Food stamps, rabbits and drug wars

Stacy Summary:   Good Sunday morning to you!  Here are some headlines and blogs I am reading this morning.  Question re: the first, with moral hazard now systemically entrenched for the oligarch class, place your bets on how many years before the proposed Tory privatizations lead to taxpayer bailouts?

95 comments on “Food stamps, rabbits and drug wars
  1. max keiser says:

    “Putting bank aids on out of control nipples doesn’t really make them less nipple-like”

    Sabine LeCoq

  2. Phil says:

    @Tories plan mass privatizations / Peter Mandelson

    BBC Interviewer in chief in the middle of a classic English debate about a political finance scandal.

    http://www.youtube.com/watch?v=eHCQ2j1l040&feature=rec-HM-fresh+div

    Coincidence ?

  3. max keiser says:

    US dollar just above support

    Gold just under resistance

    to keep the dollar up and gold down every single one of the banks involved in keeping the price of these two from breaking out has to “cooperate” this weekend.

    If only one of the crew dissents – the scam breaks apart.

    My guess is that somebody is going to get itchy and start dumping dollars without Goldman’s permission and this could get crazy.

  4. Phil says:

    @Repeat -> Jeremy Paxman … is the best on MSM !

    He’s the closest MSM gets to Max Keiser IMO !

    Mandelson’s guests talk about Mandelson, Rothschild, Conspiracies, Russian Oligarthies etc. etc.

    http://www.youtube.com/watch?v=eHCQ2j1l040&feature=rec-HM-fresh+div

  5. Phil says:

    @Oops

    I mean …
    “Paxman’s guests talk about Mandelson, Rothschild, Conspiracies, Russian Oligarthies etc. etc.

    .. of course !
    ;-)

  6. Dedo says:

    What you’ve got to remember, is that,…stories never just “leak” into the public domain! ; )

  7. TroyOunce says:

    @ Max

    Except for buying gold/silver is there NOTHING we simple souls can do to destabilize the COMEX price scam? Nothing? Just wait?

  8. Phil says:

    500$ for an Indian “life” ?

    Interview – The Bhopal Disaster: 25 Years Later

    http://www.youtube.com/watch?v=jeIxf27X7Vs&feature=sub

    Interview with Safreen Rafat Khan, co-founder of Children Against Dow-Carbide and Satinath Sarangi, with the Bhopal Campaign for Justice.

  9. Jay Randall says:

    @Max Keiser

    Just got through listening, great show! One thing:

    The Chinese are sneakier than that. They don’t have to purge the Goldmanites from their system: all they have to do, and what they probably HAVE done, is to quietly shift them into positions that don’t have anything to do with economic warfare operations against the U.S. And remember that China is still China, a brutal autocracy with a thriving surveillance state. Any Goldmanite over there caught trying to tip off his buddies would be fitted with cement overshoes pretty quickly.

  10. Mike/Liverpool says:

    Love the Golf story Max, you know if Alex Jones had been there they would have had the clubs shoved up their ass!
    Mike

  11. FranSix says:

    Max, Stacy,

    I just wanted to point out that in the Quiet Revolution in Quebec in 1960, all health care services in that province were overseen by the Catholic Church. The changeover to a public health care system basically was a societal rejection of private health care and at the same time, a conscious move away from religion.

  12. Phil says:

    @Copyright Monopolies

    Just a tip for any techies out there ..

    I always download the latest version of PosGreSQL , just in case some Corporation manages to grab them via copywrong games.

    http://www.postgresql.org/

    PosGreSQL is an excellent database system , and IMO is better than most of the commercial products.

    It is FREE to use commercially as well.

    FWIW

  13. Youri Carma says:

    Privatisation – Briberasation like Joe Stiglitz said and in fact the UK government is allready in that state. Buying porn by MP on taxpayers account is the most sinister example or was it the very costly duck shelter.

    Brazil finaly is going quiet well economicaly and decriminalization is a very wise statement but won’t happen cause the illegality provides huge profits for corrupt governments like the United States of America.

    How many rabbits are left in the hat? I would say how deep does the rabbit hole goes and than we can see how many rabbits there still are? Will take a lot of time to unravel these corrupt governments.

    I think we know everything that is gonna go wrong and went wrong we only don’t know the exact time frame cause a lot of misschief is going on behind closed doors so we always have to quess and deduct inderectly what exactly happened.

    The ship is sinking but since we don’t know where all the wholes are we don’t know how fast. In the mean time some holes are closed while others pop up. We do know that we are going the Japanes way in which a permanent debt situation will always keep the economy hostage and hinder it’s growth permanently till it dies of again by exploding bubbles in the minefield the leaking ship is manoeuvring.

  14. frances snoot says:

    Pursuant to Stacy’s speculation that the US protestors at town hall meetings and civic functions are prone to forward quirky ’cause du jour’ and demonstrate histrionics without underlying agency, here is a link concerning the Obama White House and statism:
    http://www.cato.org/pub_display.php?pub_id=10158

    Moves by Obama of a statist nature include:

    Moving the US census from the US Commerce Dept. to the Executive branch in defiance of the US Constitution:
    http://www.americanthinker.com/blog/2009/02/little_noted_move_on_census_by.html

    Moving forward with a program of preventive detention which would create a legal system independent of the precedent of US courts to try what the state terms “extremists”:
    http://washingtonindependent.com/49457/left-leaning-lawyers-urge-caution-on-detention-policy

    Moving forward with the decision to ignore US contractual law in preference for a rule of law based on caprice:
    http://online.wsj.com/article/SB124217356836613091.html

    Federalizing US education policy and requiring states to follow unfunded mandates:
    http://www.americanthinker.com/2008/07/obama_and_the_independent_scho.html

    http://www.washingtontimes.com/news/2009/feb/20/states-cite-10th-amendment-in-effort-to-cut-stimul/

    Here is the Hollywood version of Obama statism 101:
    http://www.youtube.com/watch?v=51kAw4OTlA0

    It is without regard to the views of those who oppose individual agency that Americans will continue to protest the advancement of a tyrannical statist hegemony called the Federal Government, a government which has chosen to serve elite interest operating out of the UN.

