Financial Crisis

[Naam]

Martin Armstrong

but if Martin Armstrong is right just think we have 4 more years of this thread

even 4.3 years

p.s. what impresses me are precise forecasts of cycles which last 51.6, 39.4, 358.1 and 4,869.87 years. interesting would be also "next ½ ice age" or "¾ aeon²".

[cloudhopper]

China dumping USTs again on a massive scale - into their own vaults.

http://globaleconomicanalysis.blogspot.com/2011/07/china-bought-more-treasuries-than.html

edit - fix link

Edited July 3, 2011 by cloudhopper

[BlackJack]

I think we can close this thread now as just like the political woes of Thailand the financial crisis is over

[midas]

oh oh

EU: Greece May Have Missed June Primary Balance Target

BRUSSELS-(Dow Jones)- Greece is at risk of missing a key budget target in June, European Union experts said in a report, a sign of the uphill struggle the country faces as it tries to get its deficit reduction plans back on track.

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201107040854dowjonesdjonline000103&title=eu-greece-may-have-missed-june-primary-balance-target

[midas]

oh oh

EU: Greece May Have Missed June Primary Balance Target

BRUSSELS-(Dow Jones)- Greece is at risk of missing a key budget target in June, European Union experts said in a report, a sign of the uphill struggle the country faces as it tries to get its deficit reduction plans back on track.

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201107040854dowjonesdjonline000103&title=eu-greece-may-have-missed-june-primary-balance-target

That vote in the Greek parliament last week was totally meaningless because it is what the people want and say that counts and they have just issued this statement:-

A WARNING TO TROIKA, BANKS AND LOCAL OR FOREIGN PROSPECTIVE INVESTORS WHO DREAM OF OBTAINING GREEK PUBLIC PROPERTY

A revoked and dictatorial government that doesn’t represent the people of this country has just passed bills (Midterm Agreement, Implementation law) to sell up greek public property and land, against the will of the vast majority of the people.

We inform those who look forward to an investing opportunity that we will, in a very short time, overthrow this government and all responsible will answer for their crimes against the people and the country. Their bills and signatures are not valid. They have not been validated by the Greek people and they will not be recognized by the people.

We warn any investor not to even think of coming near an auction or sale of our public property or land and furthermore not to purchase them. When we will regain the sovereignty of our country, they will lose whatever they purchased, and the money they paid in that illegal transaction will not be refunded.

Moreover we warn them that until we regain control of the country, in the process of defending our rights, as they are mentioned in the Greek Constitution and in the internationally recognized Peoples’ Rights, we will proceed to all necessary actions (through our self-organization) to annul and sabotage their investment

No prospective investor should, therefore, dare to go on with any bargain shopping of public property and land in Greece, unless they realize the high risk of their investment. In this case, their investment will be “welcomed” in the country where any time someone takes away the freedom of the people, someone like Kanaris1 is born or a bridge is blown up, like that over Gorgopotamos2 river. :clap2:

The People’s Assembly Syntagma 3/7/2011

Edited July 5, 2011 by midas

[cloudhopper]

and they have just issued this statement:-

Any links Midas? Just wondering who 'they" are...

[midas]

and they have just issued this statement:-

Any links Midas? Just wondering who 'they" are...

actually Cloudhopper I would normally have added the link but there have been numerous warnings that the original site on which this statement appears is also generating malware warnings so I thought it better not to provide it in case that people clicked on it and then had problems with their PC. I wouldn't mind betting they are connected to the group Anonymous somehow. But if you carry out a Google search such as “who are The People’s Assembly Syntagma “ you will generate several interesting links

Edited July 5, 2011 by midas

[midas]

drip drip drip

no wonder things are heating up in Greece and well they should. It has nowbeen revealed that in the agreement the Greek Government signed with the IMF it gives the IMF ( no wonder Gerald Celente calls them the international Mafia Federation ) rights to an unbelievable list of Greek assets ( including 111 Tons of GOLD ) even though to do that is clearly unconstitutional without the people consenting to that. Even more unbelievable is the AGREEMENT this most treacherous Greek government signed with the IMF because it says specifically that the provisions of the agreement regarding the loan conditions is above and beyond the Constitution of the country!

Will be there be public executions ???

Edited July 5, 2011 by midas

[Naam]

We warn any investor not to even think of coming near an auction or sale of our public property or land and furthermore not to purchase them. When we will regain the sovereignty of our country, they will lose whatever they purchased, and the money they paid in that illegal transaction will not be refunded.

there goes my downpayment for this island:

[Naam]

drip drip drip

no wonder things are heating up in Greece and well they should. It has nowbeen revealed that in the agreement the Greek Government signed with the IMF it gives the IMF ( no wonder Gerald Celente calls them the international Mafia Federation ) rights to an unbelievable list of Greek assets ( including 111 Tons of GOLD ) even though to do that is clearly unconstitutional without the people consenting to that. Even more unbelievable is the AGREEMENT this most treacherous Greek government signed with the IMF because it says specifically that the provisions of the agreement regarding the loan conditions is above and beyond the Constitution of the country!

Will be there be public executions ???

now i am really worried Midas! not about the Greek bigmouths but about your health. anybody who thinks the people's consent is required when a nation pledges any collateral for a loan should go for a thorough health checkup.

but then... here's support for your case. never mind that some real bullshit is subtly presented in this report.

Greek Army Threatens Military Coup Saying “We Will Not Be Sold To Foreign Powers” Ahead Of IMF Bailout Loan Vote Sparking Fears Of Military Uprisings And Civil Wars Spreading Across Europe. Military Officers And Police Forces Are Now Joining The Protests.

http://truthrss.com/2011/06/29/greek-military-coup/

[midas]

now i am really worried Midas! not about the Greek bigmouths but about your health. anybody who thinks the people's consent is required when a nation pledges any collateral for a loan should go for a thorough health checkup.

hello hello ? !! The nation pledges ?

You mean the 155 who voted yes last week may have " pledged " the collateral ( versus 138 who at least

have some dignity ) from an estimated Greek population of 11,194,176 ....mmmmmmmm

that doesn't sound much to me like it was the " Nation " who pledged anything ...other than to get revenge !

[Wrong Turn]

drip drip drip

no wonder things are heating up in Greece and well they should. It has nowbeen revealed that in the agreement the Greek Government signed with the IMF it gives the IMF ( no wonder Gerald Celente calls them the international Mafia Federation ) rights to an unbelievable list of Greek assets ( including 111 Tons of GOLD ) even though to do that is clearly unconstitutional without the people consenting to that. Even more unbelievable is the AGREEMENT this most treacherous Greek government signed with the IMF because it says specifically that the provisions of the agreement regarding the loan conditions is above and beyond the Constitution of the country!

Will be there be public executions ???

Executions? There ought to be, but I see another helicopter escape like in Argentina in the 90s.

I'm a follower of celente also.

Cheers.

Greece will default. It's only a matter of when. Better to have some form of "controlled default" than just let it happen.

At least 3 European banks are tied to it.

[12DrinkMore]

Just stumbled across this

http://www.bloomberg...en-to-give.html

Singapore may displace Switzerland as the world's top wealth-management center by 2013, PwC said last month.

I've had a bet on the SGD for a year or so now and so far so good. Rumour has it that Singapore will also start increasing the interest rates which will help the currency.

But I wonder if the Shin clan will take heed here?

Gates and Buffett started the Giving Pledge last year for billionaires who agree to commit half their fortunes to charity

Edited July 5, 2011 by 12DrinkMore

[Naam]

now i am really worried Midas! not about the Greek bigmouths but about your health. anybody who thinks the people's consent is required when a nation pledges any collateral for a loan should go for a thorough health checkup.

hello hello ? !! The nation pledges ?

You mean the 155 who voted yes last week may have " pledged " the collateral ( versus 138 who at least

have some dignity ) from an estimated Greek population of 11,194,176 ....mmmmmmmm

that doesn't sound much to me like it was the " Nation " who pledged anything ...other than to get revenge !

whether you like it or not, governments make decisions for the nation they govern. even one single lonely "twelfth dozen" vote might be enough for a decision to become law.

the Greek population like most other populations has no say what the parliament decides. 200 and now 300 million Americans were never asked whether any debt ceiling should be raised or not. your and my country issues debt and pledges to service and pay back the debt with the taxes raised from citizens. these citizens are not asked whether they agree or don't.

please tell us any nation where a plebiscit was held or the population was asked for permission that some gold from the central bank reserves can be sold or swapped.

[cloudhopper]

the Greek population like most other populations has no say what the parliament decides. 200 and now 300 million Americans were never asked whether any debt ceiling should be raised or not. your and my country issues debt and pledges to service and pay back the debt with the taxes raised from citizens. these citizens are not asked whether they agree or don't.

please tell us any nation where a plebiscit was held or the population was asked for permission that some gold from the central bank reserves can be sold or swapped.

Even the mighty Greek parliament however will be unable in the event to squeeze the required funds from the Greek economy and they will default.

Just as the corrupt mighty US congress will can not stop the military industrial complex Obama's war mongering in Libya.

[cloudhopper]

This 2 part video from the Khan Acdemy (highly recommend you check out all they have) illustrating an example of how real wealth is destroyed in a deflationary collapse of a credit expansion.

http://www.khanacademy.org/video/wealth-destruction-1?playlist=Credit%20Crisis

[midas]

the Greek population like most other populations has no say what the parliament decides. 200 and now 300 million Americans were never asked whether any debt ceiling should be raised or not. your and my country issues debt and pledges to service and pay back the debt with the taxes raised from citizens. these citizens are not asked whether they agree or don't.

please tell us any nation where a plebiscit was held or the population was asked for permission that some gold from the central bank reserves can be sold or swapped.

Even the mighty Greek parliament however will be unable in the event to squeeze the required funds from the Greek economy and they will default.

Just as the corrupt mighty US congress will can not stop the military industrial complex Obama's war mongering in Libya.

if it is found the people have no say then a coup has already taken place

" Furthermore, on December 1, 2010, I was in attendance when legendary Greek composer, Mikis Theodorakis announced the foundation of the “Spark” citizens’ movement. During the event, the author of the 1985 Constitution for Greek Prime Minister Andreas Papandreou, emeritus Professor of Constitutional Law, G. Kassimatis addressed the audience. He emphasized that IN THE COURSE OF WORLD HISTROY, NEVER BEFORE HAVE BEEN IMPOSED such conditions as those set forth within the Loan Agreements and the Memorandums. Never before, for any reason has a similar agreement been formed between states …not even between colonial and dynastic States! “These shameful agreements violate each of the fundamental principles of international and European law as well as those of the Greek Constitution” he stressed. Noting the agreements entitle the lenders, Professor Kassimatis drew attention to the fact that, if Greece does not respect the agreement it has signed, the Acropolis, Greek islands, air force and whatever else the lenders deem necessary can be confiscated. Declaring “Greece is no longer independent,” he called the Troika’s presence within Greece a “coup”, while emphasizing no one has the right to sell sovereign LAND and rights, because this means the total Abolishment of the Greek state."

[midas]

now i am really worried Midas! not about the Greek bigmouths but about your health. anybody who thinks the people's consent is required when a nation pledges any collateral for a loan should go for a thorough health checkup.

hello hello ? !! The nation pledges ?

You mean the 155 who voted yes last week may have " pledged " the collateral ( versus 138 who at least

have some dignity ) from an estimated Greek population of 11,194,176 ....mmmmmmmm

that doesn't sound much to me like it was the " Nation " who pledged anything ...other than to get revenge !

whether you like it or not, governments make decisions for the nation they govern. even one single lonely "twelfth dozen" vote might be enough for a decision to become law.

the Greek population like most other populations has no say what the parliament decides. 200 and now 300 million Americans were never asked whether any debt ceiling should be raised or not. your and my country issues debt and pledges to service and pay back the debt with the taxes raised from citizens. these citizens are not asked whether they agree or don't.

please tell us any nation where a plebiscit was held or the population was asked for permission that some gold from the central bank reserves can be sold or swapped.

legally you are incorrect ! governments YES but Prime Minsisters versus Presidents NO

"Moreover, Finance Minister Mr. Georgios Papakonstantinou and Bank of Greece Governor Mr. Georgios Provopoulos, on whose signatures the loan agreement's effect was solely based, are not entitled to relegate state assets and future generations in such a manner. Actually, based on Greek Constitutional Law, the President of the Republic signs international treaties and Parliament ratifies them legislatively."

http://real-democracy.gr/content/done-mnimonio-%E2%80%93-symbasi-daneiakis-dieykolynsis-memorandum-understanding-and-overthrowing-loa

[craigt3365]

China has been a concern of mine for a few years. It it implodes, it will be bad:

http://www.nytimes.com/2011/06/28/business/global/28iht-yuan28.html

http://www.economist.com/blogs/freeexchange/2011/06/sovereign-debt?fsrc=rss

[Naam]

Noting the agreements entitle the lenders, Professor Kassimatis drew attention to the fact that, if Greece does not respect the agreement it has signed, the Acropolis, Greek islands, air force and whatever else the lenders deem necessary can be confiscated.

once Professor Kassimatis has recovered from the trauma those aliens caused during his last abduction...

[craigt3365]

This 2 part video from the Khan Acdemy (highly recommend you check out all they have) illustrating an example of how real wealth is destroyed in a deflationary collapse of a credit expansion.

http://www.khanacademy.org/video/wealth-destruction-1?playlist=Credit%20Crisis

Khan Academy is fantastic. I've known about them for a few years. This is a good video. Thanks!!

[midas]

This 2 part video from the Khan Acdemy (highly recommend you check out all they have) illustrating an example of how real wealth is destroyed in a deflationary collapse of a credit expansion.

http://www.khanacade...Credit%20Crisis

Wasn’t it a bit odd to expect people to have been able to afford to keep pay such gigantic increases ( in the example from $100,000-$1 million over 10 years ) when the trend in salaries was clearly there for everyone to see?

[flying]

This 2 part video from the Khan Acdemy (highly recommend you check out all they have) illustrating an example of how real wealth is destroyed in a deflationary collapse of a credit expansion.

http://www.khanacademy.org/video/wealth-destruction-1?playlist=Credit%20Crisis

You know it is funny because back then I saw it all happening & asked a few of my contractor friends

the same question.....I saw it was a silly inflated market & asked what do you think these folks are going

to do when they return to earth & realize these homes are not & were never truly worth these prices?

They all said beats me but the work is good.

I said even back then the banks are going to eat it. Because

no sane person will stay & keep paying on an asset that is will soon be so far underwater.

If simple folks like me could see it clearly surely the banks knew it too. Of course many did not care as they just took the

points & then quickly sold the loan. We know now they were bundled with false ratings ...because again surely they all knew it

was a temporary insanity fueled by their own foolish lending practices. Yet they made money on the way up & then on the way down

with bailouts left & right.

In that video they are too nice to the banks saying things like..." This bank thought it made a prudent loan"

Puleeze....any idiot could see there was no prudent thinking involved on the banks part. All they saw was fast money to be made

giving loans for the most part to folks that should never have had them. All they cared about was the up front points $$$ to be made.

I am not saying many folks who used their homes like ATM's were not also irresponsible but all they had were empty guns. The banks gave them the bullets.

But still they were both irresponsible. But again those that should not have ever qualified to buy inflated to ridiculous priced homes were basically victims of predatory lending

Which is why I always said <deleted> them & let the banks fail. Yet we see the results. Instead we swapped places with them via the bailouts.

They continued on with their bonuses & never skipped a beat. Our economy & $$$ in any savings basically tanked in purchasing power

Hanging would be too good for them. Yet most folks do not even realize it. Perhaps someday they all will & a proper lynching can ensue.

