A Couple of Things

Before we start the week, just a few items for you to consider.

First of all, the Commitment of Traders report from Friday was interesting yet again. Below is a c&p of my thoughts from Friday afternoon.

"GOLD
The Large Specs added 3000 longs but also added a fresh 5200 shorts. The Small Specs dumped 137 and added 998 new shorts and now are once again net short by almost 700 contracts.
The Gold Cartel dumped 1000 longs but also covered 4300 shorts, thereby reducing their net short position by 3,330 contracts. This leaves them net short just 58,300 contracts with a net short ratio of 1.40:1.

SILVER
The Large Specs dropped their net longs by another 1650 contracts and they are now net long just a total of 3,700 with a preposterously low net long ratio of just 1.12:1. The Small Specs dumped 350 longs and added 1367 new shorts. This leaves them net long only 1300 contracts.
The everybody-but-JPM silver commercials added another 1,581 longs this week. This brings their gross long position back to the 2nd highest on record at 68,438. WOW! JPM and their pals were able to further reduce their gross short position, too. They used the weakness brought upon by the Spec selling to cover 1798 contracts. This leaves them with a gross short position of just 73,458. All totaled...The entire commercial category on silver is now net short just 5,020 contracts and the are sitting on a new record low net short ratio of just 1.07:1.
Once again, from a historical perspective this is truly astonishing...almost breathtaking. From time immemorial, even getting the Commercial net short ratio down under 1.5:1 was considered extremely bullish. Now it's 1.07:1!. If you want to see some historical comparisons, I once again refer you here: http://www.tfmetalsreport.com/blog/4492/strange-days-indeed.
I would strongly encourage you to go back to that post and review those numbers. Not just the historical ones but even the data from the CoT of 2/5/13. The changes in the four months since are amazing."

Just for fun, let's go back and look at the data from the "Strange Days" post of 2/9/13. All of the historical CoT data is telling but let's look specifically at the CoT from 2/5/13. Why that date? You likely recall what happened on the days that followed. First, we had the price smash of mid-February and then we had the stop-running, range breakdown price smash of mid-April.

Again, all you hear in conventional media and analysis is the "the bull market in the metals is over" and why is this? Because the speculators are selling and, in doing so, they've driven price sharply lower. But always remember and never forget that whenever someone is selling, there is someone buying and taking the other side of the trade. So, now take a look at this:

DATE    L.S.LONG       L.S.SHORT      RATIO      CARTEL LONG     CARTEL SHORT           RATIO
 2/5/13        42,449               6,588                   6.45:1                46,293                        98,239                       1.99:1  

6/11/13        35,309              31,806                  1.11:1                 68,438                        73,458                       1.07:1

In just over four months, the net short position of the Silver Commercials has dropped from nearly 52,000 contracts to just 5,000...a reduction of over 90%!! So, the specs have sold and the commercials have bought. Whether you are bullish or bearish going forward is simply determined by whether you think the specs lead this "market" or the banks. I think you know where I stand.

Let's look at gold in the same format.

DATE    L.S.LONG       L.S.SHORT      RATIO      CARTEL LONG     CARTEL SHORT     RATIO
2/5/13      192,806               55,341                3.48:1               145,291                          319,898                  2.20:1

6/11/13     174,015               115,010               1.51:1                146,470                          204,792                 1.40:1

For gold, there are a couple of things that should absolutely jump off the page at you.

  • The Large Spec gross short position has more than doubled in the past four months.
  • The Gold Cartel gross long position is unchanged. Contrast that to the commercial gross long position is silver, which has climbed by nearly 50% over the same time period.
  • The Gold Cartel has covered 115,000 short contracts. This has reduced their net short gold liability from nearly 175,000 contracts (17,500,000 ounces) to just 58,000 contracts (5,800,000 ounces). That's a reduction of 67%.

Also consider that, according to the latest Bank Participation Report, chief evildoer JPM has now flipped what was a 50,000 net short position in gold into a 50,000 net long position.

