Bank of America

Not Looking Good…

Off the keyboard of Michael Snyder

Follow us on Twitter @doomstead666
Friend us on Facebook

Published on Economic Collapse on March 10, 2014

Crushed-Car-By-UCFFool

Discuss this article at the Economics Table inside the Diner

We Are In FAR Worse Shape Than We Were Just Prior To The Last Great Financial Crisis

None of the problems that caused the last financial crisis have been fixed.  In fact, they have all gotten worse.  The total amount of debt in the world has grown by more than 40 percent since 2007, the too big to fail banks have gotten 37 percent larger, and the colossal derivatives bubble has spiraled so far out of control that the only thing left to do is to watch the spectacular crash landing that is inevitably coming.  Unfortunately, most people do not know the information that I am about to share with you in this article.  Most people just assume that the politicians and the central banks have fixed the issues that caused the last great financial crisis.  But the truth is that we are in far worse shape than we were back then.  When this financial bubble finally bursts, the devastation that we will witness is likely to be absolutely catastrophic.

Too Much Debt

One of the biggest financial problems that the world is facing is that there is simply way too much debt.  Never before in world history has there ever been a debt binge anything like this.

You would have thought that we would have learned our lesson from 2008 and would have started to reduce debt levels.

Instead, we pushed the accelerator to the floor.

It is hard to believe that this could possibly be true, but according to the Bank for International Settlements the total amount of debt in the world has increased by more than 40 percent since 2007…

The amount of debt globally has soared more than 40 percent to $100 trillion since the first signs of the financial crisis as governments borrowed to pull their economies out of recession and companies took advantage of record low interest rates, according to the Bank for International Settlements.

The $30 trillion increase from $70 trillion between mid-2007 and mid-2013 compares with a $3.86 trillion decline in the value of equities to $53.8 trillion in the same period, according to data compiled by Bloomberg. The jump in debt as measured by the Basel, Switzerland-based BIS in its quarterly review is almost twice the U.S.’s gross domestic product.

That is a recipe for utter disaster, and yet we can’t seem to help ourselves.

And of course the U.S. government is the largest offender.

Back in September 2008, the U.S. national debt was sitting at a total of 10.02 trillion dollars.

As I write this, it is now sitting at a total of 17.49 trillion dollars.

Is there anyone out there that can possibly conceive of a way that this ends other than badly?

Too Big To Fail Is Now Bigger Than Ever

During the last great financial crisis we were also told that one of our biggest problems was the fact that we had banks that were “too big to fail”.

Well, guess what?

Those banks are now much larger than they were back then.  In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger since the last financial crisis.

Meanwhile, 1,400 smaller banks have gone out of business during that time frame, and only one new bank has been started in the United States in the last three years.

So the problem of “too big to fail” is now much worse than it was back in 2008.

The following are some more statistics about our “too big to fail” problem that come from a previous article

-The U.S. banking system has 14.4 trillion dollars in total assets.  The six largest banks now account for 67 percent of those assets and all of the other banks account for only 33 percent of those assets.

-Approximately 1,400 smaller banks have disappeared over the past five years.

-JPMorgan Chase is roughly the size of the entire British economy.

-The four largest banks have more than a million employees combined.

-The five largest banks account for 42 percent of all loans in the United States.

-Bank of America accounts for about a third of all business loans all by itself.

-Wells Fargo accounts for about one quarter of all mortgage loans all by itself.

-About 12 percent of all cash in the United States is held in the vaults of JPMorgan Chase.

The Derivatives Bubble

Most people simply do not understand that over the past couple of decades Wall Street has been transformed into the largest and wildest casino on the entire planet.

Nobody knows for sure how large the global derivatives bubble is at this point, because derivatives trading is lightly regulated compared to other types of trading.  But everyone agrees that it is absolutely massive.  Estimates range from $600 trillion to $1.5 quadrillion.

And what we do know is that four of the too big to fail banks each have total exposure to derivatives that is in excess of $40 trillion.

The numbers posted below may look similar to numbers that I have included in articles in the past, but for this article I have updated them with the very latest numbers from the U.S. government.  Since the last time that I wrote about this, these numbers have gotten even worse…

JPMorgan Chase

Total Assets: $1,989,875,000,000 (nearly 2 trillion dollars)

Total Exposure To Derivatives: $71,810,058,000,000 (more than 71 trillion dollars)

Citibank

Total Assets: $1,344,751,000,000 (a bit more than 1.3 trillion dollars)

Total Exposure To Derivatives: $62,963,116,000,000 (more than 62 trillion dollars)

Bank Of America

Total Assets: $1,438,859,000,000 (a bit more than 1.4 trillion dollars)

Total Exposure To Derivatives: $41,386,713,000,000 (more than 41 trillion dollars)

Goldman Sachs

Total Assets: $111,117,000,000 (just a shade over 111 billion dollars – yes, you read that correctly)

Total Exposure To Derivatives: $47,467,154,000,000 (more than 47 trillion dollars)

During the coming derivatives crisis, several of those banks could fail simultaneously.

If that happened, it would be an understatement to say that we would be facing an “economic collapse”.

Credit would totally freeze up, nobody would be able to get loans, and economic activity would grind to a standstill.

It is absolutely inexcusable how reckless these big banks have been.

Just look at those numbers for Goldman Sachs again.

Goldman Sachs has total assets worth approximately 111 billion dollars (billion with a little “b”), but they have more than 47 trillion dollars of total exposure to derivatives.

That means that the total exposure that Goldman Sachs has to derivatives contracts is more than 427 times greater than their total assets.

I don’t know why more people aren’t writing about this.

This is utter insanity.

During the next great financial crisis, it is very likely that the rest of the planet is going to lose faith in the current global financial system that is based on the U.S. dollar and on U.S. debt.

When that day arrives, and the U.S. dollar loses reserve currency status, the shift in our standard of living is going to be dramatic.  Just consider what Marin Katusa of Casey Research had to say the other day

It will be shocking for the average American… if the petro dollar dies and the U.S. loses its reserve currency status in the world there will be no middle class.

The middle class and the low class… wow… what a game changer. Your cost of living will quadruple.

The debt-fueled prosperity that we are enjoying now will not last forever.  A day of reckoning is fast approaching, and most Americans will not be able to handle the very difficult adjustments that they will be forced to make.  Here is some more from Marin Katusa…

Imagine this… take a country like Croatia… the average worker with a university degree makes about 1200 Euros a month. He spends a third of that, after tax, on keeping his house warm and filling up his gas tank to get to work and get back from work.

In North America, we don’t make $1200 a month, and we don’t spend a third of our paycheck on keeping our house warm and driving to work… so, the cost of living… food will triple… heat, electricity, everything subsidized by the government will triple overnight… and it will only get worse even if you can get the services.

All of this could have been prevented if we had done things the right way.

