Stocks Rise As EU Leaders Reject Treaty Changes And Sign An Intergovernmental Fiscal Compact To Establish A Fiscal Union …. Regional Global Governance Of The Eurozone Commences

Financial market report for Friday December 9, 2011

1) … Financial shares, risk assets, and carry trade countries rose as EU Leaders signed an intergovernmental fiscal compact.

European Financials, EUFN, World Financials, IXG, Financials, XLF, European Shares, FEU, VGK, Banks, KBE, IAT, KRE, QABA, rose on the news that the EU Leaders have signed an intergovernmental fiscal compact, moving world stocks, ACWI, VSS, EEM, BIK, EEB, and EWX slightly higher.

Risk assets such as copper miners, COPX, coal miners, KOL, aluminum producers, ALUM, silver miners, SIL, and metal manufacturing, XME, recovered somewhat. Carry trade countries such as Turkey, TUR, and South Africa, EZA, traded up. The Euro, FXE, traded slightly up.

Steven Erlanger and Stephen Castle of The NYT report EU Leaders Sign Intergovernmental Fiscal Compact, But Brits Stay Out European leaders, meeting until the early hours of Friday, agreed to sign an intergovernmental treaty that would require them to enforce stricter fiscal and financial discipline in their future budgets. Britain and Hungary refused to go along. Mr. Cameron said, “What was on offer wasn’t in British interests, so I didn’t agree to it.” He conceded that there were risks with others going ahead to form a separate treaty, but added, “We will insist that the E.U. institutions, the court and the Commission work for all 27 nations of the E.U.” The UK wanted an exception to protect their financial sector and the continentals said non/nein, so they are out the fiscal compact.

Mike Mish Shedlock writes that as it stands 23 of the 27 countries have agreed to a fiscal compact which calls for adherence to strict fiscal rules and mandates fiscal discipline. There had been hopes that in exchange for this compact, the ECB would jump in and buy bonds. Though Mr. Draghi has endorsed the compact, Bloomberg reports that that the ECB Chief Will Not Be Buying Bonds and Bloomberg reports Draghi Answers Bond Market Prayers by Saying ‘No’. The ECB’s statutes prohibit monetary financing of its member governments, Draghi said.

2) … December 9, 2011, marks a new era in human political governance: regional global governance has commenced as foretold in bible prophecy of Daniel 2 and Revelation 13.

As Die Zeit, noted the Leaders meeting constituted a “European day of destiny.” which would establish nothing less than “the future of Europe.

A New Europe is emerging, it is based on the Leaders’ intergovernmental fiscal compact. The fiscal compact is an agreement that exists outside the existing EU treaty law; it creates a Eurozone fiscal union. The fiscal compact preserves the Euro, and establishes regional political and economic governance of the EU, along the policy lines suggested by Herman van Rompuy who spoke in press conference presenting a Extract On Intergovernmental Agreement and Informal Dinner Of Heads Of State Or Government and Extract On Intergovernmental Agreement with photo from Colonel Flick. Here is the statement by the Euro Area Heads of State.

The New Europe is emerging along a German France axis. Ian Tranor of the Telegraph reports As The Dust Settles A Cold New Europe With Germany In Charge Will Emerge. After the EU summit, the prospect is of a joyless union of penalties, punishments, disciplines and seething resentments.

The EU fiscal compact is the new means of providing seigniorage, that is moneyness, for the Euro currency.

Asha Bangalore,Vice President and Economist at The Northern Trust Company, Chicago, in Market Oracle writes The most interesting part of the summit’s press release is the following: “Euro area and other Member States will consider, and confirm within 10 days, the provision of additional resources for the IMF of up to EUR 200 billion (USD 270 billion), in the form of bilateral loans, to ensure that the IMF has adequate resources to deal with the crisis. We are looking forward to parallel contributions from the international community.” And Full Text Of Leaders Statement is available courtesy of Hatfield Girl It seems to me that the IMF sees a strong need coming quite quickly.