Again, I ask you: Going forward, with whom would you like to side? Do you think that The Specs will be proven correct with a money-making short position or do you think the The Forces of Darkness will rule the day?

While we're on the subject of JPM, let's move on to point #2 of this post. Why is JPM now net long in gold and, at a minimum, likely net neutral in silver? Hmmmm. Why would that be??

As you know, sources have told me that late last summer, the criminal CFTC was given damning information, proving JPM's role in manipulating the metals "markets". As I've often stated, the inaction by the CFTC in the 10 months since makes them a co-conspirator to a crime in progress. But now ponder this: We know that the commissioners of the CFTC are just a bunch of politically-appointed hacks, firmly in the back pocket of the Big Banks. This worthless organization has been "investigating" silver manipulation for nearly five years. The information provided them last summer should have brought about an immediate conclusion and judgment. Clearly, it didn't. Why?

As we look at the CoT data in the 10 months since, the answer is obvious. When presented with the irrefutable proof of manipulation, rather than act immediately, the CFTC kicked-the can and sat on it. Eventually, they must have notified JPM that they "had the goods" and ordered JPM behind-the-scenes to end their manipulation scheme. JPM said "OK, just give us a few months and we'll take care of it". Et, voila! From a net silver short position of over 30,000 contracts back in November, today the JPM silver short position, if it exists at all, is likely less than 10,000 and, in gold, they've flipped from a net short position of 50,000 to a net long position of 50,000. Mission accomplished! JPM can no longer be said to be the big, evil, rascally short manipulator and the CFTC is absolved from their dereliction of duty. Ain't that great?

Finally, to thought #3, and this is a biggie. Did you see this yesterday? http://www.zerohedge.com/news/2013-06-15/deutsche-bank-horribly-undercapitalized-its-ridiculous-says-former-fed-president-hoe

So now we have a former Fed Goon openly questioning whether or not Deutsche Bank is solvent. This isn't the first time I have heard this. The Golden Jackass himself has been telling me this for months. In fact, when I saw this story, I emailed it to him and he responded with this, which he gave me the OK to post for all to read:

"My best German source told me that D-Bank is going into failure very very soon.
A week ago, he said 3 banks were in great danger of failure, likely not to survive, to happen soon
after a certain amount of begging, along with my lame guesses, he gave in
Barclays, Citigroup, Deutsche Bank -- all gonna die in a huge round that will eclipse Lehman & Fannie & AIG
it will be global
watch a Japanese bank join them
post this if you wish."

OK, let's worry about Barclays and Citi another day. For now, let's focus on DB. They've been in trouble for some time and now it's becoming clear for all to see. Additionally, I was told by an English friend that "a major bullion bank has been and continues to be on the verge of bankruptcy/insolvency". Hmmm. I wonder who that could be? There are, of course, six major banks that do all of the clearing for the LBMA. They are:

Barclays, Scotia, HSBC, JPM, UBS and...drumroll please...Deutsche Bank.

Things get curiouser and curiouser, don't they? It's going to be another interesting week. I hope you're ready.

TF

192 Comments

comrade nooni's picture

unbelievable

1st!

silver66's picture

2nd

Thank your Dad

Silver66

El Gordo's picture

Thurd?

Thurd......

Bollocks's picture

British MP George Galloway on the Anti-G8 Summit & Bilderberg

Good stuff.

For those who don't know anything about him, DO watch the clips below. Parts one and two of five, which are enough to get the idea.

Start at 6.30 if you wish to skip the introductory blurb...

George Galloway VS The US Senate

=======

edit: FOURTH! wink

erewenguy's picture

China and Russia

China and Russia have been positioning themselves against US fiscal policies and are now allied to fighting back against the vice of international global warming policies. Meanwhile, the US insists on trying to commit economic suicide.

The Continuing Collapse of the Global Warming Hoax

Author
By Alan Caruba (Bio and Archives)  Sunday, June 16, 2013

........... "As reported by Craig Rucker, Executive Director of CFACT, fast-forward to the recent UN climate talks in Bonn, Germany, and news that Russia, joined by Ukraine and Belarus, blocked the adoption of the agenda of the “Subsidiary Body for Implementation”, part of the standard fast-tracking toward a 2015 Climate Treaty scheduled to be adopted and signed in Paris. Part of the treaty is a scheme to redistribute the wealth of developed nations to those less developed.

