Just News – djvlad – Lord Jamar on Azealia Banks Sacrificing Chickens, African Spirituality

 

djvlad – Lord Jamar on Azealia Banks Sacrificing Chickens, African Spirituality
In this segment from Lord Jamar’s latest interview with VladTV, Lord Jamar offers his opinions on Azealia Banks, who admitted she has sacrificed chickens in her closet. “There are a lot of things in African religion that are not understood by the masses,” he says. LJ continues to speak about original African religion, how to achieve enlightenment, and how he still struggles at times to control his emotions. Watch the clip above.

Panic-stricken Ukrainians storm shops, banks and gas stations

Panic-stricken Ukrainians storm shops, banks and gas stations

Bloodshed on Independence Square (Maidan) and rumors of worst yet to come have prompted panic among Ukrainians, with many fleeing the country and those who stay emptying shop shelves, queuing for gasoline and making big cash withdrawals from banks.

  The mood is a pre-war one in most Ukrainian cities, where people,  afraid of the country falling deeper into economic paralysis, are  trying to buy up as many essential foods and goods as they can.  Fearing stampedes, some Kiev shops have started limiting the  amount of shoppers at any one time.

  Some shop-owners confess they are running out of stocks to refill  the fast-emptying shelves, and new deliveries are not expected  anytime soon amid the current turmoil.

  Social media is swarming with pictures of over-crowded stores and  scarce supplies.

This is not a joke. No bread, no eggs, only expensive  imported spaghetti left, huge lines and this is in a small local  village shop,” Instagram user @iartemka says, adding up a  #PrayForUkraine hashtag.

People in the shops have gone mad. Huge queues, empty  shelves,” Twitter user ‏@Helen_Marlen writes.

 

Live from Kiev:

https://elementulhuliganic.wordpress.com/live-from-kiev/

Banks Deploy Capital Controls By Stealth

Banks Deploy Capital Controls By Stealth

China’s central bank is now the latest to roll out capital controls

Kit Daniels Infowars.com January 26, 2014

Following a worldwide trend towards capital controls by major banks, the Central Bank of China has now ordered its commercial banks to suspend cash transfers for three days and foreign currency conversions for nine days, starting Jan. 30.

The central bank in China is now the latest to roll out capital controls. Credit: Carpkazu via Wiki

The central bank in China is scrambling for cash under the guise of “system maintenance.” Credit: Carpkazu via Wiki

Affecting every commercial bank in China, the ban will stop domestic renminbi transfers from Jan. 30 to Feb. 2 and conversions of renminbi to foreign currency from Jan. 30 to Feb. 7.

Citigroup recently sent the following notice for its customers in China, according to Forbes:

Important Notice:

1. Due to the system maintenance of People’s Bank of China, Domestic RMB Fund Transfer through Citibank (China) Online and Citi will be delayed during January 30th 2014, 16:00pm to February 2nd 2014, 18:30pm. As to the fund availability at the receiving bank, it depends on the processing requirements and turnaround time of the receiving bank. We apologize for any inconvenience caused.

2. During Spring Festival, Foreign Currency Transfer Transaction through Citibank (China) Online and Citi Mobile will be temporally not available from January 30, 2014 18:00pm to February 7, 2014 09:00am. We apologize for any inconvenience caused.

If you are calling from other parts of the world, please reach us at 86-20-38801267 for banking services or 86-21-38969500 for credit card services.

Despite the official reason, it is highly unlikely that the central bank would schedule maintenance during a peak period for Chinese banks, the week-long Lunar New Year holiday, which begins on Jan. 31.

China is rather implementing capitol controls by stealth, following a recent pattern by other financial institutions worldwide to prevent customers from withdrawing and transferring funds.

Recently, British multinational bank HSBC prevented its customers from withdrawing large amounts of cash from their accounts without a specific reason.

Too Big To Fail Banks Are Taking Over As Number Of U.S. Banks Falls To All-Time Record Low

Too Big To Fail Banks Are Taking Over As Number Of U.S. Banks Falls To All-Time Record Low

The too big to fail banks have a larger share of the U.S. banking industry than they have ever had before.  So if having banks that were too big to fail was a “problem” back in 2008, what is it today?  As you will read about below, the total number of banks in the United States has fallen to a brand new all-time record low and that means that the health of the too big to fail banks is now more critical to our economy than ever.  In 1985, there were more than 18,000 banks in the United States.  Today, there are only 6,891 left, and that number continues to drop every single year.  That means that more than 10,000 U.S. banks have gone out of existence since 1985.  Meanwhile, the too big to fail banks just keep on getting even bigger.  In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger over the past five years.  If even one of those banks collapses, it would be absolutely crippling to the U.S. economy.  If several of them were to collapse at the same time, it could potentially plunge us into an economic depression unlike anything that this nation has ever seen before.

Incredibly, there were actually more banks in existence back during the days of the Great Depression than there is today.  According to the Wall Street Journal, the federal government has been keeping track of the number of banks since 1934 and this year is the very first time that the number has fallen below 7,000…

Job Cuts Loom at European Banks as Economy Pinches Fees

Job Cuts Loom at European Banks as Economy Pinches Fees

European banks, which eliminated more than 140,000 jobs in two years, are poised to keep shrinking.

Lenders in the region probably will cut at least 5 percent of trading and advisory staff next year, according to a survey of three London-based investment-bank recruiters, and the reductions could reach 15 percent, two of them said. That would be twice the 7 percent shrinkage across the industry since 2011.

European firms are lagging behind U.S. counterparts in meeting stricter limits on leverage, putting pressure on them to cut assets. At the same time, a stagnant economy is crimping fees from investment banking and merger advice, eroding returns. That may force banks to eliminate more jobs next year, dispose of whole businesses and surrender market share in fixed income.

“As European banks focus on leverage, they’re losing market share to U.S. firms,” said Philippe Bodereau, the London-based head of European credit research at Pacific Investment Management Co., the world’s largest fixed-income manager. “We’re seeing a lot of banks that are starting to cut balance sheets. Cost control will remain a big item.”

Banks in Europe with global securities businesses, including Deutsche Bank AG and Barclays Plc, posted a 13 percent drop in third-quarter investment-banking revenue, hurt by lower fixed-income trading, according to data compiled by Bloomberg. That exceeded a 9 percent decline at the largest U.S. firms.

OECD chief urges banks to lend more

OECD Secretary General Angel Guirra met with MEPs on Tuesday to share his outlook for Europe’s…

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http://www.euronews.com/2013/11/26/oe…
OECD Secretary General Angel Guirra met with MEPs on Tuesday to share his outlook for Europe’s economy.

The OECD sees eurozone growth of 1 percent next year, hitting 1.6 percent in 2015.

Gurria told that banks need to increase lending to homes and businesses to fire up European growth once more.

“It’s not enough that the banks don’t go bankrupt.They have to lend. The problem is that they are not lending,” he told euronews’ Efi Koutsokosta.

“Governments can help by providing some guarantees maybe, some incentives, by sharing some of the initial losses.”

The former Mexican finance minister will be in the Greek capital of Athens on Wednesday when the OECD will unveil its latest report on the country’s economy.

Mr Gurria told euronews: A country like Greece which is not yet out of the programme is vulnerable and needs support. There’s work to be done in terms of collecting taxes and privatization. There’s work to be done in the fundamental elements of competitiveness, in education, innovation issues.”

Greece’s debt pile currently stands at 175.5 percent of GDP.

 

Banks Warn Fed They May Have To Start Charging Depositors

Banks Warn Fed They May Have To Start Charging Depositors

The Fed’s Catch 22 just got catchier. While most attention in the recently released FOMC minutes fell on the return of the taper as a possibility even as soon as December (making the November payrolls report the most important ever, ever, until the next one at least), a less discussed issue was the Fed’s comment that it would consider lowering the Interest on Excess Reserves to zero as a means to offset the implied tightening that would result from the reduction in the monthly flow once QE entered its terminal phase (for however briefly before the plunge in the S&P led to the Untaper). After all, the Fed’s policy book goes, if IOER is raised to tighten conditions, easing it to zero, or negative, should offset “tightening financial conditions”, right? Wrong. As the FT reports leading US banks have warned the Fed that should it lower IOER, they would be forced to start charging depositors.

In other words, just like Europe is already toying with the idea of NIRP (and has been for over a year, if still mostly in the rheotrical and market rumor phase), so the Fed’s IOER cut would also result in a negative rate on deposits which the FT tongue-in-cheekly summarizes “depositors already have to cope with near-zero interest rates, but paying just to leave money in the bank would be highly unusual and unwelcome for companies and households.”

If cutting IOER was as much of an easing move as the Fed believes, banks should be delighted – after all, according to the Fed’s guidelines it would mean that the return on their investments (recall that all US banks slowly but surely became glorified, TBTF prop trading hedge funds since Glass Steagall was repealed, and why the Volcker Rule implementation is virtually guaranteed to never happen) would increase. And yet, they are not:

 
 

Executives at two of the top five US banks said a cut in the 0.25 per cent rate of interest on the $2.4tn in reserves they hold at the Fed would lead them to pass on the cost to depositors.

