Free trade causes global warming. Instead of encouraging trade balances, local buying and stopping the madness, the people peddling carbon trading derivatives want to tax us for using anything on earth while they continue to push moving things around the planet using thousands of ships that pollute the environment. On top of this, the collapse of Dubai’s finances once again, shows us that the entire concept of derivative swaps is a Ponzi scheme. It is wishful thinking, believing that any derivatives scheme will protect all systems from collapse. I say, it causes collapses.
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Default Swap Reforms Roiled as Aiful Tests Settlement (Update1) – Bloomberg.com
Credit-default swaps tied to Thomson SA, the Paris-based owner of film processor Technicolor Inc., paid some holders 30 percent less than those with contracts expiring a day later. In Japan, owners of swaps on Aiful Corp. haven’t been compensated, though one of its banks said the consumer lender skipped loan repayments. Dealers can’t agree whether to reimburse investors in Mexican cement maker Cemex SAB’s debt swaps.
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Disparities are arising in spite of practices adopted in April and July to standardize settlements and curb risk in a market that exacerbated the worst financial crisis since the 1930s by contributing to the downfall of American International Group Inc. Analysts at Bank of America-Merrill Lynch, Barclays Capital and UniCredit SpA say changes are needed as dealers examine how to interpret existing rules to maintain investor confidence….
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…The rules are being tested as the global default rate rises. The rate for companies ranked below investment-grade reached the highest since the Great Depression in October and will peak at 12.5 percent next month, Moody’s Investors Service said Nov. 5….
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…The swaps had been the world’s fastest-growing market, with contracts protecting against defaults on as much as $62 trillion at the end of 2007, almost 10 times the amount of the U.S. government’s debt outstanding, according to the International Swaps & Derivatives Association, a trade group based in New York. The swaps totaled less than $632 billion in 2001 and the figure is $26 trillion now.
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We had a most excellent moment in history when AIG collapsed, to slay the Derivatives Beast. It turned out to be a total Ponzi scheme from hell. As I predicted back in 2006. All of the ‘swaps’ turned out to be dead ends. The entire excuse for creating credit was based on the insane notion that credit could be super-cheap due to there being NO RISK. In my article last year about all this, we could see that the Wall Street wizards in THE CAVE OF WEALTH AND DEATH PT 3: WIZARDS « Culture of Life News thought they could tap into infinite money making by simultaneously conjuring up the image of safety while at the same time, playing some of the most risky games on earth.
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AIG made the Derivatives Beast possible by being the main entity that promised to pay off all bad debts in the international pirate casinos. So everyone rushed to the Russian Roulette tables and began pulling triggers like mad. Well, the guns went off, the bullets went to the brains and now we see dead corporations and even dying countries all over the place.
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There is this iron rule of economics: if you eliminate punishments for reckless game playing, the game players will play as recklessly as possible and even then, destroy the systems. Therefore, governments must govern, that is, control this human urge to go insane and have strict rules, regulations and above all, LIMITS. That is, the job of all systems analysts and controllers is to spot anything at all moving towards infinity and kill it off. Any detection of a ‘hockey stick graph’ should alarm and alert all regulators who then jump on this and OUTLAW whatever it is the gnomes and pirates are doing. Not protect it or encourage it or cheer it on.
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The philosophical basis for this is purely moral and even religious. If governments, bankers and others understood the concept of the Cave of Wealth and Death and understand that any actions taken to create a system which taps into infinite wealth means instant death, they will not fall into the temptation of going to infinity. Both zero and infinity are demonic. So we have to believe in the religion of balance: Libra’s scales. If we understand that all things have to balance at the end of the year, we will do well.
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The Derivatives Beast is a perfect example of this: it grew from $600 billion to $60 trillion in less than 8 years! This is a Stanley Cup level hockey stick game! This growth in fake insurance on wild risky credit creation is the root cause of the flood of funny money via lending that engulfed the entire planet earth. The wizards and gnomes all promised the nations that bailed them out, that they would tame the Derivatives Beast.