The Russians were fed up with the usual behind-closed-doors proceedings that create such treaties, but no doubt they were well aware that the treaty would empower the UN to govern a large portion of economic activity around the world. All UN treaties require nations to surrender some aspect of their national sovereignty.

There is clearly a backlash against the global warming hoax, particularly from nations that have discovered the costs to their economies that idiotic “renewable” energy schemes and emissions reductions incur. In the real world, they are experiencing longer, harsher winters as the result of the cooling cycle the Earth has been in for the last seventeen years!

Big Lie of global warming/climate change

Despite President Obama’s incessant claims that the Earth is heating, scientists in both Russia and China have been publishing data from scientific studies disputing the Big Lie of global warming/climate change.

The Chinese Academy of Sciences—50,000 members strong—recently published “Climate Change Reconsidered and Climate Change Reconsidered: 2011 Interim Report”, two hefty volumes with more than 1,200 pages of peer-reviewed data on climate change published by The Heartland Institute in 2009 and 2011."

more at

http://canadafreepress.com/index.php/article/55939

Watcher's picture

Good post Turd. I'm long and

Good post Turd. I'm long and strong but I'm not sure anyone is really ready for what is about to unfold nor how soon it could be.

Bugzy's picture

Let's not worry about Barclays!

Easy for you to say. I happen to have a chunk of change with that outfit. Oh well, looks like I get to put it in the precious just for safe keeping. Was going to shovel it out soon anyway. Thanks for the heads up.

¤'s picture

I might be No. 8

But I'm going with No.9

Thanks for the update TF

A Universe of Thoughts in a Hazy World ~ IS7
tyberious's picture

DB

Shorts or options :)

sierra skier's picture

Top 10?

First ever

tyberious's picture

Buzgy

Do the have credit unions on the other side of the pond?

cavalier's picture

Effects of Deutsche Bank failure upon silver?

What will the effects of Deutsche Bank failing have on the price of silver?

More instability should make gold and silver go up.
Too big of a failure might cause liquidation of assets to try to cover liabilities, which could cause silver to go down temporarily.
If DB fails  will it cause the failure of other banks in Europe? In the US?
Everything I see indicates that silver should go higher for many reasons,
COT, china buying more gold, India trying to slow the purchase of gold, bail ins, etc,
But I have been bullish for a long time.
Stack
meegoreng1's picture

MY THOUGHTS ON COT

So the EE has reduced their short positions in the PM market according the latest COT report, which is a prelude to higher prices.

Even if say, silver, heads 50% higher and reaches in the mid 30s, is anyone here in Turdville or anywhere for that matter, selling their physical at their price? I don't think so. I know I'm not. And when it does goes to that level, you can bet that the EE will start shorting again to control the prices.

This recent positioning just gives them more ammunition in the future to short the metals again. The point I am making here is just because the EE has reduced their short positioning does not mean we are heading to the moon.

While it is exciting to see that the EE has reduced their short positions in the PMs, nothing will change including Wars, QEs, Europe's problems, Japan, etc. Those events temporarily prop up the prices. But until we see physical demand overwhelming supply, nothing will change.  Are we there yet? The Asians are creating excitement in this area but we need more awakening. The demand for physical PMs will be the ONLY event that will create a HEH moment!

I know it will happen one day and I hope soon. And when it does, that's when I will get excited. At the meantime, it's same old bullshit like it has been for the past few decades!

SRSrocco's picture

DEUTSCHE BANK TO OPEN 200 TONNE GOLD VAULT..

How interesting, Deutsche Bank is going belly up while they advertised last week that they were going to open a 200 tonne gold vault in Singapore.

Furthermore, it looks like silver yields fell again in the top 6 silver miners in 2012.  I also found out that if these miners would have not added any new mine production or increased their processed ore, silver production would have declined 47 million ounces by 2012.

