domenica 10 luglio 2011

Crisi: orgia di camerieri inutili alla BCE

Crisi/Domani Barroso e Van Rompuy convocano Trichet,Rehn,Juncker

Riunione domani mattina

Crisi/Domani Barroso e Van Rompuy convocano Trichet,Rehn,Juncker
Commissione europea, Jose Manuel Barroso e il presidente del Consiglio europeo, Herman Van Rompuy, allargata ad altri partecipanti tra cui il presidente della Bce Jean-Claude Trichet, il presidente dell'Eurogruppo Jean-Claude Juncker, e il commissario europeo agli Affari economici Olli Rehn. Secondo una portavoce della commissione "non si tratta di una riunione di emergenza ma di un mormale incontro di coordinamento tra Barroso e Van Rompuy, che, vista l'attuale situazione economica, è stata allargata ad altri partecipanti".

Roma, 10 lug. (TMNews) - Domani mattina riunione tra il presidente della Commissione europea, Jose Manuel Barroso e il presidente del Consiglio europeo, Herman Van Rompuy, allargata ad altri partecipanti tra cui il presidente della Bce Jean-Claude Trichet, il presidente dell'Eurogruppo Jean-Claude Juncker, e il commissario europeo agli Affari economici Olli Rehn. Secondo una portavoce della commissione "non si tratta di una riunione di emergenza ma di un mormale incontro di coordinamento tra Barroso e Van Rompuy, che, vista l'attuale situazione economica, è stata allargata ad altri partecipanti".

Tra i temi sul tavolo la crisi del debito nella zona dell'euro, il secondo pacchetto di aiuti alla Grecia e gli attacchi speculativi all'Italia.

How Dracula Hedge Funds Are Sucking Us Dry

How Dracula Hedge Funds Are Sucking Us Dry


What notion of economics or ethics justifies the fact that it would take the average family more than 35,000 years to earn as much as the top hedge fund managers earn in one year?

The official June unemployment rate is 9.2 percent. The real rate is 18.5 percent (which includes involuntary part-time workers and the unemployed who haven’t looked for jobs in the past 4 weeks.) Nearly 30 million Americans are unemployed and we need more than 21 million jobs to get back to full-employment (defined as 5 percent).

Meanwhile, the top 10 hedge fund elites make on average nearly $1 million an HOUR. We’ll never find the resources to solve the unemployment crisis until we redistribute some of this obscene wealth.

It starts by putting to rest the notion that hedge fund elites are just like any other. They are not. They make more money than everyone else, including our top movie stars and athletes...and they pay lower taxes.

While working on my next book on financial elites, we dredged up a variety of “Top Ten Income Lists” (from sources like Forbes and Equilar) for just about every kind of high-rolling celebrity and CEO imaginable. Here are previews:

  • Oprah led the pack by hauling in an incredible $290 million in 2010.
  • U2 at $190 million was the top pop musical group.
  • Leonardo DiCaprio ($77 million) is the leading Hollywood star.
  • Tiger Woods ($75 million) remains the highest paid athlete even though he doesn’t play much golf these days.
  • Half of the highest paid non-financial CEOs are in the entertainment business, led by Phillipe Dauman of Viacom ($84.5 million).
  • Only six out of the 100 highest income Americans on these lists are women.

You also might find it interesting that the top Wall Street bankers are keeping a low-income profile these days. Maybe it’s an attempt to avoid stricter regulatory curbs on their financial casinos. Jamie Dimon of J.P. Morgan Chase led the bank/insurance top 10 list with an income of $20 million (which, by the way, is half as much as Glenn Beck’s 2010 income). Lloyd “Doing God’s Work” Blankfein of Goldman Sachs was 10th on the banker list with an income of $14.1 million.

All in all, we’re talking about serious money --- except for the fact that hedge funds make 100 times more than bankers.

Here’s the summary table for the “Top Ten” lists for 2010 -- to put the numbers in perspective, median family income is included.


The Highest Income Celebrities, CEO and Hedge Fund Managers (2010)
The Top TenAverage Yearly IncomeNumber of years if would take for the average American family to earn as much.
Hedge Fund managers$1,753,000,00035,217 years
Movie directors/producers$126,000,0002,531
Top celebrities from all fields$119,800,0002,407
Pop musicians$87,200,0001,752
Non-financial CEOs$47,100,000946
Athletes$44,600,000896
Movie stars$42,600,000856
Authors$26,900,000402
Lawyers$20,000,000402
Bank/Insurance CEOs$16,600,000333
Median Family Income (2009)$49,7771 year

For me, the right-hand column says it all. What notion of economics, fairness or ethics justifies the fact that it would take the average family more than 35,000 years to earn as much as the average hedge fund elite earns in one year? And hedge fund honchos can’t sing, dance, write, direct, or play baseball. Yet, whatever they do dwarfs what such stars make. They also don’t make iPads or social media or cars. Yet they make many times more than CEOs of non-financial corporations. What could those hedge fund moguls possibly do to earn such riches?

In economics, there’s supposed to be a connection between what you earn and the economic value you produce. Otherwise, it’s called an economic “rent” – which is just a polite way of saying it’s an outright rip-off. These guys (and they are all guys) are ripping off our economy, and it's up to us to put a stop to it.