Because the fiscal compact requires a commitment within 10 days to send $200 Billion to the IMF, the EU leaders are passing the baton of sovereignty to a EU ECB and IMF Troika for political and economic governance of the Eurozone. The EU leaders are commencing a Eurozone wide coup d etat, Revelation 6:1-2.

The EU leaders have commenced regional global governance. The $200 Billion commitment is one that will not be met as first, it is unlikely that countries have the funds on hand to remit payment; and second, it is unreasonable that a legally binding commitment can be obtained within 10 days; and third, it is unlikely that the committed amounts can ever be obtained by taxes, as Mike Mish Shedlock relates in Poland Needs To Spend 30% Of Total Budget On IMF Bailouts To EU as Result of Merkozy Summit. Diogenes-of-sinope comments on the article relates Relax, Poland. You’re not even scheduled to come aboard until 2015. By then, the euro’s replacement will be in circulation, called the neuro. A former Dutch politician is calling for it on behalf of Germany and the northern european states, hence the “neuro” name. It actually is not supposed to connotate “neurosis” of any sort, but merely the “n” added on, to stand for northern.

The leaders have heard and heeded the 1974 Clarion Call of the Club of Rome for regional global governance as a means of providing security and stability out of the chaos that comes from deleveraging and derisking from the Milton Friedman Free To Choose floating currency regime, known as the Banker Regime of Neoliberalism.

The new Beast Regime of Neoauthoritarianism is rising out of technocratic government in Italy and Greece, and the EU Leaders’ fiscal compact.  It has seven heads symbolic of occupation in the mankind’s seven institutions and ten horns, symbolic of its rule in the world’s ten regions, Revelation 13:1-4.

Robert Stevens of WSWS reports of the severity of the new governance writing Greek Government Imposes New Austerity Budget.

The seigniorage of fiat money is diminishing, and the seigniorage of diktat is rising, as Leaders meet in summits and announce framework agreements, that for now waive national sovereignty and will one day establish sovereign authority in regional councils.

Other regional schemes for providing regional security and stability will emerge. Eventually, all of the world’s ten regions will be governed by regional compacts, and thus establish the ten toed kingdom of regional global governance. A Latin America region of global governance is forming, as Timur Zolotoev writes in Global Research 33 Latin American Countries To Form A New Bloc. U.S. And Canada Not Invited. The Community of Latin American and Caribbean States, CELAC, pointedly excludes the US, Canada and Britain, as it forms a economic and political union.

The decision by the eurozone countries to go outside the treaty framework of the EU, and to set up a core of a fiscal union in a multilateral Leaders compact does nothing to address sovereign insolvency that is the PIGS insolvency, and banking insolvency issues.

Eurogeddon is now held in abeyance, but it cannot be avoided, as the banks are facing a financing freeze. Between The Hedges reports European credit gauges are performing very poorly given that the European debt crisis can-kicking solution is supposedly at hand. The TED spread continues to trend higher and is at the highest since June 2009. The 2Y Euro Swap Spread is near the highest since Nov. 2008. The 3M Euribor-OIS spread is the highest since February 2009. The 3M EUR/USD Cross Currency Basis Swap is falling -7.73% to -125.50 bps. The Libor-OIS spread is very near the widest since May 2009, which is also noteworthy considering the equity surge off the recent lows. Open Europe relates The European Banking Authority (EBA) yesterday published the final results of their assessment of their capital requirements, showing that more than 30 banks spread across twelve EU member states have a total capital shortfall of almost €115bn. According to the results, Spanish and Italian banks have the biggest funding needs, €26.2bn and €15.4bn respectively. German banks will need to find €13.1bn, although the findings have been criticised as “Inconsistent”, by Heinrich Haasis, the chief representative of Germany’s savings and state banks. The EBA said that banks have until next June to raise the new capital. Separately, Expansión reports that Moody’s has downgraded the rating of BNP Paribas, Société Générale and Crédit Agricole – France’s three main listed banks. ExpansiónWSJ Telegraph Times BBC BBC 2 City AM IHT Irish Times Irish Independent Welt Zeit.

