Stacy Summary: Russia’s heatwave costs are expected to total up to $15 billion; shaving 1 percent off GDP
I’m always impressed that Putin appears fearless unlike our heavily guarded President. I feel sorry for the Ruskies but they are a tough people.
ouh looks bad. Man made? of course – but solar power might murder the robot heart beat
3 rd August 2010:
and then we might need to interview the aztec and maya after all…
Nasa talks about 2012
The awa indians protested at exactly that day…. and why I need film funding…
In Stunning Decision, EU Orders Germany To Start Onboarding “Bad Debt” To Sovereign Balance Sheet: RBS, Fannie, Freddie Next?
In what could be the most important news of the day, German Die Zeit reports that, in a stunning move, the EU has ordered Germany to count the holdings of WestLB and Hypo Real Estate (the latter of which failed the stress farce from last month which nobody cares about or remembers anymore) as government debt! As Bloomberg notes, “That could raise Germany’s debt to 90 percent of gross domestic product, Die Zeit said.” Of course the implications of this decision are massive, as it takes out all the guess work of whether insolvent institutions are or are not on the government’s balance sheet. The net result, for Germany alone, is that just the addition of Hypo’s debt would push German debt/GDP from 79% to 90%, both of which are well above the Maastricht limit of 60% (not like anyone cares that is – everyone is now aware the EU is a failed experiment). The next question: what happens to nationalized RBS and it $168 billion in debt? Total UK debt is $1.2 trillion meaning a comparable action in the UK would rise UK debt by 15%! And then there is a whole slew of other banks in the pipeline in Europe that are full of trillions in toxic debt: will the sovereign hosts be able to onboard this debt? Most importantly, what happens to our administration’s adamant claims that Fannie and Freddie’s $6+ trillion in debt should not be counted as part of total Federal debt. America already has its hand full with $13.3 trillion in debt. What will happen when it moves to $20 trillion (140% of GDP) overnight. We are confident that unless this decision by the EU’s statistics office is overturned, it will likely set off the next leg in the sovereign debt crisis as suddenly European Debt to GDP ratios will increase by about 15-20%.
More from the WSJ:
The bailout of Germany’s banking sector may swell the country’s public debt rate to 90% of gross domestic product, Die Zeit weekly newspaper reports Wednesday.
The weekly based this estimate on a recent decision by Eurostat requiring Germany to include the balance sheets of public-owned bad banks–set up to help financial institutions offload toxic and non-strategic assets–into its overall debt ratio.
State-owned WestLB AG bank has already offloaded EUR77 billion into such a rescue bank. Going by the Eurostat decision, EUR54 billion of WestLB’s toxic assets transferred to the bad bank must be included in Germany’s overall debt level.
Finance ministry spokeswoman, Jeanette Schwamberger, said the “winding-down entity of WestLB has already been included in the government’s recently published calculations of the debt level.”
In July, it forecast Germany’s debt level will rise from 73.1% in 2009 to 79% of GDP in 2010, 80% in 2011, to 80.5% respectively in 2012 and 2013 before easing to 80% in 2014.
Die Zeit said that if nationalized mortgage lender Hypo Real Estate is added to the equation, Germany’s debt level could widen to 90%.
However, the impact from Hypo Real Estate is yet unclear because a rescue bank hasn’t been set up and it’s unknown how big the volume will be, according to Schwamberger.
Hypo Real Estate has said it plans to offload EUR210 billion into such a bad bank, but has already added that it might need less fresh capital than previously said. A consolidation of assets might reduce the widening of Germany’s debt.
A debt ratio of 90% of GDP would be much higher than the 60% threshold set under the European Union’s Maastricht Treaty.
7th hopi sign? BP?
fox news guy getting scared without robot
Bergtje Van Der Haak is “B U T ful”
stop watching “pornmusic”. I rather watch real porn than pornmusic like lady shagshag
So you guys still check IPs and use ad.doubleclick.net and google ANALitics
Michael Jacksons warning people to wake up illuminati NWO..
David McWilliams: The bank guarantee has done its job, so move on
Any chance you gettin McWilliams back on soon 🙂 ?
