With American attention divided between the Super Bowl distraction and the New Hampshire distraction and the Zika “pandemic” distraction, the rest of the world is sliding into financial meltdown.
In Japan the entire “Abenomics” pipe dream blew up in convincing fashion this week, with the yen surging, the Nikkei plunging into the red and Japanese 10-year bonds dropping into negative territory for the first time ever. With the benchmark rate now negative, investors are essentially paying the government to buy its debt from them, knowing that they will lose on the deal if they hold it to maturity. All of this follows last month's surprise move into negative interest rates by the Bank of Japan, meaning the central bank is now charging the nation's banks for parking money in reserve.
Banking woes are likewise causing headaches in Europe where as of press time the STOXX Europe 600 bank sub-index was down 9% on the week (with a number of Italian banks being suspended from trading), the .SX7E bank index was down for its seventh straight week (on par with its 1998 losing streak record), and the FTSEurofirst 300 was down for a seventh straight day. Market ...
As viewers of my recent interview with Jon Rappaport will know by now, the number of cases of microcephaly, a severe neurological condition resulting in children born with abnormally small heads, in Brazil has been vastly over-reported.
So Wall Street wizards are now presiding over the Big Tech miracle that is single-handedly saving the economy... Hmmm, maybe the New Economy isn't so new after all...
A war on cash is being waged in every continent and every country by the same bank gangster or bankster that will benefit from it all. The are working towards a day when every transaction is completely trackable and controlled by banks.
Sadly for the people of the UK, HSBC's threats to move may just be a bargaining strategy they're using to wring yet more concessions out of the British government.
So if these are not the string-pullers and masters of the universe that the media loudly proclaims them to be, who are the string-pullers? The question is bound to provoke much meaningless debate and speculation about who is at the top of the pyramid...
...in the midst of this beginning-of-the-end of the 8 year long QE re-leveraging heroin binge we have news that seems to put a bow on the 2008 crisis: Goldman Sachs has announced that it has reached a $5.1 billion settlement as its wrist slap for participating in the subprime mortgage meltdown.
S&P 500 hits lowest level since Oct 2014, Pain was felt across the board. All 10 major S&P sectors were deep in the red and all 30 Dow components lost ground, U.S. economic data on Friday was also not very encouraging.
While I believe that we’re in a bear market and that we’re going much lower, the market is trying to keep the averages looking good. Take out just 9 stocks from the S&P, the S&P average would be down well over 5 more percent.
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The creator of the International Forecaster, Bob Chapman.