The capital funding shortfall will only increase now that finally the rating agencies are coming through with downgrades. Insolvent banks and insolvent sovereigns do not provide stable economic and political governance.

Sovereign armageddon, that is a political, credit and world investment breakdown, is coming soon, Revelation 13:3-4.

Charles Hugh Smith writes in Zero Hedge When Things Fall Apart: Disorientation, Desperation, Chaos Yet, fate will bring forth a resolution of the crisis and an even deeper eurozone integration. A credible sovereign stands in the wings. He and his banking partner will come to rule a united Europe through yet another and even more powerful stability compact than the signed December 9, 2011; and this superior fiscal compact will be never, ever, be voted on.

At the appointed time, not any human action, but rather, fate will open the curtains, and onto the Europe’s stage will step the Europe’s New Charlemagne, Revelation 13:5-10, and his Banking Partner, Revelation 13:11-18. These sovereigns will develop the Eurzone into a type of authoritarian revived Roman Empire. These sovereigns, and their committee will be Europe’s financial supervisor, and will oversee the seigniorage of diktat. Their word, will and way of will provide a new moneyness, and the people will be amazed and follow after it, placing their confidence and trust in it, giving it their full allegiance, Revelation 13:3-4.

A ten toed kingdom of regional global governance is rising to displace the two iron legs of world power, the UK and the US, which have governed the world for the last 150 years, Daniel 2:31-33. The Sovereign and the Seignior will be in charge in the Eurozone; their rule will be the premier example of regional diktat, as ten tings rise to rule in each of the ten toes, Revelation 17:12.

Libertarian Lew Rockwell says The EU And The Euro Were A Mistake. And Austrian economists who follow the thinking of Hayek, Rothbard and Mises, suggests that Germany should go its separate way. But destiny is working to bring Germany forth as a powerful overlord in the Merkel, Sarkozy, and van Rompuy future, as Robert Wenzel writes, On Its Way: The United Europe of Germany, where Merkelism, the bold strategy of Angela Merkel to establish a New Europe as a stability union, that is a fiscal union, governs, as Nordic leaders rule over their fiscally profligate Latin peers for the security and stability needs of Europe. The strategy is reflected in the Reuters report EU Leaders Agree On Fiscal Pact, ECB Douses Hopes, which quotes the French and German leaders saying, “We need more binding and more ambitious rules and commitments for the euro area member states,” Sarkozy and Merkel wrote in a letter to European Council President Van Rompuy, who has made his own proposals for tackling the crisis. Merkelism has had a significant investment effect as Mike Mish Shedlock relates Monetary Flight: European CEOs Move Cash To Germany Needless to say Merkelism is a prime driver in developing the global governance of the Eurozone. The triumvirate of Angela Merkel, Nicolas Sarkozy and Herman van Rompuy are rising in power to displace the power of the UK and the US. Said another way, the power of NATO will be channeled through Europe’s New Charlemagne, and his revived Roman empire. The EU will become the new world superpower.

Sovereignty comes by appointment; and the only choice that matters is the one that fate has already made. Destiny has given sovereign authority to the Clarion Call of the Club of Rome, and leaders, such as Angela Merkel, Nicholas Sarkozy and Herman van Rompuy, who are working through its authoritarian mandate to establish fiscal rules which bind the EU together as one. Totalitarian collectivism is the EU’s future as god is effecting His Sovereign Will, Ephesians 1:1-11, to wipe out all democratic government and all existing forms of economic life, so that the sovereignty of His Son and his rule will become known, Revelation 2:26-27.

David R Reagan writes that sovereignty will be sacrificed as a Federal Europe is formed. “German Foreign Minister Joschka Fischer repeated his call for a European government in July, 2000, and said the European single currency, the Euro, was “the first step to a federation.” He added that he wanted a “powerful president.”1 Fischer said his aim was “nothing less than a European parliament and a European government, which really do exercise legal and executive power,” to operate under his powerful president. More sinisterly, he welcomed the progress made in removing the “sovereign rights” of nations which he defined as control of currency and control of internal and external security. In summary, Fischer said, “Political union is the challenge for this generation.”2 … (1 and 2 Ibid, “German Foreign Minister floats idea of elected EU president,” The Financial Times, July 7, 2000. in reference to a speech by Mr. Fischer to the European Parliament’s constitutional affairs committee.

3) … Summary Stock values of industrial electrical equipment manufacturers, automobile part and automobile manufacturers, business service companies, mining companies, education companies, credit companies, industrial companies, apparel retailers, small tool manufacturers, railroad and trucking companies, real estate companies, wood and paper companies, automobile retailers, small cap stocks, metal manufacturers, computer networking companies, rose in the third quarter on rising profits. But from all news reports, there is a parabolic turn lower in projected corporate earnings growth. This suggests that these will be rapidly falling in value.

Doug Noland writes in Q3 2011 “Flow of Funds”, The bottom line remains that the U.S economy continues to tread water, staying afloat by a historic expansion of federal debt. I have maintained that the explosion of federal debt was a Bubble, and that our fiscal train wreck would not be avoided through a resumption of private-sector debt growth. The U.S. Household sector does not want to add debt, and the corporate sector does not need to. I have as well noted the disturbing parallels between the eruption of subprime and the Greek debt crisis. From my perspective, at this point it is only a matter of time before the markets begin to impose discipline upon Washington.

Credit metrics such as the TED spread, the 2Y Euro Swap Spread, the 3M Euribor-OIS spread, the 3M EUR/USD Cross-Currency Basis Swap, and the Libor-OIS spread as reported by Gary of Between the Hedges, reflect that the European banks are experiencing a funding freeze and are insolvent. The periphery European nations have lost their debt sovereignty as their interest rates have soared beyond 6% and are thus insolvent sovereigns.

Sovereign armageddon, a credit bust and global financial system collapse is imminent.

The EU leaders in n signing the Eurozone fiscal compact have started down the road to regional global governance. For now, countries will each write into their national constitutions or laws binding rules that commit them to fiscal controls and austerity. If you want to be in the club you have to play be the rules. If you don’t agree, you cannot be part of the eurozone and get access to the central bank and larger agreements on aid. Totalitarian collectivism is Europe’s future.

The pace on the road to serfdom is quickening from the Emily Fox of the UK Express report on September 24, 2011 EU Chief Says The Time Has Come For A Federal Europe A huge European superstate is the only solution to the economic crisis engulfing the continent, the President of the European Commission declared before Parliament. Jose Manuel Barroso claimed the fate of the euro and European Union were intertwined and that the only answer to the growing threat of collapse was a massive Federal Europe: “We are confronted with the most serious challenge of a generation. What we need now is a new, unifying impulse, a new federalist moment, let’s not be afraid to use the word.” And he added, “The right way to stop the negative cycle and strengthen the euro is to deepen integration, mainly in the euro area. This is the way to go.” He claimed the crisis was “a fight”. “This is a fight for the jobs and prosperity of families in all our member states. “This is a fight for the economic and political future of Europe. This is a fight for what Europe represents in the world. This is a fight for European integration itself,” he said.

The seigniorage of fiat money is ending, and the seigniorage of diktat is commencing, as reflected by the emergence of a fiscal union and technocratic government in Italy and Greece. Soon coming Eurozone default will be the nail in the coffin for the banker driven Milton Friedman Free To Choose floating currency regime. It is being replaced by the politician driven Beast regime of regional global governance, as called for by the Club Of Rome in 1974.

