An investment banker has been found dead in an apparent suicide in Manhattan’s Upper East Side. Kenneth Bellando’s death is the latest in a spate of suicides by finance professionals both around the globe and in New York. He was found dead in a neighboring backyard after jumping off his six-story building at around 10.20pm on Wednesday March 12. Police investigators told MailOnline that the case is still technically under investigation but there was no immediate suspicion of foul play and he was dead on arrival. Bellando, 28, worked at Levy Capital Partners and was previously an investment bank analyst at JP Morgan and Paragon Capital Partners. He was raised in Long Island before attending and graduating from Georgetown University in D.C. He returned to New York after graduation and launched his career in finance. Kenneth was not the only one in the family to work in the business world. MORE
Obama is bad, but he’ll be out of office in 2017, but his Marxist policies will continue on a national and global scale as a global tax and worse are in the works.
Did you know that voters in NY City elected a self-admitted Marxist for mayor? Mayor-elect Bill de Blasio won with nearly 75 percent of the vote. De Blasio has a long history of Marxist sympathies going back to his support for the Communist Sandinistas.
Prior to the mayoral election, “de Blasio had scrubbed the Marxist connections from his campaign website, an omission that momentarily captured the attention of The New York Times. But once these connections and controversies came to light, he embraced his sordid history. He still embraces liberation theology and his work for the communist Sandinistas in Nicaragua.”
So-called Progressives are anticipating de Blasio’s Marxist sympathies to translate into more wealth redistribution. Chris Shelton, a vice president with the Communication Workers of America union, told liberal sympathizers “to join a ‘revolution’ against the ‘bankers, billionaire and brokers of Wall Street.’”
I’m against the banking system as well because of its incestuous ties to the Federal government and support of both parties. But de Blasio and Shelton have more in mind. They want more government control of the banks, possibly even to nationalize them, and de Blasio has designs on “excessive” wealth. Do New Yorkers know what they voted for? “As former New York mayor Ed Koch once quipped,” Scott McKim of National Review Online wrote, “‘The people have spoken . . . and they must be punished.’”
A time is coming when we all may be punished.
“[H]ouseholds from the United States to Europe and Japan may soon face fiscal shocks worse than any market crash. The White House and New York Mayor-elect Bill de Blasio aren’t the only ones calling for higher taxes (especially on the wealthy), as voices from the International Monetary Fund to billionaire investor Bill Gross increasingly make the case too.”
Read more at http://godfatherpolitics.com/13493/get-ready-global-tax-bank-deposit-confiscation/#4PWVw7XXTg7zkwYs.99
Detroit — once the automobile manufacturing capital of the world and an icon of Americana — has fallen heavily into debt during the last few decades, so much so that Governor Rick Snyder hired bankruptcy expert Kevin Orr to man the helm of the city in March and assume the role of emergency manager. Four months later, though, Orr’s attempt to salvage the city proved to be futile, and Detroit filed for Chapter 9 protection this past July.
In order to decide if Detroit could be awarded protection from creditors, Judge Rhodes was forced to find the city insolvent and agree that it was authorized to file for bankruptcy in the first place. Additionally, Rhodes had to find that city officials either negotiated with creditors in “good faith” or that those negotiations were impractical.
“The court finds that Detroit was and is insolvent,” Rhodes said around one hour into the hearing, Detroit Free Press journalist Nathan Bomey reported from the city’s Levin Courthouse
Moments later, according the Free Press’ Brent Snavely, Rhodes ruled that the court “finds that this case was filed in good faith and should not be dismissed,” allowing the city to begin restructuring plans immediately.
“The city’s debt and cash flow insolvency is causing the city’s 700,000 residents to suffer hardship,” Rhodes continued, adding, “This situation has proved unworkable,” according to Bomey.
Earlier in his statement, Rhodes told residents and reports gathered in a packed courtroom and two overflow facilities that “The city of Detroit was once a hard-working diverse, vital city,” but mounting crime rates, “spreading blight and a deteriorating quality of life” has ravaged it in recent years.
“The city needs help,” added Rhodes, who admitted that crucial public services, including fire and police departments, had been drastically impacted by the city’s growing financial woes.
Had the city not deferred scheduled payments, Rhodes acknowledged at one point, Detroit would have run out of cash on June 30, just days after it filed its Chapter 9 petition in federal bankrupt court.
Although the city’s readjustments plans are uncertain at this point, Rhodes said while reading his ruling that Detroit may be legally allowed to forgo making payments to pensioned city employees as part of its restructuring efforts. The city previously reported that its current liabilities include $5.7 in retiree healthcare benefits and another $3.5 million in pensions.
“And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.”Revelation 13:16,17
The bible clearly warns us that the Mark of the Beast, whatever form it finally takes, will control all buying and selling during the time of the Great Tribulation. So when we see a digital currency rise up out of nowhere and skyrocket in value, bible believers would do well to pay attention.
From Wired: As of 7:25 a.m. Pacific time this morning, bitcoins were trading at $1,041 on Mt. Gox, the world’s most prominent bitcoin exchange, a place where you can swap federal monies, such as dollars and yen, for the digital currency.
The value of a bitcoin has topped $1,000, a mere 11 months after the fledgling digital currency was worth little more than a $10 bill.
The price of a bitcoin has surged in recent weeks, likely driven by heavy demand in China and by public statements from U.S. financial authorities that seemed to endorse the digital currency — at least in part. Bitcoin prices topped $1,000 on a Chinese exchange last week, before hitting that mark on Mt. Gox, which is based in Japan but is used worldwide, including here in the U.S.
“China is still driving overall demand,” says Dan Held, who runs ZeroBlock, a site that tracks bitcoin market data. “However, I think there has been a paradigm shift in how people think about Bitcoin in the U.S
“Over the last few days, my friends, parents friends, and people that I never thought would buy bitcoin have contact me, not asking ‘what is bitcoin,’ but ‘how do I get bitcoin?’”
Mt. Gox and other bitcoin operations are still struggling to meet the requirements of American financial regulators, and this has somewhat slowed adoption of the digital currency in the States, but it seems that the digital currency can eventually flourish here well.
Last week, as part of Congressional hearings related to the demise of The Silk Road — an online illicit drug marketplace that made use of bitcoin — regulators said that, while it can be used for illegal operations, bitcoin is also innovative way of driving legitimate operations, and their unexpectedly rosy view of the currency marked a turning point for bitcoin.
Bitcoin is not just a digital currency, like the dollar or the yen or the euro. It’s also a payment system, like PayPal or the Visa credit card network. The system runs on thousands of machines across the globe, and it is controlled not by a central authority but by the worldwide community of people who run those machines. In some ways, it seeks to replace both federal currencies and a world of payment systems, but it must also play nicely with existing financial systems. source – Wired
China just dropped an absolute bombshell, but it was almost entirely ignored by the mainstream media in the United States. The central bank of China has decided that it is “no longer in China’s favor to accumulate foreign-exchange reserves”. During the third quarter of 2013, China’s foreign-exchange reserves were valued at approximately $3.66 trillion. And of course the biggest chunk of that was made up of U.S. dollars. For years, China has been accumulating dollars and working hard to keep the value of the dollar up and the value of the yuan down. One of the goals has been to make Chinese products less expensive in the international marketplace. But now China has announced that the time has come for it to stop stockpiling U.S. dollars. And if that does indeed turn out to be the case, than many U.S. analysts are suggesting that China could also soon stop buying any more U.S. debt. Needless to say, all of this would be very bad for the United States.
For years, China has been systematically propping up the value of the U.S. dollar and keeping the value of the yuan artificially low. This has resulted in a massive flood of super cheap products from across the Pacific that U.S. consumers have been eagerly gobbling up.
For example, have you ever gone into a dollar store and wondered how anyone could possibly make a profit by making those products and selling them for just one dollar?
Well, the truth is that when you flip those products over you will find that almost all of them have been made outside of the United States. In fact, the words “made in China” are probably the most common words in your entire household if you are anything like the typical American.
Thanks to the massively unbalanced trade that we have had with China, tens of thousands of our businesses, millions of our jobs and trillions of our dollars have left this country and gone over to China.
And now China has apparently decided that there is not much gutting of our economy left to do and that it is time to let the dollar collapse. As I mentioned above, China has announced that it is going to stop stockpiling foreign-exchange reserves…
The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policy makers will rein in dollar purchases that limit the yuan’s appreciation.
“It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. Neither Yi nor Zhou gave a timeframe for any changes.
Courtesy of ~ http://theeconomiccollapseblog.com