Edited July 7, 2011 by flying

[Wrong Turn]

Couldhopper,

Thank you for the Khanacademy piece. It was a refresher course for me.

I've been studying and dabbling in the entire morgage-lend-borrow-CDO fiasco since about 2006, or so.

Here another article on the overall Financial Crisis (sorry it's US centered) but it's relevant to the world.

This is worth a browse or read, or skim: http://www.msnbc.msn.com/id/43564461/ns/business-stocks_and_economy/

[churchill]

'the rallod' !!! coming soon ?

Is this the Right Time for the Fed to go Negative?

'To restore monetary policy effectiveness in a low interest rate environment when confronted with deflationary or contractionary shocks, it is necessary to get rid of the zlb completely. This can be done in three ways: abolishing currency, taxing currency and ending the fixed exchange rate between currency and bank reserves with the Fed. All three are unorthodox. The third is unorthodox and innovative. All three are conceptually simple. The first and third are administratively easy to implement.

The first method does away with currency completely. This has the additional benefit of inconveniencing the main users of currency—operators in the grey, black and outright criminal economies. Adequate substitutes for the legitimate uses of currency, on which positive or negative interest could be paid, are available.

The second approach, proposed by Gesell, is to tax currency by making it subject to an expiration date. Currency would have to be "stamped" periodically by the Fed to keep it current. When done so, interest (positive or negative) is received or paid.

The third method ends the fixed exchange rate (set at one) between dollar deposits with the Fed (reserves) and dollar bills. There could be a currency reform first. All existing dollar bills and coin would be converted by a certain date and at a fixed exchange rate into a new currency called, say, the rallod. Reserves at the Fed would continue to be denominated in dollars. As long as the Federal Funds target rate is positive or zero, the Fed would maintain the fixed exchange rate between the dollar and the rallod.'

......http://online.wsj.com/article/SB10001424052748704644404575481390712384072.html

[cloudhopper]

'the rallod' !!! coming soon ?

Is this the Right Time for the Fed to go Negative?

And people wonder what the attraction for gold is all about...

[midas]

I'm a follower of celente also.

Today he warns of the effects of a major terrorist attack. Compared to 9/11, western economies are more fragile and civili liberties are already more restricted.

http://www.businessi...collapse-2011-7

Edited July 7, 2011 by midas

[Wrong Turn]

You know it is funny because back then I saw it all happening & asked a few of my contractor friends

the same question.....I saw it was a silly inflated market & asked what do you think these folks are going

to do when they return to earth & realize these homes are not & were never truly worth these prices?

They all said beats me but the work is good.

Short-sightedness.

And the housing construction and all of the jobs were interlinked. The Mortgage loan officers, escrow folks, RE agents, brokers, and of course, the banks.

Myopia.

Many knew but didn't think much about it. What could one do, but plan to change industries of work, or sale your home(s) before the downturn.

But I know many who were just ignorant. People advised me to "buy a house" (translation: take out a 30 year inflated mortgage) as recently as 2007 and even in the Summer of 2008.

But the housing burst in the Summer of 2006, (according to the data) and that's when the news started trickling in on those awful financial TV shows and websites, and eventually, the mainstream media.

I know people that actually bought in the Spring of 2007. Ignorant. Not paying attention.

They have foreclosed or walked away. And the loss includes all of those mortgage payments made for several years before "up-sizing" in 2007, as they were previous home-owners before.

Housing has been over-valued in many areas for a long time.

[cloudhopper]

Easy credit mal-invested in housing is but one example. This exercize also illustrates how money can actually disappear from the economy as all the easy credit from central banks all over the globe that has been similarly mal-invested collapses.

[craigt3365]

Easy credit mal-invested in housing is but one example. This exercize also illustrates how money can actually disappear from the economy as all the easy credit from central banks all over the globe that has been similarly mal-invested collapses.

Another bad report on China's building boom:

http://www.nytimes.com/2011/07/07/business/global/building-binge-by-chinas-cities-threatens-countrys-economic-boom.html?nl=todaysheadlines&emc=globasasa24