Pirates Destroy The Mary Poppins/Peter Pan Banking System

Elaine Meinel Supkis

Detroit collapses while Canada surges forwards due to oil and mineral wealth rising in value. Japan's housewives now conspire against the Bank of Japan, strengthening the value of the yen. And more auctions in the US as housing collapses in value. In England, a run on the Northern Rock bank system leads to the police being called as the bank considers selling its self. The banking crisis has begun, not ended! And I talk about Peter Pan and Mary Poppins, beloved Victorian and Edwardian fantasy figures that taught us all to be irresponsible imperialists who don't understand money and sober appraisal of dangers.

From Bloomberg:

Currency traders are concluding that there's nothing the U.S. economy can do that Canada's can't do better. Much better.

The U.S. and Canadian dollars, which traded in tandem 94 percent of the time since 2000, decoupled in May and now have diverged for the longest stretch this decade, according to data compiled by Bloomberg.

While the worst housing slump in 16 years threatens to slow U.S. growth, record oil prices and rising costs for copper and zinc are boosting Canada's exports and allowing the government to balance its budget. Energy accounted for 19 percent of Canada's exports this year, compared with 12 percent in 2002, government data shows.

Canada and Texas are effectively outliers of OPEC. All the oil pumping nations except the ones run by the US/UK invaders, is making huge profits. Unlike the Muslim OPEC members, Canada isn't also having a population explosion. For example, Iran has forced its women to stay at home and have no contraceptives so they have lots and lots of young men and boys to throw into battle again but this is soaking up oil revenues much faster than Canada, for example.

In Saudi Arabia, one can be executed if one smuggles in contraceptives! So the population there has doubled and redoubled ever since OPEC was organized. The police state there is very efficient when it comes to keeping women at home and pregnant. This population overload is part of bin Laden's revolutionary plans. Once the Ghawar oil fields are destroyed, the population will have to revolt or starve. This is why bin Laden hopes the US/UK/Israel war machine starts a massive war with overpopulated Iran.

Meanwhile, Canada is raking it in! The rise in the value of the loonie vis a vis the dollar is double trouble for the US: not only has the cost of oil risen relentlessly ever since Putin got control of Russia's vast reserves but the dollar's value has relentlessly dropped so we must pay twice as much more over time. Inn Saudi Arabia, they still accept the dollar as their own currency but increasingly, more and more oil pumping nations are demanding euros, not dollars. This means our own personal inflation of oil costs are moving at a totally different rate as Europe's oil costs. The drag on our economy and the increase in our trade deficit is fuelled by the drop in the dollar's value.

I have warned the government and the Federal Reserve for years and years that dropping the value of the dollar is stupid if we import much of our energy! The only way this will work is for the US to cut energy imports and the only way to do this is by either rationing or taxes on oil and natural gas! The fact that the US went on this energy sucking binge from 1990 to 2006, making and using gas guzzlers and moving to exurbs and commuting hundreds of miles a week was foolish in the extreme. The government could see where this was going and should have raised CAFE standards on cars plus putting SUVs into the 'luxury car' catagory for extra taxes.

Personally, I am relieved the SUV madness is slowly coming to an end. I live on a mountain. A half-mile long dirt road that is steep. We get lots and lots of snow. My little Geo Metro and now, my Aveo, when I put studded tires on, drive up and down the mountain as well as all over the place...without 4 WD and a high body frame! The excuse that we need SUVs to get around is pure silliness. On icy roads, these monsters are top-heavy and dangerous!

Over the years, I have feared for my life because of all the huge monsters tailgating me, flying through the air, rolling over, skidding out of control around me. I once was caught up in one of the biggest multiple-car accidents in NY history when over 200 cars crashed on a very icy road. All around me, the SUVs traveling at high speed suddenly went flying in all directions! I wasn't hit but since I had studs on my tiny Geo Metro, I was the only car the State Troopers let through and I got home after a 5 hour delay.

The madness of our auto culture is now destroying our auto industry as people cease buying SUVs and pick up trucks...pick ups are very dangerous when not carrying a load. I use my own only when doing business requiring hauling big loads. The effects of all this are just beginning to hove into view as the people running our joint economic welfare grudgingly admit.

