Financial Crisis

[12DrinkMore]

Interesting My Analysis on the UK

Grants were offered for University education - now you take on debt.

There was a national health service for dental care - now all private.

There was a national health service - old people now go private and pay for health care otherwise they would die before they were seen to.

There are no benefits for the unemployed - these have been reduced to virtually zero. Even with class one NI contributions you get 60 quid per week for six months. I asked at a one of those things that used to be called a job center.

Taxes inexorably increase, for less to no services.

A prediction, UK state pensions are not going to work.

Where exactly is the money going - oh silly question MPs and MP's expenses an unsupervised bunch of hyenas (the house of lords does not count, that contains the pack leaders, containing quite a few bishops) and UK royalty and aspirations of empire – war.

There are a few interesting points there.

Where, indeed, has and is all the money going to?

Thinking back thirty odd years since I left those shores, or rather, in my case, the Heathrow tarmac behind, it really does seem that there have been a lot of changes. I can remember free school lunch, milk, dentist, doctor and a university education. Two years working after graduation me and my wife could put down a deposit and take out a mortgage of 3.5 times our joint income on a nice sized property in a decent area. WOW! Have things changed.

But in those days there was no massive government deficit, no massive unemployment.

What, indeed, has happened?

And, fundamentally, the only reason I can come up with is that people got greedy. Everybody expects "inflation beating" wage increases and "inflation beating" house price increases. But this is a mathematical disaster.

"Albert Einstein referred to compound interest as the greatest force on earth"

And this massive exponential force plays out every time you hear the words, "profits increase on last year", "wages up more than inflation", "house prices up 5% when inflation is 3%".

All the government employees, all the property developers, stock market players, employees, companies, pensioners; every last human being on the planet, wants to see an improvement over last year, possibly measured in living standard, but mostly measured in income.

And so forcing the spiral ever higher. And, naturally, the higher up the spiral you are, that percent extra is a little bit more than somebody a bit lower, causing the difference to compound further. Ergo the rich get richer and the poor get poorer. Now we have reached the point that the massive governments with their gold plated pensions are no longer affordable. The rents on property are no longer affordable, the house prices and mortgages have not been affordable for several years. We are compounding ourselves out of financial existence.

And by far the biggest culprit is the price of real estate, which, as well as creating speculative bubbles, sends up rents, prices and wages, pricing businesses out of existence.

Why should it be possible that some landlord sits back in his hammock and creams the profits from a hardworking entrepreneur? There are so many slaving away just to pay the rent.

[flying]

Fastest Food Inflation Since Riots Means Milk Up 39%

[flying]

Fractional Naked Shorting

Every dollar-denominated loan can be viewed functionally as a partial naked short position in FRNs (Federal Reserve Notes, 1.e. cash). The extent of the naked short is the inverse of the reserve ratio, so at 10% reserve, the position is written as 90% naked short. The entry is created where the bank shorts notional dollars into existence where none existed before. The Fed is a mechanism for supporting those naked shorts against margin calls that would otherwise happen in the real world - that's what a bank run really is, a margin call by lenders (depositors).

The continued existence of this naked shorting depends utterly on the willingness of the lenders to accept repayment in virtual instead of real dollars. Wire transfers, checks and book entries are all dollar substitutes, not actual dollars. An entire massive infrastructure has been erected to push people towards the conclusion that these are actually identical to FRNs. Banks will freely exchange your book entry with them for cash - until they can't anymore. The FDIC exists to guarantee that you will get cash for that book entry or other cash substitute. The Fed holds stocks of FRNs which it can exchange on a limited basis to commercial banks in danger of running out.

The scale of the pyramid scheme can be measured by the ratio of actual cash to virtual cash. Total cash in circulation (real cash) is $923 billion per the H.4.1 release dated December 10. The amount of virtual cash is the total credit outstanding, which is $52.6 TRILLION as of September 30 per the Z.1 release also dated December 10. In other words, each one dollar of cash is supporting nearly 57 dollars of credit. Through the mechanism of this gigantic naked short position, the value of the underlying security - the US dollar has been driven down to a huge extent. In fact, the short ratio can also be expressed as 98%. Not coincidentally, that is also the extent to which the US dollar's purchasing power has been reduced since the advent of the Federal Reserve.

