Saudi Arabia has cut its oil production despite global tensions. A drop in Production could signal the end of Saudi Arabia's capacity to serve as an adjustable oil-production source.

DMN reports that according to bloomberg Portugal already initiated talks with consultants on a potential haircut. Following Greece's example Portugal might be the next candidate to trigger a credit event. Comment: The word haircut is just another word for bankruptcy as both implies that the country cannot meet its obligations.

With a 1000 small businesses declaring insolvency, Spain is facing a social problem where purchasing power is evaporating even faster.

Volcker is cited to believe that Central banks have an incentive to intervene in Gold markets. Comment: However, past history shows that an artificial peg to Gold always ended-up in the destruction of a national currency.

It is well known for decades that Spanish communities made a fortune in licensing areas for real estate projects. Everybody actually should have known that Spanish law was prohibiting to license many of these projects. But where money changes hands, Spanish politicians often found creative ways to help. Now, this strikes back as mainly properties of foreigners are seized and destroyed without indemnification. People who believed to have built with all permits and licenses required find themselves now with destroyed properties and without money. In some cases (not reported in this article) they even selectively ordered destruction of German properties, while their Spanish neighbors still live in freedom. The German Bild refers to one of those stories. one can anticipate that this could lead to additional leverage in negotiating German aid during the financial crisis.

German police is widely using Cell phone location data to generate suspect lists. Especially all mobile phone holders within the close proximity of politically motivated actions are tracked and suspect lists are generated. The article in Tagesspiegel claims that this practice has become common practice but yet has failed to provide any clue on the criminals. The data captured by the police are kept for further reference. Comment: Therefore logic recommends to avoid locations where such a crime could eventually be in progress. One could conclude that the safest place in order not to get tracked might be at home. In the past cell phone holders which were in close proximity to crime scenes became suspects and had some difficulties to clear their names from the suspect list.

There has been a lie which preceeded for decades stating that human kind will not be able to survive without nuclear power. Japan, one of the countries with nearly exclusive nuclear energy generation is now proofing the opposite. Only six reactors, a little fraction of the total japanese nuclear stations, are online and still Japan's consumers can have access to energy. The big question is if countries could abandon nuclear energy, immediately and it appears that this is absolutely possible.

The ECB does something it should not do. instead of lowering the risk of national and banking default it decided to further accelerate speculative risk building by money printing. Yet again the official story of helping companies and businesses to get access to cheap money prevails. However it is more likely that the Spaghetti strategy will end in higher inflation at a given point of time.

According to heute.at the Austrian millionaire has been spending too much money which let her bank in ordering a psychological check. At the end she was deprived from her right to decide on her own money.

With the MFGlobal confiscation of customer accounts its clients lost access to their position leaving them blank and incapable of closing future or option positions. They also further received margin calls and were forced to liquidate beneficial positions. Ann speaks of a socialist system which is completely working outside the rule of law.