Nouriel Roubini ‏: The collateral damage for the EZ of waking insured deposits is serious in the future

at http://nourielroubini.blogspot.com/2013/03/nouriel-roubini-collateral-damage-for.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+NourielRoubiniBlog+%28Nouriel+Roubini+Blog%29

Celente - The Financial System Is Collapsing Before Our Eyes

"Today top trends forecaster Gerald Celente told King World News that the financial system is breaking down and collapsing right before our eyes.  Celente had correctly forecast back in 2012 that a bank holiday would occur in Europe, and also said events continue to spiral out of control going forward.  Celente is the founder of Trends Research, and the man many consider to be the top trends forecaster in the world..."

at   http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/22_Celente_-_The_Financial_System_Is_Collapsing_Before_Our_Eyes.html

Why Is The World Economy Doomed? The Global Financial Pyramid Scheme By The Numbers

"Why is the global economy in so much trouble?  How can so many people be so absolutely certain that the world financial system is going to crash?  Well, the truth is that when you take a look at the cold, hard numbers it is not difficult to see why the global financial pyramid scheme is destined to fail.  In the United States today, there is approximately 56 trillion dollars of total debt in our financial system, but there is only about 9 trillion dollars in our bank accounts.  So you could take every single penny out of the banks, multiply it by six, and you still would not have enough money to pay off all of our debts.  Overall, there is about 190 trillion dollars of total debt on the planet.  But global GDP is only about 70 trillion dollars.  And the total notional value of all derivatives around the globe is somewhere between 600 trillion and 1500 trillion dollars.  So we have a gigantic problem on our hands.  The global financial system is a very shaky house of cards that has been constructed on a foundation of debt, leverage and incredibly risky derivatives.  We are living in the greatest financial bubble in world history, and it isn't going to take much to topple the entire thing.  And when it falls, it is going to be the largest financial disaster in the history of the planet.
The global financial system is more interconnected today than ever before, and a crisis at one major bank or in one area of the world can spread at lightning speed.  As I wrote about yesterday, the entire European banking system is leveraged 26 to 1 at this point.  A decline in asset values of just 4 percent would totally wipe out the equity of many of those banks, and once a financial panic begins we could potentially see major financial institutions start to go down like dominoes..."

at http://theeconomiccollapseblog.com/archives/why-is-the-world-economy-doomed-the-global-financial-pyramid-scheme-by-the-numbers

ART CASHIN: If America Is Anything Like History's Great Civilizations, Then This Is The Beginning Of The End

"In an interview with Charlie Rose last week, GMO's Jeremy Grantham reminded us that civilizations have historically collapsed after around 250 years.

Now, UBS's Art Cashin is talking about the same thing.
"Martin Armstrong has just issued a 46 page report titled 'The 224 Cycle of Political Change. Is 1789 – 2013 Really Here?'" writes Cashin in a note this morning..."

at  http://www.businessinsider.com/art-cashin-decline-of-civilizations-2013-3#ixzz2O6yZ9P7b

Jim Rogers : A Financial Storm is coming, protect yourselves.

""I don't trust the data from any government, including the U.S., Jim Rogers said. "We know that governments lie to us. Everybody's printing money, but it cannot go on. This is all artificial." Rogers, who for years has been an outspoken critic of the Feds policies of "Quantitative Easing" says all the money printing is creating false hope that we are in the middle of some kind of super bull market. But in reality, he says, "we're living in a fool's paradise."

at http://jimrogers1.blogspot.com/2013/03/jim-rogers-financial-storm-is-coming.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2FWOHK+%28Jim+Rogers+Blog%29

This False Stock Market Bubble Will Burst, Major Banks Will Fail & the Financial System Will Implode! Here’s Why

"At some point we are going to see another wave of panic hit the financial markets like we saw back in 2008.  The false stock market bubble will burst, major banks will fail and the financial system will implode..."

