Why Congress Won’t Touch Jamie Dimon: JPM Derivatives Prop Up US Debt - By Ellen Brown (21/6/12) PDF Print E-mail
Ellen Brown   
Thursday, 21 June 2012 11:07

Common Dreams

When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the Senate Banking Committee on June 13, he was wearing cufflinks bearing the presidential seal. “Was Dimon trying to send any particular message by wearing the presidential cufflinks?” asked CNBC editor John Carney. “Was he . . . subtly hinting that he’s really the guy in charge?”

The groveling of the Senators was so obvious that Jon Stewart did a spoof news clip on it, featured in a Huffington Post piece titled “Jon Stewart Blasts Senate’s Coddling Of JP Morgan Chase CEO Jamie Dimon,” and Matt Taibbi wrote an op-ed called “Senators Grovel, Embarrass Themselves at Dimon Hearing.” He said the whole thing was painful to watch.

“What is going on with this panel of senators?” asked Stewart. “They’re sucking up to Jamie Dimon like they’re on JPMorgan’s payroll.” The explanation in a news clip that followed was that JPMorgan Chase is the biggest campaign donor to many of the members of the Banking Committee.

That is one obvious answer, but financial analysts Jim Willie and Rob Kirby think it may be something far larger, deeper, and more ominous. They contend that the $3 billion-plus losses in London hedging transactions that were the subject of the hearing can be traced, not to European sovereign debt (as alleged), but to the record-low interest rates maintained on U.S. government bonds.

The national debt is growing at $1.5 trillion per year. Ultra-low interest rates MUST be maintained to prevent the debt from overwhelming the government budget. Near-zero rates also need to be maintained because even a moderate rise would cause multi-trillion dollar derivative losses for the banks, and would remove the banks’ chief income stream, the arbitrage afforded by borrowing at 0% and investing at higher rates.



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The Global Addiction Of Central Banking Stimulas - By Mybudget360 (19/6/12) PDF Print E-mail
Mybudget360   
Tuesday, 19 June 2012 11:55

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The Biggest Myth Preventing An Economic Recovery - Widespread Economic Myths Destroying The Economy - By Washington's Blog (19/6/12) PDF Print E-mail
Washington's Blog   
Tuesday, 19 June 2012 11:54

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Ignore The Noise - By Egon von Greyerz (19/6/12) PDF Print E-mail
Egon von Greyerz   
Tuesday, 19 June 2012 10:50

Gold Switzerland

For several years I have stressed to investors that they must focus on real issues and the big picture and ignore all the background noise that is produced by the media and so called financial experts. The scene for what is happening today and will happen in the next few years has been set for years and even decades. What happens to Greece, what the Fed or the ECB do has no effect whatsoever on the extremely severe long term economic and social decline which the world will experience in the next few years.

These daily events just create short term volatility caused by irrational and short term oriented investors/gamblers. As I have been stating in many articles and interviews over the last few years like “Alea Iacta Est” (the die is cast), or the “Dark Years Are Here”, the world is virtually certain to experience a hyperinflationary depression of a magnitude that will have a massive impact for the majority of the world’s population for years and probably decades. And there is no short term action taken by governments that can change the outcome.

The depression has already started in countries like Greece and Spain and will soon spread to most European countries as well as the USA, Japan and even China.



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Senators Grovel, Embarrass Themselves At Dimon Hearing - By Matt Taibbi (18/6/12) PDF Print E-mail
Matt Taibbi   
Monday, 18 June 2012 08:28

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