@max: heres something for your show. http://www.imf.org/external/pubs/ft/fandd/2010/06/prasad.htm
“Emerging market central banks have been considered as lagging behind those in advanced economies […]
But central banks in emerging markets have come out of the crisis looking a lot better than their advanced economy counterparts. Less-sophisticated financial markets and much greater regulatory prudence proved to be an advantage.”
Im looking forward to your outrage
interesting link concerning puttins past
Soo tough that men die at 58. Toughness has its price. It’s called massve alcoolism. Tough but suicidal. The general health of the average russian man is just terrible. Tough but terrible living habits.
Man I digg those 60’s chicks..
Putin is the man.
gorecki – lamb
U2 – All I want is you
Now this really IS interesting !!
Deutschland kommt wegen Hitler-Schulden vor Gericht
[ Germany before the US Court because of the Hitler-Debt ]
Basically , in the 1930’s , Hitler refused to pay Germany’s debt.
Now a US court will decide whether the paper should still be honored or not !
My guess is that this could be from the Jewish Lobby … and IMO, Germany may have trouble getting it’s Gold out of NY if they decide against Germany on this one !
And IMO, this all goes hand-in-hand to try to weaken the EURUSD !
Striking at the heart of the Eurozone.
It’s About Time !
Giant Mecca clock seeks to call time on Greenwich
Wow, Mirror, I thought Germany already paid by losing WWII. Wasn’t the German debt part of that discredited Versailles treaty, which went defunct somewhere around 1938? I can’t believe somebody is still trying to enforce that.
If Germany has to pay, maybe USA could sue because of the damage caused by those mercenary Hessians in New England, circa 1776.
Pre crime for real..
It seems once justice starts going, it goes quickly.
No volume on todays radio show……..How offtern do i have to tell you !!!
Meantime inside the FED:-
Perspective : 1991 $1,537,000,000
1991 Berkeley / Oakland Hills California fire
Single Family Dwellings Destroyed……………………………………2,843
Single Family Dwellings Damaged………………………………………….193
Apartment Units Destroyed……………………………………………………..433
Total Living Units Damaged or Destroyed…………………………3,469
Total Acreage Burned by the Fire……………………………………….1,520
Fire Perimeter……………………………………………………….5.25 Miles
Estimated Dollar Fire Loss………………………………..$1,537,000,000
After 911 I thought if this terrorism thing was real they would just set america on fire. Good thing it was just a scare, and terrorist would never do anything to hurt insurance companies.
Taxpayer-funded, CIA, CFR connected company exposed lobbying in DC to keep the US in Afghanistan… leaked memo hasn’t slowed them down — they’ve recently announced their move into defense/intelligence support work…
This is very strange.
“A Chinese two-star general has warned his conservative Communist Party masters and firebrand People’s Liberation Army colleagues that China must either embrace US-style democracy or accept Soviet-style collapse.”
The Soviet didn’t collapse,…it just spread it’s tentacles !
The “collapse of the wall, was to open the experiment to the world (a merger),…a new world,….a new world order,…..
If you don’t believe me,..ask Stasi and mArx,….Waaahahahaha
With the US economy bleeding to death, all they have is to attack Europe.
Germany is the powerhouse of Europe so they load Germany up with sovereign debt from their banks balance sheets and add some old WW2 reparations on top. That should slow them down and make the US look less moribund.
Schiff is done with the politics thing, raised his profile and back to the currency crisis.
As chilled out or dumbed down the Americans are the Chinese
are a 3x mult. When the sleeping dragon awakes
and learns that they are making all the stuff everyone consumes and they are being cut in for peanuts just like the programers who write the code for the HFT
They do call it the “peoples” republic in name only
just like the “united” states
@Dedo and Fred
I was quite surprised that he used the terms ‘US style democracy’.
I can’t remember all the things Max has called it, but it sure ain’t democracy.
For decades other countries have been aspiring the the American dream.
Never really got that.
@ Richard lat40; William and all Well Wishers. I don’t always have a chance to add to or comment about your comments in previous post. Know that I do go back and read them, but often days later. I appreciate your support, I retell your post to my who laughs and nods on to your words of wisdom. There is nothing like a patriot woman!
Now, this grain situation in Russia; it sounds like more crazy shit in store as I remember something a while back (1 to 2 yrs) that the US had zero grain reserves for the first time in a long long time.
p.s. we got our first turkeys today for $30USD two hens and a tom.
Confirmed by the sex industry. No doubble dip. Bernanké can’t get it up,
Paid with what and honored with what anyways. Even if the court says you don’t have to honor the paper, It wouldn’t make a hoot ! The USA is not a country, it’s a mental illness and the foreign assholes investors, Europe assjp;es included, are about to get their heads handed to them on 999 pure gold and silver platter !
Sun now put on the Axis of Evil United Suckers of Amerrica.
2012 ? Maya bullshit. Anyways. It just proves that the geeks are assholes. These ingeeners and these Pentagon parasites should think about phasing out themselves. So in 2012 ALL the Goldman Sachs and the FED computers go dead for good ? Who knows ? Maybe it will be goof news going back to the dark ages ? No more Googles and all Microsoft programs destroyed. It’s funny to think of it. Civilization based on elextrons is indeed not a goof idea after all. .
Electron based civilization died in 2012.
Time to play crack-the-whip! Yeehaw!
Speaking about electrons and asshole engineers, Cisco is cooking the books like Lucent. The good old days never left us.
Fascinating how this demonic place called USA never changes !
they insured it before it happened
You have a goof point !
Most of the gofamn demonic buggers are NOW on the CIA’s pay list !
The communists couldn’t take on the US militarily. They are following this plan..
[From “The Naked Communist,” by Cleon Skousen]
CURRENT COMMUNIST GOALS 1963 Congressional Record
1. U.S. acceptance of coexistence as the only alternative to atomic war.
2. U.S. willingness to capitulate in preference to engaging in atomic war.
3. Develop the illusion that total disarmament [by] the United States would be a demonstration of moral strength.
4. Permit free trade between all nations regardless of Communist affiliation and regardless of whether or not items could be used for war.
5. Extension of long-term loans to Russia and Soviet satellites.
6. Provide American aid to all nations regardless of Communist domination.
7. Grant recognition of Red China. Admission of Red China to the U.N.
8. Set up East and West Germany as separate states in spite of Khrushchev’s promise in 1955 to settle the German question by free elections under supervision of the U.N.
9. Prolong the conferences to ban atomic tests because the United States has agreed to suspend tests as long as negotiations are in progress.
10. Allow all Soviet satellites individual representation in the U.N.
11. Promote the U.N. as the only hope for mankind. If its charter is rewritten, demand that it be set up as a one-world government with its own independent armed forces. (Some Communist leaders believe the world can be taken over as easily by the U.N. as by Moscow. Sometimes these two centers compete with each other as they are now doing in the Congo.)
12. Resist any attempt to outlaw the Communist Party.
13. Do away with all loyalty oaths.
14. Continue giving Russia access to the U.S. Patent Office.
15. Capture one or both of the political parties in the United States.
16. Use technical decisions of the courts to weaken basic American institutions by claiming their activities violate civil rights.
17. Get control of the schools. Use them as transmission belts for socialism and current Communist propaganda. Soften the curriculum. Get control of teachers’ associations. Put the party line in textbooks.
18. Gain control of all student newspapers.
19. Use student riots to foment public protests against programs or organizations which are under Communist attack.
20. Infiltrate the press. Get control of book-review assignments, editorial writing, policymaking positions.
21. Gain control of key positions in radio, TV, and motion pictures.
22. Continue discrediting American culture by degrading all forms of artistic expression. An American Communist cell was told to “eliminate all good sculpture from parks and buildings, substitute shapeless, awkward and meaningless forms.”
23. Control art critics and directors of art museums. “Our plan is to promote ugliness, repulsive, meaningless art.”
24. Eliminate all laws governing obscenity by calling them “censorship” and a violation of free speech and free press.
25. Break down cultural standards of morality by promoting pornography and obscenity in books, magazines, motion pictures, radio, and TV.
26. Present homosexuality, degeneracy and promiscuity as “normal, natural, healthy.”
27. Infiltrate the churches and replace revealed religion with “social” religion. Discredit the Bible and emphasize the need for intellectual maturity which does not need a “religious crutch.”
28. Eliminate prayer or any phase of religious expression in the schools on the ground that it violates the principle of “separation of church and state.”
29. Discredit the American Constitution by calling it inadequate, old-fashioned, out of step with modern needs, a hindrance to cooperation between nations on a worldwide basis.
30. Discredit the American Founding Fathers. Present them as selfish aristocrats who had no concern for the “common man.”
31. Belittle all forms of American culture and discourage the teaching of American history on the ground that it was only a minor part of the “big picture.” Give more emphasis to Russian history since the Communists took over.
32. Support any socialist movement to give centralized control over any part of the culture–education, social agencies, welfare programs, mental health clinics, etc.
33. Eliminate all laws or procedures which interfere with the operation of the Communist apparatus.
34. Eliminate the House Committee on Un-American Activities.
35. Discredit and eventually dismantle the FBI.
36. Infiltrate and gain control of more unions.
37. Infiltrate and gain control of big business.
38. Transfer some of the powers of arrest from the police to social agencies. Treat all behavioral problems as psychiatric disorders which no one but psychiatrists can understand [or treat].
39. Dominate the psychiatric profession and use mental health laws as a means of gaining coercive control over those who oppose Communist goals.
40. Discredit the family as an institution. Encourage promiscuity and easy divorce.
41. Emphasize the need to raise children away from the negative influence of parents. Attribute prejudices, mental blocks and retarding of children to suppressive influence of parents.
42. Create the impression that violence and insurrection are legitimate aspects of the American tradition; that students and special-interest groups should rise up and use [“]united force[“] to solve economic, political or social problems.
43. Overthrow all colonial governments before native populations are ready for self-government.
44. Internationalize the Panama Canal.
45. Repeal the Connally reservation so the United States cannot prevent the World Court from seizing jurisdiction [over domestic problems. Give the World Court jurisdiction] over nations and individuals alike.
@Max and Stacy
Something is happening in Hungary. Hungarian says to the IMF to go to hell and reduces the independance of the hungarian central bank.
What’s going on in Hungary. A revolt against central bankster bandits and the IMF gangsters ? Me think so.
2012 a date for chumps…..
Inflation/deflation debate over.
The Thrill is Gone
Because of MK’s hyper romantic love of Google … this news from Canada should be just what he ordered :
Google to move Waterloo office to Kitchener
Nearly half of Google’s 150 employees in Canada work in the Waterloo, Ont., office, which is moving to Kitchener. (Paul Sakuma/Associated Press)
Google is moving its Waterloo, Ont., office to nearby Kitchener to match growth in its engineering team.
The search giant, based in Mountain View, Calif., has signed a lease for office space at the Lang Tannery in downtown Kitchener, a city of about 200,000, and expects to move in this year.
“The Kitchener-Waterloo downtown area is going through a huge revitalization and we are happy to be a part of a creative high-tech community,” said Stephen Woods, engineering director for Google Waterloo, in a statement.
Kitchener Mayor Carl Zehr was pleased by the announcement.
@talcot not bad- nice bit of misinformation ..
I trust the indians calendar system – far more accurate then y ours now. I-ching calendar ends at the same time too incase you prefer going down with the chinese.
The Perspective problem – is that earth get’s destroyed – when father sun will save it.
Humans are just going to have to deal with it. And drop the illusion of ego ruling.
acceptance of death not an illusion but vital for living
Cosmic nature always wins. ego is the illusion.
I’m an artist I don’t need to be accurate my info comes from the inside wuahaha
One-zero for the midgets! Well Fargo forced to pay back excessive overdraft fees
Yup Putin looks far more powerfull tan Barry soetero oops teleprompterObama
But I don’t trust any of tees Jerks
Barry keeps talkin “We face many Challenges……..”
Call it what it is ” A brain haemorrhage” B!tch
You claim misinformation, yet cite no point of refute other than your faith in the very ego you claim is illusion.
“Still I hear that sharp tongue talking
talking tangled words…”
Peter Gabriel/ That Voice Again
Max and Stacy, Why not use terms like psychopathic for the big players
and pathological belief for the public at large. As long as this activity is
called ‘greed’ you’ll not get off square 1. Respectfully, Walter Fields
Photo caption contest.
“Yep, it’s burnt alrightt.” ( Да, это хорошо сожгли )
Эй, Путин, как насчет захвата пожарный рукав или что-то
(Hey Putin, How about grabbing a fire hose or something?)
“Looks like it’s burnt. Do you think it’s burnt? Sure looks burnt to me.”