Financial Crisis

[midas]

Germany's Top Judge Throws Major Monkey Wrench Into Leveraged EFSF Machinery, Demands New Constitution and Popular Referendum for Further Powers

" Germany's top judge has issued a blunt warning that no further fiscal powers may be surrendered to Europe without a new constitution and a popular referendum, vastly complicating plans to boost the EU's rescue machinery to €2 trillion (£1.7 trillion).

Andreas Vosskuhle, head of the constitutional court, said politicians do not have the legal authority to sign away the birthright of the German people without their explicit consent.

"The sovereignty of the German state is inviolate and anchored in perpetuity by basic law. It may not be abandoned by the legislature (even with its powers to amend the constitution),"

http://globaleconomicanalysis.blogspot.com/2011/09/germanys-top-judge-throws-major-monkey.html

[aussiebebe]

http://www.bbc.co.uk...siness-15059135

Who is this guy? His website just lists his speaking engagements, not much about his work as a trader; my favorite quotes are: "Governments don't rule the world - Goldman Sachs rules the world" and "My prediction is, in less than 12 months, the savings of millions of people will vanish, and that's just the beginning" - ? He makes a strong case for protecting what you own and learning how to make money in a downmarket, but I can't figure out his angle for being so jaw-droppingly blunt. The cynic in me thinks back to those $500-a-head 'Real Estate seminars' before 2008.

[flying]

http://www.bbc.co.uk...siness-15059135

Who is this guy? His website just lists his speaking engagements, not much about his work as a trader; my favorite quotes are: "Governments don't rule the world - Goldman Sachs rules the world" and "My prediction is, in less than 12 months, the savings of millions of people will vanish, and that's just the beginning" - ? He makes a strong case for protecting what you own and learning how to make money in a downmarket, but I can't figure out his angle for being so jaw-droppingly blunt. The cynic in me thinks back to those $500-a-head 'Real Estate seminars' before 2008.

I have no idea but just that the video got quite popular quickly.

Appears he is just an independent trader... Basically said what many already have but had a platform in that BBC interview.

Actually so many have said basically the exact same as him but never got noticed.

Trader Or Prankster? We Called Alessio Rastani And Asked

[Naam]

Germany's Top Judge Throws Major Monkey Wrench Into Leveraged EFSF Machinery, Demands New Constitution and Popular Referendum for Further Powers

" Germany's top judge has issued a blunt warning that no further fiscal powers may be surrendered to Europe without a new constitution and a popular referendum, vastly complicating plans to boost the EU's rescue machinery to €2 trillion (£1.7 trillion).

Andreas Vosskuhle, head of the constitutional court, said politicians do not have the legal authority to sign away the birthright of the German people without their explicit consent.

"The sovereignty of the German state is inviolate and anchored in perpetuity by basic law. It may not be abandoned by the legislature (even with its powers to amend the constitution),"

http://globaleconomicanalysis.blogspot.com/2011/09/germanys-top-judge-throws-major-monkey.html

Germany's top judge can throw multiple monkey wrenches in his workshop. he was misinterpreted by a journàsslist. Judge Vosskuhle is well aware that the German constitution does not provide (unlike Switzerland) the possibility for a referendum.

stupid² "Daily Mail" was the first which published the wrong interpretation/oxymoron "A referendum would be necessary. This cannot be done without the people, Vosskuhle told the German newspaper FAZ"

would anybody with an IQ above 82.5 state "a referendum cannot be done without the people" ?

here's a correct english translation:

In an interview with FAZ, President of the German Constitutional Court Andreas Voßkuhle argues that within the German Constitution there is not “much more room for transferring more core competences to the EU. If one wanted to overrun this limit…then Germany should give itself a new Constitution. In order to achieve that, a referendum would be needed. Without the people it cannot happen!”

[midas]

Germany's top judge can throw multiple monkey wrenches in his workshop.

so when exactly was Timothy Geithner elected to run the financial affairs of Germany ?

