October 13, 2008
Elaine Meinel Supkis
Today, we talk about anti semitism, the Jewish riots in Acre [didn't hear about that? Ah!] the gold markets and the gnomes of Switzerland who have been caught with their pants down. We learn that the solution the G7 central bankers and government officials have chosen is...hold onto your gold bars and coins....INFINITE INFUSIONS OF PAPER MONEY. Yes, that is the 'solution'. Sigh. Will they ever learn? They not only claim, this is a liquidity, not an overboard debt crisis but Paulson also announces, the US will NOT protect itself from a flood of imports. Got that? Good.
Fed Says ECB, Others to Offer Unlimited Dollar Funds
(Bloomberg) -- The U.S. Federal Reserve said central banks will offer financial institutions unlimited dollar funds, backing up efforts by governments to restore confidence in markets.The ECB, the Bank of England and the Swiss central bank will conduct dollar auctions with maturities of seven days, 28 days and 84 days at a fixed interest rate, the Washington-based Fed said on its Web site today. The Bank of Japan will consider introducing ``similar measures.''
This is no helicopter drop. This is every bank bomber on earth is going to load up with paper money backed by vast government debts and then it will dump the entire mess right on top of the huge pile of worthless paper equities. This supposedly will restart lending in a world awash in red ink.
When banks see no profits in lending, they stop lending. When debtors are too deep in debt, bankers sensibly will stop lending. When nations lend too much to themselves, they find it increasingly hard to attract money from other nations and end up bankrupt. When anyone over-expands use of credit, they end up either paying very high interest rates or going under. The fact that global interest rates were going up and up DESPITE huge, huge, huge attempts by governments and central bankers to drop rates so 'economies could grow', this meant that we had hit that magical ceiling where it is not possible to lend cheaply, so greatly.
Instead of facing reality, all the people who created so many bubbles from 1974 to today when to work with magic wands, demanding that the flying magical piggy bank shower debtors with more credit. This failed, of course. Any money poured into the banks, stayed there.
Simple, of course: so many borrowers were going bankrupt and the derivatives instruments based on reselling bonds based on the potential of a bunch of bedraggled borrowers repaying vast debts somehow, well, this failed. And so banks had to 'recapitalize' themselves which is fancy antsy talk for 'attract savings, by gum!'
Well, the way we attract savings is by raising interest rates. Then lending it out again, at more than the rate offered to attract savings. The true cost for attracting savings is around 7% globally. But the central bankers want it to be around Japanese levels: .5%. Even 0%!
This way, a certain someone can borrow infinite money for spending on infinite imports: the US can continue to gorge on world resources and cough up hairballs of debt. This pile of hairballs [my cat just did this in the office] is rising as high as Mount Olympus. The hope is to increase 'liquidity' so that the hairball pile will be higher than the Himalayan mountains. Next: grow it until it is high as the moon.
World leaders look for joint action on economy
(China Daily)
the high-profile officials of the 20 major economies, both developed and developing, released a statement, in which they pledged to work together and to use "all necessary tools to overcome the financial turmoil, and to deepen cooperation to improve the regulation, supervision and the overall functioning of the world's financial markets"."The depth and systemic nature of the crisis call for exceptional vigilance, coordination and readiness to take bold action," the IMF said in its statement.
"There is a resolve in the international community that this crisis will be resolved, that no tools will be spared to address its ramifications," said Youssef Boutros Ghali, Egypt's finance minister and the new chairman of the IMF's policy panel.
US Treasury Secretary Henry Paulson announced late on Friday the government intended to buy part ownership in a number of American banks, equal to partially nationalizing the industry. It would be the first such move in the US since the 1929 Great Depression."The international community has expressed its commitment to joining hands to fight the crisis," said Hua Min, director of Fudan University's Institute of World Economy. "But given their different situations, the major economies may have different readings of the crisis."
They have suffered varied levels of impact from the financial crisis and, therefore, some of them are not very keen to show their hand, he said.
In the UK and Iceland, for example, things have become fairly serious and the governments of both countries must take immediate action. But in France and Germany, the financial institutions are not facing such a dire situation as in the US or the UK.
Lack of consensus among the major economies could offset the effect of global efforts to resolve it, said Zhao Xijun, finance professor at Renmin University of China.
"Some countries may have underestimated the potential impact of the crisis."
Some countries underestimated the potential impact? How about all? Or does this Chinese professor suggest that ONE country isn't underestimating this mess? Hmmmm....let us review some back history here. Last year, before July, the IMF, the G7 and a host of economic writers in the West and Japan tried desperately to convince the Chinese Dragon that growing a FOREX reserve to protect their banking system was STUPID.
Buying and hoarding gold was DUMB.
Building a Sovereign Wealth Fund was RIDICULOUS. Not only that, all these goofy guys suggested that the Chinese open their bank vaults to let the reckless infinite money makers of the G7 to enter and poke around. China declined and continued to grow all these systems even as the G7 raged and howled. I suggested that the US and UK as well as others, imitate China. Why is that?
HAHAHA! Human nature! When one powerful system decides to suddenly do something, everyone else better do it too or they will be caught with their pants down. So when the US finally became aware that not just Japan but China was amassing huge, huge FOREX reserves, we should have done the same. Of course, this meant buying yen and yuan! HAHAHA. We didn't do that. Instead, we tried to 'talk down' the dollar vis a vis these two currencies that were backed by giant FOREX reserves!
I will note here that Japan hopes to flood its empty bank vaults at home with lots of yen that they hope will not strengthen but weaken. They love the idea of flooding the home base with money that will enable huge trade profits. The yen has risen against most world currencies and the Japanese are grinding their teeth in rage over this horror! They forced the yen back down to 100 to the dollar, their top line. It strengthened to 98 to the dollar last week and this caused the Japanese Nikkei to plunge over 800 points.
