Financial Crisis

[midas]

Suicides ‘by Economic Crisis’ Increase in Europe

Read more at http://www.inquisitr...pcDUXbLJqd5P.99

Suicides have Greeks on edge before election

(Reuters) - On Monday, a 38-year-old geology lecturer hanged himself from a lamp post in Athens and on the same day a 35-year-old priest jumped to his death off his balcony in northern Greece. On Wednesday, a 23-year-old student shot himself in the head.

In a country that has had one of the lowest suicide rates in the world, a surge in the number of suicides in the wake of an economic crisis has shocked and gripped the Mediterranean nation - and its media - before a May 6 election.

http://www.reuters.com/article/2012/04/28/us-greece-election-suicide-idUSBRE83R08N20120428

[chiang mai]

Suicides ‘by Economic Crisis’ Increase in Europe

Read more at http://www.inquisitr...pcDUXbLJqd5P.99

Suicides have Greeks on edge before election

(Reuters) - On Monday, a 38-year-old geology lecturer hanged himself from a lamp post in Athens and on the same day a 35-year-old priest jumped to his death off his balcony in northern Greece. On Wednesday, a 23-year-old student shot himself in the head.

In a country that has had one of the lowest suicide rates in the world, a surge in the number of suicides in the wake of an economic crisis has shocked and gripped the Mediterranean nation - and its media - before a May 6 election.

http://www.reuters.c...E83R08N20120428

I don't mean to appear uncaring but when you live in a country where hardly anyone paid taxes, many lived off the state and everyone had bloated pension packages, of course there's going to be fallout amongst the population, I'm not sure whether the blame for that rests with the state for allowing the status quo to continue, the state for changing the status quo or the individuals for not seeing the reality until it's too late, difficult to blame the bangsters though.

[Naam]

I don't mean to appear uncaring but when you live in a country where hardly anyone paid taxes, many lived off the state and everyone had bloated pension packages, of course there's going to be fallout amongst the population, I'm not sure whether the blame for that rests with the state for allowing the status quo to continue, the state for changing the status quo or the individuals for not seeing the reality until it's too late, difficult to blame the bangsters though.

-The Ministry of Employment and Social Security has again revealеd a fraud with 200 thousand fake pensions. Suspension of their payment will from now on save the country about 800 million euro per year, the Ministry announced.

-But its fiscal woes are also due to a simple fact: tax evasion is the national pastime.

According to a remarkable presentation that a member of Greece’s central bank gave last fall, the gap between what Greek taxpayers owed last year and what they paid was about a third of total tax revenue, roughly the size of the country’s budget deficit.

-Even when the system did track down evaders, it was next to impossible to get them to pay up, because the tax courts typically took seven to ten years to resolve a case. As of last February, they had a backlog of three hundred thousand cases.

[Asiantravel]

Suicides ‘by Economic Crisis’ Increase in Europe

Read more at http://www.inquisitr...pcDUXbLJqd5P.99

Suicides have Greeks on edge before election

(Reuters) - On Monday, a 38-year-old geology lecturer hanged himself from a lamp post in Athens and on the same day a 35-year-old priest jumped to his death off his balcony in northern Greece. On Wednesday, a 23-year-old student shot himself in the head.

In a country that has had one of the lowest suicide rates in the world, a surge in the number of suicides in the wake of an economic crisis has shocked and gripped the Mediterranean nation - and its media - before a May 6 election.

http://www.reuters.c...E83R08N20120428

I don't mean to appear uncaring but when you live in a country where hardly anyone paid taxes, many lived off the state and everyone had bloated pension packages, of course there's going to be fallout amongst the population, I'm not sure whether the blame for that rests with the state for allowing the status quo to continue, the state for changing the status quo or the individuals for not seeing the reality until it's too late, difficult to blame the bangsters though.

it is happening in other countries also

Edited April 29, 2012 by Asiantravel

[midas]

In my opinion we are now beginning to see the very early indirect " spin-off " from all the recent developments of creating somewhat sinister giant databases on people and loss of freedom and privacy. I believe what those in power will be able to do increasingly in the future is to hold you to ransom and deny some freedom or benefit regarding one thing because you have failed to pay for something entirely unrelated.

We are already seeing this is Greece where they will now stop your power supply for non-payment of property taxes.

And here is the latest in USA

“With more and more vehicle owners simply deciding refuse to pay red light camera and speed camera tickets, private, for-profit companies and municipalities are growing increasingly desperate. America's second-largest city shut down its photo ticketing program last year largely because residents who could not afford the $500 citations did not pay them. On Monday, Las Cruces, New Mexico announced it would shut off the utilities of city residents who refused to pay Redflex Traffic Systems, the Australian company that owns and operates the cameras.”

I predict this trend will grow significantly and who knows what cross-fertilisation of services and indeed aspects of freedom and liberty will be denied to people in the future for failing to comply with something completely unrelated?

For example who would want to be bothered with taking you the court in the old fashioned way in a civil action to try to sue you to recover a large sum of money when " they " could offer you the alternative of working off your debt in a modern day version of a debtors prison ( privately owned of course ).

http://www.thenewspa...ews/37/3774.asp

Edited April 30, 2012 by midas

[12DrinkMore]

In my opinion we are now beginning to see the very early indirect " spin-off " from all the recent developments of creating somewhat sinister giant databases on people and loss of freedom and privacy. I believe what those in power will be able to do increasingly in the future is to hold you to ransom and deny some freedom or benefit regarding one thing because you have failed to pay for something entirely unrelated.

We are already seeing this is Greece where they will now stop your power supply for non-payment of property taxes.

And here is the latest in USA

“With more and more vehicle owners simply deciding refuse to pay red light camera and speed camera tickets, private, for-profit companies and municipalities are growing increasingly desperate. America's second-largest city shut down its photo ticketing program last year largely because residents who could not afford the $500 citations did not pay them. On Monday, Las Cruces, New Mexico announced it would shut off the utilities of city residents who refused to pay Redflex Traffic Systems, the Australian company that owns and operates the cameras.”

I predict this trend will grow significantly and who knows what cross-fertilisation of services and indeed aspects of freedom and liberty will be denied to people in the future for failing to comply with something completely unrelated?

For example who would want to be bothered with taking you the court in the old fashioned way in a civil action to try to sue you to recover a large sum of money when " they " could offer you the alternative of working off your debt in a modern day version of a debtors prison ( privately owned of course ).

http://www.thenewspa...ews/37/3774.asp

So what is a better solution?

Into the courts, send in the bailiffs or off to prison? All more costs for the state and the tax payers.

Don't pay your taxes? OK, no more water or electricity. Cheap, easy and it inconveniences the tax payer immensely. Ideal, I would say.

Those guys not paying their taxes have help to bring the state to inflicting harsh austerity across the population.

If these measures instill a sense of responsibility, in that if you use a service or incur a debt, then you have to pay, then I am all for it.

Edited April 30, 2012 by 12DrinkMore

[midas]

In my opinion we are now beginning to see the very early indirect " spin-off " from all the recent developments of creating somewhat sinister giant databases on people and loss of freedom and privacy. I believe what those in power will be able to do increasingly in the future is to hold you to ransom and deny some freedom or benefit regarding one thing because you have failed to pay for something entirely unrelated.

We are already seeing this is Greece where they will now stop your power supply for non-payment of property taxes.

And here is the latest in USA

“With more and more vehicle owners simply deciding refuse to pay red light camera and speed camera tickets, private, for-profit companies and municipalities are growing increasingly desperate. America's second-largest city shut down its photo ticketing program last year largely because residents who could not afford the $500 citations did not pay them. On Monday, Las Cruces, New Mexico announced it would shut off the utilities of city residents who refused to pay Redflex Traffic Systems, the Australian company that owns and operates the cameras.”

I predict this trend will grow significantly and who knows what cross-fertilisation of services and indeed aspects of freedom and liberty will be denied to people in the future for failing to comply with something completely unrelated?

For example who would want to be bothered with taking you the court in the old fashioned way in a civil action to try to sue you to recover a large sum of money when " they " could offer you the alternative of working off your debt in a modern day version of a debtors prison ( privately owned of course ).

http://www.thenewspa...ews/37/3774.asp

So what is a better solution?

Into the courts, send in the bailiffs or off to prison? All more costs for the state and the tax payers.

Don't pay your taxes? OK, no more water or electricity. Cheap, easy and it inconveniences the tax payer immensely. Ideal, I would say.

Those guys not paying their taxes have help to bring the state to inflicting harsh austerity across the population.

If these measures instill a sense of responsibility, in that if you use a service or incur a debt, then you have to pay, then I am all for it.

but the line between corporate interests and State responsibilities has become very blurred indeed

there could be all kinds of unforeseen consequences if we are administered by

corporations in partnership with political interests

Edited April 30, 2012 by midas

[flying]

So what is a better solution?

Into the courts, send in the bailiffs or off to prison? All more costs for the state and the tax payers.

Don't pay your taxes? OK, no more water or electricity. Cheap, easy and it inconveniences the tax payer immensely. Ideal, I would say.

Those guys not paying their taxes have help to bring the state to inflicting harsh austerity across the population.

If these measures instill a sense of responsibility, in that if you use a service or incur a debt, then you have to pay, then I am all for it.

You know the shutting of utilities may not going to work in the US.............

Reason? The people already have it covered here in the US

You know all the folks who walked on mortgages? They already have it worked out because when they walked their credit rating went in the dumpster.

When they moved they found they could not turn on utilities at their rental because the utility companies wanted exorbitant deposits.

(Which by the way for some reason the utility companies offer the credit-less folks 6% at the end of one year return on these deposits if they pay their bill all year)

Solution? The folks do the same as they did to pass the credit check on the rental.....They put it in another persons name.

Family member etc.

So I guess they will need to eventually try the debtors prison route & like you say it will cost the State $$$

Then again with all the FEMA camps available I guess the State may see it as FED income producing.

[12DrinkMore]

but the line between corporate interests and State responsibilities has become very blurred indeed

there could be all kinds of unforeseen consequences if we are administered by

corporations in partnership with political interests

I think that is already the case......

Is there a western political leader that has got to his position without "donations"? Which can be withheld or freely given according to how beneficial he is to to the paymaster?

And the "unforeseen consequences" would appear to be the mess we currently have.

[12DrinkMore]

So what is a better solution?

Into the courts, send in the bailiffs or off to prison? All more costs for the state and the tax payers.

Don't pay your taxes? OK, no more water or electricity. Cheap, easy and it inconveniences the tax payer immensely. Ideal, I would say.

Those guys not paying their taxes have help to bring the state to inflicting harsh austerity across the population.

If these measures instill a sense of responsibility, in that if you use a service or incur a debt, then you have to pay, then I am all for it.

You know the shutting of utilities may not going to work in the US.............

Reason? The people already have it covered here in the US

You know all the folks who walked on mortgages? They already have it worked out because when they walked their credit rating went in the dumpster.

When they moved they found they could not turn on utilities at their rental because the utility companies wanted exorbitant deposits.

(Which by the way for some reason the utility companies offer the credit-less folks 6% at the end of one year return on these deposits if they pay their bill all year)

Solution? The folks do the same as they did to pass the credit check on the rental.....They put it in another persons name.

Family member etc.

So I guess they will need to eventually try the debtors prison route & like you say it will cost the State $$$

Then again with all the FEMA camps available I guess the State may see it as FED income producing.

Presumably they will finally end up with nobody else's name for the bills as they all get bad ratings?

[flying]

Presumably they will finally end up with nobody else's name for the bills as they all get bad ratings?

That is a possibility

I wonder how the electric company will view the loss of revenues.

Hey maybe we should start investing in companies that sell generators

[flying]

I thought this was rather interesting.....

Predictions based on Astrology.

I have not read things from this person before

Ed Tamplin....

Not a big astrolgy fan but read things of interest from time to time.

His charting of planets & what happened during the past when the same or was close

to the same occurred was interesting...

Anyway if interested here is the financial excerpts & at the link he goes into

many other sectors too.

http://www.edtamplin.com/articles/predictions_2012.htm

MONEY AND THE MARKETS

In 93% of cases in the year before a presidential election, the DJIA returns a 15% rise. Not so in 2011! The economic malaise of the capitalist world was evidenced by the Dow Jones Industrial Average posting a mere 5% increase and the S&P essentially flat for the past year. The London FTSE fell 6%, whilst Germany’s DX and Australia’s All Ords lost over 15%. Meantime the Nikkei and Hong Kong Hang Seng plummeted around 20%.

Mid year political wrangling from Capitol Hill, and the prospect of the US defaulting on its debts, saw the worst September quarter since the 2008 meltdown. The USA lost its prized AAA credit rating. The Eurozone struggled with sovereign debt mounting.

A full three years following the Lehman collapse an effective solution to the global economy remains elusive. Clearly something’s got to give! Enter Uranus and Pluto!

URANUS AND PLUTO = ECONOMIC REFORM

Over the last two centuries every ‘square aspect’ from Uranus to Pluto, without exception, has dealt with major economic restructuring. The father of Cosmobiology, Reinhold Ebertin, described Uranus Pluto as ‘the collapse of the old order of things, the construction of the new, and the creation of new conditions of living’.

Back in the July August of 2011 both planets came to within a degree and a half of the precise square. This close approach provided early indication of how the aspect would play out in the future. In July 2011 the US Congress was locked in a paralyzing stand-off on fiscal policy.

As a result worldwide markets plummeted and the September quarter produced the worst trading figures since the last quarter of 2008 and the original global meltdown. When these two reformative planets meet again, between June and September of 2012, decisive action will be unavoidable.

This will most likely come as currencies, and properties, are devalued by the ‘kicking the can further down the road’ approach adopted so far. It will also come amid accelerated political and social unrest. But we will begin to see new regulations enacted.

THE PAST IS OUR GUIDE

An examination of the previous Uranus Pluto squares over the last two centuries produces recurring patterns. The approaching square of 1820 came in the midst of the USA’s first economic crash – the ‘Panic of 1819’. This financial breakdown followed a boom in the US economy in the wake of the European War of 1812. The eventual collapse led to fresh financial regulations for future US economic development.

The departing Uranus Pluto square of 1876-1877 came on the end of the Long Depression of 1873-1877, featuring multiple railroad and bank failures. Again this crash followed a boom period. The outer planetary aspects of this recessionary period were much the same to what we have been experiencing since the 2008 global economic crash.

The approaching Uranus Pluto square of 1932 through to 1934 was synonymous with the Great Depression, the worst financial calamity of modern history. That period also featured the Uranus Pluto square perfecting, as new rules and regulations were eventually instituted, that ultimately paved a path out of the crisis.

[midas]

I thought this was rather interesting.....

Predictions based on Astrology.

I have not read things from this person before

Ed Tamplin....

Not a big astrolgy fan but read things of interest from time to time.

His charting of planets & what happened during the past when the same or was close

to the same occurred was interesting...

This should generate a predictable reponse from Naam

[Naam]

This should generate a predictable reponse from Naam

not really

[12DrinkMore]

Rehypothecation.

Now there's a word.

Well what does it mean?

Rehypothecation is the practice that allows collateral posted by, say, a hedge fund to its prime broker to be used again as collateral by that prime broker for its own funding

Essentially another means of leveraging up the amount of digits flying around in the Global Financial Mess. So by how much can these scallywags multiply up the claims on possibly YOUR assets?

In the United Kingdom, such use of a customer’s assets by a prime broker can be for an unlimited amount of the customer’s assets while in the United States

rehypothecation is capped.

And this source of funds that comes in from the so-called shadow banking system is not trivial by any means.

Singh and Aitken (2009b) show that counterparty risk during and in the aftermath of the recent crisis resulted in a decrease of up to $5 trillion in highgrade collateral due to reduced rehypothecation, decreased securities lending activities and the hoarding of unencumbered collateral.

I wonder just how "high grade" all that USD 5,000,000,000,000 worth of stuff was, once it had been churned around a few times?

And what protection do you have?

. This difference between the United States and the United Kingdom meant that when Lehman Brothers International Europe (LBIE, U.K.) filed for insolvency there was little statutory protection available to those customers who allowed re-use of their collateral. In the United States, however, SIPA provides for certain procedures that will apply in the event of the insolvency of a broker-dealer.

A key reason why hedge funds have previously opted for funding in Europe (especially the United Kingdom) is that leverage is not capped as in the United States via the 140 percent rule under Rule 15c3–3.

Leverage levels at many U.K. hedge funds, banks and financial affiliates have been higher, as the United Kingdom does not have a similar cap. Thus, prime

brokers and banks would rehypothecate their customers’ assets along with their own proprietary assets as collateral for funding from the global financial system. Lehman’s administrators, PriceWaterhouseCoopers (PWC), confirmed in October 2008 that certain assets provided to LBIE were rehypothecated and no longer held for the customer on a segregated basis and as a result the client may no longer have a proprietary interest in the assets. As such, LBIE investors (e.g., hedge funds) fell within the general body of unsecured creditors. Consequently, hedge fund assets with LBIE have remained frozen in the United Kingdom, whereas thanks to SIPA, this was not the case in the United States. Disentangling hedge fund assets from the broker-dealer/banks’ proprietary assets that have been rehypothecated together, has been an onerous task in the United Kingdom.

