Financial Crisis

[midas]

Was just reading about this bloke in Italy who lost 5000 euros on slot machines in this one bar; upset obviously he went home, got an axe and returned to smash them all up, then waited calmly to for police to come and arrest him-

Sky news story continues (via app)

"""Bregu was immediately sent for trial at a local court and jailed for six months for criminal damage and possession of an offensive weapon. He was released immediately because prison terms under two years are not enforced in Italy to reduce overcrowding."""

No jail for offences under two years??!!

Hilarious!

Is this an austerity driven policy? First I've heard of it.

This case is not so bad but I can't imagine there is any deterrent for muggers or thieves and other petty criminals anymore.?

That's because there are no privately owned prisons in Italy yet. Give it time

[kblaze]

Was just reading about this bloke in Italy who lost 5000 euros on slot machines in this one bar; upset obviously he went home, got an axe and returned to smash them all up, then waited calmly to for police to come and arrest him-

Sky news story continues (via app)

"""Bregu was immediately sent for trial at a local court and jailed for six months for criminal damage and possession of an offensive weapon. He was released immediately because prison terms under two years are not enforced in Italy to reduce overcrowding."""

No jail for offences under two years??!!

Hilarious!

Is this an austerity driven policy? First I've heard of it.

This case is not so bad but I can't imagine there is any deterrent for muggers or thieves and other petty criminals anymore.?

That's because there are no privately owned prisons in Italy yet. Give it time

Its one of the Infowars/NWO mantras that private prisons are evil and taking over. Im assuming you believe this too. Your fearless (but fear-inducing) leader AJ always forgets to mention that private prisons make up only 3% of the total prison system.

[midas]

Was just reading about this bloke in Italy who lost 5000 euros on slot machines in this one bar; upset obviously he went home, got an axe and returned to smash them all up, then waited calmly to for police to come and arrest him-

Sky news story continues (via app)

"""Bregu was immediately sent for trial at a local court and jailed for six months for criminal damage and possession of an offensive weapon. He was released immediately because prison terms under two years are not enforced in Italy to reduce overcrowding."""

No jail for offences under two years??!!

Hilarious!

Is this an austerity driven policy? First I've heard of it.

This case is not so bad but I can't imagine there is any deterrent for muggers or thieves and other petty criminals anymore.?

That's because there are no privately owned prisons in Italy yet. Give it time

Its one of the Infowars/NWO mantras that private prisons are evil and taking over. Im assuming you believe this too. Your fearless (but fear-inducing) leader AJ always forgets to mention that private prisons make up only 3% of the total prison system.

well kblaze I guess your solution does have its merits ………to just simply close your ears and deny stories that don't suit personally. But the story or problem doesn't go away?

I never even thought of AJ

But whether the private prisons make up 3% or even 1% it defies logic that any private interests should legitimately be involved in anything to do with incarceration of people because the temptation to make money is too great. You obviously didn't hear about the two US judges who were caught feeding the private prison system? And this is on CNN... do you believe CNN kblaze ??

US judges tragic kickback greed exposes prison system profiteering

Edited July 19, 2013 by midas

[mccw]

""""The Federal Reserve is currently "reviewing" a landmark 2003 decision that first allowed regulated banks to trade in physical commodity markets.

Why exactly shouldn't banks be able to trade physical commodities? To see one argument, take a look at a big report from David Kocieniewski in today's New York Times.

According to Kocieniewski, a Goldman Sachs-owned company has been involved in an elaborate plan to move around aluminum in a way that has inflated market prices. The report states that every time an American consumer buys a product containing aluminum, they pay a price that has been affected by this maneuver. Sources told The New York Times that in total the plan has cost American consumers more than $5 billion over the last three years,

Kocieniewski's investigation centers on Metro International Trade Services, an aluminum storage company that Goldman Sachs bought three years ago. According to the Times, since Goldman bought the company the average wait time at the storage facility has gone up more than 20-fold. As the wait times are longer, the companies' revenues for storing the aluminium are higher. This cost is reflected in the market price of aluminum.