From Bloomberg:

Oil trades at $80 a barrel compared with about $30 at the beginning of 2003, while gold has doubled to more than $700 an ounce. Zinc prices have soared over the same period to about $3,000 a ton from $750. Copper for delivery in three months costs about $7,500 a ton, compared with $1,600 four years ago.

Auto-part exports mainly to Detroit-based General Motors Corp., Dearborn, Michigan-based Ford Motor Co. and Chrysler LLC of Auburn Hills, Michigan, accounted for 17 percent of Canadian exports, down from 26 percent in 2000.

The percentage of auto versus commodity values decline is due to a rise in the value of commodities. Both my Geo Metro and my Aveo were built in Canada for the US factories concentrated nearly totally on producing the mega-monster vehicles that glup down gasoline like mad. Two years ago, for a story, I went to the dealerships to see what was selling. The top vehicle that year in the local Ford dealership was a huge truck that got only 7 mpg. Amazing, isn't it? Now that the auto industry here is in total disarray and collasing rapidly, the business owners are wrangling with the UAW. A reminder: when Congress, despite Bush, tried to raise CAFE standards, the UAW fought the legislation tooth and nail.

General Motors Corp. offered to cap out-of-pocket health costs for United Auto Workers members to help gain approval for a union-run fund that would let GM shed $50 billion in retiree medical-care obligations, three people with knowledge of the matter said.

GM, the biggest U.S. automaker, also proposed a freeze in cost-of-living raises and base wages in negotiations on a new four-year UAW contract, said the people, who asked not to be identified because they haven't been authorized to speak publicly. The union hasn't ruled out the cost-of-living freeze, a GM demand that spurred a 67-day strike in 1970, two of the people said.

Aha! As everyone loses COLA, they lose not just the fizz but will see incomes cut to the bone! As the unions are killed one by one and as the government rigs COLA statistics by leaving out relentless rises in energy, food and medicine, the Japanization of our economy will commence in ernest. The point is, they must crush inflation brutally and this means ignoring real inflation that bites the lower income groups the hardest while at the same time, the price of manufactured goods drop but access to buying this cheaper stuff becomes more and more restricted as worker's wages drop and we get a long, nasty depression.

The fly in this ointment is huge: people can't buy stuff. Japan doesn't want the US to imitate it or it dies. China doesn't care if the US strangles its own workers, they have no intention of trading much with us anyway in the long run, they want us to send everything to THEM! But in general, the New World Order model calls for the US and Europe to imitate Japan and this means eternal depression only this won't work if China is pushing for inflationary spending which is why commodities are rising and not falling.

Example: OPEC, for some insane reason, hahaha, has been embroiled in an interior battle over Saudi Arabia wanting cheaper oil so its investments in the West can grow so they announced they would pump oil like mad and thus, destroy Iran who needs high oil prices to keep going in the teeth of a huge population boom of angry Shi'ites. But China soaks up any excess oil in an eyeblink! And the price keeps rising due to China drinking up the oil and they can do this thanks to their huge trade surpluses with the US and Europe.

From CNN Money:

Nearly 700 homes in the Detroit area will be auctioned on Sept. 21 through Sept. 23, one of the biggest home auctions ever.

Rising default rates in the economically hard-hit, auto-industry town have riddled the Detroit housing market. There's an abundance of bank-owned properties available for sale.

"Because many of these properties have been on the market for a year or more, banks are very anxious to find buyers . . . it's not unusual for the properties to sell at auction below their price list," said Dave Webb, one of the owners of Hudson & Marshall's home auction division, the property auction giant that is conducting the auction.

"Right now, it's a buyer's market and there are tons of inventory. I expect prices to come way down," he said.

The properties come with clear titles; there are no liens or encumbrances, such as back taxes on them. There's also a wide range of houses available with pre-auction prices running from about $5,000 to a bit more than $600,000.

It is so sad, looking at the pictures of these houses. As the picture above shows, they are auctioning off mansions as well as the tenderly-cared for cottages of the working stiffs who lost everything and had to declare bankruptcy. Many of these houses have two car garages as well as large yards. All over America, from the top of the scale to the bottom rungs, houses are being confiscated because they can't be sold at high enough prices to pay the remainder of the mortgage.

This irritates me because the whole point of bankers demanding at first, 20% down and then only 10% down was to have a permanent cushion on the house so a down market would not force foreclosure. The mania for lending 100% of the value and then, irresponsibily and stupidly allowing sub-interest only credit card-style loans that added onto the principal every month, this bizarre lending scheme is going down in flames! Always, the 'equity' in a house must have a reserve just like a bank. And the reserve must be at least 10%. If it is that low, the owner must sell when the value inches close to that level.

Why? Because if you wait, it can collapse in value! And look at all the hundreds of homes in this one action, hundreds of them...few have much remaining value at all. And of course, the distress there is due to the death of our auto industry. Which is taking a steep toll on our banking sytem. The lovingly cared for homes are now worthless slums, junk, useless. And this is going to get worse!

For the suburbs which flourished in the cheap energy era, our rings of wealth that surround dead center cities, will soon be history and the miles of homes miles from work will be worthless if we attack Iran. Not over a slow period but within 5 years if we start and extend the wars with the Shi'ites all over the Middle East as we side with Saudi Arabia and Israel. This religious war with a a group of people who are suicidal and who beat themselves with chains while chanting prayers for jihad...this insanity will rebound back at home and we will lose everything, everything.

And the madness driving us to war over there continues and rises and the US public is misled into believing we will be rich and happy if only we pull the stopper on this genie's bottle!

Here is an older Reuters article about the auctions:

Houses cheaper than cars in Detroit

Mon Mar 19, 2007

After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: "The lumber in the house is worth more than that!"

As Detroit reels from job losses in the U.S. auto industry, the depressed city has emerged as a boomtown in one area: foreclosed property.

It also stands as a case study in the economic pain from a housing bust as analysts consider whether a developing crisis in mortgages to high-risk borrowers will trigger a slowdown in the broader U.S. economy.

The headline today about the same autioneer in Texas selling Detroit homes is stark: 'Cheaper Than A USED Car.' This means, in just 6 months, the prices have fallen so badly, it is now worth nearly the same as a car that will be junked in several years! Amazing, this is a clue as to how bad things can get and how swift.

A chart from the Washington Post showing how people ran up the debts on their homes rapidly.

It went from nearly 0% to 15%. Since this coincided with the housing bubble, the collapse in housing coupled with a rise in defaults will be at least 10%. Right now, in Detroit, the default rate is still under 10%. In DC, well under 10%. Irresponsible lending coupled with dropping prices has set up a negative flow whereby the already seized homes drive down the value of all the housing around it. And the need to borrow more and more rises as the rate of inflation rises! A trap, indeed. And all our systems have been set up like the Hav-a-Hart cages I use to catch large rodents. I bait it with food they like to eat, they enter and the trap snaps shut. Then I kill them because I don't have a heart. And the banking system has no heart. If it did, it would die.

Just as I can shoot rodents like ground hogs, so must bankers be ready to do the same. If they just lend and lend to 4 out of 5 applicants or if they give loans to people with bad credit, this ends in destroying the banks for they need the constant stream of money for past loans, streaming in to keep afloat. And if people fear there are too many bankruptcies, they rush the tellers and demand their deposits back. For the deposits are no longer supported by payments coming in! The cycle set up by bankers over the centuries depend on enough people not going bankrupt to keep themselves from going bankrupt.

Here are a host of Washington, DC houses being auctioned off:

DC isn't being hammered like Detroit with job losses. These fine homes and mansions are being auctioned because the homeowners went up to debt more than 10% than the value of the houses. These are classic cases of over-extending credit when banks, like the borrowers, thought prices would rise forever. DC is also a classic US city: the core is nearly dead. I have wandered about the various wards in the past and they are so pathetic. They look like Berlin after WWII. The rot in our cities is like rot in a huge oak tree: the outer limbs grow and grow and the tree gets bigger and bigger but the center of the tree is dead and eventually, the limbs fall off or the tree goes down in a storm.

From Market Watch:

The British pound continued to fall Monday on fallout from the Northern Rock crisis, falling below $2 as customers pulled deposits out the country's fifth-largest lender. "(Sterling) is likely to remain soft today as the problems at Northern Rock fuels concerns over the housing market and broader economic confidence," said analysts from ABN Amro. The pound was trading at $1.9972 from $2.0072 late Friday. Elsewhere, the dollar dropped 0.6% at 114.67 yen.