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Instead, they simply tried to make it grow again! But the collapse in credit REPAYMENT has undermined their efforts to restart and regrow the Derivatives Beast and thus, allow them to continue this odious and stupid game. Now, with the default of yet another small sovereign pirate island nation, we see these Ponzi default swaps collapsing yet again! This is because they are totally, utterly and completely useless! This is why ‘reforming’ them won’t work. They don’t work! It is ILLOGICAL. Why would anyone pay someone’s bad debts? Even sovereign countries hate doing this!
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So of course, even if a sovereign nation is willing to go down in flames rather than pay off swaps, why would anyone? Ergo: it is a stupid concept that can’t work in the Cave of Wealth and Death. Libra is left to fix it her own way which is to declare the swap dealers, ‘criminals’ and then slay them! That is, Libra happens to also be Justice and of course, judges the dead as well as the living. So we have to fear this ‘justice’. Of course, the gnomes and wizards hate ‘justice’. They want fun and sex and power! So they try to sneak around Libra.
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This is why they can’t control these systems. Only some dispassionate person who believes in balancing the books and settling debts properly and preventing hockey sticks can run this joint. Only someone who is very suspicious of wizards and gnomes can run this. Since no such human really exists, we can’t have a Derivatives Beast swap meet. We have to forego this and outlaw it entirely. For the Cave of Wealth and Death lures all inside. The gold glitters at the entrance and the darkness of death lurks deeper inside.
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Now, on to Dubai which is destroying all pretense that we can have any sort of derivatives swaps at all: Dubai owns many things which it bought using derivative swap-generated easy credit. And all of this credit is now a dead letter.
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Long arm of Dubai: What they own
. *London Stock Exchange: Nasdaq made several failed attempts at hostile takeovers of the London Stock Exchange in 2006. A year later, it capitulated and sold most of its stock to Dubai. . . Bought for £155m in 2005 by an investment company indirectly controlled by Dubai, it has tenants including Reed Elsevier and Enterprise Oil. . . QE 2: Owned by the Nakheel division of Dubai world, the QE2 was bought for £50m, to use as a floating hotel off one of the palm islands. She’s currently due to sail to Cape Town to help out at the World Cup. .
*The Adelphi in the Strand: A 13-storey central London office block with tenants including the Department of Work and Pensions. .
*Cirque du Soleil: Dubai acquired a 20 per cent stake in the Canadian circus troupe last year, although no price was mentioned. .
*Merlin Entertainments: Dubai has a 17 per cent stake in Merlin, the second-largest operator of amusement parks in the world after Disney. It owns Alton Towers, Chessington World of Adventures, Legoland, the London Eye and Madame Tussauds. Experts value it at a potential £2bn.
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HAHAHA. Dubai basically bought magical stuff and casinos like the London exchange! Note that the English people don’t own it. England has peasants who are residents, a Queen who protects pirates and a corrupt Parliament that wishes the peasants would shut up, go away (emigrate) and let them replace the peasants with foreign labor which is cheaper and easier to deport when no longer needed. Sovereignty lies in the hands of the people ever since the US and France invented ‘nationalism’. Before then, people were literally owned (except in a very, very few places like Switzerland) by aristocrats who were internationalists using various places as home bases.
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Note that the English pensions and works offices paid rent to Arabs who got their money via the Derivatives Beast enabling easy credit. Even the QE 2 was sold to these Arabs whose ‘nation’ used to be a literal pirate cove a mere 60 years ago! The English people can’t sit passively at home forever, watching the X Factor and thinking Britain has any talent at all, if the people there let themselves be taken over by a bunch of crazy pirates.
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A Kazakh Bank’s Failure Is Mukhtar Ablyazov’s Problem – NYTimes.com
From 2003 to 2008, the likes of Credit Suisse, Morgan Stanley, Royal Bank of Scotland, ING and others funneled more than $10 billion in loans into Kazakhstan’s largest bank, Bank Turalem, as the large Central Asian country enjoyed a growth boom spurred by its rich deposits of oil and natural gas. .