Aluminum storage facilities are not allowed to mindlessly sit on aluminum — industry standards require them to move 3,000 tons of the metal every day. However, according to the Times, Metro International gets around this law by moving the metal between its own warehouses every day. One analyst estimated that around 90% of the metal moved each day went to another Goldman-owned warehouse.

The body that governs the industry has shown little interest in reforming the practice, Kocieniewski writes. This may be because the body — the London Metals Exchange — collects 1% of the rent from aluminum storage facilities. Limiting the amount of rent received would cost it millions.

This all makes for a somewhat absurd working environment. Workers told the Times that they'd routinely see the same drivers making three or four round trips a day. Some warehouses reportedly sat empty 12 or more hours a day, the Times reports, despite the huge backlog.

If the practice is as the Times describes it, it is very hard to see what value is given to society by the activity. A loose coalition of companies that use aluminium — including Boeing and Coca-Cola — have begun to put pressure on Goldman. However, the issue may go beyond aluminum — JP Morgan, Blackrock and Goldman have all been given approval by the SEC to buy a large amount of copper available on the market and stockpile it, Kocieniewski reports.""""""

-biz insider app

[midas]

Guy Walks Into Citigroup Branch, Loses $40,000

Philip L. Ramatlhware, an immigrant from Botswana who went to a Citigroup Inc. © branch in downtown Philadelphia one day five years ago to open a regular bank account.

He was 48 years old at the time and disabled, after being hurt in an accident as a passenger on a Greyhound bus. His English wasn’t good, he had no college education and his last job had been at a fast-food kiosk at the Philadelphia airport. In April 2008, he received $225,000 in a settlement for his injuries, part of which went to pay legal fees. He was holding the settlement check when he walked into the branch..............................

http://www.bloomberg.com/news/2013-07-18/guy-walks-into-citigroup-branch-loses-40-000.html

Edited July 22, 2013 by midas

[Naam]

However, the issue may go beyond aluminum — JP Morgan, Blackrock and Goldman have all been given approval by the SEC to buy a large amount of copper available on the market and stockpile it...

...which will exacerbate the prevailing financial crisis or perhaps cause another one?

[Naam]

But whether the private prisons make up 3% or even 1% it defies logic that any private interests should legitimately be involved in anything to do with incarceration of people because the temptation to make money is too great.

and we all know that private prisons and people tempted to make money causes one financial crisis after the other

[Naam]

Was just reading about this bloke in Italy who lost 5000 euros on slot machines in this one bar; upset obviously he went home, got an axe and returned to smash them all up, then waited calmly to for police to come and arrest him-

Sky news story continues (via app)

"""Bregu was immediately sent for trial at a local court and jailed for six months for criminal damage and possession of an offensive weapon. He was released immediately because prison terms under two years are not enforced in Italy to reduce overcrowding."""

No jail for offences under two years??!!

Hilarious!

Is this an austerity driven policy? First I've heard of it.

This case is not so bad but I can't imagine there is any deterrent for muggers or thieves and other petty criminals anymore.?

destroying slot machines with an axe = financial crisis!

[yoshiwara]

Was just reading about this bloke in Italy who lost 5000 euros on slot machines in this one bar; upset obviously he went home, got an axe and returned to smash them all up, then waited calmly to for police to come and arrest him-

Sky news story continues (via app)

"""Bregu was immediately sent for trial at a local court and jailed for six months for criminal damage and possession of an offensive weapon. He was released immediately because prison terms under two years are not enforced in Italy to reduce overcrowding."""

No jail for offences under two years??!!

Hilarious!

Is this an austerity driven policy? First I've heard of it.

This case is not so bad but I can't imagine there is any deterrent for muggers or thieves and other petty criminals anymore.?

destroying slot machines with an axe = financial crisis!

In his head its all axiomatic....

[mccw]

However, the issue may go beyond aluminum — JP Morgan, Blackrock and Goldman have all been given approval by the SEC to buy a large amount of copper available on the market and stockpile it...

...which will exacerbate the prevailing financial crisis or perhaps cause another one?

The point is banks are basically sucking money from what could fuel the productive economy in to useless unproductive scams like this.

Exacerbating the financial crises yes

[midas]

But whether the private prisons make up 3% or even 1% it defies logic that any private interests should legitimately be involved in anything to do with incarceration of people because the temptation to make money is too great.

and we all know that private prisons and people tempted to make money causes one financial crisis after the other

It doesn't cause a financial crisis any more than if hundreds of Jon Corzine ‘s each ran away with $1 billion each…………. but it should ring alarm bells that largest rise in incarceration USA has ever seen correlates precisely with early-80′s prison privatisation

https://hiphopandpolitics.wordpress.com/2013/04/24/jailhouse-roc-the-facts-about-hip-hop-and-prison-for-profit/

[midas]

Guy Walks Into Citigroup Branch, Loses $40,000

Philip L. Ramatlhware, an immigrant from Botswana who went to a Citigroup Inc. © branch in downtown Philadelphia one day five years ago to open a regular bank account.

He was 48 years old at the time and disabled, after being hurt in an accident as a passenger on a Greyhound bus. His English wasn’t good, he had no college education and his last job had been at a fast-food kiosk at the Philadelphia airport. In April 2008, he received $225,000 in a settlement for his injuries, part of which went to pay legal fees. He was holding the settlement check when he walked into the branch..............................

http://www.bloomberg.com/news/2013-07-18/guy-walks-into-citigroup-branch-loses-40-000.html

life imitates art.......................

South Park _ The Importance of Saving Money

Edited July 22, 2013 by midas

[Naam]

However, the issue may go beyond aluminum — JP Morgan, Blackrock and Goldman have all been given approval by the SEC to buy a large amount of copper available on the market and stockpile it...

...which will exacerbate the prevailing financial crisis or perhaps cause another one?

The point is banks are basically sucking money from what could fuel the productive economy in to useless unproductive scams like this.

Exacerbating the financial crises yes

but if a private investor (you or me) does it then it would be ok, wouldn't it?

let's have an open word, shall we? if you would see a chance to make a "hansum" profit by investing in copper, aluminium, birdshit fertilizer, gold or rice you would do it. and so would i. JPM et al have shareholders. those shareholders want profit.

case closed!

[mccw]

^ the reason we have governments and use for regulations are to balance the interests of a minority of elite profiteers against the greater good/ health of economy/ national interest.

[mccw]

In the west the governments issue a few fines/ asks for a few scraps / cut off the profiteering, then let it carry on just as before, while in china it seems they are not playing ball with the western corporate scammers :

""" GlaxoSmithKline (GSK) has said that some of its executives in China appeared to have broken the law as part of a major bribery scandal that has ensnared the UK pharmaceutical firm.

The company also said that new proposed changes to its operations would result in lower prices of its medicines in China."""

[mccw]

^ quote from rt app; but story is covered in many outlets

[mccw]

Here we can come back to the arguments I was talking about before regarding systems of either National interest or corporate globalist subservience

[churchill]

'According to the final statement, G-20 nations will offer “credible, ambitious” fiscal strategies when leaders meet in St. Petersburg in September. Those strategies must be “sufficiently flexible to take into account near-term economic conditions” while also making debt levels more sustainable, according to the statement.'

http://www.bloomberg.com/news/2013-07-21/g-20-reaches-for-growth-as-china-changes-lending-rules.html

sounds like Lagarde's usual waffle , political talk and gives the impression that they have no idea and only hopes and dreams

Is Abe going to light a fire ....

[mccw]

Sounds like IMF have changed tune somewhat from one way austerity advocates / order issuers to now more interested in stimulations and longer allowances for getting deficits back under normally acceptable limits. But they/ she are trying to do it with the face saving language like its in line with what was said before despite it being quite a change of tune.

