martedì 29 marzo 2011

Denis Robert contre Bankenstein - 4

Denis Robert contre Bankenstein-4:

Le type qui effaçait des zéros


Exclusif : les coulisses de l'affaire Clearstream (vidéo)


http://www.ventscontraires.net/article.cfm/3695_denis_robert_contre_bankenstein_-_4_:_le_type_qui_effa%C3%A7ait_des_zeros.html


Après la décision de la Cour de Cassation rendu le 2 février dernier entérinant définitivement la victoire de Denis Robert contre Clearstream, la multinationale de la finance, nous vous proposons ici un feuilleton en vingt épisodes sur les coulisses de cette affaire.
Cette conférence a été enregistrée trois mois plus tôt. DR ne savait pas encore qu’il allait gagner...

Il raconte en exclusivité pour ventscontraires.net comment il a survécu face au monstre qui nous tient tous en ce moment entre ses griffes. On pourrait l'appeler Mister Finanz ou Master Subprime. Denis Robert lui préfère le nom plus XIXe de Bankenstein : « Mon monstre à moi avait un regard de poisson mort, des muscles d'acrobate, le courage d'un âne et la folie d'un oligarque russe ayant abusé de vodka. Il avait placé au-dessus de ma tête, tenue par un fil, une enclume très lourde fabriquée à Luxembourg. Chacun de mes gestes devait être lent et pensé sinon j'étais mort. »
Denis Robert est aussi peintre : après les avoir recoupées, vérifiées, exploitées en tant que journaliste d'investigation, il grafitte les informations glanées lors de son enquête sur ses toiles comme on tague en courant sur un mur dangereux.

> 1er épisode

> en partenariat avec le site littéraire du Nouvel Observateur,
bibliobs.com

Bankenstein, conférence-performance enregistrée au Théâtre du Rond-Point le 22 octobre 2010

Il sistema bancario mondiale premia la Tepco mentre sta contaminando l’umanità ?

Il sistema bancario mondiale premia la Tepco mentre sta contaminando l’umanità ?


Mentre la nube radioattiva carica di milliardi di miliardi di particelle cancerogene inalabili non ha ancora finito di invadere l’emisfero nord e prima ancora di immettersi nell'emisfero australe, la società che gestisce gli impianti nucleari giapponesi, la Tepco (1), ha ricevuto un ingente prestito di 2 trilioni di yen (2) da parte del sistema bancario internazionale. La società che ha ridotto parte del Giappone a zona proibita per l’eternità (lo dichiareranno tra qualche tempo quando non potranno più nascondere che più di 6 milligrammi di stronzio 90 al chilometro quadro si sono depositi, quanto basta per imporre l’evacuazione di un territorio), la società che ha propognato la contaminazione degli Stati-Uniti e del Canada, la società responsabile della diffusione della morte invisibile e discreta per contaminazione interna a livello planetario ad un tasso superiore a quello delle prove atomiche, la società che ha fatto pervenire nanoparticelle alfa terribilmente micidiali per effetto di prossimità nei polmoni dei banchieri, dei loro figli e dei loro nipoti (il centro dell’europa sembra essere l’area continentale la più colpita da fallout) riceve un ingente aiuto da parte dei banchieri ! Non lo stato giapponese per affrontare l’emergenza bensì la società privata che andrebbe processata davanti ad una corte marziale per crimini contro l’umanità... I banchieri sono anch’essi terrorizzati dalla Tepco, essendo, come ogni essere vivente, merce del nanoterrorismo interno delle particelle alfa, o al contrario sono rallegrati della prospettiva di depopolazione, banchieri compresi, che si profila ancor maggiore grazie alla Tepco che partecipa alla costruzione delle centrali atomiche cinesi ?


Note:

1) Tokyo Electrical Power Company
http://www.tepco.co.jp

2)
Japan banks in 2 trillion yen TEPCO finance plan - 23 March 2011
http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/1118323/1/.html

Nube radioattiva, depositi umidi:

Intervista a Marco della Luna - Lo Sai Bergamo

Intervista a Marco della Luna - Lo Sai Bergamo

lunedì 28 marzo 2011

Un nuovo carosello di truffatori

Un nuovo carosello di truffatori a danno dei risparmiatori italiani si stà preparando:

Consulente: peggio di un promotore Scritto da: Anonimo (28-03-2011 15:58)

La previsione di una polizza serve solo ad assoggettare i consulenti finanziari al controllo delle assicurazioni e farli lavorare per loro e per le loro società, come già avvenuto per avvocati, notai, commercialisti, medici e tutte le altre categorie professionali italiane - oltre a certi autori - e come chiaramente descritto in questo documento:

OSSERVAZIONI AL NUOVO TESTO DEL REGOLAMENTO SOCIETA' DI CONSULENZA FINANZIARIA

scaricabile dal sito www.sb-ic.com

domenica 27 marzo 2011

The history of The Fed

The history of The Fed

Glen Beck, FoxNews, Mar 25, 2011 (video)
http://www.glennbeck.com/content/tvshow/2011/03/the-history-of-the-fed/

RENDITA E CONFLITTO


RENDITA E CONFLITTO
Postato il Giovedì, 24 marzo





Economia DI EUGENIO ORSO
pauperclass.myblog.it

Guerra di Libia con tutti i rischi annessi e connessi, credit crunch bancario, indici capitalistici che languono, a partire dal PIL, aumenti continui dei prezzi e delle tariffe, impoverimento generale del paese e vistosa incapacità della politica di intervenire positivamente non sono questioni separate che affliggono l’Italia, e non soltanto l’Italia, l’una indipendente dall’altra.
Non si tratta di eventi negativi che si sono concentrati tutti in questi ultimi anni per avversa sorte, per un puro caso che non ci ha di certo favoriti, ma effetti inevitabili della prevalenza e della diffusione di un nuovo modo di produzione sociale: il Nuovo Capitalismo del terzo millennio.

Lo stesso attacco occidentale alla Libia, che mette in pericolo l’Italia non soltanto dal punto di vista della continuazione della partnership con Tripoli e degli indispensabili rifornimenti energetici, e la nube tossica giapponese arrivata anche sulle nostre teste, sono i frutti avvelenati del dispiegarsi delle logiche del capitalismo contemporaneo.

E’ in queste logiche che si inserisce, a pieno titolo, il discorso della Rendita elitistica, di cui beneficia la nuova classe dominante globale, parallelamente al discorso del conflitto fra l’ampia base della piramide sociale che subisce il potere ed un vertice numericamente inconsistente, che lo esprime. In generale ed in sintesi, si possono individuare tre forme, o tre “figure” specifiche, che la rendita capitalistico-elitista assume nel nostro presente:

1) Rendita Fondiaria.

Il suolo e gli ecosistemi, le risorse non rinnovabili, fra le quali quelle energetiche, e la stessa acqua sono oggetto della rendita fondiaria, espressione della “grande proprietà privata” che si sta spartendo il pianeta in reciproca rivalità, dal sottosuolo ai cinque strati dell’atmosfera terrestre. Lo stesso Marx ha dedicato molte pagine alla rendita nel III libro de Il Capitale, trattando della rendita fondiaria, capitalistica e non feudale, della quale ha riconosciuto l’importanza, nella tripartizione del reddito fra il profitto, il salario e, appunto, la rendita.
Ma la vecchia rendita fondiario-capitalistica dei tempi di Marx, derivata dall’esproprio delle terre comuni, delle piccole proprietà ed in parte minore delle proprietà feudali nell’epoca dell’accumulazione originaria, è qualitativamente diversa dalla rendita di cui si tratta in questa sede, almeno quanto il capitalismo dell’epoca è profondamente diverso da questo.
Monopolio e scarsità della terra non sono oggi i soli effetti dell’imposizione della rendita capitalistico-fondiaria, poiché l’intero pianeta e pressoché tutti gli ecosistemi, gli elementi fondamentali per lo sviluppo della vita tendono ad essere coinvolti nella sua produzione.
Volendo esemplificare senza troppo approfondire, per ragioni di spazio, rendita fondiaria è quella degli Al Saud che controllano il suolo per controllare i preziosi giacimenti di greggio, e rendita fondiaria è quella che si assicurano i cinesi attraverso la "compra" in Africa – Madagascar, e probabile distruzione del suo originale ecosistema, Sudan, eccetera – interessati ad espropriare il suolo poiché interessati a materie prime ed acqua. Dal canto loro le elite globaliste cinesi, pur avendo mandato al macero il maoismo ed obliato in fretta ogni velleità socialistico-comunista, hanno mantenuto la proprietà pubblica del suolo per mettersi al riparo, nei loro stessi feudi di origine, da sgradite sorprese.
La rendita fondiaria del capitalismo contemporaneo sfrutta in modo diretto Gaia, in ogni suo aspetto, ed assume il significato di esproprio capitalistico integrale dell'ambiente e degli stessi elementi fondamentali per la vita, umana e non umana, sulla terra, ben oltre i limiti della “vecchia” rendita di Marx, di Ricardo, di Smith.
Oltre al petrolio e al gas naturale, che alimentano le produzioni di tutto il sistema, acquistano centralità il cibo e l’acqua, appropriati con il duplice scopo di alimentare la rendita e di controllare le popolazioni.
Anche la stessa aria, dove ancora pulita e respirabile, potrà rientrare negli appetiti elitistici ed essere fonte di rendita.
La rendita fondiaria così intesa non è certo estranea all’intervento militare occidentale nella crisi libica – al di là delle conclamate ragioni umanitarie e di tutte le giustificazioni ufficiali – in una regione dell’Africa, quella mediterranea e settentrionale, non ancora investita dagli interessi e dal colonialismo cinese, ma contesa fra gli occidentali, con la Francia interventista che sogna di espellere definitivamente gli interessi italiani dalla Libia, mettendo le mani sulle risorse energetiche del paese e guidando il business della ricostruzione.
Si drammatizza la questione ecologico-ambientale.

2) Rendita Finanziaria.

Finanziarizzazione, autonomizzazione e prevalenza della sfera finanziaria su quella produttiva sono indubbiamente caratteristiche del Nuovo Capitalismo del terzo millennio.
La finanza è esterna alla produzione ed è un'autentica "arma" nelle mani dei nuovi dominanti per intercettare ed appropriare il prodotto sociale. In tal senso, pur non condividendo la visione biopolitico-moltitudinaria negriana, si deve ammettere che Toni Negri ha focalizzato abbastanza correttamente questo specifico punto in Comune, l’ultimo libro della trilogia dedicata ad impero e moltitudini.
L’aspetto della rendita finanziaria è sembrato a molti determinante, se non l’unico, in seguito alla prima crisi globale del [2007/]2008, ma nella realtà e al di là delle contingenze si tratta di una via importante, cruciale per la riproducibilità capitalistica, non però l’unica strada praticata per consentire ai dominanti di mettere le mani sul prodotto del lavoro sociale.
La creazione del valore finanziaria, azionaria e borsistica subordina la stessa estorsione marxiana del plusvalore, inglobandola nelle sue logiche, e costituisce un pilastro strutturale del Nuovo Capitalismo.
Si drammatizza la questione sociale e del lavoro.

3) Rendita monetaria.

Ultima in ordine di elencazione, ma non ultima per importanza è la rendita monetaria, che si collega ai controversi temi del signoraggio monetario, praticato dalle élite attraverso le banche centrali d’emissione private, e del signoraggio bancario, o secondario, che prevede la creazione di moneta contabile da parte del sistema bancario.
L’opera italiana più completa, a questo riguardo, è Euroschiavi di Marco Della Luna e Antonio Miclavez, in cui gli autori sostengono che attraverso la vendita di moneta avente corso legale agli stati, e attraverso la moneta creata “dal nulla” dal sistema bancario, i Nuovi Signori ottengono un doppio risultato: sostengono costi bassissimi e nel contempo intascano lucrosi interessi, alimentando il debito pubblico e moltiplicando il credito concesso rispetto ai depositi incamerati.
La moneta – in forma metallica, cartacea o elettronica – deve perciò essere vista, per cogliere la sua vera funzione e la sua importanza, quale strumento irrinunciabile di dominazione capitalistica e di esproprio dei subordinati.
Volendo essere estremi, ma non troppo, si tratta di una riproposizione su vasta scala, in forme sofisticate e “non visibili”, della schiavitù per debiti che ha caratterizzato il mondo antico e la sua economia a base schiavista.
Nel nostro caso, schiavi diventano gli stati, i popoli e le nazioni, senza neppure accorgersene.
E’ certo che la questione del signoraggio nasce prima dello stesso capitalismo, ma è nella nostra epoca che assume un peso rilevante, e diventa insopportabile per le comunità umane.
Si pone con forza la questione della sovranità popolare, politica e monetaria, e del ruolo dello stato.

Le tre rendite elitistiche fondamentali che interessano il nostro presente, nella forma fondiaria, in quella finanziaria e in quella monetaria, rappresentano non soltanto le fonti principali della ricchezza e del potere, ma altrettante "armi" utilizzate con spregiudicatezza dalla classe dominante globale, nel conflitto reciproco e nello stesso conflitto verticale con i subordinati, per espropriare il resto delle società umane riducendole nella più assoluta impotenza e subalternità.

Eugenio Orso
Fonte: http://pauperclass.myblog.it
Link: http://pauperclass.myblog.it/archive/2011/03/24/rendita-e-conflitto-di-eugenio-orso.html
24.03.2011

Complementary Currencies: State of the Art

Announcing the IJCCR Special Issue
Complementary Currencies: State of the Art

www.ijccr.net

The International Journal of Community Currency Research (IJCCR) has produced a special edition which details some of the recent developments in the field of complementary currencies. It contains fifteen short papers which encompass discussions of the wider field, geographic reviews and reports on new forms of currency innovation. The edition highlights the growing range of experiments and contexts within which complementary currencies are being mobilised to solve economic, social and environmental problems.

CONTENTS:

Note from the Editors: The State of the Art

Noel Longhurst and Gill Seyfang D i

Yet Another Moment of Truth

David Boyle D 1-3

THEORETICAL ISSUES

Classifying ‘CCs’: Community, Complementary and Local Currencies

Jérôme Blanc Boyle D 4-10

Since the emergence of “CCs” thirty years ago, attempts to build typologies and to name things properly have always been disappointing, as if the very object of the analysis escaped from any rigid classification. Even the terms “complementary currency”, “community currency” and many others are not considered similarly; as a result, there is no common typology shared by scholars, activists and observers, beyond a series of general considerations clearly distinguishing specific items between CC schemes. This paper presents a novel attempt to classify and categorise CCs in a way which looks to future developments, while capturing the diversity of historical origins. The ideal types of community, complementary and local currencies let the possibility of combinations able to analyze concrete forms of non-national and not-for-profit currencies. The teleological exclusion of sovereignty and, more important, profit motives must be emphasized. The present typology states that for-profit currencies are of another nature than CCs, and it draws up an ideal-type of CCs built around a democratic participation principle organized around non-profit organizations, grassroots organizations or informal groupings of persons.

On The Money: Getting the message out

John Rogers D 11-16

Complementary and community currency systems have been started all over the world. There are a number of critical success factors, one of which is education. There are many important reasons for educating people about community currencies, including practical, economic, social, ecological, political and psychological ones. Key audiences for messages about community currencies are participants, designers, administrators and public decision makers. Promoters have adopted a range of strategies to educate people who design, use or support these systems: books & articles, design guides, research summaries, general advice & information, videos, conferences, webinars (internet seminars), internet discussion groups and training. More coordinated and strategic support of these efforts would enhance their effectiveness.

REGIONAL REVIEWS

Complementary Currencies in Germany: The Regiogeld System

Christian Thiel D 17-21

In several places in Germany colourful slips of paper replace the Euro as a medium of exchange. These unofficial tenders German Regiogeld, a phenomenon which occurred around 2001 and spread rapidly all over Germany. It appears not only with different names but also in various forms. The article introduces this special complementary currency. It describes briefly – and from a sociological point of view – what it is, how it has originated, the actual status quo and possible future developments. It is based on my 4 year ethnographic research which was done in the context of a sociological dissertation. For this article one of my results is particular important: Regiogeld is a phenomenon which originated in the fusing of different movements, a money-reform- oriented, an esoteric and several regionalization- oriented.

What Have Complementary Currencies in Japan Really Achieved?

Yasuyuki Hirota D 22-26

Japan has been regarded from abroad as one of the most developed countries in terms of CC systems, depicted by Kennedy and Lietaer (2004) as “the country in the world with the most systems in operation today, but also the nation with the greatest diversity of such experiments.” However, this paper argues that the lack of literature about initiatives in languages other than Japanese has been a hurdle that has not allowed Western researchers to grasp the real picture. This article’s goal is to show the historical development of CC initiatives in this East-Asian country, revealing how the very concept of having another means of exchange for communities has been transformed over years by the unique interpretations and the conceptual manipulation of Japanese promoters and practitioners.

Alternative Exchange Systems in Contemporary Greece

Irene Sotiropoulou D 27-31

This paper is a brief report of several schemes that exist today, September 2010, in Greece and permit their members to perform transactions without any official currency. The report covers parallel currency schemes, exchange networks and several related initiatives that could be characterised as alternative exchange or non-mainstream modes of economic activity.

Complementary Currencies for Sustainable Local Economies in Central America

Erik Brenes D 32-38

After more than a decade of researching, implementing and supervising complementary currencies projects in the region, the Social Trade Organisation Central America (STRO-CA) has accumulated many lessons learnt and developed complementary currency methods along with strategies to stimulate its circulation, but most of all to create stable, diversified and resilient local economies in the cities where projects are in research, execution and/or supervision. This report introduces the STRO-CA approach to complementary currency development, and reflects on ten years of currency innovation and development in Central America.

Community Currency Progress in Latin America (Banco Palmas)

Christophe Place D 39-46

After losing its lawsuit against a community bank issuing a community currency, the Central Bank of Brazil has just started a cooperation agreement with the National Secretary for Solidarity Economy of the Labour Ministry of Brazil to support and develop the current 51 community banks and their own social currency in order to reach about 300 by 2012, becoming an exemplary model. This world premiere central bank support associated with one of the highest amount of community currency systems of Latin America brought Brazil as a significant site of experimentation in this field. Furthermore, some daring innovations seem to confirm this position in a long-term future unless this normative control of a centralized institution decreases the creativity. Indeed, sustainable economic orientation still needs creative tools, associated to an ethical vision, to decrease material consumption dependence and increase post-materialist values exchange: community currency transformation to an effective grassroots innovation for sustainability, prosperity and democracy seems to be necessary.

L’Accorderie and Le Jardin Universel (JEU) in Quebec

Mathieu Lizotte and Gérard Duhaime D 47-51

This paper compares two of the most successful community currency systems in the province of Quebec, Canada: l’Accorderie and Le Jardin d’Echange Universel (JEU). The paper compares their founding principles and organisational structures, and their mechanisms and mediums of exchange. While the former is quite well-institutionali sed and attempts to operate professionally, ‘within the system’, the latter is a volunteer-run initiative with more ambiguous status. The paper attempts to evalute their impacts, where data is available, and concludes that while both exchange systems have their pros and cons, a definite advantage for l’Accorderie is that its legal status gives them better access to funding which ultimately permits them to offer their members the means by which to form an economic strategy in both the informal economy, through exchanges, and in the formal economy, through microcredit and participating in the monthly buyer’s group. This is particularly important to its poorer members where every dollar saved by making local exchanges can be used to improve their material well-being in the formal economy.

CURRENCY INNOVATIONS

Kékfrank to Boost the Resilience of Locality

Zsuzsanna Eszter Szalay D 52-56

A small group of entrepreneurs in Sopron (Hungary), led by Tamás Perkovátz, decided in autumn of 2008, to make the local economy - which was previously famous for its grape and wine - prosper again, and to unite the economies of the area cut into three parts, belonging to three different countries. Thus they created an European Cooperative Society (SCE), that had individuals and legal entities from Hungary, Austria and Croatia as members, and the goal of the Cooperative was defined as to introduce and operate a complementary currency Kékfrank (blue franc, named for a wine variety), to be used within the region. This paper presents the European Union directives and regulations that made the creation of Kékfrank possible and finally it shows the main characteristics and possible further developments of the new currency which was born in spring of 2010 through the first official exchange.

The SOL: A Complementary Currency for the Social Economy and Sustainable Development

Marie Fare D 57-60

This paper reviews experience with The SOL, a very innovative and interesting complementary currency scheme which has been tested in France since 2007. It aims to contribute to the development of the social and solidarity economy, and contribute towards sustainable development. The SOL is the result of an informal working group who in 1998 examinedthe different models of existing complementary currencies schemes in the world. It aims to both introduce a new concept of wealth not exclusively based on money and to foster the social economy or third sector. Three different types of SOL are described: Co-operation SOL, Commitment SOL, and Dedicated SOL, and the paper reflects on the currency’s strengths and weaknesses, and developmental issues for the future.

Building Local Resilience: The emergence of the UK Transition Currencies

Josh Ryan-Collins D 61-67

This paper examines the emergence of a new type of local currency – ‘Transition Currencies’ - in the United Kingdom over the past 4 years. The Transition Currency ‘model’, shared by the initial four schemes, is explained and the theoretical roots of the schemes reviewed. The paper goes on to examine the success and limitations of the currencies and reflects on potential future developments and how the Transition currencies might upscale and deliver additional social, economic and environmental objectives.

A Report from Vermont (USA): The VBSR Marketplace

Amy Kirschner D 68-72

This paper described and evaluates a peer to peer mutual credit system now in operation in the State of Vermont. It is called the VBSR Marketplace and is an innovative partnership between a statewide membership association, Vermont Businesses for Social Responsibility (VBSR) and a currency design and management organization, Vermont Sustainable Exchange (VSE). This project is a significant step forward in the community currency world as it makes participation in a mutual credit system a membership benefit for businesses that belong to an already existing and well-established business association.

Time Banking in Social Housing

Ruth Naughton-Doe D 73-76

A social enterprise Spice has pioneered a new method of time banking that works with public services in an innovative way. Spice uses time banking as a ‘means to an end tool’ to promote active citizenship, reduce welfare dependency and ultimately reform public services with co-production. This article briefly examines current time banking practices in the UK to set the scene for a discussion of Spice’s approach when applied in Social Housing. Whilst in its early stages, the approach demonstrates some success in increasing participation and improving both individual and community well-being. This is an exciting new use of community currencies to catalyse public sector reform.

The Colours of Money: Artmoney as Community Currency

Mark Banks D 77-81

Artmoney is a community currency based on the production and exchange of original art. Critical of the cold and objective nature of conventional transactions, the Danish artist Lars Kraemmer first devised artmoney as a means to a more humanised and expressive type of monetary exchange, intending to bring people together in affective, rather than impersonal, forms of trade. Artmoney provides a means of stimulating trade amongst artists and non-artists outside of the conventional money economy, and has grown steadily to become a global currency traded in over 70 countries. Drawing from ongoing research, this article asks, what is the meaning and value of art-money in a global cultural economy? What alternative does it present and what economic futures (or pasts) does it anticipate? Presenting preliminary findings from interview research with art-money producers, this article outlines some of the motives for becoming involved in this art/currency project, and some of the contradictions and challenges raised in its production and circulation.

Complementary Currency Open Source Software in 2010

Matthew Slater D 82-87

This report briefly covers the field of non-commercial mutual credit software, discussing the issues and challenges the projects collectively face in meeting the needs of the movement. There is a clear cultural divide between commercial barter software which helps businesses exchange spare capacity within the law, and free open source projects which help neighbours to exchange under the radar of the tax man. There is almost no cross-fertilisation between nonprofit, idealistic, community projects, and the business barter. The aims of both cultures are very different, though their methods are similar.

www.ijccr.net

sabato 26 marzo 2011

Clearstream n'est plus solvable...

Not Clear, suites...
By Denis Robert

Bon. Je vois que mon précédent commentaire suscite beaucoup de réactions.

Le but n'était pas de lancer une campagne de contre Clearstream, ni de faire suer le pauvre chargé de com de la firme. mais bon, vous êtes libre. Je voudrais préciser les choses concernant cette dette impayée à ce jour.

Clearstream a été condamnée par la Cour de cassation à une amende de 9000 euros.

soit 3000 euros par procédure. "Vu l’article 700 du code de procédure civile, rejette la demande de la société Clearstream banking ; la condamne à payer à M. Robert la somme de 3 000 euros"

Et à me rembourser les frais d'appel. Soit environ 11 000 euros.

Ces sommes sont des avant propos puisqu'un tribunal devra bientôt (j'espère avant l'été) estimer le montant de mon préjudice.

Normalement, la décision étant tombée le 3 février, ils auraient dû me régler 3 semaines plus tard.

Le délai est largement dépassé. D'où l'envoi d'huissier.

Ce comportement montre d'abord qu'ils sont mauvais perdants.

Mais je comprends, ça doit vraiment leur faire mal au portefeuille à tous ces branleurs en costume cravate...

La somme est ridicule mais hautement symbolique

Cette attitude montre qu'ils ont choisi de m'ignorer. Leur communiqué était éloquent à ce propos.

Ils sont comme les singes de l'omerta. Je en vois rien, je n'entends rien, je ne dis rien.

Sauf que... je serai là pour leur rappeler.

Tant que le scandale reste larvé ou ne fait des vagues que sur Internet ou les services juridiques, ils peuvent tenir. A partir du moment où les médias puis les politiques comprendront la portée de la décision de la Cour de cassation française, ça peut devenir cataclysmique pour eux.

Les allemands de DBC sont en train de se marier aux ricains du NYSE pour créer une nouvelle entité qui possédera Clearstream.

Je deviens un gros caillou dans leurs Weston.

Dès que je touche le chèque, j'en fais une copie et la publie sur ma page FB.

Et on en fait un poster.

Bonne journée à tous.

DR

Studenti fanno irruzione alla Borsa di Milano

A Choice for States: Banks, Not Budget Crises

A Choice for States: Banks, Not Budget Crises

7 ways state-owned banks could help states overcome budget deficits and boost their local economies.

by

Money Flower, photo by kolix

Photo by kolix.

Cut spending, raise taxes, sell off public assets—these are the unsatisfactory solutions being debated across the nation, but the budget crises that nearly all the states are now suffering did not arise from too much spending or too little taxation. The crises arose from a credit freeze on Wall Street. In the wake of the 2009 financial market collapse, banks curtailed their lending more sharply than in any year since 1942, driving massive unemployment and causing local tax revenues to plummet.

The logical solution, then, is to restore credit to the local economy. But how? The Federal Reserve could provide the capital and liquidity necessary to create bank credit, in the same way that it provided $12.3 trillion in liquidity and short-term loans to the large money center banks. But Fed Chairman Ben Bernanke declared in January 2011 that the Fed had no intention of doing that—not because it would be too costly (the total deficit of all the states comes to less than two percent of the credit advanced for the bank bailout) but because it is not part of the Fed’s mandate. If Congress wants the Fed to advance credit to local governments, he said, it will have to change the law.

The budget crises that nearly all the states are now facing did not arise from too much spending or too little taxation. The crises arose from a credit freeze on Wall Street.

The states are on their own. Policymakers are therefore considering a variety of reforms designed to increase bank lending, particularly to small businesses, the hardest hit by tightening credit standards. One measure that is drawing increasing interest is the creation of a bank modeled on the Bank of North Dakota (BND), currently the only state-owned bank in the country. The BND has a 92-year history of safe, secure and highly profitable banking. North Dakota has the lowest unemployment rate in the country; and in 2009, when other states were floundering, it had the largest budget surplus it had ever had.

WI Capitol Protest by David HoeflerHow Wisconsin Could Turn Austerity Into Prosperity:
Own a Bank

An answer to state budget woes that doesn't need to involve sacrificing workers' rights.

Eight states now have bills pending either to form state-owned banks or to do feasibility studies to determine their potential. This year, bills were introduced in the Oregon State legislature on January 11; in Washington State on January 13; in Massachusetts on January 20 (following a 2010 bill that lapsed); and in the Maryland legislature on February 4. They join Illinois, Virginia, Hawaii, and Louisiana, which introduced similar bills in 2010. The Center for State Innovation, based in Madison, Wisconsin, was commissioned to do detailed analyses for Washington and Oregon. Their conclusion was that state-owned banks in those states would have a substantial positive impact on employment, new lending, and state and local government revenue.

State-owned banks could be a win-win for everyone interested in a thriving local economy. Objections are usually based on misconceptions or a lack of information. Proponents stress that:

  1. A state-owned bank on the BND model would not compete with community banks. Rather, it would partner with them and support them in making loans. The BND serves the role of a mini-Fed for the state. It provides correspondent banking services to virtually every financial institution in North Dakota and offers a Federal Funds program with daily volume of $330 million. It also provides check clearing, cash management services, and automated clearing house services. It leverages state funds into credit for local purposes, funds that would otherwise leave the state and be leveraged for investing abroad, drawing away jobs that could go to locals.
  2. The BND not only does not compete for loans but does not compete for commercial deposits. Less than two percent of its deposits come from consumers. Municipal government deposits are also reserved for local community banks, which are able to use these funds for loans specifically because the BND provides letters of credit guaranteeing them. Virtually all of the BND’s deposits come from the state itself. All state revenues are deposited in the BND by law.
  3. Although the BND is a member of the Federal Reserve system, it is insured by the state rather than by the FDIC. This does not, however, put depositors at risk. Rather, it helps avoid risk and unnecessary expense, since the BND’s chief depositor is the state, and the state has far more to deposit than $250,000, the maximum covered by FDIC insurance. FDIC insurance is not only very expensive but subjects members to FDIC regulation, making the state subservient to a semi-private national banking association. (The FDIC calls itself an independent agency of the federal government, but it receives no Congressional appropriations. Rather, it is funded by premiums that banks and thrift institutions pay for deposit insurance coverage and from earnings on investments in U.S. Treasury securities.) North Dakota prefers to maintain its financial independence.
  4. BND officials stress that the bank is run by bankers, not politicians bent on funding their favorite development projects or bestowing political favors. The bank is run very conservatively, doing only creditworthy deals and avoiding speculation in derivatives and risky subprime loans. By partnering with local banks, the BND actually shields itself from risk, since the local bank takes the initial loss if the borrower fails to pay.
  5. The BND does not imperil state funds or tax money but is self-funding and self-sustaining. It keeps federally-guaranteed funds in the state that would otherwise go elsewhere, including VA and FHA loans and low-income subsidies. Profits on these federally-guaranteed loans can then be used to build a capital surplus from which riskier loans can be made to local businesses. The BND has a return on equity of 25-26 percent and has contributed over $300 million to the state (its only shareholder) in the past decade—a notable achievement for a state with a population less than one-tenth the size of Los Angeles County. Compare California’s public pension funds, which entrust their money to Wall Street and are down more than $100 billion, or close to half the funds’ holdings, following the banking debacle of 2008.
  6. Partnering with the BND allows community banks to fund local projects in which Wall Street is not interested, leveraging municipal government funds that would otherwise not be available for loans. Further, infrastructure projects can be funded through the state bank at substantially less cost, since the state owns the bank and gets the interest back. Studies have shown that interest composes 30-50 percent of public projects.
  7. North Dakota has the most local banks per capita and the lowest default rate of any state. The North Dakota Bankers’ Association does not oppose the BND but rather endorses it.

Other states could realize similar benefits, if they were to form banks on the BND model.


Ellen BrownEllen Brown wrote this article for YES! Magazine, a national, nonprofit media organization that fuses powerful ideas with practical actions. Ellen is an attorney and the author of eleven books, including Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free. Her websites are webofdebt.com and ellenbrown.com.

Interested?

venerdì 25 marzo 2011

Illegittimità della cartella esattoriale

Cassazione Sentenza n. 22997 depositata il 12 novembre 2010.

Con la sentenza n. 22997 depositata il 12 novembre 2010, la Corte di Cassazione ha stabilito l’illegittimità della cartella esattoriale che non contenga l’indicazione precisa della data di esecutività. La mancata indicazione nella cartella di pagamento della data in cui sono stati consegnati i ruoli al concessionario della riscossione rende l’atto illegittimo; tale omissione, infatti, non consente al contribuente di verificare l’esatta quantificazione degli interessi liquidati sull’atto e determina una carenza di motivazione della cartella notificata.

Il principio è stato emesso dalla Sezione Tributaria civile della Corte di Cassazione che ha spiegato la ragione sottesa alla decisione adducendo che la stessa è da individuarsi nell’art. 12 n.3 del d.p.r. n. 603/1973, così come modificato dal d. lgs. 46/1999, in cui viene stabilito che la cartella di pagamento deve contenere, tra le altre cose, anche la data in cui il ruolo diventa esecutivo.

In passato,vi era stato un contrasto giurisprudenziale tra le commissioni di merito; che, tra le varie interpretazioni giurisprudenziali, ritenevano che la consegna dei ruoli fosse un fatto interno tra ufficio finanziario e concessionario della riscossione e che, quindi, una sua eventuale omissione non avesse effetti sui rapporti fisco-contribuente. Ciò emergeva in particolare, dal 1 luglio 2005, data in cui è stato abrogato l’articolo 17 del dpr 602/73 (che prevedeva la procedura di riscossione divisa in fasi: iscrizione a ruolo, consegna al concessionario e notifica al contribuente). Dalla stessa data, l’art. 25 della stessa norma prevede che termini decadenziali siano limitati solo alla notifica della cartella al contribuente. Recentemente, con sentenza 487/14/10 del 20 luglio 2010 la Commissione Tributaria del Lazio, aveva stabilito che, in considerazione dell’art. 25 del dpr 602/73, la cartella di pagamento, oltre ai contenuti minimi obbligatori (tributo, periodo d’imposta, imponibile ed aliquota applicata), non necessitava di alcuna ulteriore motivazione particolare. Nello specifico si leggeva che «nella valutazione della tempestività dell’azione impositiva dell’amministrazione finanziaria e in seguito all’evoluzione normativa, non riveste più alcun significato la verifica della data di esecutività dei ruoli o di quella relativa alla consegna degli stessi ruoli al concessionario della riscossione, assumendo, per contro, rilevanza solo la data di “notifica” della cartella».

Pertanto, la recente sentenza della Cassazione ribalta completamente l’ultimo orientamento della giurisprudenza di merito e della Commissione Tributaria del Lazio.

La Suprema Corte stabilisce così un principio di diritto innovativo in base al quale «La legittimità della cartella di pagamento è subordinata alla verifica degli interessi richiesti; il riferimento al calcolo degli interessi dovuti, infatti, non è in alcun modo prescritto dalla normativa di riferimento (art. 12 del dpr 602/73) e appare collegato alla data di esecutività del ruolo, unico dato che ne consente la verifica. È vero infatti che le procedure di formazione del ruolo sono determinate con decreto ministeriale (art. 12, n. 2 del dpr n. 602/1973) e che gli interessi, in base all’art. 2 della legge 29/61, si computano dal giorno in cui il tributo è divenuto esigibile; quindi, la certezza dell’inizio della esigibilità, si può verificare solo dalla precisa indicazione della data di esecutività del ruolo». Pertanto, con questo nuovo indirizzo giurisprudenziale ben delineato e decisamente innovativo, le cartelle esattoriali di pagamento notificate ai contribuenti prive della data di consegna dei ruoli saranno nulle per carenza di motivazione della pretesa creditoria e mancanza di uno degli elementi fondamentali ovvero la data di esecutività del ruolo circostanza che non consentirebbe al contribuente di quantificare e/o controllare esattamente il dovuto anche in base alle modalità di determinazione degli interessi.



Nella cartella esattoriale deve essere indicata in modo dettagliato la modalità di determinazione degli interessi, in modo che il contribuente abbia realmente la possibilità di verificare i calcoli effettuati dall’Agente della Riscossione.

Ciò è quanto emerge da una recente sentenza della Commissione Tributaria Provinciale di Lecce (sentenza n. 206/02/10, liberamente scaricabile dal sito www.studiolegalesances.it – sezione Documenti), la quale evidenzia la mancanza di trasparenza delle cartelle esattoriali.

In merito a tale questione, è bene far presente che da tempo molte associazioni oltre che vari gruppi spontanei a difesa dei contribuenti (si veda ad esempio il sito www.cartellaesattoriale.it o il gruppo di facebook “SOS FISCO” http://www.facebook.com/group.php?gid=118592553830&v=wall ) sono in prima linea nel denunciare la totale mancanza di trasparenza delle cartelle esattoriali.

Recependo proprio questo grido di allarme, i Giudici di Lecce chiariscono che “Il contenuto della cartella non consente di poter operare qualsivoglia controllo dell’operato della Amministrazione Finanziaria. Non vi è dunque trasparenza dell’operato dell’Ufficio in violazione del diritto di difesa del contribuente. Ne segue che gli importi iscritti a ruolo potrebbero essere probabili ma non anche certi e dovuti”.

Ne deriva, pertanto, che solo un atto trasparente e facilmente leggibile (e controllabile) da parte del contribuente può rispettare i canoni di un atto legittimo, in quanto non crea alcun dubbio in merito alle somme richieste.

Infatti, proprio relativamente a questo aspetto i Giudici chiariscono che “A ben osservare, l’art. 12, comma 3 (l’ammontare dell’imposta dovuta nonché quello degli interessi, delle soprattasse e delle pene pecuniarie) e l’art. 25 nonché la ratio dell’abrogato art. 17 del D.P.R. n. 602/73 consente l’iscrizione a ruolo dell’importo dovuto e non anche di somme non dovute” e ancora si evidenzia che “Nel caso di specie l’Amministrazione Finanziaria aveva dunque l’obbligo di provare la legittimità del proprio operato in tema di interessi, esternando l’iter seguito nella determinazione degli stessi” (pagina 5 della sentenza).

Alla luce di quanto illustrato, dunque, per i Giudici di prime cure NON ESISTE UNA PRESUNZIONE DI LEGITTIMITA’ DELLE SOMME PRETESE DALL’UFFICIO, IL QUALE E’ TENUTO A PROVARE LA CORRETTEZZA DELLE PROPRIE PRETESE COME UN QUALUNQUE CREDITORE.

Viene dunque accolta l’eccezione del contribuente, secondo il quale il comportamento adottato dall’Agente della Riscossione determina una grave lesione del diritto di difesa poiché “il contenuto della cartella non consente di operare alcun controllo”.

Oltre a quanto chiarito in sentenza, poi, si tiene ad evidenziare un ulteriore aspetto.

È importante sottolineare, infatti, che gli errori legati al calcolo degli interessi si ripercuotono anche sul calcolo dei compensi di riscossione (cd. aggio) che, come è noto, sono quantificati in base alle singole componenti del credito tributario (interessi compresi).

Appare lampante, quindi, come venga a mancare la certezza delle somme richieste dal Concessionario.

Mancando, dunque, il requisito della trasparenza e della certezza, si ritiene che ne derivi la caducazione del titolo esecutivo (non più certo, liquido ed esigibile) “che può essere rilevata anche d’ufficio in ogni stato e grado del giudizio ed anche per la prima volta nel giudizio di cassazione, trattandosi di presupposto dell’azione esecutiva” (sent. Cassaz., sez.III, nr. 9293/2001).

IMF Prepares For "Threat To International Monetary System"

IMF Prepares For "Threat To International Monetary System"

Tyler Durden's picture



Back in April 2010, before Waddell and Reed sold a few shares of ES, effectively destroying the market on news that Europe was insolvent, we made the following observation: "The IMF has just announced that it is expanding its New Arrangement to Borrow (NAB) multilateral facility from its existing $50 billion by a whopping $500 billion (SDR333.5 billion), to $550 billion." Little did we know that our conclusion "something big must be coming" would prove spot on just a month later after Greece, then Ireland, then Portgual, and soon Spain, Italy, Belgium, and pretty much all other European countries would topple like dominoes tethered together by a flawed monetary regime. Well, based on news from Dow Jones we can now safely predict the following: "something bigger must be coming." As if the IMF's trillions in open lending facilities (many of which have recently been adjusted to uncapped) were not enough, we now learn that the world lender of last resort (which in theory is the Fed, but apparently Bernanke has been getting a little shy lately so is offsetting his direct lending directives to secondary organizations like the IMF, leaving the Fed with only USD liquidity swaps) is about to activate a "Special Funding Pool" - Dow Jones explains: "The International Monetary Fund is expected to soon activate a special funding pool that will boost the fund's ability to prevent or resolve economic crises, two people familiar with the situation said Thursday. One of the people said the activation of the funding--which can only be made by a special request from the IMF managing director to the board--was in anticipation of an expected wave of new IMF programs, including the possible expansion of the Greek bailout package." Wonderful. Global financial cataclysm rinse repeat all over again...

More from Dow Jones:

Activating access to the funding pool could provide assurance to the market of the IMF's ability to backstop any major funding crisis amid ongoing fears that Europe's sovereign debt woes will worsen. The IMF board recently approved a boost to the so-called New Arrangements To Borrow, bringing the special pool of funding to around $580 billion, adding several hundred billion dollars to the total amount the fund has to tap. According to the IMF, the pool of supplementary resources are only to be activated when "needed to forestall or cope with a threat to the international monetary system."

Although no request has been made, markets, analysts and economists say rejection by the Portuguese parliament Wednesday of a belt-tightening budget all but sealed the likelihood Lisbon will request aid from the IMF and the European Union.

Bottom line: there is a new threat to the international monetary system which means Europe May 2010 redux is imminent.

US taxpayers: our condolences.

giovedì 24 marzo 2011

RIP-OFF BY THE FEDERAL RESERVE

RIP-OFF BY THE FEDERAL RESERVE

Revised 3/24/2011

PREFACE: This mathematical analysis shows how:

1. The present practice in the U.S. of creating book-entry money via T-securities (deficit spending) in the amount of the principal of the security, with a promise to repay the principal PLUS the interest, is impossible. The interest is never created; the debt is perpetual and must continually be increased or the economy will collapse from de-leveraging;

2. All other fiscal obligations of the nation must be curtailed while the growth in debt will escalate. The exponential growth of the interest and snow-balling debt will increase until the entire wealth of the nation, and of future generations, is inadequate to fund it;

3. ALL money created by Treasury securities goes into the pocket of the Fed ($8.4 trillion for 2010). Not only does the Fed receive the interest (if not sold), but also the value of the security upon maturity (or by sale). Congress has temporary benefit of $1.4 trillion deficit money (until maturity) during 2010;

4. The operation is, as in any Ponzi scheme, predestined for inherent national bankruptcy when buyers to roll over the debt cannot be found. As the scheme becomes visibly precarious, the interest rate will sky-rocket and accelerate the collapse.

 

*********************************

The Federal Reserve uses euphemistic smoke and mirrors to obscure their scam. With full knowledge the following is not the way the Fed/government describes the system, allow me to offer a different analysis of their operation.

Congress can pay for federal expenses with funds collected from taxes, but Congress is never satisfied with this amount. The desire to buy votes/campaign contributions from special interest groups induces congress-critters to spend more, and this is identified as deficit spending. To create this make-believe money requires the assistance of the Federal Reserve.

Congress will give the Fed a T-security (bill, bond, or note) and the Fed will accept the document as an asset of one of the twelve FR Banks. The Fed will then establish a line of credit for the U.S. government (a book entry) in the same amount and list the liability as Federal Reserve Notes. Voila !! Fiat money has just been created for Congress to spend. Ref: 2009 Annual Report to Congress by the Board of Governors, page 448.
http://www.federalreserve.gov/boarddocs/rptcongress/annual09/pdf/ar09.pdf The accumulated securities that are not redeemed add up to the national debt.

If the Fed retained all of the securities (assets), the public would quickly complain that interest payments (approximately $400 billion annually) are of no benefit and the inflationary pressure would also be obvious. The Fed therefore wants to sell a major portion of the securities so it has arranged with the Treasury department to act as auctioneer for selling to the Primary Dealers. The PD submit sealed bids. Since the security has a fixed face value and interest rate, the higher the bid, the lower the interest rate for the buyer.

The Fed recently obtained $700 billion bailout funds. Secretary Paulson begged Congress, on actual bended knee, to give the Fed money and Congress gave them $700 billion in securities and the Fed swapped the securities to GSE (Freddie and Fannie)/international bankers for toxic MBS‘s---and rescued Paulson’s $800 million in Goldman stock by bailing out AIG.

The Annual Report lists Assets of $776 billion securities and $908 billion Government Sponsored Enterprise Mortgage Backed securities out of $2.2 trillion total assets. Whether the bailout money was a quid pro quo with the PD to avoid lawsuits for fraud is beyond the scope of this writing. The International Bankers do not lightly suffer transgression. The continued mutual benefit of programs, paid for by taxpayers, should evidence Wall Street and the Fed/international bankers constitutes a Siamese twin.

The value of any securities not sold by the Fed is still in circulation and becomes the Reserves for commercial banks. Commercial banks, as an aggregate, have no other source of reserves. All money in circulation is originated from T-securities. The reserves, derived from Treasury checks deposited throughout the world, are then multiplied via loans by commercial banks utilizing the fractional reserve practice. The System Open Market Committee (SOMC) selling and buying of securities alters the reserves--with high leverage. Operation of this system was alleged to have deliberately caused the 1929 Depression. Ref. Raichle v FRB of New York, 34 F2d 910 (1929). The Fed currently holds about $750 billion of $12.5 trillion issued securities. Ref.
http://www.fms.treas.gov/bulletin/b2009_3.pdf. Chart OFS-1.

Observe that the amount of money created by the security is the amount of the principal but the amount promised to be repaid is the principal AND the interest. The interest is never created but payment is required by the agreement. It is impossible. The linear expansion of base money via fractional reserves to create commercial loans does not change this. If, hypothetically, all money in circulation was used to pay off the securities issued by Congress, all bank reserves would be wiped out and the commercial loans would collapse---and every dollar of interest on the national debt accumulated from day one would still be due---but there would be no money outside of the Fed’s vaults to pay it.

There are esteemed economists who contend the fractional reserve multiplier is a major cause of inflation. The concept is questionable. Assuming the amount of base money and the multiplier factor remain constant, the creation of fractional reserve money reaches a ceiling that cannot be exceeded until more base money (from T-security issues) is added. The multiplier factor is a mere linear increase of the base money that the Fed can alter by SOMC transactions.

The debt created by usury based sovereign debt is perpetual; it can never be paid off. The contract cannot be culminated. Any contract that cannot be culminated is an act of fraud. A contract based upon fraud is invalid upon its inception. It would appear the national debt is not legally enforceable. (A debt incurred by a state or municipality is not a sovereign debt as used in this analysis. Such a debt is akin to a commercial loan and is completely repayable---but may be evidence of unwise administration and result in default.)

There is more skullduggery involved. Let us assume a newly established sovereign nation is setting up a usury based economy and will issue 100 unit securities, a five year maturity, and an annual interest rate of 20 percent over a span of five years. The identifications of Congress and the Fed will be used to convey the images.

Upon the issuance of the first security, Congress has 100 units to spend. At the end of the year, Congress/Treasury has to pay 20 units to the Fed for interest. If the nation had to pay off the security at the end of the first year, the bankruptcy is obvious. There have never been 120 units created. Twenty units could be removed from society but that would leave only 80 units in circulation, cause great financial hardships, and still leave an impossible obligation to redeem a 100 unit security. (This economic diminution would be akin to a contemporary balanced budget.) The solution is to put off the interest payment until the next issue of security for the second year. The interest is paid from the principal created by the second issue.

During the second year there are 200 units in circulation but the actual rate of interest on the second issue is not 20 percent. Since 20 units had to be paid to the security holders, congress only received 180 units to spend (100 + 80) but they are committed to pay 40 units of interest on the security at the end of the second year. The interest rate of 40 divided by 180 is 22.2 percent. Considering the second year alone, the interest is 20 divided by 80 or 25 percent.

When the security for the third year is issued, the interest of 40 units for the first two years securities will not be available for congress. Congress will receive only 60 units for public projects but will have to pay 20 units interest at the end of the year. The 240 units received by congress (100 + 80 + 60) will require 60 units of interest at the end of the third year. The cumulative interest rate (60 divided by 240) is 25 percent. The interest rate for the third year alone (20 divided by 60) is 33.3 percent.

At the start of the fourth year, the security will have to cover the interest charge for the three prior years of 60 units. Congress will receive 40 units for government spending. The 280 units received by congress (100 + 80 + 60 + 40) will demand 80 units of interest at the end of the fourth year. The cumulative interest rate (80 divided by 280) is 28.5 percent. The interest rate for the fourth year alone (20 divided by 40) is 50 percent.

The security issued for the fifth year will pay the 80-unit interest for the prior four years. Congress will have 20 units to splurge. The 300 units received by congress (100 + 80 + 60 + 40 + 20) will require 100 units of interest at the end of the fifth year. The cumulative interest rate (100 divided by 300) is 33.3 percent. The interest rate for the fifth year alone (20 units received--20 units in interest) is 100 percent.

At the end of the fifth year, 100 units must be found to redeem the maturing security issued the first year (that “loaned” 100 units to the government) in addition to 100 units of interest that must be paid. Congress has an obligation to pay 200 units. This factor alone makes it obvious that more debt must be incurred to continue the scheme. The inescapable whirlpool of usury debt can only avoid obvious default by increasing the value of future securities. Increasing the value of issued securities merely postpones the inevitable result.

As the sixth year approaches, the Fed holds 500 units of securities that must be redeemed by the Treasury before year eleven. The Fed has already received 200 units as interest while Congress retains 300 units from those securities. Before year eleven, the securities will accumulate an additional 300 units of interest payable to the Fed. That accounts for the entire 1000 units of securities and interest that have been involved over the five years. (Each of the five 100 unit securities involved 100 units of interest.)

Do not let the subtly of the numbers escape you. As the example demonstrates, the Fed receives the total value of the security and the interest if it does not sell the security. Only 500 units were created by the securities but 1000 units were somehow acquired by the Fed. The only way for Congress to get the funding is to issue a 200 unit security at the end of the fifth and subsequent years and ALL of the value will be instantly due to the Fed. The scheme is not only perpetual but it must increase in size to continue. And of course, when the 200 unit security matures, the value will belong to the Fed. And then a larger security must be issued to pay for the 200 unit security and the accruing interest further down the road. This is the methodology of any Ponzi scheme. The increase in the required size of deficit spending must be large enough to make the interest payment a relatively acceptable percentage to minimize public hostility. (In 2009, the 200 unit roll-over value reached $7.0 trillion with an additional $1.4 trillion debt for deficit spending. Ref. Post).

A government publication has noted the fiscal policy insecurity: “(T)his growing gap between (Government’s) receipts and total spending …cannot be sustained indefinitely.”
http://www.fms.treas.gov/frsummary/frsummary2010.pdf page 3 of 12.

If the security is sold at auction, as approximately ninety percent of them are, the Fed receives the value of the security from the Primary Dealer and the ultimate purchaser is then reimbursed by the Treasury at maturity. Either way, the Fed eventually receives the value of the security. The value of all redeemed T-securities is a clear profit for the Fed, along with the value of all securities sold to/held by Primary Dealers, funds, nations, states, or financial institutes.

But 5 year securities are a slow game. If we shifted our attention to 13 week bills, or even four-week bills, each obligation will quickly mature and must repeatedly be rolled over. Each new issue is profit for the Fed. If time lapse between bid and issue dates are ignored, the roll-over of four week 100 unit securities can be repeated thirteen times within a year. The gain of 1300 units of profit for the Fed only involves 100 units of national debt.

Low interest rates will reduce gain for security investors but will provide cheap money for commercial banks to loan. Much of the interest from T-securities held by the Fed must be returned to the government as a result of 1970’s legislation, so the Fed has little motivation to raise rates to make more money--they receive the value of the security.

The total value of auctions in 2010 was $8.4 trillion. Approximately $6 trillion matured in less than one year.
http://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/2010.htm ; http://www.treasurydirect.gov/RI/OFAuctions?form=histQuery .

The handling of auction funds is the responsibility of the Fed. Ref. GAO FINANCIAL REPORT TO SECRETARY OF TREASURY, Nov 2010, page 17.
http://www.treasurydirect.gov/govt/reports/pd/feddebt/feddebt_ann2010.pdf. The sales must be credited to an account of the Fed and not to an account of the Treasury. There is no inflation if it is otherwise.

The $8.4 trillion in income does not reveal itself in the ANNUAL REPORT TO CONGRESS; Ref. Tables 10 and 11, pages 454 to 462 REPORT for 2009. Id. (Auctions are not Open Market transactions. Securities that are not sold are assigned to SOMC.) This $8.4 trillion is concealed from Congress and the public.

The NY Fed also handles redeeming the securities. Ref. ACCOUNTING FOR TREASURY SECURITIES AT THE FEDERAL RESERVE BANK OF NEW YORK , GAO /AFMD-84-10, May 2, 1984, page 9 of 30,
http://archive.gao.gov/d5t1/124060.pdf. The report does not identify the account that is being used to redeem the securities. This writer concludes the payments are debited to an account of the Treasury and not to an account of the Fed.

Confirmation of the Fed’s handling is found in their ANNUAL REPORT: BUDGET REVIEW 2010, “The Reserve Banks auction, issue, maintain and redeem securities…(and handle) paper U.S. savings bonds and book-entry marketable Treasury securities.” p 5.

“Aha!” exclaims a disciple of the Fed. “The above analyze proves the fallacy of the theory. The $8.4 trillion is obviously being used to pay the redeemed securities and the sale and redemptions are off-setting.” And thus would the Fed beguile the naïve. Indeed, the Treasury’s receiving the value from auctions for that purpose is widely proclaimed in media publications. Treasury financial statements also claim “borrowing from the public” finances government operations. However, direct transfer of money from the public cannot, in any way, expand the monetary system or result in the creation of fiat money (i.e., inflation) any more than can the payment of taxes by a private entity. The label is deliberatively misleading. The confusion actually confirms the scenario developed herein.

When $8.4 trillion in securities is transferred from the Treasury to the Fed, there is a credit on the account of the Treasury (but is considered a liability in a Fed account titled federal reserve notes) and an asset entry in an account of the Fed (titled T-securities). The Treasury’s $8.4 trillion book-entry is used to pay the $7 trillion redeemed securities with $1.4 trillion being available for deficit spending by Congress. The T-securities possessed as an asset by the Fed are sold at auction and the $8.4 trillion belongs to the Fed. Where the value from the auctions is entered into the books of the Fed, and to where the $8.4 trillion goes, is not available information. This is how the fiat money of inflation is created as detailed earlier. It is assured that the IRS knows nothing of this income.

Similar historic banking operations declared they loaned the value of the security to the king and therefore they should receive interest from the loan. The pretense is a sham. Congress and the Fed have agreed they are going to rip-off the public by devaluating the currency. Each party acquired purchasing power from the scheme. Congress gave a promise to pay (a security) which was quickly sold by the Fed and the Fed gave a promise to pay the government’s checks with fiat book-entry money (printing press money, i.e., FRN‘s, a legal tender.). It is an acknowledgement of debt that can never be paid because there is no lawful money available; there is only more debt of an under-capitalized federal corporation.

To get the scheme started and financed by third parties, it must have the appearance that interest is their source of profit and a gain must be made from the brokerage difference. A prime concern for the Fed under these conditions would be the difference in the value credited to the Treasury account and the value received from the auction. If the value of securities purchased by the public is transmitted directly to the Treasury, there cannot be any inflation, but then there is no gain to the Fed from book-entry money. The percentage taken by the Fed for profit can even be variable but is hidden without an audit.

Perhaps we are catching a glimpse of how the Fed may have been started. If the Fed was created by Congress as a brokerage firm to sell government bonds to the public, it would be a simple arrangement with minimal investment or risk. The currency in circulation in 1913 was non-interest bearing U.S. Notes. After the operation has been set up and the New York Federal Bank is handling the accounting, it would be a simple shift of accounting procedures to have the T-securities accepted by the FR Bank as owner instead of as a broker. The difference allows the Bank to create fiat money (inflation or Federal Reserve Notes) as a profit for the Bank. Whether this falls within the parameters of embezzlement depends upon many conditions.

The 1913 congressional report of objects of the legislation by Senator Glass included the statement “(3) Furnishing an elastic currency…of bank notes…” Perhaps the enumerated powers of the Federal Reserve Banks at 12 USC section 341, paragraph Eighth, might be stretched to authorize such practice. However, the courts have repeatedly concluded the profits of the Fed belong to the United States. Ref. Scott v FRB of Kansas City, 405 F3d 532, 535; In Re Hoag Ranches, 846 F2d 1227. The fact that the income is not reported is suggestive of subterfuge.

To put $8.4 trillion in perspective, the 2010 operation of the U.S. government involved $3.4 trillion and that includes the $1.3 trillion deficit. The entire amount of taxes collected by the U.S. government was only $2.1 trillion.

Good luck on trying to follow this sequence in the accounting records. Even Enron, World Com, and Bernie were able to cook the books---and they were audited. The annual audit of the Fed follows accounting guidelines established by the Fed. It is assured the receipts and disbursements for T-security auctions are not examined. But the methodology of the Fed may be identified: the accounting records do not reflect “securities purchased under agreements to resell.” Ref. Table 9A, note 4, Annual Report.

If asked “Who owns the T-securities that are sold at the auctions--the Fed or the U.S. government?” a Fed representative will respond “The securities are a liability of the government.” An astute observer will note the inquiry was avoided; it was not answered.

A high rate of interest has been selected for the example to minimize repetitive calculations. A ten percent interest rate will return 100 percent of the security value in ten years; a five percent interest rate will take twenty years. Lower rates of interest merely require more years to reach the same inherent bankruptcy. (Actually, bankruptcy occurs the first year irrespective of the interest rate, but then again, since the debt can never be paid off, the entire scheme is based upon fraud. A contract based upon fraud is void from its inception.)

An economic scheme that utilizes later investors to pay the interest due earlier investors is identified as a Ponzi scheme. This is precisely the scheme that has been presented above.

A newspaper article a couple of years ago informed us the annual increase in interest to be 15 percent while the budget only grew 7 percent. That reflects the exponential growth of interest. More recently the deficit has been increasing much faster to fund/conceal the rapid growth in interest requirement---and to rescue financial institutes from default. Professor Bob Blain, Southern Illinois University, Edwardsville has graphed the exponential growth in debt from 1915 to be irregular only during the 1930’s.

In 1790 during Congress’ consideration of Alexander Hamilton’s proposal to pay the national debt with a usury based obligation placed upon the citizens, congressman James Jackson, after lengthy reflection on the devastation similar plans had imposed on European countries and cities, included the following observation to Congress:

“Let us take warning by the errors of Europe, and guard against the introduction of a system followed by calamities so universal…The funding of the debt will occasion enormous taxes for the payment of the interest…(such a system) must hereafter settle upon our posterity a burthen (sic) which they can neither bear nor relieve themselves from.” Ref. ANNALS OF CONGRESS, Vol. 1, 1790, pp. 1141-2.

In actual practice within the United States, a collection of taxes for part of the government spending is well known. Payment of part of the government expenses by taxation does not alter the government’s usury program; for analytical analysis they can stand alone. The current pattern of increasingly larger deficit spending is the escalation as the climax of chaos beyond description approaches.

The Creature from Jekyll Island

GLENN BECK WILL PLUG

The Creature from Jekyll Island

by G. Edward Griffin


On Friday 2011 March 25, the entire Glenn Beck show will be devoted to an exposé of the Federal Reserve. I was invited to be a guest on the program and, when it was taped last Tuesday, I was amazed to find that Beck, not only has read the book but praised it highly. In fact, almost his entire opening monologue was based on the information and, in some cases, the very same phrases used in the book and in my lectures. I was delighted to know that someone, either Beck or his researchers, had spent a great deal of time studying The Creature from Jekyll Island. But what is even more encouraging is that several million viewers will be exposed to an hour of economic and monetary truth. This will bring us a giant step closer to actually slaying the Creature.

The reason I am writing to you is that this media exposure will open up many minds that previously were closed on this topic. Now is the time to reach out to friends, neighbors, and leaders with an invitation to read the book. We must strike while the iron is hot. So I am putting the book on special sale for the next week to encourage you to acquire a few extra copies either to give away or sell. Through the rest of March, the book, which retails at $24.50 alone or $19.60 with any additional purchase, will be on sale for $19.50 alone or $15.60 with additional purchase. We still have about 50 copies left of the previous 4th edition, and those will be on sale this week as long as they last for $14 in any quantity.

Click here to order

Capitalism may have ended life on Mars

Capitalism may have ended life on Mars: Chavez

ABC News, Mar 23, 2011

'Capitalism may be to blame': Venezuelan president Hugo Chavez

'Capitalism may be to blame': Venezuelan president Hugo Chavez (Reuters: Jorge Silva)

Capitalism may be to blame for the lack of life on Mars, Venezuela's socialist president Hugo Chavez says.

"I have always said, heard, that it would not be strange that there had been civilisation on Mars, but maybe capitalism arrived there, imperialism arrived and finished off the planet," Mr Chavez said in a speech to mark World Water Day.

Mr Chavez, who also holds capitalism responsible for many of the world's problems, warned water supplies on Earth were drying up.

"Careful. Here on planet Earth, where hundreds of years ago or less there were great forests, now there are deserts. Where there were rivers, there are deserts," Mr Chavez said, sipping from a glass of water.

He added that the West's attacks on Libya were about water and oil reserves.

Earlier this month, the US National Research Council recommended NASA's top priority should be a robot to help determine whether Mars ever supported life and offer insight on its geological and climatic history.

It would also be the first step in an effort to get samples from Mars back to Earth.

A NASA team recently tested a space suit in a setting with extreme conditions akin to some of those found on Mars - an Argentine base in Antarctica - for possible use on a visit to the red planet.

- Reuters

PROCURE INDAGANO SULLE BANCHE PER ASSOCIAZIONE A DELINGUERE

FINALMENTE ALCUNE PROCURE STANNO INDAGANDO SULLE BANCHE PER ASSOCIAZIONE A DELINGUERE

IMPORTANTE URGENTE

Alle VITTIME BANCARIE CHE HANNO I C/C "USO PIAZZA"

Vi informiamo che a seguito della denuncia depositata il 21.01.2010 dal Presidente del Forum Antiusura Bancaria On. Dott. Domenico Scilipoti, nella quale venivano rappresentati fatti riconducibili a possibili accordi di cartello posti in essere dalle Banche che non avrebbero mai rinegoziato i contratti "uso piazza", diverse Procure della Repubblica hanno avviato indagini per accertare la sussistenza del reato di associazione per delinquere. Ai fini delle indagini, dette Procure hanno chiesto idonea documentazione.

Pertanto, chiediamo a TUTTI QUELLI CHE HANNO I PROPRI CONTI CORRENTE DETERMINATI DALLE CONDIZIONI "uso piazza" ai quali non fu notificata la rinegoziazione ai sensi della L. 154/92, trasfusa nel T.U.B. n. 385/93 (cioè a TUTTI), che volessero presentare prova del presunto reato, di CONTATTARE con URGENZA I SEGUENTI REFERENTI :

- Candotti Giuseppe -Coordinatore Forum Nord Italia 338.8573587 - giuseppe.candotti@libero.it

- Gennaro Baccile - Coordinatore C/sud 085.9066235 - genbacci@tin.it ;

- Emidio Orsini - Coordinatore C/nord 327/8565876 - info@orsiniemidio.it ;

- Bruno De Ciccio - Coordinatore Sud 335/ 7959222 - info@sclnet.it ;

- Leonardo Carpinteri - Coordinatore Isole 0923/29754 - leonardo.carpinteri@euin.it.

Sono necessari :

- Copia dei contratti di conto corrente "uso piazza";

- Consenso all'utilizzo per fini giudiziari.


Orsini Emidio

The Law for Big Bankers Is Different

comments_image 9 COMMENTS

The Law for Big Bankers Is Different than for the Rest of Us

The new House leadership may not have much success reopening loopholes closed by the Dodd-Frank law. So their new game is simply to leave the reforms underfunded.
AlterNet, March 22, 2011

Work your heart out,

Get no thanks;

Wages scarfed up

By the banks.

You may have noticed that laws governing you and me tend to be rather rigidly enforced, whereas laws governing banking and finance are more loosey-goosey. Word is this has something to do with us little guys not putting enough money into political campaigns, which the big guys do. Is that too cynical?

At any rate, the officials anointed to run the Treasury Department, Federal Reserve, Federal Deposit Insurance Corporation, and White House advisory panels all seem to be from Wall Street, not groups out to make the industry more accountable to us consumers. It makes little difference whether a Democrat or Republican occupies the White House.

As a result, wealthy citizens get treated with kid gloves while the rest of us have to toe the mark. Even among banks, the big players get bailed out while the small ones get closed out. In one example of that special care, for our benefit Congress passed a law capping credit card interest rates, but left plenty of time for the big banks to jack them up before it takes effect. Thanks a lot.

Similarly, Congress restricted cash bonuses for Wall Street, so now brokerages simply reward their employees with stock. New rules also require the behemoths to meet stricter home foreclosure standards, yet few inspectors are hired to enforce them.

One clue as to what still lies in wait for us hapless consumers was recently divulged by Rep. Spencer Bachus (R-AL), the new chairman of the House Financial Services Committee. In a moment of careless candor, he observed, "Washington and the regulators are there to serve the banks."

The Republicans' primary tactic has been prohibiting the use of any funds to enforce existing reforms. This scheme is an especially hot topic in health care, and now looms grimly over financial controls as well.

Many recent reforms were the product of last year's much-publicized Dodd-Frank law. It plugged up numerous banking loopholes but still left plenty unfilled. Since the Democrats still control a Senate majority, the new House leadership may not have much success reopening those recent plugs. So their new game is simply to leave them underfunded.

Some of those remaining loopholes protect local car dealers and community banks. These were purposely left out of the law so that they could keep on swindling us with fine print. I suppose it should be comforting to know that it's not only the national players who get to do that.

Meanwhile, at the higher echelons of business, there are other disturbing changes. More and more major corporations, including some banks, are no longer even publicly owned. Vast private pots of cash from hedge funds and oil sheikdoms have scooped them up, thus lowering their disclosure requirements. Losing this big chunk of publicly traded business might be one reason why a German company is buying out the New York Stock Exchange. There just aren't as many transactions to take a percentage of anymore.

So as the United States, like Great Britain before us, gradually abandons its manufacturing and service sectors, it focuses more on big finance. That's where the fancy business school grads go nowadays. The big money lurks in schemes and scams -- and in lobbying, making sure they stay protected from government meddling. These big guys are so malicious they even have the nerve to overcharge our soldiers. Banks are now bought and sold like Monopoly properties with a few slick folks at the top siphoning off millions while laying off workers. Better we should all join a credit union.

William A. Collins, an OtherWords columnist, is a former Connecticut State lawmaker and the former mayor of Norwalk.