2011 December 02 | timiacono.com

Fed Dollar Swaps Over Time

Since reading about the central bank dollar swap program announced the other day and that it really isn’t anything new, just the resurrection of a 2008-era crisis facility, plotting these swap lines versus everything else on the Fed’s balance sheet seemed like a good idea.

As shown above, the program “sprang to life” in December 2008 and, based on what’s happened in recent days, it looks like it just might spring to life again in the period ahead.

Moral Degenerates, Sociopaths, Psychopaths

Anyone wondering about the worst-case scenario following the MF Global bankruptcy filing, one that included the loss looting of almost a billion dollars in customer accounts, is encouraged to have a listen to this interview with former commodities broker Ann Barnhardt at Financial Sense Online in which the terms in the title above are used to describe the people running the global financial system.

Barnhardt notes that we are no longer a nation of laws, but rather, a nation of men, namely a group of “criminal oligarchs”  like former MF Global chief Jon Corzine who, for all intents and purposes, are above the law.

That particular idea looks like it will be put to the test in short order as the House Agriculture Committee sent a subpoena his way earlier today.

A total systemic collapse is in our not-too-distant future according to Barnhardt and the purchase of precious metals and shotgun shells are recommended over stocks and bonds.

The characterization of the Securities and Exchange Commission as an inept group dominated by affirmative action hires and lots more fun stuff are in this interview that, come to think of it, just might be worth a second listen.

All of this from a woman who looks so sweet and unassuming…

A quick look at Barnhardt’s website and its videos reveals that she’s a bit prone to hyperbole, but this is still food for thought.

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The Labor Department reported that nonfarm payrolls rose by 120,000 in November while there were major upward revisions to data from prior months and the unemployment rate reached a two-and-a-half year low, falling from 9.0 percent to 8.6 percent.

The number of unemployed people fell from 13.9 million in October to 13.3 million in November while the labor force shrank from 154.2 million to 153.9 million, so, it was a combination of these two factors that drove the jobless rate lower. The broader U6 measure of under-employment (including discouraged workers and those settling for part-time work) fell from 16.2 percent to 15.6 percent.


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Friday Morning Links

Merkel says debt crisis will take years to solve – Reuters
Merkel Invokes Crisis ‘Marathon’ Without ECB, Euro Bonds – Bloomberg
You are all wrong, printing money can halt Europe’s crisis – Telegraph
Europe’s Debt Crisis: ECB Hints at Help Pending Euro-Zone Integration – Spiegel
China says it cannot use currency reserves to save Europe – Reuters
Euro Central Banks May Provide $270B Through IMF to Fight Debt Crisis – Bloomberg
The World from Berlin: ‘Central Banks’ Coordinated Move Has Solved Nothing – Spiegel
Mall Rats Can’t Bring About the Wealth of Nations – Baum, Bloomberg
Soros: World Financial System on Brink of Collapse – WSJ
Jon Corzine is above the law – Washington Times
Goldman Says 2012 Is the New 2008 – WSJ
Hank Paulson’s inside jobs – Salmon, Reuters

Oil hovers at $100 ahead of key US jobs report – AP
Gold up, EU plan to fight debt crisis expected – Reuters
Investors Betting on Positive Surprise from Jobs Report – CNBC
Dollar slips as investors await payrolls data – MarketWatch
China’s September gold purchases leap sixfold – Mineweb
S. Korea’s central bank adds more gold to its reserves – Mineweb
Indian festival gold demand fails to deliver big punch – Commodity Online
Explaining Central Banks’ Gold Purchases – Mises
Investors in Gold Rush – WSJ

For Jobless, Little Hope of Restoring Better Days – NY Times
UN cuts world growth forecast, IMF to follow – Channel News Asia
Record high for US households rated ‘economically insecure’ – McClatchy
UK public pension switch from RPI to CPI declared ‘lawful’ – Telegraph
China Hard Landing Possible; Impact ‘Devastating’: Faber – CNBC
No light on the horizon as storm clouds darken over global economy – Telegraph
German Fears About Inflation Stall Bold Steps in Debt Crisis – NY Times
Germany remains oblivious to apocalyptic warnings – Telegraph
Average Time to Foreclosure Sets New Record – CNBC
Congress Worries FHA Could Be ‘Fannie, Freddie, the Sequel’ – WSJ
Matt Stoller: A Real Third Party? An Anti-Big Bank Republican? Yup. – NC
Bullard: Fed Shouldn’t Rush to Ease as Economy Picks Up – BusinessWeek
The Origins of the Fed – Ron Paul, Mises

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