Now, on to a seemingly different topic: rising anti-semitism and the Jewish rioters in Acre.
Haaretz: Conspiracy theory faults Jews for Lehman Brothers' collapse
A new anti-Semitic conspiracy theory has been spreading online over the last few days, claiming that on the eve of Lehman Brothers' collapse last month, the firm transferred $400 billion to Israel.But the allegation of the transfer of $400 billion of Lehman Brothers' cash to Israel is much more focused. The story making the rounds was written as if it were a news report from Washington, and has a byline of the "Voice of the White House." The story names three Israeli banks that allegedly received the money, explains in detail Israel's extradition laws and bank-secrecy act, and charges American law-enforcement authorities of having knowledge of the transfer. It also cites excerpts from a real story that appeared on the Bloomberg economic news service wire about estimated losses of $400 billion in the brokerage division of the investment bank.
The "story" first appeared a week ago on the Web site of Jeff Rense, a former journalist who has published numerous conspiracy theories involving Jews, Israel and the American administration.
Israel is extremely interconnected with the US. To the point that much of our security systems including the very obscure and nearly totally invisible head of Homeland Security is a Mossad dual-citizen agent who is primarily a citizen of Israel. And notably, unlike nearly all of our allies if not all of them but Israel, this tiny nation which has a very parasitic relationship with the US government, has laws that forbid the US from demanding criminals be returned here for trial!
Yes, Israel is like Argentina! Instead of having normal diplomatic relations, anyone who is a Jew can move or rather, flee to Israel and won't be forced back to any nation, not even the biggest bankroller of Israel, the US. So a Jewish person can commit even murder here and get away with it if the Jews in Israel decide it is OK to assassinate someone here [yes, they have protected murderers this way!].
This, in turn, causes no end of fury in the US and Europe. In Europe, we can't discuss any of this or the people doing this will be arrested by the Thought Police. Instead of killing anti-semitism, these prosecutions of historians, novelists, editorialists, actors, etc. is causing tremendous hatreds to build in the dark. Since the Jewish community is very heavily involved in banking and have been for centuries due to anti-semitism locking them out of other occupations, they become targets when they screw up the banking they do.
Note that THEY DO SCREW UP. This is what is missing in most mainstream stories about 'anti-semitism'. Muslims sheltered Jews for centuries during which the Christians had the cruelest rules and riots aimed at killing off the stubborn Jewish communities that huddled in ghettos across Medieval Europe. Now, they hate the Jews with a burning passion for the simple reason, the Jews have replaced the Christian crusaders and are invading Muslim communities and treating them like dogs or swine. To the even greater fury of the Muslims, none of this is explained in European or American mainstream news media due to Jewish control of many, many media and editorial positions.
Which, if we ever mention this, is furiously attacked by Jewish editors and owners as 'anti-semitic'. Even though they will go to great lengths, including changing their names, to hide themselves from scrutiny. Just try discovering how many media owners are Jewish? Nearly impossible unless one is very diligent. In Israel, they boast about this control which is why I read the Jerusalem Post, for example. They, at least, make no efforts to hide the degree the community controls things in the bigger, 'Christian' countries of the G7 complex!
Jews attack Arab motorist driving his daughter home
Outgoing prime minister Ehud Olmert called for an end to the violence between Jewish and Arab residents of Acre, saying that there was a feeling that the population of the city was being "held hostage by a group of extremists."Olmert spoke at the weekly cabinet meeting in Jerusalem on Sunday morning, hours after the car of a Jewish Acre resident was torched before dawn as violence between the city's Jewish and Arab residents entered a fifth consecutive day.
However, at press time, the violence appeared to be diminishing, and although tension and anger were still palpable, attempts were being made to return to normalcy. Although police remained on alert, the large police contingent that worked to separate Jewish and Arab protesters had time to rest, and the numbers of police seen on the streets had been drastically reduced.
The police thugs are all Jews. They hit Arabs and gently try to restrain maddened Jewish bigots seeking to terrorize their neighbors into leaving. Relentlessly, they stone, harass and steal from their neighbors in the hopes that this will drive them out and more Jews can take over the abandoned housing. This is how Israel was founded, how it grows and how it hopes to take total control of the Holy Land. This is NEVER EVER EVER condemned by ANY European or American mainstream news media.
Instead, these riots coupled with assistance by the Jewish neo-Nazi police are characterized as being either all the fault of obviously outraged Muslims or are caused by 'both' even though it nearly always starts with Jews doing something really horrible to their neighbors. If the police were fair, this wouldn't escalate into full scale riots. But the police enable these riots just like in the US during the civil rights struggles and then the police riots of the sixties. Integrating the police forces which were 100% white was a high priority item, one that I heavily endorsed when I lived in a mixed race community in NYT patrolled by hostile police who hated 'those hippies' and 'them thar n...ers'. It was very painful, interacting with these men who were unreasonable, vicious or outright, insane.
It was one of the hardest jobs I ever undertook. Once, a very studious and sweet black school boy I knew very well and tutored, stumbled at a school crossing and tripped over the foot of a police officer who clubbed him. He came home, crying, his glasses crooked, and this nearly started a riot only I said, 'I will go take care of this!' All I wanted was a public apology to the boy.
Nope. This evolved into a massive battle to get the police captain replaced and finally, we won. The replacement was still a white guy but he wasn't a budding member of the KKK at least! He immediately went into the black community with us and apologized profusely. This cut down on the nutty cops attacking us.