Silver Price to Rise as Top Miner’s Production Evaporates

tyberious's picture

DB Vault

That's a very interesting point! Could it be for physical confiscation or bail in after they fail?

silver66's picture

why we need to be more like hockey players and

less like basketball players when it comes to stacking. Pain is inevitable, quitting is optional

Silver66

Stack till it hurts

Ilya Repin's picture

This is from my broker.

This is from my broker. Author at SaxoBank i think.

Interesting on DB. i never trade these things and Not saying i agree with it but always worth Reading everything i find. smiley

"Undervalued European banks: Raiffeisen Bank, Deutsche Bank and Danske Bank
Our cross-sectional valuation analysis on European banks is based on a two-factor regression model that captures a high proportion of the variation in the valuation (we explain the model in more detail later). The valuation is measured on price-to-book ratio. Based on the model's fitted values and the actual price-to-book ratio we compute a spread that captures the relative over and undervaluation of the largest European banks relative to their current valuation.

The cross-sectional valuation spread is shown in the chart below. A high positive spread indicates the percentage difference between the model's fitted valuation and the actual valuation, or in other words how much the stock should rise for its valuation to reflect the bank's underlying fundamentals based on how other European banks are relatively valued. The chart below shows that the most undervalued banks are Raiffeisen Bank, Deutsche Bank and Danske Bank. Other undervalued and large banks are Barclays and Credit Suisse.

300125ef-0150-4802-af35-6040bcda963b.jpg

Interestingly, sell-side analysts are not very optimistic on Deutsche Bank and Danske Bank. However, based on estimates for future return on equity and Tier 1 capital ratio, both banks should trade considerably higher based on how other banks are valued according to relative estimates. We will get back to the dynamics behind the model's valuation of Deutsche Bank and Danske Bank, and why they should trade higher while trying to explain why there is a huge discrepancy.

Overvalued European banks: Italian banks dominate overvalued segment
One of the striking observations in the model is the domination of Italian banks amongst the most overvalued banks. Of the six most overvalued European banks five of them are Italian banks, including the country's largest bank UniCredit. The only Italian bank that is fairly valued is Banco Popolare, which is currently valued as a distressed bank. Given the bank's prospects for profitability in 2015, this bank should be valued as a distressed bank.

Regression model in detail
The model is based on the constituents in the STOXX 600 Banks index constrained on relevant GICS classification (asset management firms are removed) and available estimates for return on equity and Tier 1 capital ratio. These constraints limit the universe of 46 financial institutions to 37 banks.

Our initial hypothesis was that return on equity, Tier 1 capital ratio, loan losses to loans ratio, net interest margin and deposits to funding would capture the variation in cross-sectional valuation, but our findings surprised us.

In total we tested the following predictor variables: return on equity, return on equity (2014E), return on equity (2015E), price momentum, net interest margin, efficiency ratio, Tier 1 capital ratio, Tier 1 capital ratio (2014E), equity to assets, risk weighted asset (logarithm), loan losses to loans, non-performing loans to loans, total loans to total deposits, deposits to funding and sales growth expected in 2014.

Our regression model that best explained the variation in the response variable (price-to-book ratio) was a two-factor model based on return on equity (2015E) and Tier 1 capital ratio (2014E) as the predictor variables. The model's adjusted R-squared is 0.85 and t-stat values of 7.48 and 4.07 for the two predictor variables respectively. The correlation between the predictor variables is 0.67 which is not dangerously high for us to worry about multi-collinearity given the high t-stat values. The residuals are not normally perfectly distributed but close enough for us to be satisfied with the model. The coefficients for the predictor variables are positive indicating that higher estimated return on equity and Tier 1 capital ratio equals a higher estimated price-to-book ratio. This aligns well with the Residual Income Valuation theory. The coefficient for return on equity (2015E) is almost twice that for Tier 1 capital ratio indicating that expected return on equity has a larger impact on cross-sectional valuation. Not a big surprise. The biggest model risk is the information coefficient on sell-side estimates (that is the correlation between predictions and actual values).

