giovedì 3 novembre 2011

News stories related to the World Bank and IMF

A selection of news stories related to the World Bank and IMF, brought to you by the Bretton Woods Project:

No to the 50% haircut, no to the new occupation: Cessation of payments and debt audit needed in Greece
http://elegr.gr/details.php?id=258
Greek Debt Audit Campaign, 1 November 2011

International monetary system reform: G20 chooses wrong priorities 
by Aldo Caliari
http://triplecrisis.com/international-monetary-system-reform-g20-chooses-the-wrong-priorities/
Triple Crisis, 1 November 2011

The G20's helpful silence on capital controls 
by Jose Antonio Ocampo, Stephany Griffith-Jones
http://triplecrisis.com/the-g20s-helpful-silence-on-capital-controls/
Triple Crisis, 31 October 2011

Towards a multi-polar international monetary system
http://biz.thestar.com.my/news/story.asp?file=/2011/10/29/business/9789003&sec=business
The Star Online, 29 October 2011

Climate justice activists from the global south speak on the World Bank and climate justice
http://www.youtube.com/watch?v=1ATtHzTDG84&feature=youtu.be
World Development Movement, 27 October 2011h
ttp://elegr.gr/details.php?id=258

Goldman Sachs: Chris Hedges and 12 Others Reportedly Arrested

Activists Hold "People's Hearing" of Goldman Sachs, Chris Hedges and 12 Others Reportedly Arrested

Update: The hearing has ended, but according to reports on Twitter 13 people were arrested in front of Goldman Sachs headquarters this afternoon. Reportedly, among those arrested were Reverend Billy and Chris Hedges.
Right now, a "People's Hearing" of Goldman Sachs is taking place at Liberty Square Park. According to OccupyWallSt.org:
The people will bring to justice perhaps the single most egregious perpetrator of economic fraud and corruption in the United States. The Hearing will include testimonials from individuals directly affected by Goldman’s fraudulent manipulation of financial markets, including victims of housing foreclosures, pension losses, public lay-offs and untenable student debt. The proceedings will also include expert analysis from Ralph Nader, Cornel West and Chris Hedges. Following the 99-minute hearing the people will decide on a fair and deliverable verdict via our own process of consensus-based direct democracy – and we intend to deliver it ourselves – to the headquarters of Goldman Sachs at 200 West Street, eight blocks from Liberty Square.
Watch the livestream here (apologies for the quality of the audio -- some speakers are easier to hear than others):
By Lauren Kelley | Sourced from AlterNet 

Posted at November 3, 2011, 7:36 am

A Letter from Bank of America


A Letter from Bank of America

An Apology to Our Customers


NEW YORK (The Borowitz Report) – The following letter was sent today by Bank of America to all of its debit card customers:
Dear Valued Customer:
As most of you probably know by now, last month we instituted a $5 monthly fee for all of our debit card users.  To say that what followed this decision was a shitstorm would be a massive understatement.
Considering that just three years earlier taxpayers had bailed us out with billions of their hard-earned dollars, it’s understandable that Bank of America was compared to a person who, as he is pulled from a burning building, turns and kicks the fireman in the nuts.
That’s why we are writing to you today with a simple message: “Our bad.”  And to tell you that we are refunding the $5 to you, effective immediately.  All you have to do is pay a simple, one-time $10 refund fee.
You can receive your refund online, or pick it up at your nearest Bank of America branch, where a teller will hand the money directly to you for a simple, one-time $15 handling fee.
If you do visit your branch, feel free to use any of our services, including our state of the art ballpoint pens and deposit slips.  (Prices on request.)
Again, accept our apologies for instituting the debit card fee.  We have learned our lesson, and we make this solemn promise: next time we squeeze money from you, we’ll do it in a way you won’t notice.
Sincerely,
Bank of America