Well, in Israel, the cops attack half of the people with cruel impunity. And ignore Jews attacking these neighbors. This is so like the Deep South before civil rights! Since a majority of the Jews doing this are from the US or Russia, of course, they should know better. But they aren't knowing anything: they want NO civil rights for their neighbors. They want their neighbors dead.
And the US media should condemn this, not protect it!
A steady stream of officials visited Acre on Sunday, among them Tourism Minister Ruhama Avraham Balila, who announced a PR campaign to bring domestic tourists to the Western Galilee, particularly Acre.
*snip*
The Acre municipality on Sunday had to deal for the first time since the Second Lebanon War with residents who had lost their homes. This time it was not because of Katyushas from Lebanon that did not differentiate between peoples, but the result of the recent vandalism and riots. This time, all the families who lost their homes were Arab.Dozens of people gathered at the entrance to City Hall on Sunday to demand that the municipality finds them alternatives residences. The homes of some had been lost to arson, others were hit by rocks and some people were simply afraid for their lives if they went home.
That last group includes the Ramal family: a widowed mother, a son and daughter. The daughter, Walah, 19, tried together with other women to get to their apartment on Alkalai Street, protected by municipal inspectors, but they quickly fled after a crowd of young Jewish men threatened them. "I can't believe we're refugees in our own city," she said.
The city said it had found hotel rooms for everyone in the meantime, as it searched for more permanent alternative housing.
*snip*
Knesset members from the United Arab List-Ta'al, Hadash and Balad and the deputy chairman of the northern branch of the Islamic Movement, Sheikh Kamal Hatib, participated in the meeting with Olmert. They presented to Olmert and Peres a petition signed by a quarter of a million Arab Israelis demanding a neutral committee of inquiry to investigate the events of October 2000, in which several days of violence broke out inside Israel and 12 Israeli Arabs and a Palestinian were shot dead by the police.
Not one Jewish family is moving. All the ones fleeing are Arabs. The Jewish overlords are very happy to assist. Move them into FEMA trailers and then shove those into ghettos or the sea. Like New Orleans. The dual-citizen creep, Chertoff, ignored the dying, the drowning in New Orleans because he wanted to clear the blacks out of that city. Note how the Jews ruling the Arabs think that Acre needs more Russian 'tourists'! The Russians are INVADERS who are taking over the Holy Land with the huge, huge financial assistance of the American Jews like Chertoff. Whose family came from Russia.
Anti-Semitism Is Countercyclical
By CATHERINE RAMPELL
Last week I joked to a friend that, were there a futures market for anti-Semitism, Black Monday 2008 would have been the time to buy. Just think about it: Not only would the conspiracy theorists be claiming that “the Jews control Wall Street” (which got us into this mess), and that “the Jews control the media” (which of course covered it up), but also that “the Jews control Congress” (which delayed resolving the mess because of Rosh Hashanah).It appears my clumsy attempt at satire has been borne out. Last week Hung Huang wrote that a book blaming “the Jews” for today’s international credit crisis is climbing China’s best-seller list. In recent days the Anti-Defamation League has been e-mailing members about the anti-Semitism that today’s financial crisis has apparently provoked:
*snip*
All this shouldn’t be that surprising, I suppose. Germany’s economic woes after World War I were certainly exploited as part of the anti-Semitic narrative. Not that I expect broken glass or anything this time around.On that note, have an easy fast.
Sigh. The Jewish community can't have it both ways. They have a very huge influence, far beyond their proportion in the general population, in the financial sectors. So they have a responsibility to curb looting, stealing, etc. It is natural for people to place blame when things collapse. And the best way for Jewish people to protect themselves is to censor and punish members who go hog-wild and loot the banking or financial systems. There is tremendous anger at the Wall Street bail out. Since nearly all the costs of this is being shoved onto the general public and NOT ONE person is being put in prison or punished or even losing their ill-gotten fortunes while our banking system collapses....this is producing epic levels of anger.
The media won't talk about this, look at this or do anything except attack anyone who talks about this...they certainly will censor and do censor me, for example. The media hopes to shove this anger onto Muslims. Which is succeeding greatly! For the Christians hate the Muslims more and more and a study done in Germany recently sees anti-Jewish AND anti-Muslim feelings rising all over Europe. This is a very, very dangerous force! I begged the Jewish community to pass strict civil rights laws in Israel and to be more diligent in going after Jews who are warmongers and who give bad advice or take too great risks in banking but they protect them, not go after them with due vigilance. So now, the usual thing will happen: all Jews, most of whom are totally innocent, will be ruthlessly persecuted!
GAH! I hate this and am filled with fury that this will happen. I don't want it to happen! I am 100% for total civil rights and equality of all people, all religions! I want this liberal tolerance to spread! But like a black ink blot, the horrors in the Holy Land are setting the stage for massive global ethnic cleansing which will probably cause WWIII. Now, back to economics:
The Wall Street geeks, the quantitative analysts (“quants”) and masters of “algo trading” probably felt the same irresistible lure of “illimitable power” when they discovered “evolutionary algorithms” that allowed them to create vast empires of wealth by deriving the dependence structures of portfolio credit derivatives.What does that mean? You’ll never know. Over and over again, financial experts and wonkish talking heads endeavor to explain these mysterious, “toxic” financial instruments to us lay folk. Over and over, they ignobly fail, because we all know that no one understands credit default obligations and derivatives, except perhaps Mr. Buffett and the computers who created them.
Somehow the genius quants — the best and brightest geeks Wall Street firms could buy — fed $1 trillion in subprime mortgage debt into their supercomputers, added some derivatives, massaged the arrangements with computer algorithms and — poof! — created $62 trillion in imaginary wealth. It’s not much of a stretch to imagine that all of that imaginary wealth is locked up somewhere inside the computers, and that we humans, led by the silverback males of the financial world, Ben Bernanke and Henry Paulson, are frantically beseeching the monolith for answers. Or maybe we are lost in space, with Dave the astronaut pleading, “Open the bank vault doors, Hal.”