England, just three months ago, thought they were superior to us, the pound was rising against the dollar and the plan to run their economy as a money-shuffling operation meant London boomed. When I wrote about a hedge fund going down and suggested they were criminals and cheats, I got a solicitor's letter demanding I stop defaming the Queen who is the top pirate and fraud here. The hedge fund claimed they were as solid as...the mud at the bottom of the Thames.

Well, England is going over the cliff along with the US. And for the same reasons. The run of the Northern Rock bank is huge news so we didn't see much of it here since our rulers are terrified people might freak out and run on the Bank of America which has pledged to save the noxious creeps running Countrywide. Note also that the dollar and the pound are dropping against the yen again. The Japanese are freaking out and the push their levers harder and harder hoping to restart the weak yen/strong dollar machine. Only the gremlins not only in China but in Japan itself, are defeating the Bank of Japan's hardest efforts.

From the NYT:

Ms. Itoh is one of them. Ms. Itoh, a homemaker in the central city of Nagoya, did not want her full name used because her husband still does not know. After cleaning the dinner dishes, she would spend her evenings buying and selling British pounds and Australian dollars.

When the turmoil struck the currency markets last month, Ms. Itoh spent a sleepless week as market losses wiped out her holdings. She lost nearly all her family’s $100,000 in savings.

“I wanted to add to our savings, but instead I got in over my head,” Ms. Itoh, 36, said.

It seems, this merry band of women are now switching gears, enmass. Now that it is painfully obvious that China won't let the yen continue dropping against the dollar or the pound, these women are now JOINING China is raising the value of the yen! They are not under the control of the Japanese ruling LDP or the Bank of Japan. There are some interesting things here: governments used to control the value of their currencies by making or not making money. The old 'printing press' business.

Then they allowed banks to make money via loans. To control the inflation this causes, governments took over the regulation of INTEREST RATES. This is why the Fed nearly only moves them capriciously up and down. They think of it as a gas pedal/brake system. Only the Bretton Woods II and Plaza Accords declared that all currencies be valued according to how they trade in FOREX markets! And anyone can play so interest rates are now no longer the determining factor.

It is now purely a situation of herds reacting to news or trends or outright frauds as well as the new tool of all tools: amassing giant FOREX reserves! The ballooning of FOREX reserves since the Plaza Accords has been amazing. The amount held by China alone today is more than the combined reserves, pre-Plaza Accords. Much, much more! The Ms. Itohs of Japan have learned a nasty lesson this summer and are now applying it and they are undoing all the work of the Bank of Japan which has been forced to hold more and more FOREX reserves in order to weaken the yen only these merry widows are undoing it completely and this is because Japan doesn't have a mountain of savings inside of banks, they have savings anywhere BUT in banks as everyone withdraws their money to send it overseas in one way or another to earn better interest rates and this is a devolving system that is dragging Japan off the cliff even as the rulers struggle ot keep it going so they can ravage Detroit some more.

From CNN:

"It's pretty hard to draw strong lines between the credit crunch on Wall Street and the economy, except in real estate," said David Kelly, economic adviser for Putnam Investments. "If there are some deals delayed, it's not a problem for real economic activity. In fact, usually mergers and acquisitions cost jobs.u>They don't create jobs, except with Wall Street firms. Outside New York, there shouldn't be much impact."

But Gus Faucher, director of macroeconomics for Moody's Economy.com, said that getting the credit markets working again is important for business confidence, which is a key driver in decisions by companies whether to hire new workers and invest in plants and equipment.

"Businesses are still sitting on a ton of cash. The question is if they are going to go out and use that," he said. And he believes this is an area where a Fed rate cut can have the most positive effect.

"They need to know if the Fed is on the job and ready to respond," he said.

Oh dear! Mr. Kelly spilled the beans! He told the truth! As I keep saying, these stupid mergers and aquisitions are merely a means of generating financing for the big financial houses and the top executives of various organizations and of course, Wall Street for these deals makes stocks rise.