at http://www.munknee.com/2013/03/this-false-stock-market-bubble-will-burst-major-banks-will-fail-the-financial-system-will-implode-heres-why/

JPMorgan: Opening "Pandora's Deposit Box" Means "More Extreme Deposit Flights In Future Crises"

"There are three key highlights in yet another take on Cyprus, this time from JPMorgan's Robert Henriques: the first, and most obvious, is that "more extreme scenarios of burden-sharing will not necessarily reinforce investor confidence" - that much is clear; the second, as we pointed out over the weekend, is that what happened in Cyprus is a "the death knell for an EU Common Deposit Guarantee scheme, which was to be an integral part of the Banking Union proposals" - so much for the key part of European monetary and fiscal integration. But the third, and most important, is that "we would expect future crises to be exacerbated by more extreme deposit flight. This would likely mean the ECB would have to increase its presence as liquidity provider of last resort, which, under normal circumstances, would lead to increased asset encumbrance and lower recoveries for senior debt." The problem for Europe, as diligent readers know too well already, is that asset encumbrance is already at record high levels, meaning the ability to find "free" assets used to create new loans will be next to impossible..."

at http://www.zerohedge.com/news/2013-03-18/jpmorgan-opening-pandoras-deposit-box-means-more-extreme-deposit-flights-future-cris

Crisis They Can’t Avoid-Paul Craig Roberts

"Former Assistant Treasury Secretary Dr. Paul Craig Roberts says there is another financial calamity coming to the U.S.  Dr. Roberts says, “It is a crisis they can’t avoid.  One way or another it’s going to bite very hard, whether it comes through the dollar or the bonds.”   Dr. Roberts says all the ongoing financial problems we face today are a result of little or no regulation.  Dr. Roberts makes his case in a book titled “The Failure of Laissez Faire Capitalism and Economic Dissolution of the West.”  Dr. Roberts contends, “What you are looking at is a deregulated financial system, and the result was fraud, crisis and collapse. . . . The end result of financial deregulation is crony capitalism.”  Look no further than the continuing bank bailouts with massive money printing and zero percent interest rates as the reason for the coming catastrophe of spiking interest rates.  Roberts asks, “How can the dollar be anything but a bubble because the Fed is creating a trillion new dollars every year, but the demand for dollars is not growing by a trillion dollars a year.”  Roberts goes on to predict, “Sooner or later, the printing has to affect the dollar’s value.  If the dollar drops . . . we have inflation . . . you can’t have inflation and zero percent interest rates.”  Join Greg Hunter as he goes One-on-One with economist Paul Craig Roberts..."

at http://usawatchdog.com/crisis-they-cant-avoid-paul-craig-roberts/

Jim Rogers On the Moody's downgrade of the UK economy from AAA to AA1

"I'm a little surprised it took Moody's so long to get around to lowering the credit rating. The UK, the US, and other countries are in serious trouble, and the world seems to know it. It's just the rating agencies that don't know it. I suspect sterling will continue to go down in real terms against real assets. "

at http://jimrogers1.blogspot.com/2013/03/jim-rogers-on-moodys-downgrade-of-uk.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2FWOHK+%28Jim+Rogers+Blog%29

Jim Rogers : Money Printing is Going to End very, very badly

"Jim Rogers : “This is the only time in recorded history that all major central banks are printing money at the same time and everybody’s trying to debase the value of the money. I suspect it’s going to end very, very badly in the end, but in the meantime a lot of people are having a lot of fun.” - in CBS"

at http://jimrogers1.blogspot.com/2013/03/jim-rogers-money-printing-is-going-to.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2FWOHK+%28Jim+Rogers+Blog%29

Eurozone Bailout Cyprus after Greece, Portugal and Ireland. Who is next?

