• The Subprime Debacle, Part 2: New Testimony Reveals Citigroup Knew Exactly What Crap It Was Selling

Wal-Mart is masking inflation . . . How much longer can they do this? Cotton just opening 470 ticks higher and 30 away from limit up. Is the receding tide of deflation about ready to come roaring back with a hyper inflationary tsunami?

• James K. Galbraith was invited to give the keynote lecture on the economic crisis at the Communications, Energy and Paperworkers Union of Canada Convention 2010 in Toronto on September 20, 2010.

MK: Can anybody locate the video I did a couple of years ago for Al Jaz or PTV where I held up a sign that says, FRAUD? Thanks.

• From E.

On another tack -
My assoiciate has looked into Lough Allen Find. They have located a number of test drilling sites for gas Finavera in Glangevlin

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Finavera have aquired 30 and 40 year leases from the local County Council to do this. Researched by my associate too.

Another associate has asked for a copy the contract to see the terms of the oil and gas deals from 1987, through a Labour TD. This is not forthcoming and the usual guff is coming back from Conor Lenihan (brian’s brother and also another Fianna Fail minister). what came back was a letter saying that they were following the lead of countries like the UK and Norway who don’t now take royalties but just tax. Tax here is very low. Do you know Max/Colm if that is true? ie in 1987 Norway took tax and not Royalties?It’s worth remembering that this is a ‘public contract between Government and oil interests. We continue.

The freedom of Information Act has been successively clawed back by this administration – now you must pay €1000 for public information.

This is a litany of corruption.

In a year or two there will be the big oil find- and they’ll smell of roses to the ‘media’.

Al the best and many thanks to you both,

E.

• International investors decide state-backed securities do not meet their internal standards

• Companies that received bailout money giving generously to candidates

• ZeroHedge: In other words: the Fed will need to print $4 trillion in new money to close the Taylor gap.

• Howard Davies, chairman of the London School of Economics, and Willem Buiter, chief economist at Citigroup Inc., talk about the potential impact of additional quantitative easing by the Federal Reserve on the U.S. economy.

• Here’s Why Massive Mortgage Write-Offs Could Be The Only Way To Save Iceland’s [and America, UK's] Middle Class

• Clear Capital™ has issued a special press release report on home prices that shows a Sudden and Dramatic Drop in U.S. Home Prices

• Max is right. Take down Coca Cola and you can take down the whole thing.