So many of these loans are now bust that many foreign banks are facing write-offs of as much as 80 percent of their value, prompting investigations into why the loans went so bad so fast, according to officials at Bank Turalem, which was taken over by the government earlier this year.
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First, the gnomes lent oil pumping nations oodles of money that was created thanks to the Derivatives Beast as well as the easy money from the FX Japanese carry trade games. Trillions of dollars in credit was created this way. The banking gnomes needed to find someone willing to pay them fees and interest on this funny money, so they handed out loans to everyone including welfare queens in DC with no real incomes. If even obviously bad deals like the one reported by the Washington Post got passed by entities like GE lending, all these bad bankers simply wanted to write the loans and then run off with the profits, pronto.
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Well, since NO ‘due diligence’ was practiced, these loans were given to outright crooks, pirates, ponzi schemers, drunks, bankrupts (Donald Trump!) etc. Many oil pumping nations fed off of this lending game. That is, they thought this easy money would be covered by future sales. History tells them that oil prices can shoot up or drop like a rock. At the bottom of all this is manufacturing. That is, the real steady profits in capitalism don’t come from mining or oil pumping or other systems. It comes from agriculture and manufacturing. All great empires were built on the backs of the peasants working the fields and the townfolk making goods such as silk or turning iron into steel goods, etc.
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Energy input is important but always, the energy from humans is more important in the long run than any other form of energy. This is because humans get paid for their labor so the money profits have to be shared, if only for food and some rags!—with the laborer. Who then spends it if not a total slave. Slave economies do not do well compared to ones where the wealth is shared. The oil pumping economies tend to be slave/master economies with slaves imported to do the labor a la Dubai. Below is a very stupid article about all this. That is, the author is reporting a very stupid and dangerous report put out by our university based ‘economists’. This paper tries to prove that the trade deficit doesn’t really exist because our major internationalist corporations get most of the profits back. So to speak.
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What the iPod tells us about Britain’s economic future – Telegraph Blogs
In my column this morning on manufacturing (Shock news – Britain still makes things) I didn’t have space to mention one other important misconception about manufacturing: that just because something is “made in China” or somewhere else in the emerging world doesn’t necessarily mean that the money from its construction goes to that place alone. This helps explain why, in broad terms, a developed economy does not need a trade surplus (or even a balance) in order to survive.
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People who point out the obvious never get published in the US or UK mainstream media. As the US and UK devolve, deindustrialize and die, there is this endless line of crazed idiots who will try their hardest to convince us, trade deficits don’t matter. And making stuff is OK if it is made all over the planet and we get to make a small portion of whatever. This is wrong, dead wrong.
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China is very aware that they are not at the apex of the manufacturing cycle system. And China’s leaders have every desire and are working relentlessly to insure that they will be eventually the apex. And they systematically go about this, following various rules of logic (ahem, HAHAHA) rather than ideology. After being burned by Maoism, the Chinese are very careful to adhere to the concept of ‘reality’ rather than ‘wishful thinking’. This article from the Telegraph is pure ‘wishful thinking’.
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Let’s take the iPod (or the iPhone for that matter) as an example. On the back of it it says “Designed by Apple, Made in China” or words to that effect. What this tells you is who designed it and who put it together. What it doesn’t reveal is the complex economic web that the product represents – that the cash you pay for one of them is scattered to many different countries around the world….
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And below is the handy pie chart that tells us that Steve Jobs and his crew in the US get the most dollars from this. As well as the sellers of these things:
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….In fact, this breakdown of where the cash you pay for an iPod goes shows that the vast majority finds its way straight back to the US, rather than going to China. A hefty chunk represents the retail and distribution costs (which will depend on where you are, though in the case of this diagram they are in the US), then after that Apple recoups a massive chunk, effectively for having designed the thing. The rest of the money goes to the people who make what goes inside. As it happens, for most of the (older) iPods the team examined, the most expensive components were the hard disks, which were manufactured by Toshiba, a Japanese company, in the Philippines. Here, again, the same principle was at work: the designer of the hardware recouped far more of the profit than the factory which puts it together.
