CITIGROUP UPDATE -- Cue Theme Music from Jaws
Citi announces it's going to cut 35,000 more jobs
http://www.reuters.com/article/newsOne/idUSTRE4AD6SC20081114
--MCR
********************
Worst Is Yet To Come For Citigroup
Thomas Friedman's 11,000 Square Foot Home
...every inch of it, green. If you want to partake of some delicious malice at Friedman's expense, check out the eye-rolling newsletter Daily Reckoning managed by the producers of the film and authors of the best-selling book, I.O.U.S.A.
--JO
With the arrival of Peak Oil, the curtain has closed on Act 1 of the drama Petroleum Man. What will happen in Act 2? Chekhov said, "If there's a gun on the wall at the beginning of the play, by the end it must go off." In the world's nuclear arsenal are many guns on the wall. If life copies art, will there be an Act 3 in which the players, having learned their lesson the hard way, live sustainably? To explore these and other questions... FTW's Act 2 Blog. Read, comment, take heart! Orkin
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6 comments:
This article shows how the JP Morgan/Bear Stearns takeover may have significantly manipulated the price of silver downward.
"The price of silver at the time of Bear Stearns implosion was $20 to $21 an ounce. A free market covering of a concentrated short position of this size would have driven silver prices to the $50 or $100 level and would have exposed the long-term manipulation. Rather than let the free market deal with the required short covering of such an uneconomic and unbacked short position, government authorities arranged to have the short position transferred to JP Morgan. This was undertaken by the U.S. Treasury Department, along with taxpayer guarantees against loss to Morgan worth billions of dollars. This was done, no doubt, to save the financial system from imploding. This was also patently illegal, as it aided and abetted the silver manipulation."
http://news.silverseek.com/TedButler/1226344970.php
Top Trend Forecaster Predicts Revolution
http://georgewashington2.blogspot.com/2008/11/top-trend-forecaster-says-were-going-to.html
Growing gold demand in Saudi Arabia
http://archive.gulfnews.com/articles/08/11/13/10259112.html
Mike:
You got 2 of 3 digits right on the Council of Nicaea. The fateful event took place in 325 C.E. (A.D.).
I commend two additional books for our community: "Constantine's Sword" by James Carroll and "Jesus Against Christianity" by Jack Nelson-Pallmeyer. "Constantine's Sword" draws an unbroken line of anti-Semitism, pogroms, murder, and genocide, from Nicaea to Auschwitz in the shadow of the cross that replaced older life-enhancing Christian images of the good shepherd and the fish. "Jesus against Christianity" stands as a valuable book of "deep religion" as much as any book by Peter Dale Scott addresses "deep politics". James Carroll's life story resembles MCR's, with the similar war hero father, who moved easily in the corridors of power, and whose son traveled with him and learned so much his father never anticipated.
I await the outcome of this hastily arranged G-20 summit. I have seen contradictory messages from Martin Weiss's "Money and Markets" with respect to the purpose and outcome of this summit. Have any other readers found worthy analyses to share with the community?
Peter J. of Minneapolis
The war on gold steps up. Here is, what EUREX, one of the world's largest derivatives exchanges and the leading clearing house in Europe, recently announced:
“In their session on October 1, 2008, the Management Boards of the Eurex Exchanges decided to introduce Gold Futures (FGFX) and Gold Options (OGFX). The contracts refer to the price for 100 troy ounces of gold, are denominated in U.S. dollar and will be settled in cash. The reference price for cash settlement will be based on the morning fixing of the London gold market which is provided by London Gold Market Fixing Ltd. The new products will be available for trading as of February 2, 2009. Clearing of OTC transactions will be possible via the OTC Trade Entry Facilities (Block Trade, Flexible Futures and Flexible Options).”
http://www.eurexchange.com/download/documents/circulars/cf2502008e.pdf
Citigroup to cut 75,000 jobs!
http://news.bbc.co.uk/1/hi/world/7733575.stm
Citigroup to cut 5,000 more jobs:
http://www.finfacts.ie/irishfinancenews/article_1015275.shtml
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