Financial Crisis

[midas]

surprise surprise....NOT !

Libya's Billions Invested In U.S. Private Equity, Big Banks ( i.e. Goldman Sachs )

Now frozen accounts can't be withdrawn. so the billions just sit there to the benefit of the banks. so don't you think it possible it was Lloyd Craig Blankfein that ordered the freeze and his puppets just carried out the order ?

http://www.huffingtonpost.com/2011/03/01/libya-investment-portfolio-us-banks-equity_n_829964.html

[Naam]

don't you think it possible it was Lloyd Craig Blankfein that ordered the freeze and his puppets just carried out the order ?

quite possible although i can think of and add another dozen names... which cannot be named

[midas]

don't you think it possible it was Lloyd Craig Blankfein that ordered the freeze and his puppets just carried out the order ?

quite possible although i can think of and add another dozen names... which cannot be named

Understood Watson

[churchill]

and another article to keep the crisis debate rolling

Waiting for the global economic tsunami

http://prestowitz.foreignpolicy.com/posts/2011/03/01/2011_waiting_for_the_global_economic_tsunami

[12DrinkMore]

http://www.michaeljo...rg/guernsey.htm

No money around? Then issue your own debt free money, it works!

Well, it works until the bankers put a stop to it.

But ten years after the first issue, the island had become so prosperous, thanks to the activity allowed by a sufficient volume of money, that the banks of England had en eye on this island. English bankers set up branches in the island and brought the population around to orthodox rules. "It was unsound," they said, "to let the government finance its enterprises without getting into debt." The bankers did everything to stop further issues to introduce the system of interest-bearing loans to the government and to withdraw from the island the State money that had been paid out into circulation.

What? Just read that again....

"It was unsound," they said, "to let the government finance its enterprises without getting into debt."

Unsound?

Seems to me that the unsound decision is to allow the <deleted> bankers to take control over the money system.

Edited March 8, 2011 by 12DrinkMore

[12DrinkMore]

From Mises, Law's experiment....

http://mises.org/daily/4257

Any similarities with Bernanke?

The general eagerness of holders to convert their shares into money was tempered only by the fact that the notes which they received in payment were rapidly becoming as worthless as the shares. Investors had to choose between an investment that would yield nothing, and notes that would buy nothing. The attempt to make money and commercial wealth synonymous was a fiasco. This perhaps most audacious attempt in history at managed currency overlooked one vital fact: when trade is bad, good money is more than ever necessary. The state of money cannot be made to depend on the state of the market.

The continued drop in the price of shares and the corresponding rise in the price of bread and other necessities led to further frantic and desperate measures. The value of the bank money was officially lowered by 50 percent.

It was also another episode in which gold and silver were confiscated.

I have to admit that over the last few years I have slowly accumulated physical gold and silver, based on the answer to the question, "If I offered Mr Chinaman/Mr Indianman USD 1,400 in Bernanke's paper or GBP 800 in Merv's paper or an ounce of solid fine gold, which is he most likely to take?"

Edited March 8, 2011 by 12DrinkMore

[BlackJack]

From Mises, Law's experiment....

http://mises.org/daily/4257

Any similarities with Bernanke?

The general eagerness of holders to convert their shares into money was tempered only by the fact that the notes which they received in payment were rapidly becoming as worthless as the shares. Investors had to choose between an investment that would yield nothing, and notes that would buy nothing. The attempt to make money and commercial wealth synonymous was a fiasco. This perhaps most audacious attempt in history at managed currency overlooked one vital fact: when trade is bad, good money is more than ever necessary. The state of money cannot be made to depend on the state of the market.

The continued drop in the price of shares and the corresponding rise in the price of bread and other necessities led to further frantic and desperate measures. The value of the bank money was officially lowered by 50 percent.

It was also another episode in which gold and silver were confiscated.

I have to admit that over the last few years I have slowly accumulated physical gold and silver, based on the answer to the question, "If I offered Mr Chinaman/Mr Indianman USD 1,400 in Bernanke's paper or GBP 800 in Merv's paper or an ounce of solid fine gold, which is he most likely to take?"

RENO, NV -

The U.S. Mint Monday announced it is seeking public input on factors to be considered in research and evaluation for alternative metallic coinage materials to be considered in the production of all circulating coins.

The announcement, which is a result of The Coin Modernization, Oversight and Continuity Act of 2010, is setting the stage for a major overhaul of the metals composition of coins and how the Mint is going to manufacture them.

Basically, the Treasury Secretary and the U.S. Mint are conducting a major re-examination of minting and coinage laws.

For instance, the Mint now has the authority to research and test less expensive alloy alternatives for coins. Currently the Lincoln Penny and the Jefferson nickel cost more to produce than their corresponding face values. The Treasury Secretary is expected to address this situation under the auspices of the new act.

Other changes under the Coin Modernization Act give the U.S. Mint greater flexibility in meeting the demand for gold and silver numismatic items, as well as bullion coins. The Treasury Secretary now has the authority to determine the qualities and quantities of American Eagles, which comprise the bulk of gold and silver bullion coins.

Previously, the qualities and quantities of U.S. bullion coins were closely regulated by Congress.

The act also enables the U.S. Mint to produce proof and/or uncirculated American Eagles coins, even if the Mint is not meeting bullion coin demand. For example, the American Platinum Eagle Coin has not been available in bullion format for more than two years.

In the news release Monday the Mint said it is not "soliciting suggestions or recommendations on specific metallic coinage materials." The Mint is seeking public comment only on the factors to be considered in the research and evaluation of potential new metallic coinage materials.

Comment must be submitted to the U.S. Mint on or before April 4, 2011.

Meanwhile, the Mint has reported total February 2011 gold bullion sales of 72,500 ounces with 6,000 gold bullion ounces sold so far this month. Gold bullion sales dropped from 84,000 coins reported during February 2010.

Silver bullion sales totals for February 2011 were reported at 3,240,000 silver ounces, up from the 2,050,000 silver ounces sold during February 2010.

might as well use Monopoly money

[12DrinkMore]

might as well use Monopoly money

That is indeed what is in circulation.

After the gold standard was ripped out from under our feet the sole legitimacy of a currency is that you have to pay tax with it. There is no limit to how much the bankers can issue. It is indeed very scary. The "democratic" voter and the elected politicians have absolutely no say in this whatsoever.

Essentially the "bail outs" are a massive issue of "Monopoly money" to keep the game moving. Running out of money, in whatever form it takes, is simply not an option. As, indeed, is a return to a "gold standard" certainly not a possibility.

The bankers will always win. Those few possibilities to change history are, well, history.

And I have to recognise the sad fact that the vehemence and anger initiating this topic have left me. It is fruitless. There is no way that the system will be changed.

My biggest hope is that my current assets will keep me going until some massive stroke removes me from this futile existence.

[AlexLah]

Gasoline price in the Netherlands at record high!

1 L 95 = 1.70 Euro, (72 THB)

8.95 USD a gallon!!!!

[flying]

U.S. Treasury Drew Down Its Cash Balance by $81.6 Billion in Just First 4 Days of March

Monday, March 07, 2011

By Terence P. Jeffrey

(CNSNews.com) - The U.S. Treasury is depleting its cash at an accelerating pace, drawing down its cash balance by $81.6 billion in the just the first four days of March, leaving the federal government with only $108.9 billion on hand, according to the Daily Treasury Statement released Monday afternoon.

At the beginning of February, the Treasury had $349.1 billion in cash on hand, but spent that down by $158.5 billion during the month, ending February with only $190.6 billion on hand.

Were the government to continue to draw down its cash balance at the $20.4 billion-per-day rate that prevailed in the first four days of March, it would spend its way through its final $108.9 billion in little more than five days.

Under current law, the U.S. Treasury may only run the national debt up to $14.294 trillion. At the end of February, according to the Treasury’s Monthly Statement of the Public Debt, the total debt subject to this legal limit was $14.142331 trillion—just $151.669 billion short of the limit.

Had the Treasury not spent down the $81.6 billion in its cash balance in the first four days of this month and borrowed that money instead, it would have significantly reduced its remaining legal borrowing authority.

For the Treasury to borrow more than the current $14.294-trillion limit, Congress and President Barack Obama will need to enact new legislation authorizing the Treasury to increase the national debt up to whatever new limit they find agreeable.

The Treasury’s largest single expenditure in the first four days of March, according to the Daily Treasury Statement, was paying off maturing debt. During those four days, Treasury paid $128.477 billion to redeem old bonds. At the same time, it borrowed $133.196 billion by selling new bonds.

[midas]

I still dont understand why this guy isn't sitting in the cell next to Bernie Madoff

http://www.youtube.com/watch?v=IdoaqiH6GK8&feature=player_embedded

[cloudhopper]

I still dont understand why this guy isn't sitting in the cell next to Bernie Madoff

http://www.youtube.c...player_embedded

Bernie defrauded the rich, Ben is is doing it to the poor.

[midas]

I still dont understand why this guy isn't sitting in the cell next to Bernie Madoff

http://www.youtube.c...player_embedded

Bernie defrauded the rich, Ben is is doing it to the poor.

[BlackJack]

might as well use Monopoly money

That is indeed what is in circulation.

After the gold standard was ripped out from under our feet the sole legitimacy of a currency is that you have to pay tax with it. There is no limit to how much the bankers can issue. It is indeed very scary. The "democratic" voter and the elected politicians have absolutely no say in this whatsoever.

Essentially the "bail outs" are a massive issue of "Monopoly money" to keep the game moving. Running out of money, in whatever form it takes, is simply not an option. As, indeed, is a return to a "gold standard" certainly not a possibility.

The bankers will always win. Those few possibilities to change history are, well, history.

And I have to recognise the sad fact that the vehemence and anger initiating this topic have left me. It is fruitless. There is no way that the system will be changed.

My biggest hope is that my current assets will keep me going until some massive stroke removes me from this futile existence.

http://utah.tenthamendmentcenter.com/2011/03/utah-legislature-approves-sound-money/

SOUND MONEY gold and silver

[midas]

The politicians had their chance and failed to help ordinary people...

so now the world's most (in)famous hacker group - Anonymous - known for effectively shutting down their hacking nemesis security firm (with clients such as Morgan Stanley and, unfortunately for them, Bank of America)- HBGary, advocating the cause of Wikileaks, and the threat made by one of its members that evidence of fraud by Bank of America will be released on Monday

The goal - engage in "a relentless campaign of non-violent, peaceful, civil disobedience" until Ben Bernanke steps down and the "Primary Dealers within the Federal Reserve banking system be broken up and held accountable for rigging markets and destroying the global economy effective immediately."

Edited March 13, 2011 by midas

[Naam]

View PostBlackJack, on 2011-03-08 20:58:54, said:

might as well use Monopoly money

12DrinkMore, on 2011-03-09 00:29:00, said:

That is indeed what is in circulation.

even those who make derogatory remarks about "fiat" or "monopoly" money wish they owned tons of it. those in denial have my sympathy.

[BlackJack]

View PostBlackJack, on 2011-03-08 20:58:54, said:

might as well use Monopoly money

12DrinkMore, on 2011-03-09 00:29:00, said:

That is indeed what is in circulation.

even those who make derogatory remarks about "fiat" or "monopoly" money wish they owned tons of it. those in denial have my sympathy.

yes and one good wave could wash it and all those that crave it away

[12DrinkMore]

The natural disasters versus man made financial crisis.

the Japan earthquake will cost its economy more than $100bn

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/insurance/8383643/Worlds-most-expensive-natural-disasters-in-pictures.html

A mere ripple compared to the tsunami of the financial crisis

http://money.cnn.com...nt/bankbailout/

Edited March 16, 2011 by 12DrinkMore

[12DrinkMore]

And now, from the UK, we have the latest piece of bullshit.

http://www.telegraph...l-councils.html

First-time buyers are being offered deposits of up to £70,000 by their local council to help them on the property ladder, with taxpayers footing the bill if house prices fall.

Well, fuc_k me, do these cun_ts never learn? Not only does the tax payer have to stump up the deposit, but, as it is a guarantee against falling house prices, we have a de-facto tax payer guarantee against losses, but NO upside on the profit.

Under the scheme, if house prices fall and the property is repossessed, the money invested by the local authority could be lost.

This is another interference by the government, now at local level, to intervene in the financial world. The bastards were NOT voted in to do this and should be immediately voted OUT.

So where did this come from?

It appears this lot Sector Treasury Services have popped out a "brainchild"

http://www.sector-group.com

And it gets worse

http://www.sector-gr...s/News-1743.htm

Participating local authorities will provide financial assistance to fund up to 20 per cent of a first time buyers mortgage, by lodging the funds with the lender.

So the banks get 20% (interest free?) deposit to prop up the fractional reserves and the ponzi housing market is propped as well. But one has to ask, where is the cash for the 20% lodgement coming from? As the government is running a massive deficit this can surely only result in more government debt?

and

local authorities have participated in a pilot scheme to look at the possibility of councils and mortgage lenders working in partnership, sharing both expertise and associated risks.

Expertise in WHAT?

Screwing the taxpayers and passing on the risk to them.

Edited March 16, 2011 by 12DrinkMore

[midas]

And now, from the UK, we have the latest piece of bullshit.

http://www.telegraph...l-councils.html

My first reaction to reading this is that i would be very surprised if the

local authority officials actually have the legal power to initiate something like this ?

It would make a very interesting legal challenge.

