- While the big news last week was that Italy’s third largest bank, Monte Paschi, had been nationalized after JPM destroyed the bank’s chances of securing a private-sector rescue, and that Italy would issue up to €20 billion in public debt to fund the bailout of this, and other insolvent Italian banks, it appears there may be more moving parts to the story.
- Recall that as we warned, the biggest danger for both Monte Paschi, and Italy’s banking system in general, is that retail depositor confidence in the Siena bank is shaken enough to lead to a bank run either in the world’s oldest bank, or worse, across the entire Italian banking sector, leading to a worst case probability outcome of falling bank dominoes as bank funding needs explode, resulting in even more deposit outflows, and so on in a toxic feedback loop.
- To be sure, Monte Paschi’s deposit run is hardly new, and as the bank itself admitted last week, it had already suffered roughly €14 billion in deposit outflows, or 11%, in the first nine months of the year as shown in the chart below.
Read more at:The Italian Bank Run: Monte Paschi Capital Shortfall Surges 75% To €8.8Bn Due To “Rapid Liquidity Deterioration”
- When the Rajoy administration took the reins of power at the end of 2011, at the height of Spain’s debt crisis, the country’s Social Security fund had a surplus of over €65 billion, the result of a gradual accumulation of funds since the end of the 1990s. That money was supposed to serve as a nationwide nest egg to help cover the growing needs of Spain’s burgeoning ranks of pensioners. Instead, it has been used by the government to fill some of its own massive fiscal gaps, with the result that now, five years later, the total surplus has shrunk by 75%, to €15 billion.
- Things have gotten so bad that in October the Spanish government was forced to admit to the European Commission that by the end of next year the surplus will have become a deficit, of around €2.6 billion. In other words, a fund that took 16 years to build up will have been plundered dry in less than half that time, at an average rate of around €11 billion a year.
- The outflow reached torrential proportions this year. To date the government has removed over €19 billion from the fund — more than remains in its coffers.
Read more at:A New Crisis Is Brewing in Spain
- A Russian military plane carrying 92 people, including dozens of Red Army Choir singers, dancers and orchestra members, crashed into the Black Sea shortly after takeoff from Sochi on its way to Syria on Sunday, killing everyone on board, Russian authorities said. Earlier, the Russian Defense Ministry said one of its TU-154 Tupolev planes had disappeared from radar screens at 0525 MSK (9.25 p.m. ET), two minutes after taking off from Sochi in southern Russia, where it had stopped to refuel from Moscow on route to Syria.
- Ministry spokesman, Major-General Igor Konashenkov, told reporters that nobody had survived. The Tupolev transport plane had 92 people on board, including 84 passengers and eight crew members.
- “The area of the crash site has been established. No survivors have been spotted,” he said. An unnamed ministry source told Russian news agencies no life rafts had been found, while another source told the Interfax agency that the plane had not sent an SOS signal.
Read more at;Russian Military Plane Crashes On Route To Syria Killing All 92 On Board
- Late on Friday, with the US population embracing the upcoming holidays and oblivious of most news emerging from the administration, Obama quietly signed into law the 2017 National Defense Authorization Act (NDAA) which authorizes $611 billion for the military in 2017.
- In a statement, Obama said that:
- Today, I have signed into law S. 2943, the “National Defense Authorization Act for Fiscal Year 2017.” This Act authorizes fiscal year 2017 appropriations principally for the Department of Defense and for Department of Energy national security programs, provides vital benefits for military personnel and their families, and includes authorities to facilitate ongoing operations around the globe. It continues many critical authorizations necessary to ensure that we are able to sustain our momentum in counterin…
Read more at:Obama Quietly Signs The “Countering Disinformation And Propaganda Act” Into Law
- We live in a time and within a culture where the best amongst us are thrown in jail, demonized or destroyed, while the worst are celebrated, promoted and enriched. Nothing more clearly crystalizes this sad state of affairs than the U.S. government’s ruthless war on whistleblowers who expose severe constitutional violations by those in power. This war knows no political affiliation, and has be waged with equal vigor by the administrations of George W. Bush and Barack H. Obama.
- Earlier this morning, I read one of the most enlightening articles on the subject to-date. It was published back in May, and should be read by every single American citizen. We need to admit to ourselves what we have become before we can make changes.
- What follows are excerpts from the Guardian piece, How the Pentagon Punished NSA Whistleblowers, but you should really take the time to read the entire thing.
Read more at:This Is How The US Government Destroys The Lives Of Patriotic Whistleblowers
- For years, alternative economic analysts have been warning that the “miraculous” rise in U.S. stock markets has been the symptom of wider central bank intervention and that this will result in dire future consequences. We have heard endless lies and rationalizations as to why this could not be so, and why the U.S. “recovery” is real. At the beginning of 2016, the former head of the Dallas branch of the Federal Reserve crushed all the skeptics and vindicated our position in an interview with CNBC where he stated:
- “What the Fed did — and I was part of that group — is we front-loaded a tremendous market rally, starting in 2009.It’s sort of what I call the “reverse Whimpy factor” — give me two hamburgers today for one tomorrow. I’m not surprised that almost every index you can look at … was down significantly.” [Referring to the results in the stock market after the Fed raised rates in December.]
Read more at:Federal Reserve Initiates End Game As Trump Heads To White House
This is exactly how these false flags end with the patsy shot and killed. Have an event, truck slams into market. Find real driver shot before the truck hit the market place. The passenger is from the agency, police on the scene arrest him by accident. Officials tell police its the wrong person, he is let go. Have the fingerprints, passport inside the vehicle, this time it was the fingerprints to identify the patsy. Have a manhunt and then finally the shootout, which kills the patsy so he can’t talk.
- Anis Amri, the man believed to be behind the Christmas market in Berlin was killed in a shootout in Milan, Italy’s Interior Minister Marco Minniti said at a press conference in Rome.
- Italy’s Interior Minister Marco Minniti said during a press conference that Anis Amri was stopped on foot by police patrols at around 3 a.m. during a routine check in the Sesto San Giovanni neighborhood.
- Italian police say that when stopped, Amri – who was walking by himself after arriving from France – pulled a 22 caliber gun from his backpack, shouted “God is greatest” in Arabic and opened fire, injuring an officer. A second policeman with only nine months’ service returned fire, killing him, they add.