This gives you some idea of the extent to which the value of the supply of dollars has been diluted by all of the substitutes that have been introduced into the system. If the dollar were a drug, it would be so heavily cut as to have no discernible effect. It also explains the desperation with which the financial world is attempting to save "the system" - by which they mean the machine that issues dollar substitutes and convinces you to accept them. There are sufficient dollars to cover less than 2% of domestic debt outstanding. That takes no account of the naked short positions of foreign banks. The bankers are short 57 dollars for each dollar that actually exists. You can well imagine what would happen if such a short position were to be squeezed to any significant extent.

One can justify banking to the extent than it increases productive capacity and therefore ultimately wealth. The increase in the pool of dollar substitutes will have minimal inflationary impact as that growth will be counter-balanced by an increase in the pool of goods those dollars can buy. This is a social good and one of the few philosophical reasons to support banking. Of course we are long past the point at which such banking was the norm, or even a large minority of credit activity.

[midas]

The scale of the pyramid scheme can be measured by the ratio of actual cash to virtual cash. Total cash in circulation (real cash) is $923 billion per the H.4.1 release dated December 10. The amount of virtual cash is the total credit outstanding, which is $52.6 TRILLION as of September 30 per the Z.1 release also dated December 10. In other words, each one dollar of cash is supporting nearly 57 dollars of credit. Through the mechanism of this gigantic naked short position, the value of the underlying security - the US dollar has been driven down to a huge extent. In fact, the short ratio can also be expressed as 98%. Not coincidentally, that is also the extent to which the US dollar's purchasing power has been reduced since the advent of the Federal Reserve.

It’s interesting that John Williams, who runs the popular counter government data manipulation site Shadowstats has now joined the likes of Marc Faber by forecasting that USA will suffer hyperinflation worse than Zimbabwe.

In an earlier report he estimated hyperinflation would take effect within next five years between 2010 to 2018 - but he is now really sticking his neck out and predicting the hyperinflation crisis breaking out within the next year

“ In a new report on his website he says the U.S. government and Federal Reserve have already committed the system to this course through the easy politics of a bottomless pocketbook, the servicing of big-moneyed special interests, gross mismanagement, and a deliberate and ongoing effort to debase the U.S. currency. Accordingly, risks are particularly high of the hyperinflation crisis breaking within the next year.”

So maybe Naam has only 12 months left to keep brushing this forecast aside as being a wet dream

Edited December 15, 2009 by midas

[flying]

In an earlier report he estimated hyperinflation would take effect within next five years between 2010 to 2018 - but he is now really sticking his neck out and predicting the hyperinflation crisis breaking out within the next year

While not a hyperinflation yet....... I will say food prices are getting pretty crazy here already.

Not that I cannot buy it but there are many things here now that you just shake your head & say no way am I paying that.

I think January will be interesting to see how the retailers did for their big month here.

I know some store owners & they have told me before that they basically survive all year waiting for December & that December makes their year. Speaking for my own family we did all of our xmas shopping online this year.

[Naam]

So maybe Naam has only 12 months left to keep brushing this forecast aside as being a wet dream

what forecast pray tell?

[flying]

Is there any length the US govt will not go to while bending over the taxpayers?

While they turn over every stone even as far as the farmers markets here for small sales of fresh produce.

The too big too fail are also too big to tax?

U.S. gave up billions in tax money in deal for Citigroup's bailout repaymentDeal made to recover bailout Firms exempted from rule when U.S. sells its stake

At the end of the third quarter, Citigroup said that the value of its past losses was about $38 billion, allowing it to avoid taxes on its next $38 billion in profits. Under normal IRS rules, a change in control would sharply reduce the amount of profits that Citigroup could shelter from taxes in any given year, making it much more difficult for Citigroup to realize the entire benefit before the tax breaks expired.

Full article at link above

[flying]

Interview with US Economic Recovery Advisory Board Chair Paul Volcker

America Must 'Reassert Stability and Leadership'

S

PIEGEL: You expect a backlash?

Volcker: The recovery is quite slow and I expect it to continue to be pretty slow and restrained for a variety of reasons and the possibility of a relapse can't be entirely discounted. I'm not predicting it but I think we have to be careful.

SPIEGEL: Are you sure? The Wall Street businesses are doing well. The big bonuses are back.

Volcker: It's amazing how quickly some people want to forget about the trouble and go back to business as usual. We face a real challenge in dealing with that feeling that the crisis is over. The need for reform is obviously not over. It's hard to deny that we need some forward looking financial reform.

Full interview at link above

[flying]

More of the same.............

I cannot help but wonder between the Citigroup & this Chrysler

Wouldn't it have been better to give the money to the citizens instead?

What would they have done with it? Boost retail sales & in turn tax revenues back to the govt?

Which in turn would have helped keep probably as many jobs as Chrysler did.

Beats me but does make one wonder a bit......

Chrysler won’t repay $3.7 billion TARP loan

Plan filed with bankruptcy court has no provision to return money

NEW YORK - The U.S. Treasury will not recover any portion of the $3.7 billion still outstanding in loans it made to automaker Chrysler under the Troubled Asset Relief Program, according to the terms of a plan filed with bankruptcy court on Tuesday.

The U.S. government has filed proofs of claim for unpaid principal, interest, fees and expenses, but "will receive no recovery on account of such claim," according to court documents filed on behalf of Old Carco LLC, the units of Chrysler that remain under bankruptcy protection while they are liquidated.

The proposal was laid out in a disclosure statement filed with the New York bankruptcy court in Manhattan.

Story continues below ↓advertisement | your ad here

A disclosure statement is a comprehensive document sent to creditors before they vote on a plan of reorganization. The Old Carco plan also proposed repaying Class 1 priority claims in full.

The case is In re Old Carco LLC, US Bankruptcy Court, Southern District of New York, No. 09-50002.

Edited December 16, 2009 by flying

[sokal]

More of the same.............

I cannot help but wonder between the Citigroup & this Chrysler

Wouldn't it have been better to give the money to the citizens instead?

What would they have done with it? Boost retail sales & in turn tax revenues back to the govt?

Which in turn would have helped keep probably as many jobs as Chrysler did.

Beats me but does make one wonder a bit......

Chrysler won’t repay $3.7 billion TARP loan

Plan filed with bankruptcy court has no provision to return money

NEW YORK - The U.S. Treasury will not recover any portion of the $3.7 billion still outstanding in loans it made to automaker Chrysler under the Troubled Asset Relief Program, according to the terms of a plan filed with bankruptcy court on Tuesday.

The U.S. government has filed proofs of claim for unpaid principal, interest, fees and expenses, but "will receive no recovery on account of such claim," according to court documents filed on behalf of Old Carco LLC, the units of Chrysler that remain under bankruptcy protection while they are liquidated.

The proposal was laid out in a disclosure statement filed with the New York bankruptcy court in Manhattan.

Story continues below ↓advertisement | your ad here

A disclosure statement is a comprehensive document sent to creditors before they vote on a plan of reorganization. The Old Carco plan also proposed repaying Class 1 priority claims in full.

The case is In re Old Carco LLC, US Bankruptcy Court, Southern District of New York, No. 09-50002.

Speaking of Citi group, it looks to me like they are on the tab for a part of the Dubia bailout. From ZH

Uh, so remember when we were, like, gonna buy $7.5 billion in Citi stock? Yeah so, maybe not so much. In fact, since we have you on the phone, how about you pay us $4 billion just because?

Citigroup Inc. said the Abu Dhabi Investment Authority is seeking to end an agreement to buy the bank’s stock, or to receive more than $4 billion in damages.

Abu Dhabi Investment, one of the world’s top two sovereign wealth funds, filed a claim alleging “fraudulent misrepresentations” tied to its agreement to buy $7.5 billion of common stock, Citigroup said today in a statement.

What? Financial problems? Don't you know we are one of the world's top two sovereign wealth funds? Look, it says so right here in our brochure. Our cousin builds an oasis in the sands, creates islands shaped like trees, or the world or whatever the hel_l he wants. They play tennis on the world's most dangerous tennis court there, snow ski in 50 grad like it's nothing. Haven't you seen the artist's conceptions of our majestic skyline? That place was just a pile of sand when we started building. Now look at the drawings! We bought the Queen Elizabeth II just so we could see the expression on British faces while we watch it rust, get it? Our other cousin drives around a diamond encrusted Mercedes, for fuc_k's sake. That's diamond... encrusted... like encrusted with diamonds. Real diamonds. What? Swarovski crystals? Bullshit. Those are REAL. They spend more keeping the sand out of our city than most cities spend on their city. We have the largest dam_n per capita carbon footprint of anyone on the planet. You know how much electricity it takes to keep that honorific? Are you getting it yet? See all those buildings? No, they are not "incomplete" they are mostly done. Stop interrupting. Our cousin built that with his allowance. Who do you think pays that tab? Financial problems? I'll kill you with the world's largest ruby and tourists will be skiing over your frozen body in the middle of the desert and not even know it if you repeat that slanderous crap again. Got it? Good. Ok. Now that that's all clear, about the $4 billion you are going to pay us....

[Naam]

We have the largest dam_n per capita carbon footprint of anyone on the planet. You know how much electricity it takes to keep that honorific?

that's what some ignorant clowns think because they are not aware that all electricity in the Gulf is generated by using rather clean natural gas instead of the thousands of dirty oil/coal-fired or nuclear power plants on this planet. these clowns can be proud to sleep in 200 Baht a night rooms which are brightly lit by a 15 watt bulb thus making a tiny carbon pinky toe print.

[midas]

I didnt even think Austria was on the " watch list " ?

Bank collapse in Austria brings debt in Eastern Europe center stage

Financial Times has just reported about theAustrian government’s nationalization of the insolvent bank Hypo Group Alpe Adria (HGAA). The financial institution, which has 40 billion Euros in assets, is the country’s sixth largest bank. But, in relative terms, this is a very large bankruptcy – using GDP at purchasing power parity, an American HGAA would have assets of $2.5 trillion, larger than any of the American banks.

And it points to renewed risks in banking and the possibility of contagion.Dubai World events underline the unpredictability of exogenous shocks. All of these potential crisis situations — dollar carry trade unwind, debt crisis in the Baltics, oil price spike, an unexpected surge in interest rates, war in the Middle East

http://www.creditwritedowns.com/2009/12/ba...nter-stage.html

[midas]

A brilliant piece of writing in todays Financial Times by former Barclays CEO Martin Taylor.

Former Barclays Chief Points Out Bonuses Were Paid Fraudulently ( so where are the regulators ? )

“ City people have always been paid well relative to others, but megabonuses are quite new. From my own experience, in the mid-1990s no more than four or five employees of Barclays’ then investment bank were paid more than £1m, and no one got near £2m. Around the turn of the millennium across the market things began to take off, and accelerated rapidly – after a pause in 2001-03 – so that exceptionally high remuneration, not just individually, but in total, was paid out between 2004 and 2007.

Observers of financial services saw unbelievable prosperity and apparently immense value added. Yet two years later the whole industry was bankrupt. A simple reason underlies this: any industry that pays out in cash colossal accounting profits that are largely imaginary will go bust quickly. Not only has the industry – and by extension societies that depend on it – been spending money that is no longer there, it has been giving away money that it only imagined it had in the first place. Worse, it seems to want to do it all again.

What were the sources of this imaginary wealth? First, spreads on credit that took no account of default probabilities (bankers have been doing this for centuries, but not on this scale). Second, unrealised mark-to-market profits on the trading book, especially in illiquid instruments. Third, profits conjured up by taking the net present value of streams of income stretching into the future, on derivative issuance for example. In the last two of these the bank was not receiving any income, merely “booking revenues”. How could they pay this non-existent wealth out in cash to their employees? Because they had no measure of cash flow to tell them they were idiots, and because everyone else was doing it. Paying out 50 per cent of revenues to staff had become the rule, even when the “revenues” did not actually consist of money. ”

http://www.ft.com/cms/s/ former-barclays-chief-points-out-bonuses-were-paid-fruadulently.html

[sokal]

We have the largest dam_n per capita carbon footprint of anyone on the planet. You know how much electricity it takes to keep that honorific?

that's what some ignorant clowns think because they are not aware that all electricity in the Gulf is generated by using rather clean natural gas instead of the thousands of dirty oil/coal-fired or nuclear power plants on this planet. these clowns can be proud to sleep in 200 Baht a night rooms which are brightly lit by a 15 watt bulb thus making a tiny carbon pinky toe print.

Nuclear power has no emissions, especially no CO2 but CO2 is not an emission anyway.

[pkrv]

We have the largest dam_n per capita carbon footprint of anyone on the planet. You know how much electricity it takes to keep that honorific?

that's what some ignorant clowns think because they are not aware that all electricity in the Gulf is generated by using rather clean natural gas instead of the thousands of dirty oil/coal-fired or nuclear power plants on this planet. these clowns can be proud to sleep in 200 Baht a night rooms which are brightly lit by a 15 watt bulb thus making a tiny carbon pinky toe print.

Nuclear power has no emissions, especially no CO2 but CO2 is not an emission anyway.

I always liked the creativity of the argument that radiation was safe! It was officially stated that common house bricks gave off radiation, true but.

They are Alpha and Beta particles that are stopped by a bit of tissue paper.

Gamma radiation needs several inches of lead.

Once the beach of of the UK nuclear reactor Windscale (it was renamed to make things better) used to have a huge bird population

http://en.wikipedia.org/wiki/Windscale_fire

Then there were no birds on that beach.

Edited December 16, 2009 by pkrv

[flying]

BS Bernanke joins other luminaries as

person of the year.

History will hopefully show he should have been doing Time rather than gracing the cover....

same as the others.....

Edited December 16, 2009 by flying

[12DrinkMore]

A brilliant piece of writing in todays Financial Times by former Barclays CEO Martin Taylor.

Yes, I am fuc_king disgusted and mad over all this bullshit.

Fake profits in the financial industry.

Fake profits on the stock market.

Fake profits on real estate.

Why should the performance of the stock markets, the currencies, the interest rates on a SECOND by SECOND basis consume the television, pages and pages of newspapers, massive bandwidth and god knows how many fuc_king parasites sitting in front of their double, triple, quadruple LCD monitors?

This is all total crap. The only sustainable increase in wealth is through human endeavours in the production of goods or the extraction of raw materials. All the rest is a parasitic disease on society.

Why, indeed, are governments so scared about the ownership of weapons?

I have worked for many many years to earn my capital. Why the fuc_k should this now be subject to the <deleted> we have elected as government, who seem to think that they have been voted into their jobs to enrich themselves, increase the size of government and destroy wealth? NO! Their job is very simply to ensure the stability and growth of the country, to ensure fairness and law, to ensure the value of wealth which has been earned on the backs of hard working citizens.

Their job is not to bail out the bastard bankers, not to guarantee the fuc_king bankers' bonuses, not to support the house price speculators and certainly not to spend the tax payers' future earnings on keeping themselves in power.

If I had a button which would eliminate all these self-centered, two faced, lying idiots, it would have been pressed already.

[lannarebirth]

Fake profits in the financial industry.

Fake profits on the stock market.

Fake profits on real estate.

Why should the performance of the stock markets, the currencies, the interest rates on a SECOND by SECOND basis consume the television, pages and pages of newspapers, massive bandwidth and god knows how many fuc_king parasites sitting in front of their double, triple, quadruple LCD monitors?

This is all total crap. The only sustainable increase in wealth is through human endeavours in the production of goods or the extraction of raw materials. All the rest is a parasitic disease on society.

It is the rise of the age of Financialism. I think it will lead to some kind of economic warfare with unknown consequences.

Financialism is an economic system where the primary activity consists of creating and manipulating financial instruments. Financial instruments – loans, mortgages, stocks, bonds, etc. - are in their original form firmly linked to economic reality: the mortgage finances home ownership; the stock certificate represents ownership of a company that owns physical assets, the bond secures debt incurred to build a factory.

However, when financialism sets in, financial instruments become progressively further removed from their role in supporting commerce in the real world and develop a life of their own, a weird shadow dimension, a hall of mirrors, a distorted alternate reality that intersects and reacts with the real economy in unpredictable and destructive ways. George Soros described this phenomenon as “reflexivity.&rd... Derivatives have a lot to do with it. Leverage and the abuse of easy credit are contributing causes. The shadow banking system is a symptom.

http://seekingalpha.com/instablog/162115-t...rket-capitalism

[Naam]

We have the largest dam_n per capita carbon footprint of anyone on the planet. You know how much electricity it takes to keep that honorific?

that's what some ignorant clowns think because they are not aware that all electricity in the Gulf is generated by using rather clean natural gas instead of the thousands of dirty oil/coal-fired or nuclear power plants on this planet. these clowns can be proud to sleep in 200 Baht a night rooms which are brightly lit by a 15 watt bulb thus making a tiny carbon pinky toe print.

Nuclear power has no emissions, especially no CO2 but CO2 is not an emission anyway.

spoken like a true ignorant! what about the gamma radiation of the spent uranium 235 from nuke power plants which has to be stored somewhere and has a radiation half-life time of freaking 704 million years?

what is the percentage of nuclear power plants among the tens of thousands lignite/coal/oil-fired plants on this planet?

and CO² is not an emission but only added to soft drinks?

[Naam]

If I had a button which would eliminate all these self-centered, two faced, lying idiots, it would have been pressed already.

there... there 12D! have a chilled thirteenth one

[sokal]

We have the largest dam_n per capita carbon footprint of anyone on the planet. You know how much electricity it takes to keep that honorific?

that's what some ignorant clowns think because they are not aware that all electricity in the Gulf is generated by using rather clean natural gas instead of the thousands of dirty oil/coal-fired or nuclear power plants on this planet. these clowns can be proud to sleep in 200 Baht a night rooms which are brightly lit by a 15 watt bulb thus making a tiny carbon pinky toe print.

Nuclear power has no emissions, especially no CO2 but CO2 is not an emission anyway.

I always liked the creativity of the argument that radiation was safe! It was officially stated that common house bricks gave off radiation, true but.

They are Alpha and Beta particles that are stopped by a bit of tissue paper.

Gamma radiation needs several inches of lead.

Once the beach of of the UK nuclear reactor Windscale (it was renamed to make things better) used to have a huge bird population

http://en.wikipedia.org/wiki/Windscale_fire

Then there were no birds on that beach.

Fire is radiation. Handling radioactive material like a burning piece of wood is not safe !

Listen to this

[sokal]

We have the largest dam_n per capita carbon footprint of anyone on the planet. You know how much electricity it takes to keep that honorific?

that's what some ignorant clowns think because they are not aware that all electricity in the Gulf is generated by using rather clean natural gas instead of the thousands of dirty oil/coal-fired or nuclear power plants on this planet. these clowns can be proud to sleep in 200 Baht a night rooms which are brightly lit by a 15 watt bulb thus making a tiny carbon pinky toe print.

Nuclear power has no emissions, especially no CO2 but CO2 is not an emission anyway.

spoken like a true ignorant! what about the gamma radiation of the spent uranium 235 from nuke power plants which has to be stored somewhere and has a radiation half-life time of freaking 704 million years?

what is the percentage of nuclear power plants among the tens of thousands lignite/coal/oil-fired plants on this planet?

and CO² is not an emission but only added to soft drinks?

Ask this guy, he designed the newest age nuclear weapons for the US military.

[Naam]

Ask this guy, he designed the newest age nuclear weapons for the US military

do nuclear weapons bear any relevance to the discussed carbon foot print of Dubai inhabitants? why are you continously ridiculing yourself? is it some sort of masochism?

[sokal]

Ask this guy, he designed the newest age nuclear weapons for the US military

do nuclear weapons bear any relevance to the discussed carbon foot print of Dubai inhabitants? why are you continously ridiculing yourself? is it some sort of masochism?

Why did you even pull that out of the article ? We are really talking about CITI pitching in to pay for Dubias bail out.

[midas]

Yes, I am fuc_king disgusted and mad over all this bullshit.

Why should the performance of the stock markets, the currencies, the interest rates on a SECOND by SECOND basis consume the television, pages and pages of newspapers, massive bandwidth and god knows how many fuc_king parasites sitting in front of their double, triple, quadruple LCD monitors?

This is all total crap. The only sustainable increase in wealth is through human endeavours in the production of goods or the extraction of raw materials. All the rest is a parasitic disease on society.