Rothschild arrested while taking a picture

Why I Got Arrested in Madison

By Matthew Rothschild, The Progressive, November 2, 2011
Because I’ve had enough of Scott Walker’s reactionary rule.
Because it’s ludicrous that you can carry a concealed weapon into the Wisconsin State Assembly gallery but you can’t take pictures with your cell phone or hold a sign. Because it’s insane that Republicans in the State Assembly are more afraid of free speech and accountability than they are of a bullet.
Because I believe in the First Amendment to the U.S. Constitution.
Because I believe in Article 1, Section 3 and Article 1, Section 4 of
the Wisconsin state constitution, which guarantee us free speech and
assembly and the right to petition the government.
Because I believe in nonviolent civil disobedience to challenge unjust laws and policies.
Because I admire the nonviolent civil disobedience that many other Wisconsinites have been engaging in over the past nine months.
Because if we don’t stand up to Walker and the Fitzgeralds, there is no telling how far down the slope we’re all going to slide.
What Walker and these Republicans are doing to this state is astonishingly brazen. They are like a pack of Cheneys. They do not respect democracy. The people are a nuisance to them. So are the laws. All they care about is power, and grabbing everything they can—for themselves, and their corporate cronies—while they still have it.
Every day that it’s in session, the Republican-dominated legislature has been pushing through one retrograde bill after another.
This, on top of the vicious assault on workers’ rights that we saw this spring, and the illegal way they did it, without proper notice, and the sham of a state supreme court ruling that validated the bill, and the illegal shutting down of the capitol to the public, and the attack on public education, Medicaid, racial justice, and the environment, to name just a few.
There have been plenty of straws to break the back of many a badger. The one that broke my back was seeing people, over the past few weeks, being dragged away for merely holding a sign or taking a picture in the State Assembly gallery.
So Tuesday, some activists had called for “Concealed Camera Day,” and I went with a couple of my friends to participate—not as a journalist, but as a citizen. I printed out the words of the First Amendment, and Article 1, Sections 3 and 4, of the Wisconsin Constitution, and I taped them to my shirt.
About 60 of us gathered around 5:00 p.m. and waited until the gallery opened around 6:00, with proceedings beginning shortly after 6:30.
A young, well-dressed woman warned us that we couldn’t hold signs or take pictures and to put away our cameras and our phones.
Before I got arrested, I saw a man named Bart Munger get taken out of the gallery for silently holding a sign that said, “I Love Wisconsin.”
I saw a sixty-nine-year-old woman named Glenna Benjamin taken away for silently holding a sign that said, “Soon the Poor Will Have Nothing to Eat but the Rich.”
I saw other people being arrested for simply taking pictures. So I took pictures of them getting arrested for taking pictures, and for that I was arrested.
In all, 18 of us were booked.
Karen Tuerk was arrested for holding a sign that said “ALEC” and for waving five $1 bills in front of it. (ALEC stands for the American Legislative Exchange Council, a rightwing, corporate-financed group that drafts “model” bills for conservatives to ram through statehouses like ours.) Tuerk told me that a legislator had pointed her out from the floor of the Assembly and demanded that she be taken away.
I was not handcuffed. Many of the others were. I was arrested not by a state police officer or a capital police officer but by a warden from the DNR (Department of Natural Resources).
His name was Mackenzie Hannon, and he was as pleasant as could be.
I asked him whether he wouldn’t rather be at Devil’s Lake, one of our beautiful state parks, and he kind of shrugged.
I was charged with “Other Conduct Prohibited—Obstructing,” and I was let go after about a half hour.
I have a court date on November 18, where I will contest this charge as a violation of my rights under the Wisconsin and U.S. Constitutions.
If you liked this story by Matthew Rothschild, the editor of The Progressive magazine, check out his story "Poll Shows Americans Want to Redistribute the Wealth!"
Follow Matthew Rothschild @mattrothschild on Twitter

MF Global: : Where was the CFTC?


Wall Street Journal: Where was the CFTC?


From The Wall Street Journal
Thursday, November 3, 2011
How are the regulators going to explain this one?
MF Global, the failed firm whose chairman and CEO is Jon Corzine, has already destroyed the wealth of its investors and roiled the banking world. But now we are learning that it may have lost customer funds as well.
A major Wall Street broker in derivatives markets with $41 billion in assets, MF Global filed for bankruptcy on Monday after Mr. Corzine made disastrous bets on bonds issued by European governments. It initially appeared he was (only) gambling with his firm's own capital, but a federal official tells the Journal that MF Global has admitted diverting money out of customer accounts, which may be a violation of federal law.

This follows a report from futures exchange operator CME that MF Global was not complying with federal rules on segregating client funds. In bankruptcy court yesterday an MF lawyer said, "To the best knowledge of management, there is no shortfall" in customer accounts. But the Journal reported late yesterday that the FBI is investigating the matter.
If reports of missing funds are true, it's a significant embarrassment for the firm's regulators at the Commodity Futures Trading Commission. CFTC Chairman Gary Gensler has been leading the Beltway chorus for years in reciting the (false) story that the absence of regulation allowed AIG and its credit-default swaps to wreak havoc in 2008.
Never mind that the Treasury Department's Office of Thrift Supervision did regulate AIG, and that an OTS official testified before Congress that the agency signed off on the swaps because it didn't expect Armageddon in the housing market. Mr. Gensler nonetheless succeeded in gaining for himself and his agency broad new powers over the derivatives market as part of Dodd-Frank in 2010.
The MF Global case involves business that was unambiguously regulated by the CFTC long before Mr. Gensler built his new regulatory empire. In fact, the alleged MF Global failure goes to the basic regulatory blocking and tackling that the CFTC is supposed to perform, which includes ensuring that companies aren't raiding customer funds for their own trading.
It is also no small irony that MF Global was among the cheerleaders for Mr. Gensler's plans for new clearing arrangements under Dodd-Frank. Maybe if the regulators hadn't been so busy writing new rules, they would have checked if MF Global was following the old ones.
It was always fanciful to believe that the regulators who failed to prevent the last financial meltdown would somehow prevent the next one. The surprise is that this mirage of regulatory competence has been exposed so quickly.

SOROS TRADER INVOLVED IN BANKRUPT FIRM TIED TO OBAMA



GEORGE SOROS TRADER INVOLVED IN BANKRUPT FIRM TIED TO OBAMA
By Cliff Kincaid
November 3, 2011
NewsWithViews.com

A major figure in liberal Democrat Jon Corzine’s bankrupt firm, MF Global, used to work for hedge fund operator and Democratic Party financial patron George Soros. MF Global Holdings Ltd., now under FBI investigation, had hired Munir Javeri as Global Head of Trading.

“He is no longer with the company,” a spokesman for the firm informed Accuracy in Media. The spokesman added that he had no contact information for Munir Javeri and couldn’t say when he left the firm. He had been Vice-President of Soros Fund Management from 2003-2004 and was given an “inducement award” in the form of stock options after being hired by MF Global.

Hundreds of millions of dollars are reportedly now missing from the firm’s customer accounts. The firm is said to have experienced major losses because of questionable investments in European bonds.

MF Global was not a hedge fund, although it accepted money from hedge funds such as Cadian Capital Management LLC.

The bankruptcy of MF Global is being described as the eighth-largest corporate bankruptcy in U.S. history. Steve Schaefer of Forbes says it is “the largest bankruptcy (by assets) of a public company this year, and by a huge margin.”

Meantime, Corzine, MF Global chairman and CEO, has been aggressively raising funds for Obama’s 2012 re-election campaign. “Obama has had a lot to say about Occupy Wall Street but probably won’t say anything about Jon Corzine,” the Republican National Committee said in a statement.

News reports suggest that Corzine, a former head of Goldman Sachs, simply misjudged the European crisis and that his firm went bankrupt as a result. But Soros, by contrast, has been forecasting the disintegration of Europe for months and suggesting that the only solution is a European treasury that could provide a common source of funds to rescue bankrupt economies.

Liberal Democrats in the U.S. today formally proposed a financial transactions tax to provide more federal revenue. On Thursday, National Nurses United, joined by the AFL-CIO and assorted “community activists,” are holding a demonstration in Washington, D.C. to press for a global version of the financial transactions tax.

Corzine, in addition to being a senator from New Jersey, served as governor, only to be defeated for re-election in 2009 by Republican Chris Christie.

Although Corzine is getting plenty of publicity for the demise of his financial firm, the role of the former Soros money manager has gotten short shrift. The New York Times simply mentioned that Corzine had “replaced old-line traders and brokers with more aggressive hires from Goldman Sachs, UBS and Soros Fund Management.”

The Soros connection raises questions, in view of the hedge fund operator’s controversial sources of cash, avoidance of Securities and Exchange Commission regulations, and announced political designs upon the U.S. and the world. Soros is number seven on the Forbes list of wealthiest Americans and his fortune now totals $22 billion, up almost $8 billion from last year.

At the time of Javeri’s hiring by MF Global, news organizations trumpeted the development with such headlines as, “Jon Corzine Has Hired An Ex-Soros Trader To Make MF Global Surge.” The media coverage reflected the media awe for Soros and his hedge fund managers.

“In this newly created role,” MF Global said in a press release about the hiring of the former Soros money man, “Mr. Javeri will work with the firm’s various product lines to manage and enhance the firm’s trading capabilities across asset classes and geographic regions. Additionally, he will oversee the firm’s Principal Strategies Group, a newly initiated proprietary trading operation. The group engages in opportunistic trading across a variety of asset classes. Mr. Javeri has extensive trading and asset management experience. Most recently, he was a partner and portfolio manager at Gandhara Advisors, a multi-billion dollar equity hedge fund. Prior to that, he was a global macro investor at Soros Fund Management.”

Despite the hype, MF Global is now in ruins.

To make matters worse, MF Global had close financial ties to the Federal Reserve. The firm was designated a primary dealer by the Federal Reserve Bank of New York, which means that it participated directly in Treasury auctions and provided analysis and market intelligence to trading desks at the New York Federal Reserve.

At his news conference today, however, Fed Chairman Ben Bernanke insisted the Fed was not the supervisor of MF Global and had never given the firm a “seal of approval.”

But a “seal of approval” for Corzine had come from Obama.

The New York Times reports that President Obama’s first major re-election fund-raiser in New York was held at Corzine’s Manhattan home, with tickets going for $35,800 each.

Adding some detail, the news website northnewjersey.com reported that the private 60-person event reportedly raised $2 million for Obama and that Corzine and MF Global associates Bradley Abelow and Joseph Patt then gave separate contributions of $35,800 each to Obama Victory Fund 2012. Corzine “was one of the president’s most elite bundlers, supporters who tap friends and business associates to bring in checks,” The New York Times reported. The article said that he personally had helped Obama raise more than $500,000 this year.

It added that “When White House officials sought to broker a meeting between disgruntled Wall Street executives and Mr. Obama’s new chief of staff this year, they turned to Mr. Corzine, who organized a sit-down at the Four Seasons. Mr. Corzine was on the list. There had even been talk of his being named the next Treasury secretary.”

In addition to the $38,500 to the Obama Victory Fund 2012, Federal Election Commission (FEC) records show Corzine made personal contributions of $5,000 to Obama for America on May 19 and $25,000 to the Democratic Congressional Campaign Committee on September 28 of this year.

For his part, Soros gave $75,000 this year to the House Majority PAC, a so-called “Super PAC” designed to help win back the House majority for Democrats in 2012. Rep. Nancy Pelosi, the former House Speaker and now Democratic Minority Leader, supports the financial transactions tax, as does Soros.


Cliff Kincaid, a veteran journalist and media critic, Cliff concentrated in journalism and communications at the University of Toledo, where he graduated with a Bachelor of Arts degree.
Cliff has written or co-authored nine books on media and cultural affairs and foreign policy issues. One of Cliff's books, "Global Bondage: The UN Plan to Rule the World" is still awailable.
Cliff has appeared on Hannity & Colmes, The O’Reilly Factor, Crossfire and has been published in the Washington Post, Washington Times, Chronicles, Human Events and Insight.


Web Site: www.AIM.orghttp://www.newswithviews.com/Kincaid/cliff563.htm

martedì 1 novembre 2011

Goldman Sachs To Be Tried By People's Court

Goldman Sachs To Be Tried By People's Court in Zuccotti Park

Goldman Sachs will be tried this Thursday, November 3, for crimes against the American public. Cornel West, noted civil rights activist, and Chris Hedges, Pulitzer Prize winner, will be among those presiding, and testimony for the prosecution will include individuals who have been directly affected and harmed by the actions of Goldman Sachs. The trial is open to the public, and if you can't make it? Tune in to WBAI (99.5 FM in New York) or online at www.wbai.org this Thursday, from 10 AM to 12 noon, where it will be broadcast live.  If the government won't do it? We'll take it into our own hands.

Sourced from AlterNet
Posted at November 1, 2011, 10:05 am

GREECE SET TO REJECT EU BAIL-OUT IN REFERENDUM


UK NEWS

GREECE SET TO REJECT EU BAIL-OUT IN REFERENDUM

Tuesday November 1,2011

By Daily Express reporter

Story Image

Greek Prime Minister George Papandreou has called for a referendum on the EU bailout




















GREECE plunged Europe further into crisis last night by announcing a referendum on the debt reduction deal...just days after it was hammered out.
The surprise pledge by premier George Papandreou stunned fellow leaders.


While key details on the  referendum have yet to be agreed, jittery markets are calling for certainty that the  eurozone will
get its house in order.


Polls suggest that 60 per cent of Greeks do not back the rescue plan – suggesting a defeat for beleaguered prime minister George Papandreou.


If the deal is rejected there will be greater pressure for the country to default on its debts and quit the single currency – another disaster for the euro. 
ì
60 per cent of Greeks do not back the rescue plan put forward by the EU summit
î

Back home, UKIP leader Nigel Farage said: “The British people will be looking at Greece thinking if they can have a referendum why can’t we?” 

The announcement was just another wave in a tsunami of bad news yesterday. Stock exchanges fell and traders were spooked by reports China may not now invest as much in the bail-out fund as hoped. 

The OECD warned of a slowdown in the zone next year, saying G20 leaders due to meet this week had to take bold decisions to stave off recession.

GOLDMAN SUX? Giant Squid Strikes Again

GOLDMAN SUX?
Giant Squid Strikes Again
at Occupy Wall Street's Credit Union
Goldman Sachs Intensifies Threat on Credit Union



Monday, October 31, 2011
By Greg Palast
Palast is the author of Vultures' Picnic: in Pursuit of Petroleum Pigs, Power Pirates and High-Finance Carnivores, out on November 14.


Art by Molly Crabapple 



What have I done?  There's one angry squid out there.

Last week, Democracy Now! and The Guardian ran our story about Goldman Sachs yanking financial support from a community credit union for honoring one of its largest customers.  The customer:  Occupy Wall Street.
Our report so enraged Goldman that, within days, it doubled down on its attack on the little community bank.
Goldman had already demanded the return of its $5,000 payment to the Lower East Side Peoples Federal Credit Union.  Now, sources say, the trillion-dollar Wall Street mega-bank sent the following message to the not-for-profit community bank:  "You will never get a dime from any bank ever again."
About those "dimes" Goldman is taking away: They come from you and me, the taxpayers who put up billions into the Troubled Asset Recovery Plan (TARP), usually known as the Bank Bail-Out Fund.
For Goldman to suck its $10 billion from the TARP trough, Goldman had to change from investment bank to commercial bank. This change makes Goldman subject to the Community Reinvestment Act (CRA) and requires it by law to pay back a notable portion in funds for low-income communities, abandoned by the big banks.
Memo from Tim Geithner to Larry Summers
(click to enlarge)
In other words, Goldman is beating up Lower East Side Peoples (which operates in Harlem and the Latino New York neighborhood known as Loisaida).
I would note that Goldman's nasty threat to cut off funding for Peoples, the credit union that is officially chartered as the bank for low income New Yorkers, came with a complaint about this reporter.
Goldman claims that Greg Palast called only one time to get Goldman's side of the story.  (I called many times, as did my associate, and we left the same repeated message: I want your side of the story. Please call me and tell me if you're punishing the poor peoples' bank because they are supporting the demands of Occupy Wall Street?)
There are tens of billions of dollars at stake in the Community Reinvestment funds due from the big banks.  As other banks are making noises of heeding Goldman's call to whip the uppity little credit union, an answer from Goldman becomes urgent.
So, Goldman, I'm still waiting for an answer.  You've got my numbers, so just pick up a tentacle and call.
********
Chapter 12 of Vultures' Picnic, "The Generalissimo of Globalization," includes the Palast team investigation of confidential documents of meetings over years between Tim Geithner, Larry Summers and the CEOs of Goldman, Bank of America and JP Morgan.
The investigation takes the Palast crew from a dictator's shopping spree in Geneva to the Andes to Africa and back to Palast's years within the circle of a troll-like character named Milton Friedman.
Pre-order Vultures’ Picnic now or donate for a signed copy.
***
Greg Palast is the author of Vultures' Picnic: In Pursuit of Petroleum Pigs, Power Pirates and High-Finance Carnivores, which will be released on November 14 by Penguin USA.
Pre-order it now!
For more information about Palast's brand new book and his book-signing events in your city, go to www.VulturesPicnic.org

NY fed suspends MF Global

http://www.pretorianews.co.za
MFGlobal
Reuters
A woman leaves the office complex where MF Global Holdings Ltd have an office on 52nd Street in midtown Manhattan October 29, 2011.

The New York Fed suspended MF Global from conducting new business with the central bank on Monday and its shares were suspended, as the troubled brokerage nears a deal on its future.
As per a tentative plan, MF Global's holding company would file for bankruptcy protection and derivatives trader Interactive Brokers would buy the assets, the Wall Street Journal and the Financial Times reported.
“The Federal Reserve Bank of New York has informed MF Global Inc. that it has been suspended from conducting new business with the New York Fed,” the Fed said.
“This suspension will continue until MF Global establishes, to the satisfaction of the New York Fed, that MF Global is fully capable of discharging the responsibilities set out in the New York Fed's policy.”
MF Global, run by former Goldman Sachs Chief Executive Jon Corzine, has been struggling over the past week in which it posted a quarterly loss, its shares fell by two-thirds and its credit ratings were cut to junk.
Its shares were suspended before trading opened in New York, pending a statement.
Interactive Brokers would likely make an initial bid of about $1 billion during a court supervised auction for the U.S. futures brokerage, the WSJ said.
MF Global clients in London said the company wasn't taking on new business and they were closing out positions.
“It was quite difficult to get our money out on Friday, because they had a lot of redemption calls,” a trader, whose firm used MF Global as a brokerage said.
“The company is not initiating any new position. They are trying to close down positions that they already have with clients that are open,” the trader said.
The company is suffering because of low interest rates and bets it made on European sovereign debt, making it possibly the most prominent U.S. casualty yet from the eurozone debt crisis.
MF Global was in talks on Sunday with possible buyers, aiming “squarely” to do a deal, though all options remained on the table as the firm hired restructuring and bankruptcy advisers, sources familiar with the situation told Reuters.
The New York Times reported in its electronic edition that by Sunday evening, the talks had narrowed to one bidder, Interactive Brokers.
Sullivan & Cromwell's restructuring and mergers teams have joined the long roster of those advising MF Global, one source familiar with the situation said.
Weil, Gotshal & Manges was also hired to prepare potential restructuring options, a second source familiar with the situation said. The sources could not be identified by name because the talks were not public.
Weil would focus on MF Global's UK subsidiary if it needed to pursue a formal restructuring overseas, the Journal reported in its electronic edition.
The securities company also has hired firms Skadden, Arps, Slate, Meagher & Flom, the newspaper said.
MF Global and Interactive Brokers declined to comment. The law firms could not be reached immediately for comment.
A number of interested parties were considering several possible deals, including buying all or parts of MF Global, said the source, who requested anonymity.
“The goal is squarely for some sort of M&A transaction,” the source said, adding the situation was “fluid.”
QUARTERLY LOSS
Corzine, who became CEO in March last year after a term as New Jersey's governor, has been trying to transform MF Global from a brokerage that mainly places customers' trades on exchanges into an investment bank that bets with its own capital.
The plunge last week in MF Global's corporate bonds to distressed levels, and in its shares to below $1 at one point on Friday, makes it all the more urgent for the company to come up with some sort of solution before markets open on Monday.
MF Global has given potential buyers limited information about its financials and has not set up a data room for bidders to conduct due diligence, a buy side source earlier said.
The source, who is looking into deals both for the whole company and for its parts, said he was skeptical about the possibility of MF Global striking a deal over this weekend.
The company's positions are big and hard to value, especially the firm's sovereign risk exposure, the source said.
“How do you put a price on that? How do you get a deal done when the right side of the balance sheet keeps moving so dramatically?” the source said.
The company hired boutique investment bank Evercore Partners Inc to help find a buyer, separate sources said this past week. - Reuters

domenica 30 ottobre 2011

EU: After Spain, PSS virus could spread to Africa

EU: After Spain, PSS virus could infect Africa

'Private Seigniorage Scam' awareness as mapped by the Italian CENTRO STUDI MONETARI:

October 30, 2011


October 27, 2011


Reality: banks as the undisputed creators and allocators of the money supply

Banks’ primary function is far more important and more far-reaching for the economy. It remains a little-known and rarely highlighted fact that in most countries, including the EU, about 98% of the money supply is created by the banking system. Normally only about 2% of the money supply is created and allocated by the private EU central bank (ECB).

As Werner (2005) shows, the banks’ power to individually create money through the process of credit creation is based on the regulatory and accounting regime banks have opted for.

Currently, banks world-wide are allowed to individually create new purchasing power by simultaneously booking an asset and a liability when a new credit (‘loan’) is granted. Upon signing a contract, banks are allowed to add the amount of loan outstanding to the asset side of their balance sheet, while the borrower’s current account is credited with the same amount.

In this way, banks can create new deposits ‘out of nothing’, whenever they grant what is called a ‘loan’. In reality, they are creating credit (the loan) and money (the deposit account entry) simultaneously. It is this process that produces about 98% of the money supply in the EU economy.

sabato 29 ottobre 2011

Fleecing the lambs once more: the Greek debt “haircut”

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That Greek “haircut” will HURT!
October 29th, 2011 LAIGLESFORUM


Hey, that ain’t hair you’re cutting. It’s our kids’ future!
by Don Hank
My mom used to give me haircuts, but she was always a little nervous and often nicked me in the ear with the scissors. That really hurt.
This haircut on the Greek bonds will hurt a LOT MORE.
Quote (see link below):
In essence, the haircut on Greek debt [haircut: partial default, in this case, decreed by law. DH] is a signal to investors that they should require a much higher rate of return on the debt of all of the PIIGS.  This is going to make the financial collapse of all of the PIIGS much more likely.
Absolutely. Not only that, the Greek government officials and Greeks benefitting from government largesse have lived high on the hog for years, and for them, that is anunalienable entitlement. Many of them get nasty when someone touches their entitlements. They burn tires, wreck vehicles, throw stones through windows, etc, breaking things they can’t afford to replace.
Now that Europe has given a 50% haircut on their sovereign debt, many will figure they can continue to live like kings and the next time around, good old Germany and the ECB and EFSF will just bail them out again, with more “haircuts” for their bonds and more leverage. Dream on. The German people are already PO’d! And with good reason.
As this author points out, the party can’t go on forever. They are tightening the noose around Europe’s neck.
“Leverage” in this context means that the banks will be able to lend 4-5 times more than before simply by issuing more credit — NOT MONEY, because they have no money at the bottom line of the balance sheets, only debt. Now even before this re-leveraging, they were leveraged to the max and already issuing loans against nothing but hot air. That’s the same as printing money, as they did in the failed Weimar Republic. Weimar failed BECAUSE they did this, but the money printing was sold as a “solution” to their problem. Now they’re trying a little — no a LOT — of hair of the dog that bit them in the butt before, except not just Germany but most of Europe. How short their memories are.
This money the banks are lending is money they don’t have. It is debt, the opposite of money. They are dealing in red numbers, paying off red numbers with more red numbers. That is like climbing higher up the mountain to reach the bottom. GUARANTEED it won’t work and when the crash comes it will be dramatic, people will get hurt and Greeks will be back burning tires again.
Maybe someone will hire them to do that. They’re getting pretty proficient at it.

Europe Tries To Kick The Can Down The Road But It Will Only Lead To Financial Disaster


Fleecing the lambs once more: the Greek debt “haircut” 
October 29th, 2011 LAIGLESFORUM 
by Don Hank

The site linked to below (The Economic Collapse) had predicted just a day or two ago that the “haircut” on Greek debt would increase the chances of recovery of the PIIGS. It didn’t take long for that prophecy to be realized, as they report today.
Here are my 2 cents, incl a prediction of my own. I hope it turns out to be wrong:
According to the Greek language online newspaper “Express,” the European “leaders” met with the bankers before this “haircut” edict was handed down. They had originally spoken of a 21% hiarcut, but they were faking. They knew it would be 50% but they had to soften up the bankers.
It is my humble opinion that they made these bankers a deal they couldn’t refuse. First they TOLD them the haircut would be 50%, at variance with what they had said (they had lied, to put it nicely).
According to this Greek article, the rip-off to the European banks amounted to 67.5 billion euros, or 20$ less that the Greek government would have to pay.
My prediction (I truly hope I am wrong):
The European powers (remember, this is the group that exported “democracy” the the Arabs, but they won’t give their own people democracy. THEY make all the decisions) will eventually get around to utilizing one of their many financial tentacles — e.g., the ECB, the EFSF (European Financial Stability Facility) or other, perhaps one to be created — either to BUY PIIGS bonds outright or to financially assist private buyers to buy them (using both European and US public funds — see last link below!), in order to circumvent the market. This is because no private person or entity will eventually touch a Greek bond, for ex, with a 3 meter pole, unless enticed with promises of public money.

I say this because I know:

1–the past behavior of the European elites

2–their Marxist philosophy underlying that behavior.

The real raîson d’être of the European Empire (European union) and its tentacle agencies has always been to redistribute wealth. Unlike the Soviet Union, they no longer can do that — for political reasons — openly, from one group to another. But by pretending to “stabilize” Europe, they can distribute the wealth from northern countries with a sound work ethic to southern countries with no palpable work ethic at all. [Footnote: this is analogous to the way the US government orchestrated our current financial crisis by first forcing the banks to lend to the insolvent under the infamous CRA, another wealth redistribution scheme].
By allowing the fiscally irresponsible Greece to join the Euro Zone, they knew they would ultimately be able to transfer billions of euros of wealth to that country under the pretext of “stabilization.” They won’t quit even now that they have literally destabilized the whole continent by their so-called “stabilization measures.”
They have all the power and they will continue to rob the citizens of each member country until they — and we — are dirt poor or until the people rise up and throw off their yoke.
It will be a true European Spring and the elites will not be in charge this time.
Don Hank

Be Honest – The European Debt Deal Was Really A Greek Debt Default
How the US will pay for the scam:
 http://www.youtube.com/watch?v=rPMFMxuhHAM

How usury destroyed America

The Birth of the U.S. Federal Reserve Bank - How usury destroyed America

QUERELA CONTRO TASSA TARSU


ORAZIO FERGNANI
VIA DI BACCANELLO, 16 00060 FORMELLO – ROMA
MOBILE 392 654 68 68

ROMA, 27/10/2011
Al Comando stazione dei Carabinieri - SEDE
Alla Procura Della Repubblica Competente
E, p.c. Ad Altri

QUERELA/DENUNCIA CONTRO :

Tutti i I Sindaci a partire dall’anno 1997;
Tutti i Componenti dei Consigli Comunali,
Tutti gli assessori con delega alla salute ed igiene pubblica;
Tutti i responsabili Comunali a qualunque titolo della raccolta differenziata e del riciclo dei rifiuti solidi urbani a partire dall’anno 1997;
Tutti i titolari e dirigenti del ministero dell’ Economia a partire dall’anno 1997;
Tutti i titolari e dirigenti del ministero delle Finanze a partire dall’anno 1997;
Tutti i titolari e dirigenti del ministero del Tesoro a partire dall’anno 1997;
Tutti i titolari e dirigenti del ministero del Bilancio a partire dall’anno 1997;
Tutti i ragionieri generali dello Stato a partire dall’anno 1997;
Tutti i consiglieri e i direttori generali della Corte dei Conti a partire dall’anno 1997;
Tutti i dirigenti, amministratori e funzionari della Equitalia S.p.A.;
Tutti i dirigenti, amministratori e funzionari delle agenzie di recupero crediti qui non citate;
Tutti i privati o società partecipate pubbliche, o miste, o private di gestione delle discariche indifferenziate;
ed eventuali altri, secondo il ruolo ed il grado di responsabilità risultante dalle indagini.

Per le ipotesi dei reati p. e p. dagli articoli:

Concorso formale in reato continuato (art.81 c.p.);
Pene per coloro che concorrono nel reato (art.110 c.p.);
Circostanze aggravanti (art.112 c.p.);
Devastazione, saccheggio e strage (art.285 c.p.);
Peculato (art.314 c.p.);
Malversazione a danno dello Stato (art.316 bis);
Corruzione per un atto contrario ai doveri d’ufficio (art.319 c.p.);
Corruzione di persona incaricata di pubblico servizio (art.320 c.p.);
Abuso d’uffico (art.323 c.p.);
Omissione di atti d’ufficio (art.328 c.p.);
Interruzione d’un servizio pubblico o di pubblica utilità (art.331 c.p.);
Inadempimento di contratto di pubbliche forniture (art.355 c.p.);
Frode nelle pubbliche forniture (art.356 c.p.);
Associazione a delinquere (art.416 bis);
Devastazione e saccheggio )art.419 c.p.);
Circostanze aggravanti (art.456 c.p.);
Falsità materiale commessa dal pubblico ufficiale in atti pubblici (art.476 c.p.);
Falsità materiale commessa dal pubblico ufficiale in certificati (art.477 c.p.);
Falsità ideologica commessa dal pubblico ufficiale in atti pubblici (art.479 c.p.);
Falsità materiale commessa dal pubblico ufficiale in certificati (art.480 c.p.);
Falsità materiale commessa dal pubblico ufficiale in atti pubblici (art.481 c.p.);
Falsità materiale commessa dal privato (art.482 c.p.);
Falsità ideologica commessa dal privato in atti pubblici (art.483 c.p.);
Falsità in registri e notificazioni (art.484 c.p.);
Uso di atto falso (art.489 c.p.);
Documenti equiparati agli atti pubblici agli effetti della pena (art.491 c.p.);
Falsità commesse da pubblici impiegati incaricati di un pubblico servizio (art. 493 c.p.);
Distruzione di materie prime o di prodotti agricoli o industriali ovvero di mezzi di produzione (art.499 c.p.);
Rialzo e ribasso fraudolento di prezzi sul pubblico mercato o nelle borse di commercio (art.501 c.p.);
Manovre speculative su merci (art.501 bis c.p.);
Turbata libertà dell’industria o del commercio (art.513 c.p.);
Frode nell’esercizio del commercio (art.515 c.p.);
Furto (art.624 c.p.);
Rapina (art.628 c.p.);
Estorsione (art.629 c.p.);
Turbativa violenta del possesso di cose immobili (art.634 c.p.);
Truffa (art.640 c.p.);
Truffa aggravata per il conseguimento di erogazioni pubbliche (art.640 bis c.p.);
Usura (art.644 c.p.);
Appropriazione indebita (art.646 c.p.);

Ed eventuali altre fattispecie di reato che venissero rilevate nel corso delle indagini.-

LUOGO DI COMMISSIONE : Tutto territorio nazionale

TEMPO DI COMMISSIONE : Reati in corso di esecuzione;

Arresto obbligatorio in flagranza.

Vedi il documento completo:
https://docs.google.com/viewer?a=v&pid=sites&srcid=ZGVmYXVsdGRvbWFpbnxhbGJhbWVkaXRlcnJhbmVhMXxneDo1ZThjMzY3ODA3MDU4MGY0&pli=1

Nigel Farage Tell it like it is about the Greek Bailouts

Austerity forever


Austerity forever

in: 

The European Union’s new model of economic governance, including the Euro Pact, is a model of prolonged austerity, according to a new publication from Corporate Europe Observatory (CEO).  
The report, Austerity Forever, argues that the EU’s response to the economic crisis is setting member states on course towards a model of permanent austerity, including widespread attacks on social rights. 
To prevent any resistance, the model being put forward by the EU aims at minimising or even totally getting rid of democratic interference. This is clear from an overview of the legislative initiatives which have been adopted since the eurocrisis began, or which are expected to be adopted imminently.

Dummy banker hanged


Is this taking the protests too far? Occupy Wall Street-inspired artist hangs dummy of banker from telephone wire 

Last updated at 12:14 AM on 27th October 2011
Drivers in Miami today were likely doing double takes on Wednesday as they passed what looked like a banker hanging by a noose from a telephone wire alongside a Florida highway. 
To accompany his Occupy Wall Street-themed mural, the international graffiti artist known by his street name Above, took his message a step further by adding the rather life-like hanging dummy to his display.
The mannequin is dressed in a black suit with a white collared shirt and red tie.
Scary sideshow: A graffiti artist attached a mannequin to a noose hanging alongside a major Florida highway as a part of the Occupy movement
Scary sideshow: A graffiti artist attached a mannequin to a noose hanging alongside a major Florida highway as a part of the Occupy movement
Clear message: The mural reads 'Give a Wall St banker enough rope and he will hang himself' and was painted by artist Above over the course of a week
Clear message: The mural reads 'Give a Wall St banker enough rope and he will hang himself' and was painted by artist Above over the course of a week
'I tried to clothe him and dress him up as if he was what I imiagined a Wall Street banker might wear,' Above said to MailOnline. 
He is also holding a briefcase that has a string of what looks like dollar bills.
'It was the cherry on the top of the word play installation,' Above continued.
'It's extremely shocking which is part of the point as well. I think it is really gone too far, but then again I think it's my retaliation to how far Wall St, has gotten in general. 
'It is shocking to me when I look at these numbers when I see that one per cent of the people have all of the money,' he continued.
The mannequin was hung next to a mural that he painted along the northbound side of the I-95 highway which stretches from Miami up the east coast. 
Making it's connection to the Occupy Wall Street protests, the mural reads 'Give a Wall St banker enough rope and he will hang himself'.
Dark undertones: The dummy was hung on the anniversary of an infamous Florida lynching that took place 77 years earlier
Dark undertones: The dummy was hung on the anniversary of an infamous Florida lynching that took place 77 years earlier
Above explained that he was inspired by the proverb 'If you give a fool enough rope, he will hang himself' and simply adapted it to fit the theme.
Though the mannequin swinging from the noose was clearly intended to be a statement in line with the Occupy protests in Miami, it does just days after another hanging effigy raised tensions in New York. 
A black scarecrow was found hanging from a tree in Brooklyn, and though it was a Halloween decoration, it prompted city government officials to protest. 
Another reason why the Miami mannequin isn't ideal is that it comes on the 77th anniversary of an infamous lynching that took place in Marianna, Florida. 
 
Though the 1934 lynching took place at the opposite end of the state, it was a major incident and nearly 3,000 spectators attending the mob killing of black man claude Neal, who at the time was accused of killing a white woman. The incident has been back in the news of late because of the anniversary and because Mr Neal's family is suing for $77million in reparations. 
'It's super aggressive and over the top but this whole situation is gross and if it brings more light then thats good,' Above said in the interview with MailOnline. 
He said that while the hanging dummy is intended to make a bold statement, it does not have any racist undertones. 
He was unaware of either the New York scarecrow or the anniversary of the 1934 lynching. 
Above timed the creation of his 255-foot long display in conjunction with the economic protests and the Art Basel festival, which will be held in Miami in the beginning of December. 
Little is known about Above, who tried to keep is anonymity in order to continue his grafiti work. He confirmed to MailOnline that he is 30 years old and is based out of San Francisco where he is represented by the White Walls gallery. 
Travelling is a major part of his job, however, as he writes on his website 'I am homeless due t consistent and frequent world travels'.
Economically minded: The artist, whose street name is 'Above' was clearly trying to get a message across in support of Occupy Wall Street
Economically minded: The artist, whose street name is 'Above' was clearly trying to get a message across in support of Occupy Wall Street


Read more: http://www.dailymail.co.uk/news/article-2053904/Occupy-Wall-Street-inspired-artist-hangs-banker-dummy-telephone-wire.html#ixzz1cBSg5WeZ