Unfortunately, we didn’t learn any of the lessons that we should have learned from the last financial crisis, and our politicians and the central banks have just continued to do the same things that they have always done.

So now we all get to pay the price.

TBTF Banks Take Over

Off the keyboard of Michael Snyder

Follow us on Twitter @doomstead666
Friend us on Facebook

Published on The Economic Collapse on December 3, 2013

Discuss this article at the Economics Table inside the Diner

Too Big To Fail Banks Are Taking Over As Number Of U.S. Banks Falls To All-Time Record Low

Lower East Manhattan - Photo by Eric KilbyThe too big to fail banks have a larger share of the U.S. banking industry than they have ever had before.  So if having banks that were too big to fail was a “problem” back in 2008, what is it today?  As you will read about below, the total number of banks in the United States has fallen to a brand new all-time record low and that means that the health of the too big to fail banks is now more critical to our economy than ever.  In 1985, there were more than 18,000 banks in the United States.  Today, there are only 6,891 left, and that number continues to drop every single year.  That means that more than 10,000 U.S. banks have gone out of existence since 1985.  Meanwhile, the too big to fail banks just keep on getting even bigger.  In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger over the past five years.  If even one of those banks collapses, it would be absolutely crippling to the U.S. economy.  If several of them were to collapse at the same time, it could potentially plunge us into an economic depression unlike anything that this nation has ever seen before.

Incredibly, there were actually more banks in existence back during the days of the Great Depression than there is today.  According to the Wall Street Journal, the federal government has been keeping track of the number of banks since 1934 and this year is the very first time that the number has fallen below 7,000…

The number of federally insured institutions nationwide shrank to 6,891 in the third quarter after this summer falling below 7,000 for the first time since federal regulators began keeping track in 1934, according to the Federal Deposit Insurance Corp.

And the number of active bank branches all across America is falling too.  In fact, according to the FDIC the total number of bank branches in the United States fell by 3.2 percent between the end of 2009 and June 30th of this year.

Unfortunately, the closing of bank branches appears to be accelerating.  The number of bank branches in the U.S. declined by 390 during the third quarter of 2013 alone, and it is being projected that the number of bank branches in the U.S. could fall by as much as 40 percent over the next decade.

Can you guess where most of the bank branches are being closed?

If you guessed “poor neighborhoods” you would be correct.

According to Bloomberg, an astounding 93 percent of all bank branch closings since late 2008 have been in neighborhoods where incomes are below the national median household income…

Banks have shut 1,826 branches since late 2008, and 93 percent of closings were in postal codes where the household income is below the national median, according to census and federal banking data compiled by Bloomberg.

It turns out that opening up checking accounts and running ATM machines for poor people just isn’t that profitable.  The executives at these big banks are very open about the fact that they “love affluent customers“, and there is never a shortage of bank branches in wealthy neighborhoods.  But in many poor neighborhoods it is a very different story

About 10 million U.S. households lack bank accounts, according to a study released in September by the Federal Deposit Insurance Corp. An additional 24 million are “underbanked,” using check-cashing services and other storefront businesses for financial transactions. The Bronx in New York City is the nation’s second most underbanked large county—behind Hidalgo County in Texas—with 48 percent of households either not having an account or relying on alternative financial providers, according to a report by the Corporation for Enterprise Development, an advocacy organization for lower-​income Americans.

And if you are waiting for a whole bunch of new banks to start up to serve these poor neighborhoods, you can just forget about it.  Because of a whole host of new rules and regulations that have been put on the backs of small banks over the past several years, it has become nearly impossible to start up a new bank in the United States.  In fact, only one new bank has been started in the United States in the last three years.

So the number of banks is going to continue to decline.  1,400 smaller banks have quietly disappeared from the U.S. banking industry over the past five years alone.  We are witnessing a consolidation of the banking industry in America that is absolutely unprecedented.

Just consider the following statistics.  These numbers come from a recent CNN article

-The assets of the six largest banks in the United States have grown by 37 percent over the past five years.

-The U.S. banking system has 14.4 trillion dollars in total assets.  The six largest banks now account for 67 percent of those assets and all of the other banks account for only 33 percent of those assets.

-Approximately 1,400 smaller banks have disappeared over the past five years.

-JPMorgan Chase is roughly the size of the entire British economy.

-The four largest banks have more than a million employees combined.

-The five largest banks account for 42 percent of all loans in the United States.

-Bank of America accounts for about a third of all business loans all by itself.

-Wells Fargo accounts for about one quarter of all mortgage loans all by itself.

-About 12 percent of all cash in the United States is held in the vaults of JPMorgan Chase.

As you can see, without those banks we do not have a financial system.

Our entire economy is based on debt, and if those banks were to disappear the flow of credit would dry up almost completely.  Without those banks, we would rapidly enter an economic depression unlike anything that the United States has seen before.

It is kind of like a patient that has such an advanced case of cancer that if you try to kill the cancer you will inevitably also kill the patient.  That is essentially what our relationship with these big banks is like at this point.

Unfortunately, since the last financial crisis the too big to fail banks have become even more reckless.  Right now, four of the too big to fail banks each have total exposure to derivatives that is well in excess of 40 TRILLION dollars.

Keep in mind that U.S. GDP for the entire year of 2012 was just 15.7 trillion dollars and the U.S. national debt is just 17 trillion dollars.

So when you are talking about four banks that each have more than 40 trillion dollars of exposure to derivatives you are talking about an amount of money that is almost incomprehensible.

Posted below are the figures for the four banks that I am talking about.  I have written about this in the past, but in this article I have included the very latest updated numbers from the U.S. government.  I think that you will agree that these numbers are absolutely staggering…

JPMorgan Chase

Total Assets: $1,947,794,000,000 (nearly 1.95 trillion dollars)

Total Exposure To Derivatives: $71,289,673,000,000 (more than 71 trillion dollars)

Citibank

Total Assets: $1,319,359,000,000 (a bit more than 1.3 trillion dollars)

Total Exposure To Derivatives: $60,398,289,000,000 (more than 60 trillion dollars)

Bank Of America

Total Assets: $1,429,737,000,000 (a bit more than 1.4 trillion dollars)

Total Exposure To Derivatives: $42,670,269,000,000 (more than 42 trillion dollars)

Goldman Sachs

Total Assets: $113,064,000,000 (just a shade over 113 billion dollars – yes, you read that correctly)

Total Exposure To Derivatives: $43,135,021,000,000 (more than 43 trillion dollars)

Please don’t just gloss over those huge numbers.

Let them sink in for a moment.

Goldman Sachs has total assets worth approximately 113 billion dollars (billion with a little “b”), but they have more than 43 TRILLON dollars of total exposure to derivatives.

That means that the total exposure that Goldman Sachs has to derivatives contracts is more than 381 times greater than their total assets.

Most Americans do not understand that Wall Street has been transformed into the largest casino in the history of the world.  The big banks are being incredibly reckless with our money, and if they fail it will bring down the entire economy.

