Sunday, October 20, 2019

Two Admitted Felons, UBS and Citigroup, Are Now Gaming Wall Street’s Private Justice System

by Pam Martens and Russ Martens, Wall St On Parade:

Yesterday, the Public Investors Advocate Bar Association (PIABA) Foundation released a research study showing that Wall Street’s banks and brokerage firms are back to their old tricks again in gaming the private justice system that its crony self-regulator, FINRA, has carved out for the benefit of Wall Street to the detriment of Main Street.

PIABA previously exposed how FINRA, when it was called NASD, rigged the selection process for picking arbitrators so that the croniest ones kept getting selected. PIABA released this statement on July 20, 2000:

69 Percent Of U.S. Households “Are Preparing For A Possible Recession”

by Michael Snyder, The Economic Collapse Blog:

Do you believe that a recession is coming?  If so, you certainly have a lot of company.  It turns out that more than two-thirds of all U.S. households “are preparing for a possible recession” right now.  There is a growing national consensus that that U.S. economy is heading for big trouble, and this is causing a lot of people to cut back on spending.  In fact, we just witnessed the first drop in retail sales in seven months.  If this slowdown in retail spending extends into the holiday season, that could potentially be absolutely disastrous for the entire retail industry.  We are already in the midst of the worst “retail apocalypse” in U.S. history, and we are learning of more store closings with each passing day.  But of course it isn’t just the retail industry that is in very serious trouble, and I have some brand new numbers from a couple of other sectors that I will share with you below.

EXPECT MASSIVE HONG KONG PROTESTS THIS WEEKEND

by Harvey Organ, Harvey Organ Blog:

GOLD UP $10.25 TO $1490//SILVER UP 4 CENTS TO $17.42//A MASSIVE QUEUE JUMP AT THE GOLD COMEX OF APPROX 1 TONNE AS BANKERS SEARCH OUT BADLY NEEDED GOLD//QE4 BEGINS IN EARNEST AT THE FED AS DEMAND FOR DOLLARS WAS 400% OVERSUBSCRIBED//COLLATERAL RATE RISES TO 2.27% PUTTING THE DEALERS UNDERWATER WITH THE LATEST BILL PURCHASES//EXPECT MASSIVE HONG KONG PROTESTS THIS WEEKEND//TURKISH STATE OWNED HALKBANK CHARGED WITH VIOLATING SANCTIONS AND THIS COULD BE TROUBLE FOR THE LIRA

Are Americans Close to Maxing Out Their Credit Cards?

by Peter Schiff, Schiff Gold:

Consumers continued to pile on debt in August, according to the latest data released by the Federal Reserve. But credit card debt fell slightly, raising a troubling question: are consumers close to maxing out the plastic?

Total consumer credit grew by another $17.9 billion in August. That represents an annualized increase of 5.2% and pushes total consumer indebtedness to a new record of $4.14 trillion (seasonally adjusted).

The Fed consumer debt figures include credit card debt, student loans and auto loans, but do not factor in mortgage debt.

Government Treats You Like a Milk Cow… Doug Casey Shows How to Avoid It

by Doug Casey, International Man:

International Man: Today, we’re going to take a close look at a pressing issue that’s growing in importance every single day: political risk.

No matter where you live in the world, political risk is growing and may soon have serious implications for you and your investments.

In the United States, this has become a significant concern…

Unsustainable government debt, a corrupt and failing political system, and swings in attitude toward more government involvement in daily life have severe ramifications you should know about.

The “Not QE” TaperCaper Duck Quacks Like QED

from Silver Doctors:

Banks and other financial institutions count on the interbank lending markets to ensure they have access to funding…

by TraderStef via CrushTheStreet (connect with TraderStef via Twitter or at TraderStef’s website)

Interest rates jumped last month after a disruption in short-term lending markets. Banks and other financial institutions count on the interbank lending markets to ensure they have access to funding. To compensate for a lack of liquidity, the Fed began giving financial institutions enough cash in return for safer assets like government treasuries and bonds. The only difference between the Great Financial Crisis (GFC) bailout and the current scheme is that the Fed is purchasing shorter-term debt instruments instead of longer-term debt.