Imbalances In World Trade Cause Tectonic Shifts In Power

I have to rush out the door today so here is a wild set of stories that are kind of tied together in various ways starting with the odd story about Jews in Canada being totally outraged because Canada just made it illegal for them to openly insult non-Jewish women who happen to be their spouses, for example.  

Hate law goes to ‘most absurd level’: Jewish group

The Canadian Jewish Congress says the Toronto Police Service is pushing anti-hate law “to its most absurd level” by listing “non-Jewish Shiksa” as a victim category in its latest hate crime study. .

The statistical report reveals that officers investigated hate crimes in Toronto last year against such unusual victim groups as teachers, feminists, infidels, police, Nazis and pedophiles. .

But it is the redundantly named category of “non-Jewish Shiksa” — a slur for a non-Jewish woman, from a Hebrew root meaning “a detested thing” — that has especially baffled the CJC, a prominent advocate for stronger hate crime laws. “You just can’t apply it to literally everything,” said CEO Bernie Farber.

ΩΩThis is a classic: there is no religion on earth more racist and exclusionary than Judaism.  ‘Real’ Jews won’t even touch or eat food prepared by non-Jews unless there is a rabbi standing around, blessing everything and thus, making it ‘clean’.  I was the ‘unclean’ shiksa in my ex-husband’s family.  No one wanted to eat my dinners (ie: no dinner parties at my unclean house!) and I was told, in my face, that I was not part of the family and of course, when my husband’s parents died, they disowned him so he inherited literally nothing, not even photographs.

ΩΩThis was pure and unadulterated racism aimed at me, a spawn of the very racist Norman ruling elites of England.  Heh.  My own family’s history is very bloody as well as racist, we wouldn’t breed with the Saxons or the Celts of Britain!  Much less, anyone else.  Inbred to the extreme: this is also true of Jews until European liberalism opened up the ghettoes and Jews began to work and  marry outside of the religion.

ΩΩJews have exploited the crimes of the Nazis—Nazis are extremely racist, too—in order to pass undemocratic laws about ‘hate crimes’ which prevents anyone from saying, ‘Zionists are the same as Nazis’ in Europe, for example.  It is illegal.  But in the US, it is still permitted to compare the racist ethnic cleansing thinking and laws of Israel with Nazi Germany’s equally odious laws.  I kind of wish we had the Canadian laws here back when my ex-husband’s family regularly insulted me.  Then, I could have had some of them arrested!  HAHAHA.

ΩΩOf course, I wasn’t mean about all of this, I simply got a divorce.  But this brush with rank racism has caused me to feel sympathy for others who suffer this sort of thing.  The recent rash of editorials written by Jews attacking Arizona for passing laws allowing the police to look for illegal aliens amused me greatly since these same writers are perfectly happy with Israel turning the natives of Palestine into ‘illegal aliens’ inside of their own country!  Again: the contradictions pass right over Jewish heads because they really do think they are above the laws of humanity and thus, can do as they please while demanding the rest of us walk on eggs around them.

ΩΩThe Jewish Zionist community has been very focused on disarming Iran now that they disarmed and destroyed Iraq.  This international attempt at enforcing Iran’s second class citizenship is faltering.  The Zionists use our entire State Department and 100% of our diplomatic capital to pursue this ridiculous disarmament of only Iran while Israel and the US collect and use nuclear bombs with virtually no restraints.

Factbox: Ties binding China and Iran | Reuters

Iran agreed with Brazil and Turkey on Monday to send some of its uranium abroad, reviving a fuel swap plan drafted by the United Nations with the aim of keeping its nuclear activities in check. But Iran made clear it had no intention of suspending domestic enrichment the West suspects is aimed at making bombs. .

This article goes on to whine about how China is enabling Brazil and Turkey to defy the US/Israeli nuclear power push to disarm Iran totally.  China, unlike the US, has no need to twist their own diplomacy to suit the desires of international Jewish power bases.  They are free of religious bias and thus, can do business even with totally crazy religious nations.  They will happily do business with both Jewish and Muslim fundamentalists!  Imagine that!