Germany slams 'stupid' US plans to boost EU rescue fund

http://www.telegraph.co.uk/finance/financialcrisis/8793010/Germany-slams-stupid-US-plans-to-boost-EU-rescue-fund.html

[midas]

I have been following the wall street protests more since you 1st mentioned it last week.

They have their own site too.

https://occupywallst.org/

Occupy Wall Street spreads across America

https://rt.com/usa/news/occupy-wall-street-spreads-505/

[Naam]

Germany's top judge can throw multiple monkey wrenches in his workshop.

so when exactly was Timothy Geithner elected to run the financial affairs of Germany ?

Germany slams 'stupid' US plans to boost EU rescue fund

http://www.telegraph.co.uk/finance/financialcrisis/8793010/Germany-slams-stupid-US-plans-to-boost-EU-rescue-fund.html

Geithner has partly German ancestors

[flying]

Occupy Wall Street spreads across America

https://rt.com/usa/news/occupy-wall-street-spreads-505/

Thanks midas

That is good to see I hope it continues.

It is at least a start. Baby steps so to speak but at least steps.

Later when the tire of protests they may

also consider further actions.

If people would wake up they would realize they have way more power than the banks & markets.

The banks & markets rely on their faith & continued support.

People could wake up & remove that support & faith anytime they want.

Edited September 28, 2011 by flying

[midas]

Occupy Wall Street spreads across America

https://rt.com/usa/news/occupy-wall-street-spreads-505/

Thanks midas

That is good to see I hope it continues.

It is at least a start. Baby steps so to speak but at least steps.

Later when the tire of protests they may

also consider further actions.

If people would wake up they would realize they have way more power than the banks & markets.

The banks & markets rely on their faith & continued support.

People could wake up & remove that support & faith anytime they want.

but this is even more remarkable flying....on Karl Denningers site

Not tire but JOIN THEM !!!!

September 27, 2011 - TAMPA, FL - In a bizarre twist of fate, a growing movement of New York City Police Department officers are banding together with the Occupy Wall Street movement, while the main stream media continues to relatively ignore this escalating event.

The Occupy Wall Street movement issued the following statement on their website:

"Today we received unconfirmed reports that over one hundred blue collar police refused to come into work in solidarity with our movement. These numbers will grow. We are the 99 percent. You will not silence us."

http://market-ticker.org/akcs-www?post=194965

Edited September 28, 2011 by midas

[flying]

but this is even more remarkable flying....on Karl Denningers site

Not tire but JOIN THEM !!!!

September 27, 2011 - TAMPA, FL - In a bizarre twist of fate, a growing movement of New York City Police Department officers are banding together with the Occupy Wall Street movement, while the main stream media continues to relatively ignore this escalating event.

The Occupy Wall Street movement issued the following statement on their website:

"Today we received unconfirmed reports that over one hundred blue collar police refused to come into work in solidarity with our movement. These numbers will grow. We are the 99 percent. You will not silence us."

http://market-ticker.org/akcs-www?post=194965

That is good to hear midas.

But those videos on that link are brutal.

Amazing if the cops get away with those assaults.

Hopefully they will be charged because the videos look

quite obvious that the protesters were being randomly grabbed either because like the

man who had his head smashed against the volvo had a video cam....or the lady the cop dragged out for what ever reason.

Pretty bad

[lovetotravel]

but this is even more remarkable flying....on Karl Denningers site

Not tire but JOIN THEM !!!!

September 27, 2011 - TAMPA, FL - In a bizarre twist of fate, a growing movement of New York City Police Department officers are banding together with the Occupy Wall Street movement, while the main stream media continues to relatively ignore this escalating event.

The Occupy Wall Street movement issued the following statement on their website:

"Today we received unconfirmed reports that over one hundred blue collar police refused to come into work in solidarity with our movement. These numbers will grow. We are the 99 percent. You will not silence us."

http://market-ticker...www?post=194965

That is good to hear midas.

But those videos on that link are brutal.

Amazing if the cops get away with those assaults.

Hopefully they will be charged because the videos look

quite obvious that the protesters were being randomly grabbed either because like the

man who had his head smashed against the volvo had a video cam....or the lady the cop dragged out for what ever reason.

