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Archive for October, 2012

Vaxevanis’ court hearing postponed to November 1

For your attention …..

Vaxevanis’ court hearing postponed to November 1
29 Oct 2012 4:04 pm
Journalist Kostas Vaxevanis arrives in court, 29 October 2012 (Reuters)
Journalist Kostas Vaxevanis arrives in court, 29 October 2012 (Reuters)
Journalist Kostas Vaxevanis’ hearing on charges of violating personal data for publishing the Lagarde list has been postponed to November 1.
Friends, colleagues and supporters of the Hot Doc magazine publisher gathered outside the court house at noon on Monday, when the hearing was due to take place, including MPs and journalist union representatives.
Vaxevanis appeared in court on charges of violating personal data, two days after his news magazine Hot Doc published a leaked list of 2,059 Greek residents with accounts in Swiss bank HSBC. The list published by the magazine contained only names without the size of the bank accounts.
The defence requested that the hearing be postponed because a number of people whose names are on the list had expressed their intention to testify as witnesses, defence lawyer Charis Oikonomopoulos said.
Vaxevanis’ other lawyer, Nikos Konstantopoulos, stated the defence’s intention to highlight the political dimension of the case.
Exiting the court Vaxevanis said among others that it was his duty to publish the list because “everything else is public relations”.
Vaxevanis was arrested in the northern suburbs of Athens on Sunday, in execution of a warrant issued ex officio by an Athens prosecutor on Saturday night, just hours after the publication of the list.
Minutes before his arrest he had tweeted his whereabouts and challenged police waiting outside to pick him up.
The journalist was briefly detained at the GADA police general headquarters on Alexandras Avenue and was released three hours later, to the cheers of waiting supporters, after appearing before a public prosecutor.
Syriza in an announcement called the ex officio action against Vaxevanis “provocative and unacceptable”, noting that “justice hastened to act against those who reveal, whereas it displays sluggishness vis-a-vis those who conceal”.
“The prosecution is political, and as such should be faced by the entirety of the Greek people who are called on these days to suffer the consequences of the harshest and class-oriented policy ever known to Greece since the restoration of democracy, and also the consequences of the long-standing and systematic tax evasion by ‘those who have’,” Syriza charged.
In a similar statement, the Communist Party of Greece (KKE) also called the action against Vaxevanis “unacceptable and provocative”.
“The mockery and deception of the Greek people (with ‘lists’) by those who conceal them, hide them or use them according to their political and economic expediencies must stop,” the KKE said, adding that “the economic system and prevailing political forces do not want the people to learn the truth, and it is in their interest to disorient and deceive them.”
The list had ended up in the hands of French authorities roughly four years ago when they seized digital evidence from the house of former HSBC employee Herve Falciani, who was wanted by the Swiss authorities and who had illegally copied details of bank accounts that belonged to roughly 20,000 people.
The list was sent to then finance minister George Papaconstantinou by his French counterpart Christine Lagarde. Papaconstantinou claimed to have had the original list, sent in CD format, copied on a USB stick which he turned over to the ministry’s financial crimes squad SDOE for investigation, and that he turned over the original CD and accompanying documents to his office for “confidential safekeeping” and was unaware of its current whereabouts.
Pasok leader Evangelos Venizelos produced the memory stick containing the list a few days later, saying he had received from SDOE Special Secretary Ioannis Diotis when the former was deputy prime minister and minister for finance in the Papandreou government. (Athens News/dv, AMNA)

NAMA Wine Lake

During the Christmas 2004 tsunami in Asia, it was remarkable that there were so few mass animal deaths, and there is a long-held belief that animals can sense disaster ahead of human beings.  Likewise, banks with their fingers on the pulses of households’ and businesses’ financial performance and prospects might be expected to have an unusually perceptive grasp on the economy; with a pattern emerging of banks exiting or considering exiting the State, this doesn’t augur well for our medium term economic prospects.

Next week we should get the Q3, 2012 results from Belgian-owned KBC bank which just a few weeks ago was strongly protesting that it didn’t have plans to exit from the Irish market. Industry speculation however is that KBC has had a lousy Q3,2012 in the Irish market and that its residential mortgage book in particular continues to deteriorate at an alarming rate. Insiders thought there was…

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Time to defuse the mortgage time-bomb

In the next few years, one of the biggest challenges faced by the domestic Irish economy will be what to do with the tens of thousands of people who are in mortgage arrears now, and the tens of thousands of people who will get into difficulties, but have yet to realise it. So when trying to quantify the problem, we need to have a stab at assessing the ‘known knowns’ as well as the ‘known unknowns’.
The known knowns are rising all the time. Latest Central Bank figures reveal that 128,000 mortgages are in arrears. This figure has been rising rapidly over the past few years, and is likely to keep rising as incomes fall, taxes rise and unemployment continues to grind slowly upwards. The domestic economy, where most of us work and live, is not getting any better – indeed, one of the biggest problems is the debt overhang itself, which is dragging investment and savings.
The picture at the moment shows that 128,416 – or 16.8 per cent – of all private residential mortgages are in arrears. Of those, 45,165 (5.9 per cent) of all private residential mortgages are in arrears of less than 90 days. Some 17,553 (2.35 per cent) are in arrears of between 90 days and 180 days, and 65,698 (8.6 per cent) are in arrears of more than 180 days. The total number of residential mortgages stands at 761,533, so nearly 17 per cent are in arrears already. These are the known knowns……………………

full article at source: http://www.davidmcwilliams.ie/2012/10/29/time-to-defuse-the-mortgage-time-bomb?utm_source=Website+Subscribers&utm_campaign=d200aed8cc-29102012&utm_medium=email

Excellent work!

Social Credit

By Christopher M. Quigley B.Sc., M.M.I.I. Grad., M.A.
“Banking and credit are too important a business for citizens and politicians to be ignorant of. Upon its fair and equitable administration rests the very existence and future of our society”.
Every society has its orthodoxy. But there comes a time when the “accepted  view” no longer functions. When this occurs it is time for change. The  movement of stars told Galileo that the earth centred Universe was  wrong. The relative inner stability of two moving trains told Einstein  that Newton and Euclid were wrong. The current Sub-Prime credit crisis  is an indication that the orthodox concept of banking and credit is  wrong.
This is not the first time that the failings of the  accepted “credit concept” were identified as being erroneous in an  increasingly technologically efficient world. The great depression of  1929 also gave the same signal. However instead of dealing with the  cause only the symptoms were addressed. Accordingly, another world war  ensued and through “sticking plaster” policy modifications we bungled on for another 80 years. Now, once again, the dormant “error” has become  virulent and threatens the whole.

The disease within the economic body  was diagnosed successfully in the early 1900’s and a solution was  prescribed but ignored. The same remedy will work today but its  successful application requires a “Copernican” change in economic  conceptional modalities. The world was not ready then. Is it ready now?  The cure is called: “Social Credit”.
Due to developments in  technology and technique the age old problems of production and scarcity have been all but solved, the issue now is one of distribution. Money  creates effective demand and orthodox banking and accounting rules makes money scarce. This state of affairs if allowed to continue will result  in:
1. Surplus production due to efficiencies
2. Consequent unemployment and under-employment resulting in effective demand destruction
3. Poverty due to lack of purchasing power
4. Redundant industrial machinery
5. Consequent cut-throat competition
6. Disappearance of industrial profits
7. Consequent business bankruptcy and depression
8. Aggressive competition for foreign markets
9. Consequent international friction and war
In order to prevent the above constantly recurring, as in 1929 and now  with the sub-prime crisis, it is necessary to change our orthodox view  of economics. WE MUST MOVE FROM AN OUT-DATED MINDSET. This does not  require a revolution in society it simply requires a revolution in our  consciousness. However the elite who control the ownership of the  “orthodox” credit myth will not allow acceptance of this alternative  knowledge because to do so will weaken their system of management and  domination. However truth is an amazing thing. Slowly but surely, like a seed whose hibernation is over, the practicality and human goodness of  the concept of Social Credit is germinating. But it needs aware and  dedicated followers to nurture this growth.

For the current economic crisis to be finally resolved the realisation must sink in that BANKING IS NOT SIMPLY AN AVERAGE BUSINESS LIKE ANY OTHER.  On the contrary, upon its fair and equitable administration rests the  very existence and future of our society. Banking and credit are too  important a “business”  for citizens and politicians to be ignorant of.  To deal with this matter we must, to use the words of President Obama:  “up our game” or perish.
The word credit comes from the Latin  word “CREDERE”, meaning “TO BELIEVE”. The essential quality of money,  therefore, is the belief that one can get what one wants when one  possesses it; THUS MONEY IS A SOCIAL CONTRACT BASED ON TRUST AND MUTUAL  BENEFIT. Since credit is a function of money it follows, axiomatically,  that CREDIT IS A SOCIAL CONTRACT ALSO. A society cannot allow a  particular grouping to have a monopoly on the functioning of this social contract because ultimately this group could end up monopolising all  contracts. If you own the contracts you will end up owning society.

