A few items revealed from the Climategate email release.  The arguments at hand are not important. What has to be understood is that the viability of our systems are being destroyed by a desire for a certain end.  The information herein it taken from a Congressional Briefing.  One has a hard time criticizing Anonymous. 

Do not read into different fonts and sizes; the items are from a pdf presentation and I am not conversant enough to edit.


This first one ends any continued logical consideration of the IPCC, Jones, Mann etc.  The "peer review" charade continues still, but the cat is out of the bag and the bag holders will vanish back to academia where  they can espouse nonsense to nineteen year olds:

􏰀 Feb 23 2005, Jones to Hughes:   Even if WMO agrees, I will still not pass on the data. We have 25 or so years invested in the work. Why should I make the data available to you, when your aim is to try and find something wrong with it.

May 2008: Faced with FOIA request that would show Wahl and Briffa had violated IPCC rules, Jones requested Mann, Briffa, Wahl and Ammann to delete all their IPCC- related emails:

􏰁 Can you delete any emails you may have had with Keith re AR4? Keith will do likewise... Can you also email Gene and get him to do the same

􏰀 Jones 1999

􏰁 I've just completed Mike's Nature trick of adding in the real temps to each series for the last 20 years (ie from 1981 onwards) and from 1961 for Keith's to hide the decline.

Neither one is Mann’s “Nature” trick

􏰀 Jones’ trick: 

􏰁 replace the data and smooth over thesplice to hide the decline 

􏰀 Mann’s IPCC trick: 

􏰁 delete the decline

YOU HAVE TO CLICK TO THE DOCUMENT TO SEE GRAPHS.  I have no idea how to grab them.  p. 39

Jones’ trick: hide the decline  

􏰀 Change this:  several results on a graph, the only one going up is Mann's Hockey Stick, the others going down.

􏰀 To this: the hockey stick becomes the conclusion.

Mann’s trick: delete the decline:  

􏰀 (Later used by Briffa too)  (SEE GRAPH, p.40)  A graph was falsified for the IPCC to show what  did not exist.  Even we non-scientists can see the fraud. 

Mann’s trick

􏰀 Mann to IPCC colleagues, Sept 22, 1999

􏰁 Keith’s series... differs in large part in exactly the opposite direction that Phil’s does from ours. This is the problem we all picked up on (everyone in the room at IPCC was in agreement that this was a problem and a potential distraction/detraction from the reasonably concensus viewpoint we’d like to show w/ the Jones et al and Mann et al series.

If this sort of stuff were revealed in, say Enron, people go to jail. There is moral outrage.  If it goes on at Goldman Sachs or the US Government, assuming there is some difference, there are bonuses upon the resulting theft. 

Yes, Virginia, there is a Big Brother

"The sovereignty fetish is still so strong in the public mind,
that there would appear to be little chance of winning popular assent to
American membership in anything approaching a super-state organization.
Much will depend on the kind of approach which is used in further
popular education."
CFR "American Public Opinion and Postwar Security Commitments", 1944

No mild economic concern

Economist Schiff: Upcoming Crash Will Pale 2008

Nouriel Roubini sticks to 'perfect storm' in 2013 prediction

Nouriel Roubini, the economist who famously predicted the financial crisis, said he is sticking to his view that the global economy is on course for a "perfect storm" next year.

http://www.youtube.com/watch?v=ABsiGrpFkV0&feature=player_embedded

Home | Street Talk

Tags: economy | 2008 | crash | schiff

Upcoming Crash Will Be ‘Worse Than 2008’ Says Economist Peter Schiff

Wednesday, 13 Jun 2012 03:52 P

Read more: New Crash will be worse than 2008 says economist 

Tuesday, July 3, 2012 10:20 AM By  Christian Hill	Article Font Size
inShare88

NEW YORK — Investors need to prepare for an upcoming stock market crash that will be “worse than 2008.”

That’s according to a well-respected author and investor, making a recent appearance on Fox Business.