I like that last line. This editorial is correct. Money was made out of thin air. But it doesn't talk about how ALL fiat money is made the same way! The illusive character of this money is obvious today: all the main central banks [EXCEPT CHINA?????] are now conspiring to create INFINITE money out of thin air. It doesn't take genius to do this. It is tremendously easy to do. Ask Zimbabwe. All you do is add zeros to the money calculations. Tell everyone, 'We are mailing everyone a $600 check. Have fun spending it!' Then make it $6,000. And then, $6,000,000. Keep adding the zeros while the actual economic base remains the same size or shrinks as people cease selling pretty much anything.
Derivatives was a SNEAKY way of doing this! It flooded the world with cheap lending. It 'reduced risk' so the banks felt free to lend like rutting rabbits. More and more and more loans were granted. Until they were unpayable. Now, we see the central banks and central governments of all the top economic powers on earth manufacturing money en mass and this will flood the world with cheap loans, they hope. Holy cow. Loans which are backed by the world's taxpayers. The people pulling this stunt won't be ignored! And the Christians doing this, when cornered, will yell, 'The Jews made me do this!' and the mobs will go after the Jews just like the Jews in Israel go after Arabs with total impunity.
Wall Street Cedes M&A to Bank Collapses as Fees Decline to 2005
(Bloomberg) -- The only bright light in mergers and acquisitions is looking more like a death star now that 60 percent of the $389 billion in takeovers since the beginning of September are the result of bank collapses.The loss of more than $5 trillion of shareholders' equity -- wiping away the biggest percentage of the stock market since 1937 during the Great Depression -- means that fees of about $36 billion from share sales and M&A are down 33 percent so far this year from 2007, according to data compiled by New York-based research firm Freeman & Co. Business is so bad that no one sees any recovery before 2010.
``There will be a deeper decline in investment banking than we've seen so far,'' said Dirk Hoffmann-Becking, an analyst at Sanford C. Bernstein & Co. in London. ``If you're a patient on a drip, you won't go out and play football.''
Damn blast them all! EVERY ONE OF THE TAKE OVERS OF THE LAST 8 YEARS WERE BOGUS! Not one of them should have happened! NOT ONE!!!! The gnomes want to restart this goofy, dangerous and stupid game because it made stocks soar on world markets. It filled bank vaults of the bankers with loot. It was all about dumping epic amounts of debts on top of all the G7's businesses. GAH! This should be outlawed!
Using leverage to buy up each other is a scam. And the gnomes who control the news and the banking systems are desperate to get this scam running so they can sit at home, click on the webpages of various organizations, see who has the least debt on themselves and then using the Japanese carry trade, buy up these things by using loans. And this game was a great money-maker and is directly 100% responsible for the present collapse!!!!
This is why they refuse to talk to outsiders like me. Imagine if I were at that G7 meeting, walked into the room and began to explain how the take-over mania using borrowing tools provided by the central banks, is the ultimate problem and must be outlawed. They would shoot me dead before I got through the door.
Fed Says ECB, Others to Offer Unlimited Dollar Funds
(Bloomberg) -- The U.S. Federal Reserve said central banks will offer financial institutions unlimited dollar funds, backing up efforts by governments to restore confidence in markets.The ECB, the Bank of England and the Swiss central bank will conduct dollar auctions with maturities of seven days, 28 days and 84 days at a fixed interest rate, the Washington-based Fed said on its Web site today. The Bank of Japan will consider introducing ``similar measures.''
Policy makers from the Group of Seven nations pledged at the weekend to take ``all necessary steps'' to stem a market panic after the MSCI World stock index plunged 20 percent last week. Central banks last week cut interest rates in tandem for the first time since 2001, the U.S. plans to buy $700 billion in distressed assets from banks and in Europe, the U.K. is leading a push to keep lenders afloat with taxpayers' money.
``By providing unlimited dollar funds they are acting on the back of the G-7 plan to ensure the system is fully liquidized,'' said Lena Komileva, an economist at Tullet Prebon Plc in London. ``We're going to see even more liquidity provided and more aggressive rate cuts are coming.''
Inflation grins as she flexes her powerful wings. 'Ah, my dear, beloved baby, Derivatives Beast, has eaten all the fake wealth of those gnomes! Now they are praying to me and hope I will take flight! Whee!'
Her dire sister, Depression, weeps. 'I am so damn sad. They don't want me. Well, eat them all, Inflation. I will come no matter how much they feed you.'
This is so easy! We don't need computer geniuses to figure out basic economic forces, do we? We don't even need numbers!
Austria witnesses new gold rush
The interest in gold coins is so great that many of the world's major mints are struggling to keep up with demand, including the Austrian Mint, which produces the Vienna Philharmonic - one of the best-selling bullion coins worldwide.Sales of Vienna Philharmonic gold coins have gone up by more than 230% since last year.
Kerry Tattersall, the director of marketing at the mint, says production has gone into overdrive.
"We are running at present something like three shifts on all of the machines, on the presses, producing both gold and the silver bullion coins.
Some Europeans have long memories. The global rush to gold is a mixed bag. Asians basically were the majority of the gold market until raging inflation coupled with an epic rise in gold prices sucked down much of the discretionary income of Asian workers. So gold glided down starting last March, as I explained back then. Since then, the market has shifted greatly. It is nearly impossible to get a swift delivery of gold in the G7 nations. Yet the value of gold is kept bouncing between $900 an once and $800 an ounce. Some gold hoarders are hoping to spark a commodities bubble and see gold shoot up in price.
