Nigeria’s Problems Are Our Own Problems

ΩΩAs the global financial meltdown hits its stride and begins the process of sovereign debt collapse, it is very important to put things into perspective.  Understanding how this depression is operating and comparing it with the previous Great Depression is most interesting since the causes of this depression are directly due to efforts to undo the reforms that the US imposed on itself during the previous depression.  The analysis of the reformers in the US in 1934 was correct: preventing wild speculation and excess credit prevents bubbles and their collapse and thus, prevents depressions.  But the other aspect, the dangers of too much war debts, was lost in the fires of WWII.

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ΩΩThat is, the US unlearned that harsh lesson: the Great Depression’s initial impetus was WWI borrowing by Europe and the post-war reparations debts loaded on Germany and Austria flooded the world with too much credit owed to the US.  Instead, we thought that war spending by ourselves ends depressions.  So we built and expanded our military/industrial complex until it became the biggest force in our finances.  Next to it comes ‘healthcare’.  I wish to roam around the world a bit and tie together many strings illustrating my thesis about ZIRP lending and Great Depressions coupled with misappropriation of public resources to enrich the few instead of developing a country and how China’s model seems to be working better than the US model.

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ΩΩAs a warning, all across the planet, economic pundits who were hopelessly unable to detect the US/EU bubble despite it being absolutely gigantic, seem to be obsessed with China’s growth rate and are calling this a ‘bubble’.  Yes, it is growing.  BUT THE ECONOMY IS GROWING.  And during the US bubble, our economy was actually shrinking, that is, our economic base was getting smaller.  Factories were closing.  Wages were dropping.  The infrastructure was rotting.  But one thing did go up greatly: military spending.

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ΩΩThe Gulf oil spill is a hideous mess that the US hopes to exploit via sucking down $20 billion of BP money while not fixing much of what is wrong.  That is, the dynamics of this oil catastrophe are proving very hard to fix.  Instead of reducing the flow of oil, the latest repairs made it worse and it may look like the sea bed is collapsing as the oil drains out and cracks are forming in the area causing oil to spritz out along these cracks.  There isn’t enough money on earth, not even the Derivatives Beast’s loot, to fix what BP wrecked.

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ΩΩBut this is the price of oil!  Catastrophe for the environment.  Obama has picked up the ‘alternative energy’ gambit but the US has been paralyzed on this front due to shipping out all our alternative energy factories to China!  Simple fixes like having a nation building regulation requiring solar panels on all new buildings, cannot get passed in our corrupt Congress.  Instead, Obama slit his own throat, suggesting we have the ‘cap and trade’ derivatives scam, instead.  A scam that won’t install a single solar panel on any roofs.

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ΩΩFirst, let’s go to Nigeria, a country ruled by the IMF:  Nigeria’s agony dwarfs the Gulf oil spill. The US and Europe ignore it | Environment | The Observer

We reached the edge of the oil spill near the Nigerian village of Otuegwe after a long hike through cassava plantations. Ahead of us lay swamp. We waded into the warm tropical water and began swimming, cameras and notebooks held above our heads. We could smell the oil long before we saw it – the stench of garage forecourts and rotting vegetation hanging thickly in the air.

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The farther we travelled, the more nauseous it became. Soon we were swimming in pools of light Nigerian crude, the best-quality oil in the world. One of the many hundreds of 40-year-old pipelines that crisscross the Niger delta had corroded and spewed oil for several months.

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ΩΩI often go to the IMF information page.  The information about Nigeria is horrifying.  Like more and more of Europe, it is an IMF slave state set up to service the world’s most powerful banks, the same entities which destroyed the entire planet’s finances: CIA – The World Factbook — Nigeria

Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, has undertaken several reforms over the past decade. Nigeria’s former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms.

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All the major oil pumping states do the exact same thing!  The problem with Nigeria is, the population there is huge, it is the biggest population of any African state.  Nearly all of the people live in great poverty.  Just like Mexico’s oil didn’t enrich the peasants much there, they got their loot via the illegal drug trades since global free trade didn’t help much once Asia sucked up all the factory jobs that first went, via NAFTA, from the US to Mexico.

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Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. Since 2008 the government has begun showing the political will to implement the market-oriented reforms urged by the IMF, such as to modernize the banking system, to curb inflation by blocking excessive wage demands, and to resolve regional disputes over the distribution of earnings from the oil industry. In 2003, the government began deregulating fuel prices, announced the privatization of the country’s four oil refineries, and instituted the National Economic Empowerment Development Strategy, a domestically designed and run program modeled on the IMF’s Poverty Reduction and Growth Facility for fiscal and monetary management.

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The IMF has a great record of reducing poverty: the bankers reduce wages, destroy any social services and sell off all the assets and mineral wealth of a country and move it all into foreign hands, foreigners who use these same bankers to get loans to buy up whole systems which they then drain of all wealth, moving the profits out of these countries and into their home bases which increasingly, are offshore pirate islands.

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In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments – a total package worth $30 billion of Nigeria’s total $37 billion external debt. The deal subjects Nigeria to stringent IMF reviews. Based largely on increased oil exports and high global crude prices, GDP rose strongly in 2007-09. President YAR’ADUA has pledged to continue the economic reforms of his predecessor with emphasis on infrastructure improvements. Infrastructure is the main impediment to growth. The government is working toward developing stronger public-private partnerships for electricity and roads.

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ΩΩThe generals, like Banana Republic colonels and generals, view their home bases as looting expeditions.  Sort of how Congress views America.  Cutting services at home while giving money to foreigners is a classic banana republic sort of regime which is what we have here.  Nigeria’s generals were wined and dined by the European and American oil giants and were kept in power by the CIA…I have direct information about that, via my own family’s involvement in this business….and the CIA worked hard to be part of the generals operations in Nigeria because frankly, the CIA doesn’t give a damn if not one penny of mineral or national wealth flows to any peasants, they want the money to flow to the pockets of the military/industrial/banking complex in the US, a complex that increasingly is foreign and which funnels the Nigerian profits not to the US but to places like the Bahamas.

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ΩΩRight now, the US is in a de-facto IMF draw down very much like Nigeria: we are selling our public roads, our bridges, our mines, our farms, our ports, everything, to foreigners who then exploit this for their own gain.  BP is this, for example, and only the most outrageous catastrophe created by BP cutting the exact same corners it cuts in Nigeria, has revealed to us all, the catastrophe we are in as we sink to the level of Nigeria, a land to be blighted and exploited ruthlessly, stripped of all resources while being turned into a toxic waste dump.  This, despite seemingly strong US pollution laws!  We can’t stop the international oil and banking goons from wrecking absolutely everything while looting us.

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ΩΩFear of the US public forced BP and our government to give up some of this loot to try to fix this immense mess.  Note how the GOP has been whining nonstop about how we are harming this stupid, irresponsible international consortium!  At least the Democrats have the wit to join our side in this matter.  A flood of oil bribes will go to Congress to fix this flaw.  The corporations have to buy up enough votes to defy the public and do as they please just like they, under the aegis of the IMF, are looting and destroying Nigeria.

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ΩΩThe US is a ZIRP debtor nation.  Everyone in the world is turning to the main creditor power on earth, China: Renaissance Capital Channels China Funds to Africa (Update2) – Bloomberg.com

Renaissance Capital, the Russian investment firm that has arranged the most stock offerings in the country this year, is helping place Chinese funds in natural resources companies across Africa and the former Soviet Union in a push to be the biggest multi-regional emerging-markets bank.

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Renaissance is hiring bankers in Beijing and opening an office in Hong Kong, said Chief Executive Officer Stephen Jennings, who co-founded the bank in 1995. The firm advised African Minerals Ltd. on a stake sale to China Railway Materials Corp. this week and Moscow-based United Co. Rusal Ltd. on its share offering to Chinese billionaire Li Ka-shing in April.

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ΩΩThe Chinese/Russian economic and banking ties are rapidly strengthening.  This is causing a huge, huge shift in political global power flows and signals to us where the future is flowing: to Siberia/Eastern Asia.  The IMF is still strangling third world nations while exploiting them but increasingly, the money used by the IMF is flowing not from the EU and US but from China!  I would suggest that in 15 years, China will be the IMF.  This is China’s plan.  A long, long range plan.