An inquiring mind asks, besides, Angela Merkel, Nicolas Sarkozy, and Herman van Rompuy, who has been working for a Federal Europe? Investigative writers concerned about globalism, and European federalism, document the origins of the Beast regime of regional global governance presented in bible prophecy of Revelation 13:1-4 as well as Daniel 2:31-33.

Robert Wenzel of Economic Policy Journal wrote on November 16, 2011, that policy makers, such as Timothy Geithner have a global vision that is superior to constitutional and treaty law in article An Insight Onto Tim Geithner’s Respect For Law And Constitution. At yesterday’s WSJ CEO Council participants got to see what Treasury Secretary Timothy Geithner really thinks about constitutions and the law. While being questioned by Rupert Murdoch’s top lieutenant, Robert Thomson, the topic of the Eurozone crisis came up and the need, in Geithner’s view, that the European Central Bank should step in and buy Eurozone bonds whenever required. The problem with this is that it is against the ECB constitution that was approved by the EZ members when the ECB was formed. So does Geithner see a problem with this constitutional limitation? Not really. He said, in a somewhat irritated fashion, that “there are ways to get around these things”. So much for constitutions. Then he added. “It’s not rocket science [to get around these things]”. And there you have Geithner’s view on laws, agreements and constitutions. There are ways to get around them.

Andrew Gavin Marshall writing in the February 02, 2011 Global Research article The Political Economy of Global Government sheds some light on those who have been pushing for the development of the Beast regime of Neoauthoritarianism and Statism in Europe. “America was working aggressively behind the scenes to push Britain into a European state. One memorandum, dated July 26, 1950, gives instructions for a campaign to promote a fully fledged European parliament. It is signed by Gen William J Donovan, head of the American wartime Office of Strategic Services, precursor of the CIA. Washington’s main tool for shaping the European agenda was the American Committee for a United Europe, created in 1948. The chairman was Donovan, ostensibly a private lawyer by then. The vice-chairman was Allen Dulles, the CIA director in the Fifties. The board included Walter Bedell Smith, the CIA’s first director, and a roster of ex-OSS figures and officials who moved in and out of the CIA. The documents show that ACUE financed the European Movement, the most important federalist organisation in the post war years. The leaders of the European Movement , Retinger, the visionary Robert Schuman and the former Belgian prime minister Paul-Henri Spaak – were all treated as hired hands by their American sponsors. The US role was handled as a covert operation. ACUE’s funding came from the Ford and Rockefeller foundations as well as business groups with close ties to the US government.[26] The European Coal and Steel Community was formed in 1951, and signed by France, West Germany, Italy, Belgium, Luxembourg and the Netherlands. Newly released documents from the 1955 Bilderberg meeting show that a main topic of discussion was “European Unity”. The discussion affirmed complete support for the idea of integration and unification from the representatives of all the six nations of the Coal and Steel Community present at the conference. A European speaker expressed concern about the need to achieve a common currency, and indicated that in his view this necessarily implied the creation of a central political authority.[(27]”

The failure of the seigniorage of fiat money means a soon end to profitable natural resource investing. A world wide credit bust is going to send basic material stocks, IYM, XLB, such as VALE, BHP, CLF, AA, SCCO, POT, CF, RIO, BVN, SQM, ACH, MXI, MCP, GFI, BTU, and energy production stocks, XOP, PSCE, WCAT, ENY, significantly lower. This is especially the case because many companies will be nationalized and then regionalized just like banks, as stockholder committees are appointed to manage and provide credit to companies strategic to a region’s security and stability.