"Nouriel Roubini : EZ bailout #4: Cyprus after Greece, Portugal and Ireland. Who is next? Spain has already access to EFSF/ESM for its banks Rather than PSI (bail-in of unsecured creditors of banks & sovereign) or OSI we got HSI(Household Sector Involvement) in Cyprus crisis resol - via twitter"

at  http://nourielroubini.blogspot.com/2013/03/eurozone-bailout-cyprus-after-greece.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+NourielRoubiniBlog+%28Nouriel+Roubini+Blog%29

Former US Treasury Official - Fed Desperate To Avoid Collapse

"Today a former Assistant Secretary of the US Treasury told King World News, “... the dollar is the vulnerable spot in the Fed’s policy management, and the popping of the bubble is likely to come from the dollar.”  Former Assistant of the US Treasury, Dr. Paul Craig Roberts, also warned King World News that a financial collapse is coming, and the Fed is desperately manipulating the gold price in an attempt to avoid the collapse..."

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/15_Former_US_Treasury_Official_-_Fed_Desperate_To_Avoid_Collapse.html

Former US Treasury Official - US Financial System To Collapse

"Today a former Assistant Secretary of the US Treasury warned King World News, “This type of situation is extremely dangerous.  The world has never seen it before.”  Former Assistant of the US Treasury, Dr. Paul Craig Roberts, also told King World News that JP Morgan now threatens the stability of the entire global financial system.  And if the Fed loses control and we collapse, “Nothing and no one would be safe anywhere."

Here is what Dr. Roberts had to say in the second and final part of this extraordinary interview:  “I can point out three giant bubbles that threaten the remains of the American economy ... When these bubbles pop, the consequence is obvious:  The wipeout of the remaining wealth from bond and stock collapses, and a very strong domestic inflation from the rise in the import prices.”

 

Dr. Paul Craig Roberts continues...

“The United States is now an import dependent country.  It doesn’t produce its own manufactured products, clothes, shoes.  These import items dwarf the import of oil or energy.  So what is the potential for happening when these bubbles burst is widespread unemployment, and a rapid increase in inflation, before which the economic policy has no known solution. 

... It is frightening, and it shows the extent to which the economic policy of the United States is misused in support of four or five big banks that are ‘too big to fail’ ... We now have one bank, JP Morgan, which has derivative exposure equal to the (entire) world’s GDP....

“Unless these derivatives all net-out in some way, the bank (JP Morgan) has no way of covering its exposure ... When you have your top policymakers so utterly incompetent, well, then you are going to be in a huge mess ... So they’ve gone from one crisis to putting in place the foundation of a much bigger crisis.

There is no way for them to avoid it unless people think that dollars can be printed indefinitely without any effect on the value of the dollar.  But of course the demand for dollars is not growing in keeping with the supply.  So we have a potential massive crisis waiting to happen, but you can never predict what sets something like that off.”

 

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/16_Former_US_Treasury_Official_-_US_Financial_System_To_Collapse.html

One Of Legendary Jim Sinclair’s Boldest Predictions Ever

"Today legendary Jim Sinclair made one of his boldest predictions ever regarding the gold market when he spoke with King World News. Also, Egon von Greyerz, who is founder of Matterhorn Asset Management, told KWN that central banks “... are creating the most ideal conditions for the biggest bull market ever in gold.” We will get to Sinclair’s bold prediction, but first here is what Greyerz had to say in his remarkable interview: “Debt is going up everywhere. Central banks are printing unlimited amounts. They’ve gone from $2 trillion to $12 trillion if you take all of the central banks’ balance sheets in the last 10 years. $10 trillion has been created by central banks.”

Egon von Greyerz continues:

“Government borrowing is growing in all major economies. Not only is government debt exploding, but in the US there is the illusion that corporate balance sheets are very strong. Well, as a matter of fact US corporate debt is at an all-time high. It’s at 80% of GDP. 

 

That’s the highest ever...."

