Economy

Top Obama watchdog: America’s ‘pretty f**ked’

If you are looking for opinions on the current state of the country, former TARP Inspector General Neil Barofsky is opening up about what he thinks of America. And, if you ask him, the whole nation might be pretty damn fucked. Barofsky served the watchdog role for the Troubled Asset …

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More than 100 million Americans are on welfare

There are more Americans dependent on the federal government than ever before in U.S. history. According to the Survey of Income and Program Participation conducted by the U.S. Census, well over 100 million Americans are enrolled in at least one welfare program run by the federal government.  Many are enrolled in more …

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Audit the Fed threatens the secrecy of the Federal Reserve Bank

Senator Ron Paul, author of the legislation called Federal Reserve Transparency Act of 2012 (HR459) that will subject Ben Bernanke and the privately-owned Federal Reserve Bank to a monetary audit policy has seen much support from his peers on Capitol Hill. The House of Representatives passed 327 – 98 on a vote last week …

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British bank chief admits to £2.4m fraud

Jessica Harper Lloyds TSB banking fraud

Jessica Harper, a former boss for UK bank Lloyds TSB, has admitted a £2.4million fraud over a four year period, while being in charge of fraud and security for digital banking. Harper’s job was to prevent fraud at Lloyds Banking Group. But she has now attended Southwark crown court, in …

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It’s a matter of trust

Part 1 “All the world is made of faith, and trust, and pixie dust.” ― J.M. Barrie – Peter Pan         “The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.” – Lord Acton Who do you trust? Do …

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On this day in 2016

For a presidential election taking place when the US debt/GDP has for the first time in 70 years crossed above 100%, in which over 50 million Americans collect food stamps and disability, in which M2 just crossed $10 trillion, in which total US debt is about to pass $16 trillion, …

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JP Morgan silver probe dead in the water, CFTC sides with the bankers

crash jp morgan buy silver

Two weeks after Bart Chilton, a member of the U.S. Commodity Futures Trading Commission, said that “I am hopeful and expect the silver investigation to conclude in the not-too-distant future, hopefully in September or October…It has already taken far too long,” the probe by the CFTC into silver price manipulation is coming …

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The Fed’s gold is being audited… by the US Treasury

NY fed gold

When we started reading the LA Times article reporting that “the federal government has quietly been completing an audit of U.S. gold stored at the New York Fed” we couldn’t help but wonder when the gotcha moment would appear. It was about 15 paragraphs in that we stumbled upon what we were waiting for: …

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Knight Capital says trading glitch cost it $440 Million

Knight Capital

$10 million a minute. That’s about how much the trading problem that set off turmoil on the stock market on Wednesday morning is already costing the trading firm. The Knight Capital Group announced on Thursday that it lost $440 million when it sold all the stocks it accidentally bought Wednesday morning because …

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