.

The US does this too, for oil.  We even sold our entire military apparatus to the Arab oil Sheikhs in 1990.  A new low for our country and one that our President, Bush Sr, was very proud of, for this was the ONLY year we balanced our trade!  Thanks to selling off our military for another country to use in a war.

.

Iran is a major supplier of crude oil to China, the world’s second-biggest consumer of oil after the United States. The U.S. has urged China to tap other suppliers. .

Very, very soon, China will be the world’s #1 oil buyer and shortly after this, the yuan will suddenly displace the dollar as the currency which determines the value of oil deals.  Then, the yuan/dollar peg will vanish.  And we better prepare for this day: it is INEVITABLE.  We will suddenly find out where all those many trillions of US dollars are hidden in various foreign FOREX accounts and then hyperinflation will rage…for the US dollar, not the Chinese yuan.

.

In 2009, Iran was the third-biggest foreign source of crude oil to China, supplying 23.1 million metric tonnes, or 11.4 percent of China’s total crude imports. The biggest foreign crude sources for China were Angola and the top supplier Saudi Arabia.…In the first three months of 2010, bilateral trade grew by 47.4 percent compared with the same months last year, and China’s imports from and exports to Iran both grew strongly.

ΩΩThe only reason we are not doing business with Iran is because of Israel.  So we slit our own throats, Iran used to be a very big consumer of US manufactured goods.  Now, it consumes none.  And we can’t afford this, either!  White House Slams Iran Uranium Deal while   Brazil-Turkey-Mediated Iran Deal Puts Ball in US Court.  The far right wing neo-Nazi government of Israel has trotted around the planet being every bit as vicious and as arrogant as the German Nazis of yore.

ΩΩFor example, they went way, way out of their way to insult Turkey repeatedly.  Each time Turkey protested these insults, the Jews in the US media would join with their compatriots in Israel to savaging Turkey and mocking the Turks.  Just as the US Zionist media attacked our own VP and President when they both became very angry over open Jewish insults delivered like slaps to our collective faces during Biden’s last disastrous trip to Israel.

ΩΩIsrael to Europe: Stop Citizens From Gaza Aid Trip: anyone helping the starving, homeless masses huddled inside of the New Warsaw Ghetto are attacked by the Israeli military and media forces.  Even as Jews write fake stories about the very real Holocaust, about how a villager in Poland threw apples over the fence of the death camps to feed starving Jews, these same people who cry over this sort of story grow utterly stoney faced when anyone tries to throw any apples to the starving Palestinian children!

ΩΩThe US cannot let this sort of insanity continue: it will destroy our own nation.  We can’t be racist in Israel or even at home while condemning racism.  Nor can we have a foreign policy that sends our entire nation off the financial cliff just so a 2% minority here can lord it over a billion Muslims across the entire planet.

ΩΩNow on to the other disasters.  We can’t control Mother Nature so the Icelandic volcano continues to ravage Europe’s air transportation systems and of course, the amount of fine volcanic dust is accumulating in the Northern Hemisphere and once again, will cool down this part of the planet, bit by bit.

BP Doubles Estimate for Oil Captured in Gulf Spill (Update2) – BusinessWeek

At least 94,000 barrels (3.9 million gallons) have leaked into the Gulf since the blast. The oil that is collecting is being stored on a drillship, while produced gas is being flared.

.

BP Chief Executive Officer Tony Hayward said that the environmental impact of the spill will probably be “very, very modest.” In an interview with Sky News yesterday, he said that the company had “made a lot of progress” and that the cooperation between BP and government authorities will be seen as a “textbook example” for how to respond to accidents.

ΩΩLike the JP Morgan/Goldman Sachs criminals, this idiot thinks the world’s worse oil disaster in all history is…modest??? HAHAHA.  Sheesh.  He should be locked up in a mental hospital and treated for being either a total psychopath or dementia.  Things are truly terrible in the Gulf and the stream of pollution is now flowing into the Gulf Stream and could end up in Europe!  It certainly qualifies as one of the worst human pollution events next to Chernobyl or the US/Russian Cold War nuclear bomb tests.