With this sort of multi-trillion malarky is it any wonder that the financial system is in such a <deleted> mess?

http://www.imf.org/e...010/wp10172.pdf

Edited May 2, 2012 by 12DrinkMore

[mccw]

^ interesting the Royal Bank of Scotland basically cut out the dodgy rehypothication practice after government take over while all others have continued apace

[midas]

I thought this was rather interesting.....

Predictions based on Astrology.

I have not read things from this person before

Ed Tamplin....

Not a big astrolgy fan but read things of interest from time to time.

His charting of planets & what happened during the past when the same or was close

to the same occurred was interesting...

i like this more than astrology ..... it talks about 80 year cycles

! Edited May 6, 2012 by midas

[flying]

i like this more than astrology ..... it talks about 80 year cycles

Yes Midas I like to read about cycles too.

One cyclist I like but does not publicly post is claiming flash crashes

to resume shortly.

[Naam]

One cyclist I like but does not publicly post is claiming flash crashes to resume shortly.

markets? specific assets?

[Naam]

Leverage levels at many U.K. hedge funds, banks and financial affiliates have been higher, as the United Kingdom does not have a similar cap. Thus, primebrokers and banks would rehypothecate their customers’ assets along with their own proprietary assets as collateral for funding from the global financial system.

that's why it is prudent to bank not only in a jurisdiction that does not allow clients' assets to be rehypothecated but also with a bank which is not involved in investment banking, the latter allowing rogue traders to run up a fistful of billions losses without proper supervision.

[flying]

One cyclist I like but does not publicly post is claiming flash crashes to resume shortly.

markets? specific assets?

Markets

He stated this back on April 11th

it looks like from cycles that May 2nd could be the top of the market and would go into an unrelenting decline until the end of July.

He also stated this yesterday

If Monday gaps down ,will wait to short the recovery.The recovery is easy to spot when it runs out of gas.Computers are running the show.

Edited May 6, 2012 by flying

[Naam]

it looks like from cycles that May 2nd could be the top of the market and would go into an unrelenting decline until the end of July.

old saying "sell in may and go away!"

[churchill]

'If Monday gaps down ,will wait to short the recovery.The recovery is easy to spot when it runs out of gas.Computers are running the show.'

European Elections Complicate Outlook

http://www.huffingtonpost.com/mohamed-a-elerian/european-elections-compli_b_1491044.html

Looks like seat belts will be needed .. Buckle up

[Naam]

that's why it is prudent to bank not only in a jurisdiction that does not allow clients' assets to be rehypothecated but also with a bank which is not involved in investment banking, the latter allowing rogue traders to run up a fistful of billions losses without proper supervision.

apropos "rogue traders"...

-Nick Leeson / Barings SG / 1995 / USD 1.4 billion

-Jerome Kerviel / Société Générale / 2008 / USD 6.5 billion

-Kweku Adoboli / UBS London / 2011 / USD 2.3 billion alleged (highly likely that actual losses exceeded USD 5 billion)

[Naam]

'If Monday gaps down ,will wait to short the recovery.The recovery is easy to spot when it runs out of gas.Computers are running the show.'

European Elections Complicate Outlook

http://www.huffingto..._b_1491044.html

Looks like seat belts will be needed .. Buckle up

cash is needed, not seat belts!

[farang000999]

lol Greece... electing neo nazis who will only allow Aryans to join their party and communists getting 10% of the vote. 2012, Greece gives around 15-18% of it's vote to outright Nazis and Communists. The birthplace of democracy!

[waza]

The revolution begins, France has a socialist government, elected on an increased taxes for the rich and rich companies ticket.

[farang000999]

The French are clowns but at least they are not electing outright Neo Nazis. This is not hyperbole. I am not a 17 year old calling George Bush Hitler, Greece actually gave 6-8% of the vote to an "Aryans Only, Ultra Nationalist Party".

[waza]

The French are clowns but at least they are not electing outright Neo Nazis. This is not hyperbole. I am not a 17 year old calling George Bush Hitler, Greece actually gave 6-8% of the vote to an "Aryans Only, Ultra Nationalist Party".

What do you expect from a country whos soldiers wear skirts and march the goose step..........

[flying]

USD gapping up at Euro/Asia open

If it continues I would expect the US markets down tomorrow ( Monday ) morning

Gold also been having problems staying above 1650 USD/oz lately

Edited May 7, 2012 by flying