“97% of the time chemotherapy doesn’t work, so why do we still do it?”

•July 30, 2015 • 24 Comments

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what would you do?

is this guy legitimate?

i think this is an important video because we follow the money here and this is exactly what we should be highlighting..

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GREECE FACES BANK CONFISCATIONS..AS WE WARNED

•July 30, 2015 • 5 Comments

bankerror

https://www.dollarvigilante.com/blog/2015/07/27/greece-faces-bank-confiscations-as-we-warned.html

Greek pain is far from over – and depositors should have seen it coming.

Just the other day we wrote about the way wealthy Greeks were lining up for passports and worrying openly that cash-rich accounts could be frozen or even seized.  And now Reuters tells us it could be happening just the way it happened in Cyprus with a bank bail-in.

Really no excuse for anyone to be surprised this time.

Where were these Greeks for the past two or three years? Didn’t they read the papers? Didn’t they watch the news? Didn’t they see how the Cyprus government acquiesced to outside pressure and depositors – mostly Russian ones – and had money seized?

Were Greeks lulled into passivity because of “deposit insurance.”  This was the main thing we heard from Greeks when someone would bring up the possibility of a bank bail-in… to paraphrase, they said, “We’ll be okay, the Greek Prime Minister said all bank deposits are safe… plus the Greek government guarantees all bank deposits up to 20,000 euros 100%.”

Aside from the fact that nothing is truly official until it is denied by government, how’s counting on government “depositor insurance” working out for them?  Americans counting on the massively insolvent FDIC can expect something similar.

The FDIC is one of those agencies that seems to work fine until it is actually needed. It went into a massive crisis in 2008-2009 and reports  show that regulators were scrambling to generate funds by any means necessary.

Reuters even reported that the fund was contemplating borrowing directly from  Treasury Department.

With a rise in the number of troubled banks, the FDIC’s Deposit Insurance Fund used to repay insured deposits at failed banks has been drained. In a bid to replenish the $45.2 billion fund … the FDIC will consider a plan in October to raise the premium rates banks pay into the fund, a move that will further squeeze the industry.

The 2008-2009 crisis was a horribly bad one but the next one will be even worse. Who is to say that the political consensus to bail out a massively indebted banking system will be there this time round – in the US or the West generally. Politics and finance are getting more unpredictable as the Greeks are finding out.

When you keep your money in a bank you are truly providing “a hostage to fortune,” putting your assets in the hands of others who have little reason to care for you or your family.

There’s no excuse for relaxing in the face of a 21st century financial crisis. It’s a new era, as Greeks –monied or not – are about to find out.

At the end of the last decade,  as we can see above, Reuters was reporting on FDIC insolvency. Five years later, Greek insolvency is not generating suggestions of a Treasury bailout.

Nope. Times have changed. Instead Reuters is reporting about a “bail-in,” which simply means that depositors suddenly discover they are actually liable for bank debts.

For Western – and especially US – citizens, this is ironic as governments made great efforts in the 20th century to convince savers that their funds were safe in their bank accounts because of deposit insurance.

But governments don’t seem to be so keen on reassurance these days and big institutions increasingly get the benefit of the doubt.

Some key points to keep in mind.

  • Cash controls may not be lifted any time soon; we’re talking months not weeks. And at just $460 a week, the controls are effectively paralyzing an already damaged economy.
  • There is no certainty that bank-restructuring charges will be picked up by the EU. Instead Greeks may end up paying for their bankrupt institutions, whether that’s fair or not.
  • In fact, the German government is reportedly in the process of concluding that depositors with more than 100,000 euros must shoulder some of the losses.
  • The numbers are significant: something like 20 billion euros at risk in various banks and that tempting pot of money makes it likely that losses are covered by Greek depositors.

It is unfortunate that much of this money is held by Greek companies, for confiscating these funds will have a direct impact on the solvency and resilience of the Greek economy.