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ΩΩBarclays Steps Up Hiring in Russia in Leadership Bid (Update1) – Bloomberg.com: Major banks bailed out at tremendous cost by US and EU taxpayers are now sitting up and taking notice of the Russia/China nexus and want to become part of it.

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ΩΩHere is today’s Washington Post whine fest about how stupid China is, spending money on infrastructure: China’s stimulus spending created infrastructure projects that may not be needed

In the United States, the $787 billion stimulus was financed by the federal government running large deficits. In China — where the size of the stimulus as a percentage of the economy is several times that of the U.S. package — most of the spending came from the country’s state-run banks making loans to local government entities. The provincial and municipal governments are largely restricted from borrowing money, so most set up quasi-independent “investment companies” that took out huge loans to build subways, airports and office towers.

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Economists estimate that out of the 4 trillion yuan (about $586 billion) stimulus package, the central government spent just over a quarter of the money, with the rest coming as bank loans to local governments. Also, many local governments took out additional loans on their own to finance public works projects. As a result, economists said, local governments are now sitting on a total potential debt bomb of 7 trillion to 11 trillion yuan.

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ΩΩLook at all the airports, highways and subways the US has built in the last 2 years….HAHAHAHA….gads!  At least the Chinese people are seeing real things being built!  Where are the Hoover Dams in the US?  Where are our Citizen Conservation Corps building national parks?  Oh, we are selling off the ones built in the Great Depression to foreigners!!!  We are closing our parks, our schools and shutting down entire cities such as Detroit!  US stimulus money is being spent demolishing entire swaths of our dying inner ring suburbs!

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ΩΩChinese airports look modern and are clean.  Ours are ancient and dirty.  Chinese trains are fabulous!  Their terminals are striking architectural wonders.  Our train system is dying, our terminals look like cow sheds and are dark and dirty except for the one that was renovated in DC so it is still dark and dirty where the trains dump the passengers but at least the Victorian terminal was spiffied up!  It is just pathetic. So, again, what is China doing wrong compared to our insane country that will now have to spend a trillion dollars to fix the BP oil catastrophe?

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Greece is tapping China’s deep pockets to help rebuild its economy

Spurred on by government incentives and bargain-basement prices, the Chinese are planning to pump hundreds of millions — perhaps billions — of euros into Greece even as other investors run the other way. The cornerstone of those plans is the transformation of the Mediterranean port of Piraeus into the Rotterdam of the south, creating a modern gateway linking Chinese factories with consumers across Europe and North Africa.

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The port project is emerging as a bellwether for Greek plans to pay down debt and reinvent its broken economy by privatizing inefficient government-owned utilities, trains and even casinos. This week, the Chinese shipping giant Cosco assumed full control of the major container dock in Piraeus, just southwest of Athens. In return, the Chinese have pledged to spend $700 million to construct a new pier and upgrade existing docks.

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ΩΩAh, the IMF wanted to force Greece to sell everything to Western banking pirates operating on Queen Elizabeth’s various islands.  Instead, China is muscling its way in and this is a KEY PORT.  Big time: it triangulates with the EU, Turkey’s nearby ports and Northern Africa.  This, along with China picking up Iceland, is a triumph in international politics.  Not one gun had to kill one native for China to take over!  Sad, isn’t it.  And tell me again, which country is in deep trouble?  China or the US?

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iPhone manufacturer to shutter China factories • The Register

The announcement came at a shareholders meeting of the Hon Hai Group, Foxconn’s parent company. Chairman Terry Gou said that production would be withdrawn from mainland China and shifted to Taiwan, Vietnam, and India. There are currently 800,000 Foxconn workers on the mainland, and if all Foxconn manufacturing there eventually ceases, they would all be out of work.

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ΩΩThis is a story which cannot be verified.  I doubt China will allow Foxconn to do this.  Once in, it is very hard to leave.  Of course, Foxconn could try to remove equipment but I seriously doubt it.  China’s workers need to see wages go up!  India is on the verge of going up in flames right now, I don’t see Foxconn moving there only to find out that there are MAOISTS roaming the land, blowing up stuff or in open warfare!  India is even more ripe for chaos than China.  By far.  The Chinese workers are fighting mad and bless them: I wish our own workers understood how unionization is life and death!

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UPDATE: India Inflation Up Sharply As Price Pressures Spread – WSJ.com

The benchmark wholesale price index rose 10.16% on-year in May, significantly higher than the 9.59% rise in April. The print was much worse than market expectations of a 9.60% rise, the median estimate in a Dow Jones Newswires poll of 15 economists.

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ΩΩHere is a graph which I altered to show the high growth/high interest rate countries versus the ZIRP nations which are, following Japan’s lead, mired in depression.  India’s central bank’s interest rate has been set at 5% which is half the inflation rate.  This is very, very bad.  India is teetering on the edge of total implosion.  The central bank there is not vigilant as the Chinese central bank.  It is playing a very dangerous game here and will end up like Argentina: the currency frequently collapses in India.  This is why so many Indians hoard gold.  Understandably!

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UPDATE:Korea Unveils Steps To Ease Impact Of Rapid Capital Flows – WSJ.com

South Korea unveiled Sunday comprehensive measures to ease the adverse impact of rapid capital flows on the local economy, including new rules to limit local and foreign banks’ foreign exchange forward positions.

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ΩΩSouth Korea is another non-ZIRP country but its interest rate is only 2% which is below the historical norm of 3.5% per annum under the floating fiat currency system.  Even with a 2% rate, the differential between South Korea or even Taiwan compared to the huge number of depression ZIRP nations which happen to have the biggest number of international bankers, is causing a ‘Japanese carry trade’ situation to balloon in size!  Not one ZIRP country now but 10!  And of these, half are huge economies!  How insane is this???

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Austerity plan spurs thousands to protest in Germany | Germany | Deutsche Welle | 12.06.2010

“People must realize that we have to save money and reduce debt,” Merkel said in an interview to be published on Sunday in the mass-circulation Bild am Sonntag weekly, adding that the “measures in the job sector aim to bring significantly more long-term unemployed back to work than in the past.”  She added that the package – which looks to slash federal spending by at least 80 billion euros ($96 billion) by 2014 – was evenly distributed throughout the country’s sectors.  ”Alongside the necessary cuts in the social-welfare budget, business is also making a contribution along with the civil-service and administrative departments,” she said.

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But a new poll by Infratest dimap showed that 79 percent of Germans thought the savings package was not socially balanced and 93 percent thought measures were not enough to meet the government’s savings goal.

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ΩΩGermany’s government will fall.  I predict that a national socialist party will take over because it will promise to save people’s services they need to survive.  The unlucky people of Nigeria won’t have this choice, they must choose violent insurrection/revolution.  The unlucky people in Greece and Iceland are leaving the US/NATO system and entering, bit by bit, the Chinese Dragon System.  Germany, as I have predicted for years, will be forced to move towards the Russian/Chinese axis if it wishes to survive.  The sooner, the better.  The price: dropping the NATO business, is tolerable for the Germans who don’t wish for the US solution which is to be very poor while feeding rich bankers even more wealth and selling off all German systems to aliens!

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ΩΩHere is a major speech by the doomed central bank for Europe:  ECB: Monetary policy transmission in a changing financial system: lessons from the recent past, thoughts about the future

Monetary policy transmission in a changing financial system: lessons from the recent past, thoughts about the future

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Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB

Barclays Global Inflation Conference

New York City, 14 June 2010

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The financial system has undergone profound changes over the past few decades. Markets have grown significantly; competition has intensified. These are well-known phenomena. I would like to focus on the consequence of this, namely that the core of financial intermediation has moved from depository institutions – commercial banks – to a hybrid aggregate of institutions and functions, which is broadly referred to as the shadow banking system. The rise of the shadow banks, their ups and their downs, are inseparably connected with a key financial innovation of the last 30 years: securitisation.

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HAHAHA.  I wish I was making this speech!  The core of our financial system has moved from normal, traditional banks to offshore pirate coves!  And now countries no longer are building financial bases at home but are being systematically looted and the capital base is being rapidly moved offshore!  DUH!!!!  And the banking system not only collapsed but has been sucked down the maw of the Derivatives Beast!  Which ate everything in sight and now is much bigger than anything conceived by man.

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The emergence of a shadow banking system is not a new phenomenon. What was new over recent decades was the scale of its activities, which is closely related to the rapid expansion of securitisation. The securitisation of previously illiquid items in banks’ balance sheets gave perhaps the strongest boost to the financial sector. Securitisation allows traditional banking assets to be transformed into tradable instruments, thus creating tradable assets. It acts as a multiplier of negotiable financial claims or, more simply, a multiplier of finance.

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What he is describing here is the Derivatives Beast.  It secured finances via FRAUD.  This is why I wish to see it killed.  Note that China and South Korea, for example, are slamming their national doors shut on the claws of this hideous monster.  It ate our own banking system and spat out the bones and we are now much deeper in debt thanks to it.

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Why was securitisation so essential to the expansion of shadow banks? The short answer to this question is that shadow banking serves as an intermediary for wholesale finance. In this segment of the financial system, lenders have large – and lumpy – financial resources to place with intermediaries for short periods of time, with no protection from formal deposit insurance mechanisms. This lack of formal insurance – since deposits are too large to be eligible for protection under national laws – calls for an informal or – I should rather say – market-based system of protection. This is precisely what the securitisation of assets can do: it can give financial intermediaries enough tradable securities to pledge as collateral for the large – lumpy – loans that they receive in the wholesale shadow-banking segment of their activities….

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What the hell are these damn ‘lumpy loans’???? HAHAHAHA….guess what! These stupid massive loans are….the Japanese carry trade which is now the EU/US/Japan carry trade.  And this damn thing continues to grow.

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…In light of all these developments we may well ask whether the new market-making role of central banks will continue. If central banks intermediate large volumes in normal times, they may not need to change their operational framework substantially when a liquidity crisis suddenly hits. Larger intermediation could anchor expectations and make market dynamics less subject to threshold effects. Does this suggest a new steady state – beyond the setbacks and progress of the current crisis – in which central banks will become a larger counterparty to the financial system as a whole?

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No one listens to me.  But for the historical record, what this chap is talking about is how international bankers using offshore entities to funnel wealth out of countries will take over our central banks and use them to capitalize this business.  Instead of ending this farce and arresting these crooks, they will, like in any banana republic, take over our central banks which are supposed to RESTRICT banks from doing these things, not ENABLE them!

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Sovereign debt will certainly be widespread. It will probably replace ABSs in the collateralisation of secured lending. Unlike in the past, the risk characteristics of this type of debt instrument will be more graduated than was considered possible only few years ago. The risk associated with what used to be considered risk-free assets is something new in financial markets….

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OMG!!!!!  See?  The central bank of Europe admits this business will INCREASE SOVEREIGN DEBT!  YIKES!  The looting of the last year will be NORMAL.

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…As you know, markets have learned to become more discriminating with regard to fiscal solvency than they have been for decades. Countries with comparatively better managed public finances will pay lower risk premia, and therefore lower interest rates, which, in turn, will help them to keep budget deficits and the stocks of national debt under control. Countries with larger budget deficits and higher stocks of national debt, on the other hand, will face higher risk premia, and therefore higher interest rates, which, in turn, will affect their ability to control the dynamics of their public finances.

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ΩΩIs Japan’s finances the best on earth?  It has the lowest interest rates!  Ditto, the dying US!  How are interest rates reflecting the solvency of anyone?  No, this reflects DESPERATION as countries drive down interest rates due to a collapse in their economies which drive down wages of the workers as we see in the US and Japan, for example and which is now haunting Europe.  The ZIRP lending is a trap in hell, once in, a country can never escape.  It has to keep crushing wages to prevent ‘inflation’ which would instantly bankrupt a country running on fumes.

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World Interest Rates Table

ΩΩThe red country is the carry trade destination.  Big time.  Property values are shooting upwards just as previous victims of the carry trade business.  We know how this ends!  It ends in depression!  Beware!!!!!

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Free Markets Show U.S. Has Tamed the Bond Vigilantes – Bloomberg

While investors punish European nations from Greece to Spain for deficits by pushing up bond yields, Treasury rates of all maturities have fallen to an average of about 2 percent from 2.75 percent a year ago even as the amount of marketable debt outstanding increased 20 percent to $7.96 trillion.

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The market’s advocates of fiscal discipline are being placated as Bernanke keeps benchmark interest rates at a record low, allowing them to profit from the gap between short- and long-term yields with inflation at a four-decade low. Bill Gross, the manager of the world’s biggest bond fund, said as recently as March that “bonds have seen their best days.” On June 4, he called Treasuries “attractive.”

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ΩΩThe devils who destroyed us are now owning us.  And here is a neat series of graphs from our own Fed Reserve showing how effed up we are: ALFRED: ALFRED Graph

ΩΩNote the immense hike in money creation during the last 2 years!  It simply shot upwards at a ridiculous rate, a super-duper hockey stick rate to infinity if it continues on this amazing trajectory.  The flight upwards began with the termination of the gold standard.  This evil hockey stick graph shows which country is responsible for flooding the international banking system with unsustainable hot cash.  A country running the world’s biggest trade deficit, biggest money-valued national debt (not percent of GDP but overall cost) and the biggest damn military budget on earth, half of all global military spending.

ΩΩIf you go to the beginning of this graph which is post-WWII, it stays nearly always below $10 billion until it suddenly plummets off the cliff, losing $375 billion and then shoots upwards, insanely, to over $1 trillion!  In just one year!  This is madness.  It isn’t stability. It is chaos.  And what is this money?

ΩΩSovereign debt generated by our own government.  And the bond guys are happy.  Duh.  But we are now in very serious bondage.  Looking at the above stories from Nigeria or Iceland, etc, we know what happens next: the IMF rules will gap at our feet and we will be tumbled into the same hole as these other countries.

ΩΩThe immense, utterly immense amounts borrowed from us dwarfed all previous bail outs such as the 9/11 bail out which, at that time, horrified me.  But this borrowing surge simply is a red wood giant compared to a 9/11 borrowing bush.  Although the looting bankers who did this mess are not borrowing quite as heavily as when they needed nearly $500 billion of our money, they are settling in at looting us at around $100 billion.

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ΩΩThe only reason it isn’t half a trillion is due to threats of regulating these crooks.  So the biggest international banking looters paid off this money and now are back to giving themselves billion dollar bonuses while resuming the damn carry trade with a vengeance .

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ΩΩAnd here is the big boss crook himself, Bernanke, talking about how this stupid system set up by himself, Greenspan and the other creeps, is going to give us good jobs:  FRB: Speech–Bernanke, Fostering Workforce Development–June 9, 2010

Today’s forum has brought together representatives of a range of organizations with the shared goal of fostering economic growth and job creation–including the Governor’s Economic Development and Jobs Creation Commission, the Virginia Workforce Investment Council, the International Economic Development Council, and the Heldrich Center for Workforce Development.

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This forum supports the ongoing efforts of all of these organizations to develop and share strategies to help provide employment opportunities for Americans. I understand that your sessions today have focused on efforts to retool Virginia’s workforce through community college and state government initiatives. You have also shared insights about the condition of the national economy and employment trends….

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…Although forecasting future job opportunities can be difficult, we do know that in some areas, such as health services, the number of jobs continued to increase throughout the recession. And the Bureau of Labor Statistics anticipates that the demand for workers in health-related occupations will continue to outpace demand in many other industries.2

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ΩΩThis is a total catastrophe!  The last thing we need, if we must fix what is wrong with our country, is more healthcare spending.  The healthcare here is the most expensive, per capita, on the planet and is part of the reason we are going bankrupt.  Along with the military/industrial spending, healthcare spending is the worst use of our resources when competing with China.  We have to fix it and the need is more, not less, urgent since Obama’s Insurance Industry Rescue Bill passed.  No one is getting better healthcare, instead, we pushed the day of our bankruptcy much closer.  Expanding our stupid wars have done the same.

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ΩΩThe debt vigilantes love all of this.  Coupled with the ability to capitalize themselves via our national debt/central bank, they can expand our credit until it becomes hopelessly unsustainable.  Then, they will pull a sad face and rejigger our debts the same way they fixed Nigeria’s debts.

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