Archive for June, 2012
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????”)
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!
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
- Jim Willie: Gold: the Last Asset Standing, & Outline on Collapse End Game (silverdoctors.com)
- Italy Pays More For 6 Month Debt Than America Pays For 30 Year, As LTRO Claims Its First Bank Insolvency (zerohedge.com)
- Eurodoom!! Forget the PIIGS, the EU as a Whole is Insolvent. (investmentwatchblog.com)
- The Eurozone Debt Crisis – It’s Now ABOUT Germany NOT UP TO Germany! (underinformation.wordpress.com)
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.
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.
So what did Barclays do?
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!
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
By Thomas Clarke
Over the weekend I ventured up the coast to the east sea as the Kieler Woche was in full swing I did manage to get these photos but because I lost my camera I had to make do with these photos and videos from my I touch the weather wasn’t that great but I was still a magnificent sight to see such wonderful ships sail down the waters of the east sea right in front of me. We later went on to visit an old fishing village and harbour with some old wooden boats, again these boats were well worth the drenching I got, as the rain kept coming down in buckets.
If you are thinking of coming to northern Germany do take the time to visit Kiel
- Russian Tall Ship in Kiel Regatta (02varvara.wordpress.com)
- Toxic gas found on German warships (thelocal.de)
- Danger down below deck! Toxic gas found on new German warships (rt.com)
And about time too.
Germany is gradually waking up to the danger
Although still furious at the cooked-up Gauck/Karlsruhe plot to stop Fiscal Union in its tracks, Angela Merkel has only herself to blame. Despite having ridden roughshod over the Bundestag, the Constitution, and EU Treaty Law on numerous occasions, she and her sewn-together creature Wolfgang Schäuble remain not just unrepentant, but more childishly aggressive than ever.
The court’s ‘request’ to President Gauck for a consideration-delay had Schäuble illogically whingeing as only he can do with this corker of a soundbite: “I don’t think it is smart for constitutional organs to communicate with each other publicly. And it is even less prudent for the federal government to comment on it,” he said. So that’s why he commented, then. Poor ickle Wolfie’s private little plans for a big eurojob gone wong? Aooooaaa, s’not fair.
But Sahra Wagenknecht, a senior MP in the Left Party…
View original post 1,481 more words
By David Mc Williams
I am standing outside Selfridges on Oxford Street watching the world go by. What a world it is! There goes an Arabic woman in half hijab with Gucci sunglasses propped on her covered head, carrying two pairs of designer shoes in her distinctive yellow Selfridges bag. Beside her, four Chinese women are similarly laden down, tourists from everywhere are shopping for everything, while London’s newest ethnic minority, the emigré French middle class, can be heard over everyone.
Is it any wonder that retail sales in Britain bounced strongly in May, with all these people fighting each other in the narrow passage that is Oxford Street?
This zone of London is the ‘ground zero’” of globalisation where goods from everywhere are sold to people from everywhere in a shopping frenzy of everything.
While they carry on obliviously, the frenetic shoppers seem to have no idea what is coming down the road financially or what effect the malignant coincidence of a growth slump in China, a fading recovery in America and Europe’s debt crisis will have on their world.
Let’s deal with China first.
Isn’t it interesting that the only big central bank to slash rates recently in the face of economic crisis has been China?
The ECB is talking about it and will probably introduce another massive bout of easy financing for the banks in the next few weeks, likewise the Federal Reserve. But the Chinese have already acted. Why?