I am too 12 ! Yes going back in front of the computer terminals to resume " day trading ' straight after

all this was revealed reminded me of how some people react by looting after a natural disaster......

its ok to do it because there is no one around to watch. Instead our very first priority should have been to round up these criminals

before doing anything else - that is if we really care about morals and the welfare of future generations. But let us stop kidding ourselves

- we dont give a sh*t ! Look at the Copenhagen farce. So ok go ahead make money on the stock market and bond market

but then pretend we REALLY care about our childrens welfare- crap

And as for " Financialism " an alternative interpretation is that the banksters knew the whole pack of

cards is about to collapse and this was their last looting binge. They gambled on the governments of the world

trying to save the system one last time….anyway after all it’s the suckers money that keeps this Titanic just

above the water so who cares .

[flying]

Why, indeed, are governments so scared about the ownership of weapons?

I saw that clip (the swiss part) When it first aired.

As for your question....It is because they ultimately know the reason why the people are armed.

[Naam]

Ask this guy, he designed the newest age nuclear weapons for the US military

do nuclear weapons bear any relevance to the discussed carbon foot print of Dubai inhabitants? why are you continously ridiculing yourself? is it some sort of masochism?

Why did you even pull that out of the article ? We are really talking about CITI pitching in to pay for Dubias bail out.

take the pills the good doctor prescribed!

[Naam]

Yes, I am fuc_king disgusted and mad over all this bullshit. This is all total crap. The only sustainable increase in wealth is through human endeavours in the production of goods or the extraction of raw materials. All the rest is a parasitic disease on society.

I am too 12 ! Yes going back in front of the computer terminals to resume " _day trading ' straight after

all this was revealed reminded me of how some people react by looting after a natural disaster......

HALLELUJAH... AMEN. PRAISE THE LORD! THE RIGHTEOUS non-PARASITIC ONES WILL GO TO PARADISE... and work in the celestial ricefields.

Edited December 17, 2009 by Naam

[Abrak]

Here is a great report on China, full of some great (and pretty shocking) facts.

1251_001.pdf

My personal favorite relates to cement. China's cement consumption is more than the rest of the world put together. Its consumption 'per capita' (2008) is the highest in the world closely followed by Spain and Ireland (Dubai stats not included.) Still production is substantially higher than consumption, with excess capacity of 304 million tonnes more than the total consumption of India, USA and Japan combined.

[midas]

This is all total crap.

I have worked for many many years to earn my capital. Why the fuc_k should this now be subject to the <deleted> we have elected as government, who seem to think that they have been voted into their jobs to enrich themselves, increase the size of government and destroy wealth? NO! Their job is very simply to ensure the stability and growth of the country, to ensure fairness and law, to ensure the value of wealth which has been earned on the backs of hard working citizens.

Their job is not to bail out the bastard bankers, not to guarantee the fuc_king bankers' bonuses, not to support the house price speculators and certainly not to spend the tax payers' future earnings on keeping themselves in power.

12, I believe you would relate to many of the things these two writers say in this article.

even though it is about USA -the message applies equally for the UK

“ Morality is in great part the measure of a nation. Have we unlearned morality? Is this why we find

ourselves staring down the abyss?

We forget (through economic amnesia) that throughout history all societies fail. Nicolaus Copernicus

maintained that civilizations failed when bad money, controlled and understood by an elite few, drove

out good money. The same can be said for morality. Bad, drives out good. This is a reality of which we

should all be acutely aware but rather are immune to its possibility. We dangerously believe we cannot fail.

This present state of manufactured optimism emanating from the White House and our news outlets is contemptible.

We are allowing ourselves to become more corrupt by the minute. We stare into the face of our future being

raped, but we do nothing. We are as corrupt as the corrupters. We accept the unacceptable.

In what will go down as the greatest financial heist in history our leaders have chosen to reward corrupt individuals

and their hollow corporations for what are arguably criminal levels of risk behavior by the moneyed elite of this country.

What message does that send to our children, or to anyone for that matter? ”

What we need to alter this course is a procession of men who possess moral fortitude and common sense, men of

rationality and reason. Men of action (...... our friend Alistair Darling came to mind ) who will set in motion the

dismantling of institutions that bleed this nation dry.

http://realityarbiter.com/2009/12/american-purgatory/