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Feb 24, 2015

RT Keiser Report - February 24, 2015: Sovietization of capitalism (E723)

Published on Feb 24, 2015
In this Keiser Report, Max Keiser and Stacy Herbert discuss removing the document to remove the men who rule our bureaucratic world - from their mountains of derivatives paperwork, which has added nothing to global GDP to the piles of QE, which has added merely more paper gains to an over-bloated stock market.

In the second half, Max interviews David Graeber about his new book, The Utopia of Rules: On Technology, Stupidity and the Secret Joys of Bureaucracy. They talk about the Sovietization of capitalism as more and more paperwork and more and more contracts are required for the simplest of every day financial exchanges. Max introduces the concept of a Fee-ocracy which believes in the ideology of fee-ism, whereby spinning enough contracts and debt makes us all rich as epitomized by the practice of Quantitative Easing which is printing paperwork.

Gerald Celente - Trends in The News - February 24, 2015: "Obama’s Extremism" - (2/20/15)

Published on Feb 24, 2015
"Greece reaches a deal to extend it’s bailout for 4 months, Walmart raises hourly wages to “at least” $10 an hour & Barack Obama says: “groups like Al Qaeda and ISIL peddle the lie that some of our countries are hostile to Muslims”. The hypocrisy!"

Original release: 2/24/15.

FDIC Press Release - February 24, 2015: Joint Release: Financial Regulators Issue Guidance Encouraging Youth Savings Programs, Address Frequently Asked Questions.


Press Release

Joint ReleaseBoard of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Financial Crimes Enforcement Network
National Credit Union Administration
Office of the Comptroller of the Currency
For Immediate ReleaseFebruary 24, 2015

Financial Regulators Issue Guidance Encouraging Youth Savings Programs, Address Frequently Asked Questions

Five federal financial regulatory agencies today issued guidance to encourage federally insured depository institutions to offer youth savings programs to expand the financial capability of young people. The guidance also provides answers to frequently asked questions related to the establishment of these programs.
Many financial institutions already collaborate with schools to establish programs that allow students in elementary, middle and high school to open and manage savings accounts and to learn good savings habits early. Research indicates that school-based youth savings programs—when combined with financial education—can be effective in helping students to improve their long-term financial and education prospects.
The guidance does not create any new regulatory policy or establish new industry expectations.
This effort is consistent with the "Starting Early for Financial Success" focus of the Financial Literacy and Education Commission (FLEC). Congress created FLEC in 2003 to improve financial capability and education in the United States. The financial institution regulatory agencies are members of FLEC.
The interagency guidance is being issued by the Federal Reserve Board, Federal Deposit Insurance Corporation, U.S. Department of the Treasury's Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency.
# # #
Media Contacts:
FinCENSteve Hudak(703) 905-3770
FRB:Susan Stawick(202) 452-2955
FDIC:Greg Hernandez(202) 898-6984
NCUA:Ben Hardaway(703) 518-6333
OCC:Stephanie Collins(202) 649-6870
FDIC: PR-21-2015

GATA | THE GATA DISPATCH - February 24, 2015: BNY Mellon in settlement talks over forex fraud, sources tell Reuters.

BNY Mellon in settlement talks over forex fraud, sources tell Reuters

Submitted by cpowell on  Tuesday, February 24, 2015.
By Karen Freifeld and Nate Raymond
Tuesday, February 24, 2015
NEW YORK -- Bank of New York Mellon Corp. is in settlement talks with the U.S. Justice Department and New York attorney general over claims the bank defrauded clients in foreign exchange transactions, according to sources familiar with the matter.
BNY Mellon last week revealed that it would take a $598 million charge as it sought to resolve matters including "substantially all" foreign exchange litigation it faced, though it did not specify which cases.
The bank faces several lawsuits, including class actions, stemming from allegations that it misled clients about how it determined currency exchange rates for certain transactions.
The Justice Department, which has a lawsuit against BNY Mellon pending in Manhattan federal court, is engaging in settlement talks, a person familiar with the matter said. ...
... For the remainder of the report:

The Economist Selected New Articles - February 24, 2015: Marijuana, flu shots, and five party politics.

New on Economist
The Economist
Tuesday, February 24, 2015
A selection of new stories from
Democracy in America: Marijuana laws
The Second World War: Battling over history
Gulliver: Indian visas
The Economist explains: Why the low oil price will not harm sales of electric cars
Buttonwood's notebook: Economic growth
Democracy in America
Marijuana laws
Democracy in AmericaSmoking cannabis becomes legal in Alaska, the latest state to lift its prohibition of the drug after Colorado and Washington, which took the plunge last year
The Second World War
Battling over history
Poland proposes alternative ceremonies to avoid a 70th anniversary celebrating Russian militarism
Indian visas
GulliverAnyone who has tried to get a visa for business travel in India will relate a similar story of red tape. But things are going to get tougher
The Economist explains
Why the low oil price will not harm sales of electric cars
In years to come improving the performance of electric cars will be far more important for their popularity than the cost of a barrel of crude
Buttonwood's notebook
Economic growth
Buttonwood's notebookEconomic growth in the developed world has been sluggish for a while. The big question is whether this will continue

GATA | THE GATA DISPATCH - February 24, 2015: 3 Articles: New York Sun: Janet Yellen's audit | Greece can't pay but EU can't let Greece go, Embry tells KWN | Swiss competition agency hops on gold price-rigging probe pig pile.

New York Sun: Janet Yellen's audit

Submitted by cpowell on Tuesday, February 24, 2015. 
From the New York Sunday
Tuesday, February 24, 2015
It strikes us that it was passing strange for Chairman Janet Yellen to wave a copy of the central bank's audited financial statement as a prop in answering Congress on Senator Rand Paul's "Federal Reserve Transparency Act." She did this today at the hearing of the Senate Banking Committee. Her suggestion that a standard financial audit is what the Transparency Act is all about was almost contemptuous. So was her suggestion that the bill that has already twice passed the House -- September's bipartisan vote was 333 to 92 -- is somehow designed to politicize monetary policy.
Just to underline the point, what Mrs. Yellen held up was an audited report of the kind that is done by accountants using green eyeshades. What the Congress wants is a look not only at the books but also at the Fed's holdings and minutes and transactions overseas. It is not an attempt to interfere with Fed policy. It is an attempt to find out what the Federal Reserve is doing. It's just shocking that the Federal Reserve would want to deny to its creator this kind of inspection once every, oh, say, century.
Particularly on this morning, when the world is digesting the Wall Street Journal's astonishing scoop about how the Justice Department is investigating trading by "at least 10 major banks" for rigging the market in gold and other precious metals. ...
... For the complete commentary:


Greece can't pay but EU can't let Greece go, Embry tells KWN

Submitted by cpowell on Tuesday, February 24, 2015. 
 Tuesday, February 24, 2015

Greece can't pay its European Union creditors but the EU can't let Greece go because default would wreck the EU banking system, Sprott Asset Management's John Embry tells King World News today, adding that nothing about the Greek situation has been solved. An excerpt from Embry's interview is posted at the KWN blog here:

Swiss competition agency hops on gold price-rigging probe pig pile

Submitted by cpowell on  Tuesday, February 24, 2015. 
Swiss Watchdog Says It's Looking at Possible Gold Market Manipulation
By Joshua Franklin
Tuesday, February 24, 2015
Switzerland's competition commission WEKO is looking into possible manipulation of price fixing in the precious metals market, its spokesman said today. ...
"We have a preliminary investigation into the manipulation of gold and precious metal price fixing," the spokesman said. He declined to say which banks were involved.
The spokesman said this preliminary investigation began in 2014, without elaborating. ...
... For the remainder of the report:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

WP Wonk PM Edition - February 24, 2015: How unemployment warps your personality over time

The Washington Post
The latest from Wonkblog  •  Tue., Feb. 24, 2015

How unemployment warps your personality over time
Long periods of unemployment drain our bank accounts and weaken the economy. New research suggests extended joblessness could also dampen our personalities. And that can make it harder to find more work. A study published this month in the Journal of Applied Psychology examined a sample of 6,769 German adults -- 3,733 men and 3,036 women …  Read full article »

A new threat appears along the U.S.-Mexico border: Americans with measles
As Republican lawmakers suggest that undocumented immigrants crossing the southern border may be responsible for bringing measles and other diseases into the country, Mexican health authorities are warning people traveling to the United States about the risk of infection here following an outbreak of measles at Disneyland last month that has sickened dozens of people in several …  Read full article »
Chart: How childhood obesity has swept the world in less than a generation
A new comprehensive study published in The Lancet looks at the state of obesity around the world, and shares several grim observations, including that no country has managed to curb its the obesity epidemic. It also looks specifically at the prevalence of child and adolescent obesity, which has risen significantly around the globe in a matter …  Read full article »
The incredible decline of American unions, in one animated map
This post comes via Know More, Wonkblog's social media site. Union membership has plummeted in the U.S., from nearly one-third of workers 50 years ago to one in 10 American workers today. Quoctrung Bui of NPR’s Planet Money created this fascinating map to illustrate how union membership has changed across America since 1964. The map …  Read full article »
The hidden dangers of Lincoln Town Cars, America’s favorite taxi cab
When "60 Minutes" veteran newsman Bob Simon was killed earlier this month while riding in a for-hire Town Car, the crash was regarded as a tragic accident. But an auto safety expert says known hazards in the 2010 Lincoln Town Car, including its recent recall for a steering defect, could have contributed to the crash -- and are still keeping many taxis …  Read full article »
The strong dollar is the biggest threat to the economic recovery
The good news, if you're planning on taking a trip abroad, is that the dollar is on a tear. But the bad news, if you're planning on working in the U.S., is that, well, the dollar is on a tear. In the last six months, as you can see above, the dollar is up 12 …  Read full article »
Yellen seeks to calm markets over looming interest rate hikes

WP | Opinions P.M. Edition - February 24, 2015.

WP Evening Edition - February 24, 2015: McConnell plan moves Senate closer to deal on Homeland Security funding.

Evening Edition
The most important stories of the day  •  Tue., Feb. 24, 2015

McConnell plan moves Senate closer to deal on Homeland Security funding
Senate Republicans offered a new proposal Tuesday to avert a partial shutdown of the Department of Homeland Security this weekend, but it faced an uncertain future after Democrats demanded assurances that the House would support it.   Read full article »

Obama vetoes Keystone XL bill
This post has been updated. President Obama has vetoed a bill authorizing the controversial Keystone XL pipeline, carrying out a threat to reject one of the first measures the Republican-led Congress sent to the president's desk.  Read full article »
The remote Alaskan village that needs to be relocated due to climate change
KIVALINA, ALASKA — This tiny and isolated town of 400 cannot be reached by road. It lies on a fragile barrier island along the Chukchi Sea, 83 miles above the Arctic circle. And for generations, the Iñupiaq Eskimos of the region have hunted gigantic bowhead whales from camps atop the sea ice that stretches out from the town’s icy shores.  Read full article »
Islamic State said to abduct at least 70 Christians in Syria
BEIRUT — Islamic State militants in eastern Syria have captured at least 70 Assyrian Christians — including many women and children — in one of the largest recent abductions against religious minorities by the extremists, watchdog groups saidTuesday.  Read full article »
George Zimmerman won’t face civil rights charges in Trayvon Martin’s death
The Justice Department announced Tuesday that George Zimmerman will not face federal criminal civil rights charges for shooting and killing teenager Trayvon Martin in 2012.Zimmerman fatally shot Martin while the unarmed African American 17-year-old was walking in Sanford, Fla. The shooting became a national flashpoint, sparking a discussion of race relations that continues to reverberate since the shooting death of Michael Brown in Ferguson, Mo., and other incidents across the country.  Read full article »

DealBook P.M. Edition - February 24, 2015: Top Story: JPMorgan Chase Pushes Back Against Suggestion of Split.

JPMorgan Chase's headquarters in Manhattan.
JPMorgan Chase Pushes Back Against Suggestion of Split The bank's chief financial officer, Marianne Lake, said that it benefited from its size and would do what it takes to maintain its business model.
Onetime Mystery Informant in Galleon Insider Trading Case to Be Sentenced Thomas Hardin, who worked for the hedge fund Lanexa Management, got some of his tips from the same woman who gave information to Galleon's founder.
An oil rig in Tioga, N.D.
Goldman Seeks to Raise Fund to Buy Energy Sector Debt Goldman Sachs joins other Wall Street firms in seeking to capitalize on the turmoil in the energy sector.
Breakingviews: Hitachi Deal Is a Signal that Italy is Open for Deal-Making Hitachi is a credible buyer paying a full price for Finmeccanica's rail units.
Private Equity Leaders Focusing on Returning Money to Investors At the SuperReturn International conference, executives said that they were returning capital to investors, rather than taking on risky investments.

WSJ | Most Actives Closing - February 24, 2015.

Most Actives Closing
Most Active Stocks by Volume
4:33 pm ET 02/24/2015
Bank of America (BAC)73,393,959$16.380.181.11
General Electric (GE)35,960,28925.390.220.87
Petroleo Brasileiro ADS (PBR)31,083,5316.860.385.86
National Bank of Greece ADS (NBG)26,654,4971.88-0.02-1.05
Boston Scientific (BSX)25,431,71016.620.311.90
Vale ADS (VALE)25,175,4877.780.273.60
JPMorgan Chase (JPM)22,786,44360.821.472.48
SunEdison (SUNE)21,474,94623.290.833.70
Citigroup (C)20,112,22551.900.581.13
J.C. Penney (JCP)19,892,0808.890.424.96
Halliburton (HAL)19,091,94143.12-0.10-0.23
AT&T (T)18,961,74734.050.200.59
Pfizer (PFE)18,770,17134.34-0.05-0.15
Sprint (S)17,988,3964.63-0.04-0.86
Ford Motor (F)17,412,27716.36-0.02-0.12
Cemex ADS (CX)17,113,50710.330.272.68
MGM Resorts International (MGM)16,926,34521.88-0.67-2.97
Health Care REIT (HCN)16,297,83176.50-2.19-2.78
Verizon Communications (VZ)16,028,21649.220.450.92
Taiwan Semiconductor Manufacturing ADS (TSM)15,711,65725.040.823.39
Alibaba Group Holding ADS (BABA)15,684,78784.69-0.78-0.91
Transocean (RIG)15,515,60415.95-0.31-1.91
SeaDrill (SDRL)14,385,11211.59-0.36-3.01
Petroleo Brasileiro ADS A (PBRA)13,762,2026.990.406.07
Hewlett-Packard (HPQ)13,019,18538.490.300.79