It is understandable that Greek companies used Greek banks because small companies need liquidity and banks provide it (although they should be running, not walking, to now accept bitcoin). But there is no excuse for the current panic that wealthy Greeks are reportedly exhibiting.

First Cyprus. Now Greece. First Russian “hot” money and now Greek savings. There’s no excuse this time. The people who are going to be hurt aren’t gangsters. They’re just average Greeks, maybe a little more well-to-do than most.  And the people who will profit are the banksters.

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no surprises here..we have posted on the “bail in” phenomena for years and how most western countries have this as law now..

https://seeker401.wordpress.com/2015/06/11/why-is-the-eu-forcing-european-nations-to-adopt-bail-in-legislation-by-the-end-of-the-summer/

https://seeker401.wordpress.com/2014/11/17/bank-of-england-chief-no-more-bailouts-banks-wont-be-saved-by-taxpayers/

https://seeker401.wordpress.com/2013/08/03/rudd-plans-to-pinch-aussies-savings-the-bail-out-is-now-the-bail-in/

“Reuters is reporting about a “bail-in,” which simply means that depositors suddenly discover they are actually liable for bank debts.”

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Obama warns on Africa leaders refusing to step down

•July 30, 2015 • 1 Comment

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http://www.bbc.com/news/world-africa-33684721

US President Barack Obama has ended his visit to Africa by warning the continent will not advance if its leaders refuse to step down when their terms end.

“Nobody should be president for life,” Mr Obama said.

He was speaking at the African Union’s headquarters in Ethiopia’s capital, Addis Ababa, the first time a sitting US president has addressed the body.

Earlier in the trip, Mr Obama visited Kenya, the homeland of his late father.

“I don’t understand why people want to stay so long, especially when they have got a lot of money,” he told the 54-member AU, an apparent criticism of African leaders who have done just that.

Calling on the AU to ensure leaders respect their constitutions and step down when their term ends, Mr Obama specifically mentioned Burundi, whose president Pierre Nkurunziza has controversially been re-elected for a third term.

“Sometimes you will hear leaders say ‘I’m the only person who can hold this nation together.’ If that’s true, then that leader has failed to truly build their nation.”

He said democracy was about more than just holding elections: “When journalists are put behind bars for doing their jobs or activists are threatened as governments crackdown on civil society then you may have democracy in name, but not in substance.”

And he joked about his own chances of another term in office, which he is constitutionally barred from seeking.

“I actually think I’m a pretty good president,” he said. “I think if I ran, I could win. But I can’t!”

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the ego was on full show at the AU meeting..i think he thought he was their president as well..

“I don’t understand why people want to stay so long, especially when they have got a lot of money,”

oh please..such fake naivety..the west builds up leaders and it takes them down as required..its got nothing to do with choice..

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Assad admits his army strained by war

•July 30, 2015 • 6 Comments

412b24ead10a43f0aae365d7bbda1809_18

http://www.bbc.com/news/world-middle-east-33669069

The Syrian army has been forced to give up some areas in order to retain others in the war against rebels, now in its fifth year, President Bashar al-Assad has acknowledged.

The Syrian leader also said the army faced a shortage of soldiers.

A day earlier, he declared an amnesty for draft-dodgers and deserters.

The conflict is thought to have left more than 230,000 dead and displaced millions. Vast areas are no longer under government control.

Syria’s conscript army was once 300,000 strong, but has been roughly halved by deaths, defections, and a rise in draft-dodging, AFP news agency said.

The Syrian leader said the army did not have the manpower to defend the entire country, especially as rebel groups were receiving increased support from outside – a reference to Saudi Arabia, Turkey and Qatar.

“Sometimes, in some circumstances, we are forced to give up areas to move those forces to the areas that we want to hold onto,” Mr Assad said in a televised speech to dignitaries in Damascus.

“We must define the important regions that the armed forces hold onto so it doesn’t allow the collapse of the rest of the areas.”

The BBC’s Jim Muir – in neighbouring Lebanon – says it has been evident for some months that Syrian government forces have been focusing on defending certain key areas while not doing everything they might to defend outlying regions where the army is really overstretched.