But all they do is add on debt, a Himalayan mountain of debts! And all they do is DESTROY EVERYTHING MEANINGFUL. Why should the Fed help this stupid process? Seeing it start up, the Fed should have cracked down! Hard. As for the boast ....'sitting on a ton of money,'......every ounce is DEBT. This is bad money, not profits, it is evil money, not good, healthy money. It will crush everything it touches.

from CNN:

But Putnam's Kelly said that if the Fed signals that next week's cut is the first of a series of many, it could put some needed spending by businesses and consumers on hold, as they wait to see how low the rates will fall, and how much the economy is going to slowdown.

Deflation warning! Prices begin to drop, everyone waits to see if it drops more. So spending slows and slows and commerce slows as everyone waits for the bottom. Which is why all the guys running things are screaming every month, 'We have hit the bottom.' And this is a lie, as anyone older than 10 years knows, these recessions and collapses in asset values never last less than 2 years, many times, 5 years. In the Great Depression, 20 years. Time is on the side of the buyer who waits.

The Dot Com bubble barely began to burst when our government dropped interest rates to 1%. The dottering idiot, Greenspan, this week announced we are in a recession which is amusing since this shocked all the guys screaming that the recession was mild, it is over and look, they will drop interest rates only...there is inflation in energy and food, etc. That has leeched into everything we use and touch including trade. For China has inflation and is no longer eating it, prices to the US are now rising. So the Fed can't just drop interest rates. And of course, the buying mania isn't done in the US. It continues nearly unabated which is why we see headlines screaming, 'Sales are continuing' and 'US consumer still buying,' et. But they can't have it both ways at once. They can't have wild spending that is driving up the price of all commodities while at the same time saying, we need to boost sagging sales!

From the Telegraph:

Northern Rock, the crisis-hit bank under siege from thousands of its customers, was preparing itself last night for a sell-off, The Sunday Telegraph can reveal.

One plan being worked on by City bankers was to divide the company's £100 billion mortgage portfolio between the other major banks, in what would amount to a private-sector rescue of the lender.

In scenes not experienced for decades, police were needed to keep the peace at branches across the country as increasingly angry and desperate investors rushed to withdraw their funds.

However, despite many queuing from before dawn, scores were sent away empty-handed when cashiers ran out of time to serve them.

England has it first bank run. This isn't the last. And the US will see these, too. Saving Countrywide isn't impossible. Saving ALL the banks at the SAME TIME is impossible. Already, we have significant inflation from the summer's banking rescues. All the banks are demanding the central banks drop rates but this is irresponsible because this means all the SAVERS are in a panic from Tokyo to London, from NYC to Berlin. This is a classic global banking meltdown and the run in England, a symptom.

From the Telegraph:

Writing for The Sunday Telegraph, the Conservative leader declared: "Though the current crisis may have had its trigger in the US, over the past decade the gun has been loaded at home."

Another truth teller! Amazing, we see this more and more. England imitated its master. The US set the stage and England fretted and strutted next to its ruler. Ditifully, Enlgand aped everything we did. The dream of empire still buring in British minds as their own empire shrank to smaller than in Edward I's days.

From the Telegraph:

The bank siege became a virtual stampede, despite repeated assurances by Alistair Darling, the Chancellor, that the lender remained solvent.

HAHAHA! Several days ago, when Mr. Darling made the news, I laughed for this reminded me of Victorian literature and a famous Mr. Darling, the father of Wendy and her brothers, the banker who argued with Peter Pan who desperately wanted to explain Alt-A loans and how the Lost Boys could repay Mr. Darling's bank back over time by selling the Forest to Captain Hook, the President of Pirates Partners LLP! Only they needed an extention on their loans due to a crocodile eating the president's hand so he couldn't sign the checks and besides, he is hiding under Queen Victoria's ample skirts! Isn't reality fun?

Then there is Mary Poppins!

Meanwhile, Mr. Banks grows increasingly uncomfortable with his children's wild stories of their adventures and how they are enchanted by her. However, Mary effortlessly inverts his attempted dismissal of her services into a plan to take his children to work with him. Unfortunately, the occasion takes a disastrous turn when Mr. Dawes, Mr. Banks' extremely elderly employer, personally tries to persuade Michael to invest his money, which Michael intended for a local birdwoman, to the point of stealing it out of the boy's hand. When Michael loudly protests, the other customers suddenly panic and start a run that forces the bank to suspend business. In the resulting chaos, the children flee in fear, wander into the slums of London and become lost. Fortunately, they literally run into Bert, currently employed as a chimney sweep. He takes them safely home while explaining that the incident at the bank does not mean their father hates them, but rather is a sign he has problems of his own.