ΩΩNow on to Japan: the depression there is now much, much worse than in 2000.  This is a serious problem for both the US and Japan since both nations are also very deep in debt and China is roaring ahead and passing both nations in political as well as economic power and part of this is due to China’s ability to do business with literally anyone!  No need to terrorize whole quarters of the earth.  The store is open and doesn’t discriminate as far as the Chinese merchants are concerned!

Workers’ average monthly wage drops to Y315,311 › Japan Today: Japan News and Discussion

Workers’ average monthly wage in Japan dropped the largest-ever 3.3% from a year earlier to 315,311 yen in fiscal 2009 through March for the third consecutive yearly fall, the labor ministry said Monday. The sharpest decline since fiscal 1991, when the current statistical method was introduced, was attributable to a decline in semiannual bonuses and overtime pay amid the global economic slump, the Ministry of Health, Labor and Welfare said.

ΩΩTo fill in all of this news, I went to the CIA – The World Factbook — Japan:  The average income is $41,000 a year but the GDP per capita is only $32,600 which ranks 42nd in the world.  Japan’s economy has now fallen far behind China in the world economic rankings.  Interestingly enough, the EU is #1 but this is not really a country but rather, a trade/currency group which is obviously extremely fragile and rapidly falling apart.

ΩΩDespite being #4 in world rankings, Japan ranks nearly dead last with all other countries when it comes to GDP growth which is a negative 5% this year.  The US GDP per capita is $46,400 which is much higher than Japan’s.  Japan’s gulf between rich and poor is still better than the US with the bottom 10% have 4.8% of the national wealth while the top has 30% while in the US, the poor 10% has only half the amount at 2% while the top 10%  has the same 30% share as Japan’s top 10%.

ΩΩJapan has been hammered by China when it comes to manufacturing growth rates.  Japan has seen a -17% growth rate, that is, it is shrinking rapidly. The US shrank only 5.5% but this is mostly due to hyper military spending which is bankrupting our nation.  Meanwhile, China grew at 8% during this very bad recession/depression.  Interestingly enough, Iran grew at 4%!

ΩΩHere is the money that is held in bank accounts including government FOREX holdings in each of these countries:

  1. European Union $ 5,542,000,000,000
  2. Japan $ 5,417,000,000,000
  3. China $ 2,434,000,000,000
  4. United States $ 1,436,000,000,000

ΩΩNote that the US has less than one quarter the amounts that the EU and Japan hold!  Um, these are our allies and friends and big trade partners.  Mostly one way trade partners.  And the US has half of the holdings which China now has.  Next:  Quasi money (M2)

  1. United States $ 10,990,000,000,000
  2. Japan $ 6,160,000,000,000
  3. European Union $ 5,631,000,000,000
  4. China $ 4,523,000,000,000

ΩΩBut when it comes to M2 funds, the US has double what the EU and Japan have!  This is a great way to see how grossly unbalanced trade really is.  This imbalance must be fixed one way or another because it can’t continue this way forever.  This is a growing contradiction that has to be resolved since all such things get resolved in the end.  History tells us this in no uncertain terms.  Let’s look at some more banking stats:  total quantity of credit, denominated in the domestic currency, provided by banks to nonbanking institutions.

  1. European Union $ 21,170,000,000,000
  2. United States $ 15,060,000,000,000
  3. Japan $ 12,340,000,000,000
  4. China $ 5,555,000,000,000

ΩΩThese stats are out of date due to this month’s bail out of the entire European Union which required the US to also hand over a quarter trillion in financing to keep the creaky confederation in Europe alive.  Note how the EU’s numbers are $6 trillion greater than our own numbers!  And the EU economy is the #1 economy in the world right now.  Yet, we are bailing them all out over and over again…while going very, very deeply into debt, ourselves. And look at China here: it is one third the size as the US.

ΩΩI see many stories about how China’s debts are really bad and oh my, China is going to collapse!  Yet, China is now the world’s #3 economy after the EU and US!  And has much, much less debt, a lot less.  The EU is very much in debt!  And the disparity is obvious in these numbers.  Both the EU and US must go to China hat in hand for help since China still has a capital base (their economy has less debt piled on it!).

ΩΩHere are more shocking numbers:  total public and private debt owed to nonresidents repayable in foreign currency, goods, or services.

  1. United States $ 13,450,000,000,000
  2. United Kingdom $ 9,088,000,000,000
  3. Germany $ 5,208,000,000,000
  4. France $ 5,021,000,000,000
  5. Netherlands $ 3,733,000,000,000
  6. Spain $ 2,410,000,000,000
  7. Ireland $ 2,287,000,000,000
  8. Japan $ 2,132,000,000,000

China isn’t even in the top 20 nations here, nor is South Korea!

22.China $ 347,100,000,000

23. Korea, South $ 333,600,000,000

ΩΩThe US owes money to nearly everyone on earth! The amount held by foreigners is nearly $14 trillion while foreigners own less than half a trillion in Chinese debts! OUCH. Japan hates owing foreigners anything yet has finally fallen into this trap, too. But it is still only a tiny fraction of what the US or UK owes to foreigners!

ΩΩThe G7 nations are in very deep debt. This is in stark contrast with China, the top competitor for power. If China wants to sell stuff to Iran, China can do as it wishes since China is one of the chief credit worthy countries on earth. They have credit to burn! They are not in debt up to their eyebrows like the US, UK or Japan.

ΩΩLook at the lopsided scales here!  The Japanese and German scales go to $15 billion per year whereas the US scales go $6 billion or less a year!  That isn’t even half!  Note too, how US trade growth with Japan was totally flat after 1995 while Japan’s exports grew until 2000 and since then, hasn’t been as high as in 1999.

ΩΩThe economic malaise is only for the lower classes in Japan, the UK and US.  Latest news, comment and reviews from the Guardian | guardian.co.uk

Analysts say the upswing in buying is largely by affluent people snapping up luxury items and delinquent homeowners who have extra money since they aren’t making their mortgage payments.

ΩΩThe people living illegally in their homes while not paying their debts are ‘grasshoppers’: they party until they drop.  The irresponsible borrowing is being followed by irresponsible bankruptcies.  They know the banks won’t eject them from these homes so they live it up….while sober, careful people pay the price.  All the losses on these loans are bankrolled by you and me!  That is, the losses are showing up in the Fannie Mae registers!  Which we all own.

ΩΩAnd to think, these reckless people are spending money on fun stuff while the rest of us tighten our own belts and face a future of high taxes…is infuriating.  Of course, this bubble should never have been allowed and Greenspan is 100% responsible for this.  And playing this debt game has only one ending: bankruptcy of our sovereign nation.  A terrible and dangerous ending indeed.

Euro’s Drop More Worrying Than Its Level, EU Says (Update1) – Bloomberg.com

The pace of the euro’s plunge in the wake of the Greece-fueled debt crisis is more worrying than its current level, Luxembourg Prime Minister Jean-Claude Juncker said. .

“I’m not worried about the current exchange rate, but more worried about the rapid deterioration of the exchange rate,” Juncker, who also leads the group of euro-area finance ministers, told reporters in Brussels today before a meeting of the so-called eurogroup. .

The 16-nation currency fell 4.5 percent against the dollar in five days after initial enthusiasm for a 750 billion-euro ($925 billion) rescue package for debt-burdened governments gave way to concern that Europe-wide spending cuts will trigger a renewed recession.

ΩΩThe euro fell off a financial cliff.  And will keep on falling.  The Japanese hate this, they sell a lot of stuff to Europe!  China hates this, too.  But the financial facts are forcing this along: Europe is very deep in debt and in the wrong ways and dependent on selling to the US for balancing things and the US isn’t buying nearly enough anymore because we, too, are going bankrupt.  And each successive bail out of our joint operations put the US in worse and worse shape.

ΩΩWe can’t do this!  Someone, somewhere, has to go bankrupt.  And not get a free ride like homeowners who buy luxuries and have fun while skipping merrily out of their mortgage obligations despite being able to pay!  The entire debt system runs on fear of bankruptcy and when this is removed, people become very irresponsible, not more responsible!