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

Edited March 16, 2011 by midas

[12DrinkMore]

Martenson on steroids....

http://www.chrismartenson.com/blog/alert-nuclear-economic-meltdown-in-progress

It never rains but it pours.....

[flying]

Martenson on steroids....

http://www.chrismartenson.com/blog/alert-nuclear-economic-meltdown-in-progress

It never rains but it pours.....

Just what I had been wondering about...........

Mainly what the impact would be on UST.....

The rest of the prediction is not too cheery either is it?

Stage 3: In order to fund the rebuilding effort, Japan has to buy a lot of items from foreign suppliers at the same time that its exports plunge precipitously. At first Japan simply does not participate in US Treasury auctions, leading to a shortage of buyers. But eventually Japan has to sell some of its vast hoard of US bonds in order to pay for external items needed for its reconstruction. Further, insurance companies, huge holders of US bonds, face stiff liability claims in the wake of the worst natural disaster to hit a heavily industrialized center and are forced to redeem enormous amounts of Treasury paper. US Treasury yields begin to climb.

[LaoPo]

If only the Western Governments would install the same steps for THEIR banks...

China Raises Bank Reserve Requirement for Third Time in 2011 on Inflation

http://www.bloomberg.com/news/2011-03-18/china-raises-banks-reserve-requirement-ratio-by-50-basis-points-next-week.html

and an excerpt form another link:

As per the new plan, major banks will have to set aside 20 percent of their reserves and small and medium-sized banks will have to keep 16.5 percent of their deposits in reserve.

from:

http://www.beijingnews.net/story/757482

LaoPo

[LaoPo]

Financial Crisis......

Buffett: what crisis?

If you have cash:

Buffett Generates $3.7 Billion on 2008 Goldman Investment

By Andrew Frye - Mar 18, 2011 9:46 PM GMT+0100

Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) has made about $3.7 billion, including paper profits, from its $5 billion investment in Goldman Sachs Group Inc. (GS) at the depths of the financial crisis in 2008.

Goldman Sachs today said it will pay $5.65 billion to redeem preferred stock it sold to Berkshire. The price includes the original investment, plus a 10 percent premium and first- quarter dividend. Berkshire still holds warrants to buy $5 billion of the New York-based bank’s common stock with a strike price of $115 per share, which have generated a paper profit of more than $1.9 billion, data compiled by Bloomberg show.

Continues:

http://www.bloomberg.com/news/2011-03-18/buffett-generates-3-7-billion-from-goldman-investment-made-during-crisis.html

LaoPo

[midas]

i always remember Abrak dismissing the possibility of violence in the USA

as the crisis deepens as being a " romantic notion "

Well i think there be a lot more of this as food prices skyrocket.....

Police: Angry Taco Bell customer fires at officers

(AP) SAN ANTONIO - Police say a San Antonio Taco Bell customer enraged that the seven burritos he ordered had gone up in price fired an air gun at an employee and later fired an assault rifle at officers before barricading himself into a hotel room.

http://wnyt.com/article/stories/S2027222.shtml?cat=10104

Edited March 22, 2011 by midas

[Naam]

Financial Crisis......

Buffett: what crisis?

LaoPo

Naam: crisis? what crisis?

[12DrinkMore]

Nadeem Walayat latest issue.

http://www.marketoracle.co.uk/pdf-a/The_Interest_Rate_Mega_Trend_Ebook_by_N_Walayat.pdf

I don't like the format and I wish he would clean it up, but he does make a few points worth thinking about.

[midas]

The luck o' the Irish

http://www.youtube.com/watch?v=n5N6i0DuYpc&feature=youtu.be

It's about time the IRA rolled up their sleeves and sorted out the real enemy.

If the new government agree to be bound by what Brian Cowen and his team

negotiated I am a monkeys uncle !

I am not a monkeys uncle after all

If Ireland Asserts Sovereignty, Bye-Bye Empire

"If the Irish government does what it says it intends to do, which is its legitimate right, which is to deny their obligations to meet the debt of foreign banking institutions operating on Irish soil, run by the British Empire's Inter-Alpha Group, that means the toppling of the entire damned system," Lyndon LaRouche stated yesterday. "

http://larouchepac.com/node/17805

[cloudhopper]

This can't end well IMO. For anyone...

http://globaleconomicanalysis.blogspot.com/2011/03/worlds-biggest-property-bubble-chinas.html

[midas]

This can't end well IMO. For anyone...

http://globaleconomicanalysis.blogspot.com/2011/03/worlds-biggest-property-bubble-chinas.html

WOW !