[Naam]

IMF / Christine Lagarde

do naïve people really exist who believe that the IMF and/or "tall Christine" can make any major decision without listening their "master's voice"?

[chiang mai]

My contribution to the supply of data for comment, European Area governement debt, 1Q13 vs 4Q12, tin hats and shovels can be purchased as you exit the building:

http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-22072013-AP/EN/2-22072013-AP-EN.PDF

[mccw]

^ reality check for anyone who thought the "debt crises" was under control / debts falling.

[chiang mai]

Interesting to note that, of total debt, the cash component is really very small and that loans are less than 15%.

[mccw]

www.youtube.com/watch?v=h4V79M_PDtQ

Interesting documentary on the euro situation on the ground

[mccw]

"The great euro crises (bbc documentary)"

Incase link doesn't work

[midas]

www.youtube.com/watch?v=h4V79M_PDtQ

Interesting documentary on the euro situation on the ground

Thanks mccw that was a good documentary.

I thought Michael Portillo’s comments in the last few minutes were spot on “ People want the euro but don't seem prepared to accept the tough conditions attached “.

[yoshiwara]

Here we can come back to the arguments I was talking about before regarding systems of either National interest or corporate globalist subservience

The old drivel again.

[midas]

the fact of the matter is the US economy HAS improved over the past couple years and inflation/the dollar HAVENT spun out of control.

WASHINGTON (AP) — Four out of 5 U.S. adults struggle with joblessness, near poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream.

Hardship is particularly on the rise among whites, based on several measures. Pessimism among that racial group about their families' economic futures has climbed to the highest point since at least 1987. In the most recent AP-GfK poll, 63 percent of whites called the economy "poor."

http://bigstory.ap.org/article/exclusive-4-5-us-face-near-poverty-no-work-0

[midas]

"The only hope for Italy is the bankruptcy of the State"

Enrico Colombatto is Professor of Economics at the University of Turin and director of the Center of Economic Research in the Piedmontese town. It is also one of the greatest Italian experts in regulation, bureaucracy and government spending.

The professor, a major liberal figures in Italian academic world, offers a groundbreaking proposal: "Do not pay the debt." It seems unthinkable, but he believes it will be the only way to start fresh, leaving those who have lent money to irresponsible politicians pay for their mistake.

http://translate.google.com/translate?sl=es&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.libremercado.com%2F2013-07-21%2Fla-unica-esperanza-para-italia-es-la-quiebra-del-estado-1276495562%2F

Edited July 29, 2013 by midas

[mccw]

A South African man facing deportation from New Zealand for being too fat has said he agrees with the policy but feels he should be allowed to stay.

Officials are worried that Albert Buitenhuis, who weighs 130kg (20st), could one day rack up large bills for the taxpayer and have decided he no longer has "an acceptable standard of health".

An Immigration New Zealand spokesman said Mr Buitenhuis was rejected because his obesity put him at "significant risk" of complications including diabetes, hypertension, heart disease and obstructive sleep apnoea.

"It is important that all migrants have an acceptable standard of health to minimise costs and demands on New Zealand's health services," said the spokesman.

-sky news

I wonder when and where first countries to say to thier own citizens that unless take care of yourselves first then the state will not pick up the tab? The uk conservatives already suggested like this while the liberal and labour shot it back or suggested paying people to go to the gym and such haha

This kind of cut backs are likely down the line I think as countries try to work out who gets what out of the shrinking money's available. Its generally fair enough in my opinion; but in the case of the guy above he should have an option to stay but forfeit his right to free state health care directly affected by his life style. Or just say immigrant should take care of themselves full stop. Turning up in your fifties just when everything starts going wrong health wise isn't really fair when compare 6 years taxes again life times of other life long workers paying in 30-50years. Most benefits should be linked to number of years paid in I think. Like no housing benefit before 10 or 15 years; only basics and A&E before 15years and then only expensive ops in related steps at 30, 40 and 50 years, or needing cash top ups from patients who didn't do enough years yet. Fair enough. Why should immigrants or lazy dole bums get everything for free?