The head of the Criminal Division of the Justice Department, who will soon be retiring, stated in a televised interview that “some financial institutions are too large and too complex to be held accountable before the law.”
God help us all.
CIGA Black Swan
Who Decided U.S. Megabanks Are Too Big to Jail?
By Simon Johnson
Feb 3, 2013 Bloomberg
Tom Hanks has a knack for playing the roles that define American generations. In “Saving Private Ryan,” he embodied the courage of the men who landed on the Normandy beaches under heavy fire. In “Apollo 13,” he conveyed calm and ingenuity under intense pressure: “Houston, we have a problem.” And Forrest Gump revealed much about America before, during and after the Vietnam War.
If Hanks turns his attention to our most recent decade, which character should he choose? My suggestion is Assistant Attorney General Lanny Breuer, the head of the criminal division at the Justice Department and the man responsible for determining whether anyone should be prosecuted for the financial crisis of 2008.
In an on-camera interview, which aired recently, Breuer stated plainly that some financial institutions are too large and too complex to be held accountable before the law. Bipartisan pressure is now being applied on the Justice Department to reveal exactly how this determination was made. Breuer, however, has announced he will leave government March 1. Good luck unraveling the cover-up that must already be in place.
Gotta love the part where the IMF is threatening to expel Argentina for misrepresenting economic statistics.
Big Supermarkets Freeze Prices For Two Months in Argentina
Published February 04, 2013
Dow Jones Newswires
A group of supermarkets in Argentina has signed an agreement with the government to freeze prices on all products for two months in a bid to curb inflation.
The group accounts for the sale of around one-sixth of all the supermarket products sold in Argentina, according to the United Supermarkets Association, or ASU.
"This is an extremely simple agreement," an ASU official said in a phone interview. "It freezes prices for two months, retroactively from February 1 through April 1."
The supermarkets group includes such large chain stores such as locally-owned Coto CICSA, the Argentine arm of global retail giant Wal-Mart Stores Inc. (WMT), France’s Carrefour SA (CRRFY, CA.FR) and Chilean retail holding Cencosud SA (CNCO, CENCOSUD.SN). It does not include smaller supermarkets and other franchises.
Remember Obamacare? Yes, the legislative bomb that was ‘sold’ as NOT being a tax, yet upheld by the Supreme Court because it WAS a tax? The one we were assured would NOT have ‘death panels’ but now apparently WILL?
Well, for more Government hilarity, look next to the last unspent pool of cash left. America’s ‘retirement’ funds. They want to ‘help’ manage retirement accounts. This is very akin to Retirement Fund Death Panels, involving the mandatory transfer of good-cash assets into government bonds [read: government debt, ie. government promises to pay you back someday....hahhahahahahaha].
Yes, these same idiots who just made the recent Super Bowl the ‘greenest ever’ [read: darkest] after spending $417 million tax-dollars post-Katrina, who couldn’t make a ‘go’ of running a brothel and selling booze in Nevada, can’t secure the borders, won’t stop pork-spending (or borrowing to fund their complete waste of money), and are only willing to raise taxes now want to ‘help’ us? I guess they do not think the average American is (a) as smart as the Government is, and (b) is not smart enough to manage their own assets without Big Mother’s guidance.
You cannot make this stuff up!
The most fiscally irresponsible and bankrupt people on the planet unable to live within their means (government) wants to ‘help’ the fiscally responsible and solvent people who lived within their means and actually ‘saved’ by ‘helping’ them [read: stealing from them]?
But government had better hurry along and ‘help themselves’ to OPM (other people’s money), since at the rate the Fed is debasing the Dollar it will soon be worthless along with anyone who has saved in Dollars for retirement. And those ‘bonds?’… they are essentially worthless right now, before retirees are forced at gunpoint to hold them.
Here are some words to remember:
"Trust me, I’m from the Government."
"I’m from the Government, and I’m here to help."
CIGA Richard S.
Jim Sinclair’s Commentary
Compliments of Barry and Marty at Lafferty & Company.
I am excited about gold because sentiment is so negative. Gold could have a sharp rally at any time. The Hulbert Gold Newsletter Sentiment Index went deeply negative last week, indicating that gold-newsletter writers are recommending net short positions. When that happens, gold almost always rallies.
The daily sentiment index for gold is at a 12-year low. Short positions by large speculators have doubled in the past few months. Sales of American Eagle coins hit a five-year low in 2012.
Yet, the environment for gold couldn’t be better.
We talked today about massive money-printing by all the major central banks. Real interest rates are negative. These are the best possible conditions for a gold rally.
Felix said gold could rally to the $1,800-an-ounce level, and I agree. If it breaks that, it will go to $2,000 or more.
As long as we have unlimited quantitative easing, we have the potential for unlimited gains in the gold price.
–Fred Hickey, "Stirring Things Up", Online.Barrons.com, February 2, 2013.