ΩΩThis is why the entire concept of debts, paper money systems and other things grew organically over many hundreds of years.  And when we tossed overboard the gold standard, we opened wide the door to too much debt based on less and less capital assets.   This new anti-gold system is collapsing and it is no surprise to me, not at all.  And still isn’t being discussed honestly by modern economics professors.

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24 Comments

Filed under .money matters, religion, war and peace

24 responses to “Imbalances In World Trade Cause Tectonic Shifts In Power

  1. New madness; Forclosed homes are so passe , we must have spanky new ones.

    http://www.nytimes.com/2010/05/16/business/16builder.html

  2. Lois T.

    Thanks for the link, ziff house. It just hit me a few weeks ago that this would probably happen because it seems to be the American Way – abandon the old neighborhoods and build new houses that have all of the latest amenities PLUS more bathrooms than most of us would ever want to have to clean in a week’s time.

  3. leavingtheoffice

    While comparing the GDP of the US, EU, Japan and China, you should have included a BRIC total. I looked at some stats derived from the CIA Fact Book last week and the BRIC total was more than 13% greater than the EU. Now that’s a power shift!

    Btw, the stories of political correctness in Canada are funny unless you live here. Don’t breathe a word that can be misinterpreted as culturally insensitive in the workplace. I think an awful number of folks here would love to go Hutu style on our intelligentsia, if ya know what I mean.

  4. Gus

    Shiksa loses case in court!

    Court Forces Hispanic Catholic Woman To Follow Orthodox Jewish Rules

    http://www.huffingtonpost.com/2010/05/18/court-forces-hispanic-cat_n_580231.html

  5. payAttention

    ‘We can’t do this! Someone, somewhere, has to go bankrupt.’

    You didn’t get the news? That’s you. You were not bailed out.

    ‘Both the EU and US must go to China hat in hand for help since China still has a capital base (their economy has less debt piled on it!).’

    You are confused about the nature of capital. Debt or credit only represents capital. While it is true that China could have had thousands of engineers and a flotilla to bury the oil geyser in the Gulf, we did not ask for help. Capital needs to be able to be deployed. Depressions are about the stranding of capital. In order to release capital, the old losers have to leave, since they will not change anything. This was prevented by the Bernanke/Geithner faction, with the full cooperation of the very greedy and foolish Hu. I will leave it up to your imagination to understand which capital model that faction is willing to deploy. Instead of helping people of goodwill in the West, the Chinese Shylock has helped the chaos people. Beggaring the USA and Europe is not in his long term interest. However, the ‘fifty year plan’ has nothing to do with Hu the money printer. If he wanted stability, he would make the yuan convertible to gold and put an end to chaos. Unfortunately Hu is so greedy that he refuses. Incidentally, is middle aged men walking into nurseries with meat cleavers and hacking away at the children a part of the five year plan? Harmony defined, in my opinion. However when facts contradict your reality, that never bothers you.

  6. DeVaul

    Well, the Chinese meat cleaver guy was attacking the children of the new upper class in China. It was a private school that catered to the rich, not that he should have attacked the children. He should have gone after their parents, but he was probably a coward at heart. I think more of these type events will happen in China as the disparity between the rich and the poor widens, as it always does in capitalist societies.

    I saw a bubble headed bleach blonde on TV today announcing with a smile that Phizer was streamlining its workforce in the US and Puerto Rico — 6 thousand jobs to be eliminated. All part of a consolidation of their US and European branches after “the 8 billion buyout and acquisition of Wyeth”.

    I strongly believe all news reporters should be executed for reporting these mergers and buyouts as “good news” for Wall Street and not as the economic disasters they really are.

    Next we will be told that the volcanic explosion of oil in the Gulf is “good news” for local fishermen, who will have access to free oil now. Just bring your own bucket and siphon hose.

  7. JT

    “We can’t do this! Someone, somewhere, has to go bankrupt.”

    How about Deutsche Bank?
    Germany just gave the markets the finger. What if they nationalize the banks and wipe out shareholders.

    Then the monster will eat everybody.

    We socialists are that way here 😉 .

  8. DeVaul

    Wow. Noam Chomsky was interrogated for hours at the West Bank border. He is 81 years old now and still going strong.

    http://news.yahoo.com/s/afp/20100518/en_afp/mideastconflictchomskyban_20100518163943

  9. emsnews

    Chomsky is one very brave Jewish man, I salute him. Hope he lives to be 100 years old.

    Yes, Germany just froze up critical markets and this is causing chaos in Goldman Sachslandia.

  10. JT

    Yes they are coming back.
    Live footage:

    iron sky teaser 2

    iron sky teaser 1

    We socialists make movies for free on the internet these days 😉 .

  11. Aussie

    @ Elaine
    Re: BP…He should be locked up in a mental hospital and treated for being either a total psychopath or dementia.

    In fact, a lot more BP managers including their Operations Manager and engineers responsible for drilling should go to jail as well.

    They cynically ignored safety practises and took huge risks: http://www.informationclearinghouse.info/article25474.htm

    The same goes for Halliburton, Transocean and the US government from the President, legislators and regulators.

    BP idiots wanted less “rig down time” and faster “drill rates” because the daily rig rates were so high.

  12. Aussie

    @ payAttention
    Re: ….the Chinese Shylock has helped the…

    Question: The US is the sole superpower and controls the World Bank, IMF, routinely sets the UN Security Council agenda plus Wall Street bankers even to day is a major global power.
    Plus Wall Street and London recycled Arab oil money or face US military consequences.

    AND you blame China for US going into debt?
    Informed grownups decide what they buy and how much debts to incur.

    The Alcoholic Anonymous first principle is to admit being an alcoholic as the basis towards succesful rehabilitation and recovery.

  13. nah

    economics is barters hollywood
    .
    imean for all the people that find a partners to structure assets around in order to squeeze out a living… these bastards just act a little better ‘maybe’ and wha’la they sell the deep meaning of money and collect obtuse rewards
    .
    all because some bullshit science cant figure out how to balance a ledgar bad money is as good as real capitol
    .
    and the politics tell the real story of turd burgling millions, so the next guy can leverage buyout whole sectors of the economy, buyback his own shares and load up on credit on good terms to do it all again
    .
    the system of credit is unjust rewards… just ask the greeks if it is worth it to realize the promises of a bankrupt government and let the chinese bail them out, dictating what they should do to earn the perks of the great society… its absolute lunacy to think they would accept any terms except perpetual popular delusion… THE GREEKS ARE NATIONALISTS
    .
    and the banks are no better at discovering quality
    .

    .
    just cornering the market

  14. nah

    We socia lists make movies for free on the internet these days
    .
    OMG iron sky whos that band, those girls work!
    .
    come on…. why cant i say soc ialist this guy can

  15. payAttention

    I blame Hu for putting China into debt for two trillion this year to bail out his money printing pals Bernanke/Geithner. You think those trips Geithner took had any other purpose? This has cleaved China into haves and have nots and created artificial demand for New York to park fake money.

  16. flash

    The tide of consciousness turns.

    Germany attacks the derivatives beast.

    Where I see the usual spray painted gang graffiti today I saw “Halliburton must be destroyed.”

  17. PLovering

    ZBrez talks to Jazi NWO Tea Party.

  18. Aussie

    @ PLovering
    Re: ZBrez talks to Jazi NWO Tea Party video.

    Very interesting ….now the world’s population is politically aware for the first time since history of our species.

    The rise of the internet and web sites such as Elaine is our forum and possible pathway to future salvation.
    We are collectively educating our selves and people like Elaine provide conceptual catalysts for collective musings.

    It is interesting to hear Zbigniew Brzezinski “Guru of Empire” acknowledge the new reality yet contemporary US moves in the Middle East and Eurasia follow his geostrategic vision.

    I suggest a world government will not happen for the reasons ZB mentioned.
    It is more likely their will be proxy wars initiated by a witless US government desperate to displace domestic anger and pirate global resources that it can no longer afford to purchase fairly.

    Hopefully, our western leaders come to their senses because their “politically aware great unwashed” have coalesced into a reformist political movement to change direction and mindset?
    It’s already 11.55 pm to midnight?

  19. if

    “To some degree this is a battle between the politicians and the markets,” she said in a speech in Berlin. “But I am firmly resolved — and I think all of my colleagues are too — to win this battle….The fact that hedge funds are not regulated is a scandal,” she said, adding that Britain had blocked previous efforts to do this. “However, this will certainly have taken place in Europe in three weeks,” she said, without giving more details.” Reuters 6 May 2010

    “German Chancellor Angela Merkel accused the financial industry of playing dirty. ‘First the banks failed, forcing states to carry out rescue operations. They plunged the global economy over the precipice and we had to launch recovery packages, which increased our debts, and now they are speculating against these debts. That is very treacherous,’ she said. ‘Governments must regain supremacy. It is a fight against the markets and I am determined to win this fight.'”UK Telegraph 6 May 2010

    The financiers have been saying that ‘Europe cannot print money faster than Goldman Sachs can create naked Credit Default Swaps.’ Well, Goldman can still create those swaps, but they may have trouble finding counterparties for them in Europe. And those who buy them may do so at their peril, since Europe is obviously seeking to isolate itself from the consequences of speculative excess by an overleveraged financial system.

    Merkel said she was going to reassert the primacy of government over the multinational speculators.

    This is only the opening salvo. It will not be effective without further effort. And it is likely to draw the ire and criticism of the corporate media in NY and London, and the financiers’ well-kept demimonde.

    “Oh no, naked CDS are essential to price discovery. Naked shorting adds liquidity. The system will fall apart if you do not let the Banks have their way with the global economy. Oh my God, someone in government actually did something that was not vetted and pre-approved by the Wall Street Banks. They have actually outlawed naked shorting, which is tantamount to legalized counterfeiting. How dare that headstrong and impertinent frau Dr. Merkel attempt to protect her people from the gangs of New York!”

    But one has to admit that the lady has style, and, unlike her American counterpart, is not afraid to occasionally take the wheel and drive, rather than sit in the back seat offering platitudes, and fine sounding words, and toothlessly petulant criticism.
    http://tinyurl.com/23bqs2w

  20. charlottemom

    France is rejecting German call to ban naked short selling and reigning in of CDS markets:

    This is France challenging German economic dominance in EU. Interesting. Let’s see how other EU nations come down on this. Time to pick sides — France vs Germany. If Germany to stand alone, maybe this is cue walk away from EU altogether. Rather than pounding fists and making demands (a la France), Germany goes one further with a definitive “Are you with me or against me?” action.

    France is the scoundrel in this despite what the financial MSM reports. French banks must be holding lots of CDS. Good for Germany..if you are rooting for sovereigns.

    Watching EU economic squabbles and upping of antes is akin to being caught in a a family food fight.

  21. JT

    “This is France challenging German economic dominance in EU. Interesting. Let’s see how other EU nations come down on this. Time to pick sides — France vs Germany”

    No need for pondering on this issue.
    Euro = Deutschland.
    Germany and it´s satellites (Finland, Sweden, Denmark, Belgium, Estonia, Poland, Austria, Chezch Rebuplic..) are all for austerity.
    France, UK, Spain, Italy, Ireland and Greece are all dead broke.

    If you want to worry about the Euro, start worrying when Merkel and Axel Weber (head of bundesbank) have a press conference together. Not sooner.
    Germany will pay but it insists that others will stop spending and get on board with financial regulation.
    If not, bye bye euro and hello DmarkII.

  22. emsnews

    China will probably support the new DM.

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    If you choose 80/20 financing with the seller of the second mortgage, you can be treated with sub-prime lenders with a score 560th

    ΩΩΩΩΩΩΩΩΩΩΩ

    ELAINE: This is exactly what killed our housing borrowing markets! People didn’t save money to buy a home, they simply got 2 loans! Which made defaults much, much more likely and easy.

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