The boy wanted to feed the birds who were destroying St. Paul's marbles by pooping on them and as NYC discovered, feeding pigeons means feeding RATS so it is illegal! Then the irresponsible lad in this movie by Disney starts a bank run! And this destroys the savings and investments of everyone. Charming.

From the movie review:

Mr. Banks arrives home, forcing Mary to conclude the festivities. Banks then receives a phone call from work ordering him to return immediately for disciplinary action. As Mr. Banks gathers his strength to face the music, Bert points out that while Mr. Banks does need to make a living, his offsprings' childhood will come and go in a blink of an eye, and as a father he needs to be there for them while he can. A somber and thoughtful Mr. Banks proceeds to the bank where he is fired in the most humiliating way possible for causing the first run on the bank since 1773. However, after being left at a loss for words when ordered to give a statement about his dismissal, Mr. Banks realizes the true priorities of life and gleefully uses Mary's all purpose word "Supercalifragilisticexpialidocious!" to tweak Mr Dawes. He then tells Dawes one of Uncle Albert's jokes, and raucously departs to the amazement of his ex-colleagues. Dawes mulls over the joke, finally "gets it" and floats up into the air, laughing...

The next morning, the winds have changed and to the children's sorrow, Mary must depart. However, Mr. Banks, now loving and joyful, reappears after a long night's disappearance with a mended kite for the children and an urge to play with his family. Mrs. Banks also realizes that she's been neglectful of her children, and supplies a tail for the kite, using one her suffergette ribbons. They all leave the house without a backward glance as Mary Poppins watches from a window. In the park with other kite-flyers, Mr. Banks meets Mr. Dawes Jr. who says that his father literally died laughing at the joke. Instead of mournful, the son is delighted his father died happy and rehires Mr. Banks to fill the sudden opening.

Mr. Banks should have shot Mary Poppins. The story goes insane when the mother gives up on struggling for her civil rights, the father runs around laughing like he is insane (hint: he is insane) and Mr. Dawes, the head of the bank, laughs to death. Literally. Right. Like me laughing to death, trying to understand the present mess.

Millions of children watched this Disney movie, it was very popular. And lord knows, the lessons learned! The irresponsibility of our entire economic system suddenly becomes very clear when one considers the lessons in Peter Pan and Mary Poppins: both are actually imperialists who think they can get out of their own messes by simply going off and committing crimes. The Mary Poppins books had to be amended because of 'racism' as she and the destructive children she supervises, go about the planet, tormenting natives in many countries from Africa to Asia. Whoopee.

Learning adult lessons is very hard. I know I was very childish about many things in my own past! But as one ages, the one good thing is, one has to learn in order to live. And I want everyone to live. And a sober assessment of our collective welfare as well as individual situations should lead to prosperity and joint welfare, not bankruptcy, irresponsible spending and unrealistic uses of resources.

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Comments

[Megsdad]

Great article ---as always But nothing about our hero Big Al Greenspan's appearence on 60 Minutes?!?

Bet you didn't know that "It was all Bush's fault"!

Greeny pleads innocent hahahahaha

[sin]

Some of those bigger houses are hideous. I like to call it *architorture*.

[blues]

And all our systems have been set up like the Hav-a-Hart cages I use to catch large rodents. I bait it with food they like to eat, they enter and the trap snaps shut. Then I kill them because I don't have a heart. — Elaine

So how do you do that? I presume you don't just try to shoot them in the cage. Do you let 'em out, give them a decent chance to make a run for it? I know you're heartless. All beautiful ladies are heartless. I ain't no stupid kid, y'know! So how do you do the Annie Oakley thing with the poor rodents?

You could just get a Maine coon cat, and pull it around with a leash, and let it pee all around the perimeter?

