A selection of news stories related to the World Bank and IMF, brought to you by the Bretton Woods Project:
The World Bank's spin on carbon markets
REDD Monitor
31 May 2012
Eskom coal plants might be at risk
Independent Online
30 May 2012
Historic moment for the IMF on capital flows: Cross-border finance should be regulated, indeed as any other form of finance
Financial Times
29 May 2012
Greece can do without the 'sympathy' the IMF has shown Niger
Guardian
29 May 2012
Greeks unite against Lagarde after 'tax-dodgers' jibe
New York Times
28 May 2012
Ms Lagarde's morality tale: She should know better
Guardian
27 May 2012
Christine Lagarde's "tough love" is an insult to Greece
New Statesman
27 May 2012
South Africa: World Bank Board discusses Inspection Panel report on Eskom investment support project
allAfrica
25 May 2012
giovedì 31 maggio 2012
The 'limitless horizon" of capitalism
|
Social Media ‘Young Turk’ Takes Steering Role at Bilderberg
Social Media ‘Young Turk’ Takes Steering Role at Bilderberg 2012
Infowars.com
May 31, 2012
May 31, 2012
This year’s Bilderberg Meeting will witness the emergence of the ‘Young Turks’, top executives of social media giants, some of whom have been promoted to head steering committee status this year in Chantilly. Top among the list of these is Peter Thiel, head of Clarium Capital, who provided the financial muscle for online ventures like Facebook and Paypal, as well as LinkedIn and Friendster.
Watch part two of Infowars.com journalist Patrick Henningsen and the Guardian’s Charlie Skelton’sexposé on Bilderberg, as they discuss its new guard, its deep intelligence roots, and its sway over the EU, all covered for the first time on British TV with Edge Media’s “On The Edge” show, which aired on May 17, 2012 on SKY’s Channel 200, Controversial TV.
….
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martedì 29 maggio 2012
Italy tax police arrest ex-BPM chairman
UPDATE 1-Italy tax police arrest ex-BPM chairman
Tue May 29, 2012 7:34am EDT
(Adds details, background)
May 29 (Reuters) - The Italian tax police arrested the former chairman of Banca Popolare di Milano (BPM) on Tuesday in connection with a probe into loans irregularly granted by the mid-sized lender.
The tax police and investigative sources said Massimo Ponzellini, who left the Milanese mutual bank at the end of 2011, was one of three people against whom they were executing arrest warrants on allegations that include criminal association.
Ponzellini, 61, was placed under home arrest, they said. He is currently chairman of Italian builder Impregilo.
Milan prosecutors suspect that "huge" loans were granted partly "through the falsification of evaluation procedures at the bank" and given in exchange for 5.7 million euros in bribes, a police statement said on Tuesday.
When the investigation led to searches at Ponzellini's offices and residences last November, investigative sources said the anomalous loans included one worth 148 million euros given to gaming company Atlantis-BPplus after it won back in 2004 a contract from state gaming body AAMS.
The other arrest warrants were issued against Francesco Corallo, who investigators consider as the ultimate owner of Atlantis-BPplus, and Antonio Cannalire, a person with interests in the gaming business and seen as close to Ponzellini.
Corallo is fugitive and Cannalire was placed under home arrest, investigative sources said.
Ponzellini and the other two could not be immediately reached for comment.
The investigation led by Milan public prosecutors was triggered by a Bank of Italy report in June 2011 that followed a long inspection at BPM to shed light on doubtful loans. (Reporting By Manuela D'Alesssandro; Writing by Danilo Masoni; Editing by Jon Loades-Carter)
Colonies of an Overworld Power Structure
Link here: http://www.rt.com/news/greece-euro-salbuchi-future-514/
Drach to the future! The Greek currency conundrum
Published: 29 May, 2012, 21:20
The fear that - fed up with their artificially-created sovereign debt crisis
- Greece might abandon the euro sends chills up many a Global Power Master's
spine. So what are the pros and cons of that option to the Greeks?
Let's begin by asking whether or not a sovereign country should have its own
currency at all.
When the British, Spanish and Portuguese colonies of 19th century America
fought for independence from their respective Mother Countries, a key
conflict was that London, Madrid and Lisbon not only insisted on controlling
colonial trade, but also wouldn't allow their colonies to coin their own
money. So, yes, a tell-tale sign of a colony is when you cannot / will not
issue your own currency to run public finances to serve the Common Good.
Does that mean then that European Union countries are colonies? If so, of
whom?
First pause: 21st-century colonialism is far less "territorial" than its
19th-century counterpart. It's no longer a question of New York,
Massachusetts or Pennsylvania having to heed King George's orders from
London, or Buenos Aires, Lima and Santiago having to obey the Spanish Court.
Geography is, shall we say, "horizontal".
Today's colonialism is far more "vertical". In a way, today all countries -
even the US and UK - are colonies of an Overworld Power Structure: an
increasingly centralized financial, political, economic and monetary system
so powerful and so all-pervading that, though we may not "see it" - for it
has and needs no "geographical center" - it is, however, everywhere.
From the point of view of sovereign nation-states, 21st-century colonialism
controls countries "from above", even if the global controllers' euphemistic
Orwellian "Newspeak" talks of "markets", "investors", "the international
financial community", "sovereign debt crisis", "toxic assets", IMF, World
Bank, WTO, and so forth.
Second pause: is a national currency really that important? We could ask the
Argentineans, now the Greeks - even the Germans - who all have first-hand
experience in what it means to suffer monetary meltdowns (when the national
currency ceases to exist), but let's take a look even further back. To
ancient China, for instance.
Po-Chü-I was a Chinese sage, poet and politician born in Taiyuan who lived
from 772 to 846AD, rising to the rank of governor of Chung-chou in Szechwan.
Regarding national currency, he said something like this: let farmers reap
their harvests, let bakers bake bread, let forgers make swords, let traders
distribute goods throughout the realm, and let warriors defend our borders,
but minting money and creating currency must be the sole monopoly and right
of the Governor; for therein lies all power.
Lucky for Po-Chü-I, he never attended Harvard or London Business Schools so,
untainted by today's perverse paradigms he perfectly grasped that whoever
controls the currency of the land, controls the activities of the land, and
thus controls who gets what, when and where, what shall or shall not be done
(whether in war or peace), and thus holds the Destiny of the Realm in his
hands.
Now, let's fast forward back to the 21st century and ask the $64 million
Chinese question: Should Greece revert to the drachma?
Our Chinese sage would certainly recommend that! Because when a horrible
financial crisis like Greece's explodes, it's the Greeks who must decide who
should pick up the bill, which requires first understanding who is
responsible for the debacle in the first place.
Are the Greek people really responsible for what is happening to them or was
it irresponsible usurer global bankster speculation inside and outside
Greece? Since finance is globalized, banksters can, vulture-like, spot their
prey - for instance a country with a specific set of "opportunistic market
conditions" - home in on it, gobble-up its economic sap, then take-off and
disappear, leaving behind a horrible mess that someone else (the Greeks, in
this case) must clean up.
Mme Christine Lagarde - head of the vulture bankster's IMF watchdog -
clearly spelled it out when she insolently told the Greek people they should
"pay their taxes"; bankster-talk for "pay your pound of flesh so we can
bail-out the banksters!".
That's what happened to Argentina in 2001 and 2002, where local caretaker
governments obeyed the banksters to the extreme that six months before our
meltdown, Argentina named David Rockefeller's (JPMorgan Chase / Trilateral
Commission / Council on Foreign Relations) and William Rhodes's (CitiCorp /
Council of Foreign Relations / Americas Society) hand-picked economic
hit-man Domingo Cavallo as finance minister to engineer a full-fledged
monetary collapse.
Cavallo had "invented" a currency board called "convertibilidad" which
masked the fact that Argentina had no real currency: for every peso issued
there had to be a US dollar in the Central Bank "backing" it. If no dollars
came in, no pesos were issued. When vulture "investors" decided to stop the
influx of dollars, Cavallo stuck to his "convertibilidad" straightjacket and
Argentina's financial system collapsed into itself.
So Greeks: the road to tread seems clear.... And you, Spaniards,
Portuguese, Irishmen, Italians... Lend me your ears!! Because you're all
next!!!
Controlling your own currency is a key component of national sovereignty. It
can ensure economic growth in a balanced and socially responsible manner in
good times, and if bad times hit and crises explode, a national currency can
become a lifeboat ensuring you don't sink into oblivion.
Here, bankster "experts" will lash back saying, "yeah sure, governments
print more money and you get inflation and... The sky is falling! The sky is
falling!!" Instead, they will recommend you "re-finance" and accept their
nice new "mega-loans", to bail-out their own "toxic debts", and ensure that
the debt-trap cycle can roll on and on and on.
Ask yourself: what's easier to overcome, higher inflation of your own
currency that you can control or...owing unpayable zillions of dollars and
euros to international bankers you cannot control?
Shrewd as always, the British understood this when the euro was born.
Britain is inside the European Union, but outside the euro, keeping instead
their pound sterling. Which doesn't mean they're monetary crisis-proof,
but...should they run into even deeper trouble, the Bank of England can take
whatever emergency measures it considers expedient to protect Britain's
national interest.
Ask yourself: who do you think will be more sensitive to Britain's needs in
times of trouble, the Bank of England in London or the European Bank in
Frankfurt, Germany?
Dear Greek friends: take a cue from England and go back to the drachma!!
Sort out your mess yourselves, negotiate with the global banksters talking
the only "language" they understand, which is not the "invisible arm" of the
"market", but rather the closed fist of national sovereignty attached to
that arm!
You can give the banksters a bloody nose - and do it "the Greek Way"!!
That was Po-Chü-I's message 13 centuries ago, and the Brits' today... even
if the Western media won't dare spell it out as clearly as that.
Adrian Salbuchi for RT
Adrian Salbuchi is a political analyst, author, speaker and radio/TV
commentator in Argentina. www.asalbuchi.com.ar
Drach to the future! The Greek currency conundrum
Published: 29 May, 2012, 21:20
The fear that - fed up with their artificially-created sovereign debt crisis
- Greece might abandon the euro sends chills up many a Global Power Master's
spine. So what are the pros and cons of that option to the Greeks?
Let's begin by asking whether or not a sovereign country should have its own
currency at all.
When the British, Spanish and Portuguese colonies of 19th century America
fought for independence from their respective Mother Countries, a key
conflict was that London, Madrid and Lisbon not only insisted on controlling
colonial trade, but also wouldn't allow their colonies to coin their own
money. So, yes, a tell-tale sign of a colony is when you cannot / will not
issue your own currency to run public finances to serve the Common Good.
Does that mean then that European Union countries are colonies? If so, of
whom?
First pause: 21st-century colonialism is far less "territorial" than its
19th-century counterpart. It's no longer a question of New York,
Massachusetts or Pennsylvania having to heed King George's orders from
London, or Buenos Aires, Lima and Santiago having to obey the Spanish Court.
Geography is, shall we say, "horizontal".
Today's colonialism is far more "vertical". In a way, today all countries -
even the US and UK - are colonies of an Overworld Power Structure: an
increasingly centralized financial, political, economic and monetary system
so powerful and so all-pervading that, though we may not "see it" - for it
has and needs no "geographical center" - it is, however, everywhere.
From the point of view of sovereign nation-states, 21st-century colonialism
controls countries "from above", even if the global controllers' euphemistic
Orwellian "Newspeak" talks of "markets", "investors", "the international
financial community", "sovereign debt crisis", "toxic assets", IMF, World
Bank, WTO, and so forth.
Second pause: is a national currency really that important? We could ask the
Argentineans, now the Greeks - even the Germans - who all have first-hand
experience in what it means to suffer monetary meltdowns (when the national
currency ceases to exist), but let's take a look even further back. To
ancient China, for instance.
Po-Chü-I was a Chinese sage, poet and politician born in Taiyuan who lived
from 772 to 846AD, rising to the rank of governor of Chung-chou in Szechwan.
Regarding national currency, he said something like this: let farmers reap
their harvests, let bakers bake bread, let forgers make swords, let traders
distribute goods throughout the realm, and let warriors defend our borders,
but minting money and creating currency must be the sole monopoly and right
of the Governor; for therein lies all power.
Lucky for Po-Chü-I, he never attended Harvard or London Business Schools so,
untainted by today's perverse paradigms he perfectly grasped that whoever
controls the currency of the land, controls the activities of the land, and
thus controls who gets what, when and where, what shall or shall not be done
(whether in war or peace), and thus holds the Destiny of the Realm in his
hands.
Now, let's fast forward back to the 21st century and ask the $64 million
Chinese question: Should Greece revert to the drachma?
Our Chinese sage would certainly recommend that! Because when a horrible
financial crisis like Greece's explodes, it's the Greeks who must decide who
should pick up the bill, which requires first understanding who is
responsible for the debacle in the first place.
Are the Greek people really responsible for what is happening to them or was
it irresponsible usurer global bankster speculation inside and outside
Greece? Since finance is globalized, banksters can, vulture-like, spot their
prey - for instance a country with a specific set of "opportunistic market
conditions" - home in on it, gobble-up its economic sap, then take-off and
disappear, leaving behind a horrible mess that someone else (the Greeks, in
this case) must clean up.
Mme Christine Lagarde - head of the vulture bankster's IMF watchdog -
clearly spelled it out when she insolently told the Greek people they should
"pay their taxes"; bankster-talk for "pay your pound of flesh so we can
bail-out the banksters!".
That's what happened to Argentina in 2001 and 2002, where local caretaker
governments obeyed the banksters to the extreme that six months before our
meltdown, Argentina named David Rockefeller's (JPMorgan Chase / Trilateral
Commission / Council on Foreign Relations) and William Rhodes's (CitiCorp /
Council of Foreign Relations / Americas Society) hand-picked economic
hit-man Domingo Cavallo as finance minister to engineer a full-fledged
monetary collapse.
Cavallo had "invented" a currency board called "convertibilidad" which
masked the fact that Argentina had no real currency: for every peso issued
there had to be a US dollar in the Central Bank "backing" it. If no dollars
came in, no pesos were issued. When vulture "investors" decided to stop the
influx of dollars, Cavallo stuck to his "convertibilidad" straightjacket and
Argentina's financial system collapsed into itself.
So Greeks: the road to tread seems clear.... And you, Spaniards,
Portuguese, Irishmen, Italians... Lend me your ears!! Because you're all
next!!!
Controlling your own currency is a key component of national sovereignty. It
can ensure economic growth in a balanced and socially responsible manner in
good times, and if bad times hit and crises explode, a national currency can
become a lifeboat ensuring you don't sink into oblivion.
Here, bankster "experts" will lash back saying, "yeah sure, governments
print more money and you get inflation and... The sky is falling! The sky is
falling!!" Instead, they will recommend you "re-finance" and accept their
nice new "mega-loans", to bail-out their own "toxic debts", and ensure that
the debt-trap cycle can roll on and on and on.
Ask yourself: what's easier to overcome, higher inflation of your own
currency that you can control or...owing unpayable zillions of dollars and
euros to international bankers you cannot control?
Shrewd as always, the British understood this when the euro was born.
Britain is inside the European Union, but outside the euro, keeping instead
their pound sterling. Which doesn't mean they're monetary crisis-proof,
but...should they run into even deeper trouble, the Bank of England can take
whatever emergency measures it considers expedient to protect Britain's
national interest.
Ask yourself: who do you think will be more sensitive to Britain's needs in
times of trouble, the Bank of England in London or the European Bank in
Frankfurt, Germany?
Dear Greek friends: take a cue from England and go back to the drachma!!
Sort out your mess yourselves, negotiate with the global banksters talking
the only "language" they understand, which is not the "invisible arm" of the
"market", but rather the closed fist of national sovereignty attached to
that arm!
You can give the banksters a bloody nose - and do it "the Greek Way"!!
That was Po-Chü-I's message 13 centuries ago, and the Brits' today... even
if the Western media won't dare spell it out as clearly as that.
Adrian Salbuchi for RT
Adrian Salbuchi is a political analyst, author, speaker and radio/TV
commentator in Argentina. www.asalbuchi.com.ar
Greece Gives Banks $22.6 Billion
Greece Gives Banks $22.6 Billion As Exit Panic Causes Savers To Pull Funds
Reuters | Posted: 05/28/2012 2:49 pm Updated: 05/29/2012 8:41 am
http://www.huffingtonpost.com/2012/05/28/greek-banks-exit-panic_n_1551030.html?ref=business
FOLLOW:
* HFSF disburses 18 bln euros of EFSF bonds
* NBG, Eurobank, Alpha, Piraeus to regain access to ECB funding
By Lefteris Papadimas and George Georgiopoulos
ATHENS, May 28 (Reuters) - Greece handed 18 billion euros ($22.6 billion) to its four biggest banks on Monday, the finance ministry said, allowing the stricken lenders to regain access to European Central Bank funding.
The long-awaited injection - via bonds from the European Financial Stability Facility rescue fund - will boost the nearly depleted capital base of National Bank, Alpha , Eurobank and Piraeus Bank.
"The bridge recapitalization of the four largest Greek banks was completed today with the transfer of funds of 18 billion Euros from the Hellenic Financial Stability Fund (HFSF)," the finance ministry said in a statement.
"This capital injection restores the capital adequacy level of these banks and ensures their access to the provision of liquidity funding from the European Central Bank and the Eurosystem. The banks have now sufficient financial resources in support of the real economy."
The finance ministry statement confirmed what an official at the HFSF had earlier told Reuters. The HFSF was set up to funnel funds from Greece's bailout programme to recapitalise its tottering banks.
The HFSF allocated 6.9 billion euros to National Bank, 1.9 billion to Alpha, 4.2 billion to Eurobank and 5 billion to Piraeus. All four are scheduled to report first-quarter earnings this week.
The news came as two government officials told Reuters that near-bankrupt Greece could access 3 billion euros, left from its first bailout programme, to cover basic state payments if efforts to revive falling tax revenue fail.
"Our finance ministry efforts at this time are focused on boosting revenue," one official told Reuters. But he added that if those efforts failed they would "examine all alternatives, including the 3 billion euros from the first bailout".
Greek state coffers are on track for a more than 10 percent fall in revenue this month, a senior finance ministry official said last week. Officials had warned the state could run out of cash to pay pensions and salaries by end-June.
The 3 billion euros is held in an intermediate HFSF account.
Greece has been struggling through a fifth year of recession and political turmoil, triggered by an inconclusive vote this month that has fanned fears the country could be forced to leave the euro zone.
The country's struggling banks have been among those hit hardest by the uncertainty, with a rise in deposit outflows.
Huge writedowns from a landmark restructuring to cut Greece's debt nearly erased the capital base of its biggest four banks, which rely on the ECB and the Bank of Greece to meet their liquidity needs, after savers began pulling their cash out on fears that Greece could go bankrupt and out of the euro zone.
Last week the ECB stopped providing liquidity to some Greek banks because their capital base was depleted.
With access to wholesale funding markets shut on sovereign debt concerns, Greek banks have been borrowing from the ECB against collateral, and from the Greek central bank's more expensive emergency liquidity assistance (ELA) facility.
Bleeding deposits, the country's lenders have borrowed 73.4 billion euros from the ECB and 54 billion from the Bank of Greece via the ELA as of end-January.
Together, the sums translate to about 77 percent of the banking system's household and business deposits, which stood at about 165 billion euros at the end of March.
Funded by the euro zone and the IMF, the HFSF is due to inject up to 50 billion euros into the country's banks in return for shares which it hopes to sell some day.
The funds are part of a second, 130-billion euro bailout Greece agreed this year with its euro zone partners and the IMF to stave off bankruptcy.
So far the HFSF has received 25 billion euros under the scheme and the 18 billion euros it disbursed on Monday is its largest payout to banks.
Key details of the recapitalisation plan for Greece's battered banking sector, including the mix of new shares and convertible bonds to be issued, and whether call options will be included as incentives, remain unclear.
That framework is expected to be finalised after a government is formed, following a June 17 election.
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