The Derivatives Beast Is Still Destroying World Banking

Goldman Sachs and JPM are playing a bizarre game called ‘proprietary trading’ whereby they trade with themselves.  This sort of market masturbation is causing their stocks to rise even as it produces absolutely nothing at all, in the real world.  The Justice Department is now investigating them.  I hope all the guys doing this are arrested and housed with their buddy, Madoff.


As always, the Derivative Beast may have temporarily ceased growing rapidly in size but it still dwarfs all other financial systems.  And nothing, absolutely nothing has been done to fix it or kill it:


Mobius Says Derivatives, Stimulus to Spark New Crisis (Update2) –

A new financial crisis will develop from the failure to effectively regulate derivatives and the extra global liquidity from stimulus spending, Templeton Asset Management Ltd.’s Mark Mobius said.


“Political pressure from investment banks and all the people that make money in derivatives” will prevent adequate regulation, said Mobius, who oversees $25 billion as executive chairman of Templeton in Singapore. “Definitely we’re going to have another crisis coming down,” he said in a phone interview from Istanbul on July 13.


Derivatives contributed to almost $1.5 trillion in writedowns and losses at the world’s biggest banks, brokers and insurers since the start of 2007, according to data compiled by Bloomberg. Global share markets lost almost half their value last year, shedding $28.7 trillion as investors became risk averse amid a global recession.


The U.S. Justice Department is investigating the market for credit-default swaps, Markit Group Ltd., the data provider majority-owned by Wall Street’s largest banks, said July 13.


Before talking about the investigation of Markit, we should first understand what this ‘global share market’ is so we can understand what is going on here. Namely, why do all these guys playing in the global share markets so worried about inflation? And what exactly is ‘global share markets’? We look at the figures here and think, ‘Wow, all that lost money!’ But has it really vanished? Or has it moved elsewhere?


Global Share Market

Global Share Market believes that market is supreme and it discounts every incident regarding (domestic economy, world economy, specific company news, tips, etc.) around the globe.


HAHAHA. The ‘market’ is supposed to be self-balancing via wealth creation and wealth destruction. OK. I can live with this concept. Except gnomes do not want wealth destroyed. They only want to get richer. This is why they will use every political trick in the book to prevent market forces from working properly.


. The underlying theory behind the functioning of Global Share Market is the supply side economics and emphasizes on the economic concepts important for it such as Laffer Curve. Global Share Market generally advocates the philosophy of laissez-faire and free market economy and always argue in favor of less restrictive import and immigration policies.


This is Reaganism writ large.  The philosophy we use in this world matters tremendously.  The Laffer Curve gang, for example, have this nasty and very stupid habit of ignoring red ink.  They feel their system is working just dandy if they look only at their own personal profits.  Looking at the bigger picture is verboten.  This makes debating these people very difficult.  You show them graphs that clearly show our entire economic system, from top to bottom, going deep into negative territory and they shrug it off.  Profits are up!  Whoo hoo!


But we can see this is a childish way of looking at things.  The US, for example, exports more stuff than any time in our history.  Despite this or rather, BECAUSE of this, our trade deficit got much, much worse.  This contradiction has to be resolved and the Laffer Curve kooks are totally incapable of figuring this out so they simply ignore it.


Universally, Investors (general public, institutional investors comprising both domestic and the foreign ones, banks, mutual funds, insurance companies, etc.) invest in the share market with the hope of capital appreciation. Investment in Share Market is not restricted only to shares but might be in derivative products such as futures, options, swaps, warrants, etc. where the underlying assets are the company shares.


This ‘capital appreciation’ was mostly simple bubble inflation.  That is, more and more debt was poured into the system and the easy, cheap credit via the Japanese carry trade, flooded markets with lots and lots of inflationary ‘free’ money and this was used as ‘leverage’ to bid up the value of the ‘share market’ and we got an immense credit bubble.


The nastiest and by far, biggest part of this bizarre global credit bubble that was supposed to make ‘capital’ grow, was the Derivatives Beast parts.  The underlying ‘company shares’ part supported an inverse pyramid of ever-growing unregulated derivatives bids of all sorts.  The weight of this inverse pyramid was so great, it caused the underlying company shares to finally collapse.  As the shares collapse, the derivative parts resting on it come crashing down, bringing down immense casino operations like AIG and CIT and Lehman Brothers, for example.