Premium effect on Sweden's big four
The charts below show a scatter plot of the banks on price-to-book ratio versus each of the predictor variables respectively while holding the other predictor variable constant at the median value. The charts clearly show that Sweden's big four banks are trading at a premium valuation relative to its European peers reflecting their high Tier 1 capital ratios and high return on equity (in the mid-teens). However, when judged jointly on both variables in our two-factor model Swedish banks' are only moderately overvalued.

Dynamics behind undervaluation of Deutsche Bank and Danske Bank
Deutsche Bank and Danske Bank have currently a rolling 12-month return on equity of 0.9 percent and 4.1 percent respectively, and 15.1 percent and 18.9 percent in Tier 1 capital ratio respectively. Based on the Tier 1 capital ratio the two banks are among the most capitalised in Europe and thus should trade higher on price-to-book ratio which is 0.59 and 0.76 for Deutsche Bank and Danske Bank respectively. As the Residual Income Valuation model says, the price-to-book should only be above one if the residual income is positive (that is profit minus equity charge, with the latter being the equity deployed times cost of equity). Now with the two banks' current return on equity it seems rational that the price-to-book ratio is below one.

However, equity markets discount the future and not the present. Sell-side analysts are estimating that Deutsche Bank and Danske Bank will have a return on equity in 2015 of 9.6 percent and 8.8 percent respectively (estimates for Tier 1 capital ratio is flat from the current ratio). Based on these predictions, and given how other banks are valued based on estimates for return on equity, Deutsche Bank and Danske Bank should trade 54 percent and 40 percent higher respectively. One plausible explanation for the discrepancy is that investors are deeply discounting the predictions for their profitability. We find no liquidity, credit or size (risk weighted asset, logarithm) factor that further explains the variation in price. Given the two banks' unique market position in the respective domestic markets, and an improving euro area economy over the next two years, both sell-side analysts and buy-side institutional investors may grossly underestimate the profitability potential at Deutsche Bank and Danske Bank. For long-term investors that want exposure to Europan banks Deutsche Bank and Danske Bank might not be a bad place to start searching."

Galearis's picture

Global warming comment

Still talk of climate change is nonsense?

Couldn't be the business interests triumphing over moral conscience and science could it? So with the tundra zone creeping north (tree line), the North West Passage creeping west, we now have Lymes disease in central Ontario...Why? The winters are now too mild to kill off the ticks....

Keep in mind that cooking data is more common in business than it is in science and those that we are least admiring are firmly against the concept of climate change....

I've been a botanist and a well traveled one in Ontario, Canada for 35 years and I am well familiar with plant distribution changes that should not be happening....

It is the perception of the PTB that the financial system is too fragile to incorporate changes in the economy. So "Global Warming" had to go... For most of you, all you have to do is look out the window at the local landscape to see human impact and to know that it is not a ecological condition that is any in way healthy. 

Apologies for this being off topic.

FWIW,

G.

Bugzy's picture

Tryberious

I honestly cannot remember about the other side of the pond.
When I was a young adult I used to save with the Halifax building society. They were like a credit union then I think but all the building society's became banks and are thus vulnerable, I think. Northern rock was a building society years ago and look what happened to them.

I guess there is still the insurance protection if one banks with Barclays in the UK (hope it extends to expats). However insurances only work for small fires. If the whole town burns down then no insurance is gonna pay up. Hence the bail in clauses me thinks. Anyone know if deposit insurance extends to no domiciled?

Barclays offshore has no insurance at all. That is no concern of mine though. I do wonder though that if there is a sniff of a problem then there will be a run from the offshore arm, perhaps causing all to fall. I do not know if they are completely ring fenced or what.

Sandiaman's picture

20

Section 1. The terms of the President and Vice President shall end at noon on the 20th day of January, and the terms of Senators and Representatives at noon on the 3d day of January, of the years in which such terms would have ended if this article had not been ratified; and the terms of their successors shall then begin.

Section 2. The Congress shall assemble at least once in every year, and such meeting shall begin at noon on the 3d day of January, unless they shall by law appoint a different day.

Section 3. If, at the time fixed for the beginning of the term of the President, the President elect shall have died, the Vice President elect shall become President. If a President shall not have been chosen before the time fixed for the beginning of his term, or if the President elect shall have failed to qualify, then the Vice President elect shall act as President until a President shall have qualified; and the Congress may by law provide for the case wherein neither a President elect nor a Vice President elect shall have qualified, declaring who shall then act as President, or the manner in which one who is to act shall be selected, and such person shall act accordingly until a President or Vice President shall have qualified.

Section 4. The Congress may by law provide for the case of the death of any of the persons from whom the House of Representatives may choose a President whenever the right of choice shall have devolved upon them, and for the case of the death of any of the persons from whom the Senate may choose a Vice President whenever the right of choice shall have devolved upon them.

Section 5. Sections 1 and 2 shall take effect on the 15th day of October following the ratification of this article.

Section 6. This article shall be inoperative unless it shall have been ratified as an amendment to the Constitution by the legislatures of three-fourths of the several States within seven years from the date of its submission.

 

SilverSurfers's picture

So

what is it, really. May I kindly offer one definition, since Im just a freaking awesome English Teacher.

The gold cartel is and comprises 15 large bullion banks controlling the bullion space.

The attack plan seeks to assassinate the mob boss among them, the king pin in the bullion space. Next, because the plan can be easily replicated, it can be applied to picking off the remainder of them, thereby utterly destroying the gold cartel, liberating bullion, thereby concurrently destroying in turn the FRN and all paper money, thereby liberating those enslaved by paper money, to thus free people world wide and mankind from totalitarian rule. :o

Just got back from the hobbies stores and skate board shops, tuning up laser fire battling helicopters, 35mph remote control cars, batter powered scooters and radical high performance long board skate boards, as the boys get out of prison in a couple of weeks, and summer is here, so had to tune my toys. LMAO!!!!

The 28 yo Army Corporal in Vegas now with folks is stopping in here in two weeks for a summer ho down for a two week visit. The little ones 8 and 10 will just smoke his butt with the toys, guaranteed LOL

Was wondering if remote controlled cars can run ruff shod over revenuers? Just Asking.

Green Lantern's picture

If Citigroup fails at this

If Citigroup fails at this time, we are talking major pandemonium.  Countless unions, pensions public and private will go dry.   They will not have to worry about Sinclair bail ins.  Major New York and Delaware Skyscrapers vacated and go dark. Withdrawal limits spread to other banks as we all ask the question, "what happened with QE3 to prevent the spread of contagion.   NO matter what happens in Europe, American's do not wake up until it's their money.  Is it really time to wake people up?

erewenguy's picture

Citi

Is it too early to bid Citi bon voyage? My experiences with this company have been notoriously bad.

Xty's picture

Maybe I missed this, but seems on topic

Last updated: June 14, 2013 6:23 pm

Singapore punishes 20 banks in rate probe

By Brooke Masters, Chief Regulation Correspondent

The sprawling global rate-rigging probe expanded dramatically on Friday as authorities in Singapore disciplined 20 banks and revealed that 133 traders tried to manipulate three interest rate and foreign exchange benchmarks.
While the US, UK and Japan have already cracked down on four banks for attempted rigging of the London and Tokyo interbank borrowing rates, the action by the Monetary Authority of Singapore ropes in 16 new institutions. It also alleges that the misbehaviour extended to indices used in the trading of foreign exchange derivatives.

The MAS singled out Royal Bank of Scotland, UBS and ING for the toughest punishment, but said that employees at all 20 banks improperly sought to influence key benchmarks to make money on derivatives.
Singapore, which lacks legal powers to fine institutions involved in alleged rate-rigging, ordered them to leave more money on deposit – at zero interest – with Singapore’s central bank for one year. RBS, UBS and ING were all ordered to increase their reserves by more than S$1bn ($799m), while Bank of America, BNP Paribas and Oversea-Chinese Banking Corporation will have to increase reserves by S$700m-S$800m.

 

The MAS probe of the Singapore interbank lending rate, or Sibor, was sparked by last July’s revelation that Barclays paid US and UK fines for seeking to manipulate Libor, the much larger benchmark used for contracts worth $300tn worldwide. Singapore’s investigation widened in September to include non-deliverable forwards, which are traded by foreign exchange traders, and the swap offered rate (SOR) used for commercial lending.

...

The MAS also proposed a new regulatory framework for the three benchmarks, including formal regulation of rate setting with specific civil and criminal sanctions for rate-rigging attempts. “Ensuring the integrity of the processes for setting financial benchmarks is vital,” Teo Swee Lian, MAS deputy managing director, said in a statement. “MAS has taken firm supervisory actions against the banks, based on a careful assessment of their respective deficiencies.”

Singapore’s banking industry also announced a significant revamp of 11 rates. Six will no longer be calculated and four will shift to being based on market transactions. Only Sibor, the reference rate for most Singapore mortgages, will continue to be calculated by surveys.

...

http://www.ft.com/intl/cms/s/0/fed38a0a-d4d5-11e2-b4d7-00144feab7de.html#axzz2WPuLccR2

... will shift to being based on market transactions !!! 

now there's a thought.

Sheetrocker's picture

Sweet, White & Deadly

I think this is an excellent documentary on the history of the sugar industry. It covers over 250 years, and contains many historical facts I was unaware of.

Sugar was as important to the world economy 200 years ago as crude oil is today. Corruption of politicians by the sugar industry was as prevalent then as it is today. Huge fortunes were made on the backs of slaves, and the British anti-slavery movement, founded on the exposure of conditions on sugar plantations, was the first movement where people acted on something that did not affect them personally, but were concerned about the rights and living conditions of others.

In the present, it exposes some of the big US sugar barons, their influence in both political parties, the massive return in subsidies they get for their campaign contributions, and the health issues associated with sugar consumption.

Particularly disgusting are the filmmakers visits to huge  sugar plantations in the Dominican Republic. On one of these, US owned, the workers are all illegal immigrants from Haiti. They work for $2.00 a day, can't leave the plantations, have no medical care, and have to buy all their food at the company stores at exorbitant prices. Company overseers prevent them from even growing small vegetable gardens to supplement their diets. This is nothing but modern day slavery.

In contrast, the owners, living in multi-million dollar mansions, are pillars of society, host to charity events, on a first-name basis with presidents, and are in complete denial about conditions on their plantations. In general, your typical corporate scum of the earth.

wildstylechef's picture

Interesting COT on the combined Also

If you look at the combined options and Futures there is also very interesting if not more compelling info as it seems more action there. As the Cartel ADDED 5871 longs to their holdings and basically held neutral on the shorts at 571

Making it even more bullish

Tic tic tic something very bad is about to happen , good for us, but bad for those in stocks and bonds.

SilverSurfers's picture

pic

Boardwalk's picture

Big Sugar?

This is the only Big Sugar I know.

QE to infinity's picture

Anyone know if deposit insurance extends to no domiciled?

I am almost certain it does, provided your account is with the British-based bank and not with its offshore arm. It's extremely difficult or impossible to open an on-shore account in Britain if you don't have a provable British address, but if you already had an account before leaving Britain, you usually can keep it. So if your account with Barclays is on-shore, you should be covered by the £85,000 insurance. 

Offshore jurisdictions have their own insurances, which may be much lower, or even non-existent. A lot of expats, who were forced to use offshore accounts, will be hit when their banks fail. As they were when Icelandic banks in the UK failed. The UK government bailed out all individual account holders (not organizations) in the on-shore banks, but not in the offshore ones. It didn't matter at that time where the account holders lived, but which bank - on-shore or offshore - their account was in.

tyberious's picture

Galearis

Not to mention, rising sea temps and height along with super storms, see Oklahoma and Missouri.

Syndicate contentComments for "A Couple of Things"