  15. Youri Carma says:

    Very interseting new insight from Joseph Farrell who thinks there still is a Nazi kabal led by Martin Bohrman from south America. In this Nazi kabal there is Germany, Argentina (Our Prince is married to an Argentinian) maybe Brazil, Chile and the United states of America.

    Remeber who helped the Kroats in a Blitzkrieg against the Serbians and who first recognized Kroatie as an independant country agianst the US and international community. The Serbians where depicted as the “bad guys” with false film material in “Wag the Dog” style.

    Joseph Farrell opened my eyes to a complete new view looking at the world political situation. My gut tells me there is something going on in that that direction. Don’t forget that the Bush family made their fortune in laundering Nazi money in the U.S.. The CIA is completely Nazi infiltrated helped also by companies like IBM, IG Farben, Bayer and other ex Nazi companies. NASA is infiltrated by the Nazi’s trough all these Nazi scientist.

    Look at the names in the Bush government, Rumsfeld, Wolfowitz. Markus Wolf ex East Germany stasi was employed in the U.S. did you know that? Look it up!

    Watch this very interesting interview by Bill Ryan and Kerry Cassidy in project Camelot, Just love what these folks are doing always tickles my brain.

    Dr. Joseph Farrell: Nazi International http://tinyurl.com/m9wljx

  16. Youri Carma says:

    Nazi’s raid Afghan hospital http://link.reuters.com/pez94d

  17. Youri Carma says:

    Nazi Cops kill Pastor http://ur1.ca/b7wq

  18. mara says:

    http://www.nytimes.com/2009/09/06/business/06insurance.html?pagewanted=2&th&emc=th

    Please read this article from this morning’s NY Times.

    There may be no limit to the depravity of Wall St.

    Someone needs to add another level of hell to Dante’s Inferno.

  19. Youri Carma says:

    I noticed when you replace US or Georgia (the US puppet state) with Nazi it suddenly makes a whole lotta sense and doesn’t sound strange at all cause it’s exactly what the Nazi’s would do.

  20. Youri Carma says:

    Despite sliding prices, the LNG keeps coming http://tinyurl.com/lq9a5k

  21. Youri Carma says:

    HOW IT BECOMES PROFITABLE TO KILL PEOPLE

    MUST READ INDEED! (RT@mara) Wall Street Pursues Profit in Bundles of Life Insurance http://tinyurl.com/n5qdy3

    Here some snipbits of the article:

    The earlier the policyholder dies, the bigger the return — though if people live longer than expected, investors could get poor returns or even lose money.

    But some who have studied life settlements warn that insurers might have to raise premiums in the short term if they end up having to pay out more death claims than they had anticipated.

    Goldman Sachs has developed a tradable index of life settlements, enabling investors to bet on whether people will live longer than expected or die sooner than planned. The index is similar to tradable stock market indices that allow investors to bet on the overall direction of the market without buying stocks.

    A bond made up of life settlements would ideally have policies from people with a range of diseases — leukemia, lung cancer, heart disease, breast cancer, diabetes, Alzheimer’s. That is because if too many people with leukemia are in the securitization portfolio, and a cure is developed, the value of the bond would plummet.

    To test how different mixes of policies would perform, Mr. Buckler has run computer simulations to show what would happen to returns if people lived significantly longer than expected.

  22. Youri Carma says:

    Take more babies away from bad parents, says Barnardo’s Nazi chief http://ur1.ca/b806

  23. Youri Carma says:

    Taliban’s Tank-Killing Bombs Came From Nazi’s, Not Iran http://ur1.ca/b7x5

  24. Youri Carma says:

    Pete Stark Blows Up Over National Debt http://ur1.ca/b7wi

  25. Youri Carma says:

    The Meat Grinder http://ur1.ca/b7v9

  26. white hunter says:

    @Youri Carma

    I’m not sure who should be more insulted; the Americans or the Nazis.

  27. Phil says:

    @Youri … Pete Stark

    Holy Cow … did I hear him almost crying at the very end ?

  28. Mike King says:

    Ha ha ha ha ha ha…..
    about the article (rabbits out of the hat)

    The writter is completely ignorant in understanding the truth of what is going on…… it is just plain idiocy to think they are trying to save this financial demise by “pulling rabbits out of a hat”.
    The guy writes as if they are trying to save the economic situation……….the guy could not be anymore clueless.

    The people controlling the money supply have ABSOLUTELY, POSITIVELY WITHOUT QUESTION….
    NO INTENTION OF “SAVING” THE ECONOMIC SITUATION.
    THE AGENDA IS TO COLLAPSE….NOT FIX.
    The article is absolutely mindless to the truth of what is happening. It is a complete waste of time in reading.

  29. Phil says:

    @Dedo … ” The ignorance of folk! ”

    Absolutely …. and the poor son as well probably !
    Galloway shows a lot of common sense in trying to wise up a brainwashed gullible father.

    The bigger joke is that Stalin, Roosevelt and Churchill met in TEHERAN of all places to team up for the final assault against Hitler Germany.
    http://de.wikipedia.org/wiki/Teheran-Konferenz

    Why Teheran ? … because Britain was reliant on BP-Iran’s oil for the whole of the 2nd. world war.
    Great friend Britain turned out to be !

  30. WL says:

    Antonio Gramsci is the philosopher that the radical leff Old Europen Oligarchy follow. Many of his ideas are being implemented by Soros, really scary. Understand the control and network that they have nurtured. Undersatnd this guy and everything Soros is doing falls into place.

    Gramsci is seen by many as one of the most important Marxist thinkers of the twentieth century, in particular as a key thinker in the development of Western Marxism. He wrote more than 30 notebooks and 3000 pages of history and analysis during his imprisonment. These writings, known as the Prison Notebooks, contain Gramsci’s tracing of Italian history and nationalism, as well as some ideas in Marxist theory, critical theory and educational theory associated with his name, such as:

    * Cultural hegemony as a means of maintaining the capitalist state.
    * The need for popular workers’ education to encourage development of intellectuals from the working class.
    * The distinction between political society (the police, the army, legal system, etc.) which dominates directly and coercively, and civil society (the family, the education system, trade unions, etc.) where leadership is constituted through ideology or by means of consent.
    * ‘Absolute historicism’.
    * The critique of economic determinism.
    * The critique of philosophical materialism.

    Gramsci claims that under modern capitalism, the bourgeoisie can maintain its economic control by allowing certain demands made by trade unions and mass political parties within civil society to be met by the political sphere. Thus, the bourgeoisie engages in ‘passive revolution’ by going beyond its immediate economic interests and allowing the forms of its hegemony to change. Gramsci posits that movements such as reformism and fascism, as well as the ‘scientific management’ and assembly line methods of Frederick Taylor and Henry Ford respectively, are examples of this.

    http://en.wikipedia.org/wiki/Antonio_Gramsci

  31. TSGordon says:

    What’s the point in further market commentary? -Get out, NOW damn fools!

    Actually, it has been fun to watch this teetering climb toward $1,000. an oz. (Especially after calling the prior ideal ‘buy’ points at 940., 768., 646., etc…) I just don’t understand how they have managed to prop up the dollar after running the presses at triple-speed.

    Obviously, those who had gotten “comfortable” with the state of affairs in the US and Europe, and maybe throughout the G20, had better recognize that the entire point of liquidating the assets of the US was to enrich many more families than just the Rockefellers, and the Rothschild’s many assigns. Surely, they have doubled the number of Billionaires since 9/11. And the bottom-line is this, you had better see these families as being like future nation-states. You will kiss up to them and serve in their private compounds in Switzerland, Peru, or where ever, if you wish to eat at all during the coming few years.

    Gold is problematic, unless you also own your own island.

  32. sharon says:

    @Dedo……….The ignorance of folk!

    George Galloway is very good on Middle Eastern affairs and injustices taking place in other parts of the world, and to be fair he goes further than any other in the msm. Problem is he won’t touch 9/11 and the like. Extremely intelligent man though and probably one of the best orators around.
    Re: his caller (Peter in Leeds) – scary to think people like him are walking around.

  33. Mike/Liverpool says:

    Have a read of this!
    recently read an article by Ted Butler http://news.silverseek.com/TedButler/1252075929.php it is about silver primarily but reading between the lines this could be the chinese signalling that they are ready to start the game. A little tfh. Not directly related to houseprices but as we know, pretty much everything is related and this could be the catalyst that undoes the dead cat. Who knows? The chinese me thinks….

    “A remarkable story recently appeared in a leading Chinese business publication that threatens to upend the world of commodities. It seems that the government of China may be preparing the way for state-owned investment funds to walk away or default on OTC commodity derivatives contracts held with foreign banks if those contracts cause loss to the funds. A good discussion of this issue can be found here, along with links to the original story and a related Reuters article.

    Even more amazing is that the obligatory follow-up story, in which the threat of default is invariably denied, actually confirms that China is seriously considering defaulting on selected OTC commodity derivatives contracts. Click here. If there is going to be a default by China in select OTC commodity derivatives, silver is a prime candidate.

    What makes the China story so remarkable to me is that it ties together and confirms much of the silver analyses I have published over the years. In addition, it points to the extraordinary situation that presently exists in silver, not just from an investment and regulatory perspective, but also from a view that impacts the strategic interests of nations, including, but not limited to, the US and China. As always, I ask you to decide for yourself based upon the facts and my speculation.

    Here are the facts. There is an unusually large concentrated net short position in COMEX silver futures held by 4 or fewer traders, documented by CFTC data. There is no unusually large concentrated position on the long side. Other CFTC data indicate the concentrated silver short position is largely held by one or two US banks, at times reaching 25% of world production. This degree of concentration is unprecedented and not seen in any other commodity. Correspondence from the CFTC to elected officials identifies JPMorgan as the prime holder of the short position, with Morgan having inherited the position in its takeover of Bear Stearns. Requests to the CEO of JPMorgan to deny it holds the large silver short position on the COMEX have gone unanswered.

    For years, the CFTC has investigated my allegations of manipulation in silver, and in 2004 and 2008, they denied such a manipulation exists. It is thought they will comment soon on the third investigation, begun a year ago. In none of the three investigations have they contacted me, although I was the impetus behind each investigation. Over the past five years, the silver short position has grown more concentrated. About six years ago, based upon input from my friend and mentor, Izzy Friedman, I first speculated that China was the big short behind the COMEX silver short position. Other articles followed on China and this theme. http://www.investmentrarities.com/ted_butl…y/07-08-03.html

    More recently, in December 2007, I publicly and privately warned the CFTC and Commissioner Bart Chilton of what a disaster it would be if the foreign backers to the short position in COMEX silver decided to walk away from their obligations. http://www.investmentrarities.com/ted_butl…y/12-10-07.html In that letter, I wrote;

    ”…these giant foreign silver shorts represent a grave and unique danger to our country, not just because they hold a controlling position in COMEX silver futures, but also because of the nature of that position.

    In its own words, the New York Mercantile Exchange, Inc., (which owns the COMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals. As such, the NYMEX/COMEX is a financial institution important to the interests of our country. The highest regulatory attention should be placed on anything that threatened its existence. The 4 large foreign silver shorts represent such a threat.

    If and when these four large traders decide they have had enough of the short side of silver, instead of covering their short positions or delivering actual silver, they could declare force majeure and simply walk away and leave the regulators and NYMEX clearing members holding the bag. Since they are outside the jurisdiction of the Commission, there is, currently, little to prevent this.”

    I don’t know how I could have been clearer in my warning. I don’t know how the stories coming from China could highlight those dangers any clearer. Not only is the concentrated short position clearly manipulative to the price of silver, the danger of a default has never loomed larger. Perhaps the recent price action is reflecting that growing awareness. In spite of this clear warning, the CFTC concluded, in May 2008, that there was nothing wrong in silver.

    It is important to put the current situation into proper perspective. Here’s my take. Sometime around ten years ago, the now-disgraced derivatives powerhouse AIG, through their China connections, convinced certain state-owned companies of that country to enter into massive OTC short contracts on silver. China’s growing share of silver refining production was the cover story. The real purpose, however, was to give AIG backing for selling short silver contracts on the COMEX for the purpose of hoodwinking the technical funds into and out of paper positions on the COMEX. This worked like clockwork for years. Pressure from me and many readers, through then-New York Attorney General Eliot Spitzer quietly forced AIG to abandon and transfer their COMEX silver (and probably gold) short position to Bear Stearns, another large clearing firm, like AIG. The Chinese OTC silver short position was assumed by Bear Stearns as a counter-party and Bear Stearns then continued the COMEX manipulation and fleecing of the technical funds and other speculative traders.

    The frequent complaints to the CFTC about the outsized short position and obvious manipulative trading activities on the COMEX were rebuffed by the Commission because Bear Stearns, like AIG before them, could show on paper that they had existing OTC offsets with China that “backed” the COMEX short positions. As has been shown in other financial scandals, like the Madoff swindle, bureaucrat regulators are often no match for well-connected and persuasive Wall Street power brokers.

    When Bear Stearns collapsed in March 2008 (incidentally at the then-highest price for silver in decades – $21), there was no one willing to take over their giant COMEX silver short position and the offsetting Chinese OTC contracts. Enter JPMorgan Chase. Remember, this was a time of great stress to the financial system and all efforts were directed to quickly fixing problems that arose. The giant silver short position at Bear Stearns was one such problem. With federal government guarantees against loss and criminal prosecution, JPMorgan did assume the role of master of the silver market. All this was revealed in subsequent Bank Participation Reports and in correspondence from the CFTC to various lawmakers. Since that time, JPMorgan has managed the giant silver short position. My speculation includes that Morgan has quietly offset its COMEX short position over the past year and a half with other unsuspecting parties in the OTC market.

    What does this all mean and where do we go from here? Get ready for great and growing price volatility. I’ll have specific market comments for subscribers over the next couple of days, once the new COT and Bank Participation Reports are released.(at http://www.butlerresearch.com) But this much is clear – the long anticipated default of the massive OTC silver derivatives position by China appears to be at hand. It’s hard to imagine a more profound event. All at once, the backing and excuse for the concentrated short position on the COMEX is exposed for the fraud it has always been. No longer can the CFTC pretend that the COMEX silver short position is backed by anything legitimate. Not when China, itself, is saying it may default. So many game changes have emerged in silver over the past few months that it is hard to appreciate them all. These recent announcements by China concerning its future intentions on select OTC commodity derivatives could be the most important of all.

    I still have great faith that the new chairman of the CFTC, Gary Gensler, has every intention of doing the right thing and will adjust and enforce legitimate speculative position limits in COMEX silver. The new reports out of China make it more imperative that he do so quickly. The threat from China that it may default on contracts that back the concentrated COMEX short position raises the stakes immensely. Unlike his predecessors, and for the good of the country and market integrity, Chairman Gensler must not ignore these warnings.”

    Mike

  34. Adam C says:

    And these:

    Stay Awake…
    http://www.youtube.com/watch?v=f2f9AOJrFVo

    America is Finished…
    http://www.youtube.com/watch?v=ntzVw6Joyqw

    Obama takes a Vacation…
    http://www.youtube.com/watch?v=oEoDO-s8FCE

    I’d Rather Be Called Racist than Comrade…
    http://www.youtube.com/watch?v=dk-hxDah8M0

    Solution to Our Economic Problems…
    http://www.youtube.com/watch?v=jkVyqxrhaJA

    Going Green=Going Broke…
    http://www.youtube.com/watch?v=MWJq-GWRmiI

    The Government Housing Scam…
    http://www.youtube.com/watch?v=Cr-cWGbGeFI

    We’re Still Getting SCREWED…
    http://www.youtube.com/watch?v=9C61HrCEYTQ

    Obama Sucks…
    http://www.youtube.com/watch?v=vjsSPWUtAn8

    What’s next??

  35. Youri Carma says:

    @Mike/Liverpool

    To back you up: China walks away from loss-making commodity derivative trades http://tinyurl.com/m9tzqj Scroll down

  36. Coby says:

    The drug war has failed miserably yet it continues. Violence in the border towns of US and Mexico appears to be persistent without any changes and possibly even getting worse. In Ciudad Juarez a few days ago there were 18 people murdered (see El Paso Times article http://tinyurl.com/mzyrob ). Even though Mexico has legalized limited possession, drug trafficking seems much too lucrative to change or address on both sides of the border.

  37. frances snoot says:

    The G-20 left it to the Financial Stability Board, a Basel- based panel of international regulators, to add detail to the proposals in time for the Sept. 24-25 leaders’ summit.

    The group was tasked with studying ways to limit bonus pools as well as the relationship of awards to overall compensation, risk and long-term success. Banks were directed to use more of their profits to boost capital and lending, and told to disclose more about how they reward top earners. They weren’t pressed to cap individual awards as France proposed in the face of U.S. and U.K. opposition.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=afx1vwj_G6Qo

    “We have broad agreement on a very strong set of principles and objectives for building a more stable global financial system,” U.S. Treasury Secretary Timothy Geithner said after the meeting. “We need to move now to put that framework in place.”

    The framework is the devil in the details: Basel 2.
    “Our objective is to reach agreement by the end of next year on a new standard that will raise capital and liquidity requirements and dampen rather than amplify future credit and asset price bubbles,” Geithner said.

    The riskiest financial activities should have the tightest capital standards, Geithner said. The U.S. agreed to implement Basel II capital rules, acknowledging French criticism that President Barack Obama’s administration was beginning a new reform drive without enacting existing capital standards.

    repeat:
    The US agreed to implement Basel II capital rules…enacting existing capital standards.

  38. frances snoot says:

    G20 leaders wine and dine and slap each other on the backs whilst building up war against their own citizens. The Financial Stability Board makes the decisions without any imput or democratic process.

    This probably is not news. What is news is the capital requirement set to be enacted for US banks.