Why am I so sure they're ripping us off? I’ve had the dubious honor of exploring some of their biggest deals, including the "Greatest Trade Ever,” in which hedge funds bet against the housing bubble and won big. It turns out those bets were rigged. Hedge funds brazenly colluded with big investment banks to create securities that were designed to fail, so they could bet against them. So far the SEC has forced Goldman Sachs to pay $500 million in penalties and JP Morgan recently coughed up $153.6 million. This was to settle charges that these banks failed to inform investors that hedge funds had a heavy hand in constructing securities so that they would fail.

In fact, we can now show that hedge funds helped to prolong the housing bubble, deepen the crash and profit along the way. No matter what their apologists say, those hedge fund profits came from trash securities that never should have seen the light of day. Not only didn’t they create positive value for the economy, they created billions of losses that led to bailouts, unemployment and massive public debt. Whether any of them engaged in outright fraud, we leave to the courts. It doesn’t matter. It was a monumental economic rip-off, whether legal or illegal.

To add enormous insult to our grievous injuries, these hedge funds managers only pay a 15 percent federal income tax rate (instead of 35 percent) on nearly all of their obscene incomes. That’s because of a tax loophole that allows them to declare their income as capital gains -- they call it “carried interest.” The Obama administration and many in Congress claim they will do away with this loophole. Hedge fund groupies say it won’t matter anyway because these financial sharpies will just restructure their hedge funds in ways that will allow them to avoid paying taxes like the rest of us.

Why on earth should hedge funds pay lower rates that the rest of America? They certainly can’t demonstrate that they add value to our economy. The only claim they honestly can make is the one that has surfaced many times throughout human history: We are powerful. We set the rules. We deserve what we get...and more...and more. And politicians with their hands out will always find ways to help.

Why are we putting up with this?

A groundbreaking study by Michael Norton of the Harvard Business School and Dan Ariely of Duke University provides some important insights. Using a nationwide survey of more than 5,000 respondents, they discovered that most Americans have no idea how skewed our income distribution really is. Virtually everyone surveyed believes our wealth distribution is much fairer than it actually is. And when people were asked to come up with their ideal wealth distribution, 92 percent chose the wealth distribution of Sweden! (PDF)

More amazing still was that it doesn't matter whether you are Republican or Democrat, rich or poor, black or white, male or female. Everyone wants more economic fairness.

And yet, we get more and more inequality, led by hedge fund elites.

As the study strongly suggests, the key to unlocking our pent-up desire for fairness is to develop a widely shared understanding of just how skewed our income distribution really is. And that starts with shining a blazing bright light on hedge funds elites, who will enjoy the sunshine about as much as Dracula does.

Les Leopold is the executive director of the Labor Institute and Public Health Institute in New York, and author of The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It (Chelsea Green, 2009).

Why QE2 Failed: The Money All Went Offshore

Why QE2 Failed: The Money All Went Offshore



Global Research, July 9, 2011

On June 30, QE2 ended with a whimper. The Fed’s second round of “quantitative easing” involved $600 billion created with a computer keystroke for the purchase of long-term government bonds. But the government never actually got the money, which went straight into the reserve accounts of banks, where it still sits today. Worse, it went into the reserve accounts of FOREIGN banks, on which the Federal Reserve is now paying 0.25% interest.

Before QE2 there was QE1, in which the Fed bought $1.25 trillion in mortgage-backed securities from the banks. This money too remains in bank reserve accounts collecting interest and dust. The Fed reports that the accumulated excess reserves of depository institutions now total nearly $1.6 trillion.

Interestingly, $1.6 trillion is also the size of the federal deficit – a deficit so large that some members of Congress are threatening to force a default on the national debt if it isn’t corrected soon.

So here we have the anomalous situation of a $1.6 trillion hole in the federal budget, and $1.6 trillion created by the Fed that is now sitting idle in bank reserve accounts. If the intent of “quantitative easing” was to stimulate the economy, it might have worked better if the money earmarked for the purchase of Treasuries had been delivered directly to the Treasury. That was actually how it was done before 1935, when the law was changed to require private bond dealers to be cut into the deal.

The one thing QE2 did for the taxpayers was to reduce the interest tab on the federal debt. The long-term bonds the Fed bought on the open market are now effectively interest-free to the government, since the Fed rebates its profits to the Treasury after deducting its costs.

But QE2 has not helped the anemic local credit market, on which smaller businesses rely; and it is these businesses that are largely responsible for creating new jobs. In a June 30 article in the Wall Street Journal titled “Smaller Businesses Seeking Loans Still Come Up Empty,” Emily Maltby reported that business owners rank access to capital as the most important issue facing them today; and only 17% of smaller businesses said they were able to land needed bank financing.

How QE2 Wound Up in Foreign Banks

Before the Banking Act of 1935, the government was able to borrow directly from its own central bank. Other countries followed that policy as well, including Canada, Australia, and New Zealand; and they prospered as a result. After 1935, however, if the U.S. central bank wanted to buy government securities, it had to purchase them from private banks on the “open market.” Former Fed Chairman Marinner Eccles wrote insupport of an act to remove that requirement that it was intended to keep politicians from spending too much. But all the law succeeded in doing was to give the bond-dealer banks a cut as middlemen.

Worse, it caused the Fed to lose control of where the money went. Rather than buying more bonds from the Treasury, the banks that got the cash could just sit on it or use it for their own purposes; and that is apparently what is happening today.

In carrying out its QE2 purchases, the Fed had to follow standard operating procedure for “open market operations”: it took secret bids from the 20 “primary dealers” authorized to sell securities to the Fed and accepted the best offers. The problem was that 12 of these dealers – or over half -- are U.S.-based branches of foreign banks (including BNP Paribas, Barclays, Credit Suisse, Deutsche Bank, HSBC, UBS and others); and they evidently won the bids.

The fact that foreign banks got the money was established in a June 12 post on Zero Hedge by Tyler Durden (a pseudonym), who compared two charts: the total cash holdings of foreign-related banks in the U.S., using weekly Federal Reserve data; and the total reserve balances held at Federal Reserve banks, from the Fed’s statement ending the week of June 1. The charts showed that after November 3, 2010, when QE2 operations began, total bank reserves increased by $610 billion. Foreign bank cash reserves increased in lock step, by $630 billion -- or more than the entire QE2.


In a June 27 blog, John Mason, Professor of Finance at Penn State University and a former senior economist at the Federal Reserve, wrote:

In essence, it appears as if much of the monetary stimulus generated by the Federal Reserve System went into the Eurodollar market. This is all part of the “Carry Trade” as foreign branches of an American bank could borrow dollars from the “home” bank creating a Eurodollar deposit. . . .

Cash assets at the smaller [U.S.] banks remained relatively flat . . . . Thus, the reserves the Fed was pumping into the banking system were not going into the smaller banks. . . .

[B]usiness loans continue to “tank” at the smaller banking institutions. . . .

The real lending by commercial banks is not taking place in the United States. The lending is taking place off-shore, underwritten by the Federal Reserve System and this is doing little or nothing to help the American economy grow.

Tyler Durden concluded:

. . . [T]he only beneficiary of the reserves generated were US-based branches of foreign banks (which in turn turned around and funnelled the cash back to their domestic branches), a shocking finding which explains . . . why US banks have been unwilling and, far more importantly, unable to lend out these reserves . . . .

. . . [T]he data above proves beyond a reasonable doubt why there has been no excess lending by US banks to US borrowers: none of the cash ever even made it to US banks! . . . This also resolves the mystery of the broken money multiplier and why the velocity of money has imploded.

Well, not exactly. The fact that the QE2 money all wound up in foreign banks is a shocking finding, but it doesn’t seem to be the reason banks aren’t lending. There were already $1 trillion in excess reserves sitting idle in U.S. reserve accounts, not counting the $600 billion from QE2.

According to Scott Fullwiler, Associate Professor of Economics at Wartburg College, the money multiplier model is not just broken but is obsolete. Banks do not lend based on what they have in reserve. They can borrow reserves as needed after making loans. Whether banks will lend depends rather on (a) whether they have creditworthy borrowers, (b) whether they have sufficient capital to satisfy the capital requirement, and (c) the cost of funds – meaning the cost to the bank of borrowing to meet the reserve requirement, either from depositors or from other banks or from the Federal Reserve.

Setting Things Right

Whatever is responsible for causing the local credit crunch, trillions of dollars thrown at Wall Street by Congress and the Fed haven’t fixed the problem. It may be time for local governments to take matters into their own hands. While we wait for federal lawmakers to get it right, local credit markets can be revitalized by establishing state-owned banks, on the model of the Bank of North Dakota (BND). The BND services the liquidity needs of local banks and keeps credit flowing in the state. For more information, see here and here.

Concerning the gaping federal deficit, Congressman Ron Paul has an excellent idea: have the Fed simply write off the federal securities purchased with funds created in its quantitative easing programs. No creditors would be harmed, since the money was generated out of thin air with a computer keystroke in the first place. The government would just be canceling a debt to itself and saving the interest.

As for “quantitative easing,” if the intent is to stimulate the economy, the money needs to go directly into the purchase of goods and services, stimulating “demand.” If it goes onto the balance sheets of banks, it may stop there or go into speculation rather than local lending -- as is happening now. Money that goes directly to the government, on the other hand, will be spent on goods and services in the real economy, creating much-needed jobs, generating demand, and rebuilding the tax base. To make sure the money gets there, the 1935 law forbidding the Fed to buy Treasuries directly from the Treasury needs to be repealed.

Ellen Brown is an attorney and president of the Public Banking Institute, http://PublicBankingInstitute.org. In Web of Debt, her latest of eleven books, she shows how the power to create money has been usurped from the people, and how we can get it back. Her websites are http://webofdebt.com and http://ellenbrown.com.

sabato 9 luglio 2011

Ron Paul: destroy the fake US-T-bonds !

Ron Paul’s Surprisingly Lucid Solution to the Debt Ceiling Impasse

Representative Ron Paul has hit upon a remarkably creative way to deal with the impasse over the debt ceiling: have the Federal Reserve Board destroy the $1.6 trillion in government bonds it now holds. While at first blush this idea may seem crazy, on more careful thought it is actually a very reasonable way to deal with the crisis. Furthermore, it provides a way to have lasting savings to the budget.

The basic story is that the Fed has bought roughly $1.6 trillion in government bonds through its various quantitative easing programs over the last two and a half years. This money is part of the $14.3 trillion debt that is subject to the debt ceiling. However, the Fed is an agency of the government. Its assets are in fact assets of the government. Each year, the Fed refunds the interest earned on its assets in excess of the money needed to cover its operating expenses. Last year the Fed refunded almost $80 billion to the Treasury. In this sense, the bonds held by the Fed are literally money that the government owes to itself.

Unlike the debt held by Social Security, the debt held by the Fed is not tied to any specific obligations. The bonds held by the Fed are assets of the Fed. It has no obligations that it must use these assets to meet. There is no one who loses their retirement income if the Fed doesn’t have its bonds. In fact, there is no direct loss of income to anyone associated with the Fed’s destruction of its bonds. This means that if Congress told the Fed to burn the bonds, it would in effect just be destroying a liability that the government had to itself, but it would still reduce the debt subject to the debt ceiling by $1.6 trillion. This would buy the country considerable breathing room before the debt ceiling had to be raised again. President Obama and the Republican congressional leadership could have close to two years to talk about potential spending cuts or tax increases. Maybe they could even talk a little about jobs.

In addition, there’s a second reason why Representative Paul’s plan is such a good idea. As it stands now, the Fed plans to sell off its bond holdings over the next few years. This means that the interest paid on these bonds would go to banks, corporations, pension funds, and individual investors who purchase them from the Fed. In this case, the interest payments would be a burden to the Treasury since the Fed would no longer be collecting (and refunding) the interest.

To be sure, there would be consequences to the Fed destroying these bonds. The Fed had planned to sell off the bonds to absorb reserves that it had pumped into the banking system when it originally purchased the bonds. These reserves can be created by the Fed when it has need to do so, as was the case with the quantitative easing policy. Creating reserves is in effect a way of “printing money.” During a period of high unemployment, this can boost the economy with little fear of inflation, since there are many unemployed workers and excess capacity to keep downward pressure on wages and prices. However, at some point the economy will presumably recover and inflation will be a risk. This is why the Fed intends to sell off its bonds in future years. Doing so would reduce the reserves of the banking system, thereby limiting lending and preventing inflation. If the Fed doesn’t have the bonds, however, then it can’t sell them off to soak up reserves.

But as it turns out, there are other mechanisms for restricting lending, most obviously raising the reserve requirements for banks. If banks are forced to keep a larger share of their deposits on reserve (rather than lend them out), it has the same effect as reducing the amount of reserves. To take a simple arithmetic example, if the reserve requirement is 10 percent and banks have $1 trillion in reserves, the system will support the same amount of lending as when the reserve requirement is 20 percent and the banks have $2 trillion in reserves. In principle, the Fed can reach any target for lending limits by raising reserve requirements rather than reducing reserves.

As a practical matter, the Fed has rarely used changes in the reserve requirement as an instrument for adjusting the amount of lending in the system. Its main tool has been changing the amount of reserves in the system. However, these are not ordinary times. The Fed does not typically buy mortgage backed securities or long-term government bonds either. It has been doing both over the last two years precisely because this downturn is so extraordinary. And in extraordinary times, it is appropriate to take extraordinary measures—like the Fed destroying its $1.6 trillion in government bonds and using increases in reserve requirements to limit lending and prevent inflation.

In short, Representative Paul has produced a very creative plan that has two enormously helpful outcomes. The first one is that the destruction of the Fed’s $1.6 trillion in bond holdings immediately gives us plenty of borrowing capacity under the current debt ceiling. The second benefit is that it will substantially reduce the government’s interest burden over the coming decades. This is a proposal that deserves serious consideration, even from people who may not like its source.

Dean Baker is the co-director of the Center for Economic and Policy Research. His most recent book is False Profits: Recovering from the Bubble Economy.

Gold is the secret weapon in the financial war

Gold is the secret weapon in the worldwide financial war, Rickards tells King World News

Section:

10a Saturday, July 9, 2011

Dear Friend of GATA and Gold (and Silver):

A "full-scale financial war" is raging around the world and gold is the secret weapon, geopolitical analyst James G. Rickards tells King World News today.

Rickards says China's new gold exchange is retaliation for the refusal of the United States to restrain paper currency and help control inflation. He agrees that the exchange has the potential to explode demand for gold.

As for the proposal for Switzerland to create a "parallel" gold-backed franc, Rickards says it would create a massive case of Gresham's Law, where everyone would dump the unbacked franc for the gold-backed franc. Indeed, Rickards says, the first country that goes to a gold-backed currency will have the only currency anyone wants, the strongest currency in the world. Swiss legislators, he adds, can't possibly understand the global implications of the proposal.

Holes in the fiat currency dike are popping out all over the place, Rickards says, and in the face of the collapse of their paper currencies, governments will either have to convert their currencies to gold or resort to unprecedented coercion, outlawing gold or punitively taxing it and imposing capital controls.

As usual Rickards has thought things through far more extensively than most analysts. You can listen to his interview at the King World News Internet site here:

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/7/9_Jim_Ri...

Rickards will speak at GATA's Gold Rush 21 conference in London in August:

http://www.GATAgoldrush.com

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

How To Truly Be Independent

How To Truly Be Independent
By John Perkins

As we reflect upon this July 4th holiday just behind us it is provocative to recall the declaration of our independence on the July 4th of long ago, 1776; one hundred and fifty years ago we as a nation voted for Abraham Lincoln and fought a Civil War in defense of human rights. Later we picketed Woodrow Wilson and convinced him to endorse women’s suffrage. Not so long ago we held teach-ins for Richard Nixon to educate him and the country on the travesty that had become the Vietnam War.

We’ve watched the Wikileaks scandal and we’ve seen The Pentagon Papers finally released in full. In the process, we’ve learned that we must continue to fight to make sustainability, independence, and equality the future for our grandchildren and their children.

We cannot count on the voting booth in 2012 – or any other year. We know that our elected officials are too often beholden to corporate campaign coffers and therefore that we must vote in the marketplace each day. It is the ultimate polling booth. Corporations exist only because we support them in stores, at the malls, and over the Internet. It is up to each of us to decide which companies will succeed and which ones will fail.

Only when we truly demand our freedom from the corporatocracy, its lobbyists, Wall Street, and the loans, regulations, and central bank that bind us to a failed economic system will we assure ourselves the real freedoms our forefathers envisioned for us.

We are united in our desire to create a socially and environmentally responsible economy. We want to rid ourselves of the viral form of predatory capitalism that continues to fail us.

Each and every one of us has a role to play. United we will win. We will bequeath a world to future generations that reflects the ideas of true democracy and a world rooted in a sustainable, just and peaceful society for all.

So, as we vividly remember the fireworks and lighted the sky of just a few days ago, let these memories light up our passions. Deep in our hearts let us remember that we have the power to create change. Let us each offer an oath to future generations, a promise that we will create a world they will want to celebrate for generations to come.

United we will win.

Llyn Roberts and I hope to see you soon:

WEST COAST, Big Sur, California next week, July 15-17 at Esalen http://www.esalen.org

EAST COAST, Rhinebeck, New York August 19-21 Shamanic Reiki & Shapeshifting Consciousness (separate simultaneous events) and the 5-day Shapeshifting into Higher Consciousness with both Llyn and John.

Use the Dream Change web link below to order Llyn's new book, "Shapeshiftng into Higher Consciousness", integrating spirituality, shamanism and environmental awareness.

John Perkins

Visit us anytime on the web at www.dreamchange.org

venerdì 8 luglio 2011

News on LAGARDE (IMF)

News on LAGARDE (IMF)

French court delays decision on Lagarde...again
http://imfboss.org/french-court-delays-decision-on-lagarde-again

Lagarde's first press conference, a lot of wait and see
http://imfboss.org/lagardes-first-press-conference-a-lot-of-wait-and-see

Not 1, but 3 flawed appointments - US and China dividing up the spoils
http://imfboss.org/not-1-but-3-flawed-appointments-us-and-china-dividing-up-the-spoils

Lagarde signs on the dotted line, gears up for first press conference
http://imfboss.org/lagarde-signs-on-the-dotted-line-gears-up-for-first-press-conference

Interview with 24 men: little white lie or the US doesn't care who runs the IMF?
http://imfboss.org/interview-with-24-men-little-white-lie-or-the-us-doesnt-care-who-runs-the-imf

After the European stitch up of the IMF top job, the case for major reform is clearer than ever
http://imfboss.org/after-the-european-stitch-up-of-the-imf-top-job-the-case-for-major-reform-is-clearer-than-ever

Christine Lagarde as IMF chief? This is a gift to the fund's critics
http://imfboss.org/christine-lagarde-as-imf-chief-this-is-a-gift-to-the-funds-critics

Consensus 101
http://imfboss.org/consensus-101

Press release: Reaction to the appointment of Christine Lagarde as head of the IMF
http://imfboss.org/press-release-reaction-to-the-appointment-of-christine-lagarde-as-head-of-the-imf

Exit poll: What if we got to vote?
http://imfboss.org/exit-poll-what-if-we-got-to-vote

The race is over: US Endorses Lagarde
http://imfboss.org/the-race-is-over-us-endorses-lagarde

Drawing straws, Australia and Canada back Carstens, China (probably) back Lagarde
http://imfboss.org/drawing-straws-australia-and-canada-back-carstens-china-probably-back-lagarde

Open statement: International NGOs call for IMF selection process to start over
http://imfboss.org/open-statement-international-ngos-call-for-imf-selection-process-to-start-over

giovedì 7 luglio 2011

An email from V.K.Durham about EU Commission

From: V.K. Durham, CEO, Durham Holding Trust, Tias 12087
To: Marco Saba
My dear friend, Marco; You ask:
Can the Commission therefore specify, clearly and definitively, who the legal owner of the euro is at the moment of issuance?
The "owner" is most definately not the banks. This "gold collateral" was stolen from Durham (Intl. Ltd;) Holding Trust, Tias 12087 by high ranking US Corporate and UK Corporate Officials. see: http://www.theantechamber.net/V_K_Durham/VkPublicNotice.html
This is an unfortunate situation for all involved who have been and are continueing to be victimized by this group of Bilderbergers, Trialatteral Members and Council on Foreign Relation members operating at the highest levels of governments "Above all Law".. As you can see the Council on Foreign Relations agreed not to interfer in this PUBLIC NOTICEhttp://www.theantechamber.net/VkDocuments/DocGroupG/Gpage4.html from which the following is believed to have gained unlimited financial backing: BILDERBERG 2011 DISCUSSION LEAKED VIA MOLES INSIDE http://www.rumormillnews.com/cgi-bin/forum.cgi?read=209029
Please advise Mario Borghezio in regards to ownership of the Euro; As the CEO of Durham (Intl. Ltd;) Holding Trust, Tias 12087; It is believed the Legal nature of ownership of euro belongs to the People of Italy who have worked through the years to sustain the International Good Faith and Credit of their Sovereign Nation, and strongly believed by said Durham Trust the Euro should remain owned by the good people of Italy; considering the Chm. of the US Fed. Reserve did collateralize and did underwrite 80% of the Euro with unauthorized Durham Trust Collateral.
My dear friend. Please be so kind as to convey the Purpose and Intent of Durham (Intl. Ltd;) Holding Trust, Tias 12087 which you posted on your internet site several years ago that we will be more than happy to assist. As you are aware this Trust has more than adequate "Lawful, Legitimate Collateral" to shore up the European Communities. We stand Ready, Willing and Able to assist. Please provide the Commission copies of our Prime Bank Instruments as the problems currently existing are over badly copied black and white zerox. DOCUMENTATION/VALIDATION OF
Durham (Intl. Ltd;) Holding Trust, Tias 12087 Documents of Recorded Record

http://www.theantechamber.net/Vk2009/DocumentationValidation.htm
If you will remember my friend; Back in the fall of y2k, a U.S. Citizen visited the Trust. This individualrepresented the Banking "Control Group."
We sat and listened as it was told by the Representative of the Banking Control Group:

"George Bush has just been anointed as the next president of the United States. Once he is in the Office of the President; He will sit down, shut up, and do as he is told. Or else.
There is a Banking War going on between the Fed. R. Banking Systems and the other banking cartels. The other Cartels intend to bring the Fed. R. down. The Fed. R. has become too abusive, in every nation it is allowed to conduct business.

The Banking Control Group knows about the Trust. They know it is THE TRUST who owns the Bonus 3392 and 181.

The TRUST is required to STAY OUT OF EUROPE. Once the Fed. R. and UST is taken down, THE TRUST CAN PICK UP THE PIECES and put the US back together."


There is more, but the story was told with supportive documentation, irrefutable evidence to the U.S. Sec. Service on May 23, 2001.

The TRUST was told later by U.S.S.S. "Our only duty is to protect the president of the US. We will not investigate."The U.S.S.S. was reminded by the TRUST of their Duty to the American People and 18 U.S.C. St. 471's provisions in regards to COUNTERFEITING PRIME BANK INSTRUMENTS.

The position of the U.S.S.S. remained the same as before:
"Our only duty is to protect the president of the US. We will not investigate."

The TRUST at that time informed the U.S.S.S.
"You have a duty to protect the We, the People of the united States of America. You know it! This TRUST knows it! If you refuse to protect the We, the People; THE TRUST WILL."

THE ENGLISH PIRATE CORPORATION(S) operating within and without the United States, operating a
GORDIAN KNOT group of Banking Buddies known as THE U.S. FEDERAL RESERVE and U.S. FOREIGN FEDERAL RESERVE BANKING SYSTEMS along with THE COUNCIL ON FOREIGN RELATIONS,unfortunately entered into Agreements with Global Alliance Investment Association a Nevada Corporation, corporate officers E.J. Ekker and Doris (Eloise) Ekker back in 1997-98 (PUBLISHED BY THE GAIA-EKKERS)to use BONUS CERTIFICATE 3392-181 "gold collateral".

This agreement (PUBLIC PRINT)
http://www.theantechamber.net/VkDocuments/DocGroupG/Gpage4.html

allowed a 50%-50% split between the GAIA EKKERS and the Fed. R./UST on all monies taken down off shore in regards to these now known; "Not now performing gold derivates" written on BONUS CERTIFICATE 3392-181"which has become THE EXTERNAL DEBT OF THE US.

The GAIA-EKKER'S proceeded to pounce on un-suspecting Islamic, Asian, S. African, Lybian, Indonesian, Malaysian, Japanese, Argentinean and other Latin American Banking Systems with
"not now performing gold derivatives".. written on BONUS CERTIFICATE 3392-181. (there is not, nor has there ever been a "BONUS CERTIFICATE 3392-181")

The ENGLISH PIRATE CORPORATIONS known as the US Fed. R. BANKING SYSTEMS knew there was no such thing as a BONUS CERTIFICATE 3392-181.

This Banking Frauds on a Global scale (tape recording of the meeting)
http://www.theantechamber.net/V_K_Durham/AbusingTheCodeOfSilence.html" "Was intended to take the global banking, financing and economics hostage .

For whatever purpose, is unknown, however; GAIA-EKKER'S published the entire process in CONTACT: THE PHOENIX PROJECT JOURNAL. It was carefully described as to how the Islamic Banking etc., was to be manipulated through WAREHOUSING of the Receipts and CONVERTING THE RECEIPTS AS "COLLATERAL" and purchasing GOLD.

We have in file, as does the U.S. SECRET SERVICE and INTERPOL verification of the GAIA-EKKER'S UNDERWRITING a spin off of the AL QAEDA known as AL KADA in Ghana.

Their own PUBLISHED "underwriting" of the ABBU SAYEFF and Moro Islamic Liberation Front was also provided to THE US SECRET SERVICE and INTERPOL.

*** These dissident groups i.e,
ALL KADA,
http://www.theantechamber.net/VkDocuments/DocGroupH/HpagePage5.html AL QAEDA, MILF etc., put up 50% in Gold or Property for "not now performing gold derivatives" after being told "the instruments were collectable upon term of 180 months (some shorter term) from THE U.S. TREASURY AND U.S FEDERAL RESERVE."

These dissident groups upon presentment for payment to the FED.R./UST are told
"the instruments are worthless"
.. This is the reason for THESE DISSIDENT GROUPS causing Civil Unrest around the globe, and THE HATRED of the US expressed globally. http://www.theantechamber.net/V_K_Durham/EnglandPirateFedR.html
My friend;
To answer your question: 80% OF THE EURO IS UNDERWRITTEN WITH "UNAUTHORIZED DURHAM TRUST COLLATERAL" By V.K. Durham 4/18/05http://www.theantechamber.net/V_K_Durham/EuroIsUnderwritten.htm
It is believed very strongly Durham (Intl. Ltd;) Holding Trust, Tias 12087
If you will remember the 1991 Bank Failures; You will find the beginning, from which Alan Greenspan of the U.S. Federal Reserve cut out a 'portion' of the following transactions to UNDERWRITE 80% OF THE EURO from the "Unauthorized Collateral" used in these following transactions which can be 'back tracked' through the computer transactions:
You can chase "GAIA" all over the world, but you will find it as a Non Governmental Office funded by the U.S.Govt., tightly connected at the United Nations along with the rest of the cronies desiring to control the world. see AL GORE, THE UNITED NATIONS, AND THE CULT OF GAIA (1999) http://www.usasurvival.org/cultofgaia.html
The chase of boogie men all over the deserts of Arabia etc, you had best take a good, long hard look at some of your own HOMEGROWN"GAIA-EKKER CULT" which is the subject of
http://www.triniview.com/cgi-bin/rasta/webbbs_config.pl/nonframes/read/24318
in its references to Commander Hatonn, which, Gentlemen, is One of the 21 Registered Alias's of Doris J. Ekker, Recorded in the Kern County California County Records which many Americans have tried to get exposed to the proper Law Enforcement here in the United States only to have our WEB SITES SHUT DOWN by those of you in alliance with this GAIA EARTH WORSHIPING CULT which is operating "non-detected" in our U.S. Federal Government "Non Governmental Offices of THE ENVIRONMENTAL PROTECTION AGENCY".. Additionally, American Tax Dollars pay taxes to support this CULT operating freely inside the U.S. Fed. Government and throughout the United States, State by State, and International Nations all the way to the UNITED NATION! S, which is "overthrowing government after government, nation after nation (including our own), having the protection of the U.S. Dept of the Treasury and U.S. Embassies
http://www.brudirect.com/DailyInfo/advertise/have_your_say/brunei/have_your_say_feb02_26-28.htm
as posted by Global Alliance Investment Association (GAIA) President, E.J. Ekker
The GAIA CULT has buried itself deep inside our U.S. Federal Offices such as (a) The Department of Health and Human Services
(b) The Inter-American Development Bank (incorporated by the GAIA-Ekkers in 1997-98 after Sec. of the U.S. Dept. of the Treasury Rubin, "forgot" to incorporate the U.S. Fed. Govt. Corporation),
(c) The Multilateral INTER AMERICAN DEVELOPMENT CORPORATION (another U.S. Govt. Corporation which Sec. Rubin conveniently forgot to "incorporate") including a retired, held in Trust Corporation COSMOS SEAFOOD ENERGY MARKETING LTD; NEVADA ID # 1707-85 which was formally retired by noticing the Nevada Corporations Commissioner (Sec. of State) June 1997. The COSMOS SEAFOOD ENERGY MARKETING, LTD; Nevada Corporation, formerly held 24% (twenty four percent) of THE ONE TIME ONLY BONUS COMMODITY CONTRACT BONUS 3392-181 COLLATERALIZED GOLD INTEREST calculated twice, first calculations are Notarized Calculations, while the second calculation was by the U.S. Fed. R. Bank in Los Angeles, California calculating from May 1, 1875 to May 1, 1990 on the GOLD COLLATERAL as -- ***$206,858,581,465,280,000,000.00 GOLD COLLATERAL.
THE COMMODITY CONTRACT BONUS 3392-181 is; A Duly Constituted Sovereign Commodity Contract of the Republic of Peru of April 27, 1875, sold in the United States May 1, 1875 it is a DEBT of the United States.
December 2, 1989. Document Recorded of Public Record in it's requirement of TWO SIGNATURES & TWO SEALS "regarding transferring of any of the 24% GOLD COLLATERAL INTEREST IN COSMOS SEAFOOD ENERGY MARKETING LTD;. The 24% interest GOLD COLLATERAL accrued on BONUS 3392-181 taken out of COSMOS SEAFOOD ENERGY MARKETING, LTD. This was at the NOTICE of Chief of Operations, Fraud Division, Chief Gammlesgarrd informing the Corporate Officers, Russell Herrman and V.K. Durham "TOO MANY COSMOS CORPORATIONS were pretending to be "Us."
1991. Sept. 12. A transaction consisting of 120B$ GOLD was put down through TRANS TECH INTERNATIONAL at this address MOSHAV YISHI 68, ISRAEL.
This Israel operation took this down through :001 & :002 (U.S. DEPT OF THE TREASURY & U.S. FEDERAL RESERVE BANK) in 30 BILLION DOLLAR USD INCREMENTS.
A. This involved the JAPANESE YEN and DUTCH MARK
a. TRANSACTION CODE: 091291/JY/USD/30B/001 and 091291/DM/30B/002 "four of these transactions went down."
b. Provisions of the Agreement(s) (not signed or authorized by the Signatories of Bonus 3392-181) "Transactions to continue until the U.S. DOLLAR WAS EXHAUSTED." (Interpol has the Agreement, and the PAYOUT ORDERS on these transactions) (as does the U.S. Security Exchange, Washington, DC Offices), and
c. TERM OF CONTRACT 10 YEARS scheduled to pay out on or about 9/11/02.
** There was involvement, at that time with a HAMILTON & HYUN Investment Corp. (Korean) further involved with USSR GOVERNMENT LOAN FACILITY, TRANSACTION CODE - TBC: 11AM/WS/9102 further identifying;
1. Prime Minister of Yakutsko, Mr. K. Ivanov,
2. Deputy P.M. of Yakutsko, Mr. D. Popov,
3. Bank of Foreign & Economic Affairs, Moscow, Mr. E. Sadovsky,
4. Prodintor for Yakutsko (Buying Arm), Mr. Ermilin.
PAYORDER'S on THE DEUTCH MARK and JAPANESE YEN (EACH); PROVIDERS TRANSACTION CODE: 09/1291/DM/USD/30B/002;
09/1291/DM/USD/30B/001
and 09/1291/JPY/USD/30B/001
and 09/1291/JPY/USD/30B/001 and
09/1291/DM/USD/30B/002
to which the payorder identifies the following accounts:
THE SECOND PARTY (ref: pg. 1)
Name: Trans Tech International
Address: Moshav Yishi 68, Israel
Represented by: Jonathan Tiede
BONUS BANKING (ref. pg. 3):
Bank Name: Security Pacific Bank
Address: 26929 102 NW
Stanwood, WA 98292
Routing ABA: 125000037
Account No. 1530113241
Bank Officer: Don Swanson
Phone No. (206)629-2141
JAPANESE YEN PROVIDER BANKING COORDINATES (ref:pg. 3):
Bank Name: Chase Manhattan Bank, NYC, New York
Address: Main Office
Account Name: DFG, Inc-Palm Springs Stars Baseball Club, Inc.
(** DFG, Inc-Palm Springs Stars Baseball Club, Inc, associated through NEAL BUSH, NSA, NASA & HUDD -JACK KEMP, NICHOLAS BRADY, ALAN GREENSPAN, ARIEL LIFE SYSTEMS affiliated with NASA.)
Routing ABA: 0210-0021 F/A GOLDMAN SACHS A/C 930-1-011-/183,
Account No. FCC TO DFT, INC. A/C 027-020882039
Federal Tax Id: 33-0457266
Transaction Code: 09/1291/DM/USD/30B/002
SECURITY CODE: CSEMLTDRHVKDJFDPGC3392-181
US DOLLAR PROVIDER BANKING COORDINATES (Ref:pg. 4)
BANK NAME: CHEMICAL BANK
Address: 55 Water Street
New York, NY
c/o Sherson Lehman Brothers
Account No: 02100128 for the account number 066027209
Further credit to Daryl Pennington & Assoc.
Account No. 673155413201
COSMOS SEAFOOD ENERGY MARKETING LTD:-181 BANKING COORDINATES
Federal Tax ID:S 88-02443380
Corp. ID No. 1707-85
Bank Name: Boatman's National Bank of Belleville, IL
Address: 23 Public Square
Belleville, Illinois
Routing ABA: 081001413
Account No. 011503029697-0407 Russell Herman & V.K. Durham as individuals
***Note No. 1. All four transactions went down through the same Banks & Brokerage Houses facilitated by the U.S. Dept. of the Treasury (001) and the U.S. Federal Bank (002).
Note No. 2. November 18, 1991; V.K. DURHAM was ordered off the BOATMEN'S BANK ACCOUNT by THE DEPARTMENT OF HEALTH AND HUMAN SERVICES (?) Even though, Mr. Herman gave written letter stating "HE WAS GOING BLIND" and "could not see to do his banking and other business affairs".
Note No. 3. V.K. DURHAM was subsequently, as of June 1992, identified in the DEPARTMENT OF HEALTH AND HUMAN SERVICES AS "DECEASED."http://www.theantechamber.net/V_K_Durham/TexasTwoStep7.html

----- Original Message -----
From: To: V.K. Durham
Sent: Thursday, July 07, 2011 11:08 AM
Subject: Very important question at EuroParl + video

Very important question at EuroParl + video - please, diffuse
Legal nature of ownership of euro
Question for written answer E-006243/2011
to the Commission
Rule 117
Mario Borghezio (EFD)
Subject: Legal nature of ownership of euro
There is currently an ongoing international scientific debate on the seigniorage of currency; the entire monetary system is based on seigniorage, which derives from the issuance of currency.
At present, it is impossible to identify who the creditors and who the debtors are as regards the circulation of the euro; however, European peoples have every right to know whether they are 'creditors' (i.e. owners) or 'debtors' (i.e. non-owners) of the value of all the euro currently in circulation.
Can the Commission therefore specify, clearly and definitively, who the legal owner of the euro is at the moment of issuance?
Video on seigniorage in 11 languages:
http://www.youtube.com/watch?v=x8PmQBiA1Ag&feature=channel_video_title
Anther video:
http://youtu.be/AblofxUOpKk