Well, the G7 will enable this goofy dream. Gold, instead representing stability, will be used by ALL parties to represent inflation. The hope of gold buyers today is to protect savings from the 0% regime the central bankers are cooking up. And I guess, at this point in time, this is one of very few options. Just remember, all central bankers, when their flood of inflation money is sucked into gold rather than spent to pay off loans or buy stuff, will attack gold hoarders with the oldest weapons on earth: military mercenaries paid by the ruling elites to loot their own people.
A good article from GoldSeek.com:
Bond Market Collapse is Imminent By Adrian Douglas
What is more likely is that bond holders were waking up to the certain hyperinflation coming as a consequence of the largesse of the government’s massive rescue plans.Many analysts are incorrectly talking of deflation. Falling stock markets or falling housing markets do not contract the money supply. The government’s bailouts and “liquidity” injections on the other hand increase it. John Williams shows at shadowstats.com that the money supply is expanding at 14% and when the government guarantees all bank deposits and probably all interbank lending I can’t imagine what it will be!
Imagine that instead of living through this nightmare yourself you were watching this complete financial drama unfolding in Venezuela. Who in his right mind would predict that Venezuela would experience massive deflation as a result of creating massive amounts of money and credit out of thin air? So why is it different for America? The laws of economics are not country specific.
The one huge flaw in all the gold sites online is they have a monotonous story line. They seldom give good advice to traders and they vacillate about the idea that the only real way gold will work is if it is run by the government in the mint. Namely, they want the government to buy up all the gold if we go back to a gold standard. I say, the government will NOT buy it all up, not at the price we pay for it during the inflation time. Typically, the government 'buys' it up by setting a draconian, much lower price and then sends in the goon squads to take it all. Period.
So be forewarned.
Der Spiegel, Germany: Gigantic Swiss Banks Hold Steady -- For Now
The Swiss have been forced once already to wave goodbye to a national icon. Swissair, whose solidity earned it the moniker "the flying bank," shut down in 2001. It was a traumatic crash-landing for the whole country, and Swissair's collapse cost the state over 2 billion Swiss francs (€1.3 billion). The big banks also bore guilt for the failure. As later became public, UBS had refused to extend funding to Swissair for emergency operations. This is how the bank earned its nasty nickname among the populace, "United Bandits of Switzerland."Now, UBS is once again in the hotseat. Since the financial crisis began, the firm has experienced heavy losses and has seen writedowns of 45 billion Swiss francs (€29 billion). The investment bankers on Wall Street allowed themselves to run riot, above all with the meagre savings of small deposit-holders. UBS announced last week it was cutting 2,000 investment banking jobs. As the Neue Zürcher Zeitung recently put it -- with refreshing openness -- "the nicest thing you can say about the American bankers -- and about their imitators as UBS -- is that they were unscrupulous."
Many are fearful of the consequences should UBS capsize. Switzerland's gross domestic product totals 512 billion Swiss francs (€332.1 billion). UBS's balance sheet adds up to 2 trillion Swiss francs (€1.3 trillion) -- four times as much. Even Switzerland's second biggest bank, Credit Suisse, oversees assets totalling 1.2 trillion Swiss francs (€778.4 billion). Together UBS and Credit Suisse have over 640 billion Swiss francs (€415.1 billion) in outstanding loans.
"We owe this crisis an uncomfortable revelation: UBS and Credit Suisse are too big for Switzerland," wrote the ex-editor-in-chief of the German weekly Die Zeit, Roger de Weck, last week in the Swiss periodical Das Magazin. "If they went bankrupt, a flourishing country would be ruined."
Switzerland is one of the oldest pirate coves on earth. The place was very poor until the peasants banded together, defeated their rulers and formed free cantons which were armed to the teeth. They then discovered they could make lots of loot and literally loot a lot if they hired themselves to the chivalry and to despots as mercenaries. To this day, they guard the golden hoards of the Popes. Note that the present fop of a Pope pokes around the planet, denouncing wealth and power! HAHAHAHA. Maybe his Swiss guards will smother him in bed some night.
Anyway, all this looting loot was hauled home by the free Swiss and is the foundation of their wealth. Now, they screwed up as they played the other pirate game of the 21st century. Well, they also said gold was worthless when the G7 was desperately telling Russia and China this lie! To demonstrate how useless gold was, the Swiss sold much of their gold reserves! Now, they die.
Well, that is what happens when one gets a tad too irrational and arrogant.
Banking giants to be nationalised
Two of Britain's biggest high street banks will in effect be nationalised today in a dramatic move by the Government that follows a day of international negotiations aimed at co-ordinating a pan-European approach to the global financial crisis.The development, where the state will take a majority shareholding in Royal Bank of Scotland (RBS) and a large share of Halifax Bank of Scotland (HBOS), emerged as European leaders appeared ready to follow the UK-led strategy of bailing out ailing banks by using public funds to take large stakes in them.
ALL banks will be sucked into the central bankers' maws. And then we have no 'competition' not only domestically, but globally. Welcome to the New World Order which is desperate to get Russia and China under its thumb. Then, they can globally control the value of gold and oil! Then, they can make themselves rich by giving themselves all paper wealth and forcing us to work for a small share of this paper which they get totally for free.
Paulson: protectionism no answer to financial crisis
(Reuters) - Treasury Secretary Henry Paulson cautioned on Sunday that countries that turn to protectionist policies to try to escape damage from the global financial crisis may make it worse."Isolationism and protectionism will not offer a way out," Paulson said in a statement prepared for delivery to the World Bank's development committee.
