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MF UNTOUCHABLE: Corzine Wins Again

The Daily Bail | A bankruptcy judge on Tuesday rejected a bid by former MF Global customers to depose the collapsed brokerage's former chief, Jon Corzine.

In a written ruling in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn said the Commodity Customer Coalition, which had sought permission to question Corzine and other former MF Global insiders, lacked standing because it is not a direct creditor in the case.

The coalition, a grassroots group led by Chicago-based commodities trader James Koutoulas, bills itself as representing the interests of thousands of traders whose accounts at MF Global were frozen when the company went under.  But the coalition itself is merely a "'watchdog' entity with its own independent goals," hoping to depose Corzine "in furtherance of its own interests" rather than those of the MF Global estate, Glenn said in his decision.

  • Written by: John Galt
  • Category: Economics
  • Hits: 11336

European Union Set to Ban Cash Transactions Over 500 Euros

TheIntelHub.com | Right in the middle of the holidays when mainstream media organizations were distracted and short staffed, the finance ministry for the European Union announced that cash transactions over 500 euros would soon be banned.

Ekathimerini News reported that:

    “Any transaction in excess of 500 euros will soon only be allowed via credit or debit card or by check, according to a plan by the Finance Ministry aimed at combating tax evasion.  The ceiling for cash transactions is to be lowered from 1,500 euros today to 500 euros and could be reduced further over in the course of 2013. Ministry sources say that in the first quarter of the new year all companies and certain self-employed individuals will have to obtain the POS (point-of-sale) terminals that provide for card transactions.”

  • Written by: John Galt
  • Category: Economics
  • Hits: 8635

They Are Getting Ready: China Is Massively Boosting Stockpiles of Rice

Infowars.com | If there were ever a sign that something is amiss, this may very well be it. United Nations agricultural experts are reporting confusion, after figures show that China imported 2.6 million tons of rice in 2012, substantially more than a four-fold increase over the 575,000 tons imported in 2011.

The confusion stems from the fact that there is no obvious reason for vastly increased imports, since there has been no rice shortage in China. The speculation is that Chinese importers are taking advantage of low international prices, but all that means is that China’s own vast supplies of domestically grown rice are being stockpiled.

Why would China suddenly be stockpiling millions of tons of rice for no apparent reason?

  • Written by: John Galt
  • Category: Economics
  • Hits: 8157

Ryan asks if Obama will meet Deadline to Submit a Budget Request this Year

The Hill | House Budget Committee Chairman Paul Ryan (R-Wis.) on Wednesday asked the White House if it will once again miss the legal deadline for submitting an annual budget to Congress.

Under the law, Obama must submit a budget by the first Monday in February, but he has met the deadline only once. The annual budget submission is supposed to start a congressional budgeting process, but that has also broken down. The Senate last passed a budget resolution in 2009.

  • Written by: John Galt
  • Category: Economics
  • Hits: 9256

Max Kaiser Predicts that US Dollar Will Collapse in 2013

XRepublic.TV | (Video) A prominent economist tells Press TV that the United States so-called fiscal cliff is more like a 'bottomless pit of debt' that the country is diving into. He also added that the United States risks collapsing of dollar in 2013. US President Barack Obama has signed into law a bill backed by the Senate that averted the so-called fiscal cliff, the White House says. Obama signed the 'American Taxpayer Relief Act of 2012' on Wednesday, the White House said in a statement. On January 1, the House of Representatives voted 257 to 167, approving the bill, which consists of raising taxes on the wealthiest Americans, while exempting others who earn less than $450,000 a year. It will also put off 109 billion dollars in budget cuts for two months.


  • Written by: John Galt
  • Category: Economics
  • Hits: 8309

The Global Elite Are Hiding 18 Trillion Dollars In Offshore Banks

Global Research | In recent days, the fact that Mitt Romney has millions of dollars parked down in the Cayman Islands has made headlines all over the world.  But when it comes to offshore banking, what Mitt Romney is doing is small potatoes.  The truth is that the global elite are hiding an almost unbelievable amount of money in offshore banks. 

According to shocking research done by the IMF, the global elite are holding a total of 18 trillion dollars in offshore banks.  And that figure does not even count any money being held in Switzerland.  That is a staggering amount of money.  Keep in mind that U.S. GDP in 2010 was only 14.58 trillion dollars.  So why do the global elite go to such trouble to hide their money in offshore banks?  Well, there are two main reasons.  One is privacy and the other is low taxation.


  • Written by: John Galt
  • Category: Economics
  • Hits: 8281