Thursday, July 19, 2012

11 International Agreements That Are Nails In The Coffin Of The Petrodollar

Source: The Economic Collapse
Date: 7/17/2012
Is the petrodollar dead?  Well, not yet, but the nails are being hammered into the coffin even as you read this.  For decades, most of the nations of the world have used the U.S. dollar to buy oil and to trade with each other.  In essence, the U.S. dollar has been acting as a true global currency.  Virtually every country on the face of the earth has needed big piles of U.S. dollars for international trade.  This has ensured a huge demand for U.S. dollars and U.S. government debt.  This demand for dollars has kept prices and interest rates low, and it has given the U.S. government an incredible amount of power and leverage around the globe.  Right now, U.S. dollars make up more than 60 percent of all foreign currency reserves in the world.  But times are changing.  Over the past couple of years there has been a whole bunch of international agreements that have made the U.S. dollar less important in international trade.  The mainstream media in the United States has been strangely quiet about all of these agreements, but the truth is that they are setting the stage for a fundamental shift in the way that trade is conducted around the globe.  When the petrodollar dies, it is going to have an absolutely devastating impact on the U.S. economy.  Sadly, most Americans are totally clueless regarding what is about to happen to the dollar.

One of the reasons the Federal Reserve has been able to get away with flooding the financial system with U.S. dollars is because the rest of the world has been soaking a lot of those dollars up.  The rest of the world has needed giant piles of dollars to trade with, but what is going to happen when they don't need dollars anymore?

Could we see a tsunami of inflation as demand for the dollar plummets like a rock?
The power of the U.S. dollar has been one of the few things holding up our economy.  Once that leg gets kicked out from under us we are going to be in a whole lot of trouble.
The following are 11 international agreements that are nails in the coffin of the petrodollar....
Read the rest here.

Editor's Note:  For a primer on the petrodollar system, see “THE COMING COLLAPSE OF THE PETRODOLLAR SYSTEM” BY JERRY ROBINSON.

Saturday, July 14, 2012

Creation of Care at #OccupyBohemianGrove Live Today 12PM-4PM PST

Sources:, eternalrhythmflow (Scottie)
Date: 7/14/2012
Event 12PM-4PM Pacific Time, See Facebook/Twitter for updates. to stream event.

Thursday, July 12, 2012

7/12/2012 Japan hit by record rains: 10 killed, 20 missing, 50,000 evacuated (PHOTOS, VIDEO) — RT

Video Description
People wade through a flooded street caused by heavy rains in Kumamoto, southwestern Japan, in this photo taken by Kyodo July 12, 2012 (Reuters/Kyodo)

Ten people died and at least 20 are missing after heavy rain hit southwestern Japan, particularly in the country's southernmost main island of Kyushu, police and firefighters said.

Read the rest here

Wednesday, July 11, 2012

For Investors and Customers, PFG is MF Global all Over Again...

Source: Capital Account
Date: 7/10/2012

Video Description
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Welcome to Capital Account. More than $200 million in customer money is allegedly missing from the accounts of one of the largest, non-clearing, US futures commission merchants, PFG Best. That's according to regulators. The money was supposed to be in segregated customer accounts. Customers have been told their money is frozen. Does this sound oddly familiar? We will hear from two PFG Best customers, Christopher Olson and Mohamed Hawary.

And there is evidence PFG Best may have been committing fraud with falsified statements for years, according to regulators. The FBI is investigating, the CFTC is alleging fraud, but why did regulators miss this? We'll talk about what this shortfall means for investor confidence when a regulated broker can get away with this undetected for years.

And this is not the first time sacrosanct segregated customer funds have gone missing. MF Global went bankrupt less than a year ago taking $1.6 billion in customer money with it. We talk to a man fighting for MF Global customers about why he is having deja vu in the wake of this PFG news. John Roe, co-founder of the Commodity Customer Coalition, joins us.

As for some of the details into the PFG complaint, the National Futures Association (NFA), the broker's first line regulator, discovered during an audit that a US bank account PFG reported was holding $225 million in customer accounts contained only $5. The NFA also alleges the $207 million balance reported in February 2010 and the $208 million balance reported in March 2011, were falsified. PFG's actual balances at those times was less than $10 million for each of the months.

The CFTC, the Commodities Future Trading Commission, filed a complaint against Peregrine Financial Group (or PFG) and its owner Russell Wasendorf. The CFTC alleges fraud by misappropriating customer funds, violating customer segregation laws, and making false statements in financial statements.

See also:
  1. PFG Best and MF Global Stain the Futures Industry, and Hurt Your Pocketbook, Jeff Carter, Points and Figures
  2. PFG Is Now MFG(lobal) Part 2 As $220 Million In Segregated Client Money Has Just Vaporized, Tyler Durden, Zero Hedge
  3. MF Global Customer Representative: PFG Situation Proves The Retail Futures Industry Is In Disrepair, Rob Wile, Business Insider

Tuesday, July 3, 2012

Matt Taibbi explains illegal LIBOR fixing by the banksters at #NATGAT

Source: OccupyEye
Date: Recorded live on July 2, 2012 12:17pm CST
by: Matt Taibi (streamed by Nate, aka @OccupyEye)

Video Description
Matt Taibbi, the Rolling Stone reporter who coined the term "Vampire Squid" in reference to the infamous investment bank Goldman Sachs, breaks down how LIBOR rates were illegally rigged by big banks, and what the consequences to the public are for this criminal behavior.

See the following articles by Matt Taibbi for additional information on the LIBOR rate fixing scandal:
  1. Why is Nobody Freaking Out About the LIBOR Banking Scandal?
  2. Another Domino Falls in the LIBOR Banking Scam: Royal Bank of Scotland
  3. A Huge Break in the LIBOR Banking Investigation
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