What is truth?

Archive for June, 2012

A little reality check from George Carlin (RIP)

Voting machines anyone?

Fianna Fáil

Fianna Fáil (Photo credit: Wikipedia)

Here we go again, we have two cowboys (politicians) who pissed off into the sunset with their saddlebags stuffed with their massive pensions and payoffs leaving the bewildered Irish taxpayers with a heap of scrap metal .Yes it is those 7000 odd voting machines again, like a bad penny they keep cropping up all the time. Dempsey washing his hands of the whole affair “I’m a private citizen ( only an ordinary citizen????”)

http://www.thejournal.ie/noel-dempsey-announces-retirement-at-next-election-58756-Dec2010/

and then we can’t find the other twit Martin Cullen

ducking and diving Cullen is staying stumm of course and enjoying his retirement along with the other gangsters of the previous FF government!

Euro Disaster

TRILLION$ AS POCKET CHANGE

From December  2011 to April 2012, the Dollar Swap Facility released $3.2 trillion for  European bank aid. It accomplished nothing, since their banks are a field of Greek-like  ruins still. The money went into the LTRO funds, the ill-planned knucklehead  Draghi plan. The banks bought overpriced government bonds, lifted in value by  the Euro Central Bank itself. The same banks are worse off than before the  application of LTRO funds. What irony! Draghi has no credibility left. Harken  back to 2009 when a similar Dollar Swap Facility released over $1 trillion to  the same European banks. It solved nothing either. The tragedy is accentuated  by the realization that central bank clowns learn nothing, attempt the same  vacant solutions, only to repeat their errors at a later date. The public seems  incapable to recall the past failures, holding out hope. Now we hear of a possible $2 trillion plan to recapitalize the European  banking system. In Weimar terms, this is pocket change. Counting the US  fixes, the London fixes, and the previous DSFacility, the total is closer to $6  trillion already wasted in a massive debasement series of whiffs. So another $2  trillion is pissing in the wind of Weimar flatulence, the stench to be noted by  next year.

When the paper  mache artisans start talking about a total of $10 to $12 trillion for Western Europe,  the United Kingdom, and the United States combined, then they will be seriously  planning a banking system recapitalization. They prefer the futile incremental  approach, with the proviso of not liquidating the big banks. The hilarious factor is that even $10  trillion would not work, but it would indeed buy another couple years, maybe  three years. So  if an alcoholic has  the Delirious Tremens, the consensus stupidity calls for feeding him a higher  proof Jack Daniels whisky and from a vat for intravenous application, which will  revive him, when a mere few liters would not. It is utterly amazing that  Bernanke and Draghi are given any respect at all. This is utterly absurd, since  the wrong-footed solution is going to be simply higher volume of what does not  succeed in reviving the system. WHEN THEY START TALKING ABOUT BIG BANK  LIQUIDATION AND A NEW GOLD-BACKED MONETARY SYSTEM, THEN EXPECT SOME TRACTION. But  such a plan would involve plowing the system under and removing the bankers  from power. Until then, plan for a bigger killing field. The great tragedy is  that the killing field is the entire Western monetary system, attached at the hip  to the Western Economic system. Witness the gradual collapse.

full article at source: http://www.marketoracle.co.uk/Article35356.html

 

Why the global political class lies in fear of the LIBOR scandal?

 By John Ward at the slog reports:

A couple of Torygraph journalists were exchanging tweets this morning about Bob Diamond’s cockup being “only the start” of the LIBOR scandal. It could well be that the time has come for some noisy skeletons to walk out of the Westminster cupboard.

An international investigation into the alleged 2008 Libor manipulation scandal has been necessary pretty much right from the start. Without wishing to seem too obvious here, that’s because what happened was internationally arranged. On April 12th 2011, The Slog reported that Vienna-based asset management concern FTC Capital GmbH – and two funds it operates in Luxembourg and Gibraltar – announced their intention to sue twelve major investment banks. FTC accused the banks of conspiring to artificially depress Libor, and limit trade in Libor-based derivatives from 2006 to 2009. The defendants as listed in the suit were Bank of America Corp, Barclays Plc, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co, Lloyds Banking Group Plc, Norinchukin Bank, Royal Bank of Scotland Group Plc, UBS AG and WestLB AG.

full article at source :http://hat4uk.wordpress.com/2012/06/28/exclusive-why-the-global-political-class-lies-in-fear-of-the-libor-scandal/

Libor stands for the London Inter-Bank Offered Rate and is the average cost of   borrowing for banks, calculated daily. That average is taken as official   Libor, which is used to price trillions of pounds of loans and financial   products across the world. The rate is worked out by asking banks to submit   their borrowing costs, discarding the top four and bottom four rates, and   taking the average of the rest. There are, in fact, several Libor rates   measuring the cost of borrowing for different lengths of time, of which   three-month Libor is seen as the benchmark. Just to complicate matters,   Libor is also calculated for different currencies of which Euribor, in   euros, is one.

