Tuesday, July 16, 2019

World’s Most Wanted Bank Whistleblower Was Just Arrested, for the Worst Possible Reason

by Wolf Richter, Wolf Street:

For a prisoner exchange between Switzerland and Spain?

Hervé Falciani, the French-Italian former HSBC employee who blew the whistle on HSBC and 130,000 global tax evaders in 2008, has been arrested in Madrid on Tuesday in response to an arrest warrant issued by Switzerland for breaking the country’s bank secrecy laws.

He lives in France, which rarely extradites its own citizens. But when Spanish authorities learned that he was in town to speak at a conference ominously titled, “When Telling the Truth is Heroic,” they made their move. If he is extradited to Switzerland he could face up to five years in prison.

Two Mines Supply Half Of U.S. Silver Production & The Real Cost To Produce Silver

by Steve St. Angelo, SRSRocco Report:

Just two mines supply the United States with half of its silver production, and both are located in Alaska. It’s quite amazing that Alaska now produces half of the silver for the U.S. when only 30 years ago total mine supply from the state was less than 50,000 oz per year. The silver produced in Alaska comes from the Greens Creek and Red Dog Mines. One is a primary silver mine and the other a zinc-lead base metal mine.

Even though Hecla’s Greens Creek Mine is labeled as a primary silver mine, 56% of its revenues come from its gold, zinc, and lead metal sales. However, Teck Resources that runs the Red Dog Mine doesn’t even list its silver production in its financial reports. Because Red Dog produces one heck of a lot of zinc and lead, their silver production doesn’t amount to much in the way of revenues.

In A Paradigm-Shifting World Situation, the Skripal Case Is Now Backfiring on the U.K.

by Harley Schlanger, LaRouche PAC:

The poisoning of two Russian citizens in England last month, aimed with such bombast by the U.K.’s May government at isolating Russia’s President Vladimir Putin and trapping the British-targetted President Donald Trump, may wind up leaving May and Foreign Minister Boris Johnson with egg on their faces.

The situation is shifting. The new reality of the great benefit of China’s New Silk Road for nations all over the world, and the benefits of great-power cooperation for peace as understood by President Trump, is making May’s all-out attack backfire. Already stung when just half of the EU nations signed up for expelling Russian diplomats and other Mayhem against Russia, the British have been mortified by President Trump’s “less than full support,” as their media have put it.

It’s The Trump Slump—But Don’t Blame The Donald!

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by David Stockman, David Stockman’s Contra Corner:

The are few snarkier defenders of the current rotten financial status quo than Ben White of Politico’s Money Morning. So it’s not surprising that he is out this AM with the latest Trumb-o-phobe meme from Swamp Dweller’s Central.

To wit, the renewed stock market swoon is purportedly all the Donald’s fault owing to his unhinged tweet storms, protectionist trade initiatives and attacks on the casino’s sacred cow of the moment, Amazon:

WELCOME TO THE TRUMP SLUMP – President Donald Trump is killing his own stock market rally. The president’s tweet storm attacking Amazon and his protectionist trade actions against China and other nations helped crush the stock market on Monday with the Dow falling over 700 points in late afternoon trade before closing down 458, or close to 2 percent.

“This Is The Breaking Point” – Manhattan Home Sales Plunge Most Since 2009

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from ZeroHedge:

For much of the past year, we’ve been carefully monitoring developments in the high-end of the world’s ritziest property markets – cities like New York, London and Hong Kong as well as tony suburbs like Greenwich, Conn. – for warning signs that America’s torrid post-crisis real-estate rally could be nearly exhausted.

As US home prices have rocketed to within a hair’s breadth (1%) of their highs from 2006, we’ve pondered the question of whether this is a “market top” or a “breakout.” The high end, ultimately, could be the final piece of this puzzle.

APRIL 4/AN ABSOLUTE JOKE!!!!!!!!!!!!!!!!!

by Harvey Organ, Harvey Organ Blog:

GOLD: $1333.40 UP $2.90 (COMEX TO COMEX CLOSINGS)

Silver: $16.30 DOWN 11 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1333.30

silver: $16.32

For comex gold:

Markets Peak and Collapse

by Gary Christianson, Miles Franklin:

Markets rise into unsustainable tops and correct. It is comforting to believe every correction is a pause in a larger rally. However, stocks, bonds and commodities rise and sometime collapse. The “everything” bubble shows signs of a progressing crash.

Past examples of peaks and crashes from the last 40 years suggest caution with current markets.

Texas Democrat Mark Benavides Guilty of Six-Counts of Continuous Trafficking of Persons

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by Red Pill, The Goldwater:

There’s breaking news coming out of San Antonio, Texas tonight where a formerly powerful Democrat, Attorney Mark Benavides, has been found guilty on six individual counts of human trafficking in a grotesque and sex-filled criminal conspiracy.

Mark Benavides, a well-known Democrat who ran for the 186th District Court in 2014, was accused by federal law enforcement of trading his legal services as an attorney for sex from his clients and then recording those manipulative sex-romps, according to local ABC affiliate KSAT 12 in San Antonio.

The clients of Benavides were all criminals such as prostitutes and drug addicts, all of whom were granted his services by trial judges via court-appointed attorney programs. Benevides would then promise the women that if they allowed him to engage in erotic sex that sometimes included physical torture, that he would offer them a legitimate defense in the courtroom.

Today’s Markets Show the Need to Return to Defined Benefit Pension Plans

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

The 401(k) was never a genuine plan to help Americans better prepare for retirement. Like everything else that Wall Street spends hundreds of millions of dollars to lobby for each year, the 401(k) was a wealth-transfer mechanism to enrich the denizens of Wall Street while transforming the mindset of the rank and file worker into shareholder capitalists. The fantasy expanded as the “ownership society,” during the George W. Bush administration.

The Wall Street implosion of 2008-2009, which devastated the 401(k)s of most Americans and led to stress, anxiety and health issues for millions of hardworking citizens, should have been the wake up call to Congress on the need to return to corporate-funded pension plans known as Defined Benefit plans because they “define” a monthly payment that will be made at retirement age. The 401(k) promises no guaranteed monthly payment but simply lets workers roll the dice in the stock market or bond market while mutual fund fees drain the bulk of the return.

Ms. McCabe, Andrew Did Not Separate Himself From Your VA Senate Run, He Used His FBI Email To Campaign For You

by Matt Vespa, Townhall:

Andrew McCabe was fired hours before he would’ve collected a multi-million pension from FBI, where he served as deputy director. It was abundantly clear that Mr. McCabe had to go—and this wasn’t from the Trump White House. Sure, President Trump made McCabe to be a boogeyman, but the smoking gun was not in the Oval Office, it was the FBI’s own Office of Professional Responsibility, which recommended McCabe get the axe. The reason: lying to investigators and an unauthorized media disclosure to The Wall Street Journal about the tension between the FBI and DOJ over the Clinton Foundation probe. Oh, and it wasn’t just one time. As Guy wrote yesterday, citing the Washington Post, OPR cited McCabe with four times to lying to investigator, including former FBI Director James Comey.