China on Verge
Aside from China’s loan shark err… shadow banking sector, there appears to be trouble with the 12 trillion dollar corporate bond market. The Chinese Default Protection Team has had to bailout two trusts already and may have to bail out some solar industries this Friday.
Gold Manipulation Lawsuit
Citing press releases that describe unusual pricing patterns connected to the gold fix, Kevin Maher has filed a federal lawsuit claiming the five banks overseeing the century-old benchmark colluded to manipulate it since 2004. Surely, it must be just coincidence that Deutsche Bank just happens to withdraw from the panels setting the gold and silver fixings in January?
Dillusional White House bastards believe that Only Obama can change Obamawreck. Republicans, after seeing Obama change Obamawreck for only those who support him, like Unions, want to change the law legally. If it sounds like a dictatorship, it is a dictatorship.
Obama’s budget proposal to Congress has everything, but restraint. In fact, the spending climbs more than twice the calculated rate of inflation. By the way, you probably won’t be surprised to learn that Obama also wants a 651 billion dollar tax hike to help the economy. With the “clean” debt ceiling pushed through, now the budget will get under control?
Moody’s Downgrades Chicago
Moody’s has downgraded Chicago’s credit rating, citing the city’s 8.3 billion dollars in unfunded pension liabilities. They downgraded it from A3 to Baa1, which is just three notches above junk-bond status. This makes Chicago the lowest rated major city, except Detroit. At least the city may get some revenue if Marijuana commercials start airing in that city.
Monkey See Monkey Do
Following the illegal footsteps of the NSA, a Florida police department took it upon themselves to openly violate the U.S. Constitution by conducting warrant-less cell phone and data tracking, via stingray, at least 200 times. To those responsible, they better not drop the soap where they are hopefully going.
According to the GAO, 1.6 million students have dropped out Michelle’s lunch program due to the palatability of the lunch offerings. Students were actually throwing it away. In other words, the kids think that the Michelle Menu tastes like crap. Simply put, those kids want eat what the Wookie herself eats instead!
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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