Daily Archives: September 6, 2013

AmericanKabuki – Poland Confiscates Half Of Pension Funds To Cut Sovereign Debt Load – 7 September 2013

ZeroHedgeWhile the world was glued to the developments in the Mediterranean in the past week, Poland took a page straight out of Rahm Emanuel’s playbook and in order to not let a crisis go to waste, announced quietly that it would transfer to the state – i.e., confiscate – the bulk of assets owned by the country’s private pension funds (many of them owned by such foreign firms as PIMCO parent Allianz, AXA, Generali, ING and Aviva), without offering any compensation. In effect, the state just nationalized roughly half of the private sector pension fund assets, although it had a more politically correct name for it: pension overhaul. Continue reading

Lucas – The World Is Changing And Multidimensional Reality Is Taking Shape – 6 September 2013

Open-frame-icosaugmented-rhombicosidodecahedronThe World is changing rapidly as things go ahead in full steam. Yes the mist is clearing already and certain elements are taking their exposure to the new reality with a punch on the cheek.  We are moving forward. The new is coming together as the middle has brought the  stinger out the every circling around conflict polarity modus. Continue reading

We Sent You to Stop the War: Angry Voters Try In Vain To Remind McCain His Job Is To Represent Them – 6 September 2013

common-dreamsHere’s the infuriating spectacle of John ‘Never-Met-A-War-I-Didn’t-Like’ McCain at town meetings in Arizona, ostensibly set up for the quintessentially democratic purpose of letting him hear what the people who elected him to his job want him to do, except when those people really don’t want to go to war with Syria, at which discomforting impasse he pointedly fails to hear what they are saying and pointlessly argues that “Assad is a merciless butcher,” even though they haven’t argued otherwise and are making entirely valid cogent points about why that is not the issue. The most rage-inducing moment is a tough call: When his eyebrows lift in supremely patronizing dismissal of a woman’s fervent call for diplomacy? When a Vietnam veteran notes that the U.S. has likewise used chemical weapons – ie: napalm – and McCain responds, “Napalm is a terrible weapon (and) wars are terrible, but…you had an enemy, and war is hell (and) if you killed that enemy, you probably prevented that enemy from killing one of (our) people (and) that’s what I think is a bit of a difference here,” because apparently he never saw or even saw pictures of those napalmed children running screaming down the road? Or just the disheartening entire exhibition that is his hollow version of democracy in action? Appalling, all of it.

“Why are you not listening to the people and staying out of Syria? It’s not our fight.”

www.commondreams.org / link to original article

TheGuardian – Graeme Wearden – European Central Bank Chief Rules Out Debt Relief Lifeline For Greece – 6 September 2013

The Guardian

Greece faces a funding gap of up to €11bn in second half of 2014, but Mario Draghi says ECB will not take part in any debt restructuring

The head of the European Central Bank has ruled out handing Greece a debt relief lifeline, hours after the head of the eurozone finance ministers admitted that Athens will need additional aid next year.

ECB president Mario Draghi was adamant that the ECB would not participate in any debt restructuring, despite growing speculation that Greece will be unable to fully return to the financial markets when its current bailout ends in 2014.

Read the whole story at: www.guardian.com/ link to original article

BusinessWeek – Nick Summers – The World’s Biggest Mutual Fund Takes A $41 Billion Hit – 6 September 2013

Business Week

With investors anticipating the end of the Federal Reserve’s stimulus program, the biggest mutual fund in the world, Pimco’s Total Return Fund, took a $41 billion hit over the past four months after losses and withdrawals, according to Morningstar.

The $292 billion fund has shrunk to $251 billion, a reduction of 14 percent, since May, the month that Federal Reserve Chairman Ben Bernanke told Congress that the central bank’s $85 billion in monthly asset purchases could begin to wind down toward the end of the year. The Federal Open Market Committee’s next meeting is set for Sept. 17 and 18.

Read the whole story at:  www.businessweek.com/ link to original article

Boom Ireland Is Looking For €10Bn Bailout From Troika!! – 6 September 2013

InvestmentWatch06 SEPTEMBER 2013

THE Government is looking for a €10bn overdraft from the troika when the country leaves the bailout at the end of the year.

The plan is to never have to use the cash, but the sum involved would be enough to cover all of next year’s expected shortfall in government spending in the event of some unforeseen crisis. Continue reading

DerSpiegel – Annett Meiritz and Severin Weiland – Right-Wing Surprise: Anti-Euro Party Surges Before Election – 6 September 2013

spiegelonlineA recent poll shows Germany’s anti-euro Alternative for Germany party closing in on a place in parliament. This could cause a huge upset for the established parties — and dramatically alter the German political landscape

At first glance, the Alternative for Germany’s (AfD) campaign ad seems about as threatening as a commercial for the local optician. It features outraged, but pleasant-seeming citizens — a father and his daughter, a newspaper-reading businesswoman and a cyclist — looking thoughful while asking questions. “Why is all our money going to Greece, instead of being invested in damaged streets and bridges?”, one person asks. “Why are pensioners left with an ever-smaller amount of money in their wallets? Who is paying for the debt that our politicians are accruing?”, asks another.

Read the whole story at: www.spiegel.de/ link to original article