The central problem which Social Credit addresses is the negative  consequences resulting from the increasing use of capital in manufacture and distribution. This drive towards capital intensification brings  efficiency but it decreases the requirement for labour. With the loss,  or through the down-grading, of “jobs”, the trend is for higher  unemployment and/or under-employment. With under-employment there is  less purchasing power in the economy thus the true potential capacity of modernity cannot be attained because there is no effective demand,  since desire without money is meaningless in our system.
Social  Credit strives to solve this spiral of lower employment, lower wages,  recession and depression by increasing effective demand in the system by generating societal purchasing power. Purchasing capability is  increased through a social dividend and the adjustment of prices. It  also proposes that the ownership of credit reside with the society  rather than with a monopoly group.

Thus excess reserves owned by credit  institutions, over a certain minimum to allow their sustained and stable operation, are systematically issued to society. Social Credit believes in banking but does not accept monopoly ownership of credit and legal  tender. The objective of such policies are as follows:
1. Money is no longer a commodity controlled by banks
2. Credit is no longer a social contract controlled by banks
3. Boom and bust credit cycles are negated
4. Increased stable purchasing power allows for effective distribution of goods and services. This stability allows better long term decisions to be made by entrepreneurs about the  economy.
5. Increased demand for goods and services boosts an economy centred on smaller community  based businesses.
6. Corporatism diminishes
7. Unemployment and under-employment are seen as opportunities for freedom to develop since  citizens are able to function in the economic system  through receipt of social dividends. Due to a  change in the “zeitgeist” time is no longer equated to work in order to obtain legal tender.
8. Speculation diminishes due to the non availability of “commodity”  credit and a real  economy, rather than a gambling economy, flourishes.
9. Government down-sizes due to the diminished availability of monetised debt.
Many folk have attacked these objectives as idealist or socialist. They are  wrong. In fairness these objectives are based more on community than the commune. But that is the point. Social Credit strives to reaffirm the  supremacy of human association rather than abstract institutionalism.   Capitalism, under our current banking arrangements, and communism  /socialism are all “Cesarist” theories of society; they end in monopoly  ownership of everything. This monopoly results in the “state” or “core  political group” being master of the individual. As a result community  dies and corporatism thrives. The philosophy of Social Credit is the  exact opposite. It believes in the individual and it aspires to provide  the individual with as much freedom as possible. It acknowledges that  the STATE SHOULD EXIST TO SERVE THE INDIVIDUAL ; NOT THE OTHER WAY  ROUND.  Social Credit therefore rejects the dialectic materialism of  capitalism/communism/socialism; and accepts grace.

As this  sub-prime crises festers and invades the social, economic and political  body I hope that more and more like minded people will become focused,  educated and aware. There is no more important goal in life than  actively participating in the growth and development of one’s spirit,  one’s family, one’s community and one’s nation.  “Banking and credit are too important a business for citizens and politicians to be ignorant  of. To deal with this matter we must, to repeat, up our game or perish”.
“Economic Democracy” Major C. H. Douglas Bloomfield books
“Aladdin’s Lamp: The Wealth of the American People” Gorham Munson Creative Age Press: New York
New Zealand Government’s Monetary Committee Notes of Evidence and Correspondence Wellington,  24th. February 1934

‘The Grip of Death’

By Michael Rowbotham

“The financial system used by all national economies worldwide is actually founded upon debt. To be direct and precise, modern money is created in parallel with debt…

The creation and supply of money is now left almost entirely to banks and other lending institutions. Most people imagine that if they borrow from a bank, they are borrowing other people’s money. In fact, when banks and building societies make any loan, they create new money. Money loaned by a bank is not a loan of pre-existent money; money loaned by a bank is additional money created. The stream of money generated by people, businesses and governments constantly borrowing from banks and other lending institutions is relied upon to supply the economy as a whole. Thus the supply of money depends upon people going into debt, and the level of debt within an economy is no more than a measure of the amount of money that has been created.”



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