Mercury Rising 鳯女

Politics, life, and other things that matter

Archive for March 17th, 2013

Watch out below, Cyprus edition

Posted by Charles II on March 17, 2013

Asian markets look to be headed down 2% (as Hong Kong and Japan are as of ca. midnight Eastern), while S&P futures are down 1.4%.

A correction by 8% would get the S&P to the 200 day moving average, while a correction of 12% would bring it to a Fibonacci level. The immediate cause of this is the EU’s screw-up with Cyprus

Ansuya Harjani, CNBC:

After a period of what some experts have called “irrational exuberance” in global markets, the weekend decision by the euro zone to force bank depositors in Cyprus to contribute towards a bailout provided a stark reality check for investors on Monday.

Investors are concerned that taxing depositors will set a dangerous precedent for the euro zone and ultimately risk runs on regional banks. The strategy may also provoke depositors in other debt-ridden nations to shift their money to “safer” European banks.

“The madness of this decision about Cyprus is unfathomable. We expect runs on Cypriot banks when they open on Tuesday [Monday being a bank holiday]. No sensible foreign depositor would continue to keep money in a banking system that just took nearly 10 percent of his deposit without any notice,” David. Kotok, chairman and chief investment officer, Cumberland Advisors wrote in a note to clients.

____________
Update. As PW says, the word is that the Cypriot banks are being targeted because Cyprus has become a money laundering center for Russian enterprises.

But, via Ritholtz, it is also said that it’s just a tax, that the money laundering thing is just a talking point.

Advertisements

Posted in stock market | 2 Comments »

White House Tapes: LBJ Knew Of Nixon’s Treasonous Sabotage Of The Paris Peace Talks

Posted by Phoenix Woman on March 17, 2013

Of course, Consortium readers knew about this well over a year ago, and Anna Chan Chennault ‘fessed up to it. (See here and here for example.)

But now the tapes are out, and it’s no longer deniable, even though the Atlantic writer Connor Simpson tries to soft-pedal it: Richard M. Nixon committed treason — and condemned several million Vietnamese and American troops to be maimed and killed over the next six years — just so he could win the 1968 presidential election:

In previously released tapes from Johnson’s Presidency, we had heard about Johnson having substantial body of evidence showing Nixon had schemed to keep the South Vietnamese away from the negotiating table at the 1968 Paris peace talks. Like Nixon, Johnson had recored all of his conversations held inside the White House. Nixon was accused or dispatching Anna Chennault, a senior advisor, to convince the South Vietnamese they would get a better deal if they didn’t agree to a peace deal until after the U.S. Presidential election. Chennault confirmed she spoke with the Vietnamese in her autobiography, The Education of Anna, but nothing more than that. If true, the charge would likely amount to treason.

And it was true, as we already know from Robert Parry’s shop. (And by the way, the peace talks were much closer to success than the persons trying to minimize Nixon’s treason are willing to admit.)

Why did Johnson not act on the knowledge — publicly, at any rate? (He had already confronted Nixon on it privately.) Because it might have, among other things, damaged the nation’s security: Read the rest of this entry »

Posted in Uncategorized | 9 Comments »

 
%d bloggers like this: