News with a Smile.

The news tit bits are taken from zerohedge.com

Vietnamese Banks were taking Gold Deposits, then quietly selling the Gold to meet their fund requirements.

[My Notes: One reason why I prefer the best quality when it comes to money. Best Banks, Best Companies…..]

UBS to terminate 10,000 or one sixth of its employees

[My Notes: This Swiss Bank is closing its fixed income trading division as well as most of its capital intensive operations. We have similar ‘shadow’ banks in India – prop brokerage trading outfits. Most of them must be losing money, yet continue to trade. WHo is financing them?]

Bloomberg Terminals sold may be an indicator of Market momentum

Bloomberg says that it sold only 1000 units in the first nine months of 2012 as compared to 13,763 in 2011.

One Quarter (25%) of all Spanish Workers without a job

One in four Spaniards are now officially out of work – well over double the euro-area’s average 11.4% rate. This is the highest rate of unemployment since the Franco dictatorship ended in the mid-1970s as 5.8 million now stand idle.

The Dark Age of Money

If you often wonder why ‘free market capitalism’ feels like it is failing despite universal assurances from economists and political pundits that it is working as intended, your intuition is correct. Free market capitalism has become a thing of the past. In truth free market capitalism has been replaced by something that is truly anti-free market and anti-capitalistic.  Today the U.S. and much of the world’s economies are operating under what I call Monetary Fascism: a system where financial interests control the State for the advancement of the financial class.

[My Notes: In India, it is crony capitalism, where the ruling class work for their own personal benefit]