"Although we in the United States are taking many extraordinary measures to ease the crisis, we are not pursuing policies that would limit the flows of goods, services or capital, as such measures would only intensify the risks of a prolonged crisis," he added.
GOOD GRIEF IN HELL! We are planning to do NOTHING AT ALL to stop the trade deficit? Gads. The entire reason we are in a global collapse is due to the inability of the US to continue the present status quo. And this news proves me right! They are trying to revive the status quo that is all about higher and higher debts and deficits in the US. Something we should be fighting tooth and nail. Fixing this is the #1 priority of the US. And instead of fixing this, our leaders are SURRENDERING. So it is only a matter of time, when we collapse, forever and totally.
China has a calendar they launched in 1986. In year 50 from that date, the Chinese money will be the world's currency and the US will be bankrupt. I suspect this is one project that will come in early. Congratulations to the Chinese. They are very smart people. They are also not Jewish. The competition to see who will run the planet's systems isn't merely ethnic/religious. It is political and no system can rule the world unless it is also a global power. Europe is not united at all. But Russia and China are. The US is, too. But will falter and die if loaded down under a mountain of debt hair balls.
The Australian dollar collapsed to multi-year lows against the US currency and Japanese yen in late trade today as a deepening financial crisis saw investors evacuate riskier assets.With the outlook for the global economy deteriorating fast due to the ongoing credit market turmoil, investors are pricing in chances for more rate cuts by the Reserve Bank of Australia (RBA) before year end, adding to the Aussie's woes.
All the highflying nations that were part of the Japanese carry trade complex are collapsing. The krona has now vanished as a currency. I would feel sorry for all those poor currency traders who were not pros who were taken to the cleaners! The only really successful currency traders are all very, very, VERY politically connected so they get plenty of warnings of troubles ahead. Guys who trade by reading charts and graphs, looking for signals, will always be ten steps behind those people who make the news, own the politicians and control the central banks. The Bilderbergers, just for example. The Real Rulers. Who fear the future Real Rulers, the Chinese.
Elaine, you are a genius.
Posted by: GK | October 13, 2008 at 06:57 AM
http://www.reuters.com/article/ousiv/idUSTRE49A36O20081013
Revised Bretton Woods possibility...
These central bankers remind me of casino dealers ganging up to rig games...
Posted by: David | October 13, 2008 at 07:58 AM
Ummmm.........what GK said.
Posted by: Grok | October 13, 2008 at 08:16 AM
"...we've been living in a world that is standing on its head; a topsy turvy world turned upside down. The forces of gravity pull equally hard on all Earthly structures and economic structures are no different. In the domain of today's digitized wealth, it's become all too easy to forget that the basis for all monetary and financial systems is TRUST , not financial ingenuity and computer programming skill. As in any relationship, trust - once lost - is not easily regained ."
http://tinyurl.com/4oek34
Posted by: CL | October 13, 2008 at 08:32 AM
CL I'd suspect the upside down derivative pyramid is a paradox unfolding and no accident but inevitable as banks break every rule to keep debt expanding for their profits survival and continue to do so crushing the now by comparison tiny economy below. Good visual way to see it.
Posted by: stilldreaming | October 13, 2008 at 09:08 AM
All con artists say, 'Trust me...'
Posted by: Elaine Meinel Supkis | October 13, 2008 at 09:35 AM
Elaine, it’s unclear that you intended to include Australia as Iceland in the high flyers club due to the Japanese carry trade financial shenanigans.
I believe this is would be an incorrect cause of currency collapse in countries whose primary economic output is commodities. Austrailia, Canada, Brazil, Argentina and the like are simply being fled by currency traders due to anticipated commodity market collapse.
Typically, I might add.
Posted by: Canuck | October 13, 2008 at 09:51 AM
Australia was used in a back door way to be a pirate cove-carry trade tool. Like all the others, it is ISOLATED and the biggest island on earth with a LOW POPULATION LEVEL. Compared to Haiti, Japan, etc. Very dense populated islands can't do that.
Japan is the beating heart of this system. It is now finished because the US and EU are now joining Japan in the 0% interest rate club.
Posted by: Elaine Meinel Supkis | October 13, 2008 at 10:02 AM
The world stock markets are now shooting through the roof on anticipation of a FLOOD of buy ups and buy outs funded by the infinite money flowing from the Magical Flying Piggy Bank. I guess this is a better image than a helicopter.
For it is a BROKEN BANK. And is hemorrhaging money, not creating real wealth. It is part of the broken walls in the Cave of Wealth and Death.
And the wall between wealth and death is down. Big time. But everyone gets one more inflation party balloon. Whoopee. This doesn't fix anything, of course. They don't want anything fixed, not yet.
Posted by: Elaine Meinel Supkis | October 13, 2008 at 10:07 AM
The story about Israel being involved in the financial debacle has a lot of oddness about it. I scan Rense daily, and it's got a lot of dubious, even downright absurd items, but I never saw anything remotely referring to that story! Nonetheless, Haaretz is citing Rense as the starting point for it. And Rense is linking to the Haaretz article, of course! Odd that.
However, this story IS being carried in all it's glory in the "opinion section" of the Sorcha Faal news web page. In that version, the Israelis want to attack most of the Middle East (including Egypt), but Bush said "no." So the Israelis, with the British, worked to bring down Lehman Brothers in order to force Bush's hand. Like most everything in that "opinion section," it cannot be proved or disproved. But the odd thing is it probably did not start with Rense at all. The entire "Israel situation" looks like a vast shell game being played for everyone by the big Western agencies. Everyone involved in it is being incredibly stupid. The entire "Holy land in the Middle East" concept was never really tenable, and the strategies utilized were always as foolish as possible.