Don’t I know Libor from somewhere?

You might remember the term from the Northern Rock crisis. Having effectively   matched the Bank of England’s base rate for years, Libor started creeping up   after the credit crunch struck. As a visible daily metric, it became the   instrument by which financial stress was measured – bringing the arcane   technical term into households a bit like “quantitative easing” today.   Stress could be seen in the cost of Libor over base rate, which peaked in   October 2008 after the collapse of Lehman Brothers at 1.68 percentage   points. In April this year, the spread was back down to just 0.56 points.

Comment:

So after almost 4 years of Bank clean ups we are still uncovering corruption and fraud coming from the banks .Irish government’s financial dealings through the equally questionable dealings at the Toxic Bank/property front is no better. a nod and a wink    seems to be the way business is done but for whose benefit? The Irish taxpayers are been forced to pay 1.5 billion Euros of the gambling debts, of faceless unsecured bondholders. Why??  With what we now know is it possible that there is a case for the Irish government to sue Barclays??

With the clueless and gutless Irish minister of Finance we are not likely to see any such action we will not even see an investigation into the possible effects of this uncovered fraud in the Libor Markets might have had on Irish mortgages and bank interest charges. As far as I can see we are still no better off the banks are still running the show!  Our own Bank fraud (Anglo Irish Bank) (and the attempt by Irish Life and Permanent to help doctor the books with a 7 billion dig out) investigation continues and to date not one person has been brought to justice! One law for the Banks and one law for the rest of us!

The Most Important Meeting in the World … Again

 By Staff at the daily Bell

The Fate of the Global Financial System Hangs in the Balance … Critical meetings are taking place today and tomorrow which may decide the fate of the EU.  With that as the backdrop, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management, to get his take on what is happening.  Leeb told KWN the situation in Europe has “gone from bad, to worse, to outright frightening.”  Here is what Leeb had to say about what is taking place:  “My attention right now is focused on Europe.  What is going to happen over in Europe is going to be incredibly important.  Any rational person looking at the calculations would expect Germany to play ball, which means come up with a major funding package.” – King World

Dominant Social Theme: If it weren’t for these EU leaders, what would we do?

Free-Market Analysis: Stephen Leeb is worried about the state of the world and has piled all his hopes on some sociopaths meeting today and tomorrow in Brussels. We use the word “sociopath” only to point up the lunatic determination it takes to claw oneself into a position of power such as held by Angela Merkel, François Hollande, et al.

For a seeming eternity now, the top “leaders” have been meeting at expensive watering holes amidst fine wine and rich food to basically … save the world. The rhetoric is heated and the “summits” produce an endless flood of articles and pontifications.

Over and over, breakthroughs are hailed by pro-Euro publications and the world is pronounced safe with a generalized sigh of relief. Then a few days later it becomes clear that nothing has changed. Gradually reality sinks in: these exercises are vast and dramatic promotions, full of sound and fury but signifying nothing.

That is to say they are promoting a dominant social theme … that a few “top people” are capable of saving the world and that everyone else is merely history’s bystander. We wrote about this here: “Elite Orgasms in Rome: The Phoniness of Modern Leadership.”

This is such a pleasurable meme for the power elite that wants to run the world. It is kind of analogous to the meetings between Winston Churchill, Franklin Delano Roosevelt and Joseph Stalin at Yalta. Even the language is similar.

Then, the meetings were characterized by the nomenclature “Big Three.” Now, Reuters labels today’s politicos the “Big Four.” Once again, we are advised to watch passively as the fate of the world descends on the shoulders of four duly elected representatives.

In the 20th century it was fashionable to believe, in the West anyway, that economies were run via market forces. What we call the Internet Reformation and explanations of how the world really works presented via information technology have made it clear that the idea of a market-based economy has no traction at the top of hierarchy.

In fact, a group of impossibly wealthy, dynastic families – a power elite – runs the world and is nudging it with increasing determination toward full-on world government. This elite, along with its enablers and associates, uses fear-based memes to achieve its purposes by frightening middle classes into giving up wealth and power to internationalist facilities.

The idea that only a few top individuals can determine the fate of the world is surely one of these themes, and one breathlessly subscribed to by the mainstream press. This interview with Stephen Leeb is a great example of how this meme is propagated. Here’s a little more:

full article at source: http://www.thedailybell.com/4034/The-Most-Important-Meeting-in-the-World-Again

Boat race in Lubeck

Kieler Woche 2

 

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