Peter Schiff, the CEO of Euro Pacific Capital, says the stock market collapse we experienced in 2008 “wasn’t the real crash. The real crash is coming.”

He says that Federal stimulus, or quantitative easing, never works and that it just makes the economy sicker in the end. “The reason we are so screwed up is all this quantitative easing is toxic...

The Americas

RSS ARCHIVE

Print Page

|

Forward Page

|

E-mail Us

Economist: It'll Get Worse For Average Americans

Saturday, July 7, 2012 4:08 PM

Read more: Economist: It'll Get Worse For Average Americans

Read more: Economist Schiff: Upcoming Crash Will Pale 2008 

...In 2006, Wiedemer and a team of economists foresaw the coming collapse of the U.S. housing market, equity markets, private debt, and consumer spending, and published their findings in the book “America’s Bubble Economy.”

But Wiedemer’s outlook for the U.S. economy today makes Peter Schiff sound almost upbeat.

Where Schiff sees a coming recession, Wiedemer sees much more widespread economic destruction.

In a recent interview for his newest book “Aftershock,” Wiedemer says, “The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting in 2013.”

Editor’s Note: See the disturbing interview with Wiedemer.

When the host questioned such wild claims, Wiedemer displayed shocking charts backing up his allegations, and then ended his argument with, “You see, the medicine will become the poison.”

Read more: Economist: It'll Get Worse For Average Americans 

========

www.cnbc.com

Earnings Show Recession May Be 'Fast Approaching' - US Business News

---

While this quarter's earnings reports have crossed a substantially lowered profit bar, future expectations through the year indicate a recession could be on the way.

Estimates for the third and fourth quarters have been dropped to levels not seen since the days of the 2008 financial crisis, below even the muted 2 percent expected level of inflation.

That's an ominous recession sign for an economy that has barely managed to attain positive growth this year even with the strong level of earnings beats, according to an analysis by Nicholas Colas, chief market strategist at ConvergEx in New York.

"Revenue estimates for the back half of 2012 have been slowly working their way lower this year," Colas said. "This trend, however, has accelerated to the downside over the past 30 days and we are fast approaching levels where these estimates are unambiguously pointing to the risk of a U.S./global recession later into 2012 and 2013."

...

"The European crisis shows no sign of fading and, in the usual lagged fashion, should have increasing rather than decreasing collateral impacts on growth outside Europe," Ethan S. Harris, BofA's North American economist, said in a note.

"Last but not least, the risks of the fiscal cliff have just started to work their way into corporate psychology," he added. "We are frankly a bit puzzled by the persistent optimism in consensus and official forecasts."

==================

As for our geniuses:

Ben Bernenke in 2007

On the economic outlook:

“Overall, the U.S. economy appears likely to expand at a moderate pace over the second half of 2007 with growth then strengthening a bit in 2008 to a rate close to the economy’s underlying trend. Such an assessment was made around the time of the June meeting of the Federal Open Market Committee… The central tendency of the growth forecast… is for real GDP to expand roughly 2.25% to 2.5% this year and 2.5% to 2.75% in 2008. ….The unemployment rate is anticipated to edge up between 4.5% and 4.75% over the balance of this year and about 4.75% percent in 2008.”

There is no reason to even consider his opinion.

Amersoc: Welcome to serfdom

In Orwell's masterpiece, 1984, the interrogator of Winston Smith explains the goals of Ingsoc (English Socialism, i.e. Marxism): 

"Power is not a mean, it is an end.  One does not establish a dictatorship in order to safeguard a revolution; one makes a revolution in order to establish a dictatorship.  The object of persecution is persecution.  The object of torture is torture.  The object of power is power."

Northern Lights: Ohio

Spectacular Northern Lights this week. This photo is from Ohio! This is significantly south for such lights. In fact, it is south of me.


While this is cool, it is important to realize the lights are resulting from a very active sun. The flares, the last I saw, were serious enough for concern if we are directly hit. 


On top of a busy sun, which warms oceans, in addition humans breathing, it is time for el nino. 


One could project problems with crops, in addition to fried electronics, if we are unlucky, so buy orange juice before the winter hits. 


There is an old curse: may you live in interesting times.


Isn't this the year that time ends or something?

More tyranny

Just a note

The Department of Health and Human Services, by way of a memo from Miss Crabtree, quietly notified states that they may seek a waiver for the program's strict work requirements. 

Be clear as to what this means. The Obama regime has brushed aside the welfare reform bill signed by Bill Clinton and passed by Congress. 


Think this over. There is no subtle thought required here.

A law has been amended by a memo. 

This is not only unconstitutional it is anti-constitutional. It is, yet another impeachable offense. Indeed, a case can be made that Obama is engaged in treason, an systematic campaign to overthrow the Constitution. 

What does Romney say?

"President Obama now wants to strip the established work requirements from welfare." He said "the linkage of work and welfare is essential to prevent welfare from becoming a way of life." 

One guy is a Marxist tyrant and the other guy is a numbnut.  Is it really possible that Romney has no understanding of how our laws are passed and work?

I no longer think so. 

He wants to keep the imperial presidency, but get elected so he is the emperor. You leftists, who cheer statism, will have a different reaction when the pendulum swings away from socialism. 


As Hoffer wrote in the True Believer, the first people to go when the dictator secures power are the "intellectuals" who helped him. You see, the dictator knows the political activists who he easily manipulated will catch on and become a problem, so better to eliminate them.

This is why we have a constitutional republic, not a monarchy or oligarchy. Well, why we used to.

Happy Dependence Day

If I were you, I would send this to all your friends - even the dolts. 

You can see the success of the plan to purposely destroy our economy is working well. If you think this is a conspiracy theory, look back at the US.

Do you think hones mistakes can result in this number?

What is bad for GM is bad for America

An important overview for those interested in how how our oligarchical socialist nation works. The  events described exist because our nation has been subverted and the establishment uses the dull and emotional to protect the oligarchs. 


The story below is not an anomaly nor some error that happened to some of those millionaires and billionaires. This is an example of how easy it is for a king to subvert law, contracts, financial tradition, and so on in order to buy votes.


As people with investments get screwed, or course, their money leaves. Castro was not interested in keeping capitalists around; his goal was to control the masses, not act on their behalf.

Editor's note: Porter Stansberry first started reporting on the debacle at General Motors back in 2007, with a "tongue in cheek" letter from the company chairman. Since then, Porter's predictions have come true. The company went bankrupt, wiping out shareholders and bondholders. Today, you might think GM's problems are behind it. But as Porter shows, things are dire… The Story No One Tells About One of America's Biggest Bankruptcies By Porter Stansberry Thursday, June 21, 2012 The GM situation is a microcosm of what's gone wrong in our country. In the June issue of my Investment Advisory, I argued that the bankruptcy process resolved none of GM's core problems. The process was subverted by the political establishment, which sought to protect one class of citizen at the expense of the regional economy, GM's bondholders, and its customers. If we can't apply the rule of law and sound economics to fixing one of the world's most important manufacturing concerns… it doesn't bode well for anyone else being afforded these privileges, either. That's why it's so important for you to understand what happened. Most people simply don't realize that the bailout of GM wasn't a bailout of the company. It wasn't a bailout of its shareholders, who lost everything… or its bondholders, who lost almost everything. Where did the money go? To the union. The United Auto Workers (UAW) ended up with all the money. Let me show you how… ----------Advertisement--------- The Biggest Sweetheart Deal in the American Oil Business… One small company will collect a windfall of up to $2.8 billion from Big Oil… And by law, you could receive the right to grab a huge cut of this deal. Click here to learn more.   --------------------------------- GM slid into bankruptcy primarily because it couldn't profitably manufacture cars. (Yes, there were plenty of other issues, like too much debt, investments in subprime mortgages, etc. But the primary reason it couldn't solve these other problems was that it hadn't been making routine profits from manufacturing cars in about 20 years.) And the biggest single reason it couldn't profitably make cars was because its labor costs had soared. Well, guess what? At $56 per hour, GM still has the highest labor costs in the industry. The bankruptcy process didn't deal with the biggest financial hurdle GM faces, which is an enormous (and growing) unfunded pension liability. When the company entered bankruptcy, it owed $20 billion to the trust that was established to pay for the health care of its retired workers. Its pension program, with $100 billion in obligations, was also underfunded by roughly $10 billion. That's $30 billion in legitimate claims, which the union had to present to the bankruptcy court on behalf of GM's employees. It could have received a mixture of cash and equity in the new GM – just like any other unsecured creditor. But there wasn't really a bankruptcy court. Instead, there was Steve Rattner – "the Rat," as we call him – the crooked Democratic political operative under investigation for bribing New York State pension officials. Obama made him the "car czar." His job wasn't to fix GM. It was to deliver billions to the union and, thus, deliver Michigan for Obama in the next election. Bondholders at GM were owed $30 billion, too. A legitimate bankruptcy would have sold or liquidated the company's assets and split the proceeds between the two major claimants, the bondholders and the unions. GM had roughly $20 billion in tangible assets, plus probably another $10 billion in intellectual property. These sums could have either been liquidated or put into a new company, with the equity split between bondholders and unions. Not surprisingly, the current market cap of the new GM is $34 billion, right around the same number that could have been raised in a liquidation. The bankruptcy court should have given the unions roughly $15 billion worth of cash or new equity and the same thing to bondholders. Everyone would be square. And the company (or at least the company's assets) would have been freed from the stranglehold of huge debts and pension obligations. Taxpayers shouldn't have paid a dime in this process because, frankly, it's none of our business. Remember… the purpose of bankruptcy isn't to repay creditors. They're screwed. They're not getting all their money back because they bet on the wrong horse. That's how capitalism works. That's the price of liberty – you're free to make bad choices. The purpose of bankruptcy is to free productive assets from the burden of debts that can't be repaid or refinanced. We do this because it's good for society, not because it's good for creditors. Had the bankruptcy been handled legitimately, GM's assets would have ended up in the hands of better entrepreneurs. Its workers could have found new, productive jobs at a rate the market would bear. (Other carmakers are paying $47 per hour – these aren't bad jobs.) Yes, GM's retirees, its pension program, and its bondholders would have taken a hit. But they wouldn't have walked away empty-handed. They would have been the owners of a profitable company, operating debt-free and without the burden of almost endless obligations to a pension fund. But that's not what happened. Instead, the government injected an amazing $50 billion into the company and, at last count, has lost roughly half of it. How did taxpayers lose $25 billion on a company whose total tangible assets were only worth $20 billion? How did bondholders lose almost all of their $30 billion, too? And most importantly, how did our country end up with a GM that can't earn a genuine profit because of never-ending obligations to its pension fund? I think you probably know, dear subscriber. The Rat did what he was being paid to do. He delivered billions and billions of dollars to the union… amounts that will never be recovered… billions that will never be found. Here's what we do know about where the money went… Bondholders got 10% of the new GM – about $4 billion worth of stock at the time of the IPO. However, they weren't allowed to sell until much later, so that value dropped about one-third by the time they could have actually liquidated. Thus, bondholders ended up getting about 10 cents on the dollar. The unions, on the other hand, got paid 100% of the pension liability – about $10 billion, which was simply passed onto the new GM and has now grown to $13 billion. In addition, the union's health care trust got 17.5% of the new equity (worth about $6 billion), plus $9 billion in preferred stock and notes. These securities are not only worth more, but they will also likely end up with essentially all the company's cash flows for the next decade. In total, the unions walked away with about $28 billion in cash and stock (out of $30 billion owed). Not surprisingly, that's almost exactly the amount of money that's gone missing from the government's accounts. The union also retained a position of absolute control over the company's earnings. In short, the unions got paid 93% of what they were owed and will likely continue to have a legal claim to virtually all of GM's cash flow. The bondholders got a few pennies. The taxpayers lost $25 billion. And GM still can't make a real profit. Bravo! I'm sure folks as virtuous, thrifty, and honest as the good people of the UAW will prove to be excellent stewards of GM's assets and reputation. Surely, GM's future has never been brighter. And Obama's legacy as the savior of Detroit is assured… By the way… the numbers above are all real. Most of the stuff you see reported about GM is not. There's a good reason for this, of course… The government continues to own a large portion of GM's stock, and GM is one of the largest advertisers in the U.S. Nobody wants to take on those two powerful interests. Take, for example, what Morgan Stanley's GM analyst, Adam Jonas, told the Wall Street Journal earlier this month… He claimed GM had gotten rid of 20% of its roughly $100 billion total pension obligation by spending only "$3 billion." Imagine if that were true! If the company was able to resolve $20 billion in obligations by spending $3 billion now, well… that would dramatically improve the financial standing of the business and probably double or triple its stock price. Strangely, that's not what happened. Instead, the credit ratings agencies warned they "might" have to downgrade GM's debt. And the share price continued to fall… I don't know Adam Jonas. And I don't know that the paper is quoting him fairly. But whatever the case, nothing could be further from the truth. GM unloaded $26 billion in future pension liabilities by contributing $25 billion in pension fund assets, $1 billion in cash, and paying $3 billion in an insurance premium. So what actually happened is that the company put virtually all of its earnings – $4 billion – toward its pension (again) and saw the total unfunded liability drop by a mere $1 billion, from $14 billion to $13 billion. Assuming the rest of these liabilities could be extinguished at the same rate, it would cost GM roughly $50 billion to wipe out all its remaining pension liabilities. Strangely, neither Jonas nor the Wall Street Journal saw fit to mention that part… I'll leave you with these two simple questions… If we can't count on the media to keep us informed about the major problems of our country's most important companies… and if we can't count on the government (which still owns 26% of GM's equity) to deal with its pension obligations honestly and fairly… what does this say about the likely future prospects of GM? What does it say about our country? Regards, Porter Stansberry P.S. My full analysis of the GM situation appeared in the June issue of my Investment Advisory. Inside, I showed readers why the "bailout" of GM has been catastrophic for Detroit. I showed that commercial real estate has fallen by an additional 60% over just the last five years. And I predicted the real estate market is foreshadowing what will eventually be another catastrophe at GM. You can take a risk-free trial to my newsletter – and have full access to that issue and all my other research – here. Further Reading: DailyWealth classic: Back in 2007, Porter wrote one of the most popular essays of his career. In it, he predicted the bankruptcy of General Motors (GM) – two years before the company filed for Chapter 11… making him one of the first analysts in the business to do so. After reading GM's annual press release that year, Porter concluded: "Either the people in charge of GM don't want you to know how the business is doing, or they themselves don't know. Regardless, the result is a disaster in the making…" Read the full essay here: A Letter from General Motors' Chairman. And read his follow-up here: More from the Chairman of General Motors…   Email Story       Print A PERFECT CASE OF "BUY THE RUMOR, SELL THE NEWS" Shares of Arena Pharmaceuticals (ARNA) have tripled over the past month. The company expects a decision from the Food and Drug Administration next Wednesday on its experimental, prescription diet drug, lorcaserin. In early May, an FDA Advisory Panel gave the drug a "thumbs up." Since then, the stock has skyrocketed. And expectations are high for further gains after final approval is announced. Maybe too high… At $10 per share, ARNA commands a market capitalization of $1.8 billion. The stock trades at 165 times sales and 40 times book value. There is no price-to-earnings ratio since the company has never posted a profit. And the stock's chart has gone parabolic. ARNA should get final FDA approval for lorcaserin next week. Looking at the chart, though, this setup could turn out to be a perfect case of "buy the rumor, sell the news." ARNA may be headed lower from these extended levels. – Jeff Clark Double-digit annual returns in the world's best business… I like this sector. And I think Porter's analysis is spot-on. Long term, this company should be a winner. Click here to get immediate access. Friday, June 15, 2012 Forget Iran… The seeds of WWIII are being planted here "History does not repeat itself, but it often rhymes…" Wednesday, June 13, 2012 The six ways the government is planning to steal your money And the steps you can take now to stop them… Friday, June 15, 2012 A secret international treaty has even liberals calling for Obama's impeachment "We've gone from a nation of laws to a nation of powerful men making laws in secret…" Tuesday, June 19, 2012 The brilliant Thomas Sowell reveals the simple explanation behind Obama's confusing policies This could be the most revealing thing ever written about the president… Monday, June 18, 2012 Euro CRISIS: A Greek insider's shocking take on what could happen next "In the end, this is the only solution I can see…" Advertisement IMPORTANT NEWS FOR S&A READERS: Why S&A was just threatened with a lawsuit We were recently threatened with a lawsuit – by one of the biggest companies in America. We've put together a special presentation detailing what happened… and what this means for you. Click here for the full story. What to Do If the Stock Market Falls 20% Next Month By Dan Ferris Wednesday, June 20, 2012 If you see stocks like rich people see stocks, you'd be very comfortable… and probably very excited… The Most Accurate Investment Forecast Ever By Dr. Steve Sjuggerud Tuesday, June 19, 2012 Some of the predictions are not pretty. But based on his previous forecast, they are worth considering… Invest with the World's Greatest Investor – For $0.77 on the Dollar By Dr. Steve Sjuggerud Monday, June 18, 2012 This is one of those situations that sounds too good to be true… but it ACTUALLY IS TRUE… An Incredible Type of Gold Company By Matt Badiali Friday, June 15, 2012 Business is good for cashing golden royalty checks these days… Gold Guru Says, "I've Shifted My Gold from GLD to This…" By Dr. Steve Sjuggerud Thursday, June 14, 2012 The man who follows gold stocks more closely than anyone we know – has shifted his "investment gold" out of GLD and into this…

Home | About Us | Resources | Archive | Free Reports | Privacy Policy

To unsubscribe from DailyWealth and any associated external offers, click here. Copyright 2012 Stansberry & Associates Investment Research. All Rights Reserved. Protected by copyright laws of the United States and international treaties. This e-letter may only be used pursuant to the subscription agreement and any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), in whole or in part, is strictly prohibited without the express written permission of Stansberry & Associates Investment Research, LLC. 1217 Saint Paul Street, Baltimore MD 21202 LEGAL DISCLAIMER: This work is based on SEC filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. It may contain errors and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility. Stansberry & Associates Investment Research expressly forbids its writers from having a financial interest in any security they recommend to our subscribers. And all Stansberry & Associates Investment Research (and affiliated companies) employees and agents must wait 24 hours after an initial trade recommendation is published on the Internet, or 72 hours after a direct mail publication is sent, before acting on that recommendation. You're receiving this email at getgene@gmail.com. If you have any questions about your subscription, or would like to change your email settings, please contact Stansberry & Associates at (888) 261-2693 Monday – Friday between 9:00 AM and 5:00 PM Eastern Time. Or if calling internationally, please call 443-839-0986. Stansberry & Associates Investment Research, 1217 St Paul St., Baltimore, MD 21202, USA. If you wish to contact us, please do not reply to this message but instead go to info@stansberrycustomerservice.com. Replies to this message will not be read or responded to. The law prohibits us from giving individual and personal investment advice. We are unable to respond to emails and phone calls requesting that type of information.