 

Banks say they may have to charge because taking in deposits is not free: they have to pay premiums of a few basis points to a US government insurance programme.

 

“Right now you can at least break even from a revenue perspective,” said one executive, adding that a rate cut by the Fed “would turn it into negative revenue – banks would be disincentivised to take deposits and potentially charge for them”.

 

Other bankers said that a move to negative rates would not only trim margins but could backfire for banks and the system as a whole, as it would incentivise treasury managers to find higher-yielding, riskier assets.

 

“It’s not as if we are suddenly going to start lending to [small and medium-sized enterprises],” said one. “There really isn’t the level of demand, so the danger is that banks are pushed into riskier assets to find yield.”

All of the above is BS: lending has never been a concern for the Fed because if it was, then one could scrap QE right now as an absolute faiure. Recall that as we showed recently, the total amount of loans and leases in commercial US banks has been unchanged since Lehman, with the only rise in deposits coming thanks to the fungible liquidity injected by the Fed.

Furthermore, contrary to what the hypocrite banker said that “the danger is that banks are pushed into riskier assets to find yield”, banks are already in the riskiest assets: just look at what JPM was doing with its hundreds of billions in excess deposits, which originated as Fed reserves on its books – we explained the process of how the Fed’s reserves are used to push the market higher most recently in “What Shadow Banking Can Tell Us About The Fed’s “Exit-Path” Dead End.”

Game changer: Swiss banks ditch secrecy

Game changer: Swiss banks ditch secrecy

Switzerland, the world’s largest offshore wealth center, worth an estimated $2.2 trillion in assets, has signed an agreement to share financial information with nearly 60 other countries, which could completely change the country’s financial landscape.

               

The country has made a giant leap towards banking transparency   after it signed a convention with the Organization for Economic   Cooperation and Development (OECD) agreeing to exchange data with   60 member countries.

Switzerland already has bilateral tax collection agreements with   the UK and Austria, but the move to chip away another layer of   the country’s infamous banking secrecy was prompted by   international pressure from the US, Germany, and France,

The tax agreement, called the Multilateral Convention on Mutual   Administrative Assistance on Tax Matters came into force in 2010,   and includes all G20 states, and most European states. The convention   requires participants to pool tax collection information, and   includes automatic exchanges, in some cases.

Under the convention, the Swiss government can call on large   private banks like UBS AG, Julius Baer, and Credit Suisse Group   AG to turn over confidential information to international tax   watchdogs.

The crackdown on the tight-lipped policy could cost the Swiss   business, as the new policy may be a turn-off for foreign banks.   At the beginning of 2012, 145 foreign banks had offices in   Switzerland, and as of May 2013, 16 had left, according to data   from the Association of Foreign Banks in Switzerland.

Between 2008 and 2012, foreign bank assets decreased by $921   billion, as tax evasion eroded and clients withdrew money. 

Plan B: Central banks getting ready for financial Armageddon

Plan B: Central banks getting ready for financial Armageddon

If the US debt-ceiling debate goes past the eleventh hour, and the default of the world’s largest economy becomes a reality, leading central banks around the world are gearing up to minimize losses and keep the world economy functioning.

               

Follow RT’s LIVE UPDATES on the US budget crisis  
  If US lawmakers don’t reach a budget consensus and raise the debt   ceiling by Thursday October 17, the US will become the first   Western power to default since Nazi Germany in 1933, and will   send markets into uncharted territory. 

The rest of the world is bracing itself for what would happen if   the bill is rejected, and the US inches closer to defaulting on   its debts, which are largely foreign- held in the form of US   Treasury Bonds.

Central banks have begun preparing for the worst-case scenario if   US does fault, which would result in a serious devaluation of   Treasury bonds, delayed payments, and a more large-scale version   of the current government shutdown.

“Because in the past it’s always been sorted out is absolutely   not a reason to fail to do the contingency planning,” Jon   Cunliffe, who will become the Bank of England’s deputy governor   for financial stability in November, told UK lawmakers.

“I would expect the Bank of England to be planning for it [US   default]. I’d expect private-sector actors to be doing that, and   in other countries as well,” said Cunliffe, who acknowledged   a default as “the main risk to the [global] financial   system”.

The European Central Bank and the People’s Bank of China (PBC)   have struck a deal that moves both banks farther from the dollar   orbit. The two banks agreed to ‘swap’ $56 billion worth of yuan   for $60.8 billion worth of euros.

Many central banks have reserves in the form of Sovereign Wealth   Funds, which are also at risk if the US defaults, as many of the   assets are held in dollars. These investment vehicles could be   crippled by a default. China’s is estimated at more than $1.3   trillion – the world’s largest.