will be as short, if not shorter, than all of his recent (and numerous, among which he, himself) predecessors. Because while the stock market may have risen in lock step with the plunge in the Yen, what has also soared are costs. And while a very select few benefit from the transitory surge in the Nikkei, the rising costs, i.e., inflation, hit everyone equally. Presenting this visually: the USDJPY and Nikkei correlation, which is 1:1 - this is the good news (for some ) Again, " for some ": And the flip side, as shown before , soaring energy costs - this is the bad news (for all ): As all of this happens, Japanese exports - the sole purported reason for this whole reflationary experiment, as the only way the economy improves is if Japan exports soar and the country returns to a net trade surplus status, just hit a record deficit as of a few days ago: But while the "no free lunch" reality has until now mostly been felt by those who need energy, as shown in " You Wanted Inflation, You Got It: Japanese Gasoline Price Rises To Eight Month High " the inflationary impact on Chinese imports is about to hit everyone like a sledgehammer right where it hurts the most: in the stomach, as the inevitable has finally happened, and the agriculture ministry announced that wholesale wheat prices are set to rise by a near-record 9.7% in April, which will shortly thereafter send regular food prices soaring. From Japan Times : The agriculture ministry said Wednesday it will raise wholesale prices for five imported wheat varieties by an average of 9.7 percent to 54,990 yen per ton in April , the second rise since October, due to higher international market prices and the yen's depreciation . The yen's decline triggered by the policy of the government of Prime Minister Shinzo Abe formed in December has pushed up prices 2 percent, and new prices to become effective in October might get even higher if the Japanese currency remains weak, the Ministry of Agriculture, Forestry and Fisheries said. This is only the second highest increase in wheat prices in history, with the only greater one taking place during the great inflation scare of early 2011, when even China got its brush with the "spring" movement that toppled all North African dictators. The rate of increase in April is the second steepest after the 18 percent notched in April 2011 . What food will be impacted? Pretty much anything with wheat in it. And anyone hoping that the deep-pockted government would sibsidize producers (and thus force the entrance into a trade war), will be disappointed: the prices will all be passed on to the consumer. Of five main wheat varieties, two for use in udon noodles and confection will become 14.2 percent more expensive. The prices for the remaining three varieties used in bread and Chinese noodles will jump 7.5 percent, making it likely that price hikes will be passed onto consumers. Following the ministry's announcement, Nippon Flour Mills Co. said it will consider raising its charges . Other milling firms that produce wheat for industrial and retail use are also expected to follow suit. The government buys all imported wheat, on which Japan relies for 90 percent of its consumption, and revises the prices twice a year -- in April and October. And just like that Japan is about to learn that soaring stock prices always have a trade off, a lesson which even GETCO's SP ramping algos will not be exempt from when the latest bout of soaring food inflation results in central banks scrambling to withdraw liquidity, just as they did in early 2011. The results will naturally be the same. As for how long Abe's government will remain in power after energy and food inflation sweep through the net importing nation, that is anyone's guess. Average: 5 Your rating: None Average: 5 ( 6 votes)
Lessons In Fiat Reality: "Why I Learned To Trade Less And Love The Farm" Submitted by Tyler Durden on 10/21/2012 13:22 -0400 Demographics Jim Rogers Reality Stephen Diggle is one of the least well known (except to his clients) and yet most successful hedge fund managers over the past decade - having made around two-and-a-half billion dollars during the financial crisis - but in the last few years, he came to a dramatic (and we hope enlightening for many) perspective. This fascinating presentation, in his own words, discusses "how , having made that fortune trading, came to conclude that wanted to preserve the real value of that fiat money windfall, had to get away from trading and buy, own, and operate real assets with real cashflows." - most specifically farms. From being ridiculed as a 'Cassandra' in the mid to late 2000s, Stephen's conviction then that the world was heading for a crisis was as high as his conviction now that in order to ride the wave of global central bank intervention and the implicit macro-economic waves that will crash on every shore in the forthcoming years, that farmland (preferably diversified) is the best risk-reward 'trade' in the coming decade . An intriguing tale of reality and un-greed and everything you need to know about agriculture (from demand to demographics and from fiat-debauchment to interventionist policies) but never knew to ask. An inspiring and insightful brief presentation that offers more depth than any Jim Rogers' mini-clip on CNBC. Inflationary concerns... and macro drivers... The 'real' price of land (in USD)... and in Oz of Gold... Probably the most famous proponent currently of investing in farmland is Jim Rogers , who remains among the most prescient of investors; unfortunately he is offered neither the time or space to detail this view among the mainstream media. We hope Stephen's presentation provides all the color needed to comprehend this global macro view. (h/t Grant Williams) Average: 4.642855 Your rating: None Average: 4.6 ( 14 votes) Tweet Login or register to post comments 17607 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Rogers: "Volume Is Not Going To Come Back. We've Had A Great 30 Years. That's Finished!" Guest Post: Two No-Brainer Ways To Play Rising Food Prices For Marc Faber The Iron 'Ore' Lady Has Sung Marc Faber Jim Rogers On Our "Clueless, Ignorant, Dangerous" Leaders The Commodity Matrix: What Is The Resource Of Tomorrow, And Who Will Benefit From It?
Kermit the Frog is puppeteer Jim Henson 's most famous Muppet creation, first introduced in 1955. He is the protagonist of many Muppet projects, most notably as the host of The Muppet Show , and has appeared in various sketches on Sesame Street , in commercials and in public service announcements over the years. Kermit was performed by Henson until his death in 1990. Since then, Kermit has been performed by Steve Whitmire . He was voiced by Frank Welker in Muppet Babies and occasionally in other animation projects. Kermit performed the hit single " The Rainbow Connection " in 1979 for The Muppet Movie , the first feature-length film featuring Henson's Muppets. The song reached No. 25 on the Billboard Hot 100 . Kermit's iconic look and voice have been recognizable worldwide since, and in 2006, the character was credited as the author of Before You Leap: A Frog's Eye View of Life's Greatest Lessons , which is an "autobiography" told from the perspective of the character himself.
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