4) … Today’s news and commentary

Bloomberg reports Fiscal Union Praised. Angela Merkel said, “By beginning a fiscal union we’ve taken good steps forward.” Germany’s Chancellor added, “We are very pleased with the result.” And Mario Draghi praised a “very good outcome”. In putting an extra 200 billion euros on the line, European governments for the first time extracted a contribution from the euro region’s national central banks, getting them to lend 150 billion euros to the International Monetary Fund’s general resources. Non-euro EU states will chip in around 50 billion euros. One potential concern for investors is funneling the cash through the Washington lender’s general account rather than a fund earmarked for Europe is that any loans it makes likely require repayment before privately held bonds. “Markets are focused on how do sovereigns and banks get funding in the early parts of next year,” said David Mackie, chief European economist at JPMorgan Chase & Co. “The ECB did more than expected for banks yesterday, but people are still unsure about the sovereigns.” Investors may still ask whether the penalties against deficit sinners will have any effect and what legal instruments exist to impose them, said Kraemer at Commerzbank. He also said it remains unclear how governments will organize the funds for the IMF boost. An avalanche of sovereign and banking debt is seen coming. Euro area governments have to repay more than 1.1 trillion euros of long and short term debt in 2012, with about 519 billion euros of Italian, French and German debt maturing in the first half alone, data compiled by Bloomberg show. European banks have about $665 billion of debt coming due in the first six months, according to Citigroup Inc., based on Dealogic data.

Reuters reports Euro Zone Agrees To Take A Big Leap Forward In Economic Integration. The agreement that was unveiled in Brussels had Berlin’s finger prints all over it. Member states agreed to introduce German-style debt-brake legislation limiting annual structural deficits to 0.5 percent of gross domestic product. Euro zone countries that breach the bloc’s three percent deficit ceiling will face automatic penalties unless a qualified majority of members vote against. The 17 countries of the euro zone, and nearly all the 10 non-euro EU members, are aiming to seal an inter-governmental agreement by March of next year – an approach which may allow the bloc to avert the need for troublesome and time-consuming national referendums in countries like Ireland. Guntram Wolff, deputy director of the Bruegel think tank, said how the ECB behaved in the weeks ahead would be decisive for financial markets. “Europe has taken a step in the right direction, but the ECB may want more,” he said. “They want a euro zone finance ministry, a true leap forward in terms of fiscal union. What they got was a step back. There will be no treaty change and that is a big disappointment for me. It remains intergovernmental and that is insufficient.”

In reflecting on the Eurozone, it is important to keep in mind, that the Euro experience, is what Robert Wenzel of EconomicPolicy Journal writes is An Occupation of Europe by Goldman Sachs.

Reuters reports Chemical maker DuPont, DD, cut its full-year profit outlook on Friday, citing slower growth in some of its businesses due to weakness in the company’s end markets, sending its shares down almost 5 percent.

Bloomberg reports Biggest French Banks’ Ratings Cut By Moody’s and reports EU Leaders Drop Demands for Investor Write-Offs.

Peter Schwarz of WSWS reports of Austerity And Devolution The situation in Europe is increasingly reminiscent of that of Germany in the 1930s. At that time, Reich Chancellor Heinrich Brüning introduced austerity measures which set in motion a spiral of recession, cost millions of jobs, incomes and savings and helped bring Hitler to power. Once again today, European governments have nothing to offer except more austerity, recession and decline.

Jordan Shilton of WSWS reports Labour And Fine Gael Impose Savage Cuts In Ireland In its first budget since taking power in March, the Labou -Fine Gael coalition in Dublin has imposed a budget containing vicious cuts in social spending and tax rises hitting working people hardest.

Jerry White of WSWS reports Cooper Tire Workers Fight Wage Cut Demands In Northern Ohio More than 1,000 workers were locked out of their northwest Ohio factory on November 29 shortly after voting to reject the demands of Cooper Tire & Rubber Company for sweeping wage and benefit reductions.

Elaine Meinel Supkis reports that German EU power freaks out the US and the UK. Cameron cuts UK adrift In Europe as England’s conservative leader vetoes the collective rescue of the European Union confederation, now City fears over EU isolation. (Yet Cameron’s course was done strictly for what George Monbiot aptly relates is the interests of the Corporation of the City of London). The Conservatives don’t have a majority and their ally in Parliament is Split in UK government over EU veto so David Cameron faces cracks in cabinet over veto. Probably, the government may fall. But then, the craven Liberal party will probably duck and continue their doomed course towards becoming a non-party in the long run.

RTTNews reports Silicon wafers manufacturer MEMC Electronic Materials, WFR, announced elimination of 1,300 jobs or about 20 percent of its workforce. Of the job cuts, around 250 positions are in the U.S., and an estimated 41 percent in the Semiconductor Materials segment and 47 percent in the Solar Materials segment. The company intends to idle its Merano, Italy polysilicon facility having up to 6,000 metric tons of annual capacity. It may close the facility unless some cost reductions are achieved in the near term. MEMC is working with the province and key suppliers to determine the feasibility of such reductions. The company will reduce production capacity at its Portland, Oregon crystal facility and will limit the ramp of the Kuching, Malaysia wafering facility to 300MW. Further, the Solar Materials and SunEdison business units will be consolidated into a single Solar Energy business unit, effective January 1, 2012.

Tyler Durden writes European Banks Are The New AIG. BNP Paribas SA, France’s biggest bank, sold a net 1.5 billion euros ($2 billion) of credit- default swaps on the nation’s sovereign debt, according to data compiled by the European Banking Authority. UniCredit SpA, Italy’s biggest lender, and Banca Monte dei Paschi SpA are net insurers of more than 500 million euros each of their government’s bonds, and Oesterreichische Volksbanken AG, the Austrian lender which has yet to pay interest on 1 billion euros of state aid received in 2009, has guaranteed a net 839 million euros of its national debt, EBA data shows.”). For those confused by the above, here is the explanation: European banks, in order to generate modest cash flow from collecting on the pariodic interest premiums owed to them in order to plug increasingly large capital shortfall holes that otherwise would simply keep growing ever larger, have sold and continue to sell massive amounts of default protection on their very own host countries! As a reminder, it was precisely this that destroyed AIG when the illusion of the credit bubble burst.

The age of leverage featured wildcat governance, a Doug Noland term, where bankers competed for dominance of the world and produced prosperity. The age of deleveraging, features wildcat governance, where leaders bite, tear and rip one another apart and only the most fierce rise to power and impose austerity measures.

Shannon Jones of WSWS reports Flint, Michigan Emergency Financial Manager Begins Imposing Cuts. An emergency financial manager recently appointed to run Flint, Michigan is wielding his power to impose spending and job cuts as the state of Michigan moves to take over Detroit.

Neoliberalism securitized debt through all kinds of ponzi financing schemes and created moral hazard Neoauthoritarianism enforces debt servitude through all kinds of fiscal compacts and regional framework agreements.

Rising sectors of the week included Retail, XRT, Financials, EUFN, IXG, XLF, Airlines, FAA, Shipping, SEA, Copper Miners, COPX, Rare Earth Miners, REMX, Silver, SLV, Investment Bankers, KCE, Banks, RWW, KRE, KBE, IAT, QABA, Small Cap Growth, RZG, Russell 2000, IWM, Small Cap Revenue, RWJ, Manufactured Housing, CVCO. … Falling sectors of the week included Coal, KOL, Aluminum, ALUM, Gold Mining, GDX, Iron, Ore Mining, VALE, Chemicals, SQM, Steel, SLX, Gaming, BJK, Agriculture, PAGG.

5) … News of Fukushima Woes

Fukushima Worker – Everything Is Totally Out Of Control Radiation Expert – Fukushima Spiraling Out Of Control

Melt Through – Radioactive Groundwater Flowing Into The Sea

Radioactive Substance Coming From The Ground – Hotel Mgr

The Complex And Dangerous Geology of Fukushima


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: