Rachel Maddow outs the Revolution on mainstream television

Not a fan of MSNBC at all, but credit is due to Ms. Maddow for actually covering this:

Forex trader OANDA halts trading on Sunday ahead of Greek elections

Sophisticated currency trading platform, OANDA, has made an announcement to their customers that trading will halt for a time on Sunday as a result of the Greek elections.  Their feeling is that exchange rates between currency could fluctuate so wildly that it would unnecessarily put their customers at risk of margin calls.  Many have been anxiously awaiting the first domino to fall, while others have wondered why more haven’t already realized the dominos are falling in front of our eyes!

According to their site:

Reasons behind our Sunday trading halt

OANDA will halt trading this Sunday, June 17, from 6:00 AM EDT until approximately 3:00 PM EDT. I would like to further explain OANDA’s reasoning for this action.

First off, OANDA is the only forex provider that permits off-market, weekend trading. In truth, volumes during the weekend are much lower than typical trading days, but OANDA has made this available as a service for its clients rather than an opportunity to increase corporate revenues.

The decision to halt trading is very much tied to the uncertainty in Europe and in particular, the Greek election. Given these events, there is the potential for extreme exchange rate volatility at a time when global currency markets are closed. OANDA’s concern is that exchange rates could undergo significant fluctuations as the exit polls are being made public. If these fluctuations are wide enough, accounts that under normal conditions would be considered well-capitalized, could become subject to a margin call.

By halting trading and holding the closing prices steady during this period, we aim to shelter traders from the potential for price spikes. Of course, once trading resumes, new market rates will come into effect and while the hope is that prices will have settled by this time, some accounts may still face the risk of a margin call.

This is why we have issued a warning recommending that traders reduce positions if they determine they are vulnerable from a margin perspective. At the very least, all traders should review their accounts prior to the weekend and ensure they have sufficient capital to prevent a margin call when trading resumes at the new market price.

On a final note, anyone with open positions during this time, regardless of their choice of forex broker, is at risk when exchange rates reset upon the resumption of trading. Yes, sending out this message is to inform our traders of the trading halt, but it is first and foremost intended to inform the investing community of the potential volatility in the coming days and to provide sufficient time to make any necessary adjustments.

 

Spain for Ron Paul

ISDA to decide whether 5 Major US Banks go bankrupt this week

Corroborating with mainstream media articles, Benjamin Fulford, and the general trend I alluded to in my article “2012: The fall of the US Dollar Hegemony,” Jim Sinclair gives an interview with Martin Ellis which states 5 major US financial institutions will go bankrupt this week.

To set this up, first read what Benjamin Fulford stated December 20th, 2011:

Some very big banks have certainly lost more money than exists in the real world.

Every year January is a month for settlements of accounts among major banking players. January of 2012 is going to be a very interesting month. The talk is that Citibank, J.P. Morgan and Bank of America are among the doomed entities. Then of course there is the universal disgust at Goldman Sachs that is not going to go away quietly.

Taken together with a sky-rocketing debt ceiling, a failing Eurozone, and increasing awareness of the fraudulence perpetrated by fiat paper dollars and you have the perfect storm for a MAJOR credit event.

According to Jim Sinclair, there is an absolute media blackout on this issue making this a must-listen interview: