Bubblor är alltid som störst innan dem spricker.
Det borde vara tvång på att läsa Akumetsu i svenska skolans grundläggande engelska kurs.
Vanliga etiketter» Visa alla etiketter
- + 2022 (1)
- + 2021 (3)
- + 2020 (2)
- + 2019 (1)
- - 2013 (35)
- + 2012 (139)
- + 2011 (663)
Aug 17, 2012
In a harbinger of what may be coming our way in the Fall of 2012, billionaire financier George Soros has sold all of his equity positions in major financial stocks according to a 13-F report filed with the SEC for the quarter ending June 30, 2012.
Soros, who manages funds through various accounts in the US and the Cayman Islands, has reportedly unloaded over one million shares of stock in financial companies and banks that include Citigroup (420,000 shares), JP Morgan (701,400 shares) and Goldman Sachs (120,000 shares). The total value of the stock sales amounts to nearly $50 million.
What’s equally as interesting as his sale of major financials is where Soros has shifted his money. At the same time he was selling bank stocks, he was acquiring some 884,000 shares (approx. $130 million) of Gold via the SPDR Gold Trust.
When a major global player with direct ties to the White House, Wall Street, and the banking system starts off-loading stocks and starts stacking gold, it suggests a very serious market move is set to happen.
While often lambasted for his calls to centralize global banking, increase government intervention in the economy and his support of what he has called an “emergence of the new world order,” if there’s anyone with an inside track of where things are headed next it’s Soros.
Soros, who has written extensively of a coming global paradigm shift in his book The Crash of 2008 and What It Means, calling the current economic and political model ”an end of an era,” has recently suggested that the financial and economic situation across the world is so serious that Europe could soon descend into chaos and conflict. He also notes that the world is entering “one of the most dangerous periods in modern history”, and foresees violent riots in America and a brutal clamp-down by the government that will dramatically curtail civil liberties.
This is an individual who not only predicted the collapse of 2008 and took action to insulate himself, he also proposed the various fixes that governments in Europe and the US would eventually implement in order to stave off a deflationary depression. In his aforementioned book he suggested that central banks infuse the system with massive amounts of monetary expansion, but also warned that not injecting enough money would simply extend the onset of deflation and printing too much could lead to hyperinflationary currency collapse.
Based on recent activity in Soros’ US held accounts, it seems that governments and central banks have failed at those efforts to stabilize the system. As such, Soros is getting out of those companies which are most at risk should the financial system buckle like it did in 2008 and he’s shifting his assets into what may be the only asset class left standing when it’s all said and done.
- Stock Market Turns Bear, Gold Stocks Stand Tall
- Why Don’t We Hear About Soros’ Ties to Over 30 Major News Organizations?
- Two George Soros Events Aim to Remake Financial Order and Media
- The Rule of Gold After The Financial Collapse
- Soros Bailing Out of U.S. Stock Market
- Soros: Conditions ‘pretty perfect’ for gold
- Gold Settles Near $1,800 as French Fears Sink Stocks
- Roubini Sees Stock Declines as Soros Warns on Economy
- Soros Dumps Gold, Inciting Fear of Plummeting Price
- Soros Warns of Violent Riots In America, Financial Collapse, Government Clampdown
- Soros Donates $1 Million to Media Matters
- Roubini Says Stocks Will Drop as Banks Go ‘Belly Up’
Mr Carl Bildt
of Government Policy
in the Parliamentary Debate on Foreign Afairs,
Wednesday, 15 February 2012 1
CHECK AGAINST DELIVERY
Not to be published before 09.00 on 15 February
The last few decades have in many respects been a period of extraordinary progress.
There have been fewer wars, there are more democracies, diseases have been forced
into retreat and many hundreds of millions of people have been lifted out of poverty.
A world in which we have gained new opportunities through globalisation has become a
much better world for more and more people.
Not least in Europe – at the present time – we have cause to recall the great progress
made, and the model for peaceful cooperation between free countries that Europe has
thus become for the world.
At the same time, it is clear that we are facing major challenges – in the wider world and
In the wake of the economic difficulties, we are seeing forces that are turning away from
openness and cooperation – and that seem to believe that we can meet the future by
We must never take this path. Sweden must continue to be a strong force for open
societies, for an open Europe and for an open world.
We want to build new bridges and we want to open new doors.
This also means that we want to be a committed and constructive force in European
cooperation. Sweden aspires to be at the core of the European Union.
This is how we can best look after our national interests as well, and this is how we can
best promote the universal values by which we stand.
It is clearly in our interest that the euro area is strong and stable, and that the countries
affected by serious economic problems are also able to solve these with the help of
others. Ultimately, this is about keeping Europe together and avoiding serious social
The fact that we too will be part of the new fiscal pact is an expression of our
We want to see more forceful measures for growth and competitiveness in Europe as a
whole, as a complement to more immediate crisis management. It is important, after
all, not just to discuss current challenges, but also to address the conditions for security
and welfare in the future.
Sweden thus organised a British–Baltic–Nordic cooperation forum – the Northern
Future Forum – to discuss key growth issues. These include women’s entrepreneurship
and demographic changes.
To secure growth in Europe, we also want to broaden and deepen the common internal
market, invest more in research and development, and safeguard our openness towards
the rest of the world. One example of this is Sweden’s commitment to the European
Spallation Source (ESS) in Lund.
A stronger European economy is primarily important for Europe itself, but it also
strengthens our credibility as a global actor.
We are convinced that a stronger European voice is needed in work at global level. This
applies to issues from climate change and peace efforts to the protection of personal
Sweden is driving for a common European foreign and security policy that safeguards
respect for human rights, democracy and the principles of the rule of law.
We want to work for a strong European External Action Service and a clear vision of the
European Union’s strategic role. This is why we want to see a new and modern
European security strategy, as well as a European peace institute and a modernised
European aid policy.
We want Europe to be a strong voice and a clear force for peace, freedom and
reconciliation in both our own region and the world as a whole.
This has become even more important with the developments we have seen in the Arab
countries over the past year, but it continues to apply just as much in our eastern
neighbourhood as well.
I am referring here to the darkness in Minsk as much as the dictatorship in Damascus.
The door to our cooperation must remain open for all European democracies that want
to and can fulfil the obligations that come with membership. The Union’s values, such as 3
freedom of expression and fundamental human rights, must be respected by all
We welcome the fact that Croatia will now become the 28th member of our Union. This
also sends a strong signal to the other countries in the region.
Serbia deserves the status of candidate country, and it should be possible to begin
accession negotiations with Montenegro in the relatively near future. We hope that
Bosnia’s new government can take the measures required for applying for membership
of the European Union, and following the judgment of the International Court of Justice
it should be possible to begin negotiations with Macedonia. Albania and Kosovo need
our support in their work to embark upon the same path.
Sweden supports Turkey’s efforts to live up to all of the membership criteria – not least
respect for human rights – through continued reforms and a new constitution. It is clear
that considerable work remains to be done, just as it is clear that attempts to exclude
Turkey will slow down these reform efforts.
With Turkey as a member, the European Union will be stronger, both politically and
A solution to the Cyprus question is more urgent now than ever before, and would
contribute to stability in the eastern Mediterranean region.
It is a given that we strongly support Iceland’s accession negotiations. We eagerly await
the day when one more Nordic democracy can take its place at the European Council
Sweden’s security policy remains firmly in place.
Sweden’s security is built in solidarity with others. Threats to peace and security are
deterred collectively and in cooperation with other countries and organisations.
Membership of the European Union means that Sweden is part of a political alliance and
takes its share of responsibility, in the spirit of solidarity, for Europe’s security.
Sweden will not remain passive if another EU Member State or Nordic country suffers a
disaster or an attack. We expect these countries to act in the same way if Sweden is
similarly affected. We must be in a position to both give and receive support, civilian
Security and collaboration in our Nordic neighbourhood are particularly important. In
April last year, a Nordic statement of solidarity was adopted as a complement to both
our own and our neighbouring countries’ security policy choices.
Sweden continues its commitment within the European Union’s battlegroups. We are
working for these battlegroups to be placed at the disposal of the United Nations when
necessary, including in the event of major disasters.
The European Union’s ability to assist with crisis management, state-building and
humanitarian support in vulnerable countries contributes to a strong and unified
Europe. Sweden takes its responsibility for an active European role in such operations.
We demonstrated our ability to make an effective contribution to crisis management,
following a decision by the UN Security Council, by sending Swedish Gripen aircraft to
join the NATO operation in Libya last year, along with extensive humanitarian support.
Being in a position to quickly and flexibly contribute to operations when the need arises
is important for Sweden. We want to be a credible partner, regardless of whether
operations are led by the UN, the EU or NATO.
A new and effective instrument in people’s fight for freedom and democracy is access to
the free flow of information. This access can help to liberate people from oppression
and reflects the desire to exchange knowledge, ideas and opinions.
This is why Sweden is pushing for the right and opportunity of all people to
communicate openly and securely on the Internet.
Freedom on the Internet is the new front line in efforts for freedom in the world.
The universal values of human rights, democracy and the rule of law must guide the
global debate on norms for cyberspace.
Increased demands for regulation and control, and censorship and surveillance, risk
creating a new digital divide between those who have freedom of expression on the
Internet and those who do not. People’s freedom of expression on the Internet is the
best way to combat the misuse of the Internet by authoritarian regimes for anti-
Sweden has been proactive in putting the issue of freedom of expression on the Internet
on the agenda of the United Nations Human Rights Council.
Sweden will also host an international conference in Stockholm in April this year on how
freedom and openness on the Internet can also promote global economic and social
Moreover, we will take the initiative for a European strategy for freedom on the
This year it is one hundred years since Raoul Wallenberg was born. At a time when more
people need to stand up against persecution and xenophobia, he is an exemplary figure
in the fight against anti-Semitism and a reminder of the importance of personal
responsibility and civil courage. Sweden is celebrating Raoul Wallenberg this year, both
at home and abroad. As long as abuse and persecution remain a reality in far too many
parts of the world, his actions continue to have relevance for each and every one of us.
No one can have failed to notice in the past year that freedom and democracy are vital
forces motivating individual people. It is an important responsibility for Sweden and the
European Union to uphold human rights, international law and the principles of the rule
Sweden is standing for the United Nations Human Rights Council for the period 2013–
2015. Membership of the Council would put Sweden in an even stronger position to
pursue vital rights issues at global level and to make a constructive contribution to
strengthening the role of the Council.
Sweden continues to support the International Criminal Court, other international
courts and measures to prosecute and combat genocide, crimes against humanity and
Sweden works actively to support journalists, bloggers and human rights defenders
around the world. Sweden is a candidate for UNESCO’s Executive Board for the period
2013–2017 and wants to prioritise the global issues of freedom of the press and
freedom of expression.
We want to work for a world with greater gender equality. Sweden will play a leading
role in ensuring respect for equal rights and protection of equal opportunities for all
Freedom of religion and conviction is at the heart of an open society. Increased violence
and discrimination against people belonging to religious minorities are cause for
concern and must be combated. The same applies to attacks on people belonging to
ethnic minorities and LGBT people.
Cooperation between Sweden and our Nordic and Baltic neighbours has deep roots.
Together, we have achieved peace and freedom throughout our region, and today we
can combine our forces to propel these values beyond our own borders.
Next year Sweden will assume the responsibility for coordinating both Nordic and
Nordic–Baltic cooperation. Sweden is preparing a broad programme of cooperation in
the Nordic Council of Ministers, focusing particularly on growth issues. We also continue
to develop our work on the Baltic Sea Strategy.
As Chair of the Arctic Council this year and next, Sweden will play an important role for
intergovernmental action in a region whose importance is clearly growing.
It is a matter of better conditions for the peoples of the region and of protecting nature
and the environment in a region that is more sensitive than most.
We are now working on implementing the Swedish strategy for the Arctic region that
the Government adopted in spring 2011.
We share our European identity with our neighbours to the east. The European Union’s
Eastern Partnership is based on the vision that eastern European partner countries will
one day be able to participate to the full in European cooperation. We all stand to gain
from increased mobility, trade and cross-border cooperation. But moving closer to the
EU also means that democratic principles, human rights and the rule of law must be
Progress is being made in Georgia and Moldova. In Belarus, in contrast, gross violations
of human rights continue. Sweden is a driving force for vigorous European measures
against the regime, and at the same time we are strengthening support to the country’s
democratic forces. In the past year, Ukraine has also acted in a way that calls into
question the country’s respect for the rule of law and Sweden will therefore be
reviewing the direction of its development assistance.
A year ago hope was kindled that several countries in North Africa and the Middle East
would also be transformed into open societies and open economies.
Since then, we have seen free elections in both Tunisia and Egypt, the dramatic
overthrow of the Gaddafi regime in Libya and increasingly brutal and bloody repression
on the part of the regime in Damascus, whose days everyone knows are numbered. 7
What all the countries in the region need are open and representative political systems
that respect the right of all to freedom. Economic reforms to deliver jobs and welfare to
the rapidly growing populations are essential for a positive development. The rights of
women must be ensured and minorities must be protected against abuse.
It will be a crucial task for Europe in the years ahead to provide all the help we can to
We must work together internationally to stop oppression and violence.
The focus is now on developments in Syria.
Our position is clear: the violence must be stopped, President Assad must step aside,
and a process of democratic transition, representing all parts of Syrian society, must
This is the only way to avoid a civil war, which would be devastating for the entire
The EU fully supports the endeavours of the Arab League and its peace plan. We deeply
regret the fact that two vetoes prevented the UN Security Council from adopting the
At this time, the Arab League wants the support of the United Nations, and it must
receive that support.
Now we must increase pressure on the regime and support to those who are working
for a peaceful transition to a democratic Syria.
The sanctions will be tightened. Humanitarian support must be increased.
Sweden will take part in the formation of the Friends of Syria group in Tunis on 24
February. We are appointing an ambassador to develop dialogue with and support for
the democratic opposition in Syria.
We want to actively develop our cooperation with Egypt. We are seeking dialogue with
all the democratic forces in the country and look forward to the day when Egypt has a
civilian government and a democratically elected parliament.
We also want the European Union to begin negotiations on deeper free trade
agreements with Egypt, Morocco, Tunisia and Jordan, as soon as the necessary
conditions are fulfilled.
We are deeply concerned about the lack of progress in efforts for peace between the
Israelis and the Palestinians. We see considerable danger for the future in current
developments. This applies not least to the continuing settlement policy.
We are providing political and concrete support to efforts to build a viable, contiguous
and democratic Palestinian state. We look forward to the day when Israel and Palestine
can live in peace with other, and when Israel can live in peace and security with the
entire Arab world.
This is why we want to have a strong European force for peace in the region. It is when
we continue to work together on the basis established in December 2009 that we have
the possibility to influence developments.
Sweden will continue to work for a strong and united European policy on this crucial
The United States is the European Union’s principal strategic partner. In times of
economic crisis and turbulence around the world, our mutual dependence and the
importance of transatlantic cooperation become clear. Our broad cooperation with the
United States contributes to security and prosperity, globally and in our own region. The
United States is also an important partner in promoting Internet freedom and security.
Sweden is working for deeper economic integration and free trade between the
European Union and the United States.
At a time when demands for political and economic modernisation are growing in
intensity, it is in the interests of Sweden and the European Union that Russia develops
into a true democracy that makes a constructive contribution to solving common global
Russia’s accession to the World Trade Organisation (WTO) will be an important step
towards integration into the global economy and a genuine economic partnership with
the European Union.
Sweden and the European Union have a growing relationship with China. China’s
increasingly prominent role in the international arena requires it to take greater
responsibility on global issues such as the environment and climate, security and
This responsibility also includes respect for human rights and democratic principles. This
respect has further deteriorated in recent times.
The growing role of India is central to long-term stability and security in the region. The
European Union’s strategic partnership with India builds on shared values of democracy
and the rule of law.
During the past year, major steps have been taken towards a free trade agreement and
the dialogue on global issues such as security policy, open trade routes, human rights,
the environment, energy and the economy is deepening.
Sweden and the European Union also look forward to continued cooperation with
strategic partners such as Brazil, Japan and South Africa.
Sweden’s involvement in Afghanistan is a long-term commitment based on broad
During 2012, Sweden’s military presence will be reduced as the Afghan people
themselves take over responsibility for security. The Swedish military mission in its
present form will be concluded no later than summer 2014. We are open to continued
contributions to training the Afghan security forces.
At the same time, Sweden will expand its development cooperation with Afghanistan,
with a view to strengthening civil society organisations, among other aims. The focus
will be on peaceful and democratic development, and on promoting gender equality and
the role of women in development. The transition to civilian leadership of all Swedish
operations will take place during the spring.
Respect for human rights and freedoms in Iran continues to deteriorate. The number of
executions has risen dramatically over the past year. This policy is barbaric. Sweden is
playing an active role in the European Union and the United Nations to draw attention
to and influence the situation.
There is a great need for democracy and respect for basic human rights in Cuba. Support
to the democratic forces must be reinforced and the pressure on the regime must be
In Burma prospects appear brighter. Important steps have been taken recently towards
what we hope will be real democratic change. However, much remains to be done,
including the unconditional release of remaining political prisoners, full respect for
human rights, and free and fair by-elections during the spring.
Sweden enjoys strong relations with many African countries. We want to contribute to a
European policy on Africa that emphasises openness, respect for human rights,
democratic governance and increased regional trade. While we welcome sustainable 10
progress in many cases, continued poverty, oppression and intractable conflicts remain
a reality in parts of Africa.
Developments in the Horn of Africa in 2011 were dominated by internal conflicts and
the massive humanitarian disaster in the wake of the drought. Great efforts are still
required to help the region.
In Somalia, which in addition has been severely affected by attempts to block aid
consignments from around the world, the political and humanitarian challenges are
enormous. Sweden is part of the core group working to strengthen the support of the
international community for peace and development in Somalia and is one of the
leading actors in this work.
The formation of a new state, South Sudan, creates new possibilities in the region, even
if great tensions still remain. The needs are substantial and Sweden will continue to
contribute to development in both countries.
Developments in the Great Lakes Region affect the entire region. The systematic abuses
against women and girls in the Democratic Republic of the Congo must stop.
To a great extent, the current threats to human security are global. This requires
cooperation and institutions in which all countries participate. It also requires norms
and international agreements that are respected by everyone.
A strong United Nations and effective multilateralism are, and will remain, cornerstones
of our policy.
Working for continued reforms of the United Nations is therefore an important
contribution to efforts to address cross-border challenges. The composition of the
Security Council does not reflect the world of today, and must be changed.
The G20 has begun to take on an increasingly influential position in world politics. Our
influence will be secured through the EU, the IMF, the World Bank and the OECD.
The global environmental and climate issues are among the most decisive challenges
facing our world. The fact that the participants at Durban backed a legally binding
agreement was the result of the European Union’s driving role. We now have a renewed
roadmap for a new climate agreement that includes all the countries of the world. But
the level of ambition must be raised if Sweden’s and the European Union’s climate
objectives are to be met.
Sweden is one of the initiators of global cooperation to reduce levels of black carbon,
methane and ozone in the atmosphere.
Sweden and the European Union will continue to push for the strengthening of the
institutional framework for sustainable development ahead of the summit in Rio de
Janeiro, Rio+20, later this year. At this conference, Sweden will work to ensure that the
three dimensions of sustainable development – economic, social and environmental –
are handled in an integrated way.
An important step on the road to Rio+20 is the Stockholm+40 conference, 40 years after
the first United Nations conference for the environment and sustainable development
was held in Stockholm in 1972.
The proliferation of nuclear weapons and other weapons of mass destruction is still one
of the most serious threats of our time.
Membership of the Board of the International Atomic Energy Agency (IAEA) increases
Sweden’s opportunities to play a constructive role to prevent the unauthorised
proliferation of nuclear weapons.
We support the efforts for a zone free of weapons of mass destruction throughout the
entire Middle East. An international conference hosted by Finland is planned for this
The IAEA, with Sweden on the Board, has expressed concern about possible military
dimensions of Iran’s nuclear programme. The European Union and others have imposed
sanctions as part of the policy geared towards dialogue and agreement on this issue.
It is crucial that the Non-Proliferation Treaty is fully respected. Iran must accept a
broader presence of IAEA inspections as a way to instil confidence in its declared
Sweden, together with Mexico, is chair of the Article XIV Process, which aims to see the
Comprehensive Nuclear-Test-Ban Treaty (CTBT) enter into force.
We also support the efforts for continued reductions in global nuclear weapons
arsenals, including tactical nuclear weapons in our part of the world.
Sweden supports the important work to secure and destroy various forms of nuclear
material, and will participate in the Nuclear Security Summit in Seoul.
Mr/Madam Speaker, 12
The world’s economies are becoming increasingly interlinked. Trade and investment
generate growth and employment.
The multilateral trading system has proven to be robust in times of economic
turbulence. Cooperation within the WTO has been largely responsible for making it
possible to counteract protectionism. A conclusion of the Doha Round would provide a
well-needed boost to the world economy.
In 2012, the conditions for the powerful promotion of Sweden are being strengthened
in important growth regions, through, for example, the newly established consulate in
Mumbai, India. Our embassies in Angola, Argentina, Malaysia and Vietnam can continue
their important promotional work.
Openness and an effective regulatory framework for free trade lay the foundations for
dialogue and democratic development. Swedish companies have an important role to
play through their ability to combine business with broader social responsibility.
In the EU, there is a special focus on eCommerce, and on strengthening compliance with
the common regulatory framework.
The long-term objective of eradicating poverty and oppression is far from being
achieved. We have a moral responsibility to support people who are vulnerable and
living in poverty. After 50 years of Swedish state development assistance, we can note
that the conditions for development policy have radically changed. Considerable steps
have been taken to adapt development cooperation to today’s world, but much remains
to be done. The reform of Swedish development assistance will therefore continue. The
development assistance framework in 2012 is estimated to amount to one per cent of
Growth is a prerequisite for a lasting reduction of poverty. Which is why Sweden’s
development cooperation is to be growth-oriented and focused on the poorest
countries and people.
But growth alone is not enough. The clear emphasis of Swedish development
cooperation on democracy and human rights and freedoms is central to modern
Civil society actors have a key role in achieving poverty reduction and democratic
Last autumn, a new global partnership for development was created at the high-level
meeting on aid effectiveness in Busan, South Korea. The participation of new actors
created new opportunities for lasting development and growth. Together with these
actors, and with our European partners, Sweden will continue to work for sustainable
development as well as transparent and generous development assistance
characterised by a clear focus on results.
The point of development cooperation is not to compensate for shortcomings in other
policy areas. Which is why the Government, both nationally and within the EU, is
endeavouring to strengthen the work on policy coherence for development.
The Government attaches great importance to gender equality and the role of women
in development cooperation. Women are a driving force for increased democratic rights
and freedoms, which we witnessed during the upheavals in the Arab world. Sweden
gives special priority to the implementation of United Nations Resolution 1325 on
women, peace and security, as well as Resolution 1820 on sexual violence in conflict
The UN Millennium Development Goals will be evaluated in 2015. It is expected that it
will be possible to achieve several of the goals, but major challenges remain. The
Government is therefore making a concerted effort to strengthen Sweden’s
contribution, not least in Africa. A reduction in infant mortality and improved maternal
health are in focus. Work to promote sexual and reproductive health and rights
We are travelling more than ever before. Every day, more than a quarter of a million
Swedes are outside Sweden’s borders. This is a challenge for our Foreign Service, which
has an important task of providing assistance to increasing numbers of people in
distress or being held in detention. From painful experience, we know that we must also
have the capacity to deal with major disasters abroad.
The Ministry for Foreign Affairs has built up an organisation that can respond to these
challenges by rapidly deploying resources to the area in question. Collaboration across
borders is also required in consular work.
Efforts to bring about the release of Swedish-Eritrean journalist Dawit Isaak are
continuing. The two Swedish journalists who have been imprisoned and sentenced in
Ethiopia should be released.
The internal challenges facing the European Union will not be easy to handle. But they
also offer the opportunity for us to reflect on the core of our cooperation, our
foundations, our basic values. In a world of shifting balances of power and interests, our
values – human rights, peace, freedom and democracy – are needed more than ever.
These values shape our Swedish foreign policy. And Sweden will, with European
partners, continue to promote them in our own region and globally.
I began by referring to the essentially positive developments we have experienced
during recent decades.
Our task is to help see to it that these developments can continue.
And that more and more people around the world can have a better life.
November 13, 2011
We have long mocked and ridiculed the Fed for being the ultimate ponzi instrument: after all, why worry, when your central bank will buy up almost three trillion in US paper in about 2 years (a very comforting fact for US politicians who never have to fear that those trillions in new porkbills, pardon fiscal stimulus programs, may end up without funding). Well, as it turns out those wily veteran bankers from across the Atlantic have just one upped America yet again.
According to the Telegraph, the abysmal, and barely successful, 3 EUR billion issuance of EFSF bonds (which was originally supposed to be 10 EUR billion, on its very very gradual climb to 1 EUR trillion) had one more very curious feature to it, aside from confirming that it is Dead On Arrival as expected. It turns out that in addition to being the most convoluted and complex creation ever conceived by JPM which is advising Europe on coming up with structured finance products that are so complex nobody will ask any questions and will automatically assume someone else has done the homework, it is also the quintessential ponzi instrument.
The Telegraph reports that the already reduced 3 EUR billion “target was only met after the EFSF resorted to buying up several hundred million euros worth of the bonds.” You read that right: in its first bond issuance since its transformation to the European Bank/Soveriegn Bailout Swiss Army Knife, the EFSF not only failed to raise a minimum token amount, but also had to… buy its own bonds.
We can assume that the money the EFSF needed to fund said purchase came from the money growing tree, as at last check the ECB was still not funding the EFSF with crisp, new zEURq.PK equivalent binary 1s and 0s. But at least we all know what happens when the global ponzi goes full retard.
More on this surreal story which will be promptly buried in the barrage of Monday headlines because an international advisor to Goldman Sachs is now in charge of Italy.
Sources said the EFSF had spent more than € 100m buying up its own bonds to help it achieve its funding target after the banks leading the deal were only able to find about €2.7bn of outside demand for the debt.
The revelation will be seen as a major failure and a worrying sign of future buyers strike after EFSF officials and their bankers had spent recent weeks travelling the world attempting to persuade key investors, including China’s national wealth fund and Japanese government funds, to buy its bonds.
And just in case one monetization vertical was not enough, Europe used, well, all the other ones it could:
Other European Union funds are also understood to have supported the EFSF’s bond sale. The failure of the EFSF will increase pressure on the European Central Bank to effectively become the lender of last resort for the eurozone, a move it has strongly resisted.
At a private breakfast organised by PI Capital last week, Mark Hoban, the Treasury minister, said: “What it doesn’t do is provide the next stage of the solution, which is how do you stop this from happening again?” he said.
The move, by the European Investment Bank, will cause more disquiet among non-eurozone EU members who have become concerned about their growing exposure to the cost of rescuing the currency bloc.
The explanation, for anyone whose brain just exploded, is that despite the marionette rotation at the top, the math of Europe is still not only absolutely hopeless, not to mention meaningless, but somehow just got even worse, because take away the magical powers of modern finance to be one with the ponzi, and Europe would have already imploded.
It also means that our earlier observation that the EFSF is an AA+ equivalent credit instrument has to be revised: pro formaing out the ponzi, means it is at best AA if not A, and most likely D if one takes away all the magic bells and Keynesian whistles, unicorns and other end of the western financial world loopholes that modern finance is forced to resort to every single day to mask the fact that every country in the developed world is now 100% bankrupt.
- Online poker firm Full Tilt was a Ponzi scheme
- Why the euro bailout is the biggest Ponzi scheme ever
- Bill Gross: We’ve Got a “Ponzi-Style Economy”
- Hedge Fund Body Wants “Restitution” for Madoff Ponzi Scheme Victims
- Germany ‘won’t give more to EU bail-out fund’
- IMF Will Work on Portugal Bailout Plan With European Union
- Borrowing from Peter to Pay Paul: The Wall Street Ponzi Scheme Called Fractional Reserve Banking
- German Government Thinks Italy Too Big For Euro Rescue Fund
- European Union Countries Wrangle Over Recapitalizing Banks
- SEC probes new $900m Ponzi scheme
- Two More European Banks Nationalized Following Dexia’s Example
- European Finance Ministers Driven To Despair As Reality Returns
Vi är redan i spiralen och den går neråt eftersom att vi trycker för mycket pengar.
Med vi så talar jag om dem privata bankerna som lyckas skriva över den privata spelskulden på folket.
En lite översimplifiering men det stämmer.
Those who believe the European crisis is over are mistaken. The dislocation will continue as their economies slow and political, social and economic events converge into further crisis. The most glaring problem is the banks only taking a 50% loss on Greek bonds. The loss should have been 75% or even 80%. There is absolutely no way Greece can overcome that burden in a slowing European economy and an enraged population. They are still striking and demonstrating and they will continue even under a new government.
Some of the best economists in the world have been saying for almost as long as we have been saying that the weaker and smaller countries have to leave the euro at least temporarily. In our eyes that really means permanently. If Italy falls out it will take France with it and the euro edifice will fall. Very quickly it will be found that Greece cannot and will not recover. It is one thing to set recovery in motion in good times, but it is another to attempt to do so under austerity. These politicians in Europe have been self-serving. They are quickly going to find what they have done is not going to work. Greece should have never been saved, as we said from the beginning. They will need more and more money just to exist and you cannot have perpetual funding. Then you have the overriding social factor. It is simply impossible and once Greece goes, the other 5 will have to cut loose as well. Again, it will be called temporary, but their exists will be permanent. It simply cannot be any other way. Political hot air is not going to change anything. We have no details and bankers who refuse to face the music, and what is attempted to be achieved is impossible.
The concept of a tighter union with a new constitution won’t work either. We can go back to 1991 when these issues came forth and we stated the Europeans are doing this backwards. You need a strong constitution first, only nations involved that can meet the criteria of public debt of 3% GDP. Smaller nations cannot be allowed to falsify their balance sheets and above all you cannot use one interest rate for all. Just about everything that has been done has been done incorrectly. Unfortunately, the US and world economy hang in the balance as well. This euro, European and UK problem is not going to go away. By February it will again be front page news. There is an 80% chance that Greece will leave the euro in the next six months.
If Ireland and Portugal do not receive equal treatment, followed by Belgium, Spain and Italy, then they will all be forced to leave the euro. If you think for one minute that these nations can stand more than a year or two of austerity you are mistaken. The whole approach is wrong. They should all be allowed to leave the euro. The only reason Greece has been temporarily saved is to keep Greece in the euro. These one-worlders cannot bear to see their dream of world government fail. It has already failed. Do you really think Germans are going to give up their sovereignty? Wait for the next German election. You are going to see a house cleaning in the Bundestag that will be staggering. The German people are outraged at what these politicians have done to them. If anything the move in the EU’s strongest economy will be away from further consolidation, not toward it.
The magic number to keep the euro from collapsing over the next two years is $6 trillion that solvent European countries do not have, and using derivatives in place of cash is a prescription for disaster. Debt may be addressed, but the core economic and financial problems that were responsible for these problems are still not being addressed. That is a glaring lack of economic progress. Where is the capital needed for growth? Countries in the EU are going to have to increase money and credit and suffer the incumbent inflation; that is if they can even raise those funds and rollover old debt. Either that or China will lend $3 to $500 billion and we don’t think they are willing to do that. If China prints the money to lend, the value of the yuan will fall, the Chinese will take more market share and there will be more inflation. Their goods sold to Europe, the US and elsewhere will rise in cost as well. The Chinese will have to use cash euros or sell euro bonds. Such moves could be really upsetting to China. If aid comes it will be in much smaller amounts.
This past week the swaps association said the failure on 50% of Greek debt does not constitute failure, because it was voluntary, so the NYC legacy banks do not have to pay up on their derivative bet. That could all change, because Fitch says it does constitute default. We will now have to await the decisions of S&P and Moody’s.
What Europe has done is pull a page from US bailouts, which reduce debt starting in a few years, which would extend over 10 or 20 years. It reminds us of the two sets of books banks are currently keeping. They intend to write off bad debt over 50 years, like it really didn’t exist. This plan allows further current increases in debt over the short term. That is no solution at all. Again, it only throws the debt and service into a future that could include deflationary depression. Recovery is not a given.
Fitch has really opened a large can of worms in calling a 50% debt default a payable derivative event. We are talking about hundreds of billions of CD’s, credit default swaps OTC derivatives, which just happens to be an unregulated market. Our view is Fitch is correct and the ISDA, the derivatives information agency is wrong. What isn’t made an issue of is that banks have been asked to raise $150 billion they are offside on this issue. We projected this number long ago. The official number is $3.7 billion, which is laughable. About a month ago the players admitted to $75 billion, so we are making progress toward truth and reality. We wonder what the French bankers are saying, who bought the insurance? If NYC banks do not pay off the ECB will have to create the $150 billion and lend it to the banks in France, so they can survive. Could this be a renege? We think so, and that would ultimately allow citizens of the EU to pay the debt. These bankers are crafty buggers they are.
We also question why banks are writing off 50% of their debt and the sovereigns are not. Isn’t this strange? Why are they not writing off 50%? Could it be that if they did they would be insolvent? Could it be to deceive their taxpaying citizens and pop the question several years from now? Could this be they are just trying to extend the timeline into the future? Time has a way of revealing everything. Incidentally, none of that Greek debt will probably ever be paid off. It should also be noted that of the $140 billion lent by the IMF, US taxpayers are on the hook for about 30%, or $42 billion. We are sure that will make Americans very happy.
The difference between $516 billion allocated by EU members, half of which comes from Germany, and $1.4 trillion will come from the sale of bonds by the EFSF, the European Financial Stabilization Fund. The question is who is going to buy this tranche of some $900 billion in bonds? Nations will receive greater taxes from a phantom recovery and buy the bonds. How can this be when those economies barely have even GDP growth? All this in the midst of austerity. We do not get it. We must be missing something. Does Italy really believe that raising the retirement age from 65 to 67 is going to bring any real immediate relief? As you can see the case is terminal.
The whole plan is absurd, stupid and unworkable. These problems are going to last for years as Europe, the UK and US wallow in negative growth and eventually in deflationary depression.
Greece will collapse; it is only a question of when. The ECB will continue to create money and credit, just as the US and UK are doing.
It won’t take long for investors to figure out they have been bamboozled again. They will flee stock markets probably just after the Fed’s latest QE 3 is announced. Some will buy US Treasuries and lose about 10% of their purchasing power annually. Some will flee to commodities and many will use the flight to quality to purchase gold and silver coins, bullion and shares. Modes of investments are going to change dramatically, so you had best participate, or you may end up losing most of your wealth.
What you are witnessing is financial chicanery at its best. Wait until the citizens of Europe discover they are going to have to pay all these bills, just so they can be enslaved in a one-world government. They are not going to be happy.
We always tend to be ahead of the curve and the crowd. This time the time frame for discovery may be very short, because once investors understand what we have written here they will want to get out. Gold, silver and commodities will rise for different reasons, along with the flight to quality. Incidentally, this time the gold and silver mining shares will soar.
Reflecting back on our comments the second Greek bailout does not solve the EMU’s fundamental problem, which is the 30% competitiveness gap between the northern and southern countries and Germany’s giant-EMU trade surplus at the expense of the south. Unless a way can be found to rectify that there cannot be a recovery. The south has been forced into austerity, which limits their chances of being competitive. As we pointed out over and over again the end product will be a deflationary spiral and eventually deflationary depression. What the IMF and EU members are imposing on the six countries is very destructive.
A fiscal union would perhaps work, but that means the end of individual country sovereignty, which would eventually lead to authoritarianism, which would not like to see. The entire union is unnatural and should be ended. It has been a failure and just leave it at that.
All this program is going to do is buy time. It is not a long-term solution. Current debt holders are going to be incensed, as they will be forced in before sovereigns, but will banks really take a 50% haircut? We don’t really know. Is this really a fig leaf, a wholly inadequate alternative to the ECB, which cannot provide endless liquidity?
This rescue effort is really too dependent on high-risk deals, such as what caused this crisis. Four times leverage is outrageous. In the end the European public could get caught holding the bag.
At the same time we are seeing monetary contraction in Portugal, which mirrors that of Greece as it spiraled out of control. Bank deposits are off 21% over the past six months and that could well be a precursor of a weak economy and monetary trouble.
Another question that arises is due to the treatment accorded to NYC legacy, money center banks. Will those using credit default swaps continue to do so. There is a default and because it was voluntary the derivative writers do not have to pay off. Give us a break. It looks like contract law no longer exists.
In very late breaking news we find something we warned about is happening. The German High Court, the Bundesgerichtshof, has issued an express order that the nine-member committee dealing with dispersing the rescue funds is not allowed to do so. The plug has been pulled on the EU and German politicians on money releases. If the Germans and the EU are lucky they’ll have a constitutional decision by Christmas. We predicted this would happen.
Uncertainty revolves around the deal reached with Greek bondholders to face a 50% haircut on the face value of their bonds. This has not been negotiated as yet.
At the same time France needs to raise $11.2 billion to keep its AAA rating. Sarkozy says 2012 GDP growth will be about 1%, about the same as Germany, but no one mentions it would be -2% with inflation.
Switzerland’s State Secretariat for International Financial Matters said the Swiss were interested in investing in a special investment vehicle proposed by the euro zone bailout fund, but we see a real fight brewing. The Swiss People’s Party, which was against franc devaluation and the sale of Swiss gold, will be after this move by the Swiss government. They do not want closer ties to the EU.
This past summer we warned that European banks would have to increase their reserve position to 9%, because both the BIS and IMF said it was absolutely necessary. You might call the EU’s laxity of not forcing Greece to implement its austerity agreement as part of a socialist mindset. There was no way to move Greece into line. For not living up to their commitment they could have cut Greece off, because then they would default and leave the euro. Thus, they continued to fund Greece. The truth is they have to do so irrespective of what Greece does or doesn’t do.
The heart of the problem was banking incompetence followed by sovereign stupidity. Banks and solvent sovereigns never should have made the loans in the first place. All the greedy bankers, politicians and bureaucrats could think of was the euro zone and the euro being the template for one-world government. The interconnectivity of banks within nations with banks of other nations is the lynchpin that will eventually take all of them down. It’s caused by central control such as that embodied in the European Central Bank. The bottom line is if a state like Greece, partially defaults, then the banks within Greece default as well because these banks are holding large amounts of federal bonds and loans. Thus, the edifice collapses. This relationship exists all over Europe and as we are seeing six countries are in trouble and if the European economy continues to slip into recession or depression other countries will join the six. In addition in many countries supervision is all but non-existent. A perfect example of such a relationship was with France, Belgium, and the Dexia bank, which they created. As a result the taxpayers of Belgium and France have acquired all the bad assets of Dexia.
Adding to such problems is that usually half of the debt of any country is held by foreign banks and sovereigns, which means failure becomes contagion. France’s holding of 8.5% of GDP of debt from these six countries will eventually cause France to lose its AAA rating. If that is the case we venture to ask how can France be party to a commitment to bail out Greece or anyone else? They simply cannot and they are the number 2 player. You would think French citizens would elect someone who was not involved in such stupidities, such as Marine LePen of the National Party. The banks and business interests, such as the Rothschilds, couldn’t have that – could they? If France financially fails we could see 1789 all over again. This sovereign debt is widely held by other nations including the US, UK and Japan. European banks have controlled European society for a long, long time and they are the catalyst for the new world order.
We hear over and over again there will be recovery, we will grow our way out of it. That won’t be possible for Europe, the UK and the US. The number of young people who do the largest part of consumer spending in their 20s and 30s today have a hard time making ends meet, never mind spending. On top of that many are unemployed and may be for some time to come. If you have noticed unemployment has risen or stayed the same in the regions we have spoken of. Accumulation has only occurred among the upper-middle class and the wealthy. This also means borrowing has fallen and the ability to access loans and capital are limited, because so many prime age borrowers do not qualify.
One of the reasons Germany does as well as it does is because they have an abundancy of inexpensive capital available for loans and credit, which allows expansion, creates jobs and brings profits. The cost of labor is low or in the form of growing productivity and people pay their bills.
One interest rate fits all became a disaster. The weak participants borrowed at 4% instead of 8% and the result was an orgy of spending that ended up in today’s insolvencies. We said 12 years ago this would destroy the euro zone and it has. These low rates also allowed a massive influx of imports into the six problem countries, which caused major balance of trade deficits. This also brought about borrowing in foreign currencies, which turned into a nightmare, particularly in Eastern Europe.
European banking and politics are very closely intertwined. In other words the banks overtly run these countries. The same is true in the UK, but in the US it has been subtler due to ignorance of how the banking system works and that has been deliberate. In Europe the stress test used 5% as a guideline, instead of the normal 10%. This shows you the power and control banking has over EU government making the margin for error extremely thin. Considering the exposure cash reserves were increased to 9%. This means capital has to be raised and that is not easy in today’s recessionary environment. Two-thirds of European banks are currently under 9%. The worst exposed are RBS, Deutsche Bank, Unicredit, Bank Paribas, Barclays and Societ General. Hundreds of billions of euros are needed and the question is where will they come from? In addition how many banks are shuffling assets between trading, deposit, and banking sectors, such as Dexia had been doing until they had to be taken over by the French and Belgium governments? The banks need $270 billion that is readily available. If funds are not available then that means governments will have to supply the capital from out of thin air, which is very inflationary.
The EFSF, the European Financial Stability Facility, which was set up to aid Greece, Ireland and Portugal, now aids banks and European governments, such as the Fed does. An EFSF if allowed to dispense $1.4 trillion based on a $900 billion derivative structure would take months to move into action. Then there is the question will the German High court allow leveraging. We do not think so. The Court had already told the Bundestage you cannot do that, but they did it anyway.
As we can say is stay tuned for the next episode in this saga. It could end up taking down the entire world’s financial system.
The road couldn’t be bumpier.
As the G20 meet today in Nice, you can bet that the embattled Greek PM George Papandreou will be getting ‘the hair-dryer treatment’ from Germany’s Angela Merkel and France’s Sarkozy.
Back in Athens, Evangelos Venizelos, the Greek finance minister and the PM’s likely successor – was hospitalised on Tuesday suffering from the mother of all stomach ulcers.
Only a few days ago the markets cheered and Merkel fawned the press as Europe agreed to a rescue package for Athens. But Greece’s PM threw a major spanner into the works right after with his shock announcement to allow the Greek people a referendum on whether or not to accept this latest hard-fought Euro debt deal.
If the referendum goes ahead, and the people reject certain Euro-IMF-debt slavery, then Greece will default on their toxic debt to the mega banks. This also means that Greece will leave the EU and also return to its native currency- the Drachma.
But it might not even happen that way… Papandreou‘s government is still embroiled in a battle for survival, with a new vote of confidence scheduled for this Friday. If there is a vote of no confidence, then the Greek government will effectively collapse on the spot – and hence, no referendum vote can take place.
If that happens they will have a new election in 23 days, but if no majority wins, and unless there is a viable coalition gov’t without Papandreou - then no coalition agreement will be in place, and they will have yet another election. This process could roll over and over…
If the government is in danger of collapse, then Greece could be looking at a genuine military coup d’etat.
This theory has gained credence since Athens announced a wild reshuffle, sacking its military leaders in every branch of the forces on Tuesday. The defence ministry confirmed that Greece’s state security council replaced the heads of the general staff, the army, navy and air force, and discharged a scores of army and navy officers.
Greece is no stranger to the military coup, only forty-odd years earlier it was ruled rule by a series of right-wing military juntas starting on 21 April 1967, and ending in July 1974.
Why are the Greek political establishment already freaking out over the prospects of a military coup, enough to sack half the brass?
As the anti-austerity protests have gained steam in recent weeks, members of the police and the army have naturally gravitated over to the people’s side of things, a recipe for disaster in a banker-controlled bureaucracy who is expected to maintain law and order while the country is essentially held down and financially raped by northern European banks.
The UK’s Daily Mail reported today:
That raised speculation about the possibility of a military coup in Greece, an outcome said to have been deemed possible in a secret assessment by the CIA.
Greek-Cypriot Nobel economics laureate Professor Christopher Pissarides, of the London School of Economics, said: ‘Before 1974, when politicians were arguing and fighting, the military came in and said, “Come on now, let’s stop, there’s military rule until you sort it out”.
‘Since 1974, of course, democracy has worked, but it’s worrying when you have news about armed officers being replaced right in the middle of an economic crisis.’
The military may in fact be wanting to save their country from Greece’s ‘creditors’, who are demanding that Greece pass crippling austerity measures before they pile on more loans, circa $152 billion in bailout loans from other Eurozone central banks and the IMF.
The IMF have an impressive record- throughout history they are able to turn any country into a permanent third world resident, or developing nation. The international bankers will offer neo-liberal shock therapy where everything will be cut out of society, and the middle classes will flee for a better life somewhere else. Their record speaks for itself.
Greeks also recognize that their national sovereignty is at stake- will they be ruled by banks in Northern Europe or will they be ruled by themselves?
A TOXIC BANK SYSTEM
Despite what banking apologists and Europhiles will tell you, a Greek default is not the end of the world, nor is it the end of Europe. Similar defaults with countries like Ecuador and Iceland have taken place without collapsing the world economy. For the banks however, a default means they won’t be getting those giant bonus, and less Ferraris, Lamborghinis and yachts will be sold in 2012, and less money will be spent on escort services in the City.
In terms of the European single currency however, if Greece goes down, Europe goes down, and therefore the globalist toxic banking business goes down.
The main problem that most Euro leaders and the mob at the G20 will not mention is that Greece and everyone else are linked together by a toxic anchor and chain known as the Credit Default Swap (CDS). It is these toxic products that eventually sabotage any real working solution that the army pseudo-geniuses will come up with at meetings like the G20.
Yet, there is still no talk of eliminating toxic products like the CDS.
In this way, the CDS (where bankers are able to insure their gambling losses) is contagious, or what pundits like Max Keiser refer to as “the financial equivalent of herpes“, a virus that can only be treated and not cured. It is these type of dodgy gambling tools that motivate the predatory lenders like Goldman Sachs who routinely target countries like Greece, Italy, Portugal, Ireland and the rest.
In the end, banks are after one thing: liquidity. Greece may be forced to sell its assets on the cheap through hock and forced privatization. As the bankers acquire new assets, through their toxic toys, they are then able to create more money- multiply their money, all out of this new liquidity.
If Greece and the rest of us are to survive these financial high crimes, we must break free of all the “There Is No Alternative” (TINA)-type scenarios society is constantly force-fed.
The US was fed the same TINA pill before the first banker bailouts in 2008, Obama and McCain did the bankers’ PR for them and Congress passed it. And Goldman Sachs got a lot richer.
We need to start asking the right questions, and call the banks out on their tools which should be flat-out abolished. Otherwise, we will just keep going round in circles of looting and raping by the banks.
No matter what they tell you, no matter how much they scream at you- don’t swallow the TINA.
Alex Jones addresses the latest intimidation tactic from the private Federal Reserve bank, whose San Antonio branch has filed a privacy violation with You Tube demanding the removal of a video filmed at the location during an “occupy” rally. Alex tells them cease and desist this action, which violates the First Amendment.
Federal Reserve branches across the country have a long history of trying to stifle free speech and press coverage, from fraudulently claiming that filming its buildings is illegal to threatening arrest and more.
“I will cover this in more detail on the radio Monday, but I cant take the Bankster Fed pushing people around any more! Now the Fed wants to take down the video where we prove the Federal Reserve is a private bank impersonating a Federal agency. The Fed is the fraud that gives the globalist their power.” Alex Jones.
Federal Reserve Tells YouTube to Take Down Critical Video
We have received a privacy claim by agents of the FED. They are threatening to remove the video and take down the channel within 36 hours if we don’t bow down to their demands. Alex is preparing a video response later and will talk about this more on the (Monday Edition) of the Alex Jones Show. Alex is also looking at taking legal action against the Privately owned Federal Reserve for violating his crews first amendment rights when they were shooting film at a world war one memorial back in April 2009. (See Video below).
Reporters threatened with arrest for filming private Kansas City Federal Reserve building
Alex was also harassed by the military when he protested the Dallas Fed back in Nov, 2008.
(See Video Below). On November 22, 2008, Alex Jones led a rally at the Federal Reserve Bank in Dallas Texas. The Dallas protest is specifically mentioned in the official Army document. Ron Paul’s brother was also in attendance.
The Federal Reserve Is Ordered to Cease and Desist
Prophets Of Doom: 12 Shocking Quotes From Insiders About The Horrific Economic Crisis That Is Almost Here
The Economic Collapse
Oct 1, 2011
We are getting so close to a financial collapse in Europe that you can almost hear the debt bubbles popping. All across the western world, governments and major banks are rapidly becoming insolvent. So far, the powers that be are keeping all of the balls in the air by throwing around lots of bailout money. But now the political will for more bailouts is drying up and the number of troubled entities seems to grow by the day. Right now the western world is facing a debt crisis that is absolutely unprecedented in world history. Europe has had a tremendously difficult time just trying to keep Greece afloat, and several much larger European countries are now on the verge of a major financial crisis. In addition, there is a growing number of very large financial institutions all over the western world that are also rapidly approaching a day of reckoning. The global financial system is a sea or red ink, and when we get to the point where there are hundreds of ships going under how is it going to be possible to bail all of them out? The quotes that you are about to read show that quite a few top financial and political insiders know that things cannot hold together much longer and that a horrific economic crisis is coming. We built the global financial system on a foundation of debt, leverage and risk and now this house of cards that we have created is about to come tumbling down.
A lot of people in politics and in the financial world know what is about to happen. Once in a while they will even be quite candid about it with the media.
As I have written about previously, Europe is on the verge of a financial collapse. If things go really badly, things could totally fall apart in a few weeks. But more likely it will be a few more months until the juggling act ends.
Right now, the banking system in Europe is coming apart at the seams. Because the global financial system is so interconnected today, when major European banks start to fail it is going to have a cascading effect across the United States and Asia as well.
The financial crisis of 2008 plunged us into the deepest recession since the Great Depression.
The next financial crisis could potentially hit the world even harder.
The following are 12 shocking quotes from insiders that are warning about the horrific economic crisis that is almost here….
#1 George Soros: “Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation.”
#2 PIMCO CEO Mohammed El-Erian: “These are all signs of an institutional run on French banks. If it persists, the banks would have no choice but to delever their balance sheets in a very drastic and disorderly fashion. Retail depositors would get edgy and be tempted to follow trading and institutional clients through the exit doors. Europe would thus be thrown into a full-blown banking crisis that aggravates the sovereign debt trap, renders certain another economic recession, and significantly worsens the outlook for the global economy.”
#3 Attila Szalay-Berzeviczy, global head of securities services at UniCredit SpA (Italy’s largest bank): “The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits.”
#4 Stefan Homburg, the head of Germany’s Institute for Public Finance: “The euro is nearing its ugly end. A collapse of monetary union now appears unavoidable.”
#5 EU Parliament Member Nigel Farage: “I think the worst in the financial system is yet to come, a possible cataclysm and if that happens the gold price could go (higher) to a number that we simply cannot, at this moment, even imagine.”
#6 Carl Weinberg, the chief economist at High Frequency Economics: “At this point, our base case is that Greece will default within weeks.”
#7 Goldman Sachs strategist Alan Brazil: “Solving a debt problem with more debt has not solved the underlying problem. In the US, Treasury debt growth financed the US consumer but has not had enough of an impact on job growth. Can the US continue to depreciate the world’s base currency?”
#8 International Labour Organization director general Juan Somavia recently stated that total unemployment could “increase by some 20m to a total of 40m in G20 countries” by the end of 2012.
#9 Deutsche Bank CEO Josef Ackerman: “It is an open secret that numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels.”
#10 Alastair Newton, a strategist for Nomura Securities in London: “We believe that we are just about to enter a critical period for the eurozone and that the threat of some sort of break-up between now and year-end is greater than it has been at any time since the start of the crisis”
#11 Ann Barnhardt, head of Barnhardt Capital Management, Inc.: “It’s over. There is no coming back from this. The only thing that can happen is a total and complete collapse of EVERYTHING we now know, and humanity starts from scratch. And if you think that this collapse is going to play out without one hell of a big hot war, you are sadly, sadly mistaken.”
#12 Lakshman Achuthan of ECRI: “When I call a recession…that means that process is starting to feed on itself, which means that you can yell and scream and you can write a big check, but it’s not going to stop.”
In my opinion, the epicenter of the “next wave” of the financial collapse is going to be in Europe. But that does not mean that the United States is going to be okay. The reality is that the United States never recovered from the last recession and there are already a lot of signs that we are getting ready to enter another major recession. A major financial collapse in Europe would just accelerate our plunge into a new economic crisis.
If you want to read something that will really freak you out, you should check out what Dr. Philippa Malmgren is saying. Dr. Philippa Malmgren is the President and founder of Principalis Asset Management. She is also a former member of the Bush economic team. You can find her bio right here.
Malmgren is claiming that Germany is seriously considering bringing back the Deutschmark. In fact, she claims that Germany is very busy printing new currency up. In a list of things that we could see happen over the next few months, she included the following….
“The Germans announce they are re-introducing the Deutschmark. They have already ordered the new currency and asked that the printers hurry up.”
This is quite a claim for someone to be making. You would think that someone that used to work in the White House would not make such a claim unless it was based on something solid.
But as I have written about previously, it should not surprise anyone that theend of the euro is being talked about because the euro simply does not work.
The only way that the euro would have had a chance of working is if all of the governments using the euro would have kept debt levels very low.
Unfortunately, the financial systems of the western world are designed to push governments into high levels of debt.
The truth is that the euro was doomed from the very beginning.
Now we are approaching a day of reckoning. We have been living in the greatest debt bubble in the history of the world, but the bubble is ending. There are several ways that the powers that be could handle this, but all of them will lead to greater financial instability.
In the end, we will see that the debt-fueled prosperity that the western world has been enjoying for decades was just an illusion.
Debt is a very cruel master. It will almost always bring more pain and suffering than you anticipated.
It is easy to get into debt, but it can be very difficult to get out of debt.
There is no way that the western world can unwind this debt spiral easily.
The only way that another massive economic crisis can be put off for even a little while would be for the powers that be to “kick the can down the road” a little farther by creating even more debt.
But in the end, you can never solve a debt problem with more debt.
The next several years are going to be an incredibly clear illustration of why debt is bad.
When the dominoes start to fall, we are going to witness a financial avalanche which is going to destroy the finances of millions of people.
You might want to try to get out of the way while you still can.
08.08.2011 | http://www.tavex.se/
Med anledning av det rådande globala finansiella situationen har intresset för fysiskt guld drastiskt ökat. Detta har medfört att de Europeiska guldproducenterna har sålt slut på guld vilket har medför att guldhandlare i Europa har svårt att få tillgång till fysiskt guld. Med anledning av detta kan därför Tavex tillfälligt inte mottaga fler guldorder. Denna situation är exceptionell och saknar motstycke i Tavex 20-åriga historia. Vi bevakar situationen nära och vår bedömning är att situationen är av tillfällig art och att vi snart skall kunna fortsätta vår guldhandel som vanligt. De kunder som redan har lagt och betalat en order kommer att få sina produkter.
Welcome to hell~
Tyckte Den passade bra till denna "nyheten".
Simon Maughn, co-head of European equities at MF Global, has told CNBC that a third round of so-called quantitative easing is in the works. The private Federal Reserve will again become the marginal buyer of bonds.
The latest effort by the Fed to finance the government’s staggering deficit will end in June.
If the private Federal Reserve owned by offshore banksters stops this lending scheme, interest rates will rise significantly which in turn will exert tremendous pressure on the American public. If interest rates surge anytime soon, millions of indebted Americans may default on their debt, thereby bankrupting the American financial institutions, as Puru Saxena, founder of Puru Saxena Wealth Management, notes.
“The bond market is going in one direction which is up-falling yields which is telling you quite clearly the direction of economic travel is downwards. Downgrades. QE3 (a third round of quantitative easing) is coming,” Maughn told the business news network. “The bond markets are all smarter than us, and that’s exactly what the bond markets are telling me.”
“What’s interesting in the bond markets over the last couple of sessions is, you’ve seen human traders trying to step in and call this turn in the market the same way that equities have done … and they have just been mowed down by the quant funds which are all about leverage, all about momentum and are betting on bond prices going up,” Maughn said.
“One more big injection of cash into the bond market should take you through at least the summer season into the beginning of the fourth quarter.”
“That cash injection will have the normal inflationary knock-on impact, driving back up commodities, supporting industrial stocks, dragging the financials up with them… I think it’s all about the monetary injection trade,” Maughn told CNBC.
The International Forecaster
May 29, 2011
We hope all of our appearances on Greek TV, radio and in the press have helped the educational process and to allow the Greeks to identify who the real culprits are, and what to do about it. It has just been over a year since this tragedy became reality, but we reported on Greece and Italy ten years ago. They both bent the rules to enter the euro zone. We knew then that Goldman Sachs and JPMorgan Chase were assisting them by creating credit default swaps. There were a few Europeon journalist who reported on the issue, but the elitists control the media and few noticed that Greece and Italy were beyond bogus. The events of the past year remind us of the onslaught of the credit crisis, which unfortunately is still with us. What finally brought about trouble for Greece and other euro zone countries was the zero interest rate policy of the Fed and slightly higher rates by the EC. These policies encouraged speculation and caused problems that would have never happened otherwise. In addition, the stimulus measures by both banks were embarked upon to save the financial sectors and in that process promote speculation by the people who caused thee problems in the first place. That began with QE1 and stimulus 1, which we now recognize as our inflation drivers. Wait until QE2 and stimulus 2 appear next year. It will be very shocking.
Just to show you what a loser lower rates are just look at economic progress. There has been no recovery under either QE1 or QE2. Even 4.60% 30-year fixed rate mortgages have not encouraged people to buy homes. They are either broke or they don’t know whether they will be employed five-months or even one year from now, so how can they buy a house? Consumer spending is falling along with wages. The small gains you see are for the most part the result of higher inflation.
Growth moved from the fourth quarter of 2010 of 3.1% to 1.8% in the first quarter of 2011. We had forecast 2% to 2-1/2% growth for 2011. That is little to show for a minimum of $1.8 trillion spent in QE2 and stimulus 2. Without that we probably would have been at a minus 2%. Just think about that. Trillions of dollars spent with little results. Obviously such programs do not work very well. You would have thought the Fed would have found a better way after two such failures. They know what the solution is, but they won‘t put it into motion and that is to purge the system and face deflationary depression. That will happen whether they like it or not, but in the meantime the flipside is 10% inflation headed to 14% by yearend and another greater wave next year, and another in 2013. Unimpressive results is not the word for it. It has been a disaster and the Fed keeps right on doing it. As a result of the discounting of QE3 we wonder what the stock market has in store for us? We would think that a correction would be in the future. If that is so could that negatively affect the economy? Of course it could. All the good news coming, further stimulus by the Fed, will have been discounted. What does the Fed do for an encore? Create more money and credit – probably? Does that mean hyperinflation, of course it does. If the Fed stops the game is over. We are also seeing fewer results from additional stimulus. It is called the law of diminishing returns. In the meantime the dollar goes ever lower versus other currencies, but more importantly versus gold and silver.
If you can believe it, even though the Fed has provided financial flows and assisting speculative flows so Wall Street, banking and hedge funds can glean mega-profits, it still has not provided enough liquidity for additional GDP growth. The small and medium sized businesses have been shut out. The latter participants do not play those games, it is the propriety trading desks, hedge funds and the remainder of the leveraged speculating community that takes advantage of the excess liquidity and the Bernanke put of keeping bonds and stocks up artificially. The Fed and the others are sustaining this process. There are negatives for the Fed and their friends, higher commodity and gold and silver prices. The Fed and banks temporarily took care of that and haven’t quite finished their latest short-term foray in that sector. There are still fears as well regarding Greek debt fears and their CDS, Credit Default Swaps, and those of other euro zone members. They could still blow up in everyone’s faces in a partial if not total default, which is very likely. Banks are on the wrong side of this trade as well as the bond trade, not only with Greece, but with five other nations as well.
In the final analysis papering over the problem never works. The problems also reemerge with new additional problems. The combination of excessive speculation and liquidity and too big to fail is going to end badly, as it always has. De-leveraging will eventually rear its ugly head.
As we said, Greece and others could cause extensive bond and CDS problems and that is not only being reflected in a lower euro, but in higher Greek bond yields of 16-3/8% in their 10-year notes and 24-3/4% in two-year yields, and Portugal, Ireland and Spain are not far behind. The socialists just lost the latest election in Spain in a big way showing the public is fed up with the lies of government and the bankers. The euro is attempting to break $1.40 to the downside as a result of those election results and the Greek impasse. It is obvious that Greece cannot service its debt and reduce its deficit and the other deficient nations are in the same boat. The CDS marketplace would be severely disrupted if there were a sovereign debt default. That fear, of contagion, could be seen in higher rates in Spain, some .30%, the highest upward move this year. Greece, Ireland and Portugal have problems that can never be resolved and Spain, Italy and Belgium are not far behind.
Spain is implementing austerity, but that means like in recent weeks millions have demonstrated in 72 Spanish cities. The 17 autonomous regions have doubled their debt in the last 2-1/2 years. The socialists just did not know when to stop, now they are out of office. Spain is going down. There is no way they can sustain. That should bring the CDS situation front and center. It will also increase unemployment for those 18 to 35 to 40% or more. It is not surprising that half of the protestors were in that age group.
Greek PM George Papandreou, who secretly promised Europe’s elitists bankers that he would sell-off and or pledge Greek state assets, wants to sell stakes in Hellenic Telecommunications, Public Power Corp., Postbank, the ports of Piraeus and Thessaloniki and their local water company. All supposedly worth $70 billion. The bankers, of course, say they are worth far less. They want to buy them for 10% to 20% of what they are worth – so what else is new. The Cabinet went along with the giveaway, as expected, and without a whimper. The EU is demanding all the assets be sold off immediately, so the bankers can buy them as cheaply as possible. The threat by the bankers is if you do not sell and sell fast for a pittance, then we won’t fund loans of $42 billion over the next 2-1/2 to 3 years. If not funded it would be “re-profiled” another new euphemism for default and debt restructuring, or perhaps debt extension.
Then there is the threat that the bankers, the ECB-European Central Bank for the Euro Zone, would refuse to supply the Greek banking system with any further liquidity. They would then admit their new word refilling would mean default. This would end with Greece leaving the euro zone and the euro and total default, the issuance of a new drachma at 50% of the value of the euro and perhaps even leaving the EU, the European Union. Jens Weidmann, the Bundesbank’s new president said no compromise on monetary stability and a correction back to normality and a full separation between monetary and fiscal policy. It is obvious to us that in spite of debt of $620 billion that Germany wants to cut Greece loose. The German voters said that in last month’s elections. The Germans should have accepted default for $0.50 on the dollar offered by the Greeks a year ago. Even if the Greeks sold $50 billion in assets it would be a drop in the bucket, when they cannot possibly pay off the remainder of the debt ever. This shows you how derelict the bankers and sovereign countries were in allowing this debt to be accumulated. In addition Goldman Sacks and JPMorgan Chase hid their problems, via credit default swaps and now these same banks and others want to loot the country.
Tuesday Jean-Claude Junker, chair of the euro zone finance ministers committee had to admit he lied about the secret meeting the bankers had concerning Greece. He is another who says Greece cannot pay its debt under its current debt burden. Both he, and Lorenzo Bini Smaghi, Member of the Executive Board of the European Central Bank, said that any partial or total default would put all of Europe and the euro in jeopardy. In fact, some of these apologists for banks, especially the Germans, have entertained having Germany control Greek budgets and collect taxes. That means you would have a financial SS running things not only in Greece, but also in Ireland and Portugal and eventually in Belgium, Spain and Italy.
It should be noted the ECB paid in capital $14 billion and they hold $183 billion in Greek debt. We would say the ECB is already insolvent. It could be the Ponzi scheme, much like that of the Fed’s will soon come to an end. Some believe that a 50% markdown is in store for Greek debt. That could have worked a year ago, but not low. It is 2/3’s or more of a write down. We can just imagine Greece, Portugal, Ireland, Belgium, Spain and Italy recapitalizing the ECB – forget it. This is why partial or full debt default are out of the question. Just to buy time the ECB will kick the can down the road as long as they can. Those six nations in trouble should all go back to their currencies, default by at least 2/3’s and leave the euro zone.
European bondholders with a 50% debt write off are offside $1.2 trillion for Greek, Portuguese and Irish debt. If we include Spain, Italy and Belgium the 50% write off is $846 billion. That should easily destroy the ECB and the euro zone. We predict that by October changes will have to be made not only in the EU and euro zone, but in the UK and US as well. The battle rages in the euro zone, EU, UK and in the US over overwhelming debt. The debts are all unpayable. This dance of debt could go on for 4 or 5 months. Even a temporary solution is not going to work. The debts are unpayable. Once the lending stops the bottom falls out. The same is true in the US. They cannot raise interest rates and neither can the UK and euro zone, and the issuance of money and credit can only lead to inflation and hyperinflation. The bankers and the politicians in the debtor countries have so enraged the public, and the public now knows what they are up too because of talk radio and the Internet, that we don’t believe there can be settlements. We’ll see by the end of October and perhaps much sooner. All one party or group has to say is forget it we are out of here, and the entire system blows up.
We have seen the extensive damage, as we predicted, that has been caused by one interest rate fits all, which led to a major misallocation of funds and malinvestment. Due to such low interest rates massive debt was accumulated. The EU’s answer is to usurp sovereignty and turn the entire mess over to technocrats, who will most certainly make matters worse.
Political currencies like the euro do not work. It is an unnatural cultural instrument designed to bring people of differing cultures together as one. The order envisioned by European elitists is total amalgamation of all nations at every level. What the professionals not included with the elitists don’t understand is that these Illuminists want world government, at any cost.
The insiders in Europe have realized their plan did not work and that the six countries involved have to be cut loose and the remainder has to stay with the euro. Whether this can be accomplished remains to be seen and we personally believe it is a lost cause. In this withdrawal process bankers and others are going to be exposed and the outcome will be jail time and forfeiture of ill-begotten gains.
Over the past 1-1/2 years we have witnessed a degenerative process in Greece and in other nations as well. The Greek president and his party does not have the votes to give away Greece’s assets to European bankers even though they promised to do so.
Antonis Samaras, opposition leader, is not going to allow that to happen. The standoff could last 4 to 5 months. No Greek property collateralization and severe austerity are not acceptable. Opposition support will not be forthcoming. The formula proposed by the bankers is the same one used by the IMF to loot countries and keep them in perpetual servitude and poverty.
Probably on orders from the bankers the present government has made no effort to restart the economy. Mr. Samaras has called for renegotiation of the bailout deal before anything meaningful can get underway or proceed. He also knows 62% of the voting public is behind what he recommends, and that only 15% are against. That is why a referendum would solidify his position. If PM Papandreou promised the bankers he would sell off Greek assets he should not have done that, because he doesn’t have the power to do so. Worse yet, now Alexis Tsipras of the Left Coalition is calling for Mr. Papandreou’s resignation. Tsipras said what Mr. Papandreou is doing is a crime against the Greek people.
Professors and experts are pushing for a referendum because they say what the PM is trying to do is illegal. Polls already show that 62% of the electorate is against using Greek national assets as collateral. Fifteen percent are for, which means 23% is undecided. The PM does not have a majority in Congress and he cannot win a referendum for the terrorist bankers. These problems could last for months. In the final analysis they will be a partial bankruptcy that could last a year or two. Ultimately such an arrangement won’t work.
We are very proud of Mrs. Theodorakis and Samaras as they save Greece from the tyranny of the bankers.
As an addendum Italy has public debt of 120% of GDP and compromise 17% of the euros total GDP, Spain is 12% and Greece, Ireland and Portugal 6%. If Italy or Spain goes bankrupt the euro is dead. Italy has had a slow economy for ten years.
The top 91 European banks carry $144 billion in Italian debt, or quadruple their holdings of Spanish debt, and 22 times the holdings of Irish debt. This number will give you an idea of the enormity of European bank debt. If the euro fails there will be in a heap of trouble.
We haven’t commented too much regarding the Fed’s secret advance of $30 billion to Goldman Sachs, Credit Suisse and the Royal Bank of Scotland, which is controlled by the Queen of England. This just shows you the Fed is a tool of major banks and in particular European Illuminists banks. There is no transparency unless it is demanded by court order. The Fed is supposed to be an agency of government, when in fact they are agents of the banks who own them. The Fed handed out free cash to their owners. The horror story goes on and the one and the only solution is the termination of the Fed.
Another feature this Friday was that Fitch cut its outlook for Japan to negative from stable, which was not unexpected due to the earthquake.
According to Goldman Sachs 2011 growth is not going to be 4.8% but 4.3%. UBS has cut their estimates from 3.9% to 3.6%. They also believe the market will remain stagnant.
Central banks are raising interest rates, China, India, the Philippines, Chile, Poland, Peru and Malaysia. Others like us are looking for worldwide growth this year of 3.5%.
Small gold and silver coins of one-ounce or less are becoming scarce in Europe. That condition is also moving up to bars.
The IRS, moving aggressively to collect more taxes from small businesses, is telling companies being audited to turn over exact copies of the electronic records kept in their business-software programs, according to a letter from an agency official to the American Institute of CPAs.
The accounting group fears this will force small businesses to turn over customer lists, personnel data, confidential client information and other unrelated information often contained in the off-the-shelf software programs many businesses use to manage all aspects of their finances.
Small-business groups are beginning to push back, saying the agency shouldn’t treat small firms like bigger businesses, which usually have elaborate accounting systems and are able to give the IRS only the data the agency seeks. Small businesses, defined by the IRS as those with assets of less than $10 million, often use one off-the-shelf software program such as QuickBooks or Peachtree. A spokesman for Intuit said the Mountain View, Calif., company “was aware that the IRS has purchased copies of small-business accounting software to use in its tax audits.” The IRS declined to comment.
“Many accountants are worried this could lead to fishing expeditions” to find problems beyond the scope of the requested information, said Danny Snow, a certified public accountant in Memphis who is active in the American Institute of CPAs, or AICPA. “It’s not like what the IRS asks of large companies.”
Orders for U.S. durable goods dropped more than forecast in April, reflecting less demand for aircraft and disruptions in supplies of auto parts stemming from the earthquake in Japan.
Bookings for goods meant to last at least three years fell 3.6 percent, the most since October, after a 4.4 percent jump in March, a Commerce Department report showed today in Washington. Economists projected a 2.5 percent drop in April, according to the median forecast in a Bloomberg News survey. A measure of demand for business equipment declined by the most this year.
Bookings for Boeing Co. aircraft slumped last month and vehicle makers slowed production due to a components shortage that may be short-lived as Japanese manufacturers recover. At the same time, rising overseas sales at Deere & Co. and General Electric Co. indicate factories will keep expanding.
There is “a slowing, but not a dramatic slowing in manufacturing,” Bricklin Dwyer, an economist at BNP Paribas in New York, said before the report. “The inventory rebuilding cycle has tapered off and now we have a normalization. Manufacturing will still be an important component of growth going forward.”
Orders excluding the volatile transportation equipment category decreased 1.5 percent in April after a 2.5 percent gain. The median projection in the Bloomberg survey was for a 0.5 percent rise.
Estimates of total durable goods orders in the Bloomberg survey of 81 economists ranged from a drop of 5.7 percent to a gain of 2 percent. Economists’ forecasts for orders excluding transportation ranged from a decline of 1.2 percent to an increase of 1.8 percent.
New orders for manufactured durable goods in April decreased $7.1 billion or 3.6% to $189.9 billion. Excluding transportation, new orders decreased 1.5%. Excluding defense, new orders decreased 3.6%. Transportation equipment, also down two of the last three months, had the largest decrease, $4.9 billion or 9.5% to $46.7 billion.
Inventories of manufactured durable goods in April, up sixteen consecutive months, increased $3.2 billion or 0.9% to $350.5 billion. This was at the highest level since the series was first published on a NAICS basis in 1992. Transportation equipment, also up sixteen consecutive months, had the largest increase, $1.0 billion or 1.0% to $106.1 billion. This was also at the highest level since the series was first published on a NAICS basis in 1992.
Slower economic activity drove rates on fixed-rate mortgages down for the sixth week in a row, Freddie Mac’s chief economist said on Thursday.
The 30-year fixed rate hasn’t been lower since early December. The loan averaged 4.6% for the week ending May 26, down from 4.61% last week and 4.84% a year ago.
Fifteen-year fixed-rate mortgages averaged 3.78% this week, down from 3.8% last week and 4.21% a year ago. That loan’s rate hasn’t been lower since late November.
Rates on adjustable-rate mortgages also fell this week, with the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaging 3.41% this week, down from 3.48% last week. The ARM averaged 3.97% a year ago.
And 1-year Treasury-indexed ARMs averaged 3.11% this week, down from 3.15% last week and 3.95% a year ago.
To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point, while the ARMs required payment of an average 0.5 point. A point is 1% of the mortgage amount, charged as prepaid interest.
“Fixed mortgage rates eased slightly for the sixth consecutive week amid reports of slower economic activity. The index of leading indicators fell 0.3% in April and represented the first monthly decline since June 2010,” said Frank Nothaft, vice president and chief economist of Freddie Mac, in a news release. “In addition, the Federal Reserve banks reported less business and manufacturing activity in Philadelphia, Chicago and Richmond.”
“On a national basis, prices fell 0.3% between February and March, which was the smallest decline since November 2009, according to the Federal Housing Finance Agency. In addition, four of the nine Census Regions exhibited positive growth, compared to none in February.
“Separately, the Mortgage Bankers Association reported a further reduction in the serious delinquency rate (90 or more days plus foreclosures) in the first quarter, which stood at the lowest reading since the second quarter of 2009.”
Sales of homes in some stage of foreclosure declined in the first three months of the year, but they still accounted for 28 percent of all home sales a share nearly six times higher than what it would be in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or were repossessed by lenders, hit the highest share of overall sales in a year during the first quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.
“It’s an astronomically high number,” said Rick Sharga, a senior vice president at RealtyTrac. “In a normal market, you’re looking at the percentage of homes sold in foreclosure to be below 5 percent.”
In all, 158,434 homes in some stage of foreclosure were sold in the first quarter, down 16 percent from the last three months of 2010 and down 36 percent versus a year ago. Sales of all other types of homes also declined sharply, according to RealtyTrac’s figures, which differ from other home-sales estimates.
While the number of bank-owned properties sold declined, they grew as a share of all home sales. Bank-owned homes accounted for nearly 19 percent of all sales, up from 17 percent in the fourth quarter and up from 18 percent a year ago, the firm said.
That’s not good news for the housing market.
Europe continues to struggle from one problem to another. The euro has been strong only because the dollar has been weak. The governments of Greece, Ireland, Portugal and Spain continue their balancing acts on the edge of a financial precipice. All have Socialist governments, which have done terrible jobs, but the opposition is not much better. Each economy is in serious trouble and if Italy and Belgium follow it will take $4 trillion to bail them out. If the solvent EU members bail them out they’ll fail as well. Americans and Brits can look down their noses, but their problems are just as bad if not worse. They all have practiced different versions of Keynesian economics that has been disastrous. Their fiscal and monetary policies have been and continue to be out of control, as corruption abounds. The solutions are unpalatable, especially for politicians, because they all spell austerity. We have just seen the European Central Bank raise interest rates as euro zone economies slow, as they hope to arrest 2.8% official inflation. Real inflation is double that number.
We predicted $4 trillion would be needed to bail out Europe some time ago and Germany and the other solvent nations have come to the same conclusion. Even if it were possible, those six nations would live in poverty for the next 50 years. That is hardly a solution. The underlying problem lies with the central banks and the lending banks. Loans to these nations for whatever reason should have never been made in the first place. The bankers who lend money that they create out of thin air knew what they were doing and they knew full well the risks they were taking; 80% of the blame lies at their feet, thus, 80% of the bill is their responsibility, not that of the taxpayers of these countries. Months ago Germany was offered 50 cents on the dollar to settle its debt owed by Greece. The offer was rejected. In time that rejection will be viewed as a major mistake. As a result Greece’s Illuminist president is in the process of laying plans to collateralize new debt repayment commitments with Greek assets such as islands, ports, the rail system, the electric and gas companies and any asset not nailed down. That is why George Soros had top people from JPMorgan Chase and Goldman Sachs with him two weeks ago when be attended secret meetings in Athens. The underlying theme is let’s steal everything. Greek GDP will probably fall 4% this year, as wages and salaries have been slashed. Banks like JPM and GS that create money out of thin air do not care about the money, they want the assets.
Central bank bond buyers last year cut their exposure to Greece, Ireland and Portugal. These actions were prompted by concerns over sovereign default and were replaced by purchases of gold. The euro zone, England and the US have large deficits and only modest growth generated by QE and stimulus. Conditions now question debt sustainability. Debt rollover in Europe is acute, especially for Irish and German banks, with as much as half of their outstanding debt coming due over the next two years. As you know the IMF and EU have bailed out Greece and Ireland with Portugal in process. Spain is next and that is more than a $1 trillion problem. European banks are buried in euro zone sovereign debt, which makes them very vulnerable. In fact bank balance sheets are in terrible straights and need to raise significant amounts of capital to further participate in funding markets. At the present time they are in no condition to take on more paper.
In Greece the budget deficit may be only 8.1% of GDP, but the economy is stagnant as GDP declines. Overall public debt is about 150% of GDP. We have a difficult time envisioning Greece not defaulting. That is why the moneylenders want almost everything the Greek government owns as collateral. The socialist government of Illuminist George Papandreau cannot handle the job just as his Marxist father Andreas couldn’t handle it 25 years ago. Today’s Greece is still suffering from terrible decisions made during the 1980s. The bottom line is Greece probably will default and they should default. It is the only answer for them and the other five insolvent countries of the euro zone.
All these six countries are victims of one-interest rate fits all that we wrote about 12 years ago, as a disaster waiting to happen. That is why in the first quarter in Ireland the average house price fell 43% from the peak. Prices have a lot further to fall. Some say to 63%, which will probably be worse than in some sections of the US. Ireland has been sold out by its politicians and has little hope of survival without bankruptcy. Their economy is not doing that badly – it is the debt of the banks that government assumed that would take them under. The banks that caused these problems cannot help or they’ll go under, which are just deserts considering they were running a Ponzi scheme.
Portugal on June 5th will probably get a new center-right government. The economy will continue to decline with a budget deficit of 7% of GDP, as wages and the living standard declines. Like Greece, Ireland, Italy and Portugal should have never joined the euro. The original mistakes to prepare Europe for world government are now coming home to roost. In the late 1980s we spent a great deal of time in Portugal and we could see it wasn’t going to work. Just as an example, in preparation for acceptance, we saw prices rise 50% to bring Portugal up to the levels of other more advanced European countries. As we have seen amalgamation was a very bad idea.
Spain’s banks are carrying real estate on their books at twice their real value. Again it is the banks that are the problem. The sovereign debt is low, but in recent years the socialist government has far over spent. The phony house prices will come down to earth sooner or later and you will see a replay of the US and Ireland. For the next few years’ growth will be negative. Spain will need a bailout, but can the IMF and EU afford another $1 trillion? We don’t think so.
Like in other countries inflation is rising in Europe and it is going to get worse. Do not think for one second that a ¼% rise in official interest rates by the ECB is really going to change anything. The official EU inflation rate is 2.6%, whereas real inflation is 5.5%. In the US the official rate is 1.9% and the real rate is 8-1/2%. Realistically far higher rates are on the way for this year and next year and that means higher real interest rates. The US will see 14% real inflation this year along with England and 10% to 12% in Europe. Will the US see QE3, or an equivalent and will Europe and England do the same – probably? If they do not there will be hyperinflation. Those countries will go directly into deflationary depression. The elitists who planned all this are quite well aware of the options. If the Fed stops buying Treasury paper the US will go into default. The same is true for Europe, but on a piecemeal basis. This is why if the Fed and the ECB are going to more quantitative easing they had best do it quickly before inflation makes it impossible to do so, Remember, all the monetary expansion done by the Fed and ECB over the past 2-1/2 years is still in the pipeline. A year and one-half from now you may not be able to sell sovereign debt.
Most analysts and economists look at all these events in a logical fashion. They say many mistakes were made, but few realize these were not mistakes. What we are seeing was deliberately created. The study of monetary and financial history shows you the way and lets you better understand what these elitists are up too. We are now entering a time frame that is going to be financially explosive. If you are not prepared you are going to be very unhappy. That is why gold and silver related assets are important for your future.
Late word reaches us that Greek bondholders could lose 50% to 70% of their investment if Greece restructures their debt. That beats default. That is because the crooks at Moody’s, which were never prosecuted in the CDS-MBS scam, cut Greek debt by three levels, despite the fact that the Greek government cut its deficit by 6% of GDP over this past year. This is an incredible feat, yet the downgrades. Obviously, something is not right here. We expect Moody’s pandered to their pals at JPM and GS, so they could asset strip Greece.
As we look at Fed policy we see a never ending continuation of interest rates at ¼ of 1 percent and a continuation of Treasury debt monetization. They say the current QE2 will end at the end of June at some $900 billion.
The short term cash debt funding for the Treasury has been extended into the fall.
None of the members of the Fed have given an inkling of what the Fed will do next. Some have said what they think the Fed should do and their approaches vary.
From the fiscal side budget cuts that have been agreed to but are hardly worth discussing are an insult to our intelligence.
We also ask who is going to fund the Treasury’s debt after the Fed stops doing so? The answer is very few, and that means the Fed has to continue or the Treasury will go broke. In 2010 the Chinese bought $260 billion worth. The question is will they continue? Since November 2010 the Fed has been purchasing $110 billion worth monthly. The Fed has bailed the banking system out with QE1 and QE2, but not the economy. There is no exit strategy. In addition, federal debt is expanding at a 14.6% rate: state and municipal debt at a 7.9% rate: corporate debt has risen 5.7% and household debt 0.6%. As you can see the Fed is the lender of last resort.
Federal government revenues continue to shrink to less than 15% of GDP the lowest level since 1950. Thus, our opinion is that under some other name or guise quantitative easing, the creation of money and credit, known as monetization will continue as will inflation – that is very high inflation. This monetization is the lynch pin that is holding up the US and world financial system. As monetization runs amok, there is another side to the story and that is as bad assets continue to deteriorate. They would be MBS and CDOs that not long ago sold at par and now sell for anywhere from $0.15 on the dollar to $0.50, as the housing market gets set for another 20% fall and millions of foreclosures abound. Whether you realize it or not this tug of war has been going on for 11 years. The Fed is accommodating to the tune of $2.2 trillion over just a year. Without stimulus by government that figure could be $3 trillion from just 6/11 to 6/12. Someone has to tell us how there can be an exit strategy or a tightening. It is impossible.
Hanging over the Treasury market is the spectra of Japan and the need to fund reconstruction caused by the earthquake. Both Japan and China are trapped in their US dollar holdings as the dollar erodes. The problem is if these two nations become sellers that will erode the dollar further.
The Bank of Japan says the central bank must avoid underwriting new sovereign debt. We ask how will they get the job done? Will they sell $500 or $800 billion in Treasury paper? We don’t think so. They will create more debt. Although we believe the G-7 may well have bought $50 billion in Treasuries, as they weakened the yen from 75 to 86. In time we will find out if we are right, but in the meantime hanging over world markets and the dollar is the problem of finance for Japan.
Silver is a better bet than gold in the current precious metals bull run and has been described as "gold on steroids" by one asset manager.
Brian Ostroff, the managing director of Windermere Capital, a Canadian investment firm, said he was bullish about the prospects for all precious metals because the world's central banks were printing money. But he was particularly upbeat about silver.
"We love silver. It has definitely come into the forefront. The physical market characteristics are very positive," he told the Gold Report. "Ultimately, we view silver as gold on steroids. When you're in these uptrends and everyone's looking at precious metals, silver tends to perform much better [than gold].
"We think that, as the whole precious metals bull market proliferates and more average investors start to look at it, silver at $35–$40 might be more appealing than gold at $1,400–$1,500."
Silver was trading at $43.24 an ounce on Monday, its highest level since 1980. At the same time, gold hit an all-time high of $1,489.
But Mr Ostroff warned silver investors that they faced a bumpy ride. "Our feeling is that silver offers a better opportunity relative to gold – but make no mistake about it, silver is a lot more volatile. If we get a downturn in precious metals, silver will fall harder than gold," he said.
Asked why he was bullish on precious metals, he said: "I've always believed that gold is a currency. Ultimately, investors have a choice – put their money in dollars, yen, euros or pounds, as they choose, or in gold. The one difference is that gold, unlike paper currencies, has to be found and mined.
"Last year, gold production was up by about 3pc. That compares with all the central banks around the world that are just printing money.
"Now, I don't put myself in the camp of being an absolute doomsayer, in terms of the fiat [paper] currencies or the US dollar. What it really comes down to is: if the Americans print 20pc more dollars, the Europeans print 20pc more euros and the British print 20pc more pounds, you can't all of a sudden come up with 20pc more gold. The relative valuation continues to favour gold."
Varför ska man byta från en krashande valuta som man har kontroll över till en krashande valuta som man INTE har kontroll över? Rätt idiotiskt, ungifär som att köpa en ny bil och sedan sälja iväg den direkt till ett lägre pris och tro att man tjänade pengar på affären.
Guld silver och olja fortsätter att "öka" i värde. Det gör även matpriserna något som inte nämns. Dock ökar varorna inte i värde, det är mer värdet på pengarna som försvinner vilket driver upp priset.
Silver skulle lätt kunna gå till 500$ per oz(uns) med dagens inflation, det ligger på ~40$ idag nu på morgonen. Men detta gäller bara om vi upptäcker hur inflaterat det monitära systemet vi har idag är.
Oljan kommer stiga till ~200$ detta året. Om oljan stiger så stiger matpriserna eftersom att det blir dyrare att skicka/importera mat.
Om ni vill göra en bra investering satsa på guld silver och ett litet/stort mat föråd.
As the violence spread, billions of dollars of cartel cash began to seep into the global financial system. But a special investigation by the Observer reveals how the increasingly frantic warnings of one London whistleblower were ignored
April 3, 2011
On 10 April 2006, a DC-9 jet landed in the port city of Ciudad del Carmen, on the Gulf of Mexico, as the sun was setting. Mexican soldiers, waiting to intercept it, found 128 cases packed with 5.7 tons of cocaine, valued at $100m. But something else – more important and far-reaching – was discovered in the paper trail behind the purchase of the plane by the Sinaloa narco-trafficking cartel.
During a 22-month investigation by agents from the US Drug Enforcement Administration, the Internal Revenue Service and others, it emerged that the cocaine smugglers had bought the plane with money they had laundered through one of the biggest banks in the United States: Wachovia, now part of the giant Wells Fargo.
The authorities uncovered billions of dollars in wire transfers, traveller’s cheques and cash shipments through Mexican exchanges into Wachovia accounts. Wachovia was put under immediate investigation for failing to maintain an effective anti-money laundering programme. Of special significance was that the period concerned began in 2004, which coincided with the first escalation of violence along the US-Mexico border that ignited the current drugs war.
FLASHBACK: Banks Financing Mexico Gangs Admitted in Wells Fargo Deal
June 28, 2010
Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.
They found 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million. The stash was supposed to have been delivered from Caracas to drug traffickers in Toluca, near Mexico City, Mexican prosecutors later found. Law enforcement officials also discovered something else.
The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia Corp. and Bank of America Corp., Bloomberg Markets magazine reports in its August 2010 issue.
This was no isolated incident. Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers — including the cash used to buy four planes that shipped a total of 22 tons of cocaine.
Many have said in the wake of 9/11 that the “War on Terror” was only temporarily reserved for the “Muslim extremists” but would soon include any nationality, religion, or demographic that stood in the way of the globalists’ megalomaniacal designs. As we develop our knowledge of the real world around us, we begin to understand the key to real freedom – self-sufficiency and independence on a personal and local level. Realizing that real freedom also stands in the way of the globalists’ designs, it was only inevitable that any attempt to become independent of their burgeoning world-spanning empire, would “make the list” of terroristic activities as well.
