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Friday, May 11, 2012

Economic Collapse News Update - May 11, 2012

Economic Collapse News Update - May 11, 2012 / Jamie Dimon and other banksters

  • Video Transcript below

Headline Economic News for May 11, 2012 – Links to all reports are in the description for those who want to read the full stories. The transcript of this presentation will be on my blog at There is an excellent video link below that explains what GDP really means and how it’s calculated. It’s an eye-opener video, about 30 minutes long, I would recommend all to watch it carefully, very educational. I have included a 30 second clip out of this video in this update.

Let’s begin this report on Greece from   

·       Schauble Says Europe Can Handle Greek Exit As EFSF, Fitch Warn Of "Catastrophe", Mass Downgrades:

German Finance Minister Wolfgang Schaeuble suggested the euro area could handle Greece dropping out, raising pressure on Greek political leaders struggling to form a government amid a rise in anti-bailout sentiment. “The risks of contagion for other countries of the euro zone have been reduced and the euro zone as a whole has become more resistant,” Schaeuble said. “The notion that we wouldn’t be able to react in a short time to something unforeseen is wrong.”
Greece is going to exit the Euro, which should have happened 2 years ago. Though not official yet, everyone is talking about it, so I suppose it’s a done deal. There will be no contagion, no other country will be effected by this exit. The German finance minister has spoken, just as he spoke last year and said that Spain will not be a problem, that Italy will not be a problem and so on and so forth. So you make what you want out of these prognostications of the authorities, which have proven to be wrong only about 100% of the time. What will be the consequences for the Global Economy? Who the heck knows anymore except that it is edging ever closer to the cliff which just happens to be a bottomless pit…

·       From Russia Today: Merkel calls for austere Europe, rejects new debt
I guess the best thing to do is to believer the opposite of what the liar liar pants on fire politicians claim and reckon that more debt is going to be generated and as usual it will be charged to the Middle Class taxpayers in Germany and in Europe, at least in those countries where people can still afford to pay taxes.

·       Again from Zero Hedge / Overnight Sentiment: And In Non-JPM News...
Yes, believe it or not, there is a world outside of JPM in the past 12 hours, and it was very ugly: weak Chinese CPI, big miss in Chinese industrial output (+9.3%, Est. +12.2%), even bigger miss, actually make it a decline, in Indian factory Output (down -3.5%, est. +1.7%), a collapse in China’s new local-currency loans plunging by 32% m/m in April, making a new money infusion paramount (yet inflation still abounds, and the threat of NEW QE keeping the PBOC mum - oh what to do?) and of course... Greece, where things are heading for a second election at breakneck speed, and where Syriza is gaining about a percent in new support each day, guaranteeing life for Europe will be a living hell in one month.

·       From Mish Shdelock:

In a special conference call this evening Jamie Dimon, CEO of JPMorgan disclosed a "trading loss" of at least $2 billion from a failed hedging strategy. The strategy "morphed over time" and it was "ineffective, poorly monitored, poorly constructed and all of that," said Dimon.
Last month, he denied there were any problems, most likely hoping they would go away or he could cover them up. Instead, Dimon went to the confessional. Bloomberg has additional details in 

Isn’t that a great reason to lose billions of dollars of clients’ money: in Jamie Dimon’s words it was “ineffective strategy that was poorly monitored and poorly constructed!” O Poor Jamie! I wonder how much Jamie lost through this ineffective strategy. Or if anyone was fired over this small loss? But this report that JPM has suffered a 2-4 billion dollar loss is not a big deal, at least from JPM’s perspective! I’m sure the FED is already there, consoling Jamie Dimon and offering a 40 billion dollar bailout. The loss will have been suffered, as in the case of MF Global by small investors, not by Jamie Dimon. I’m sure there is an ulterior motive to announcing this loss at this time, for nothing is ever done by Wall Street without someone on the inside benefitting to the tune of billions. Corruption lies, and fraud is the Modus Operandi of modern banksters and their political puppets. Governments, Banks and Corporations are built on corruption, lies and fraud, everywhere in the world, but especially in the developed world. In the third world countries like India, corruption is found openly. I was there last winter and my cab driver was stopped by a traffic cop, I slipped him a few bucks and the matter was settled. In those countries everyone knows that everyone is corrupt but it is very well disguised in the West where most people still believe that their Political, Financial, and Corporate leaders are honest. This is what makes them far more dangerous than their third world counterparts; they are rotten to the core and the corrupt Media colludes with them to hide these facts through fake numbers; well, let’s talk about numbers.

·       Truth about Unemployment Numbers: From Mish Shedlock’s site: 2.2 Million Go On Disability Since Mid-2010; Fraud Explains Falling Unemployment Rate; Will Higher Disability Taxes Fix the Problem? / Since mid-2010, precisely the time millions of US citizens used up all of their 99 week of unemployment insurance, disability claims have risen by 2.2 million. Those on disability are not counted in the workforce and are not considered unemployed.

From Bloomberg:  Disabled Americans Shrink Size of U.S. Labor Force
 The number of workers receiving Social Security Disability Insurance (SSDI) jumped 22 percent to 8.7 million in April from 7.1 million in December 2007, Social Security data show. That helps explain as much as one quarter of the decline in the U.S. labor-force participation rate during the period, according to economists at JPMorgan Chase & Co. and Morgan Stanley. 
So that is the truth behind the supposed Recovery and fall in the unemployment rate that President Obama and the media are hyping every chance they get. Again, lies, lies and more lies. The Bible tells us that the thief, meaning the devil or Satan is the father of lies and he comes not but for to steal and to kill and to destroy. If all the banksters and their gangster politicians did was to steal money to support their hedonistic lifestyles, it would be one thing. But they also kill and destroy, billions of lives, and millions, even billions of their victims are innocent children that are abused, raped, starved, mutilated, and victimized in more horrifying ways than any of us can even begin to imagine. I would not want to be in the shoes of these bankster / gangster politicians on the Day of Judgement!

Now lets’ talk about GDP numbers! Rather than talking I’m going to play a 30 second clip from a 30 minute video that goes into detailed explanation of the truth behind the numbers that the MSM lies about from morning till night and from night till morning.

05-08-12 ECONOMIC GROWTH: Part 1 - Fake Numbers - Ty Andros - MACRO ANALYTICS / Clip included in above video begins roughly at 27.03 and ends at 27.32. 

5 Trillion dollars were spent to create 720 billion dollars worth of growth. Almost $7 plus interest to generate $1 worth of GDP. What a fantastic business model; only in this convoluted and corrupt world can anyone cook up schemes such as Growth through Debt, or should we say Death!
Till next time, this Paul Sandhu; Fast, Pray, Study, Learn and teach others what you learn. May God bless all those who Seek the truth and nothing but the truth, which is found only in Christ Jesus for He alone is The Way, The Life, and The Truth, absolute truth not spun truth like that of the MSM.

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