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HAHAHA. The economists in the study admit that JAPAN gets a nice hunk of the deal. Note the words I highlighted: the OLDER iPods had components made in Japan…not the recent ones. Also, Japan outsources this work to….CHINA! HAHAHA. Oops. The factory workers NEVER get the bulk of any production, this goes to all sorts of others but they get SOME of it. Now, if the sum total of production in the US is made only by the top staff at Apple, and if there is no production in the US, just sales, then there are zero workers gaining profit from this.
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True, the sellers get some profits. BUT THIS STILL DOESN’T FIX THE TRADE DEFICIT! Sellers selling anything from overseas, profit. But these profits come at a stiff price: the trade deficit itself. That is, the entire nation is put in jeopardy just so the sellers can profit! Making more profit than the factories is meaningless if there is a trade deficit. If the US sold lots of oil to China and Japan and then, in turn, bought the trade goods manufactured there, all is well. Except we run deficits to them even as we sell them Alaskan oil! And contrary to the mental gymnastics of these foolish professors, deficits do matter. They are a NATIONAL problem, not a problem for Steve Jobs. Who doesn’t care how deep the trade deficit is, he doesn’t pay for it.
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How 16 ships create as much pollution as all the cars in the world | Mail Online
As ships get bigger, the pollution is getting worse. The most staggering statistic of all is that just 16 of the world’s largest ships can produce as much lung-clogging sulphur pollution as all the world’s cars. Because of their colossal engines, each as heavy as a small ship, these super-vessels use as much fuel as small power stations.
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But, unlike power stations or cars, they can burn the cheapest, filthiest, high-sulphur fuel: the thick residues left behind in refineries after the lighter liquids have been taken. The stuff nobody on land is allowed to use. Thanks to decisions taken in London by the body that polices world shipping, this pollution could kill as many as a million more people in the coming decade – even though a simple change in the rules could stop it. There are now an estimated 100,000 ships on the seas, and the fleet is growing fast as goods are ferried in vast quantities from Asian industrial powerhouses to consumers in Europe and North America.
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Free trade spawned a flotilla of useless moving ships built by Norway, China, Japan, South Korea, etc. Not one of these behemoths were built by the US or UK. The US and UK used to be the #1 ship builders for 200 years. Now they are number zero. Not one built by us. While the goods carried by these monster ships flood into the US and UK. I’m sure some goofy US or UK genius professor will explain that the profits from selling all these foreign made goods traveling in foreign ships are a good thing because Cosco or Walmart profits from sales from these imported items.
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These 100,000 ships represent a transfer of wealth. They create this immense trade imbalance. They are at the bottom of this mess. And they are creating global warming, too! HAHAHA. Global free trade=global warming gasses. If the pirates and gnomes involved in the Bilderberg group was even slightly serious about anything they spout, they would be 100% against free trade and 100% for local production of goods and services.
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Obviously, they are not. They are fakers. The push to get us to rush into the fake derivatives carbon trade scheme in Copenhagen is falling to pieces. A number of outraged Parliamentarians in Australia Senior Liberals desert Turnbull – ABC News (Australian Broadcasting Corporation) have resigned over the issue of the leaked emails showing the pro-warming guys tampering with the data and using fake data to scare people. The bankers want this new derivatives market because the Derivatives Beast’s swap market is getting unhinged. The Associated Press: Leaders say momentum building on climate change is the latest futile attempt at herding us all into this bizarre bazaar.
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Anti-WTO protest in Geneva turns violent – CNN.com reports that even in staid Switzerland, the WTO can’t meet without being mobbed. The entire reason why they met over and over again in Doha, a former Arab pirate community turned ‘honest’ by oil exports, is that they could meet with impunity, issue all sorts of insane decrees and no peasants and laborers could storm the meetings and beat up everyone. All attempts at meeting in any industrialized nation has met with intense rage if these countries are facing financial ruin thanks to free trade. They thought they could meet in the US and that has proven very difficult, too.
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As well as it forced the State to show its true alliances. Using paramilitary thugs to crush the ‘citizens’ of the US, we see clearly who is master and who is slated to be slave. So far, the deindustrialization of the US has proceeded with little uprisings mostly because retailing the imported goods still feeds many families who work for outlets selling these imports. Note the recent Xmas sales: 99.9% of the the stuff that was bought was imported. Everyone rushed out to buy electronics mostly if not entirely made in Asia. And very few of these things were made with US technology or creativeness. Many of these things were created by Japanese and made by Asian countries.
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As for the iPod article: note that the actual electronics were made by and designed by the Japanese. Students who were born in the US are no longer studying computer coding or design. When I helped run the RPI computer research design labs (which worked in conjunction with IMB) we had exactly one US born researcher graduate student there. Many of the teachers were Americans. The vast majority of the students were foreign. And they went home with this knowledge and applied it. The one US student had to go to….CHINA! Half of the time because IBM moved its activities to China.
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China 2009 Gold Demand, Output May Gain to Records (Update2) – Bloomberg.com
The country’s gold demand may be more than 450 metric tons this year, up from 395.6 tons in 2008, and output may climb to 310 tons, compared with 282 tons a year earlier, Zhang Yongtao, deputy secretary-general of the association, said at a conference in Kunming today. Annualized growth in China’s gold production was 9.5 percent in the past eight years, he said.
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China overtook South Africa to become the world’s largest producer in 2007 and the World Gold Council said in July that the nation may pass India as the biggest consumer. Bullion touched a record of $1,195.13 an ounce Nov. 26 as a weaker dollar drove demand for precious metals as an alternative asset.
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China tires of US paper dollars and are rapidly morphing it into gold. And this pretty much sums up what is going on: the old verities didn’t vanish. The old rules still run right alongside modern systems. And the whole thing about gold is how it can be used to balance some other system since gold doesn’t rot, rust, diminish in quality or size, it doesn’t degrade like say, uranium, it is pretty much the same 13 billion years ago as today. So it has this wonderful characteristic we call ‘stability’. And this goes back to the concept of Libra: stability is good. The global warming people are scared that our climate is becoming unstable.
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Yet not one of them is capable of figuring out who the enemies are. They think, if they tax consumers, this will fix things. Instead, they should all be anti-free trade. HAHAHA. And watch the Bilderberg people throw up! This is the last thing on earth the elites pushing these energy taxes want is for us to stop the free trade gravy train. As we can see in the graph above, the top corporations get great profits from unbalanced trade moving on thousands of ships belching noxious fumes!
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good video, linking fiat money system to unsustainable growth problems….so pollution can’t be solved before the base problem is fixed….
hmm link is not working
complete
http://video.google.com/videoplay?docid=-2550156453790090544&ei=MFYRS_nBI9qv-Aa1l_1j&q=debt+as+money&hl=en&view=2&dur=3&client=firefox-a#
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In the graph about iPods, do we know what “captured value” means? And if a consumer pays $299 for an iPod, as the graph states, where is the other $109 not shown in the $190 of “captured value”?
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ELAINE; Ah. That is the trade deficit values. 🙂
How much different is our USSA from the
Dubai Emirate ? Both are based on slave labor with the USSA having some of its slaves abroad and some called “illegals” within its own borders. Both have arrogantly pyramided debt beyond sanity.
From commondreams.org……….
“Dubai is finally financially bankrupt – but it has been morally bankrupt all along. The idea that Dubai is an oasis of freedom on the Arabian peninsular is one of the great lies of our time.
Yes, it has Starbucks and Dunkin’ Donuts and the Gucci styles, but beneath these accoutrements, there is a dictatorship built by slaves.
If you go there with your eyes open – as I did earlier this year – the truth is hidden in plain view. The tour books and the bragging Emiratis will tell you the city was built by Sheikh Mohammed, the country’s hereditary ruler.
It is untrue. The people who really built the city can be seen in long chain-gangs by the side of the road, or toiling all day at the top of the tallest buildings in the world, in heat that Westerners are told not to stay in for more than 10 minutes. They were conned into coming, and trapped into staying.
In their home country – Bangladesh or the Philippines or India – these workers are told they can earn a fortune in Dubai if they pay a large upfront fee. When they arrive, their passports are taken from them, and they are told their wages are a tenth of the rate they were promised.
They end up working in extremely dangerous conditions for years, just to pay back their initial debt. They are ringed-off in filthy tent-cities outside Dubai, where they sleep in weeping heat, next to open sewage. They have no way to return home. If they protest, they are beaten by police”
“Global free trade=global warming gasses.”
You sure about that Elaine? The HADCRUT dataset was generated from raw data that has apparently been dumped by the UEA researchers:
http://www.timesonline.co.uk/tol/news/environment/article6936328.ece
This was one of 2 global surface temperature datasets on which the warmist plank is based. The other is James Hansen’s GISSTEMP. That has had its own share of problems over the years, with adjusted and unadjusted data mixed in, and raw data ‘changed’ retrospectively to fit the warming trend
Without these, there’s precious little in the way of observational evidence to support global warming based on greenhouse gases. The theoretical physics-based mechanism for global warming isn’t much cop either
The evidence for pollution from these vessels of free trade OTOH… that seems pretty solid
Onion, according to the people who want us to pay a ‘carbon footprint tax’…using fossil fuels is causing problems. So I suggest we stop free trade which causes food, for example, to travel thousands of miles even though the exact same food is growing down the road.
Yeah – those people are wrong. We should do the right things for the right reasons. You’ve already perfectly outlined the catastrophic social and economic effects unidirectional “free” trade has on the trade partner ruled by corrupt sellouts – the gutting of its industrial base and job market. And you’ve also mentioned that in a Depression, protectionism protects citizens. And the sulphur spewing ships
But to entertain the cap ‘n trade gang – what happens next is that ‘AGW-deniers’ will be fined, persecuted, barred from jobs and worse.
It’s a slippery slope when you knowingly base policy on a lie
What does it matter?
All of our current (and past) imperial wars were based on “lies that led down slippery slopes”. Our laws are based on lies that lead down slippery slopes. Our economy is a giant lie cruising down a slippery slope at warp speed, so why not pick up one more lie while we’re on the road? Just stick your hand out and you’ll catch one.
Here’s the conspiracy in plain sight:
http://www.silverbearcafe.com/private/11.09/goons.html
AIG raises water rates 50% in rural Kentucky to pay bonuses.
Elaine, I am glad you commented on the Ipod article. On reading the comments on that post at the Daily Telegraph it is clear that a lot of people feel the same way you do.
To re-iterate what you have being saying, the Ipod case study illustrates something else very fundamental. An Ipod is a toy, have you ever tried to phone somebody with it? When you look at the Chinese offerings in regard to mobile phones then you realise what has happened.
So of course, even if a sovereign nation is willing to go down in flames rather than pay off swaps, why would anyone? Ergo: it is a stupid concept that can’t work in the Cave of Wealth and Death.
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would the US pay off these options in the next go around…. and the next….
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so lets face it there is no capitol to back these garbage positions in a garbage market….
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and carbon credits and global warming…. its time to look at the benefits at the least of global WARMING and the statistical oportunity of 100s of millions of years of persistent tropical temperatures…. more heat = more rain and other stuff ‘storms’
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as for the bullshit science of being able to stop global anything with credits…. well we should look to CDS and CDOz and what credit historically has in relatively little time evolved into
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no reason to fight the future
That NYT article omits a wee bit of history.
W.J. Clinton, ex-pres of the USofA was a grand supporter of Mr. Abylazov.
Enjoy the generalized linkage:
http://www.google.com/search?hl=en&ei=MwgTS4TwGIzplAfEj5yxAg&sa=X&oi=spell&resnum=0&ct=result&cd=1&ved=0CAYQBSgA&q=Clinton+AND+Ablyazov&spell=1
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ELAINE: He isn’t the only one enamored by post-Soviet mini-dictators.
Russian patriarch seeks “powerful reply” to train bomb
http://www.reuters.com/article/topNews/idUSTRE5AS1ZC20091129
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“We believe the reply will be effective and powerful enough to show these shameful, terrible people that … when the hand of an enemy is lifted against our lives, we are able to defend our citizens,” Patriarch Kirill said at a memorial service in Moscow.
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nuf said…. no reason i can see for rebels to roam the countryside in a 1st world nation
U.S. police killed
(00:59) Report
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http://www.reuters.com/news/video?videoId=7001398&videoChannel=1
Nov. 29 – U.S. police say four officers have been shot dead in an ambush at a coffee shop in Washington State on Sunday (November 29).
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somebody save me
“somebody save me” sure, someone will, real soon now, would not be proper for you to save yourself, so just wait for it, anytime now, sure as the sun rises in the north you will be saved.
“Instead, they should all be anti-free trade. HAHAHA. And watch the Bilderberg people throw up! This is the last thing on earth the elites pushing these energy taxes want is for us to stop the free trade gravy train.”
😀 great point! You made my day once again. One could argue that anything produced completely in the US produces less CO2. There is no way around this logic, no way around it at all.
This would mean a serious leakege of profits to the working class also.
Nightmarish scenario 😀 .
One MEP here said it well too: “We export pollution and import unemployment.”
Good quote, JT.
“We export pollution and import unemployment.”
.
jokes are lol
Yes, i love that vid too zip. Our financial system is rotten to the core. Protectionism, tariffs and what not do not matter, they will never help fix something that is corrupt in it’s core being.
That’s why JFK had to go, he wanted to return to the Greenback and thus effectively end the privately owned banking system. JFK, the last real president.
Economics is not complex; it is very simple. Professors and economists would like to have you believe it is complicated when in fact they make it opaque, so you cannot understand it. The same is true with banking. In normal times through the century’s bankers using the fractional banking system usually lent 8 times their assets, or deposits. It was only until recently that the privately owned Federal Reserve told banks within the system to lend 40 times assets or more in order to accommodate the system.
All this is to cover to confuse and hide the truth of fractional banking. Bankers’ indebt borrowers with money they made up out of thin air. Debt is enslavement by the bankers upon the people by buying almost everyone off. In the final analysis banking is a fraud unless money is interest free. The Fed, and all the other banks are a fraud.””
http://www.globalresearch.ca/index.php?context=va&aid=16313
The gov in Dubai has declared that it will NOT guarantee debt of Dubai World but instead move to backstop only national banks there (not intl banks?). So.. Dubai World default or renewed infusion of capital is left as a problem for its creditors. This will be interesting to watch as it is exactly the opposite of what was done in US. stay tuned.
Correct, Charlottemom. I am going to talk about that matter. We just witnessed yet another episode of ‘Wishful Thinking Gnomes and Wizards.’
Happy to hear that you will write on this Elaine as I have only heard this mentioned once on CNBC (sandwiched between Tiger Woods story and general reporting on how potential Dubai world liquidity issue is a blip. lots of whistling past the graveyard going on.
As an aside: it is curious about Tiger Woods’ rumored involvement with the granddaughter of Maurice Uchitel (of NY/Fla hotel/nightclub fortune. But not for the reasons that MSM, tabloids (and blogs) are writing about and promoting.
they all look lovely 🙂
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true… but ultimately, like the how a wise man once said: Cutting up fowl to predict the future is, if done honestly and with as little interpretation as possible, a kind of randomization. But chicken guts are hard to read and invite flights of fancy or corruption.