    “The riskiest financial activities should have the tightest capital standards, Geithner said. The U.S. agreed to implement Basel II capital rules, acknowledging French criticism that President Barack Obama’s administration was beginning a new reform drive without enacting existing capital standards.”

    The Financial Stability Board will be directing capital requirements for private investments and hedge funds as well as banks. How do the regulations tie into the Chinese derivative default?

  39. frances snoot says:

    Timetable for US was 2006 for meeting Basel II capital requirements:
    http://www.risk.net/public/showPage.html?page=314281

    European banks were on track for Basel II in 2006.

    What is set now is an “effective cross-border application of standards”.

  40. frances snoot says:

    “How the EU’s Basel 2 requirement helped trigger the financial meltdown”:
    http://www.democracyforum.co.uk/european-union/53266-how-eu-s-basel-2-directive-helped-trigger-financial-crisis.html

  41. frances snoot says:

    Wonder how they pinpointed the date in 2008 for the financial meltdown?
    As the Western world’s banking system teeters on the edge of collapse, one crucial factor in this unprecedented crisis has gone almost entirely unnoticed – although David Cameron made a veiled reference to it on Tuesday.
    At the heart of this catastrophe lies a drastic change made last year to banking regulations, which has led to the current freezing of the money markets. Without it, most of the banks that have collapsed, such as Lehman Brothers, might have survived.
    http://www.telegraph.co.uk/comment/columnists/christopherbooker/3562598/The-EUs-role-in-our-financial-crisis.html

    The players that triggered the crisis are probably the same ones now drawing up the solutions at the Financial Stability Board in Basel.

  42. Dedo says:

    @Sharon,…. Re: Peter in Leeds,.lThe thing is,..most folk in any country are like this guy,…so, no matter if it’s a good idea or not to walk round London with a megaphone to get the message out,….it won’t sink in to most,..and that’s a quantitative fact.
    To have any real affect one would have to create organisations, not unlike “Common Purpose” and “Democracy Now” or to cut to the quip, create a “Country”, but we both know the ramifications of that, don’t we? : )

  43. Dedo says:

    @Sharon,…..BTW,….After you’ve finished in Brighton, there’s another contract for you in Ireland if you want it…..

  44. Phil says:

    Some late reading ..

    Banks are overvaluing toxic property loans, experts warn

    Taxpayers could foot bill for inflated valuations of assets in government’s protection scheme amid talk of potential ‘fraud’

    http://www.guardian.co.uk/business/2009/sep/06/banks-overvaluing-insured-property-assets
    .
    .
    .
    Does the world have the courage to deal with its debts?
    Deflation is spreading from the core of the global system to the most unexpected regions of the world. It has even reached Latin America. Prices are sliding in Peru, Chile, Colombia, Paraguay, Bolivia, Ecuador, Guatemala, and El Salvador, to the consternation of everybody.

    http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6146859/Does-the-world-have-the-courage-to-deal-with-its-debts.html
    .
    .
    .
    MPs making up to £5,000 an hour during the summer holidays
    MPs are making up to £5,000 an hour in outside earnings during the summer recess, according to new figures.

    http://www.telegraph.co.uk/news/newstopics/mps-expenses/6141214/MPs-making-up-to-5000-an-hour-during-the-summer-holidays.html

  45. Phil says:

    Banker’s Bonuses … Just a few thoughts here :

    If we assume that Bankster bosses are intelligent, it would be foolish to think that these blatant ( i.e. deliberately made public ) bonus awards were simply announced in ignorance ( of an obvious public reaction).
    This convenient distraction ( #1 on G20 agenda ) is for covering some other agenda IMO.
    A type of Naomi Klein effect .. shock the public into another type of monetary system “patriot act” ?
    My guess is “probably” !

  46. Phil says:

    Cash is King : LTCM / Russian default

    In 1973, three brilliant economists, Fischer Black, Myron Scholes, and Robert Merton, discovered a mathematical Holy Grail that revolutionized modern finance. The elegant formula they unleashed upon the world was sparse and deceptively simple, yet it led to the creation of a multi-trillion dollar industry. Their bold ideas earned Scholes and Merton a Nobel Prize (Black died before the prize was awarded) and attracted the elite of Wall Street.

    In 1993, Scholes and Merton joined forces with John Meriweather, the legendary bond trader of Salomon Brothers. With 13 other partners, they launched a new hedge fund, Long Term Capital Management, which promised to use mathematical models to make investors tremendous amounts of money. Their money machines reaped fantastic profits, until their theories collided with reality, and sent the company spiraling out of control. The crisis threatened to bring markets around the world to the brink of collapse.

    http://www.youtube.com/watch?v=xGfXyVtiB1E&feature=rec-HM-r2

    The market alwas does what you don’t expect .. especially with HFT behind the spinning-wheel !
    ;-)

  47. Mike/Liverpool says:

    Next few days could be “exciting” Phil?
    Mike

  48. Phil says:

    Latest Guest Interview
    Bill Bonner on economic depression, hyperinflation and the rapidly declining US empire
    Sunday, September 06, 2009

    http://www.thedailybell.com/index.asp

    ////
    Daily Bell: What do you think will be the result of the current economic crisis, depression, hyperinflation or both?

    Bill Bonner: Both. We are in a depression. I define it as a big circular break. We have had this big run-up in credit over the last fifty years now we have a break with a change in direction.
    ////

  49. Phil says:

    @Mike … yes .. Gold / Silver / US$ / Banks etc.

    G20 was the usual farce I see !
    LOL !

    As if saving on Bankster bonuses is going to solve anything short term !
    ;-)

  50. Phil says:

    @The Coming Explosion in the Price of Gold

    … ” Mickey: You mentioned that you are looking into the past few hyperinflationary periods. What are some of the common elements that you might be seeing now that you also saw then, and also, what’s the general timeline in those situations?

    Embry: The timeline is interesting. They start slowly and the public is totally baffled. They don’t see it coming at all. And the authorities lie to them. The authorities continue to understate inflation and they give the impression that everything is swell. In the meantime, they are just printing money like crazy to try to keep things afloat. Lo and behold it catches up to them.

    It takes the average citizen a long time to figure out what’s going on. He is still holding his bonds, and he’s doing things that are sort of the wrong thing to do under this type of an environment.

    I see the same thing unfolding today. I see this basic apathy amongst people. They don’t seem to be the least bit concerned when there are all sorts of things to be concerned about. In the meantime, these governments are creating money hand over fist` because they have no other choice. ” …

    .
    .
    .
    That’s they way I see it as well FWIW !

  51. Adam C says:

    Is there any left to privatise??

    Telegraph — Have you heard about the company that runs Britain?

    ‘It inspects schools, trains our armed forces, helps protect our borders, maintains our nuclear weapons, runs our trains and operates our prisons.’

    http://www.telegraph.co.uk/finance/financetopics/recession/6092941/Have-you-heard-about-the-company-that-runs-Britain.html

  52. Phil says:

    993.83$ .. Gold just starting to move again

    http://www.finanslinker.net/dukascopy/gold.html

  53. Phil says:

    @Adam C .. Serco

    I happen to know one of their competitors.
    They are in the game of recruiting the insiders especially from the armed services. These people then use their contacts to get the contRacts.
    Everybody is becoming a “consultant” … LOL !
    .. or “not so LOL ”
    ;-)

  54. WL says:

    Live spot gold and other good stuff

    http://www.usagold.com/live.html

  55. Phil says:

    @Mike … ” UK was hours from bank shutdown ”
    Sunday 6 September 2009

    ….. so we get the news only 1 year later rather than 30 years later .
    Things are certainly improving !
    ;-)

    @WL .. Thx for the link as well.

  56. frances snoot says:

    Our investigation into the weekend that saved the UK banking system from collapse revealed that RBS had been on “life support” from the Bank of England since the previous Tuesday. According to government sources, Threadneedle Street took aggressive action to ensure RBS had the billions it needed to keep operating on a day-by-day basis after other banks refused to lend the Edinburgh-based bank money. RBS was depositing assets at the Bank of England in return for crucial funding.

    The reason the article states “day to day basis” is that the RBS was meeting an arbitrary standard set by the BIS calling a valuation of bank assets daily.

    The meeting of standards for Basel 2 was determined through massive public investment via bailouts to banks.

    Fortis predicted the failure of 6000 US banks in 2008. The relaxation of Basel 2 standards has resulted in a stalemate in bank implosions.

    The G20 meeting saw the promise of Geithner that US banks will now meet cross-border standards. How many US banks will meet the requirements?

    The system of lies to mask the underlying manipulations of the BIS are incredible: it’s 911 all over again. The data on the notional otc derivatives being just one of the hydra’s heads.

    http://www.rumormillnews.com/cgi-bin/archive.cgi?read=127219

  57. gb says:

    what does that fatal error thing mean at bottom right?

  58. frances snoot says:

    Ben Bernanke answers questions about the future of US banking: a 2005 interview:
    http://online.wsj.com/public/resources/documents/bernankebunning11212005.pdf

    He got another term after all this!!!

  59. Veritas says:

    I just listened to Max on the Alex Jones show. Wow!

    “I live in France, man, they have a quality of life here!”

    I understand the urgency in Max’s voice… I doubt we have 36 months left.

    I suspect the elites are going to get rid of Obama. Immediately thereafter, martial law and a round up of dissidents.

    The excessive adoration of Obama is multi-purpose.

    Regarding Whole Foods, the problem I perceive is that their customers are mainly “golf shirts”, it’s the people who are members of the corporate class or parasites onto them.

  60. Youri Carma says:

    “In the CFTC’s eyes, ETFs fall under the heading of a speculator, which it defines as a market player who invests in commodities for financial reasons and does not take physical delivery of the commodities underlying a futures contract,” according to commentary from John Keogh, managing director of Susquehanna International Securities, an ETF market maker. ETPs are products similar to exchange traded funds in the way they trade and settle, but they do not have a mutual fund structure.

    The iShares S&P GSCI Commodity Index Trust; the iPath Dow Jones-AIG Natural Gas ETN and the United States Natural Gas Fund have all announced they will not issue any new shares, while one exchange traded note, the Powershares DB Crude Oil Double Long ETN, is to be withdrawn entirely.

    In theory, the counterparty to the swap does not absolutely need to buy the underlying futures, since it could decide it would find the income stream needed to meet the swap obligation in some other way.

    However, in practice most investment banks will hedge their exposure through the futures market.

    Even with netting shorts against longs, this can lead to large positions in the futures market.

    Until recently, US ETFs had letters of exemption from the CFTC allowing them to exceed the standard limits for financial investors, but a number of these have been withdrawn recently amid concern the ETFs are distorting futures markets.

    This followed a July report from a US Senate committee on the impact of “excessive speculation” on futures markets, particularly in wheat. The committee concluded the presence of ETP investors had distorted the market and recommended the CFTC reinstate the limits.

    As the US Natural Gas fund found recently, Nymex, the exchange on which the futures are traded, has started to pay more attention to breaches of its “accountability limits”. These are not binding limits in regulatory terms, but the exchange can use them to prevent positions becoming disruptively large.

    Snipbits from: Regulators could ruin ETF game http://tinyurl.com/lfx9su

  61. Mep says:

    Veritas,

    The Supreme Court is now considering a case that may end with provisions of McCain-Feingold being dubbed unconstitutional, which would mean that the elite and corporations can pour even more money into elections. (See here: http://www.pbs.org/moyers/journal/09042009/watch.html and here: http://www.pbs.org/moyers/journal/09042009/watch2.html for more info.)

    Somebody on one of the past Stacy blogs said that I was naive for thinking that people in high places want Obama out. Look, if they didn’t, we wouldn’t see the GOP embracing the crazies in their party and we wouldn’t see corporations and their media hacks attacking every single thing that Obama does in an effort to other him and make him seem completely unacceptable as President. (What exactly does it say about how the GOP wants Obama to be seen by the public when they turn an address that he’s to give to students into a huge controversy? If we can’t trust the President of the “free” world to address students in his own country, what can we trust him to do?)

    After FDR and the Great Depression, Democrats held onto power for 40 years. The GOP and their criminal friends are afraid of seeing a repeat of that. Amongst other things, they wouldn’t be able to carry out their wet dream of attacking 7 countries in 5 years.

    Stacy,

    Another headline to go along with the foodstamps and unemployment benefits: there are currently over 1 million homeless students in the US:

    http://www.nytimes.com/2009/09/06/education/06homeless.html?_r=1

  62. Youri Carma says:

    Miroslaw Izienicki of the Fifth Capital consultancy recently published a paper that suggested how to manage a dialogue between pension investors and the manager of a scheme.

    He points out that, while it is difficult to explain the complex technicalities of investment decisions, especially how to integrate risk in those decisions, doctors face similar challenges and overcome them.

    “The medical profession has made notable progress in communicating risk to patients as part of the delivery of ‘informed choice’,” he says.

    THE MTFs THINK THEY’RE DOCTORS NOW! Buy my lifeensurance and die as quick as possible. Maybe some live injected cancer virus may help.

    From: Pension investors fail to get the message http://tinyurl.com/mynqxv

  63. Youri Carma says:

    @Mep

    Look Obama is a PR stunt from Rockefeller. Either it would be a woman or a coloured man. Man still prevailed over woman but in both cases the PR stunt would be there. Next time the woman probably.

    Obama is just a hubres puppet to get bring the U.S. further into it’s fascist fase. Obama has the same militairy leaders as Bush, that should be a sign for everybody.

    No Bush laws where changed only furter expanded like the war in Afghanistan into Pakistan and Syria maybe next to destabilize.

    I mean ” A Civilian National Security Force just as big just as well funded as the Army”!? WTF are we talking about here! http://tinyurl.com/5fr8br

  64. Youri Carma says:

    China invited to arms fair despite embargo http://bit.ly/wpEVl

  65. Youri Carma says:

    U.S. leads world in foreign weapons sales: report http://link.reuters.com/xug25d

  66. Youri Carma says:

    Rethink urged on common currency – New Zealand Herald http://url4.eu/Nsnq

  67. Youri Carma says:

    The hunt is on for more ammunition in Nevada, U.S.

    Supply can’t keep up with demand, a trend that began after election http://www.lvrj.com/news/57603387.html

  68. Youri Carma says:

    THE rapidly rising Aussie dollar is starting to ring alarm bells. http://www.news.com.au/business/story/0,27753,26036904-462,00.html?FORM=ZZNR2

  69. Youri Carma says:

    Natural Gas Hits a Roadblock in New Energy Bill http://ow.ly/oiPj

  70. Youri Carma says:

    Almost a year after it filed for bankruptcy, the value of Lehman Brothers shares has soared amid a surge in trading activity.

    Other bankrupt groups – where the value of shares is usually close to zero because equity investors are compensated only after all creditors have been repaid – have also seen a frenzy of trading.

    “People lost so much money last year and they are so desperate to recoup their losses that they are willing to invest in anything,” said Brad Golding, portfolio manager of CRC Financials Opportunity hedge fund in the Cayman Islands.

    “Everyone wants a lottery ticket.”

    After Lehman collapsed, Barclays Bank

    and Nomura bought parts of its business. That left a holding company largely containing toxic mortgage assets and derivatives potentially amounting to billions of dollars that are still being unwound.

    Traders say Lehman and WaMu have more debt than cash, meaning they have no equity value and buying their shares is a forlorn cause.

    “It is tulip mania,” Mr Golding said.

    “People have decided [a stock] is worth something based on nothing. The facts are quite the contrary.”

    Trading in the delisted stocks of companies that have filed for bankruptcy takes place in private, over-the-counter deals rather than on a registered exchange.

    More often than not, a sharp rise in the price of a bankrupt group reflects speculation on the recovery value prospects.

    Snipbits From: Lehman leads the way in ‘lottery ticket’ rally: The value of Lehman Brothers shares has soared amid a surge in t.. http://bit.ly/3S3GT

  71. Youri Carma says:

    US BIG CRIME AGAINST HUMANITY!

    Depleted Uranium Ammunition in Afghan War: New Evidence http://bit.ly/10UfvT

    European campaign warns of mass thirst and poisoning in Gaza http://bit.ly/19ZKd5

  72. Mep says:

    Youri,

    RE: a civilian army corps, the answer to WTF we’re talking about can be found by searching the memory hole of recent history.

    The reason that Iraq blew up in our faces has a lot to do with Rumsfeld further privatizing our government by “restructuring” the Pentagon and shifting duties that were traditionally the responsibility of our armed services to hack contractors and bureaucrats who had absolutely no idea what they were doing.

    In 2006, the inspector general for Iraq reconstruction, Bowen, penned a “lessons learned” report about what had gone wrong after the invasion. Rather than acknowledge the fact that we had no strategy, no competent people in charge, and the natives were getting restless because we starved them of reconstruction jobs and roles after invading them to “liberate” them, Bowen concluded that the problems were due to “insufficient planning” and HE called for the creation of a “deployable reserve corps of contractors who are trained to execute rapid relief and reconstruction contracting during contingency operations.”

    And it was George W. Bush who ran with the idea. In his 2007 State of the Union address, Bush called for the creation of a civilian reserve corps.

    See here: http://video.google.com/videoplay?docid=-8736689864031678036#

    Start listening at 37 minutes in . . . around 39 minutes is where the civilian reserve corps is specified.

    I’m not in any way in favor of such a reserve corps.; I think we need to concentrate on un-privatizing our government functions and staying the fuck out of other countries. But it bothers me that people so quickly forget where the whole idea came from. It wasn’t Obama.

  73. 13BlackCats says:

    Is the British press racist in revealing Obama’s complicity in the oil for terrorists affair?

    ‘The US was kept fully in touch about everything that was going on with regard to Britain’s discussions with Libya in recent years and about Megrahi,’ said the Whitehall aide.
    ‘We would never do anything about Lockerbie without discussing it with the US. It is disingenuous of them to act as though Megrahi’s return was out of the blue.
    http://gatewaypundit.blogspot.com/2009/09/bombshell-team-obama-knew-about.html

  74. Youri Carma says:

    @Mep

    Wrong, they knew exactly what they where doing they want long sustainable wars for profit and American live reduction. When journalist asked Cheny after Gulfwar I why the didn’t go through to Baghdad he answered that it would cost to many soldiers in the City combat situation.

    Cheney ’94: Invading Baghdad Would Create Quagmire http://www.youtube.com/watch?v=6BEsZMvrq-I

    But even journalist where so euforious that they critizsized the government why they didn’t go on to Baghdad especially with this Saddam elite forces escaping. Well Bush Junior made up for that.

    Afghanistan same thing: Long sustainable war for profit and live reduction. More wars to come as meat grinders. They’re satanist so like a bit of bloodshedding. American people are dumb and like a good fight. Everybody happy.

  75. Scott from Oregon says:

    http://www.examiner.com/x-14766-Charleston-Ron-Paul-Examiner~y2009m9d6-Politics-aside

    Who says we’re all donut eating malcontents? Not Max?

  76. Mep says:

    Youri,

    I wasn’t trying to make the point that they wanted competent people in charge. I get that the point was a costly, long-drawn out disaster. My point was that the civilian reserve corps is not a brainchild of Obama. In fact, Bush budgeted for the Civilian Stabilization Initiative (CSI) for 2009. The budget for this year is $248.6 million with a $75 million supplemental source of funding. (See: http://en.wikipedia.org/wiki/Civilian_Response_Corps ) Also, there’s already a Website up for the program: http://www.crs.state.gov/index.cfm?fuseaction=public.display&shortcut=4QGF

  77. Youri Carma says:

    More news on the HFT Trading Front;

    Once high flyers, Lehman traders grounded at Mizuho http://tinyurl.com/r9vaus

  78. Youri Carma says:

    @Mep

    Good point didn’t know that.

    Again this shows what puppet Obama is just reading his prompter with ol Bush rhetorics and acting it out.

  79. Zapata George is one interesting character…

    http://www.zapatageorge.com/zapatag/web_radio

    His radio show for Sept 5th has some interesting insights into the Canadian Mining and Energy sectors…

    he doesn’t appear too keen on the Natural Gas companies that are seemingly DUMB ENOUGH to keep trying to drill for it at the present time…

    It makes me think about WHY we are having all these 3rd party shills going around door to door trying to lock consumers into HIGHER RATES…
    SOMEONE is going to lose a LOT of cash in the next while on this stuff.
    And if consumers don’t lock into these higher rates they are pushing, then the producers can’t hedge their bets…

    Zapata George thinks the Canuck Buck is going to be possibly the strongest currency in the next while, since we have the resources to back it up…

    If you invest in Canuck markets (especially the resource sectors), I highly recommend listening to this show…
    and he even reminisces on his time in Northern Saskatchewan while fishing for Pike…(How many years does Zapata have under his belt? He sure likes to go on tangents in his tales…)
    :D

  80. FranSix says:

    I also wish to add the following concept, which is probably little known outside Quebec:

    refus global

    http://en.wikipedia.org/wiki/Refus_global

  81. Gerry says:

    Who would think there was any plausibility in summoning serial privatisations in the current economic climate?
    Honestly – In run-down, bankrupt Britain?
    Trust the Tories to shoot themselves in the foot again.
    What assets might still attract commerce? The NHS? Westminster? Which traders have enough capital? China? Apart from turning the place into a massive slave-labour camp, its contents to be exported to work-sites requiring minimal skills, somewhere… anywhere… it’s hard to see what more ‘privatisation’ might bring a government. Then again, after all the latest bail-out frenzy, what exactly is the difference between a private enterprise and a public one? If private business can’t survive it gets state backing – as long as it’s big enough. It’s the nationalisation that dare not speak its name (or more precisely, write itself into a statute). If it’s too small, then it will only be swallowed by a bigger rival, and so on, until once again it looms as too big to fail.
    Privatisation was supposed to up the competitive impetus to work rates –about 20 years ago – all it did is make sure everyone worked firstly for themselves. Capitalists saw it as a great way of jettisoning all those pesky workplace conditions and wage benefits, holidays, sick leave, retirement, etc. What they didn’t get was that it was a two-way street. When the workers have no security – neither does the workplace. Productivity isn’t improved by denying the employee any security, it actually encourages the opposite – disregard for standards, shortcuts and creative ‘wastage’ or pilfering. The boss thinks he’s going to improve his profits by saving on wages, but it ends on costing him twice as much in quality control.
    That’s true whether we’re talking about mercenary armies, public transport or call centres. You try and get tough with people, and you’ll find they have ways (other, smaller, hardly noticeable ways) of getting tough with you.
    There is no way around justice. Not in the short term or the long run – you pay for what you get.

  82. frances snoot says:

    @Youri:
    American people are dumb and like a good fight. Everybody happy.

    American bashing should be an olympic sport for rhetoric. It’s so popular and practiced by so many. It sells well in Europe, doesn’t it?

    But the fact remains that the financial crisis was engineered out of the BIS using bank regulatory powers. The fact remains that the lies to cover the guilty are perpetuated by the many nations’ media.

    The fact remains that the hypocrisy reeks in Europe where words are thought to belie actions and the ‘dumb American’ myth used to deflect blame.

    Do you believe that 911 was instigated and paid for by Americans, Youri?

    Grow up.

  83. Youri Carma says:

    @frances snoot

    Woman grow up, boys never do. That’s always the problem. The truth can be hard to swallow sometimes but do the Americans apreciate a good fight or not? I was told by an American they do.

  84. frances snoot says:

    @Youri:
    Yes, a good fight and a dirty one.
    Read:
    The Fight, from the book Georgia Scenes, by Augustus Baldwin Longstreet.

    “It is said that a hundred gamecocks will live in perfect harmony together if you do not put a hen with them; and so it would have been with Billy and Bob, had there been no women in the world.”

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