Investment in Share Markets are possible either through Stock Exchanges, or Over-the-Counter. Stock Exchanges are organized market places where stocks, bonds and other equivalents are traded between the buyers and sellers in an organized market and the contracts are standardized ones. But in case of Over-the-Counter (OTC), the trade takes place through a network of dealers. Generally, the OTC contracts are bilateral customized contracts unlike the standardized ones.


All the goofy ‘bilateral’ agreements are at the heart of the international banking collapse. 90% of the derivatives deals are done by or held by the top 5 investment banks which used to be the top 7 but two of them went bankrupt. GS and JPM managed to use political muscle to save themselves so they are still sitting pretty while holding vast seas of derivative deals. They are quite anxious for our government to capitalize the system so they can continue to hold these derivatives.


What this means is very simple: NO PARTS OF THE ECONOMIC SYSTEM CAN FAIL.  That is, if any parts, say, real estate, goes under, all the many zillions of derivative swaps such as interest rate swaps, have to be resolved. This means, the biggest holders of these swaps have to pay someone or get someone to pay them.  And no one has any CAPITAL to do this.  The entire derivatives system is tremendously undercapitalized.


There are two channels through which investment can be done in the share market, one is Primary Market and the other is Secondary Market. Primary Market deals with securities that are channelized through the Initial Public Offer (IPO) route. In the Secondary Market, investors trade the securities among themselves for the quest of profit.

The players in this game are very few.  Mostly the top 5 big investment banking gnomes and a host of ‘me too!’ pirates who have their organizations based in various P.O. boxes on various British colonial islands which swear fealty to the Queen of England and her stupid son, ‘Make my carbon footprint smaller, please!’ Prince Charles.


As for Markit, the organization set up after the Bank for International Settlements insisted the derivatives market must be more open, here is some very interesting information from my own blog, November 15, 2007:


Money Matters: SIVs Shrink Smaller Than Cheap Cotton Dress In Hot Water

From one of the readers and posters at this news service:

CDS IndexCo (the purveyors of the mystical ABX, CMBX, CDX indexes, among others) was sold yesterday (Nov14th) to Markit Investments, the hand-in-glove marketer of the information on the web for these prices. The Chairman of the board of CDS IndexCo, Brad Levy, (also the Managing Director of eBusiness Group at Goldman Sachs)will be likely to continue in his post of “managing conflicts of interest” for both Goldman and the ABX et al indicies.

Posted by: Tommy Two Tone | November 15, 2007 at 11:31 AM


Thank you for the tip. I scour the news services and even with an eagle eye, I miss 50% or more of what is going on. I appreciate the links. Yes, this story is true and has some background to it. Since the MarkIt ABX market was launched online, I have happily tracked it weekly or even more often. This is a peek under the blanket that covers the banking messes. I remember when it was launched. The expectation was, everyone would bid UP the value of the listings. There was great cheerfulness and dreams of sugar plum fairies. Then, in March, things went awry. At first, they thought it was a small glitch caused by China raising interest rates and the Bank of Japan raising rates from .25% to .5%.


But in mid-July, all these funds suddenly nose-dived. Even as this was unfolding, the MarkIt guys were creating new funds to track and had a long list on the left hand side of the page. Then, one by one, these were cancelled as the earlier main funds collapsed. Now, it is grim reading. The top AAA ones have lost over 30% of their value and the BBBs have lost 80% or more. This is why all the similar, unlisted, funds are collapsing. The ones that are held and not traded on a daily basis are now being dumped and they are desperately seeking buyers, anyone, to buy these stinkers.


HAHAHA.  Goldman Sachs runs Markit!  Who would have imagined?  And since GS is a bunch of mad, mad, mad, power-hungry gnomes, they turned Markit into a secretive, criminal operation.  I used to cite data from Markit all the time and ceased doing this once the GS goons got their claws into it and they made it as opaque as possible.  Criminals like to operate in the dark just like muggers in back alleys and GS is the ultimate of muggers in back alleys.


Going back to the top story here: nearly $30 trillion has vanished from the markets used by the biggest investment people.  But this money has NOT VANISHED AT ALL.  Make no mistake: last summer, it suddenly flooded energy markets.  It also moved into gold markets.  It has moved all over the place.  One place it moved to for protection was the government bond markets.  So the US was able to fund over a trillion in red ink while not having to pay much in the way of interest on borrowing money!  And of course, the grand dame of all this, the Federal Reserve, took much of this under its own wings, around $12 trillion, and protected these gnomes so they would not have to pay out any of their stupid derivative bets!


This is hyper-expensive for us, for the losses have had to be resolved and the way the Federal Reserve resolved them is important. The bettors in this game also  own the Federal Reserve.  Since they view this central bank as their own property, they thought nothing about using it to protect their own wealth so it would vanish into bankruptcy.  Since none of the really big players in this market went under—JPM is the biggest—they are free to resume playing wealth creation games using the derivative swap meet as their best means of increasing wealth while not increasing capital.


Investors Say ‘Tarnished’ Fed Shouldn’t Oversee Systemic Risk –

Investors led by two former U.S. securities regulators are urging that an independent board monitor firms that pose a risk to markets, breaking with the administration’s plan to give the job to the Federal Reserve.


A committee led by former Securities and Exchange Commission Chairmen William Donaldson and Arthur Levitt also said the U.S. should consider limiting banks’ proprietary trading, merge some agencies and bring insurance companies under federal supervision. The group, in a report to be released today, says it’s offering a “bolder” overhaul of market rules than proposed by the Treasury Department last month.

The Fed’s “credibility has been tarnished by the easy credit policies it pursued and the lax regulatory oversight that let institutions ratchet higher their balance sheet leverage and amass huge concentrations of risky, complex securitized products,” the report by the Investors’ Working Group said.

The investing community that is not directly connected with the big top 5 derivatives players are getting very annoyed about the ways the top investment bankers are manipulating markets so they profit while everyone else dies.  Unfortunately, these independent investors have very little political muscle.  The top bankers will try to form an alliance with the smaller investors whenever they want to control political events but once the crisis is past, the big guys resume their push to manipulate all laws and regulations so they are not regulated or have to obey any laws and off they go, to manipulate markets so they always win.


The sheep they need to fleece the most are the independent investors!  The independent investors better figure out who their real friends are and who the wolves are.  I like the fact that former SEC commission chairmen are asking for restrictions on ‘proprietary trading.’


Proprietary trading – Wikipedia, the free encyclopedia

Proprietary trading is a term used in investment banking to describe when the firm’s traders actively trade stocksbondsoptionscommoditiesderivatives or other financial instruments with its own money as opposed to its customers’ money, so as to make a profit for itself. Although investment banks are usually defined as businesses which assist other business in raising money in the capital markets (by selling stocks or bonds), in fact most are also involved in trading for their own accounts as well. They may use a variety of strategies such as index arbitragestatistical arbitragemerger arbitragefundamental analysisvolatility arbitrage or macro trading, much like a hedge fund. Many reporters and analysts believe investment banks purposely leave ambiguous the amount of non proprietary trading they do versus the amount of proprietary trading they do because it is felt that proprietary trading is riskier and results in more volatile profits.


HAHAHA.  This is exactly what is making the immense profits for GS and JPM, etc.  The secret computer program that made the news when the Russian kid tried to escape the GS Tower of Baradur in Jersey City, is exactly this sort of thing.  Namely, the dealer deals cards to himself which he can see and then places bets against himself and voila!  Always wins since he sees all the cards all the time, is the dealer, the player and the banker!  This gooses the bottom line and allows this game playing gnome organization to proclaim, they are profitable.  Why do they have to pretend they are profitable?


HAHAHA.  Because then THEIR STOCKS GO UP AND UP!  This is the game: to fool investors with real money to invest in Goldman Sachs or JPM stocks.  This drives up the value of the stocks and then the gnomes at the top of these towers in the NY/NJ/CT region can then sell their stock options and have real loot so they can party!  This is why other investors better band together to stop this rigged game.  Entire markets are being rigged via proprietary trading.  And this sort of trading should be made illegal.


JPMorgan Trading May Rescue Profit for Second Straight Quarter –

Chief Executive Officer Jamie Dimon, 53, is counting on profits from investment banking to offset losses in credit cards and retail loans amid the worst economic slowdown in 50 years. The bank is the top underwriter of both U.S. debt and global equity this year, according to data compiled by Bloomberg. Goldman Sachs Group Inc., the fifth-largest U.S. bank, yesterday reported record trading revenue and per-share profit that was 35 percent higher than analysts estimated.


JPMorgan is “taking market share in almost every one of their businesses,” Barclays Capital analyst Jason Goldberg said in an interview. “They’re still playing offense. They’re making money and not under capital constraints, which allows them to grow their balance sheet.”


See?  Here it is!  JPM is also relying on ‘proprietary trading’ to give the illusion, there is life in the stock markets!  Market watchers who are very suspicious believe that over 70% of all trades these days are generated by computers run by GS and JPM and Citigroup, etc, the top 5 investment banking houses are simply flipping their own stuff to themselves at lightning speed, over and over.  This way, they can scream, ‘See, we are PLAYING CARDS!  See how there are winners! Come to the table and place your bets!’   This is how all gambling operations that are based on illegality operate: they have pretend players who win a lot, over and over, and outsiders then are lured into the game, thinking the ‘bank’ is losing the game and suddenly, the bank begins to win, big time and all the schmucks lured into the fake game are stripped of their wealth.


When the other players fled this rigged game starting in August, 2007, the casino operators used their financial powers over the government to protect them from bankruptcy while they figured out new ways to con everyone.  Talking about cons, here is some news from the Outer Darkness.  JRR Tolkien wrote a piece about the ‘Outer Darkness’ many years ago.  When I read his piece back in 1965, I was very excited and wrote back to him, saying, ‘I thought I was the only one who used the term, “Outer Darkness” to describe that place between death and life!  I am so happy someone else has figured this out!’  He didn’t answer, of course.


‘Hobbit’ Heirs Seek $220 Million From Time Warner Over ‘Rings’ –

J.R.R. Tolkien sold movie rights to his “Lord of the Rings” novels 40 years ago for 7.5 percent of future receipts. Three films and $6 billion later, his heirs say they haven’t seen a dime from Time Warner Inc.


Tolkien was a very naive man.  He thought the gnomes of Hollywood were friendly guys who would shower him with wealth.  He wrote a great deal about these sorts of creatures in his own books, yet couldn’t understand that they exist in the real world.  And so he got trapped by them as they gave him false promises of endless wealth.  Tolkien had to sue all sorts of people during his life because people tried to rip him off all the time.  He had lawyers who were very nasty.  When we sent him an example of our childish Tolkien newsletter we printed up on a mimeo graph machine (Hal Robbins and I illustrated it) we got a restraining order from him!  HAHAHA.  We were kids!


The accounting methods used by New Line Cinema, the Time Warner unit that made the movies, will face a jury’s scrutiny in October, when the heirs’ lawsuit against the New York-based media company is set for trial in Los Angeles Superior Court.


The case, if not settled by then, may provide a window into accounting practices that let Time Warner deny proceeds of the Oscar-winning films to Tolkien’s heirs. The litigation also threatens to derail two “The Hobbit” films that, if their predecessors are a guide, could generate $4 billion in sales….


Tolkien’s works already have a litigation history. Peter Jackson, who directed all three “Rings” films, sued New Line in 2005, claiming the studio miscalculated his proceeds from the first movie. They settled for an undisclosed sum in 2007. Jackson is in pre-production in Wellington, New Zealand, for the two “Hobbit” films, which he is producing, according to Rowe.


Producer Saul Zaentz, who once owned film rights to the “Rings,” also sued New Line over his share of the receipts and settled in 2005 for $168 million, Variety reported at the time.


The three films based on Tolkien’s fantasy epic — 2001’s “The Lord of the Rings: The Fellowship of the Ring”; “The Lord of the Rings: The Two Towers” in 2002; and “The Lord of the Rings: The Return of the King,” released in 2003 — have generated almost $3 billion in worldwide box-office receipts, and another $3 billion from DVDs, merchandise and other sources, according to Rowe.


Hollywood is infamous for using creative bookkeeping so they don’t have to share any wealth.  Meanwhile, they used the government to go after kids who don’t pay them for all this entertainment stuff.  The Lord of the Rings movies were actually rather horrible to watch.  As the Hobbits got closer and closer to Mordor the story got more and more warped until it barely resembled the books at all.  Everything seemed to get all twisted out of shape as the needs to make things increasingly violent and to turn the heroes in the story into inhuman murderers who were more suitable for cinematic hewing and chopping, it is no surprise to see the actor who played Saruman, Christopher Lee, quitting the operation in disgust and refusing to participate in the release of the movies.


This complete hash of the stories was quite popular.  This is because people actually admire orcs and wish to emulate them.  Orcs are Tolkien’s version of gnomes.  Actually, due to being very uptight about sex, Tolkien couldn’t talk honestly about the true natures of the creatures that live for wealth and power.  He understood the seduction of wealth but not of sex.  And Hollywood lives and breathes sex.  But even more, it lives for death.  Killing is the main subject of nearly all movies.  Killing for sexual perversions is best of all.  Torturing people is another Hollywood favorite.