Pretty bad

Looked like the protesters were told to contain themselves, or disperse, and decided not to obey. If I was a nearby worker or lived there, I would agree with the police.

I hate violence of any kind, but it does kinda look like they were asking for it. Kinda like here in Bangkok earlier....

[Naam]

but it kinda fits in some kinda doomsday scenario some kinda gloom&doomers kinda forecast... sort of...

[midas]

but this is even more remarkable flying....on Karl Denningers site

Not tire but JOIN THEM !!!!

September 27, 2011 - TAMPA, FL - In a bizarre twist of fate, a growing movement of New York City Police Department officers are banding together with the Occupy Wall Street movement, while the main stream media continues to relatively ignore this escalating event.

The Occupy Wall Street movement issued the following statement on their website:

"Today we received unconfirmed reports that over one hundred blue collar police refused to come into work in solidarity with our movement. These numbers will grow. We are the 99 percent. You will not silence us."

http://market-ticker.org/akcs-www?post=194965

That is good to hear midas.

But those videos on that link are brutal.

Amazing if the cops get away with those assaults.

Hopefully they will be charged because the videos look

quite obvious that the protesters were being randomly grabbed either because like the

man who had his head smashed against the volvo had a video cam....or the lady the cop dragged out for what ever reason.

Pretty bad

given his background and his friends I doubt if the Mayor of New York

would have much sympathy with the protesters

[craigt3365]

but this is even more remarkable flying....on Karl Denningers site

Not tire but JOIN THEM !!!!

September 27, 2011 - TAMPA, FL - In a bizarre twist of fate, a growing movement of New York City Police Department officers are banding together with the Occupy Wall Street movement, while the main stream media continues to relatively ignore this escalating event.

The Occupy Wall Street movement issued the following statement on their website:

"Today we received unconfirmed reports that over one hundred blue collar police refused to come into work in solidarity with our movement. These numbers will grow. We are the 99 percent. You will not silence us."

http://market-ticker.org/akcs-www?post=194965

That is good to hear midas.

But those videos on that link are brutal.

Amazing if the cops get away with those assaults.

Hopefully they will be charged because the videos look

quite obvious that the protesters were being randomly grabbed either because like the

man who had his head smashed against the volvo had a video cam....or the lady the cop dragged out for what ever reason.

Pretty bad

given his background and his friends I doubt if the Mayor of New York

would have much sympathy with the protesters

Being an ex-New Yorker, this is one reason citizens there love him.....he is extremely popular in NYC.

[midas]

but this is even more remarkable flying....on Karl Denningers site

Not tire but JOIN THEM !!!!

September 27, 2011 - TAMPA, FL - In a bizarre twist of fate, a growing movement of New York City Police Department officers are banding together with the Occupy Wall Street movement, while the main stream media continues to relatively ignore this escalating event.

The Occupy Wall Street movement issued the following statement on their website:

"Today we received unconfirmed reports that over one hundred blue collar police refused to come into work in solidarity with our movement. These numbers will grow. We are the 99 percent. You will not silence us."

http://market-ticker.org/akcs-www?post=194965

That is good to hear midas.

But those videos on that link are brutal.

Amazing if the cops get away with those assaults.

Hopefully they will be charged because the videos look

quite obvious that the protesters were being randomly grabbed either because like the

man who had his head smashed against the volvo had a video cam....or the lady the cop dragged out for what ever reason.

Pretty bad

given his background and his friends I doubt if the Mayor of New York

would have much sympathy with the protesters

Being an ex-New Yorker, this is one reason citizens there love him.....he is extremely popular in NYC.

but if he is behind this police brutality it would be interesting to see if New Yorkers agree with this policy

of being tough with the protestors and yet letting the Mayor's friends get away scot free with fraud

hardly seems just me

Edited September 28, 2011 by midas

[craigt3365]

but if he is behind this police brutality it would be interesting to see if New Yorkers agree with this policy

of being tough with the protestors and yet letting the Mayor's friends get away scot free with fraud

hardly seems just me

Not sure about the fraud thing, but NY'ers have zero tolerance for protesters who disrupt their daily life. If you weren't very strict with this, NY would be protest central...and none of the protesters live there.

[midas]

but if he is behind this police brutality it would be interesting to see if New Yorkers agree with this policy

of being tough with the protestors and yet letting the Mayor's friends get away scot free with fraud

hardly seems just me

Not sure about the fraud thing, but NY'ers have zero tolerance for protesters who disrupt their daily life. If you weren't very strict with this, NY would be protest central...and none of the protesters live there.

Well I am surprised at your response Craig bearing in mind the whole essence of this thread is the financial crisis of which multiple acts of fraud by Wall Street banksters has been a major component and has been mentioned in the media several times since 2008 because notably not a single person has been arrested.

It depends what you consider to be a worse offence - demonstrating peacefully or fraud.?

These people are part of the 99% that 1% of America are trying to control but if they use heavy-handed tactics against them I think they will just make the situation worse. This is just the same mentality as trying to stop dancing at the Lincoln Memorial, stopping the handing out of free food at a Florida park and arresting journalists just for taking photographs of police brutality .

Edited September 28, 2011 by midas

[midas]

But those videos on that link are brutal.

Amazing if the cops get away with those assaults.

Hopefully they will be charged because the videos look

quite obvious that the protesters were being randomly grabbed either because like the

man who had his head smashed against the volvo had a video cam....or the lady the cop dragged out for what ever reason.

Pretty bad

don't worry the Guardian newspaper is already on to it

" Another eyewitness, who photographed the protest for his blog, then posted what he said was a close-up image of the officer's badge. Using that information, the Hacker collective Anonymous correctly deduced that the officer who had used his small gas canister against four female protesters was Deputy Inspector Anthony Bologna, a veteran commander in Manhattan."

" While the various clips allow viewers to piece together some of what took place on Saturday, the Guardian is trying to build a more complete picture of the incident and would like your help.

Any readers who witnessed the event, or have come across more visual evidence of what took place, can either can post links in the comment thread below or contact me directly via email or Twitter."

Occupy Wall Street: help us reconstruct the 'pepper spray' incident

http://www.guardian.co.uk/world/2011/sep/27/occupy-wall-street-reconstruct-pepper-spray

[midas]

they have got to be joking ...

" the new set of austerity measures most of which are very loud threats that Greece will very soon (really) take austerity seriously (they promise), we stumble across the following gem: "The conservative opposition New Democracy party said a shortage of ink had prevented the computerised tax centre at the finance ministry from sending out claims to taxpayers over the last 10 days. There was no response from the finance ministry to the claim."...

[waza]

but it kinda fits in some kinda doomsday scenario some kinda gloom&doomers kinda forecast... sort of...

I guess its easy to be flippant about these issues, but it does kinda remind me of something...........

Edited September 28, 2011 by waza

[Naam]

but it kinda fits in some kinda doomsday scenario some kinda gloom&doomers kinda forecast... sort of...

I guess its easy to be flippant about these issues, but it does kinda remind me of something...........

can't kinda remember these riots, wasn't even born when they occured.

[craigt3365]

Just to put some perspective on this, these protests ARE being covered by the mainstream media:

http://money.cnn.com/video/news/2011/09/28/n_wall_st_protests_kosik.cnnmoney/

http://money.cnn.com/galleries/2011/technology/1109/gallery.occupy_wall_street/?iid=HP_LN

Midas: I 100% agree with you about the fraud. Something needs to be done.

It's interesting that there is no clear "theme" to their demands, other than social justice. One guy in the interview was there to protest the fact he was going to be stuck in the same low paying job for the rest of his life. Maybe getting an education would help??? He was not protesting the financial fraud...