I am about 80% sure that this Sorcha Faal really is Russian, and that she simply brought "Pravda journalism" to the west. They both always mix in stories about the earth being about to be crushed by giant meteors, and so on. It has the same tone as Pravda, although the actual news section is much more reliable than Rense's.
The derivatives concept is a sad development. You could say (to some extent) that insurance, banking, and stock market operations are "gambling with a positive purpose." The derivatives are simply "gambling with a negative purpose." I never gave much credence to people applying differential equations, etc. to economics, and now it has turned into a disaster. They just hire these mathematicians to write up gambling games with formulas, and they expect people to accept this as real business because of that. The Lyndon LaRouche movement people are saying that, for the protection of the nation, the derivatives should all be simply declared null and void. Hm.
The saddest thing today is that, for the last thirty years or so, the American auto makers have been building over-sized vehicles while that Japanese have been building fuel efficient ones. It seems clear that the American auto makers could not fail to know that the oil peak was imminent. Why did they deliberately destroy themselves? For purposes of simple greed, perhaps, but it seems like stupidity now. Seriously, the average homeless person would never survive if she or he operated as these "executives" do.
Posted by: blues | October 13, 2008 at 10:07 AM
"I am not sure if this announcement will receive the attention it deserves, but it is probably the most significant piece of news of this entire turbulent month. China today announced that it will "seek to expand its massive internal market to counter the global economic slowdown that has reduced international demand for Chinese goods." As reported by Associated Press writer Gillian Wong, China has decided to shift the focus of its economic planning away from exports and toward domestic consumption. This is the beginning of the end for the U.S. dollar and what is left of the U.S. economy."
.
http://hubpages.com/hub/China-Saying-Goodbye-to-US-Market
Posted by: Carlos Pereira-da-Cruz | October 13, 2008 at 10:22 AM
Reuters
WASHINGTON, Oct 12 (Reuters) -
http://tinyurl.com/3j38dn
{Billionaire investor George Soros predicted on Sunday that the financial crisis would mean the end of a U.S.-led market system that has dominated the global economy with debt and deregulation since the 1980s.}
{"Globalization, America as the center of the globalized financial markets, was sucking up the savings of the world," Soros said in a CNN interview.
{"This is now over. The game is out. It does mean a very serious adjustment for America," added Soros, a staunch backer of the Democratic Party.}
I guess we can go home now.
Oh, and Paul Krugman won the Nobel economics prize. Nice for him.
Posted by: blues | October 13, 2008 at 10:28 AM
Australia a back door? Well, I suppose I’ll consider it. It does beg the question why a back door is necessary when there’s obviously no oversight, accountability or consequences for using the front door for carry trade purposes. Where’s the advantage when all the information is held private and proprietary? Why obfuscate when the populace is unfamiliar and the regulators are enablers?
Doesn’t “The City” (London financial markets) pride and present itself on being able to affect these transactions with great efficacy. I don’t see the advantage to running the transaction through the outback.
Posted by: Canuck | October 13, 2008 at 10:35 AM
This is great to know:
washingtonpost.com
Predatory Lenders' Partner in Crime
How the Bush Administration Stopped the States From Stepping In to Help Consumers
By Eliot Spitzer
Thursday, February 14, 2008
http://tinyurl.com/2vk7gf
{In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.}
Posted by: blues | October 13, 2008 at 11:47 AM
Did you know there are [were] such things as 2nd and 3rd order derivatives. derivatives of derivatives!
Posted by: ziff house | October 13, 2008 at 12:06 PM
Elaine:
You seem to delve into and beyond all subjects (both ancillary and on point) on every subject except "the Jewish question". Actually, it is not that hard to research their pervasive influence. I think you have not really tried.
If you extrapolate from media ownership to control of international government functions to AIPAC (ALL institutions really), it is not hard to draw conclusions which you apparently are finding difficult. In, fact, since my wife and myself read you everyday and interpret your opinions in a open forum, we tried an exercise today and substituted every every instance of your use of the word Gnome with Jew Now, your writing resonates with truth. Perhaps you are in denial, or, mean something beyond the definition of Gnome (underground guard of treasure)?
I sincerely appreciate your historical perspectives concerning money and banking in particular. However, your historical perspective on "the Jewish question" in today's article. is lacking in light of today's characterizations of Jewish influence.
A Russian historian (Anatoly T. Fomenko) has the seminal book concerning the Scaligerian chronology vis-a vis the manipulation of history. The thesis is that the excepted academic chronology of history was essentially invented by the the Jew's (gross oversimplification-but certainly on point). It is fascinating to ponder the concepts of manipulating human history for the purpose of manipulating mankind (it's all so human!).
The point is, Elaine, to gain enlightenment concerning the Jews influence on humanity, first stop using the term "anti-Semite". That's "their" construct. Very much of what we (mankind) think is truth is actually FAKE or contrived by historical interpretation.
P.S. Paulson has made 80 trips to China as a CEO of Goldman and Treasury Secretary. Really, Gnomes do not care what nationally their sex slaves are--as long as they serve.
Posted by: chas | October 13, 2008 at 12:16 PM
Ah the first derivatives can go pound some salt. Then the 2nd and 3rd will never get off the ground. Mean-ass gravity will hold them back.
I started to read H.G. Wells Time Machine, but now I'm not so sure cause I think all its about is his own bad dream --- I'm tired of bad dreams.
Peace,
Ken
Posted by: Buffalo Ken | October 13, 2008 at 12:21 PM
This is insane; western governments will give the keys to the national money printers to the gambling addicted "casino market" thugs. And, of course the sheeple will applaud as they watch the markets rally. "Rescue for the few, debt slavery for the many."
http://www.infowars.com/?p=5261
I am not sure which is more extinct; competent & honest leadership or common sense from the masses.