[Neuro Artist]

Of course it is Bushs fault too. However it is very interesting that Greenspan is trying to save his neck, for sinking the ship even before it sunk, by shifting the blame. He is a smart guy he knows its gonna sink, and he is hedging... He wants to enjoy his gold in his private vault with his head well connected to the rest of the body.

Maybe he even wants to start a new central bank after the dust has settled, with currency backed by his gold, bought cheaply from the federal reserve, with a low interest federal reserve backed loan?

[D. F. Facti]

slightly OT - but not really

read Vanity Fair's article re the missing Iraqi billions thanks to the Coalition Provisional Authority

They contracted with a post office box in Nassau,the Bahamas, and it turns out that it was the aame box used by a notorious offshore - redundant? - fraud by the name of Evergreen Securities.

http://www.vanityfair.com/politics/features/2007/10/iraq_billions200710

[blues]

Nice work, Facti! But I had to use special ops to recover the link. Here it is (great picture!):

((----- Copy & Paste -----))

http://www.vanityfair.com/politics
/features/2007/10/iraq_billions200710

[Elaine Meinel Supkis]

Everything ends up in a pirate cove or buried in some distant island! We are talking pirates here! Yes!

And thanks for all the links. I don't watch any TV so I didn't see Greenspan's performance. But he said a lot...of lies! And what do we expect from him?

He is a vulture.

[Neuro Artist]

Yes, I know it is slightly OT. Just speculatin'. However there are so many actual things occurring nowadays that are slightly OT (or more). I wouldn't be surprised if this is coming too.

What is known about this Evergreen securities?

Luck for Greenspan he is not a rodent ;) ....

[D. F. Facti]

Re Evergreen Securities

I have one-degree-of-separation experience with Evergreen Securities.

When I was reading the VF story last night, and I came upon Evergreen Securities, I googled around a bit, and, sure enough, it was the same den of thieves I knew about.

About seven years ago, a lawyer friend was approached by an insurance broker who knew one of the main Evergreen perps. Evergreen was looking for a lawyer with international tax experience, which my friend had. (Actually they were looking for a stooge who would lend credibility to their scam - but, I digress.)

She flew down to Orlando and got the treatment - the razz-ma-tazz these numbers types ALWAYS perform - white board charts and formulas, all spit out at lightning (sorry, Elaine) speed, leaving heads spinning.

Their clients, according to them, included, get this: Ted Turner, Ross Perot and the Bush clan.

Now, con men always claim to have God as their client, because it's impossible to verify. However, under the circumstances ...

The deal they were offering had to do with real estate investment trusts, somehow GUARANTEED by the Chubb Group of insurance companies - and one other - AIG? - I could be mistaken about that last. Anyway, the money supposedly never left the good, old USA, but the arrangement was handled through either Nassau or St. Vincent. (One of the perps supposedly had written the tax code for St. Vincent and the Granadines.)

I urged my friend, who wanted me to work for her/them as a marketer, to ask serious questions. Their minimum "investment" was - what? - $5 million, supposedly - but they had to have proof that the client was worth at least $25 million - supposedly required 1040s of prospective investors, etc.

I steered clear. In my experience, legitimate investors require ample opportunity to obtain detailed information about who is running the money and track records and so forth. These guys were like the Wizard of OZ.

There is much more. Sorry to take up so much space.

[JSmith]

"So how do you do that? I presume you don't just try to shoot them in the cage."

You put rodent, trap, and all in a suitable container with a brick on top. Then you fill it up with water.

I don't get the Peter Pan/Mary Popins stuff. My parents didn't think I should waste my time on that crap.

[DeVaul]

Drowning? That seems unnecessarily cruel.

I just use glue traps, and then I brain them after they get caught. I don't want them to suffer long.

[Neuro Artist]

Thanks Facti.

[jessica]

mary poppins is the most wonderful and caring kids actor ever!!!

[e]

mmmmm well yah

[Van Leasing]

I visited this blog first time and found it very interesting and informative.. Keep up the good work thanks..

[Coetsee]

"I have just hit my fifties and I have established a very comfortable financial position. I am a financial consultant for a highly successful international brokerage house, but it has not always been that way.
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Every day more and more people are looking for alternative ways to make money, or to earn a living, both in the online and offline worlds people are starting realize that having a “job” and working 40 hours a week for 40 years is not the ideal way to live.

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