The biggest chunk of these derivatives contracts that Wall Street banks are gambling on is made up of interest rate derivatives.  According to the Bank for International Settlements, the global financial system has a total of 441 TRILLION dollars worth of exposure to interest rate derivatives.

When that Ponzi scheme finally comes crumbling down, there won’t be enough money on the entire planet to fix it.

We had our warning back in 2008.

The too big to fail banks were in the headlines every single day and our politicians promised to fix the problem.

But instead of fixing it, the too big to fail banks are now 37 percent larger and our economy is more dependent on them than ever before.

And in their endless greed for even larger paychecks, they have become insanely reckless with all of our money.

Mark my words – there is going to be a derivatives crisis.

When it happens, we are going to see some of these too big to fail banks actually fail.

At that point, there will be absolutely no hope for the U.S. economy.

We willingly allowed the too big to fail banks to become the core of our economic system, and now we are all going to pay the price.

Take it to the Bank

Off the keyboard of Jim Quinn

Follow us on Twitter @doomstead666
Friend us on Facebook

Published on The Burning Platform on November 17, 2013

Strip_Mall

Discuss this article at the Economics Table inside the Diner

iStock 000016651896Small 2 300x199 What to Do When Your Bank Branch ClosesReports like the recent one from SNL Financial – Branch Networks Continue to Shrink really get my goat. As I travel the increasingly vacant highways of Montgomery County, PA I’m keenly aware of my surroundings. If I were a foreigner visiting for the first time, I’d think Space Available was the hot new retailer in the country. I’ve detailed the slow disintegration of our suburban sprawl paradise in previous articles:

Available

Are you Seeing What I’m Seeing?

More than 30 Blocks of Grey and Decay

Extend & Pretend Coming to an End

Thousands of Space Available signs dot the bleak landscape, as office buildings, strip malls, and industrial complexes wither and die. Gas stations are shuttered on a daily basis as the ongoing depression results in less miles being driven by unemployed and underemployed suburbanites. At least the Chinese “Space Available” sign manufacturers are doing well. The only buildings doing brisk business are the food banks and homeless shelters.

 

The sad part is that I live in a relatively prosperous county with a low level of SNAP recipients and primarily occupied by a white collar college educated populace. If the clear downward spiral in my upper middle class county is an indication of our country’s path, the less well-off counties across the land must be in deep trouble.

While hundreds of thousands of square feet of retail, restaurant, office and industrial space have been vacated in the last six years, the only entities expanding in my area have been banks, drug stores, municipal buildings and healthcare facilities. I have been flabbergasted by what I’ve viewed as a complete waste of resources to create facilities that weren’t needed and wouldn’t be utilized. I have seven drug stores within five miles of my house. I have ten bank branches within five miles of my house. While two perfectly fine older hospitals in Norristown were abandoned, a brand new $300 million super deluxe, glass encased Einstein Hospital palace was built three miles away by a barely above junk bond status non-profit institution. None of this makes sense in a contracting economy.

This is another classic case of mal-investment spurred by the Federal Reserve easy money policies, zero interest rates, and QEternity. Cheap money leads to bad investments. I’m all for competition between drug store chains and banks. CVS, Walgreens, and Rite Aid are the three big chains in the country. I have my pick of multiple stores close to my house. There are clearly too many stores competing for a dwindling number of customers, with a dwindling supply of disposable income. The only reason Rite Aid is still in the picture is the easy money policies of the Federal Reserve. They have been teetering on the verge of bankruptcy for the last five years, but continue to get cheap financing from the Wall Street cabal, who would rather pretend they will get paid, than write-off the bad debt. Who in their right mind would continue to lend money to a company with $6 billion in debt, NEGATIVE $2.3 billion of equity, and losses exceeding $2 billion since 2008? They are the poster child for badly run businesses that over expanded, took on too much debt and should be liquidated. There are over 4,600 zombie Rite Aid stores littering the countryside waiting to be put out of their misery.

the walking dead season 4 rick grimes  rite-aid-corner-abandoned

Rite Aid will never repay the $6 billion of debt. They know it. Their auditors know it. Their Wall Street lenders know it. The Federal Reserve Bank regulators know it. Anyone with a functioning brain knows it. Tune in to CNBC for those who are paid to keep clueless investors from knowing it. Interest rates that actually reflected risk and weren’t manipulated to an artificially low level by the Federal Reserve would make financing for a dog like Rite Aid a non-starter. Creative destruction would be allowed to work its magic, with winners separated from losers. Instead Rite Aid continues as a zombie entity, barely surviving for now. This exact scenario applies to J.C. Penney, RadioShack, Sears and a myriad of other dead retailers walking. Rather than suffering the consequences of appalling management judgment, dreadful strategic decisions, and reckless financial gambles, they have been allowed to remain on life support compliments of Bernanke, his Wall Street chiefs, and the American taxpayer.

In a truly free, non-manipulated market the weak would be culled, new dynamic competitors would fill the void, and consumers would benefit.  Extending debt payment schedules of zombie entities and pretending you will get paid has been the mantra of the insolvent zombie Wall Street banks since 2009. The Federal Reserve is responsible for zombifying the entire country. And it wasn’t a mistake. It was a choice made by those in power in order to maintain the status quo. The fateful day in March 2009 when the pencil pushing lightweight accountants at the FASB rescinded mark to market accounting rules gave birth to zombie nation. And not coincidently, marked the bottom for the stock market. Wall Street banks were free to fabricate their earnings, pretend they didn’t have hundreds of billions in bad loans on their books, and extend the terms of commercial real estate loans that were in default. With their taxpayer funded TARP ransom, ability to borrow at 0% from Uncle Ben, and the $3 trillion of QE cocaine snorted up their noses in the last four years, the mal-investment, fraud, and idiocy of the Wall Street drug addicts has reached a crescendo.

Commerce Bank

The mal-investment by zombie drug store chains has only been exceeded by the foolish, egocentric, insane bank branch expansion by the Too Big To Trust Wall Street CEOs. In the last ten years dozens of bank branches have been built in the vicinity of my house and across the state of Pennsylvania. These gleaming glass TARP palaces are on virtually every other street corner across Montgomery County. Stunning, glittery, colorful branches stuffed with bank employees pretending to loan money to non-existent customers. They have become nothing but a high priced marketing billboard with an ATM attached. By 2010, the number of bank branches in this country had reached almost 100,000. The vast majority are run by the usual insolvent suspects:

Wells Fargo – 6,500

J.P. Morgan – 6,000

Bank of America – 5,700

The top ten biggest banks, in addition to holding the vast majority of deposits, mortgages and credit card accounts, operate 33% of all the bank branches in the country. The very same banks that have paid out $66 billion in criminal settlement charges over the last three years and have incurred $103 billion of legal fees to defend themselves against the thousands of actions brought by victims for their criminal misdeeds, decided it was a wise decision to open new bank branches from 2007 through 2010. Only an Ivy League educated MBA could possibly think this was a good idea.