This year, the Syrian military has lost the north-western provincial capital Idlib, parts of the south, and Palmyra in the north-east, which was taken over by militants of Islamic State.

Bashar Assad said he was sure the army could defend the core areas where it was consolidating – meaning Damascus, the cities of Homs and Hama and the coast.

But other big cities such as Aleppo in the north and Deraa in the south may come under question, our correspondent says.

However, Mr Assad pledged to fight on and ruled out the prospect of any negotiated settlement at the moment.

“The word defeat does not exist in the Syrian army’s dictionary,” he said, adding that “collapse” was not on the cards.

“We will resist and we will win.”

————

“We must define the important regions that the armed forces hold onto so it doesn’t allow the collapse of the rest of the areas.”

the break up is on..there are parts of syria that will never again be ruled by assad..thats pretty much part of the end game result tptb wanted..

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Turkey and US “planning buffer zone” in northern Syria..here we go..

•July 29, 2015 • 10 Comments

Syrian_Geo2

http://www.bbc.com/news/world-europe-33681215

The US and Turkey are working together on military plans to clear the Islamic State (IS) group from parts of northern Syria, American officials say.

They said an “Islamic State-free zone” would ensure greater stability along the Syria-Turkish border.

The talks follow a major shift in Turkey’s approach to IS in recent days.

Turkey, which had been reluctant to intervene in Syria, has launched raids against IS and allowed US jets to use a Turkish base.

The Turkish operations have led to tensions with Kurdish militia forces fighting IS in northern Syria.

On Monday Kurdish People’s Protection Units (YPG) said Turkish tanks had shelled their fighters near the key town of Kobane.

Turkey said it was investigating the YPG’s claim.

At the same time, Turkey has admitted launching strikes on the Kurdish PKK group in northern Iraq.

Turkey has battled PKK insurgents on its own territory in a conflict that has killed about 40,000 people since 1984.

Turkey has said it has no plans to send ground troops into Syria.

“It’s an effort to defeat, destroy, degrade ISIL (IS) in northern Syria, create an area there that is ISIL-free, if I could put it that way,” US State Department spokesman Mark Toner told the BBC.

Further details of the efforts by the US and Turkey to set up a buffer zone in northern Syria were revealed by unnamed officials interviewed by US media.

Under the agreement being reportedly finalised, the militants would be removed from a 68-mile (109km) stretch west of the Euphrates River, according to the Washington Post.

Such a deal would significantly increase the scope of the US-led air war against IS in northern Syria, the paper says.

It could also increase tensions with Kurdish fighters, such as the YPG, who control much of northern Syria and are opposed to any Turkish military intervention there, correspondents say.

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there will be NFZ’s like we saw in libya..its taken them a while but they will push forward with this one and will be a portent to the break up of the syrian country..if it isnt already..these zones will grow and they will also allow turkey to attack kurds..which is the only reason they have decided to fight the black flag waving kill squads..

401

Israel’s Teva closes in on Allergan’s generics unit for $40-45bn

•July 29, 2015 • 2 Comments

Generics2010_Teva_Logo

http://www.ft.com/intl/cms/s/0/8bbd39a8-331f-11e5-b05b-b01debd57852.html#axzz3h3VelH4U

Teva Pharmaceutical, the Israeli drugmaker, is nearing a deal to acquire Allergan’s generics drug unit for between $40bn and $45bn, said people familiar with the matter.

A deal, which one person said could be announced within days, would be the latest blockbuster agreement in the pharma sector.

Until recently, Teva had been entirely focused on its attempt to acquire rival generic drugmaker Mylan. Earlier this month, Teva was preparing to increase its offer to buy Mylan to $43bn in what would have been the latest move in a fiercely contested hostile takeover campaign, people familiar with the matter previously told the FT.

If a deal is clinched with Botox-maker Allergan, it is unlikely to pursue Mylan any further, said one person familiar with the company’s thinking.