 

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/14_One_Of_Legendary_Jim_Sinclairs_Boldest_Predictions_Ever.html

Eric Sprott - The Current Financial System Will End In Ruin

"Today billionaire Eric Sprott told King World News that the current financial system will end in ruin. Sprott also stated, “It’s unfortunate for those of us in the precious metals sector that, in essence, we are fighting the Fed all of the time ... but I have no doubt that we will win.” This is the first in a series of interviews with Sprott that will be released today which reveals, despite mainstream propaganda, the reality of the increasingly desperate situation Western central planners face. Below is what Sprott, who is Chairman of Sprott Asset Management, had to say.

 

Eric King: “Dr. Paul Craig Roberts (Former Assistant Secretary of the US Treasury - interview to be released in a couple of hours on KWN) spoke with King World News earlier today about the fact that the Fed has produced a perfect storm which could consume the US and perhaps the entire Western world. What’s in front of us, the financial collapse, can you talk about how you see that playing out?..."

 

at    http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/15_Eric_Sprott_-_The_Current_Financial_System_Will_End_In_Ruin.html

Obama: Iran 'Year or So Away From Nuclear Weapon', US Will 'Use All Options'

"ABC News
Obama: Iran a Year Away From Nuclear Weapon
By Devin Dwyer
March 15, 2013

In an interview with Israeli TV ahead of his visit to the region next week, President Obama says he believes Iran is "over a year or so" away from being able to develop a nuclear weapon and that the U.S. will use "all options" to stop it.

"Right now, we think it would take over a year or so for Iran to actually develop a nuclear weapon, but obviously we don't want to cut it too close," Obama told Israeli Channel 2.

"They are not yet at the point I think where they've made a fundamental decision to get right with the international community," he said, "but I do think that they're recognizing that there's a severe cost for them to continue on the path that they're on and that there's another door open."

Read the entire article here..."

at http://jessescrossroadscafe.blogspot.com/2013/03/obama-iran-year-or-so-away-from-nuclear.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+JessesCafeAmericain+%28Jesse%27s+Caf%C3%A9+Am%C3%A9ricain%29

Currency War : It’s a peculiar time in world history

"Jim Rogers : “How it’s going to work out, I don’t know. It just depends on which one goes down the most and first, and they take turns,” said Rogers. “When one says a currency is going down, the question is against what? because they are all trying to debase themselves. It’s a peculiar time in world history.” - in PeakProsperity..."

at  http://jimrogers1.blogspot.com/2013/03/currency-war-its-peculiar-time-in-world.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2FWOHK+%28Jim+Rogers+Blog%29

GATA: How Gold Markets Are Manipulated

"Chris Powell, Secretary at Gold Anti-Trust Action Committee claims that Western central banks are manipulating gold markets in order to rig currency markets..."

at http://ausbullion.blogspot.com/2013/03/gata-how-gold-markets-are-manipulated.html

Spain's Budget Deficit Grew by 35.4% in January to 1.2% of GDP; Spain's Tax Revenue Drops 20% in Face of VAT Hikes

"Here's a story you can expect to see in the Wall Street Journal or Financial Times tomorrow. You can read it here today.

Via Google Translate, El Economista reports Spain's Budget Deficit Grew by 35.4% in January to 1.2% of GDP.

The government deficit in terms of national accounts in January reached 12.729 billion euros, equivalent to 1.2% of GDP, representing an increase of 35.4% over January 2012.

According to the budget execution data published in January by the Ministry of Finance website, the cash deficit in January came to 15,252,000, which are the result of a fall in net income of 37% (5.789 billion) and a expenses increased by 15.4% (21.041 billion)..."

at http://globaleconomicanalysis.blogspot.com/2013/03/spains-budget-deficit-grew-by-354-in.html#kbEuLgr5emwETcF1.99

Marc Faber: Endless Government Manipulation - McAlavany Interview

"Topics discussed :
-Stocks moving higher but NO bargain
-Manipulated markets require diversification
-Gold near a tradable low..."

at http://marcfaberchannel.blogspot.com/2013/03/marc-faber-endless-government.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MarcFaberBlog+%28Marc+Faber+Blog%29