The prim and proper Tolkien family should be glad to not make any money off of these movies.  Actually, they should force the producers to hand over these movies and let someone sane reedit them.  Perhaps, Christopher Lee should take over the rights and fix everything so it at least has some humanity in them.  Speaking of money and the Cave of Wealth and Death:


Hong Kong Journal – A Feng Shui Master and a $4 Billion Estate –

It began with a head rub for $6,500, and ballooned into enormous “feng shui holes” burrowed around the city, buried gems and truckloads of cash worth millions of dollars….

Speculation over the Wang fortune started in 1983, when Teddy Wang, Nina’s husband, was chained to a bed by kidnappers until his wife paid the ransom, according to news reports at the time. He was rekidnapped in 1990, and never seen again….

Mr. Chan detailed “married couple” activities that drew him and Mrs. Wang together, like cooking, traveling, building model helicopters and digging “feng shui holes,” into which they would throw jade, coins and other objects for good luck. According to testimony by hired workers, the couple had as many as 80 such holes dug around Hong Kong, some measuring 30 feet deep.


Obscene amounts of money was made off of real estate in this former British colony.  The guy who made all this money by squeezing tenants ended up in hell.  After the first kidnapping, the wife had a great idea, it would be nice if hubby stayed kidnapped so it was done a second time, this time, the ransom demands were faked.


Then, free to spend her ill-gotten loot which she got due to offering sex to this guy, she went insane.  Note that her buddy boy, a guy who was born poor, played this game whereby they prayed for wealth by burying wealth!  This is very ancient.  It is universal: all humans think, deep inside, that burying things we dug up (rocks like diamonds, jade, etc. as well as minerals like gold, silver, copper, etc.) will mean we will get twice as much of these things back.  Who will give them back to us?

Why, the creatures of the Outer Darkness!  The trolls, orcs, gnomes and dwarves who live in caves and create wealth.  The smiths of the Afterlife will return this wealth ten times over if we placate them.  Just like Ms. Wang dug holes all over the place, the gnomes running the biggest financial banks are digging our graves, too.  They don’t care what happens to us, they just want to have these magic holes in the economic system to operate in such a way as to funnel all wealth to them, not into productive parts of the economy.

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48 responses to “The Derivatives Beast Is Still Destroying World Banking

  1. trailin pete

    what’s all this talk about trolls, gnomes and old heiresses then?

  2. payAttention

    I have tried to alert you to the takeout of our refineries. One is already gone in California. I expect Harvest is next in Canada, and layoffs in the Gulf. These were skilled and well paying jobs, though you did not seem very concerned.

    ‘“There’s all these export refineries being built in India and China,” Bjorn Moller, chief executive officer of Teekay Corp., the world’s largest shipowner, said in a June 23 interview. “They have surplus product, it gets shipped to the Atlantic. You’re seeing crude oil shipped to Asia, refined, and shipped back to the Atlantic.”

    I have also spoken specifically about Reliance threatening to take out our gas producers with their LNG exports. Reliance is a state sponsored behemoth and will compete and win against independent produces all night and day.

    ELAINE: If your chip on your shoulder gets any bigger, it might impale anyone within a mile radius. 🙂

  3. djcrow22

    Before you lavish too much praise on former federal regulators, I would remind you that William Donaldson was the head of the SEC in 2004 when Paulson, Dimon and the other CEOs of the major investment banks asked for and were unanimously granted permission to raise their reserve ratios into the stratosphere. This of course threw open the gates for these criminals and directly led to the financial horror show we now live with. Donaldson is as criminally responsible as Paulson, Blankfein, Geithner, Bernanke and the rest of the subhuman scum responsible for millions of ruined lives and our grim economic future. As Goldman Sachs has the incredible vulgarity to rub every American’s face in their shitpile of stolen wealth, I look forward to the day when anyone connected with this corporate monument of greed, corruption and human depravity lives with the same fear, hopelessness and indignity they have inflicted on humanity. Goldman Sachs is a cancer and must be treated as such.

  4. ralph

    Nothing has changed on Wall St. credit derivative desks at CSFB,UBS, etc.. etc.. are humming with business, paying their friends, going out 5 nights a week. The business to be in is the stripping business close to a known gnome office.

  5. DeVaul

    “This sort of market masturbation….”

    That was hilarious, Elaine! I cannot legally print the image that came to my mind when I read that.

    What a great way to describe these pathetic leeches and their idiotic money making schemes.

  6. through a glass darkly

    Is A British Court About To Decide The Future Of Securitization?
    “this could become the most followed legal development whose adverse repercussions could throw a major wrench in the administration’s wheels”

    These Are The People Who Do Not Want The Fed’s Veil Lifted
    “The following individuals whose primary goal in life is getting tenure and publishing a textbook, yet believe they have a voice in deciding whether over 300 million American people should know just whose interests the Fed so staunchly protects”

  7. I thought PA’s post about refiners was very interesting.

  8. CK

    I shall take in your laundry and you shall take in mine and by that process we shall both become rich.

  9. PLovering


  10. DeVaul

    Wow, that was embarassing!

    Who are these people who refuse to shake his hand? Where is he in this video? What is going on?

    If this is one of our allies, why have we not drop-kicked them off the planet for insulting us?

  11. CK

    Someone doesn’t want to shake a politician’s hand and you want to unleash the nukes?

  12. payAttention

    They are members of the Duma, DeVaul. You don’t seem to know much about Russia, or Eastern Europe, since kicking Russia off the planet will unleash about 1500 multiple guided ICBM’s to come here. Bad idea, although you might think that will bring the rapture. I will also explain to you that except for the sprinkling of progressives, Russians will not shake hands with a black man.

    Ziff.. Dear Author does not seem to care about oils industry workers. I have supported alt energy and can tell you that there is no money for it. The industry is dying for lack of financing, since the Tiny one bailed out his bank pals. I used to speak with someone who worked for Railpower. That bunch worked as hard as one could, to try to keep it alive. Hybrid locomotives made in North America, what a novel idea. Too bad that ideas is dead. Even took the Ontario Teachers Union 40 million with them to the grave. Shows you where the real power lies.

  13. flash

    Haven’t hybrid locomotives been in use since the 1930s? The diesel-electric uses a generator to power the electric motors which turn the wheels.

  14. payAttention

    Regenerative braking and battery storage systems for direct drive. The diesel motor is a secondary power source, when the battery bank is depleted. Their idea was for switching locomotives in railyards. More of those than one might think. They also developed a system for gantry cranes, where the power saving were 80 percent and up. Railpower Tech is the name, if the site is still up. It was really a shame. Design and corporate in Montreal, manufacturing in Eerie.

  15. payAttention

    Kunstler would have loved that company.

  16. flash

    Railpower has been acquired by RJ Corman, a holding company which owns several regional lines. I don’t know anything about the players in the rail industry, but perhaps Corman intends to continue development and manufacturing, rather than just sitting on the technology.

  17. DeVaul

    “You don’t seem to know much about Russia, or Eastern Europe….”

    Not Attentive,

    You do not seem to know much about the Deaf or anyone else outside of your little neo-nazi clique. There were no captions (do Russians hate the Deaf also?), so I could only guess by what I could see. Perhaps I should be stuffed into a gas oven.

    White Russians look like white Germans who also look like white Englishmen and so on. I noticed everyone shook the hand of the politician behind him, and the name given on the video was Ambassador Thomas Pickering — not a Russian.

    If Russians do not want to shake our president’s hand, I don’t have a problem with that, but thanks for asking…. oh, I forgot, you didn’t ask!

    Why don’t you reach up your ass and pull out that giant burr up there so that you can talk like a human being to others?

    Just a suggestion.

  18. Robert Paulson

    De Vaul said:

    “You do not seem to know much about the Deaf or anyone else outside of your little neo-nazi clique. There were no captions (do Russians hate the Deaf also?), so I could only guess by what I could see. Perhaps I should be stuffed into a gas oven.”

    Calm down, man! What a load of drivel.

    “I noticed everyone shook the hand of the politician behind him, and the name given on the video was Ambassador Thomas Pickering — not a Russian”

    It matters not what the graphics held for you. That politician was Russian President Medvedev.

    And you’re giving others shit when you’re the one who is pointedly ignorant as well as being arrogant about it.

  19. emsnews

    It is always a good policy to describe stuff one links to. This way, people can tell what the hell is the point, just for example.

  20. emsnews

    OK: here’s the story. The Russians were PISSED AS HELL that Obama approached Moscow while loudly insulting Putin and the Russians! I have described in the past that this is a most stupid way of doing ‘diplomacy’. We do this to the Chinese all the time, too.

    They see we are very weak now and so are telegraphing their annoyance. Obama should have apologized to Putin. Better still, he should fire all his neo cons on his foreign relations staff, kick Hillary to the curb and hire me to represent him in former communist nations. HAHAHA. Then the Russians and Chinese would really be pissed off but not at him, at me. See? 🙂

  21. payAttention

    I am sure that they would hire you except that the Met has you booked to replace Renee Fleming this coming season.

  22. w c

    ems news

    Obama should have apologized to Putin. Better still, he should fire all his…

    the problemo… is that every one has a Polaroid , a dossier, home movies ,, on the other guy, in my opinion.

    some even the blood of 4ooo new york bldg people . . the whole twisted circle jerk .. all gaming the system.. other people .and even the suicides in the shot heard in the back of the head

    for fear of talking and the proposed horses head in the bed .leaves every one in the game of leave it to beaver .

    The senate guys are all ready twisting with the
    fed audit ,, sure, that some one knocked at a midnight window .

    hardball.. power, i am the king of bunker hill.. i can hit and i can kill. yadda

  23. w c

    shaking hands

    forward looking alert politicians stopping the spread of flue.. and world wide epidemics ..

  24. DrKrbyLuv

    When will people wake up and start figuring things out?

    The derivatives will vaporize our economy but no one seems to notice.

    We do have solutions but the population seems numb. Here is a post in which I describe some of the possibilities:

  25. w c

    the people wake up

    when the last popular delusion that the government is the suckling cow, comes crashing down on santa claus ,

    with the majority having already placed a bet. A political bet on Keynesian policy, free money, and the emotional appeal of a teleprompter

  26. emsnews

    After reviewing the tape closely, it looks like Obama was gesturing, he was too far away for shaking hands. We have NO AUDIO so we don’t know what the people are saying to each other.

    We have to be careful about jumping to conclusions.

  27. w c

    china , russia ,, should come to california’s aid,, 25 billion iou’s from the fed..that they hold..

    .. pay for it with a toll tax on freeway driving.. have little toll road stations ,, every so many miles .. drop a dollar in basket to proceed.

    lets suppose 32 million registered cars

    20 million use a free way daily. x 2 bucks = 40 million x 30 days = 1.2 billion month x 12 in four years.57.6 billion. repay the 25 billion. add some interest.. save a few billion for a rainy day.

    crises solved.. less freeway congestion.

    give china a few orange trees some avocado groves .. and a big kiss.

    swarztunrugger can drive his hummer , the babes can walk the red carpet. and the San francisco beat goes on chugging.

    for the want of two bucks a day to drive the freeway. .. one less cover story lip stick magazine… critque .. anyone ..

  28. w c

    ems news

    NO AUDIO so we don’t

    cheney f@@K you all .. pointing to the politicians lol with a hand gesture.

  29. nah

    so are we like totally deluded in our positive effect on the world and just letting the US the propaganda machine make us look just as dumb as the next hypernational propaganda machine… i think our political leadership leaves me largely hopeless if not only for massive past failures ‘which i would like to hope could have been averted with a little honesty and foresight’… but this russian video is a in your face pot calling the kettle black snub of one kind or another
    emsnews the vice admiral medvened was even further away, obama got served… putin must have pissed his pants… was anything accomplished on the agenda?
    O and CNBC says the worst is over plow down your bomb shelters :O

    ill’ show you big dick

  30. payAttention

    Ookay. How many black employees do you know that got sent to work in Russia by American companies?

  31. nah

    mabye our real internationalist masters dont like obama…
    maybe some US interests are working against our international clout by turning a blind eye to russian disgust of our somewhat obligatory codified response to a cruel world
    sux to look like a helpless diplomat surrounded by future people

  32. nah

    It also showed the possible limits of Washington’s ability and willingness to rescue companies, after multiple bailouts engineered by Treasury, the Federal Reserve and the Federal Deposit Insurance Corp for larger companies such as American International Group Inc and Citigroup Inc.
    Hope this means CNBC is rite and the recession is over. This should mean that the government is serious about 2big2fail and is going to reduce our dependence on institutions that crowd out real market risk and liability by forcing them to sell off enough divisions to where they cant implode and take out 6-10% of the US at a time

  33. nah
    CIT talks fall apart, bankruptcy looms
    mi last posts linkz

  34. emsnews

    You are reading WAY too much into that video, nah.

  35. w c


    Paul wants to reveal their gold suppression activities in support of the mortally wounded USDollar. Paul said, “When we discover what is really going on,

    I think the American people are going to demand the next step. They are going to demand honest money. It has happened many times in history.

    ” This initiative is extremely dangerous, since President JFKennedy was assassinated primarily to obstruct his effort to abolish the US Federal Reserve. JFK had taken numerous steps, had re-introduce Federal Reserve Silver Certificates, and had a Senate sponsor for an important piece of legislation.

    Ron Paul understands this. He believes an entire Pandora’s Box would be opened with a formal USFed Audit.

    The Congressman concluded that the Ruling Elite would do


    in their power to prevent the bill from a vote or passage, because it represents the first major step in abolishing the US Federal Reserve altogether.

    By anything

    is meant murders, bribery, propaganda, smear campagins, and extortion.

  36. w c

    more willie \\

    Remember that if he (BERNANKE) goes quietly, he will be given a huge pension. If he causes trouble, he will light fires in retribution that become firestorms.

    He might figure the hush money is not worth it, and SELECTIVELY SKEWER SOME PEOPLE AND INSTITUTIONS.

    Since he operates within the bowels of the crime syndicates, with slush funds,

    narcotic funds, fraudulent bond flow, cover-up initiatives galore, insider trading schemes, and much more, he knows too much.

    He might be kept on in order to sustain the fraud cover-up on Wall Street, or suffer a fatal heart attack. We will see. It is doubtful that he is resented for the Helicopter speech of free month, since it probably landed him the job!

    Easy money, and broad disbursement of that money are essential for crime syndicates to profit. They wanted a monetizer

  37. w c

    more willie .. flue

    This harkens back to Nazi claims under Hitler and racial superiority. The theme seems to have been revived.

    So Obama was vaccinated before his March trip to Mexico City. That was the origin of the Swine Flu in my view, quite obviously. It is utterly amazing how a US President visits Mexico City, a Swine Flu outbreak occurs immediately, yet the sequence led to almost zero suspicion of connection.

    In my opinion, pure speculation on my part, a small percentage of vaccines will likely contain actual viruses to further the seeding process. The compulsory broad vaccination is likely intended to weaken human defense systems for the main events later.

    Those who refuse vaccination will likely be imprisoned in special FEMA camps, where execution will be permitted by law. Enough!

    Burgermeister is living on the edge. In my opinion, she might …..

  38. w c

    willie again

    one handshake away from anihilation.

    The same source mentioned that in the visit to the Kremlin last week, President Obama was clearly told what the immediate consequences would be to the US Naval Fleet in the Persian Gulf if Iran were attacked, sudden anihilation. Direct destruction of US naval vessels has been the primary reason why no attack on Iran has occurred in the last five years, despite all the threatening saber rattling and aggressive talk.

    The US vessels sit like ducks on a pond for advanced Russian Sunburn and Onyx missiles installed long ago.

    The USMilitary high brass are well aware. These missiles are one generation more advanced than the US Cruise missile. See the YouTube video where the Russian delegation refused to shake Obama’s hand in the Kremlin, but instead reached for the hand of their own Medvedev (CLICK HERE).

  39. criticalcontrarian

    On topic here is a video that precisely explains what program trading is all about. The pirates are big on semantics, eh?

  40. Pingback: 3 Credit Monitoring - Protect and Monitor Credit Cheaply | Privacy Guard

  41. criticalcontrarian

    You got to love Max he just knows how to say it like it is, watch him make the Frenchman go at Gollum Sucks, too funny!

  42. DeVaul

    “It matters not what the graphics held for you.”

    Yeah, I know. That’s what society has been telling me for years now, but thanks for reminding me before you answered my ignorant question: “Who’s that in the video?”

    Wow! Totally ignorant AND arrogant to boot!

    I guess people like me have no right to ask questions or to know what goes on in a video, do we Unattentive? (thanks for revealing your real name to us, Robert). We are just supposed to shut-up and let you speak. After all, that is what your alias stands for: payAttention (to me). I’ll try to remember that from now on. Sorry I interupted you!

    You really hate it when people defend themselves after you slam them for no reason at all, don’t you? It just really irks you.

    Well, guess what? From now on whenever you use that idiotic online formula of making false presumptions about others and then pontificating at them based on your own false assumptions about them, I will do the same to you. If you do not like taking the medicine you dish out, then stop dishing it out. Simple.

    Elaine defends herself from your rubbish all the time — and so will I.

    By the way, thanks to Elaine for explaining what was going on in the video. My apologies to everyone else for asking ignorant and arrogant questions.

  43. Madoff was a scapegoat, to help everyone forget about the far bigger crimes being committed on Wall St.

  44. Right, well, without defending Madoff for what he did, which was certainly illegal and wrong, I will say that his activities were a symptom rather than a root cause of our financial problems. The bottom line is that opponents of government regulation gleefully ignored and circumvented the SEC, and almost certainly still do, while simultaneously feigning outrage that the SEC didn’t stop Madoff earlier.

    I’ve actually started a timeline of Madoff’s fraud at Anyone is welcome to contribute, or even branch it off into a timeline of more obscure Wall Street misdeeds.

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