[craigt3365]

An interesting article from Gordon Brown:

http://www.nytimes.com/2011/09/29/opinion/29iht-edbrown29.html?nl=todaysheadlines&emc=globasasa212

[Naam]

instead of yada yada pepperspray police brutality here more financial crisis relevant information:

Preview of the EFSF vote in the German Bundestag:

Today (Thursday) the German Bundestag will vote on the EFSF amendment which will bring the effective lending capability to EUR 440bn and introduce three precautionary policy toolds (precautionary credit lines, bank recapitalisations and open market purchases). The vote is expected to take place around 10 am (BST) with the debate starting two hours before at 8 am (BST). The debate will be broadcast on the parliaments website at: http://www.bundestag.de/ .

For the vote to pass, the simple majority of the MP’s will have to vote in favour. As most of the opposition parties have declared that they will support the bill, passage is almost certain.

What matters for Chancellor Merkel, however, is that she gets enough votes from her own coalition to pass the bill, as otherwise her ability to govern the country and to command a majority might be called into question.

As members of parliament can also abstain from the vote, a simple majority of votes in favour of the bill coming from her own coalition would fulfill this condition. However, in order to secure the so called ‘chancellor majority’ a total of 311 votes from her coalition is needed which represents the majority of members of the Bundestag which has 620 seats in total.

A trial vote yesterday suggested that just about enough MP’s are likely to support the bill. As many as 12 MPs from Merkel’s own CDU/CSU party indicated to vote against the bill, while 2 suggested that they would abstain. No trial vote was taken in the collation party FDP but it is expected that no more than 5 MP’s will either abstain or oppose. With a total of 19 MP’s indicating that they will either oppose the bill or abstain, Angela Merkel would just about achieve the ‘chancellor majority’ of 311 votes as her coalition has a total of 330 seats in parliament.

Before the amendment to the EFSF can become German law, the upper house of the parliament, the Bundesrat which represents each of the German regional states, will also have to approve the bill. The vote is scheduled for Friday morning and passage of the bill is also expected there.

[craigt3365]

Dang, did I just see the dollar go above 31 to the Baht? I seem to remember a lot of doom and gloomers saying it would never break 30 again? And actually hit 25?

Maybe it's a short term thing, so time to transfer a few bucks over here....

[Naam]

Dang, did I just see the dollar go above 31 to the Baht? I seem to remember a lot of doom and gloomers saying it would never break 30 again? And actually hit 25?

Maybe it's a short term thing, so time to transfer a few bucks over here....

that's what i am planning to do today or tomorrow. it could be that i am wrong but even the paltry interest here in Thailand is better than the zero yield my cash Dollars and EURos are generating offshore.

[lannarebirth]

Dang, did I just see the dollar go above 31 to the Baht? I seem to remember a lot of doom and gloomers saying it would never break 30 again? And actually hit 25?

Maybe it's a short term thing, so time to transfer a few bucks over here....

that's what i am planning to do today or tomorrow. it could be that i am wrong but even the paltry interest here in Thailand is better than the zero yield my cash Dollars and EURos are generating offshore.

Well, you may turn out to be wrong, but you won't be more wrong tha I was when I moved 2 years living expenses here at 30.17. I hope that brings some comfort.

[midas]

Just to put some perspective on this, these protests ARE being covered by the mainstream media:

http://money.cnn.com/video/news/2011/09/28/n_wall_st_protests_kosik.cnnmoney/

http://money.cnn.com/galleries/2011/technology/1109/gallery.occupy_wall_street/?iid=HP_LN

Midas: I 100% agree with you about the fraud. Something needs to be done.

It's interesting that there is no clear "theme" to their demands, other than social justice. One guy in the interview was there to protest the fact he was going to be stuck in the same low paying job for the rest of his life. Maybe getting an education would help??? He was not protesting the financial fraud...

on the contrary they have already established a draft document including 9 demands for a start

https://occupywallst.org/forum/proposed-list-of-demands-please-help-editadd-so-th/

Edited September 29, 2011 by midas

[flying]

getting nasty....

Check out this police commander in the red jacket torque this girls arm @ 1:03 in video

[craigt3365]

Jeez...that video shows protesters ignoring requests by the police to clear the streets. They ignored the requests and had to deal with the consequences. Good for the police!

This really has nothing to do with the financial crisis. About as much as protesters who smash windows and create havoc at G20 meetings.

Can we get back to the topic? :jap: