lunedì 31 maggio 2010

Inganno e depressione indotta

Inganno e depressione indotta
di Marco Della Luna - 31/05/2010

Fonte: Marco della Luna blog







La crisi è alle spalle - Non ci saranno nuovi sacrifici - Qualcuno ha pagato il mio appartamento a mia insaputa - Al Salaria Sport Village mi curavano l'ernia del disco.

Hanno mentito e mentono ancora. Hanno Mentito quando dichiararono che l’Euro avrebbe protetto il potere d’acquisto, e all’opposto lo ridusse del 40%. Era così sicuro e conveniente – dicevano – che non solo era superflua una consultazione popolare, ma anzi la gente doveva assolutamente pagare tasse aggiuntive per meritare il privilegio di entrare nell’Euro, nella Moneta Unica.

Mentirono sulla quantità di tasse da pagare per entrare nell’Euro: prima erano 5.000 miliardi di Lire, poi 10.000, poi 20.000. A un certo punto ci dissero che finalmente eravamo nell’Euro, nella Moneta Unica. Ma anche qui mentivano, e ora ce ne stiamo accorgendo: l’Euro non è una moneta unica. E’ una cosa molto diversa: è un insieme di parità fisse di cambio tra le varie monete partecipanti. E’ come il vecchio Sistema Monetario Europeo, saltato nei primi anni ’90, solo che ha introdotto banconote e spiccioli comuni, per corroborare l’illusione che sia una moneta unica.

Non è una moneta unica perché l’Euro viene prodotto dalla BCE e “venduto” ai singoli paesi contro titoli del debito pubblico dei singoli paesi. Ogni paese emette e vende i suoi propri titoli. Ogni paese, ogni debito pubblico, ha il suo rating e paga il suo tasso di interesse: più i suoi conti sono affidabili, meno paga. E le differenze possono essere elevate. Inoltre, le agenzie di rating possono giocare, e hanno giocato, a dividere l’Eurozona ribassando artatamente il rating di questo o quel paese finanziariamente in difficoltà. Si può arrivare a una situazione in cui la BCE dichiari che i titoli di un dato paese dell’Eurozona non siano più utilizzabili per acquistare Euro.

Affinché più paesi facciano una moneta unica, comune, è necessario che emettano titoli del debito pubblico comuni, ossia che unifichino i loro rispettivi debiti pubblici. Che paghino un unico tasso di interesse. Il che ovviamente non è avvenuto e non può avvenire: Germania e Francia non unificheranno mai i loro debiti pubblici con quelli di Italia, Spagna, Portogallo, Grecia.

Quello che è avvenuto e che era prevedibile e inevitabile, e da alcuni è stato voluto, è che costringere sistemi economici poco efficienti a servirsi della medesima moneta dei sistemi economici più efficienti con cui avevano rapporti di concorrenza e/o di scambio commerciale, ha causato il declino e lo smantellamento dei sistemi economici inefficienti: Grecia, Meridione, Portogallo… Tanto più che, al contempo, arrivava l’attacco competitivo nei nuovi paesi comunitari est-europei nonché della Cina, dell’India, del Pakistan, del Marocco… Tra aree economiche aventi livelli di efficienza e di indebitamento molto distanti tra loro, non ci può essere una moneta comune. Ma non può nemmeno sopravvivere una parità comune, senza ammazzare le aree deboli. A meno che queste non prendano il potere politico sull’Unione e non sfruttino colonialmente quelle forti. Quindi l’Euro salterà, in un modo o nell’altro.

Intanto i banchieri portano avanti la loro politica e i loro affari. Ricordate quando le banche, la BCE, erogavano prestiti facili e a minimi tassi? E poi, quando famiglie e imprese si furono indebitate, strinsero i cordoni con Basilea I e Basilea II, mandando a rotoli l’economia? Causando una marea di insolvenze? E, quando i costi maggiori finanziari prodotti da questa stretta creditizia, cioè monetaria, e le insolvente, pure da essa prodotte, si tradussero in un generale rincaro dei prezzi, gridarono all’inflazione monetaria, e strinsero ancora di più i cordoni della liquidità, e alzarono ripetutamente i tassi, fino a ottenere il crollo dei mercati finanziari e dell’economia reale nel 2008? Vi ricordate che, allora, diciamo a fine luglio, dall’oggi al domani, contraddicendosi spudoratamente, “scoprirono” che c’era un drammatico bisogno di liquidità, e buttarono i tassi a zero? E usarono i governi per far rifinanziare banche e simili coi denari pubblici, cioè con pubblico indebitamento, togliendo i soldi all’economia reale e ai redditi e alla spesa pubblica? E avete notato come, con quei rifinanziamenti, le banche hanno imbastito tra loro un frenetico scambio di titoli finanziari per far risalire artificiosamente i mercati, inducendo risparmiatori fondi previdenziali e di investimento a metterci i loro soldi per rifarsi delle perdite del 2007-2008? E come hanno riportato i bonus dei loro CEO a livelli superiori al crollo delle borse?

Adesso la cosa si ripete: nuovo sacco dei redditi e dei risparmi per trasferire ricchezza al sistema bancario, anziché far pagare le banche autrici e beneficiarie di truffe e speculazioni distruttive.

L’inflazione rialza la testa e la BCE assicura che non tollererà che ciò avvenga. Ossia preannuncia e pregiustifica rialzi dei tassi. Ma sa benissimo che, oggi come prima del 2008, non c’è alcuna inflazione monetaria, proprio perché, al contrario di quanto assume (in ovvia mala fede) la BCE, l’economia reale sta morendo di scarsità di denaro disponibile. Quella falsamente presentata come inflazione da eccesso di moneta, in realtà è l’aumento dei costi finanziari (e conseguentemente dei prezzi di beni e servizi) dovuto appunto alla stretta creditizia di Basilea I, II e III , alla pratica sistematica dell’usura da parte delle banche di credito col tacito consenso delle banche centrali, all’aumento dei costi unitari industriali dovuto a diseconomie di scala (a loro volta dovute alla minor produzione e alla concorrenza cinese). Ma anche al fatto che banchieri e governanti hanno dirottato le risorse monetarie dai consumi, dai redditi, dagli investimenti al sostegno delle banche e della speculazione finanziaria, demonetizzando l’economia produttiva a favore di quella speculativa, e diffondendo insolvenze, fallimenti, licenziamenti.

Ora, con le manovre di aggiustamento dei conti, con nuove tasse, con ulteriori tagli dei redditi e della spesa pubblica, e insieme col rialzo dei tassi, è chiaro che puntano deliberatamente a produrre una depressione economica di prim’ordine e di lunga durata (una manovra che io interpreto, nel mio recente Oligarchia per Popoli Superflui, come finalizzata a salvare la Terra dall’inquinamento industriale e civile, dall’esaurimento delle materie prime, dalla sovrappopolazione). Ci sono precedenti: come provato dal prof. Richard Werner nei suoi saggi Princes of the Yen e New Paradigm in Macroeconomics, una cosa analoga il sistema bancario internazionale ha già fatto nel 1991 al Giappone, per tagliare le gambe alla sua economia mediante una brusca ed economicamente ingiustificabile stretta monetaria, che bloccò l’espansione industriale e commerciale di quel paese, e ancora oggi lo mantiene nella stagnazione. E così facendo consentì l’ascesa dell’astro cinese, designato a comperare l’incessante emissione di t-bonds degli USA – USA che erano all’inizio di una lunga e costosissima serie di campagne belliche.

Quale che sia il fine reale della manovra bancaria per mandare l’Occidente in depressione economica, la realtà di tale manovra è tangibile, comprovata. E i politici, i governi, i parlamenti assecondano tale disegno depressivo. Se si volessero realmente opporre, i governi potrebbero facilmente farlo con operazioni sotto copertura nei confronti della grande finanza e delle sue agenzie di rating, analoghe a quelle che conducono nei confronti del terrorismo non finanziario.

In Italia e in altri paesi ci stupiamo che la classe dirigente (politici, grand commis), rubano, o mangiano, o arraffino, in modo non accidentale, non isolato, ma sistemico. Ma che altro potrebbe fare, se non questo, una classe dirigente che, nel sistema effettivo dei poteri, è sottoposta al potere finanziario, che è il braccio esecutivo e la maschera sporca di questi interessi, e che in questo ruolo saccheggia e boicotta i popoli che sulla carta dovrebbe rappresentare e amministrare? E’ inevitabile che arraffi in proprio, oltre a saccheggiare per essi. In Italia, con la tangentopoli bis, stanno sviando l’opinione pubblica dal male grande al male piccolo ma più accettabile all’opinione pubblica, che quindi viene condizionata a vedere il problema come di una classe dirigente diffusamente corrotta: un problema da risolvere con indagini e sanzioni e più richiami a valori etici.

I popoli, le masse, non sono, proprio perché numerosi, in grado di imparare, di capire, di evitare. Agiscono secondo emozioni, abitudini, imitazione. Altrimenti non sarebbero caduti nella trappola dei prestiti facili né in quella della crisi alle spalle. E non sono nemmeno in grado di coordinarsi, altrimenti avremmo già avuto una rivoluzione violenta negli USA come in Grecia, in Italia etc., contro questi parlamenti e questi governi che depredano le loro popolazioni su mandato dei banchieri, mentendo e ingannando sistematicamente in materia economica. Ma queste rivoluzioni sarebbero del tutto inutili, perché non vi è alternativa, nei nostri tempi, al governare i popoli attraverso lo strumento monetario e bancario, e agli strumenti più specificamente manipolatori. Quindi, se non scoppia la rivoluzione, non perdiamo nulla, tranne il sanguinoso spettacolo del popolo che sfoga la sua indignazione sulle piazze, facendo in pezzi ministri, onorevoli e senatori, boiardi di Stato e tutti gli altri da cui crede di essere stata ridotta in miseria.

Marco Della Luna

TERRAMOTO: INTERVISTA ALL’AUTORE MASSIMILIANO DE CRISTOFARO

TERRAMOTO: INTERVISTA ALL’AUTORE MASSIMILIANO DE CRISTOFARO.
Fossombrone, presentazione del libro TERRAMOTO, intervista all’autore,

Ci troviamo a Fossombrone (PU), in occasione della presentazione del libro TERRAMOTO scritto dallo storico e saggista Massimiliano De Cristofaro, a lui vogliamo chiedere diversi perché in seno ai contenuti della sua opera-denuncia che da tempo stà facendo parlare di sè.
D - Massimiliano De Cristofaro buongiorno, vorrei farle una intervista e chiederle diversi perché in seno alla sua opera TERRAMOTO.
R - Buongiorno, prima di tutto diamoci del tu, secondo poi, più che ad una intervista vera e propria, io mi dedicherei ad una semplice chiacchierata fra amici.
D - Benissimo, TERRAMOTO stà facendo parlare di sé, cosa nasconde questo libro?
R - Questo libro non nasconde proprio nulla ed ecco perché stà facendo parlare di se.
D - In molti hanno disertato oggi dal suo invito, come mai?
R - E’ facile prendere certe decisioni, neanche io vorrei cadere nella bocca del leone…
D - La personalità di cui lei parla nel libro, ovvero, l’alto funzionario dello Stato che le ha negato la presentazione, ci rivela chi è?
R - Vorrei tanto dire il suo nome, ma non mi è possibile a causa della mia etica. Mi piacerebbe però, incontrarlo pubblicamente in un programma televisivo tipo Porta e Porta, così avrebbe il modo di difendersi, ma leggendo la presentazione del libro, ci si rende conto che è estremamente difficile parare un autogol.
D - Allora non ci rivela il nome?
R - Assolutamente no, anche se è molto facile arrivarci. L’alto funzionario che mi ha negato la presentazione del libro è il classico poltronista che non vuole esporsi, ovvero, guadagna dalla pubblica Amministrazione ma non opera per lo Stato che lo nutre e che lo ingrassa da anni. Egli opera il suo Ufficio e il suo Grado solo per il suo ego fregandosene altamente di ogni singolo, lavora quotidianamente solo per un paventato bene superiore, ovvero il suo. Posso dire che l’alto funzionario dello Stato che mi ha negato la presentazione del libro è un po’ il portabandiera di tutti coloro che, seppur nelle condizioni di poter fare qualcosa, evitano di fare qualsiasi cosa perché rimanere inchiodati alla poltrona del comando senza la paura di cadere è meglio che sbagliare nell’intento di migliorare le cose. Uno, nessuno e centomila diceva qualcuno...
D - Caspita. Massimiliano, ma sei davvero così ruvido?
R - diciamo che forse oggi mi trovi in una giornata buona, sono rilassato…
D - Non hai paura di ripercussioni dopo ciò che hai scritto?
R - Lo spero proprio…
D - Lo immaginavo…
D - Sei un provocatore?
R - No, sono un cittadino che si è scocciato! Nel contempo sono un Servitore dello Stato fin troppo amareggiato!
D - In che senso?
R - Nel senso che sarebbe il caso che si comprendesse bene che sono un fedele servitore dello Stato e non il servo di qualcuno!
D - Capisco…cosa vuoi trasmettere esattamente?
R - Che questo è il Paese di Pulcinella, che questo è il Paese del carnevale perenne, che questo è il Paese della vergogna ma a nessuno interessa modificare le cose perché ad ogni singolo cittadino stà bene così. In Italia non si rispettano le regole perché è facile vivere senza regole, nessuno ti contesta nulla e nell’eventualità che ciò accade allora te la cavi con poco, mentre se non sei un ‘allineato’ allora paghi per tutti, diventando il famoso capro espiatorio. In questo modo le lobby del potere ottengono un doppio risultato, in primis si tolgono un macigno dalla scarpa, secondo poi, fanno finta di fare giustizia giustiziando un povero disgraziato…
D - Ho timore nell’intervistarti…
R - Fai bene…Una volta il grande Avvocato Giuseppe De Gori, mio carissimo amico da poco venuto a mancare, mi disse che le domande non sono mai imbarazzanti, forse lo sono le risposte. Nel mio caso fai attenzione a farmi domande dirette perché al contrario di molti, ti risponderei con la verità allora per amor tuo, evita certe domande sennò dovresti tagliare gran parte dell’intervista!
D - Che ne pensi del sisma dell’Aquila?
R - Penso che il sisma de L’aquila è solo un terremoto! Penso invece che il terremoto è stato aiutato da qualche palazzinaro incosciente, altrimenti L’Aquila non sarebbe crollata in todo. Non so se mi spiego!
D - Spiegati meglio.
R - Mi spiego con delle semplici domande…Come mai il Palazzo del Governo è crollato? Come mai è crollato l’Ospedale nuovo? Come mai la casa dello studente è venuta giù portandosi nella tomba 8 studenti con tanto eco nazionale? E come mai a pochi passi dalla casa dello studente è crollata una palazzina che ha mietuto oltre 27 vittime e nessuno ne parla? Ti bastano le domande?
D - No!
R - Bene. Allora vorrei sapere perché a L’Aquila sono stati spesi diversi milioni di euro per la mappatura degli edifici a rischio di crollo ma nessuno li ha messi in sicurezza? Eppure sono crollati proprio quegli edifici…
D - Caspita…Massimiliano, qualcuno dice che il tuo è un libro di rivelazione e di denuncia, anzi, per essere precisi alcuni scrivono: “ERRAMOTO, un libro inchiesta-rivelazione sul terremoto che ha colpito l'Abruzzo. Un libro che conta sulla prefazione del Prefetto dell'Aquila e di testimonianze di chi ha vissuto e subito uno degli eventi più catastrofici della nostra Italia. Un documento prezioso per chi vuole sapere di più su ciò che è accaduto e soprattutto su ciò che si poteva evitare. Tu Massimiliano, che ne pensi?
R - Penso che sono degli esagerati, se avessi voluto scrivere un libro di denuncia, beh…l’avrei scritto diversamente, però ti anticipo che io e il Professore Luigi Lombardo abbiamo deciso di collaborare ad un nuovo progetto letterario sul dopo sisma de L’Aquila, quindi, chissà…
D - Quindi, allora, ne leggeremo delle belle…
R - Credo proprio di si…e per finire, voglio imbarazzare te e qualche lettore, mi domando e ti domando, il Prof. Luigi Lombardo, Presidente della Confartigianato della Provincia de L’Aquila mi ha fatto una confidenza che io faccio a te, ovvero, come mai a L’Aquila qualche settimana prima del sisma del 6 aprile 2009, qualcuno aveva acquistato oltre 3000 sacche per i cadaveri? Escusatio non petita, accusatio manifesta…diceva qualcuno qualche anno fa…?
D - Non ho parole!
R - Io ne ho ancora molte di parole e le dirò tutte il 7 giugno 2010 alle 17:00 al convegno della Confartigianato de L’aquila che si terrà nell’Auditorium della Carispaq, guardacaso, proprio nella sala in cui il 10 aprile 2010 ho presentato il libro TERRAMOTO!
D - Arrivederci e grazie Massimiliano.
R - Grazie a te, spero tu possa venire a L’Aquila per il convegno della Confartigianato.

Intervista a cura di Michelangelo Risi.

Everyone now knows gold is suppressed !

Everyone now knows gold is suppressed, but what's the difference?

Section:

10:50a ET Monday, May 31, 2010

Dear Friend of GATA and Gold:

Our old friend J.T. poses a question. He writes:

"By now almost everyone knows, thanks primarily to GATA, that the precious metals markets are being manipulated by the U.S. government and some of its allies. There are some who continue to deny it, but I believe that they have become the exception. But even if the last person on Earth learns about the manipulation -- let's say he is a member of some cannibalistic, head-hunting tribe in the Solomon Islands -- the manipulators appear uncaring and impervious to this recognition. Indeed, even with such widespread exposure they seem undeterred and hellbent to continue. So why doesn't the exposure make a difference?"

There's no way of quantifying it but we know from the behavior of our friends anyway that GATA's work has encouraged gold acquisition at least that much. If J.T. is correct and most people who pay close attention to the gold market are aware of the price manipulation, then it stands to reason that GATA's work has encouraged gold acquisition by others as well.

But as crucial as gold is, it remains a small sector of the financial world. Despite its spectacular rise over the last decade, most investors, at least in the West, haven't given it a thought. Even some of the biggest investment managers who are aware of gold's performance and are favorably disposed toward gold do not fully understand the difference between real metal and paper claims to metal and so invest in gold exchange-traded funds rather than take possession of bullion. Thus they have their investment used against them by the infinite expansion of the imaginary gold supply to match the infinite expansion of the supply of government currency and credit.

In short, while most of the people who pay the closest attention to gold may now understand government's historic interest in controlling its price and are aware of some of the mechanisms of that control, that's still a very small number of investors, short of the point at which enough people understand that particular methods of holding gold can work against them while other methods work for them. Gold being such a small sector and the gold supply being so small relative to the claims sold against it, it may not take too much more effort to reach a tipping point, to turn enough paper claims into delivery claims and blow up the suppression scheme.

After all, the western European central banks, previously active agents in the scheme, seem to be participating much less lately, even as the Russian and Chinese central banks and a few others have become gold buyers. The Bank of Russia has been monitoring and citing GATA's work for more than six years. (See http://www.gata.org/node/4235.) More recently Chinese officials have been monitoring GATA's work as well.

Meanwhile, GATA is suing the Federal Reserve in U.S. District Court for the District of Columbia for access to the Fed's gold market intervention documents, possession of which the Fed has acknowledged, if only inadvertently. (See http://www.gata.org/node/8192.) Much has come out of GATA's prodding and poking the Fed and the Treasury Department over the years. Much more yet may come from it. With the right publicity, the next disclosure may be powerful.

But exactly when will the big break come -- the break that leads to the great revaluation of gold we expect, when the central banks are overwhelmed or, perhaps more likely, get in front of the inevitable, using gold revaluation to restore their own solvency, yielding resentfully to some accountability, freer markets, and fairer dealings among individuals and the nations?

Of course we don't know. We can only keep working to hasten the day, and hope that some of us will live long enough to see it.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Greece - how to handle a debt crisis?

Greece - how to handle a debt crisis?

Gassner's picture

Dear Reader,

Greece has a substantial impact on the ever nervous markets these days.

Interestingly, the help offered to the country is based on interest-bearing loans, which likely will go along with cost cuttings to service the debts causing all kinds of social hardships. This is the standard recipe.

How help would need to look according to Islamic law and morals?

1. Interest-bearing loans are a clear no go. Interest-free loans could be an option, even for the whole European Union for mutual support situations.
2. Fostering investments based on profit-/loss sharing. Greece could undertake a capital raise for state owned companies and infrastructure - the other EU countries could become investors rather than creditors.

The first option is a clear cut signal for solidarity (which an interest bearing loan is not); the second option has three effects to be balanced: First the debt/equity ratio of Greece would immediately improve and their credit standing therefore being restored, the additional funds should like an economic stimulus program uplifting the economy; the third effect is to be avoided, which is the feeling of a potential sale season of cheap assets to foreign countries.

If this strategy would be followed with heart and mind, Greece would face less frictions socially, economically and the increased nervousness in the market could be healed to our mutual benefit in a globalised world. Aside from the International Monetary Fund, we need an International Equity Fund, sharing the profits and losses to create a solid financial framework.

Could anybody point me to papers or articles discussing such thoughts deeper? Any comments why this is not being discussed in mainstream media?

Best regards,

Michael Saleh Gassner

Lists are being compiled for Arrest Warrants

Financial Sense

Hidden Dollar Swap Hammer

by Jim Willie, CB. Editor, Hat Trick Letter | May 26, 2010

Let me start the article with a personal note. For the last six years, my pen has put forth a public article almost every week. Since the end of 2009, a change has come from that pattern, for four reasons. First, articles take time and serve as free volleys sent into cyberspace. They are attempts to raise awareness of a broken corrupt system, to encourage increased investment protection by the investment community, and to make repetitive messages that can sink in. Second, many of the warnings have come true of a monetary system in tatters, an insolvent banking system, a failed central bank franchise system, and a discredited amalgam of sovereign bond markets. There is no need to repeat warnings of further events toward breakdown when the forecasted breakdown has arrived in full glory. Third, I wanted to both digest the crisis myself, to discuss and ruminate over the disaster with my trusted colleagues, and to permit folks to digest the disaster, ruin, and continued breakdown themselves. Fourth, more time has been devoted to Hat Trick Letter subscribers, and less to the public. Events never occur according to a script, or forecast, or plan. Too many unintended consequences come. Too many complex elements take a toll within the system. Too many corrupt players defect or are badly weakened. This is history in the making, a highly important chapter of history being written before our eyes. This is World War in Finance with the AngloSphere under great pressure of losing its hegemony in the control of global financial structures. Entire national economies are at high risk. These are historic times.

THE USDOLLAR SWAP FACILITY

USDollar swap lines have been revived, rejuvenated, and applied. They are critical in sharing the workload in monetary expansion, the inflation machinery. The US Federal Reserve issued the following press release on May 9th, heralding the facility. It enabled the printing of money for immediate usage by foreign nations, as they essentially print their own money but use the USDollar wellspring as conduit. See the USFed press story (CLICK HERE). This announcement should be viewed as a response to debt abuse, and an open license to continue the great game. The public balance sheets have systematically built up greater debt in order to rescue private banks from ruin. The government leverage upward has enabled a private bank leverage downward, with little success however, as perception of wreckage is pervasive and turning universal. The bond market recognizes the ruin has shifted attacks from banks to sovereign accounts, the government debt arena. So the USFed will produce mountains of new money, and gold notices the debasement process. The USFed press release read as follows.

"In response to the reemergence of strains in US dollar short-term funding markets in Europe, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing the re-establishment of temporary US dollar liquidity swap facilities. These facilities are designed to help improve liquidity conditions in US dollar funding markets and to prevent the spread of strains to other markets and financial centers. The Bank of Japan will be considering similar measures soon. Central banks will continue to work together closely as needed to address pressures in funding markets.

The Federal Open Market Committee has authorized temporary reciprocal currency arrangements (swap lines) with the Bank of Canada, the Bank of England, the European Central Bank (ECB), and the Swiss National Bank. The arrangements with the Bank of England, the ECB, and the Swiss National Bank will provide these central banks with the capacity to conduct tenders of US dollars in their local markets at fixed rates for full allotment, similar to arrangements that had been in place previously. The arrangement with the Bank of Canada would support drawings of up to $30 billion, as was the case previously. These swap arrangements have been authorized through January 2011. Further details on these arrangements will be available shortly."

This spigot is precisely what lifts the gold price along the powerful long-term trend. It is the great monetary inflation lever. However, in the last two weeks, the easy credit lines have been taken advantage of to supply funds to central bank agents who have a constant habit of selling huge contracts of gold futures, of course often naked short selling. It should come as no surprise that the gold price was pushed down $60 and the silver price pushed down $2.20 after the Dollar Swap Facility kicked in, yet the gold community seems unaware. Harken back to the autumn 2008, to the crisis acceleration events and banking system demise. Recall the $132 billion payment made to JPMorgan on a Saturday morning before dawn before a crooked bankruptcy court judge in Manhattan. The official story was a diversion, claiming the private Lehman accounts were compensated for. In the following two weeks after the giant slush fund was delivered to JPMorgan, the gold price and silver price plummeted. The gold cartel had money to put to work immediately to suppress precious metals, the enemy of the USDollar. Last week was a sort of replay with the slush funds similarly reloaded with Dollar Swap Facility funds, courtesy of the USFed.

OPTIONS EXPIRATION

If the Commodity Trading Futures Commission truly wished to do their job, and identify manipulation in the precious metals market, they need only to open their eyes and monitor the Big Four trades in this current week when futures options expired for gold. The gold cartel illicitly pushed down the gold price so that options expire worthless. Notice the cartel kept the gold price below the critical $1200 waterline until Tuesday afternoon. Poof, a heap of options go worthless, and whoosh, the gold price moves over $1200 in the wake of the criminal event. Some analysts actually made sneid comments like the gold traders "had it coming to them" or some such. So if a band of Florida retirees goes to Vegas on a field trip, eager to double their money at the casino tables, do they also have it coming to them to be victimized? The Florida Suckers face crooked blackjack tables and altered roulette wheels, and their greedy grubby plans are rightfully stripped by corrupt operators? Never should greedy gold traders who expect monumental mammoth monstrous monetary inflation to push gold toward $1300 per ounce, be considered cannon fodder. The CFTC is just another Goldman Sachs office, obedient to their masters on Wall Street and the USDept Treasury. Referring to options expiration day of Tuesday May 25th, Jesse of the Cafe Americain said "Gold traded all day below 1200, at times rising to within fifty cents of the key strike price of 1200 where a large concentration of call options were clustered. Well, since the call options at 1200 have expired worthless, why bother using the energy to continue to suppress the price?" The games, tactics, and devices to suppress illicitly the gold price are fully out in the open. One must wonder if the CFTC officials are asleep. We know Larry Summers is asleep on the job.

DOLLAR SWAP RESCUED USTREASURYS

The USTreasury Bond functions with two roles. It competes as safe haven with gold during crises and sudden asset price stormy declines. But it also serves as funding agent for the powerful monetary inflation. Confidence in the USTreasury market had to be restored. Notice the IEF bond index fund of long-term 7-10 year USTreasurys, lifted at a critical juncture. It was at the point of decision, breakdown or rally. The Dollar Swap Facility was used to bail out big banks with a heavy inventory of Greek and other PIGS nation sovereign debt. The banks turned around with their impaired bonds redeemed handsomely, and placed a great deal of the final funds in USTreasurys. That might have been an actual requirement for participation in the Swap Facility in the first place. So the Bond Vigilantes appeared at the barn door, but were scattered by a flurry of machinery. A bond rally ensued, aided and abetted by the Dollar Swap Facility. So did the USFed have motive to aid European banks or the USTreasurys at the precipice?

1

MORONIC GOLD BUBBLE TALK

Whenever talk turns to gold being a bubble, regard the syndicate message as one of desperation. The true bubble is USTreasurys, if not all government debt including UKGilts, the PIGS national debt, and much more. The AngloSphere is replete with asset bubbles in the last 20 years. From tech stocks to housing & mortgage bonds to USTreasurys in a march over the cliff under the aegis of fiat folly. The phenomenon most striking in the last two to three years has been the transfer of wrecked assets from private banker balance sheets to the government balance sheets, now wrecked also. The tragedy is that the private banks remain deeply mired in insolvency, while the debt ratios and extreme leverage of the sovereign debt is coming to light. Thus gold has begun to be openly recognized as a legitimate safe haven in full competition with the USTreasurys and the major currencies. The rout of the Euro currency has opened the floodgate of criticism against ruinous governmental policies centered upon bailouts for banks and futile stimulus plans. Each and every grand error by policy makers is followed by bigger grander policy errors, working toward a climax. They double down like in a poker game with a losing hand, and double down repeatedly, stuck without alternatives.

The untold story of the gold correction in the last two weeks has been that it was funded by the Dollar Swap Facility, but the good news is that its price movement abides by the parameters of a breakout correction. The 1180 level has been honored, not broken. The moving averages are still in uptrend. The powerful reversal since the Dubai and Greek crises were unleashed has resulted in a breakout, a correction that typically revisits the point of breakout, and a continuation. The ruined monetary system continues in ruins. The broken central bank franchise model continues in wreckage. The discredited sovereign debt continues to be rejected. The entire globe seeks a solution, but the buffoons in charge can only reach for the same liquor that turned the brains of monetary leaders into vinegar and rotted the body economic. They have ordered $1 trillion more liquor for distribution, totally ignorant of its ineffectiveness. Worse, they are unaware how the destructive effect of continued monetary excess kills capital formation and leads to enduring recessions that morph to depression.

2

Each new round of Quantitative Easing and gold price suppression assures an even higher potential gold price as long-term forecast target. The official policies are ruinous, and even destroy capital, eroding capital formation, and circumvent job creation. The eventual gold target in my view has moved from $5000 to $7000 in the last few months. No remedy is in the works. No solution is even pursued. No liquidation of toxic assets is underway. More stimulus is planned for the USEconomy, as home foreclosures continue and bankruptcies continue and bank closures continue and lending is obstructed. The more money the syndicates and governments in partnership create in futility, the higher the gold target becomes. Their ship is but a derelict at sea. The lifeboats consist of golden vessels. Soon no more lifeboats will be available. The clowns on the helm will be the last drowning victims.

FINANCIAL REGULATION & THE FLASH CRASH

Hats off to the Wall Street financial syndicate. They arranged a 1000-point stock market descent precisely on the day (May 6th) the Financial Regulatory bill had a key provision being scripted for auditing the US Federal Reserve. The US Senators blinked, watered down the provision, and will force an audit but only for certain TARP-related events. At least it is a foot in the door to the corrupted halls. The Flash Crash, as it is known, has turned the US stock market even more into a round robin competitive backyard for Wall Street firms, where 73% of the NYSE trading volume used to be derived from their computer program trades. Figure even more now. The US stock market has become the butt of jokes. Miraculous recoveries after 3:30pm are standard these days, like Tuesday. Even the NASDAQ was 3.3% down late in the day, only to stage a recovery. The Plunge Protection Team is operating much more in the open. As they ply their trade, they have rendered the US stock market into one of the most irrelevant of all financial markets. Recall its foundation for recovery one year ago was relaxation of the financial accounting rules, thus converting equity valuation into over $1 trillion fluff. The most striking and predictable aspects of the Fin-Reg Bill are how the USFed has even more power than before. The original plan was to limit its power. So again, hats off to the syndicate. They took the honorable motive to limit syndicate powers and to audit the USFed, and turned it into even more USFed powers, like the rod to dissolve any financial firm that endangers the US financial system. Or should it be said endangers the syndicate? Goldman Sachs bribery to the US Congressional members must have played a prominent role. That is the capitalism at work in the United States. One should demand to see mainstream economists provide a Supply & Demand curve for USCongress members.

INTERPOL & THE LIST

Word has come to the Jackass desk from a very different location, two of whose university chums serve on an elite commission in Central Europe. Recall the stories of a mid-December landing of a planeload of Interpol agents and cops. Recall the announcement by President Obama in January of strong subpoena power granted to Interpol operating in the United States, a story that should have sent shivers through the press networks. Instead, it was duly reported and forgotten, a typical syndicate tactic. The subpoena power is not to be dismissed. It enables Interpol agents and cops to obtain documents, to force testimony, and to investigate with some teeth. My source tells of how the Interpol has been ON THE GROUND IN THE UNITED STATES FOR MONTHS doing their work, building a case against corrupt bankers. The same source told of how last August 2009, at least thirty former USDept Treasury officials and Wall Street executives together appealed to Interpol, turned state's evidence, and were granted asylum. They arrived with much damaging evidence in the form of documents, emails, CDs, trading logs, and personal testimony. The information gained has been used for several months in criminal investigations of very high order. Much progress has come, but it is not shared publicly. Finally, lists are being compiled for Arrest Warrants of US & UK & West Europe bankers and politicians complicit with banking center corruption. The story mentioned London bankers working for Goldman Sachs as having their passports lifted. More to come on this showdown. It begs the question who delivers the warrants and what happens if an F.U. is given in reply, especially if armed bodyguards are present. The list reportedly reads like a Who's Who, not yet seen by Jackass eyes though. A climax is coming, but unclear when.

3

ENDLESS Q.E. ROUNDS

The public is told that each Quantitative Easing round is the last, the one and only. Just as my forecast was for absolute bond contagion two years ago, and my forecast was for frequent unending AIG & Fannie Mae bailouts, and my forecast was for no Exit Strategy with a steady unerring path of 0% policy, next my forecast recently has been for numerous announced formal QE rounds. In fact, they will become a global round robin, as each continent announces theirs, which opens the door politically for a redux on ours. Then ours invites another of theirs like a merry-go-round with exposed knives cutting capital and its engines. Great Britain is on course for a powerful second QE round. The US by virtue of the revived Dollar Swap Facility has its second QE round, although hidden, the first being in the autumn months of 2008. This month we see the first big QE round in Europe. Combine these QE rounds with government stimulus designed to resuscitate the many moribund economies that stand unresponsive, and surely monetary destruction is on a clear path.

MORE ECONOMIC STIMULUS DIRECTLY AHEAD

Meet Lawrence Summers, head of the White House Council of Economic Advisors. His reputation is of brilliance, but laden with obnoxious and arrogant behavior. He tends to become bored at policy meetings. He is reported to be pushing for another USGovt stimulus package. He must not be reading about the nascent economic recovery that blesses the US nation, endorsed and promoted by USGovt agencies and the President himself, echoed by his Cabinet of extinguished business minds. Perhaps Summers read the recovery reports and was put to sleep. Perhaps the policies seem more like Politburo pablum, certain sedatives. We the People can count on Summers to serve as vigilantly and diligently. Wake up, Larry! There is a crisis to manage!!

4

GREEK DRAIN PLUG & FAILURE PLAN

Key provisions are outlined in the European Union Bank Bailout plan that permit backdoor scuttles. The first provision states that the aid package will be "immediately and irrevocably cancelled" if it is found to breach the EU Treaty's official No Bail-out clause. Such finding can come in a ruling by the European court or the Constitutional courts of any EuroZone nation. The second provision states that if any country finds it cannot raise funding for the rescue at interest rates below the 5% level agreed for Greece, it may opt out of the bail-out. One might soon observe the biggest sellers of European Govt debt and speculators in the EuroBond sovereign Credit Default Swap contracts might be the governments themselves. That includes both the distressed nations in the PIGS pen, and the core healthier nations themselves which have born the brunt of the intramural welfare system in fracture. In my view, the Greek Govt debt crisis has been used as a distraction from the extreme problems not only in Spain, Italy, and Portugal, but in the United Kingdom as well. The sovereign debt rejection in the bond markets serves as an indirect repudiation of the global monetary system, whose backbone is not gold but rather debt. The climax will be the UKGilt default followed by its partner default in the USTreasurys. The primary truth in the sovereign debt market is that these bonds cannot be rescued, since the device for any rescue under consideration is more fiat currency, whose basis is indebted acid in the mix.

5

Notice the string of failed sovereign bond auctions, most notably in Germany. Rejections are in progress, in lands that do not possess the Printing Pre$$. Expect the bailout in Europe to fail. Its litmus test is the Euro currency itself. It has fallen to a lower level than before the announced bailout. These are band-aids applied to a gaping wound, a fatal wound that needs far more than tourniquets. It needs a new monetary vehicle upon which to build a new foundation. Its failure can also be seen in the separation effect. The rising Euro no longer spreads good tidings or provides favorable winds for US stocks. See the above graph.

NORTHERN EURO CURRENCY

Word has come to the Jackass desk from the War Room itself, where important decisions were made in a series of meetings inside Germany. The new Northern Euro currency is finally in its formative stage. Contracts have been forged. Relationships with the more independent Central European central banks have been arranged. Market mechanisms with the commodity markets have been delegated to Finland. A role for Russia is being planned, source of many commodities. The timing of the new Northern Euro is planned for June 2011, with perhaps little if any formal news releases. The key element of the new Northern Euro will be its gold component. Permit a Jackass conjecture of a 1% or 2% cover clause, meaning $100 million in Northern Euros could be redeemed for assets that contain $1 or $2 million. The new currency will be born in crisis. It will be begged for. One must wonder if Saudi crude oil will eventually require payment in Northern Euros. Maybe it will contain not only a gold component but a crude oil component.

For over a year, my openly stated belief has been that the first nations to create a monetary and banking system with clear distance set from the USDollar will be the next global leaders emerging. It will be Germany and its cohorts that include the Benelux nations and Austria. In debate is the future role of France, which might be assigned squire duty for the Germans who hold 94% of their sovereign debt. The antics of Sarkozy are as annoying as a mosquito roaming near the face during bedtime hours. By the way, the Northern Euro as planned is a USDollar Killer, since the present day world reserve currency will fall rapidly in valuation, finding its true worthless value, in reflection with its hemorrhage of USGovt deficits and debt ratios that put it in the same PIGS manure pen as the Southern Europe nations heaving in convulsion.

FASCIST BUSINESS MODEL

Take a minute to be reminded of the model at work for almost two decades, ever since Goldman Sachs took control of the USDept Treasury under the destructive hand of Robert Rubin in 1992. Much has been written in the past few years in these columns about the Fascist Business Model, where large corporate interests are merged with the state. Federal policy actually melds with those of Wall Street, or the former is directed by the latter. Much has been written about the near total lack of remedy, lack of reform, lack of liquidation, and lack of law enforcement. The key characteristic of the Fascist Business Model is that its corruption and inefficiency lead to a total breakdown of the system. Its conclusion is the failure of the state and breakdown of the economy. The housing market failure and chronic insolvency is its bitter fruit. The insolvent banking system is its backfire blast. The TARP Fund fiasco was a huge flag signal of the corruption climax rooted in extortion. The Louisiana Oil Volcano is just icing on the cake. The ultimate breakdown will be seen as a USTreasury default, whether technical or actual.

Another central banking fraud exposed

Jim Willie explains how infinite money can take gold down in secret

Section:

9:15a ET Monday, May 31, 2010

Dear Friend of GATA and Gold:

Newsletter writer Jim Willie's latest commentary, "Hidden Dollar Swap Hammer," suggests the extreme level of surreptitious anti-gold intervention that's possible in the currency markets when central banks create infinite money and distribute it to their investment banking friends. Strangely, most establishment financial writers show no curiosity about this money creation and distribution, and some even try to discourage curiosity about it. You can find Willie's commentary at Financial Sense here:

http://www.financialsense.com/fsu/editorials/willie/2010/0526.html

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

domenica 30 maggio 2010

Bilderberg 2010 Agenda Leaked

Bilderberg 2010 Agenda Leaked

According to the documents—which Daniel Estulin obtained from his sources inside the secretive group—issues to be discussed in this year's formal deliberations are:

1. Will the Euro Survive?
2. Development in Europe: Europe's Exit Strategy...On Hold?
3. Do We Have Institutions to Deal With the World Economy?
4. Greece: Lessons and Forward-looking Strategies
5. NATO and Afghanistan: The Practical Agenda for the Alliance
6. Iran and Russia: Economic and Financial Threats to the Alliance
7. The Consequences of War Against Terrorism
8. The Influence of Domestic Issues on American Foreign Policy
9.The Outlook for Japan's Economy
10. The Future of the U.S. Dollar: Alternative Scenarios

That the Bilderbergers—essentially a talking shop for European and North American power players—are interested in discussing the current meltdown of the European economy should come as no surprise, especially as the group's attendee list includes many of the key financiers and string pullers who helped steer Europe into the crisis in the first place. Past attendees of the meeting include current EU President Herman von Rompuy who got the job as the first non-elected head of the undemocratic European Union after a special wine and dine session with Bilderberg steering committee members. Last year he heralded the beginning of global government, praising the increased role of G20 in dealing with the global financial crisis. Other key Bilderbergers include Jean-Claude Trichet, who, as head of the European Central Bank, was instrumental in helping to craft the current European bailout which itself is designed to incentivize the bankruptcy of Europe. Trichet, too, also recently called for global government to regulate the world economic meltdown that his fellow Bilderbergers helped to create.

Those familiar with the Bilderberg group's long-cherished dream of achieving global government through the creation of an international financial framework will be unsurprised to see that a debate on the question "Do We Have Institutions to Deal With the World Economy?" is the third order of business at this year's meeting. Nor will it be a surprise when the question is inevitably answered with the standard globalist line that international institutions like the IMF and the World Bank need to be "strengthened" and even given enhanced regulatory powers as a result of the crisis they have brought about, exactly as Bilderberg observers have been predicting for years. Indeed, as Estulin himself notes in his latest book, Shadow Masters, former U.S. Undersecretary of State George Ball expressed the ambition of the globalists in an address to the 1968 Bilderberg meeting in Mont Tremblant when he stated that they were interested in developing a "world company" to take over the "archaic political structure of nation states"

Other items on the agenda are exactly in line with the issues and plans made at last year's Bilderberg and those ideas debated at last year's G20 Finance Ministers meeting, both of which Estulin was able to infiltrate with his inside sources. The fact that the Iran-Russia alliance is on this year's agenda is doubly telling, not only because a strike against Iran was on the table at this year's Trilateral Commission meeting, but because, as Estulin notes in today's interview, it indicates that the real object of the Bilderbergers' aggression against Iran is the destabilization of Russia, a country that has traditionally been a thorn in the side of the globalists.

Perhaps the only thing that is surprising about this year's leaked agenda is that the secretive group, which has gone to great length to conceal itself from media and public scrutiny, has failed to take precautions to prevent Estulin and his sources from acquiring the information yet again. "I'm a little bit disappointed in the Bilderbergers," he said on the line from Spain, where he currently resides. "I would think they would have taken certain precautions and measures, especially coming to my part of the world."

While the agenda is only a guide for the larger group discussions and the real decision-making takes place among the core members of the group behind closed doors, it does serve as an indicator of the issues and events that are preoccupying the globalists at this sensitive stage of their operation, just as they begin to realize their dream of instituting global government by manufacturing a global depression. Even as these plans begin to come to fruition, the people of Iceland, Greece, and other developed countries are beginning to rise up en masse to throw off the yoke of financial oppression and key Bilderbergers are openly talking of their fears of a global political awakening.

This year's conference marks a new level of exposure and opposition to the Bilderberg group itself. Daniel Estulin will be making an historic speech to the European parliament on June 1st along with Mario Borghezio, Nigel Farage, and other key MEPs. Then Charlie Skelton, reporting once again for the UK's Guardian newspaper, will be taking part in a mass counter-conference where those opposed to the Bilderbergers and their secret proceedings will gather to draw attention to the group.

Stay tuned to corbettreport.com for all of the latest information on this year's conference, including an update from Estulin about what his sources are able to reveal about the meeting's proceedings. Coverage starts this Sunday with the release of Episode 131 of The Corbett Report podcast, "Bilderberg 2010."

The Corbett Report

www.corbettreport.com/articles/20100528_bilderberg_agenda.htm

Vive la crise boursière qui ruine les capitalistes

Journal intime 933

Mercredi 12 Mai 2010 18:45

Journal d’un économiste en crise
Vive la crise boursière qui ruine les capitalistes obsédés par l’enrichissement !

CDS


« Credit default swaps » Instrument destinés à se protéger des variations de valeur d’une dette. Assurance autrement dit. Si votre dette ne vaut plus rien, vous touchez la valeur du CDS. Je m’appelle Goldman Sachs. Je conseille le gouvernement Grec. Je sais que sa dette ne vaut rien, car je connais un peu sa comptabilité truquée. D’ailleurs, je l’ai aidé à truquer sa comptabilité. Je lui prête du fric, empoche des créances, m’assure sur ces créances, ensuite fait courir le bruit que ces créances ne valent rien, les vend, et empoche au passage les assurances que j’ai prises sur les créances que j’ai vendues. Pas beau ça ? On reproche à la Grèce d’être une économie de marché noir. 50% des transactions sur les CDS se font « over the counter », de gré à gré, sans que quiconque puisse y mettre le pif, autrement dit au black. Et c’est ces gens qui vont nous donner des leçons d’économie noire ou blanche ?
Les agences de notations sont payées par leurs clients, en général des banques. Les banques comme Goldman Sachs ont-elle payé les agences pour qu’elles dégradent la note grecque ? Evidemment.


Les marchés


« Le message des marchés est clair » (Jean-Pierre Jouyet, patron de l’AMF). « Les marchés ont raison. Ils ont raison de vouloir savoir ce que valent leurs créances » (D. Seux, Les Echos). Au fait, c’est quoi les « marchés » ? 100000 analphabêtes disait Alain Minc, qui sont derrière leurs écrans d’ordinateurs, à peine moins bornés que leur machines, et qui travaillent en boucle pour leurs clients, les propriétaires de créance et d’actions (et d’immeubles, bref, les propriétaires, les rentiers, ceux qui gagnent du fric en dormant). Les analphabêtes sont payés par les banques, ou les hedge funds, qui travaillent en général sous le parapluie d’une banque (traduisez : avec la ligne de crédit que leur file une grosse banque). Ces analphabêtes n’ont qu’une idée : faire de l’argent, et conserver de la valeur aux capitaux qu’ils gèrent. C’est pourquoi, en vendant en même temps pour sauver la valeur de leur capital, ils font plonger les bourses ! en paniquant tous en même temps, ils précipitent leur ruine. Pas plus con que les marchés. La baisse globale des bourses ruine les portefeuilles boursiers. Bien fait.
Le désir aveugle de gain des rentiers les conduit à se ruiner en ruinant les économies. Comme l’avait bien montré Marx, les etats prennent en charge le malheur des capitalistes en monétisant (transformant en argent frais) leurs créances pourries. Du coup les dettes privées deviennent des dettes publiques. Toujours conformément au schéma marxiste, les capitalistes délestées de leurs créances pourries et désormais créanciers des Etats, attaquent les Etats pour être remboursés ! et les eTats les satisfont en pressurant les salariés, les obligeant à travailler plus longtemps, leur sucrant des mois supplémentaires de salaires, ou rognant sur leurs avantages sociaux. Génial.
Dans le cas de la dette grecque, 60 milliards sont possédés par des français, et 40 par des allemands. On a presque envie que la Grèce crève pour les faire crever avec elle.
Au fait : l’Etat français donne une cinquantaine de milliards en intérêts aux capitalistes. Sur les cinquante, 20 vont à des français. Autrement dit, mes amis, vous filez 20 milliards d’intérêts par à des rentiers. Vous payez des impôts pour filer 20 milliards d’intérêts à des rentiers. Vous comprenez bien ça, les cocus ? et si on leur donnait rien, à ces gens ?
Les spéculateurs sont les hedge funds, domiciliés dans les paradis fiscaux, et les banques d’affaires qui traitent avec eux. Le hedge fund est non seulement domicilié dans un paradis fiscal, mais construit sur une arnaque fiscale : il emprunte à une banque pour acheter du capital et restructurer des entreprises, il crée une maison mère déficitaire et propriétaire des entreprises achetées, consolide les bénéfices qui sont dès lors nuls ou négatifs, et dès lors ne paye pas d’impôts ! etonnez-vous de payer des impôts, après ! Ces sont des escrocs légaux. Ils n’ont même pas le courage du monte-en l’air, du voleur à la tire. Ils volent légalement. Il n’y a pas plus méprisable.


Fillon


L’ami des bagnoles et de la pollution a compris qu’il pouvait faire passer en douce, dans le wagon grec de la rigueur, quelques « réformes », genre allongement de la durée de cotisation. C’est pas lui qui dirait qu’il faut taxer le capital, ou les revenus du capital (pourquoi ne rprendrait-on pas aux rentiers les intérêts du capital ?) Raffarin, Villepin, puis Fillon ont endetté la France sans créer d’économie puissante. Le déficit commercial s’est effondré sous leur mandature. Et maintenant Fillon vient faire des « réformes » !


Attali


Attali encense la gestion de Trichet. Il a tort. Trichet gère la question de la dette publique de la zone euroe et de la Grèce en particulier, uniquement pour le profit des rentiers, sans jamais se préoccuper des citoyens de la zone. On il est tenté, le brave homme, de faire la seule politique favorable à tous les citoyens : monétiser les dette grecque ; faire racheter la dette grecque par la Banque centrale européenne et donner à la Grèce du cash, ce qui lui évitera de payer des taux usuraires. Bien entendu cette méthode provoquerait de l’inflation, et l’inflation ruine les rentiers en dévalorisant leur capital. Donc on préfère faire crever le peuple que les rentiers. C’est un choix.

Livre


« Le temps de la décroissance » par Serge Latouche et Didier Harpagès, Editions Thierry Monier, 9,80 euros.
Cette fois ce vieux bandit de Latouche s’est acoquiné avec un sympathique prof de lycée pour nous inciter à la frugalité heureuse. Sacré Latouche ! vieux forban ! vieux bretteur ! Toujours de bons arguments et un style plus qu’agréable emaillé des multiples citations glanées dans ses immenses lectures. Après un tableau apocalyptique de la situation terrestre, les deux lascars nous invitent à partager ce qui reste de la planète bleue dans une sobriété joyeuse. Travailler pour vivre mieux. Rouler à vélo (comme Latouche) à 8 km heure de moyenne. Un automobiliste, compte tenu du temps passé à travailler pour acheter sa voiture, payer ses assurances, son essence etc. roule à 6 km heure. Prenez un tandem, votre petit ami avec vous, le livre de Latouche, et lisez le dans les marguerites après une joyeuse copulation !

La WIR BANK - Report, Rai Tre

Goodnews:
WIR BANK
di Giorgio Simonetti
, Report Rai Tre

In Svizzera la soluzione alla crisi del 1929 l'hanno trovata 16 imprenditori di Zurigo, che si sono messi a commerciare tra di loro in una valuta parallela al Franco Svizzero, il denaro WIR. Da questa esperienza è nata la WIR Bank, una banca cooperativa che oggi raccoglie 60.000 PMI svizzere che si scambiano tra di loro beni e servizi in WIR, garantendo il lavoro del ceto medio e ancorando la ricchezza prodotta alla nazione Svizzera. Funziona anche oggi, durante la crisi del 2010?

Leggi il testo:
http://www.report.rai.it/R2_popup_articolofoglia/0,7246,243%5E1087835,00.html

ECB Blasts Governmental Fear-Based Racketeering

The ECB Blasts Governmental Fear-Based Racketeering, Questions Keynesianism, Believes The Fed’s Powers Are Overestimated

Tyler Durden
Zero Hedge
May 30, 2010

In what could one day be seen by historians as a seminal speech presented before the Paul Volcker-chaired Group of Thirty’s 63rd Plenary Session in Rabat, the ECB’s Lorenzo Bini Smaghi had two messages: a prosaic, and very much expected one: of unity and cohesion, if at least in perception if not in deed, as well as an extremely unexpected one, in which the first notable discords at the very peak of the power echelons, are finally starting to leak into the public domain. It is in the latter part that Bini Smaghi takes on a very aggressive stance against not only the so-called “inflation tax”, or the purported ability of central bankers to inflate their way out of any problem, but also slams the recently prevalent phenomenon of fear-mongering by the banking and political elite, which has become the goto strategy over the past two years whenever the banking class has needed to pass a policy over popular discontent. The ECB member takes a direct stab at the Fed’s perceived monetary policy inflexibility and US fiscal imprudence, and implicitly observes that while the market is focusing on Europe due to its monetary policy quandary, it should be far more obsessed with the US. Bini Smaghi also fires a warning shot that ongoing divergence between the ECB and Germany will not be tolerated. Most notably, a member of a central bank makes it very clear that he is no longer a devout believer in that fundamental, and false, central banking religion – Keynesianism.

First, a quick read through the “prosaic” sections of Bini Smaghi’s letter.

Bini Smaghi, who is a member of the executive board of the ECB, has a primary obligation to defend the ECB’s public image in this time of weakness and complete lack of credibility. And so he does. When discussing the ECB’s response to the Greek fiasco and contagion, he is steadfast that the response, although delayed and volatile, was the right one. Furthermore, he claims that the hard path Europe has set on is the right one, as it will ultimately right all the fiscal wrongs, even without the benefit of individual monetary intervention. Ultimately, the ECB is convinced that not letting Greece fail, either in the form of union expulsion or partial default, was the right decision, as “this sill force euro area countries to address their fiscal positions earlier. It’s not easy. But it will be done, because it can be done and it has to be done in any case. And, last but not least, because there are no alternatives.” Alas, while we agree that admission is the first step on the road to recovery, the subsequent steps will prove to be insufficient. The imbalances in Europe are of such great magnitude that hoping that countries eventually grow into their balance sheets by way of austerity is simply a ridiculous assumption, and as such does not merit extended overviews. We note this with irony, because apparently the ECB, contrary to elementary school rule #1, favors quantity over quality. As the ECB board member says:

Let me consider the arguments put forward by those who regard a Greek default as unavoidable.

Their first argument is economic. The adjustment programme is too harsh, given the level of the debt-to-GDP ratio reached in Greece. It will produce a debt spiral which will lead the country into a recession and deflation. The problem is made worse by the loss of competitiveness suffered by Greece over the last decade and the impossibility of devaluing the currency. Their reasoning is generally no more sophisticated than that. Some analysts have put together a few numbers to show that they are aware of the problem. But I have not seen a serious analysis of the 120-page report produced by the IMF which looks at the various aspects of the programme, including the impact of the structural measures on growth, the sustainability analysis or other features of the programme. Not one review of the realism of the assessments made by the staff of the IMF and the Commission. In fact, I suspect most market analysts have not even looked at the adjustment path for the primary surplus which is embedded in the programme, which aims to reach 6% of GDP in 2015, a level no different from the ones that other countries in the past have implemented to consolidate their public finances. It’s a level that a number of other countries – including some outside the euro area – will have to achieve if they want to stabilise their debt. Most market analysts and other observers have probably not even looked at the structural measures that are embedded in the programme, affecting for instance the labour market, or at several liberalisations, and their impact on economic growth. The inefficiencies in the tax collection system, which have been aggravated before the elections, have also been overlooked. The perception that the Greek programme will not work looks more like an assumption than the result of a serious assessment.

To summarise, I wonder which analysis is more serious and credible: the many one-pagers, very well publicised – I must admit – which probably aim to influence the rest of the market; or the IMF’s 120 pages of rather tedious analysis describing the contents of the programme, together with its risks.

To this we ask: if a collective brain trust is charged with the goal seeked, and well compensated by taxpayers, duty to put together a 1,200 page report that confirm the primary tenets of the trust itself, will Mr. Smaghi give it 10 times the credibility of the ECB’s report? Or how about one million typewriter-armed monkeys putting together 1,200,000 page “analyses” claiming that the Greek default is inevitable? We hope someone has the facilities to conduct just such an experiment. Perhaps the futility of such a simplistic act is the very reason why not more than a one-pagers is required to refute the central bank dogma.

Thus the key axis of contradiction emerges: the ECB is willing to set off on the “demonstratedly” arduous journey of forcing its member states to right their fiscal (income statement) evils, yet while not acknowledging that the key missing link, balance sheet restructuring, is not necessary but critical. There is a reason why plain vanilla restructurings focus on the balance sheet, and not on the income statement: a company with a fresh start balance sheet can grow its income statement without its debts being a hindrance, on the other hand, rarely if ever, do income statements allow companies to grow into untenable balance sheets. This is the main flaw in the ECB’s plan. And it is these very contradictions that force the European populace to lose its credibility in the ECB, a concern which even the central bank is all too aware of.

The balance of the “prosaic” part of the speech is along the same lines: merely a defense of the ECB’s line of actions, driven primarily by a direct response to the market, and thus a very short-sighted and reactive, instead of proactive, policy response, which merely invites the market to test out the ECB’s lack of resolve. And once again, the ECB is not naive and is fully aware of this, yet it redirects attention to other source of “market-test” weakness: “Financial markets are testing each country, one by one, to see whether they are willing to adopt the necessary budgetary measures, starting with those which seem to be facing the greatest hurdles to consolidation.” Bini Smaghi is right and wrong here: the market will continue testing country by country, but not to determine fiscal resolve, only to take advantage of the lack a monetary one. And so from crisis to crisis, the market will continue reaching deeper until it finally tests the very core of the eurozone: Germany.

And speaking of Germany, this brings us to the other part of Bini Smaghi’s letter. In one of the first open shots of public confrontation, we see that the ECB has been very much displeased not only by rampant fear-mongering, but by the words of Germany’s Angela Merkel, whose recent repeat declarations that Greece could be allowed to leave the union, have undermined the bedrock of the ECB. Furthermore, as the WSJ reports, “in a rare show of defiance for the consensus-driven ECB, Germany’s central bank head Axel Weber told the German newspaper Börsen-Zeitung that he viewed the bond-buying decision “critically” and that it carried “substantial stability risks.” Is this the type of rancorous infighting between Europe’s two main powers, that will seal the fate of the Eurozone experiment far more certainly than parliamentary stormings in Athens?

We read in Bini Smaghi’s letter the first fingerpointing of displeasure by an ECB official aimed squarely at Germany:

A further dimension, in the European context, is the difference in cultures and sensitivities. They affect how issues are communicated within countries, in particular between politicians and their electorates. These are differences which totally disconcert financial markets. For instance, in one large euro area country it was thought that public support for swift action could be achieved only by dramatising the situation, for instance, by telling the public that “the euro is in danger” or by considering the possibility of expelling a country from the euro area. But it was not realised that, in the midst of a financial upheaval, such words are like fanning the flames and that the cost of the support package could only increase following such dramatic declarations. By contrast, in other countries, leaders want to be seen as being in control of the situation and taking all sorts of initiatives to reassure their electorates. The media, of course, have a field day reporting on such apparently inconsistent activities.

We hope that the ECB’s displeasure by the kind of racketeering that Americans have grown to know and loathe, as it is performed either openly by politicians who directly threaten with end of the world scenarios every time they wish to get their way, or indirectly, such as when the market crashes a 1,000 points when it appears that the Fed is on the verge of losing its secrecy, is espoused by more individuals and organizations. On the other hand, we will closely follow the now open feud between German and Europe’s Central Bank – if past experience is any indication, infighting between these two will only lead to mutual weakening, and result in an even faster forced reorganization of peripheral European countries, and, eventually the euro.

In this regard, perhaps Bini Smaghi’s speech created far more damage than damage control: now that the public’s, and more importantly, the market’s, attention is be drawn to the duel between Germany and the ECB, this will merely destabilize the monetary union even more, now that monetary and political unions, and conflicts, are synonymous, a point not lost on the ECB executive himself: “As I said earlier, monetary union is de facto a political union.”

And now that European monetary “politics” are the center stage, we find two other pearls in Bini Smaghi’s speech.

Not too surprisingly, the ECB is now directly pointing a finger at the Fed, where conventional wisdom has long held the belief that due to its ability to determine independent monetary policy, backed by the world’s reserve currency, the Fed can and always will easily inflate its way out of any complication.

To believe that an inflation tax can solve the problem posed by the mounting public debt is an illusion that some people like to cultivate. For several reasons. First, people are less naïve than some might think – they dislike an inflation tax as much as other forms of fiscal adjustment. Second, it’s not so easy to generate inflation, in particular ‘surprise’ inflation, without provoking a more-than-proportional increase in interest rates, also in light of the short average maturity of public debt in most countries. Third, a rise in inflation, and inflation expectations, would produce a major upward shift in the yield curve, inflicting major losses on the banks and financial institutions which have been heavily investing in these markets, potentially undermining the recovery.

This is probably the best encapsulation of the threats, or rather threat, that another QE episode by the Fed will bring with it. In essence the ECB is saying that should the Fed pursue another QE episode, the imminent explosion in short-end interest rates will lead to a solvency crisis within the US itself, monetary policy or not. Bini Smaghi points out one very critical truth: in not having a reserve currency, and thus protected by the belief that the ECB can inflate its way out of complication, it is forced to pursue fiscal reform, much sooner than the US will, which will only result in a much greater crisis in the US, once it becomes clear that the marginal influence of monetary policy will be drowned out by a sea of fiscal imprudence. And for the one true shining example of the latter, look no further than the CBO’s 10 year budget deficit estimates.

In short, the impossibility of resorting to an inflation tax is forcing euro area countries to tackle the burden of public debt sooner rather than later. In other countries the illusion of being able to resort to the inflation tax might delay the adjustment, but the longer the treatment is postponed the harsher it’s likely to be. End of digression.

Was this the first shot across the bow in the the transatlantic central bank wars? Too bad the ECB will be insolvent overnight if the Fed decides to truly escalate and pull all its swap lines tomorrow. Why risk retaliation? This is easily the most important question needing answering over the next several weeks.

Last, but not least, are the following zingers that have no other intent than to poke at the ever larger holes appearing in the fabric of that one modern false economic religion known as Keynesianism.

In the aftermath of the Lehman failure, governments around the world seemed to rediscover Keynes. They injected huge amounts of borrowed money – public funds – to stabilise the economy after the shock of the Lehman failure. These policies worked, and averted a global depression. The success of those policies has led governments – encouraged by international organisations – to continue using expansionary fiscal policies to try pulling the economy out of the recession and getting it back to the pre-crisis level.

The strategy is based on a model which may turn out to be inappropriate in the current conjuncture. Let me discuss some of the underlying assumptions of the model. First, the initial fiscal impulse was successful in avoiding a depression because it helped to coordinate agents’ expectations, in the Keynesian or Knightian way of reducing uncertainty, thereby avoiding a vicious circle of recession and deflation. The direct impact on domestic demand may have been more modest, as shown in countries where the size of the fiscal stimulus was more contained but nevertheless fared equally well. Second, potential growth might have been severely affected by the crisis. As a result, the pre-crisis level of output, achieved in a bubble economy, would not represent a sustainable objective over the policy-relevant horizon. Third, the level achieved by the public debt in many countries may have impaired the effectiveness of further expansionary fiscal policy.

To sum up, while the fiscal expansion was successful immediately after the Lehman crisis, it may not be sustainable over time and may have to be corrected rapidly. Financial markets seem to be giving increasing attention to this hypothesis. And they have started to test it.

Is this the last degree of “religious” doubt before outright revulsion set in and the oligarchic heretics emerge? More so than the question of whether or not the euro is viable, is whether the beginning of the end for Keynesianism is approaching? If so, the imminent revolution in Western world economic thought will be unprecedented, and the resulting global reset will lead to a world where daily news will no longer be dominated by headlines about more record banker theft going unpunished, co-opted and facilitated by a cheaply purchased legislative, executive and judicial system.

Link to full speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB at “The Group of Thirty”, 63rd Plenary Session, Session I: The Crisis of the Eurosystem, Rabat, 28 May 2010

Fed Is Panicking At Mass Awakening

Ron Paul: Inside Sources Told Me Fed Is Panicking At Mass Awakening

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Congressman: “We are still fighting,” to add stronger provisions to watered down legislation

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Paul Joseph Watson
Prison Planet.com
Thursday, May 27, 2010

Appearing on The Alex Jones Show yesterday, Congressman Ron Paul revealed that through his inside sources he had learned that the people who control the Federal Reserve are panicking about the fact that Americans are waking up to the fact that the U.S. is controlled by the central bank.

“I had some information passed on to me, sort of inside information, somebody who knew somebody who was well tuned to the people at the Federal Reserve – and they said they are really really concerned about our movement to expose the Fed for what they’re doing,” said Paul, adding, “What they’re upset or worried about is the fact that more and more people are aware of the Federal Reserve now like never before,” explaining that exposure will lead to change and a reform of the Federal Reserve.

Paul attributed the success of the freedom movement in the last decade to the growing awareness of the power that the Federal Reserve wields over America.

“Even those who defend the Fed are very frightened about it,” added Paul, noting that a growing number of Americans were knowledgeable about the central bank despite the fact that the subject is rarely covered by the education system.

Host Jones made reference to a recent Council on Foreign Relations speech by Trilateral Commission and regular Bilderberg attendee Zbigniew Brzezinski in which he warned that a “global political awakening,” in combination with infighting amongst the elite, was threatening to derail the move towards a one world government.

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“I hope he has some real reasons to be worried about that,” responded the Congressman.

Despite the Senate voting down Ron Paul’s version of the audit the fed bill earlier this month, a weaker version was passed which will mandate the central bank to reveal which financial institutions received bailout money at the peak of the economic crisis, something the Fed has desperately tried to avoid divulging.

Paul expressed his own disappointment at the watered down bill, but his colleague Congressman Alan Grayson expressed confidence that the stronger provisions of the original House amendment could be added in Committee, ensuring the Federal Reserve doesn’t get off the hook, as Congressman Paul has warned.

Paul told host Jones that people should look into which Senators did not vote for the original audit the Fed bill, characterizing the weakened version as “A bailout for the system and for the Federal Reserve.”

Paul said he was going to try and influence the bill in conference by adding stronger provisions.

“I think right now the cards are stacked against us but we’re going to keep fighting because the more attention we get and the more people know, I ink we can be proud of how far we’ve gotten already,” said Paul.

Watch the full interview with Ron Paul below.


PART 1


PART 2