It was almost as if the CEO’s of the biggest Wall Street banks didn’t care about pissing away the $2.5 million to build the average 3,500 square foot bank branch, which would require $30 million of deposits to breakeven. This level of deposits isn’t easy to achieve when your customers are unemployed due to your bank destroying the American economy, broke due to their real household income declining by 10% over the past fourteen years, and your bank paying them .15% on their deposits. It also probably doesn’t help when you charge them $3 every time they withdraw their own money from your bank and you charge them $25 when their bank balance falls below $1,000 because they just got laid off from Merck on Christmas Eve. It is now estimated that one-third of all bank branches in the country lose money. Who can afford to run something that consistently losses money, other than our government? Wall Street bankers can when the taxpayer is footing the bill and Bernanke/Yellen subsidizes their mal-investment by lending to them at 0%, providing them $2.5 billion per day of QE play money, and paying them $5 billion per year in interest to park the excess reserves that aren’t getting leant to small businesses and consumers at their thousands of gleaming bank branches.

Hasn’t one of the thousands of highly educated MBA vice presidents occupying offices at the Too Big To Control Wall Street banks explained to Stumpf, Dimon and Monyihan that bricks and mortar are dead? A new invention called the internet has made in-person banking virtually obsolete. Why does anyone need to go into a bank branch in this electronic age? I’ve been in my credit union branch five times in the last ten years, twice for a refinance closing on my home and a couple times to get a certified check. With ATM machines, direct deposit and on-line bill paying, why would the country need 100,000 physical bank locations? I pay 90% of my bills on-line. If I need cash, I hit the ATM at Wawa, where there are no ATM fees (my credit union doesn’t charge me to get my own money). The only people who go into bank branches on a regular basis are old fogeys that don’t trust that new-fangled internet. The older generations are dying out and the millennial generation has no need for bank branches. Their iGadgets function as their bank connection. Plus, since they don’t have jobs or money, a bank account at the local bank branch of J.P. Morgan seems a bit trite.

The writing had been on the wall for a long time, but the reckless bank executives continued to build branches in an ego driven desire to outdo their equally irresponsible competitor bank executives. Now the race is on to see which banks can close the most branches. Bank consultant Jim Adkins succinctly sums up the pure idiocy of physical bank branches:

“There’s almost nobody in the branches. You could shoot water balloons all over the place and not hit anybody.”

It seems my humble state of Pennsylvania leads the pack in closing branches in the past year, with 149 abandoned and only 43 opened. Only two states in the entire country had more branch openings than closings.

After shuttering 2,267 branches in 2012, the industry is on track to closing another 2,500 in 2013. Shockingly, the leader of the Wall Street zombie apocalypse, Bank of America, led the pack in bank branch closings with 194 in the last year. Staying true to his hubristic arrogance, Jamie Dimon actually opened 62 more branches than he closed in the last year, despite his upstanding institution having to pay tens of billions in fines, settlements and pay-offs for their criminal transgressions.

There are now 93,000 bank branches remaining in this country, and one third of them don’t generate a profit. That percentage will grow as the older generations rapidly die out and are replaced by the techno-narcissists who never leave their family rooms.  Online banking already accounts for 53% of banking transactions, compared with 14% for in-branch visits. Younger bank customers increasingly prefer online and mobile banking, as advancing technology enables them to make remote deposits, shop for loans and manage accounts more efficiently from their desktops or smartphones. This trend will only accelerate in the years to come.

Banking industry profits reached a record level of $141 billion in 2012 as more vacancy signs appeared on Main Street. Now that the Wall Street cabal have syphoned every ounce of blood from their customers/victims through ATM fees, overdraft fees, minimum balance fees, credit card fees, late payment fees, and paying no interest on deposits, they are forced to focus on the $300,000 average loss per bank branch. QE and ZIRP might not last forever. Yeah right. AlixPartners, a New York consulting firm, expects the number of bank branches to drop to 80,000 over the next decade. They are wrong. They have failed to take into account the lemming like behavior of Wall Street banks. As their accounting gimmicks to generate fake profits dissipate, the increasingly desperate insolvent zombie banks will rapidly vacate their prime corner locations in droves. With approximately 30,000 locations already generating losses, the Wall Street MBAs will be closing branches quicker than you can say “mortgage fraud”. There will be less than 70,000 branches within the next five years. That means another 20,000 to 30,000 Space Available signs going up on Main Street. That means another 200,000 to 300,000 neighbors without jobs. But don’t worry about Jamie Dimon and the rest of the Wall Street bankers. They’ll be just fine. In addition to being endlessly fed by the Fed, they’ll get creative and charge their customers a new bank branch access fee of $50 for the privilege of entering one of their few remaining outlets. By now we should know how cash flows to Main Street in this corporate fascist paradise.

140226 600 Cash Flow cartoons

Do your part to starve the beast. Move your bank accounts to a local credit union. Don’t support criminals.

 

That Was The Week That Was in Doom June 23, 2013

From the Keyboard of Surly1

Originally published on the Doomstead Diner on June 23, 2013

http://991.com/newGallery/That-Was-The-Week-That-W-That-Was-The-Week-473964.jpg

Discuss this article here in the Diner Forum.

This edition caps a week full of nonsense, proving nothing so much as that rust never sleeps. We were shocked… shocked to learn that Bank of America issued performance bonus for employees managing to force homeowners into foreclosure.  Negotiators firmly set upon enacting a treason against the American people continued busily negotiating the Trans-Pacfic Partnership under circumstances so secret they may well as be hermetically sealed,  lest the proles get wind of the scale of the planned sellout. In other surprises, Congress' poll rating is the lowest EVAH, Klansmen attempted to build a radiation weapon to use on Muslims, Louie Gohmert sees king crab legs in the shopping carts of SNAP card recipients, reporter Michael Hastings perished in a vehicle fire in a vehicle that, being among the safest on the planet, should never have caught fire, and an entrepreneur is planning a megadoomstead in underground limestone caves, in a facility formerly used for government storage. I know there is meaning in these entrails, so grab a stick and let's start rooting around for signs, shall we?

______________________________________________________________

Bank of America Lied to Homeowners and Rewarded Foreclosures, Former Employees Say

As an Occupier, special opprobrium was reserved for the Bank of America. Located close enough to the Occupy Norfolk encampment to cast a shadow in late afternoon, B of A seemed to embody the very incarnation of everything wrong with banking.

The popular "Move Your Money" campaign shifted around a few millions, and quoted bank execs shrugged it off, but one sensed they were at least a bit concerned.

Then we find out this, courtesy of ProPublica:

Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees.

The employee statements were filed late last week in federal court in Boston as part of a multi-state class action suit brought on behalf of homeowners who sought to avoid foreclosure through the government’s Home Affordable Modification Program (HAMP) but say they had their cases botched by Bank of America.

In a statement, a Bank of America spokesman said that each of the former employees’ statements is “rife with factual inaccuracies” and that the bank will respond more fully in court next month. He said that Bank of America had modified more loans than any other bank and continues to “demonstrate our commitment to assisting customers who are at risk of foreclosure.”

Six of the former employees worked for the bank, while one worked for a contractor. They range from former managers to front-line employees, and all dealt with homeowners seeking to avoid foreclosure through the government’s program.

 

And Paul Kiel's reporting even gets better. The Squid itself is involved, through a subsidiary:

Sometimes, homeowners were simply denied en masse in a procedure called a “blitz,” said William Wilson, Jr., who worked as an underwriter and manager from 2010 until 2012. As part of the modification applications, homeowners were required to send in documents with their financial information. About twice a month, Wilson said, the bank ordered that all files with documentation 60 or more days old simply be denied. “During a blitz, a single team would decline between 600 and 1,500 modification files at a time,” he said in the sworn declaration. To justify the denials, employees produced fictitious reasons, for instance saying the homeowner had not sent in the required documents, when in actuality, they had.

Such mass denials may have occurred at other mortgage servicers. Chris Wyatt, a former employee of Goldman Sachs subsidiary Litton Loan Servicing, told ProPublica in 2012 that the company periodically conducted “denial sweeps” to reduce the backlog of homeowners. A spokesman for Goldman Sachs said at the time that the company disagreed with Wyatt's account but offered no specifics.

Five of the former Bank of America employees stated that they were encouraged to mislead customers. “We were told to lie to customers and claim that Bank of America had not received documents it had requested,” said Simone Gordon, who worked at the bank from 2007 until early 2012 as a senior collector. “We were told that admitting that the Bank received documents ‘would open a can of worms,’” she said, since the bank was required to underwrite applications within 30 days of receiving documents and didn’t have adequate staff.

Your refinance dollars at work. The HAMP program was an apparent clusterfk for banks from inception, as they never had any intention of hiring sufficient staff in order to process the paperwork needed to fully implement it. ProPublica began detailing its failures  from its inception in 2009. HAMP turned out to be a perfect storm created by banks that refused to adequately fund their mortgage servicing operations and lax government oversight.

Bank of America was far slower to modify loans than other servicers, as other analyses ProPublica has cited have shown. A study last year found that about 800,000 homeowners would have qualified for HAMP had Bank of America, Wells and the other largest servicers  done an adequate job of handling applications and paperwork. And we'll not event mention the outright fraud of robosigning. Yet.

Add B of A

This in, from firedoglake.

 

The latest story is courtesy of one of those much maligned whistle-blowers who saw something and said something. In this case the whistle-blower disclosed that the Too Big To Fail/Jail bank had a bonus system setup encouraging foreclosure on desperate homeowners.

Bank of America (BAC) rewarded staff with cash bonuses and gift cards for meeting quotas tied to sending distressed homeowners into foreclosure, former employees said in court documents.

Mortgage workers falsified records and were told to delay U.S. loan-assistance applications by requesting paperwork that the Charlotte, North Carolina-based bank had already received, according to statements from ex-employees filed last week in federal court in Boston.

 

The affidavit details a litany of abuse including widespread fraud.

I witnessed employees and managers change and falsify information in the systems of record, and remove documents from homeowners’ files to make the account appear ineligible for a loan modification,” said Terrelonge, a loan servicing representative. This allowed managers to meet quotas for closed cases, she said.

Bank of America instructed employees to delay applications and mislead customers “as part of a deliberate practice of stringing homeowners along,” lawyers said in a June 7 filing.

 

Salon published a very fine article by David Dayen that included this morsel:

And they would have very specific targets: the ex-employees listed specific executives by name who authorized and directed the fraudulent process. “The delay and rejection programs were methodically carried out under the overall direction of Patrick Kerry, a Vice President who oversaw the entire eastern region’s loan modification process,” wrote William Wilson. Other executives mentioned by name include John Berens, Patricia Feltch and Rebecca Mairone (now at JPMorgan Chase, and already named in a separate financial fraud case). These are senior executives who, if this alleged conduct is true, should face criminal liability.

Bankers facing criminal liability. Here in the FSA. That's pretty funny.

 

_________________________________________________________________________________________


More on the "Trans-Pacific Partnership"

Last week we kicked the tires of the Trans-Pacific partnership, a piece of secret legislation being secretly negotiated by the White House, with the help of more than 600 corporate advisers and representative from Pacific Rim nations. Described as a "trade agreement," the US already has trade agreements covering 90 percent of the GDP of the countries involved in the talks. Instead, the TPP is a major power grab by large corporations, conducted under cover in much the same way that NAFTA was foisted upon the American middle class. The deal will reportedly give multinational corporations a favorable economic and legal status vis a vis sovereign nations, and the ability to challenge legislation in each nation unfavorable to the corporation's interests.

Why so secretive?

As Margaret Flowers reports in an article, if people knew what was in the bill, the groundswell of opposition would be such as to make it impossible to sign.

The text of the TPP includes 29 chapters, only five of which are about trade. The remaining chapters are focused on changes that multinational corporations have not been able to pass in Congress such as restrictions on internet privacy, increased patent protections, greater access to litigation and further financial deregulation.

So far, all that is known about the contents of the TPP is from documents that have been leaked and reports from NGOs and industry meetings. Unlike other trade deals, the White House refuses to make the text available to the public. In fact, the negotiators refuse to publish the text until four years after it is signed into law. Why are they being so secretive? Former US Trade Representative Ron Kirk said he opposed making the text public because doing so would raise such opposition that it could make the deal impossible to sign.

From the information available, one thing is clear about the impacts of the TPP on health care: the intention of the TPP is to enhance and protect the profits of medical and pharmaceutical corporations without considering the harmful effects their policies will have on human health.

recession-2

No reader will be surprised to learn that the net impact of this pernicious bit of treason is to maximize corporate profits. The TPP agreement takes particular loving care of Big Pharma, and attempts to limit the capacities of state owned public health enterprises to care for its own citizenry.

Text from a section of the TPP called "Annex on Transparency and Procedural Fairness for Healthcare Technologies" was leaked in June 2011. It reveals this conflict between medical industries that have strictly commercial interests and public health systems that are concerned about the health of the population. Medical industries are pushing on all fronts to keep their prices high while public health systems must negotiate to keep prices affordable and maximise what they can cover within their budgets.

To the medical industries, such price negotiation is one of the "unfair advantages" of public health systems. When a public health system negotiates a lower price, it is said to be exerting its market power. On the flip side, when a government extends patent protections to medical industries to keep prices high, this is not considered to be an unfair advantage granted by the government.

Medical industries are pushing for other concessions within the TPP to "level the playing field", also known as forcing public entities to operate as market-based entities, such as factoring the cost of not just research, development and production of drugs and medical devices, but also the cost of marketing them into what is considered to be a fair market price. And they only view prices negotiated without any government influence as fair.

As always, Mammon remains hungry.

_________________________________________________________________________________________

Americans' Confidence in Congress Falls to Lowest on Record

Congress ranks last on list of 16 institutions; military earns top spot again

To the surprise of almost nobody, the results are in: virtually no one trusts the scripted mainstream media and even fewer trust Congress. We’ve known it for years, but a new Gallup poll shows that a whopping 77% of Americans distrust mainstream media television and nobody likes Congress who is willing to give their name to an interviewer. . .

Only a bit more ‘trustworthy’ than Congress, which scored in at a record low of 90% saying they do not trust the government body, the Gallup poll details that only 23% of viewers actually trust the mainstream media television news. A reality that has been clear as day in light of blatant mainstream media blackouts on key events like the outrageous DHS Fourth Amendment free zones that stretch up to 100 miles out from every single border of the US, to the blackout over eyewitness reports at the Boston Marathon.

Gallup sez:

Americans' confidence in Congress is not only at its lowest point on record, but also is the worst Gallup has ever found for any institution it has measured since 1973. This low level of confidence is in line with Americans' low job approval of Congress, which has also been stuck below 30% for years.

 

___________________________________________________________

 

 

Gohmert: Cutting food stamps not evil because poor people buy king crab legs

 

Going out on a limb here, but just perhaps– perhaps– the low approval rating of Congress stems in large measure from antics like these. Raw Story moved this item in the wake of the defeated Farm Bill this week, which illustrated a new level of political incompetence in Washington unseen in at least one observer's lifetime.

Congressional comedian Louis Gohmert

complained that Democrats had portrayed Republicans as evil because they supported a measure to cut nearly 2 million low-income people off the Supplemental Nutrition Assistance Program, which would mainly impact working families with children.

On the other hand, Gohmert said, poor people were using food stamps to buy food that other Americans could not afford. He claimed his “broken-hearted” constituents had repeatedly told him they had seen people use food stamps to buy king crab legs.

“Because he does pay income tax, he doesn’t get more back than he pays in, he is actually helping pay for king crab legs when he can’t pay for them for himself,” Gohmert explained.

“How can you begrudge somebody who feels that way,” he added. “How can you begrudge anyone who steps up on behalf of constituents who feel that way. We don’t want anyone to go hungry, and from the amount of obesity in this country by people who we’re told do not have enough to eat, it does seem like we could have a debate about this issue without allegations about wanting to slap down or starve children.”

The average monthly SNAP benefit for one person is $133.44.

Reports have circulated that the king crab leg purchaser was wearing purple wings and riding an ebony unicorn when sighted making the crab leg purchase.

___________________________________________________________

Klansman and accomplice charged for building radiation gun

The men allegedly intended for their "Hiroshima on a light switch" to be used on the Muslim community

We are all familiar with elements of the ignorant , violent nativist right in this country, which is much like the ignorant violent and nativist right in every country. But these folks have set a new by attempting to apply technology with a lethal, deadly twist.

 

Two men, one of them a member of the Ku Klux Klan, were arraigned today in Albany, N.Y., on federal charges of plotting to build a mobile radiation gun intended to kill Muslims – or “medical waste,” as the plotters called their intended targets.

Glendon Scott Crawford, 49, a Klan member from Galway, N.Y., and Eric J. Feight, 54, of Hudson, are both charged with conspiracy to provide material support for terrorism in the use of a weapon of mass destruction.

The case has been under investigation by a Joint Terrorism Task Force since at least April 2012, when Crawford allegedly reached out to Jewish organizations, asking if Israel would be interested in such a weapon to kill its enemies.

“The essence of Crawford’s scheme is the creation of a mobile, remotely operated, radiation emitting device capable of killing human targets silently and from a distance with lethal doses of radiation,” says a 67-page criminal complaint filed by the FBI.

It might sound far-fetched, but experts told investigators that the design would work, producing a “a lethal, and functioning, remotely controlled radiation-emitting device,” the complaint says

A “central feature of the weaponized radiation device is that the target(s) and those around them would not immediately be aware they had absorbed lethal doses of radiation and the harmful effects of that radiation would not become apparent until days after the exposure,” the complaint says.

At one point, Crawford described his planned device as “Hiroshima on a light switch,” the complaint says.

The case against this pair appears built around extensive recordings of their conversations and e-mails. Within six weeks of Crawford’s attempts to solicit financing from two Jewish organizations, the FBI was monitoring and recording much of his activity and had recruited an snitch In.

Last August, Crawford traveled by car from his home in Albany to North Carolina to meet and solicit funding from an unidentified  “ranking member of the Ku Klux Klan,” who cooperated when contacted by FBI agents. In early October, he traveled to Greensboro, N.C., to meet with a cooperating witness and two undercover FBI agents who posed as “Southern businessmen of means who were associated with the KKK.”

Reminds me of the descriptions we often hear about serial killers. “He was a nice boy. Quiet. Shy. He didn't have much to say.”  Keep this in mind when you're tricorn hat-wearing neighbor seems to be spending the too many late nights in his garage, tinkering on his neighborhood death ray.

___________________________________________________________

Michael Hastings, RIP.

As you know, reporter Michael Hastings died in a fiery car crash earlier this week. There's a great deal loves that chelation about the causes of the crash, and especially the resultant fireball that supposedly consumed is vehicle. Reader Supported News moved an article earlier in the week, and I can do no better than to run it in toto:

The death of reporter Michael Hastings, best remembered for taking on General Stanley McChrystal and other powerful people, has been met with shock and grief in the journalistic community, especially from those fortunate enough to work alongside him. But one layer below the fond remembrances are a host of vague questions and inferences about the circumstances surrounding the 33-year-old BuzzFeed reporter's fiery solo car crash early Tuesday in Los Angeles. Bringing those suspicions to the forefront last night was WikiLeaks, never reticent to insert itself into a story, which teased, "Michael Hastings death has a very serious non-public complication. We will have more details later." And after three hours tweeted: "Michael Hastings contacted WikiLeaks lawyer Jennifer Robinson just a few hours before he died, saying that the FBI was investigating him."

"Yeah," BuzzFeed editor Ben Smith confirmed to Daily Intelligencer. "Before his death, Michael told a number of his friends and colleagues that he was concerned that he was under investigation."

But other, less reputable sources have taken the speculation much further. "Vince Foster-like murder plot emerging in Los Angeles? Did the Obama administration knock off a star reporter?" asked one blog early on Wednesday, adding to existing conspiratorialTwitterchatter. Another wrote, "Admit it, Michael Hastings' Death is Weird and Scary." Hours before revelations about a potential FBI investigation, InfoWars, the Alex Jones website that serves as a catch-all conspiracy-theory clearing house, mentioned Hastings's death with an editor's note: "Journalists who mess with government and military power often die under mysterious circumstances." None had more than conjecture.

The circumstances are these: "Police said a vehicle was southbound on Highland about 4:20 a.m. when it lost control south of Melrose and smashed into a tree," the L.A. Times reported. Videopurports to show Hastings's Mercedes-Benz running a red light at a high speed minutes before the crash. "It sounded like a bomb went off in the middle of the night," a witness told the local news. "I couldn't have written a scene like this for a movie, where the engine flies from the car." Photos and video from the aftermath show extreme wreckage, and as of yesterday, the coroner had not officially identified the body because it was too badly burned.

But an automotive writer also fed the doubters:

I'm here to state that I've seen dozens of cars hit walls and stuff at high speeds and the number of them that I have observed to eject their powertrains and immediately catch massive fire is, um, ah, zero. Modern cars are very good at not catching fire in accidents. The Mercedes-Benz C-Class, which is an evolutionary design from a company known for sweating the safety details over and above the Euro NCAP requirements, should be leading the pack in the not-catching-on-fire category. Nor is the C-Class known for sudden veering out of control into trees and whatnot.The crash is under investigation and there will be an official accident report (a toxicology report could take weeks). Whatever its findings, they can likely coexist with Hastings's mind-set at the time and a potential government investigation without representing something more sinister.

"He was incredibly tense and very worried and was concerned that the government was looking in on his material," said Hastings's friend and Current TV host Cenk Uygur. "I don't know what his state of mind was at 4:30 in the morning, but I do know what his state of mind was in general, and it was a nervous wreck." But Mother Jones editor Clara Jeffery put it plainly: "Ugh, the people posting Vince Foster style comments re Hastings death do a disservice to his no BS truth telling." Let's wait for the facts.

Update: The L.A. Times reports that Hastings, prior to his death, "was researching a story about a privacy lawsuit brought by the Florida socialite Jill Kelley against the Department of Defense and the FBI." The paper also notes, "Since Hastings's death early Tuesday, wild conspiracy theories have bloomed on the Internet implying that he was murdered by powerful forces wanting to silence him."

 ___________________________________________________________

Limestone Doomstead

 We've entertained a lot of discussion about doomsteads on the Doomsday Diner, and discussed many of the preparations and planning that would be necessary to create such a place. It appears that one man is planning on an extinction level event, and is acquired a former government facility in which to plan a doomstead with a few of his friends.
 

After most of the world's population is wiped off the map by a wayward meteorite or hail of nuclear missiles, the survival of the human race might just depend on a few thousand people huddled in recreational vehicles deep in the bowels of an eastern Kansas mine. 

That's the vision of a California man who is creating what he calls the world's largest private underground survivor shelter, using a complex of limestone caves dug more than 100 years ago beneath gently rolling hills overlooking the Missouri River.

'I do believe I am on a mission and doing a spiritual thing,' said Robert Vicino, who has purchased a large portion of the former U.S. Army storage facility on the southeast edge of Atchison, about 50 miles northwest of Kansas City. 'We will certainly be part of the genesis.'


 

Before it comes time to ride out Armageddon or a deadly global pandemic, though, Vicino says the Vivos Survival Shelter and Resort will be a fun place for members to take vacations and learn assorted survival skills to prepare them for whatever world-changing catastrophe awaits.

Jacque Pregont, president of the Atchison Chamber of Commerce, said some people think the shelter plan sounds creepy or that Vicino has 'lost his mind,' while others are excited because they will finally get a chance to tour the property.

Atchison is known as the birthplace of Amelia Earhart and one of the most haunted towns in Kansas, Pregont said, so the survival shelter is likely to add to the town's tourism draw.

 

Here is a scale model of the facility:
 
Apparently according to the current pricing structure, a person who plans to park a 30-foot vehicle in the shelter with four people inside will pay $30,000 for the space and $6,000 for food.  Actual sales won't begin until a 'critical mass' of reservations are received and processed, Vicino said, which hasn't happened yet at the Kansas shelter. Vivos also owns a shelter in Indiana with room for 80 people to live comfortably for up to a year.There, members pay $50,000 per adult and $35,000 per child, so a family with two adults and two children would have to come up with $170,000 to be part of the "new beginnings" generation. So it appears that the 1% will at least be safe in their year-round, 70°, temperature regulated chambers.
 
In closing, I am moved to wonder why the government sold this facility. Where have they moved whatever was stored here? Why did they sell it, and so cheaply?
 
Just wondering.
 
I'm sure the answer lies in the entrails of the next sheep.

Knarf plays the Doomer Blues

https://image.freepik.com/free-icon/musical-notes-symbols_318-29778.jpg

Support the Diner

Search the Diner

Surveys & Podcasts

NEW SURVEY

Renewable Energy

VISIT AND FOLLOW US ON DINER SOUNDCLOUD

" As a daily reader of all of the doomsday blogs, e.g. the Diner, Nature Bats Last, Zerohedge, Scribbler, etc… I must say that I most look forward to your “off the microphone” rants. Your analysis, insights, and conclusions are always logical, well supported, and clearly articulated – a trifecta not frequently achieved."- Joe D

Archives

Global Diners

View Full Diner Stats

Global Population Stats

Enter a Country Name for full Population & Demographic Statistics

Lake Mead Watch

http://si.wsj.net/public/resources/images/NA-BX686_LakeMe_G_20130816175615.jpg

loading

Inside the Diner

http://www.youtube.com/v/N5HAmWbjJKc

Here's the take from the MSM, NYT version, which I generally agree with.Mayor Pete definitely had his best appearance to date.  Still an open question how well a homosexual can reach anybody in the Repugnant Party, which is necessary for victory IMHO....

Just 100 Companies Will Sign Humanity’s Death Warrant[img]https://www.truthdig.com/wp-content/uploads/2019/10/shutterstock_37...

Been watching the latest Demodope debate, which first of all is terrifically unfair.  The top candidates are getting 95% of the questions and airtime from the mods.Second observation, as the new front runner, Liz is getting hammered on by about everyo...

Quote from: azozeo on October 15, 2019, 12:06:16 PMWhile the U.S. government seems to be preoccupied with tariffs on conventional Chinese goods, someone needs to be keeping an eye on that country’s future products. Why? Well, fo...

Recent Facebook Posts

No recent Facebook posts to show

Diner Twitter feed

Knarf’s Knewz

A federal judge in Texas ruled on Friday that Trum [...]

One of the scariest terms used in investing is the [...]

Typhoon Hagibis made landfall Saturday night local [...]

Diner Newz Feeds

  • Surly
  • Agelbert
  • Knarf
  • Golden Oxen
  • Frostbite Falls

Doomstead Diner Daily October 16The Diner Daily is [...]

Just 100 Companies Will Sign Humanity’s Death Warr [...]

[img width=600]https://scontent.forf1-2.fna.fbcdn. [...]

[img width=600]https://scontent.forf1-1.fna.fbcdn. [...]

Quote from: UnhingedBecauseLucid on March 18, 2019 [...]

CleanTechnicaSupport CleanTechnica’s work via dona [...]

QuoteThe FACT that the current incredibly STUPID e [...]

A federal judge in Texas ruled on Friday that Trum [...]

One of the scariest terms used in investing is the [...]

Typhoon Hagibis made landfall Saturday night local [...]

Scientists have unlocked the power of gold atoms b [...]

Quote from: azozeo on August 14, 2019, 10:41:33 AM [...]

Wisconsin Bill Would Remove Barrier to Using Gold, [...]

Under extreme conditions, gold rearranges its atom [...]

The cost of gold futures on the Comex exchange inc [...]

Quote from: Surly1 on October 12, 2019, 08:10:33 P [...]

Quote from: RE on October 12, 2019, 05:24:06 PMQuo [...]

Quote from: Surly1 on October 12, 2019, 04:58:31 P [...]

Quote from: RE on October 12, 2019, 04:24:08 AMYes [...]

Yes I read that also in followup reports.  Also th [...]

Alternate Perspectives

  • Two Ice Floes
  • Jumping Jack Flash
  • From Filmers to Farmers

Politicians’ Privilege By Cognitive Dissonance     Imagine for a moment you work for a small or medi [...]

Shaking the August Stick By Cognitive Dissonance     Sometime towards the end of the third or fourth [...]

Empire in Decline - Propaganda and the American Myth By Cognitive Dissonance     “Oh, what a tangled [...]

Meanderings By Cognitive Dissonance     Tis the Season Silly season is upon us. And I, for one, welc [...]

The Brainwashing of a Nation by Daniel Greenfield via Sultan Knish blog Image by ElisaRiva from Pixa [...]

Event Update For 2019-10-14http://jumpingjackflashhypothesis.blogspot.com/2012/02/jumping-jack-flash-hypothesis-its-gas.html Th [...]

Event Update For 2019-10-13http://jumpingjackflashhypothesis.blogspot.com/2012/02/jumping-jack-flash-hypothesis-its-gas.html Th [...]

Event Update For 2019-10-12http://jumpingjackflashhypothesis.blogspot.com/2012/02/jumping-jack-flash-hypothesis-its-gas.html Th [...]

Event Update For 2019-10-11http://jumpingjackflashhypothesis.blogspot.com/2012/02/jumping-jack-flash-hypothesis-its-gas.html Th [...]

Event Update For 2019-10-10http://jumpingjackflashhypothesis.blogspot.com/2012/02/jumping-jack-flash-hypothesis-its-gas.html Th [...]

With fusion energy perpetually 20 years away we now also perpetually have [fill in the blank] years [...]

My mea culpa for having inadvertently neglected FF2F for so long, and an update on the upcoming post [...]

NYC plans to undertake the swindle of the civilisation by suing the companies that have enabled it t [...]

MbS, the personification of the age-old pre-revolutionary scenario in which an expiring regime attem [...]

Daily Doom Photo

man-watching-tv

Sustainability

  • Peak Surfer
  • SUN
  • Transition Voice

Soft Paths to Zero"While reducing emissions should be a priority, it is morally questionable to focus on relative [...]

Last of the Naked Apes"That we are still cutting down forests and wrecking soils is what makes us the last of our kin [...]

Ihere spam is Igbo for “I love you”"Sitting there in the back, in plain sight, draped in his ceremonial Babar garb, squeezing into [...]

Pretty cool, right?"There's a magic machine that sucks carbon dioxide out of the air, costs very little, and [...]

A Tyranny of Time"“We will move to a low-carbon world because nature will force us, or because policy will guide [...]

The folks at Windward have been doing great work at living sustainably for many years now.  Part of [...]

 The Daily SUN☼ Building a Better Tomorrow by Sustaining Universal Needs April 3, 2017 Powering Down [...]

Off the keyboard of Bob Montgomery Follow us on Twitter @doomstead666 Friend us on Facebook Publishe [...]

Visit SUN on Facebook Here [...]

What extinction crisis? Believe it or not, there are still climate science deniers out there. And th [...]

My new book, Abolish Oil Now, will talk about why the climate movement has failed and what we can do [...]

A new climate protest movement out of the UK has taken Europe by storm and made governments sit down [...]

The success of Apollo 11 flipped the American public from skeptics to fans. The climate movement nee [...]

Today's movement to abolish fossil fuels can learn from two different paths that the British an [...]

Top Commentariats

  • Our Finite World
  • Economic Undertow

it always seems to be a "financial future time bomb" (or whatever) it isn't it's [...]

"Low interest rates are encouraging companies to take on a level of debt that risks becoming a [...]

Again, the second term for Donald seems as given now, the demographics has not changed much since la [...]

I'm increasingly of the suspicion that although the GFCv2 in some form seems imminent it will b [...]

Agreed on both counts. And indeed, re the latter, the journey here has already been fascinating. I a [...]

Hi Steve. I recently found what I believe is a little gem, and I'm quite confident you'd a [...]

The Federal Reserve is thinking about capping yields? I don't know how long TPTB can keep this [...]

As some one who has spent years trying to figure out what the limits to growth are. let me say that [...]

Peak oil definitely happened for gods sake. Just because it isn't mad max right now is no indic [...]

@Volvo - KMO says he made some life choices he regrets. Not sure what they were. And I don't th [...]

RE Economics

Going Cashless

Off the keyboard of RE Follow us on Twitter @doomstead666...

Simplifying the Final Countdown

Off the keyboard of RE Follow us on Twitter @doomstead666...

Bond Market Collapse and the Banning of Cash

Off the microphone of RE Follow us on Twitter @doomstead666...

Do Central Bankers Recognize there is NO GROWTH?

Discuss this article @ the ECONOMICS TABLE inside the...

Singularity of the Dollar

Off the Keyboard of RE Follow us on Twitter @doomstead666...

Kurrency Kollapse: To Print or Not To Print?

Off the microphone of RE Follow us on Twitter @doomstead666...

SWISSIE CAPITULATION!

Off the microphone of RE Follow us on Twitter @doomstead666...

Of Heat Sinks & Debt Sinks: A Thermodynamic View of Money

Off the keyboard of RE Follow us on Twitter @doomstead666...

Merry Doomy Christmas

Off the keyboard of RE Follow us on Twitter @doomstead666...

Peak Customers: The Final Liquidation Sale

Off the keyboard of RE Follow us on Twitter @doomstead666...

Collapse Fiction

Useful Links

Technical Journals

The assessment of the effect of the electricity price on energy production is important when studyin [...]

Anticipating seasonal climate anomalies is essential for defining short-term adaptation measures. To [...]

The population that lives in cities has surpassed the one that lives in the countryside. Cities are [...]

Concerns exists regarding natural disasters, but what about the resulting power outages? This study [...]