Teva has built a 4.6 per cent stake in Mylan over the past months. But this week an independent foundation, which under the terms of Mylan’s recently acquired Dutch domicile, activated a sort of poison pill that gave it 50 per cent of the voting rights in the company. The foundation, known as a ‘stichting’, said it had determined a Teva-Mylan deal was not in the best interests of shareholders.

Siggi Olaffson, who leads Teva’s global generics business, is a former senior executive of drugmaker Actavis and had helped build the company’s generic drug unit before he left the company in 2014. Later that year, Actavis agreed a $66bn takeover of Botox-maker Allergan and took that company’s name this year when the deal closed.

In a Teva-Allergan deal, a so-called “Reverse Morris Trust” structure, where Teva merges with Allergan’s generics unit using a stock swap, could be a tax-efficient way to structure the takeover. However such a method has strict requirements about the relative sizes of the companies, typically with the spun company needing to be larger than the merger partner.

Teva’s probable decision to withdraw from the race to acquire Mylan is likely to help its rival secure shareholder approval for another deal.

Mylan shareholders will vote next month to either approve or block the group’s proposed $35.6bn, unsolicited offer for Perrigo, another generics drug company.

The Wall Street Journal first reported news that Teva was in advanced talks with Allergan. Bloomberg first reported that Allergan was exploring a sale of the generics unit.

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lots of movement at allergan..suitors lining up and they have been buying up as well..now teva might win the big prize..the generic drugs unit..

https://seeker401.wordpress.com/2014/11/21/actavis-is-said-to-be-near-a-deal-for-the-botox-maker-allergan/

https://seeker401.wordpress.com/2014/05/18/allergan-formally-rejects-valeants-46-billion-bid/

https://seeker401.wordpress.com/2015/02/26/valeant-to-acquire-salix-in-10-1-billion-deal/

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Shanghai stocks to see further 14% plunge

•July 29, 2015 • Leave a Comment

-1x-1

http://www.bloomberg.com/news/articles/2015-07-27/demark-sees-14-china-plunge-as-stocks-mirror-1929-u-s-crash

Chinese stocks will decline by an additional 14 percent over the next three weeks as the market demonstrates a trading pattern that mimics that of the U.S. crash in 1929, according to Tom DeMark, who predicted the bottom of the Shanghai Composite Index in 2013.

The benchmark for mainland stocks will sink to 3,200 after plunging 8.5 percent Monday to 3725.56 in the worst selloff in eight years, DeMark said on Monday. That would extend its decline since a June 12 peak to 38 percent. The gauge’s moves since March are tracking those of the Dow Jones Industrial Average in 1929 when the gaugelost as much as 48 percent, he said.

Monday’s selloff came after the government’s market-boosting efforts, including a selling ban on major shareholders, helped halt a rout that wiped out $4 trillion in market value in less than a month. While the securities regulator denied speculation that policy makers are withdrawing their support, concern is mounting that the unprecedented intervention to prop up share prices may not be sustainable as the economy slows.

“The die has been cast,” DeMark, 68, the founder of DeMark Analytics in Scottsdale, Arizona, who has spent more than 40 years developing indicators to identify market turning points, said by phone. “You just cannot manipulate the market. Fundamentals dictate markets.”

He made similar statements in February 2014 about the Standard & Poor’s 500 Index, saying that if certain conditions were met, U.S. stocks had reached a point resembling the time before the 1929 market crash. The S&P 500 rallied 8 percent over the next two months. He said Monday that those conditions didn’t materialize at the time.

The Shanghai gauge had rebounded 16 percent from its July 8 low through Friday as officials went to extreme lengths to support stocks. Officials allowed more than 1,400 companies to halt trading, suspended initial public offerings and supplied China Securities Finance Corp., a state-run financing vehicle with more than $480 billion to intervene in markets.

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there is more pain coming..bank on it..look at the comparison to 1928-1931..

“Chinese stocks will decline by an additional 14% over the next three weeks”

401

 
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