While it is easy to understand a narrative of terrorism that includes bomb-vest wearing foreigners infiltrating our cities and killing people on their way to work, it becomes increasingly difficult to understand as the definition of terrorism is shifted toward you and me. Recently, Zero Hedge reported on the FBI’s conviction of Bernard von NotHaus, an American who was minting his own money. This was not counterfeited US currency, rather it was a private, competing currency backed with precious metals.
The FBI specifically mentioned “terrorism” in relation to Mr. von NotHaus’s case.
“Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism,” U.S. Attorney Tompkins said in announcing the verdict. “While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country,” she added. “We are determined to meet these threats through infiltration, disruption, and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government.”
However, the Federal Reserve note is not legitimate currency in any shape, form or way, legally, economically, or ideologically. The US Constitution has solely given Congress the duty to issue our nation’s currency and set its value (Article 1 Section 8). This is not a duty the Congress can pawn off onto the Federal Reserve – a cartel of private banks. But just as US policy is now being created and purveyed by corporate think-tanks instead of our legislative branch, our monetary policy is being created and purveyed by private banks, not our Congress.
The threat von NotHaus posed was not to the US economy, nor the US Constitution, but rather to the corporations that have hijacked and monopolized them. By offering Americans an alternative to the private banking cartel’s collapsing fiat currency, von NotHaus gave us an opportunity to entirely replace this corrupt system, become independent once again as a nation and restore the US Constitution.
Fake War on Terror expands into Fake War on Economic Terror
To help explain why we are terrorists for resisting receivership under crony-corporate fascism, there is News Corporation’s Glenn Beck. News Corporation itself is a member of the corporate-financier run Council on Foreign Relations, with Fox News’ Rupert Murdoch holding an individual membership as well.
Glenn Beck has recently sided with US Attorney Tompkins’ decision, calling Bernard von NotHaus “misguided” and that what von NotHaus was doing was “illegal.” Beck goes on to say that von NotHaus’ idea of using sound currency based on tangible assets is “not the answer.”
Beck then uses the zero tolerance exhibited by the Department of Justice as a call to action against SEIU’s Steve Lerner who allegedly wants to usher in financial crisis by collapsing JP Morgan. If anyone is guilty of inciting economic terrorism, Glenn Beck postulates, it would be Steve Lerner.
Beck lays out how SEIU thugs, who he claims work for Obama, are going to take down JP Morgan and the “American economy.” Beck fails to mention that by “American economy” he means the banking oligarchy that has entirely hijacked it, and whose henchmen run Obama’s administration from top to bottom.
Those keeping tabs on Glenn Beck’s gibbering disinformation might remember him claiming that the SEIU are thugs working for America’s political “left,” specifically Obama’s administration. To a point he is right, the SEIU clearly has served Obama’s administration. However, when we consider that every aspect of Obama’s administration is dictated by corporate think-tanks with memberships including the world’s largest corporations and personalities from both sides of America’s political spectrum, the “left conspiracy” Beck speaks of begins to fall apart.
A partial look at the mountain of lost humanity that constitutes Obama’s administration reveals that corporate interests are well represented, with a disproportional amount of financiers involved in “advising” Obama. If ever there was a team poised to stop the economic terrorism Obama’s SEIU thugs are about to unleash, it would be Obama’s administration itself.
Timothy Geithner (Secretary of the Treasury): Group of 30, Council on Foreign Relations, private Federal Reserve
Eric Holder (Attorney General): Covington & Burling lobbying for Merck and representing Chiquita International Brands in lawsuits brought by relatives of people killed by Colombian terrorists.
Eric Shinseki (Secretary of Veteran Affairs): US Army, Council on Foreign Relations, Honeywell director (military contractor), Ducommun director (military contractor).
Rahm Emanuel (former Chief of Staff): Freddie Mac
William Daley (Chief of Staff): JP Morgan executive committee member
Susan Rice (UN Ambassador): McKinsey and Company, Brookings Institute, Council on Foreign Relations
Peter Orszag, (former Budget Director): Citi Group, Council on Foreign Relations
Paul Volcker: Council on Foreign Relations, private Federal Reserve, Group of 30
Ronald Kirk (US Trade Representative): lobbyist, part of Goldman Sachs, Kohlberg, Kravis, Roberts, and Texas Pacific Group partnership to buyout Energy Future Holdings.
Lawrence Summers (National Economic Council Director): World Bank, Council on Foreign Relations
It is unclear why Beck is peddling such a poorly dressed conspiracy theory. One possible explanation is that the global corporate-financier oligarchy realizes its weak spot and is conjuring up the appropriate bogeymen to justify a robust effort to defend it. Beck’s narrative holds up the SEIU, a bogeyman Beck has meticulously built up over the years, as a group for his impressionable audience to relate all anti-Wall Street activists with.
Max Keiser breaks down his “Crash JP Morgan, Buy Silver” campaign. Lerner’s rhetoric sounds strikingly similar to Keiser’s call to crash JP.
One man, who is most assuredly not an SEIU member is finance pundit Max Keiser. Kesier has been leading a campaign named “Crash JP Morgan Buy Silver,” which aims at encouraging people worldwide to buy physically delivered silver to put JP Morgan out of business. JP Morgan has been issuing paper certificates representing silver they do not own (counterfeiting). Should people around the world (and they are) heed Keiser’s call and force firms like JP Morgan to deliver silver they do not hold, they will “crash.”
Due to the amount of criminally procured wealth, power, and influence JP Morgan has accumulated over the decades (through activities like counterfeiting silver certificates), its “crashing” would undoubtedly threaten the stability of the global Ponzi-economy. However, JP Morgan is but a member of the global corporate-financier oligarchy whose unsustainable megalomaniacal pursuits have already threatened the stability of the real global economy.
Collapsing JP Morgan in this manner, while simultaneously collecting silver, sets a precedence of systematically dismantling and replacing all corporations accumulating and wielding unwarranted influence. Considering that these corporations literally wage war in countries like Iraq, Afghanistan, and now Libya to obtain and protect their interests, they undoubtedly have a plan to ward off men like Max Keiser, or Bernard von NotHaus who has already been labeled a domestic terrorist by the FBI and faces 15 years in prison.
By labeling men like von NotHaus a terrorist, the prospect of shifting the poorly justified American police-state toward activists challenging corporate interests becomes an alarming possibility. Indeed, should von NotHaus end up in jail, it will become an alarming reality. By associating men like von NotHaus or Keiser with ready-made villains like the SEIU, it makes it easier for the general public to accept such crackdowns. The answer though, is not to be cowed into falling in line, but to become more aggressive in heeding the calls of boycotts and activism like Keiser’s “Crash JP Morgan, Buy Silver” campaign.
The veneer of invincibility has already been peeled back in another challenge to corporate dominion, this time in the world of media. Alternative media and peer-to-peer file sharing have in tandem peeled away massive segments of the corporate media’s audience and profits. The countermeasures of litigation, intrusive regulations, and lobbying employed have not only categorically failed, but have actually awakened many to the true nature of these bloated, antiquated money men.
Backlashes against GMO giants like Cargill and Monsanto with the concurrent rise of organic farming and farmers’ markets have also proven these corporations are but paper tigers in the face of informed and determined populations who are not only prepared to fight back, but have taken steps to entirely replace them as well.
How Self-Sufficiency Becomes “Terrorism”
For any problem there are two paths. One involves policy, namely regulations and laws. Another involves innovation and technical solutions.
Our prehistoric ancestors when faced with the adversity of starvation didn’t resort to policy, such as rationing or population control, but instead picked up a stick, sharpened it, and embarked on hunts of animals our physiology was otherwise incapable of bringing down. Innovation not only allowed us to survive, but to flourish. We built better spears, we devised bows and arrows, we developed agricultural technology, and when our populations swelled due to our ability to prevail against natural odds, we explored and settled new climbs and places.
Innovation and technology has allowed us to create the current society we now live in. Technology has reached a point where it allows individuals and communities to do ever more on their own without the need of bloated central governments and world spanning corporate empires. If left unchecked, governments and corporations will begin to shrink in size and capacity, playing an ever minimizing role in our daily lives.
This trend toward technologically facilitated localism translates into an unsavory world order for the ruling global corporate-financier oligarchs, a world order they are fighting ceaselessly to prevent from coming into being. They fight this battle by monopolizing ideas, information, energy, technology, and the monetary system, in tandem with the systematic sabotaging of our education system, constant intellectual pollution via mainstream media, and the devastating physical and mental effects of the food and pharmaceutical industries. Much of this is justified through a Malthusian-themed strategy of tension involving narratives of overpopulation and resource scarcity.
It becomes clear that geopolitical domination facilitated by the very fake “War on Terror” is only one step in a larger plan. As the globalists fight on to destroy the nation-state worldwide, they fight domestically to destroy self-sufficiency and independence. Just as foreign nations become terrorist extremists for resisting the oligarchs globally, we are becoming domestic and economic terrorists for resisting them on the home front.
For more information on alternative economics, getting self-sufficient and moving on without the parasitic, incompetent, criminal globalist oligarchs:
This post first appeared on Tony Cartalucci’s blog, The Land Destroyer Report.
Men vi har ingen fungerande sjukvård. Dåliga vägar. Dåliga tåg. Dåligt elnät. Dålig utbildning. Dålig vård av äldre. Vi har dock en rätt bra ekonomi gemfört med andra länder, men mot guld och silver så går det neråt. Dock inte lika snabbt neråt som för andra länder vilket är en bra sak. För då har svenska folket mer tid på sig att införskaffa silver/guld.
Vad jag vill säga är att om svenska staten drar in 47 miljarder på ett år ändast från el så måste vi ha ett svart hål någonstans i den svenska ekonomin. Jag glömde nästan! Om man lägger ihop all skatt så blir det närmare 80~90% i skatt man betalar. så även om staten spänderar 47 miljarder på löner (ett exempel) så får dem tebax 42.3 miljarder. Jag tror folk fattar.
Inflation = köpkraft = värde = pengar = papper
Så pengar är inte mer värda än pappret det är tryckt på.
Think about it.
March 6, 2011
David Andolfatto, Vice President in the Research Division of the Federal Reserve Bank of St. Louis, makes one of the most ludicrous arguments against Ron Paul’s attack on the Fed that one could make. I mean even for a Fed apologist, it is off the wall.
He attacks this paragraph in Ron Paul’s book End the Fed:
One only needs to reflect on the dramatic decline in the value of the dollar that has taken place since the Fed was established in 1913. The goods and services you could buy for $1.00 in 1913 now cost nearly $21.00. Another way to look at this is from the perspective of the purchasing power of the dollar itself. It has fallen to less than $0.05 of its 1913 value. We might say that the government and its banking cartel have together stolen $0.95 of every dollar as they have pursued a relentlessly inflationary policy.
What are the details of the attack?
He starts out this way:
The guy can be a real pinhead at times. And this is never so evident as in his persistent “attacks” against the Fed…Now, of course, I work at the Fed, so maybe you think I’m just complaining for the sake of defending my employer. If you think that, I can understand why you do. It is because you do not know me.
There are legitimate arguments one could make against the Fed as an institution and/or about the conduct of Fed policy. And then there are the stupid arguments, for example, the one contained on pg. 25 of his book End the Fed
So what is at the heart of Andolfatto’s defense of the Fed destroying 95% of the value of the dollar and calling Ron Paul’s argument stupid? Here it is:
There is this old idea in monetary theory called money neutrality. Money neutrality means that larger quantities of money ultimately manifest themselves in the form of higher nominal prices (and wages), and not on real quantities. No serious economist disputes the idea of long-run money neutrality.
Yes, what cost $1 in 1913 now costs $20. But so what? Money neutrality states that if you were earning $1 per hour in 1913, you are now earning $20 per hour (and even more, if labor productivity is higher).
That’s it, the beginning and end of Andolfatto’s Fed defense of destroying 95% of the value of the dollar. It all works out in the end, says Andolfatto. But, please, Mr. Andolfatto explain to me how this works out for someone who has been a careful saver of his money and now sees the purchasing power of that money destroyed? Please explain to me how this works out for a retired person on a fixed income who sees the declining purchasing power of that income? Please explain to me how this works out for the rest of the country when Wall Street bankers are the first to get their hands on newly printed Fed money, so that they can bid up all kinds of prices, including rents on apartments, which makes it difficult for anyone but a Wall Streeter to afford to live in Manhattan?
These damages, Mr. Andolfatto, you somehow don’t see and even think Ron Paul is stupid and a pinhead for raising questions about them. I would say you are suffering from what I have seen a lot in those working for the government: delusion. Phil Swagel, who was the chief economic advisor to Treasury Secretary Hank Paulson, told me that he didn’t even know there was any major decline in money supply growth during the summer of 2008. To not watch money supply growth when you are the Deputy Treasury Secretary for economic affairs is simply bizzare to me.
That you can’t see how a destruction of 95% of the value of the dollar might hurt some people, falls right into that category. You guys really suffer from what Brad DeLong has admitted he has suffered from. It is what he calls, Greenspanism, the absurd belief that whatever the Fed does is right, even if logic suggests the exact opposite.
But, hey, if you think the destruction of a currency is no biggie, here’s a job tip for you, call Robert Mugabe in Zimbabwe. He really thinks the same way you do.
En jävligt bra politiker från USA (texas) som ställer extremt bra frågor.
Det ser ut som att grekerna inte direkt läste igenom lånevilkoren för pengarna dem fick...
The Economic Collapse
February 15, 2011
Is Barack Obama trying to play a joke on all of us? The budget that the Obama administration has submitted for fiscal 2012 is so out of touch with reality that it may as well be a budget for “Narnia”, “Fantasy Island”, “Atlantis” or some other mythical land. You can view the hard numbers for Barack Obama’s 2012 budget right here. Obama’s budget assumes that the U.S. will experience economic growth of over 5 percent for most of the coming decade. That is so far-fetched that “optimistic” is not the right word for it. It also assumes that U.S. government income (primarily made up of taxes on all of us) will more than double over the next ten years. For 2011, the budget projects that the U.S. government will take in a total of 2.1 trillion dollars, and for 2021 the budget projects that the U.S. government will take in a total of 4.9 trillion dollars. For the Obama administration to assume that the federal government will be able to drain an extra 2.8 trillion dollars per year out of the American people by the year 2021 is ridicul0us beyond belief. In his new budget Barack Obama does propose some very, very modest spending cuts that he knows have no chance of getting through Congress. Barack Obama’s budget for 2012 also does not even attempt to make any cuts to entitlement programs such as Social Security and Medicare. In essence, you can sum up Barack Obama’s budget proposal for 2012 by saying that it is a complete and total joke. This budget is so delusional and so out of touch with reality that it is hard to imagine anyone taking it seriously.
Oh, but Obama is really trying to sell it hard. When Obama unveiled this new $3.7 trillion budget for 2012 at a middle school in Baltimore, he insisted that his plan will make it “so that every American is equipped to compete with any worker anywhere in the world.”
Well, that is a nice sound bite, but as I have written about previously, unless Barack Obama suddenly finds a way to stop multinational corporations from paying slave labor wages to their workers on the other side of the globe the job losses in America are going to continue.
But that is a topic for another day. Getting back to the 2012 budget, Obama is proposing to cut more than a trillion dollars from federal budget deficits over the next ten years.
That sounds really good until you figure out that means that the cuts only amount to about $100 billion a year. Considering the fact that Obama’s budget is projecting that we will have a $1.6 trillion budget deficit this year alone, that really is not a whole heck of a lot to be cutting.
The truth is that Barack Obama should be proposing spending cuts that are at least ten times as large if he was actually serious about addressing our budget woes.
But at least Obama is not proposing an increase in spending.
Oh wait, he actually is.
In fact, under Obama’s budget, U.S. government spending will soar from 3.8 trillion dollars this year to 5.6 trillion dollars in 2021.
But the mainstream media is solely focusing on the budget cuts that Obama is proposing.
Apparently they are trying to cast him as some sort of “fiscal conservative”.
Try not to laugh.
But the modest cuts that Obama is proposing are at least some place to start.
Under Obama’s budget, approximately half of all government agencies will have their funding decreased from 2010 levels.
In fact, approximately 33 billion dollars would be saved by scaling back or shutting down 200 federal programs.
Of course Obama’s fellow Democrats in Congress will never go along with many of these cuts, but at least it is something.
However, this is where most in the mainstream media stop their analysis.
They don’t take a closer look at the numbers in Obama’s budget.
They don’t question the wacky economic growth assumptions.
They don’t question the bizarre government income projections.
But even with the Obama administration’s crooked numbers, the federal deficit still never drops below 600 billion dollars over the next decade and a total of 7.2 trillion dollars is still added to the national debt over the next decade.
If economic growth ends up being much lower, or if the U.S. government is not able to get twice as much money out of the American people by the end of the decade then the projections would look much, much different.
So where does the Obama administration assume all of that extra money for the government is going to come from?
Oh, from raising taxes of course.
The Obama budget assumes that there will be significant tax increases starting in the year 2013.
A recent article on CNBC summarized some of the tax increases that the Obama budget calls for….
The plan unveiled Monday includes tax increases for oil, gas and coal producers, investment managers and U.S.-based multinational corporations. The plan would allow Bush-era tax cuts to expire at the end of 2012 for individuals making more than $200,000 and married couples making more than $250,000.
Wealthy taxpayers would have their itemized deductions limited, including deductions for mortgage interest, charitable contributions and state and local taxes.
There are many liberals (such as my friend Gary) that would love to see these tax increases go into effect, but Obama knows that there is no chance that they will ever see the light of day unless the Democrats retake the House of Representatives.
But most of Obama’s budget for 2012 is based on things that simply never even have a chance of happening.
The reality is that Obama’s budget for 2012 is a great work of fiction.
Meanwhile, the U.S. government continues to accumulate staggering amounts of debt.
In fact, Obama’s budget admits that we will witness the biggest one year debt increase in history this year.
In 2011, the gross federal debt with surpass 15 trillion dollars. In fact, it is being projected by some analysts that this will be the year when the debt finally becomes larger than the size of the entire U.S. economy.
But Obama insists that he is taking this debt problem very seriously.
Obama insists that he is committed to making “deep” cuts.
In fact, as he announced this new budget Obama stated that these budget cuts hit “many programs whose mission I care deeply about, but meeting our fiscal targets while investing in our future demands no less.”
Do any of you actually believe him?
Not that the Obama administration is in an easy position. The truth is that the U.S. government (both Republicans and Democrats) have been horribly irresponsible with our money for decades.
The 14 trillion dollar national debt problem that we have now did not develop overnight.
Neither will it be solved overnight.
But Obama is not even trying to address the tough issues such as Social Security and Medicare.
The truth is that the federal debt problem cannot be solved without addressing our out of control entitlement programs.
So why didn’t Obama address them in his budget?
Well, the reality is that Obama is not stupid. Social Security and Medicare are political sacred cows. Obama is not going to do anything at this point that would cost him millions of votes in 2012.
So Barack Obama ignored most of the $4 trillion in budget cuts recommended by the White House-appointed deficit commission.
It kind of makes you wonder why Obama ever appointed a “deficit commission” in the first place.
One area that Obama does attempt to cut in his new budget is military spending. Obama’s budget for 2012 sets military spending at 5 percent below what the Pentagon requested for 2011.
In fact, Obama’s defense budget would slash military spending by $78 billion over the next five years.
His budget also assumes that we are not going to get involved in any more wars, which is not necessarily a safe assumption.
So will these military spending cuts actually get through Congress?
The Republicans control the House of Representatives, and they are not likely to take too kindly to large cuts to the defense budget.
In fact, the truth is that not too many of Barack Obama’s spending cuts are likely to survive in Congress.
As a recent article on CNN explained, Barack Obama’s budget plan must navigate a vast array of congressional committees in the coming months and by the time it emerges it is likely to be radically changed from its current form….
Before it gets back to Obama’s desk for a signature, the spending blueprint will go through no less than 40 congressional committees, 24 subcommittees, countless hearings and a number of floor votes in the House and Senate.
As our Congress critters have demonstrated over and over and over, they love to spend our money on some of the most wasteful things imaginable.
For example, a total of $3 million has already been granted to researchers at the University of California at Irvine so that they can play video games such as World of Warcraft.
Something seems to happen to people who get elected to Congress. Almost all of them seem to develop an addiction to spending our hard-earned money.
Let us hope that something changes in that regard, because right now government debt is completely and totally out of control.
In fact, the U.S. national debt is currently increasing by approximately 4 billion dollars every single day.
In the end, if something is not done about all this debt it will destroy the entire U.S. financial system.
But our politicians just keep putting it off and putting it off.
Eventually we will reap what we have sown. Debt is a very cruel master, and nobody can run from it forever – not even the U.S. government.
Detta ska inte bli sett som ett ekonomiskt råd.
Om alla köper Nordeaaktier så kan folket ta på sig skulden som staten skapat.
Genom att göra det så blir folket en större ägare i Nordea.
Om man sedan får folket att säga nej till den skuld och begär den struken, eftersom att till 90% är skulden falsk tack till FRB systemet.
Detta är ett inlägg om hur du som privat person kan dra nytta av den ekonomiska krisen och all brottslighet som sker på den ekonomiska marknaden.
Med hjälp av detta så kan du stryka ALLA dina skulder om det Svenska Juridiska Systemet följer Svenska och Internationella lagar.
Här är Göteborgs Posten. Läser ni den så borde ni se att vi har ett stort problem.
Vi har sedan 2008 haft en finnans kris runt om i världen. Vi har också sätt många tappra försök att rädda ekonomin, i alla fall om man ska tro på nyheterna som rapporteras i Sverige. Vad dem inte berättar är hur man försöker lösa problemet.
Problemet är att vi har en för stor skuld till bankerna som äger våra pengar och det ansvarslösa sätt dessa pengar hanteras på.
Våran skuldkris försöker vi just nu lösa med mer skuld, vilket är helt absurt. Man kan inte laga en grop i gräsmattan genom att gräva en djupare grop bredvid den första. Men varför ignorerar våra Svenska ekonomer detta grundläggande problem?
Och vem ska ta upp notan för pengarna vi trycker upp och lånar ut? Ja men det är ju skattebetalarna. Inkomst skatten går till stor del att betala av Sveriges skuld till Svenska riks banken. Ni vet väll att alla pengar vi använder i dagens samhälle är lånade?! Skulle vi betala tillbacka statens skuld helt så har Svenska folket inga pengar kvar, bara en massa extra skulder tack vare ränta.
Kan det vara för att dem tjänar stora pengar på det?
Om ni lyckas läsa er igenom allt kommer ni se att detta är ett över 100 år gammalt problem. Det finns en väldigt gammal lösning på detta problemet. Tyvär vet allmenheten inte om det.
Englands 500 år långa valuta
Läs den bruna rutan på Sidan 2 i PDF dokumentet med namet: The bank of England
Med detta vil jag visa att det finns ekonomiska system som var hållbara under en lång tid.
Vad som gjorde Englands system så bra var att dem hade ingen ränta. Vilket direkt tar bort inflation ur ekonomin.
Det var detta system som fick England att bli den stormakt England är idag.
För er som tror att den Engelska drottningen inte har någon makt har så fel.
Queen Elizabeth II är en av världens mäktigaste individer!
Fractional-Reserve Banking (FRB)
Jag har varit in på Swedbank Umeå i sommras. Där frågade jag om vilket system dem använder för att förvalta mina pengar. Svaret var: Tyvär får vi inte lämna ut sånna uppgifter, antingen så ställde jag en för svår fråga eller så vet denna unga och mycket snygga "bank expedit" inte hur banken hanterar Pengar. Detta stärkte bara min tro i att bankerna använder sig av FRB systemet.
Så här fungerar FRB Systemet i världens alla banker, ni kommer se problemet.
Jag går till banken och sätter in 100 kr på mitt sparkonto.
Banken tackar då så mycket för pengarna och låvar att förvalta dem väl. Banken måste nu sätta 10% av mina 100 insatta kronor. Man kan tro att dem tar 10% från mina 100kr, så är dock inte fallet. Banken skapar 900kr extra ur tomma intet och lägger mina 100 kr i reserv 10%.
Vad är inflation
Inflation innebär att priserna i ekonomin, den allmänna prisnivån, stiger. Man får färre varor och tjänster för samma mängd pengar – pengarna minskar i värde.
Silver och Guld
Silver och Guld priserna i världen styrs av inflation. Så ju mer pengar tappar värde desto mer går Silver och Guld priserna upp.
Mat, Bensin och Energi
Mat, Bensin och Energi priserna kommer snart att börja stiga kraftigt!
Ingen vet när den kraftiga ökningen kommer, men när euron kollapsar så har man cirka 2 veckor på sig att få ut alla pengar och investera det i vad man tycker behövs för att överleva.
Låg och stabil inflation skapar på olika sätt goda förutsättningar för en gynnsam ekonomisk utveckling. Om inflationen är låg och stabil minskar till exempel osäkerheten om framtida prisnivåer. På så vis blir det lättare för hushåll och företag att fatta bra ekonomiska beslut. Därmed ökar effektiviteten i ekonomin.
Den svenska riksbanken får det att låta som att vi måste leva med inflation. Detta är inte fallet. Om regeringen kunde hantera pengar ordentiligt så skulle aldrig inflation vara ett problem. Men eftersom att vi har en lågkonjuktur (inflation) så är det tydligt att något är fel. Om man bara tryckte upp pengar när det riktigt behövdes och i kontrollerad mängd så kan vi eliminera inflation.
Världens lösning på problemet
Vi måste få staten att kontrollera våran Svenska valuta. Vi kan inte ha våra Svenska politiker och gå på Bilderburg möten.
Jag talar förstoss om: Fredrik Reinfeldt, Göran Persson, Anders Borg, Maud Olofsson, Carl Bildt och Olof Palme.
Pengar får sitt värde av utbud och efterfrågan samt GDP. Men litar inte det svenska folket på valutan spelar det ingen roll vad som stödjer den.
Litar folket på valutan spelar det ingen roll vad som stödjer den. Du behöver dock utbud och efterfrågan med GDP för att kunna konkurera med andra valutor.
Hur kan vi ha en Svensk valuta när Sveriges högst höns bäddar ner sig i samma säng med erkända brottslingar?
Finnans krisen är helt 100% baserad på dåligt lånande, fusk och bedrägeri av banker.
Vi har en stor kollaps framför oss här i Sverige, men allmenheten vet det inte.
Om ni läser denna tidnings artikel ur Göteborgs Posten så kommer ni få en liten inblick i problemet.
USA Har under en lång tid haft en kamp mot dessa skurkar, det var bla för detta Amerikas Konstitution (section 8, article 1) blev skriven efter det vunna kriget.
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
To borrow Money on the credit of the United States - Här är den felande länken i den Amerikanske Konstitutionen.
1913 röstades The Federal Reserve act igenom.
Dem luriga Bankiererna hade nu fått ett monopol på USA's pengar i 100 år fram över. Den Amerikanska Kongressen hade nu mera inget att säga till om. Allt detta bara för att Konstutitionen tillåter den Amerikanska staten att låna pengar av Privata Banker/Intressen.
2010 så firades det 100 år gammla mötet på Jeckyll Island som var för att upprätta den Privata Banken FED. Det kommer inte som en överaskning att Ben Bernanke, en medlemm i Bilderburggruppen och var med på det årliga mötet 2008. Det borde inte komma som en chock att Bilderburggruppen skapades av den högre makteliten.
Kolla även upp Elitteori.
Ben Bernanke har brutit en brutit en lag som heter Logan Act
Dagens pengar har en säkerhets remsa. Kan denna remsan läsas från rymden eller varför inte med en kortvågs scanenr. Man kan läsa ID kort med hjälp av enkortvågs scanner.
Om pengar kan läsas på distans så ger det svaret på varför man nu får bränna dem
detta är en teaser.
Portugal är nästa land inför kollapse. Men detta borde inte vara en så stor nyhet.
Ja så då var det klart för nya miljard lån till Island säger IMF.
Men vad IMF inte säger är att 90% av det isländska folket INTE vill ha några lån.
Dem hade en näst intill fredsam protest i ett år för att få tillbacka kontrollen över riksdagen och med riksdagens hjälp sitt lands ekonomi. Men det blev inte så, den nya Isländska riksdagen visade tydligt att dem fullständigt sket i vad det Isländska folket ville.
Ja lyssna för er själva.
Jag var tvungen att göra en liten ändring eftersom att spellistan jag la upp inte ville fungera för mig.
Ändrad vid ~22:20-22:30
Silver och guld har ökat i pris sedan 2000 om någon inte har sett det.
För er som inte vet så mycket om guld och silver så kan jag säga detta:
Guld och silver priser styrs av hur svag landets valut är, det styrs också av supply and demand. Så om Sverige hamnar i en hyperinflation situation vilket inte är allt för otroligt så kommer guld och silverpriserna explodera.
Men allt går upp i pris i en hyperinflaterad ekonomi så varför är det så viktigt med silver och guld?
Jo för om du investerar i guld och silver NU så får du behålla värdet i dina pengar du investerat. Sedan så pågår det MASSIV silver manipulation i världen. Men silver är inte bara en fin metall, det är också en industriell metall och just nu så finns det mindre silver än guld åvan jord. Det betyder att silverpriserna kommer att öka kraftigare än guld priserna pga av att det finns ett stort behov av silver i tex: mobiler, bilar och ja nästan alla elektroniska produkter du kan tänka dig.
Så vill man ha pengar till bensin när den kostar 60 kr litern så kan det vara en bra ide att investera i några silver mynt.
Man får inte göra reklam för olika företag på VK bloggen så jag säger bara till alla läsare att googla: Köp silver mynt.