US Is Imitating Japan

Several articles about international banking shows clearly how the new carry trade has the US displacing Japan as the new carry trade object.  So US ranking in banking is falling while Australia, reprising exactly every mistake made by Iceland, is becoming a global banking power because they are being flooded with carry trade money from the US (and Japan!).  ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ

Chamber Of Commerce Gets What It Wants On Tax Dodger Ban From Senate Committee

The U.S. Chamber of Commerce lobbied for the Senate Appropriations Committee to weaken a ban on government contracts with “inverted corporations,” reports The Hill on Wednesday. Inverted corporations are domestic companies that set up nominal overseas headquarters to dodge U.S. taxes.

. On Tuesday, the U.S. Public Interest Research Group raised hell about “a big corporate loophole” that found its way into the Senate version of an appropriations bill. The offending language says that the ban on contracts for inverted corporations “shall not apply to the extent that it is inconsistent with the United States obligations under an international agreement.” .

U.S. PIRG points out that many known tax havens, such as the Cayman Islands, are parties to international agreements that could exempt companies “based” there from the ban. The Chamber of Commerce says, “We don’t want to be violating trade agreements.”

Since our Congress is owned by pirates and gnomes, it is no surprise to see them sneak in all sorts of tricky things that allow the past status quo to continue.  The entire reason why so many people voted for the Democrats was for something Obama called ‘change’.  Alas, this change is more like a wooden nickel sort of change. It clunks to the floor.

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The entire Senate except for less than 5, voted overwhelmingly for a padded, porky, oinky military spending bill.  This outrageous overspending on futile occupations and wars will be charged to our children. That is, we aren’t paying for this.  Since we now live in a ZIRP system, this means our government will pile on debts just like Japan and England have done.  That is, we will be owing more than our entire GDP in debts.  Japan is closing in on 200% of its GDP debt levels.

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This business is exactly like the business of outsourcing US jobs to all other nations: Congress works for aliens or people pretending to be aliens.  The US public can get roused about Hispanic illegal aliens but ignores pirates who pretend to be aliens from the Cayman Islands, Bermuda, etc.  Of course, these pirates are fake aliens.  And this is why I am just flabbergasted as to why can’t our expensive military pay for itself by invading these various islands and taking over them and thus, taxing these fake aliens who actually live in our country?

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Better still, instead of imposing sanctions on Iran, these pirate islands are much more deadly and are rapidly destroying our nation.  They are BANKRUPTING this nation.  So we must prevent them from operating as financial pirate coves!  How simple is this?  Just like our government won’t stop our jobs from emigrating to Asia, it won’t stop the pirates from ripping us off, dumping all US debts into the laps of the US public at large.

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Study: Britain Tops U.S. in Finance – DealBook Blog – NYTimes.com

The United States lost its No. 1 ranking as the most developed financial center in the world to Britain as the global financial crisis raised questions concerning the stability of the world’s largest economy. In fact the United States came in third, behind Australia, in the second annual study on financial development put out by the World Economic Forum. .

The United States’ move down the list of the 55 countries surveyed shows the extent at which the nation seems to have suffered internationally for its role in the financial crisis. Its reputation as one of the safest places to do business and invest money seems to have taken a major hit, which could have serious repercussions when it comes to foreign direct investment in the United States going forward. .

“London and the U.K. are looking ahead of New York and the United States,” Nouriel Roubini, the lead academic on the report, said on CNBC on Thursday. “Over all, both bank and nonbanking activities, in terms of M.&A., venture capital, broker dealers, investment banking — at the margin suggests that there is a strength now in the U.K. and London.” .

But while Britain surpassed the United States, both nations experienced a sharp drop in their overall scores that significantly decreased the margin with which they lead other countries in the forum’s rankings. “Financial instability weighed heavily on both, a factor that was offset by strength in some measures of financial intermediation,” the study said.

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‘London’ is simply the Queen’s headquarters for the web of pirate islands that are the real home of ‘London’ banking.  All the gnomes and pirates can operate with impunity using London as their cover as they use English territories for raiding international banking systems.  This NYT article mentions that Australia is catching up with the US.  This is obvious that it is all about the carry trade: just like Tokyo did NOT become the world’s #1 financial power as Japan flooded the earth with the Japanese carry trade deals. So it is with ZIRPy US banking: like Japan, we are at zero so Australia, which has a normal interest rate, is being flooded with deal making because it is a carry trade destination for lending schemes.  Just like money seemed to flood into the US when our rates were above Japan’s rates, so it is with Australia.

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Australia isn’t becoming a futuristic banking power any more than Iceland.  Indeed, Australia better wake up and smell the coffee.  Australia is a big commodity nation just like poor Iceland.  The people of Australia seem unaware that they, like in Iceland, may end up owing all the losses on banking deals made on their own shores.

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Cocaine Survivors Losing London Bonus See End to Bubble’s Binge – Bloomberg.com

Drugs and alcohol played a role in the death of Darren Liddle, a 26-year-old fixed-income analyst at Credit Suisse Group AG in London in September 2007. Liddle, who spent two stints in a psychiatric hospital, went on a cocaine and alcohol binge at the Hilton hotel on London’s Park Lane just weeks after leaving the hospital for the second time. He sat on the ledge of his 19th-floor room, shaking and crying, for more than two hours before jumping to his death. .

A coroner told an inquest in January 2008 that job pressures may have contributed to Liddle’s addictions. Credit Suisse declined to comment on the incident. Liddle’s father and brother didn’t respond to e-mails. .

“Medical people are absolutely bamboozled by the level of abuse going on in the City and the extreme level of cocaine consumption,” says Brendan Quinn, The Causeway’s chief executive officer and a specialist nurse in recovery treatment. “More and more people are coming in, putting their hands up and saying: ‘I’ve got a problem and I need help.’”

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What on earth was a child, a young man barely out of school, able to not only make immense deals that destroyed the entire planet’s banking systems, while going insane and being a total ditz on drugs?  What on earth is going on?  Story after story is pouring out of these computer-based investment houses that clearly shows that no one sane was in charge.  So, London is the world’s top banking center?  And who is at the helm?  The addictions are really death wishes.  This is yet another facet of the concept that wealth is death.  All ancient belief systems and stories, all riddles and fairy tales, all ancient beliefs point to the very clear connection of wealth with death.

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When people learn how to make money out of thin air, how to concoct crazy schemes like the odious OTC scraps of scabrous schemes, they go insane because all prudence and all concepts of morals, clarity and responsibility vanishes in a puff of cocaine snorting silliness.

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Japan Risks Undermining Banks With Loans Moratorium, Gomi Says – Bloomberg.com

The Japanese government may undermine banks by forcing them to defer debt repayments while easing accounting standards on the loans, the country’s former top financial regulator said. .

Shizuka Kamei, Japan’s newly appointed financial services minister, plans to submit legislation next month that would allow ailing small firms to postpone loan repayments for up to three years. Banks won’t have to classify credits encompassed by the moratorium as non-performing, he said this week. .

“Banks will ultimately end up carrying the bill for a compulsory moratorium,” Hirofumi Gomi, 60, who pushed for stricter disclosure of delinquent loans as Financial Services Agency commissioner between 2004 and 2007, said yesterday in an interview. “Allowing banks not to call loans non-performing only puts off a problem, which will hurt banks’ finances later.”

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Japan’s wacky banking system continues to unwind as one long Godzilla-sized movie monster that eats all of Tokyo after battling brave and irritated young Japanese school girls and English maids.  That is, the zombie banking system continues!  No  one is doing anything to fix anything because Japan is dying.  It is going bankrupt even as it sits like a mother hen on a trillion+ US FOREX nest.

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Here are this month’s Tankan numbers and it is a doozy.  Things are getting better the same way it is improving here: that is, it is still bad but not as bad as six months ago.  But the collapse in the economy is very stringent.  Japan’s numbers are grotesque.

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http://www.boj.or.jp/en/type/stat/boj_stat/tk/gaiyo/tka0909.pdf

Good lord!  Only food and beverage sales and utilities grew slightly.  The other sectors shrank badly.  Manufacturing fell by nearly half!  Wood products by nearly 100%??? Motor vehicles in June fell by nearly 80%??? This is called ‘near total collapse’!  Non-manufacturing fell by half as much as manufacturing.  This is due to the near-collapse in exports to the US. Since Japan didn’t sell us tons of stuff, look at the latest news from there:

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Japan Threatening to Oust US Troops From Okinawa — News from Antiwar.com

But the US ruled out holding any negotiations with the new government regarding its 60+ year long military presence, insisting they made all the agreements they need with the outgoing Liberal Democratic Party (LDP). .

The DPJ is reportedly playing hardball now, however, threatening to kick the US military off the island of Okinawa, which is where the bulk of their presence is situated. The islanders have long complained about the major burden of tens of thousands of US soldiers occupying a large chunk of their island.

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This deal was like pulling teeth with the LDP fighting tooth and nail, paying the US anything for moving.  Like all our allies, they want a free ride.  The US should look at reality a bit more and decide we can’t afford to protect the Japanese from the Chinese.  After the secret meeting last week discussing how to dump the US dollar, we should give it up.  Our day as the ‘sun never sets’ empire is rapidly falling into night.  We can’t run this planet.  We are about to lose several key states as California and Michigan both seem doomed to go under and die.  This is so insane.  I am a firm believer in a national system that protects itself.

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Protecting Japan has only deindustrialized the US.  Not only that, Japan has colonized our industrial structures!  Why on earth are we spending three quarter a trillion, protecting Japan from others who are also our trade partners?  This makes no sense at all!  We have one place to protect: the US.  If we fail in that, we fail globally.  So we have to figure out how to protect ourselves so we don’t go bankrupt.  Yet, Obama is thinking about shipping more soldiers to Afghanistan to die.  Right on the heels of the resurgent Taliban going after the hated Indian government with suicide bombers as well as overrunning and destroying US outposts. We lost.

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Time to figure out what is real and what is fake.

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