We are broke from fighting inhuman Zionist wars that have no end. Not satisfied with insolvency, the Zionists banking cartels will make sure we go deeper and deeper into perpetual debt. After all, when countries are bankrupt, all you can steal is their future.
Great article as usual Elaine. One detail you raised: "Yet the value of gold is kept bouncing between $900 an once and $800 an ounce."
This sure looks to be the case. The gold bugs have been predicting that a huge bear market is right around the corner for the past year.
I'm beginning to think the strategy should be to buy at around $800 and then sell as soon as the price gets to $900 (with some adjustment for inflation). Take the modest profit and pay down any debt you may have and/or buy alternative energy sources (solar collectors, geothermal heat pumps, solar voltaic surfaces, etc). Or, stuff the profit as gold in your mattress.
Posted by: DrKrbyLuv | October 13, 2008 at 12:22 PM
I don't really know anything about the so-called "Zionist", but I'll say this:
There is always bounce-back and because life loves to go on, the bounce-back is usually much more potent than the offense.....so you there you go.
Thing is history runs deep and there have been worse offenses if you go back......Still, why waste so much effort with the past. Is it not better to learn from the past. But I suppose this depends a bit upon some who think they've been given the "kit" for teaching. Sometimes teachers need to understand that younger generations will always be wiser as time goes by.
Time is of the essence.
Peace,
Ken
Posted by: Buffalo Ken | October 13, 2008 at 12:32 PM
Hi Elaine,
Just read this on democracy now:
Obama Listed as “Barack Osama” on Absentee Ballot
Here in New York, lawmakers in Rensselaer County are calling for an investigation into the misspelling of Barack Obama’s name on absentee ballots. 300 absentee ballots were recently sent out that read “Barack Osama.” Election officials say the mistake was a typo.
This is your neck of the woods, could you get a copy and post it online.
Posted by: Abelian | October 13, 2008 at 12:33 PM
Of course, the younger generation would be wise themselves to learn from those with experience.
Posted by: Buffalo Ken | October 13, 2008 at 12:37 PM
Cycles - you know. Practically from the get-go, things happen in cycles - makes sense don't you think?
It just of course that many cycles are all happening simultaneously and interacting with each other all the while. No way to predict with 100% confidence what will happen. Thats the beauty of it.
Peace,
Ken
Posted by: Buffalo Ken | October 13, 2008 at 12:40 PM
Incidently, that part of the reason why I suggested a 98% reduction in gift-giving for the Christmas holiday (I prefer the term "Solstice"). Anyhow, 100% reduction would have been too much. It is a good thing to give gifts, but at least in the US of A, the gift-giving seems to have turned into a bit of an orgy - if you want my opinion.
Anyhow, I was glad to hear that China is thinking about "going internal". This makes total sense to me and China has positioned themselves (so to speak) to be in the best position to do this from a fiscal standpoint. Again, just my opinion.
I love that 1st Amendment. I looked up just today.
Peace,
Ken
Posted by: Buffalo Ken | October 13, 2008 at 12:45 PM
Elaine-
Best to stick to economics.
Your anti-semitic rant was simply shocking, bizarre, and so off base that it is hardly worth addressing.
There is all sorts of bad behavior in Israel against Arabs (i.e. "driving while black"), but it does not compare to other behavior that the media are even more silent to.
I can only imagine if the EZLN set up shop in Tijuana and regularly showered San Diego with missiles. The US would give civilians 15 minutes to evacuate, and would turn northern Mexico into a parking lot that would glow for 200 years.
The Israelis are supposed to hold hands and sing with their missile attackers - talk about a double standard!
Spend some time reading the other sides (i.e. the Arab-language press or Israeli reports of attacks), if you want to form a more balanced view. Such as:
http://www.imra.org.il/
or
http://www.memri.org/
Posted by: Adamchik | October 13, 2008 at 12:45 PM
Here is a real barn burner. Lot's of good points:
Bataan Death March Tickertape
Posted by: RobG | October 13, 2008 at 12:47 PM
It seems to me that that name "JPMorgan" seems to be tied into so many unseemly affairs. This probably ought to be studied very rigorously so that we can learn from the past.
Peace,
Ken
Posted by: Buffalo Ken | October 13, 2008 at 12:53 PM
I've done my studying on this topic so I already have my opinion, but for the time being, I'll keep that opinion close to my chest (JPMOrgan sucks big time!!!!!)
Oh, what was that?
Regardless, I think it is time for all hands to be on the table and then, its simple. The People choose.
Peace,
Ken
Posted by: Buffalo Ken | October 13, 2008 at 12:59 PM
You know - all this banker/lawyer bullshit pisses me off. I'm going to do something about it. I've had enough and I don't think I'm alone.
Peace,
Ken
Posted by: Buffalo Ken | October 13, 2008 at 01:19 PM
But it is true - The People Choose.
Its also true in my stinking humble opinion that nancy pelosi is the US's version of the princess (i think she was some sort of princess) women from the land of Mejico who let down all the indigenous People (thanks "MoonRaven" where-ever you are). So that is why I think Nancy Pelosi should resign because we need to learn from history assuming history can be reported accurately.....
damn the media because they are making themselves useless....
Peace,
Ken
Posted by: Buffalo Ken | October 13, 2008 at 01:24 PM
Hey Ken,
The Revolution will not be televised. I wonder why? You'd think it would at least get a little air time...
Posted by: blues | October 13, 2008 at 02:26 PM
OK - this is off the cuff - its a poem from a website that no longer is online and since it has been relatively quiet I figured why not:
Off the cuff you say you think you buff....
buff did you say???
buff or buffing or are you from Buffalo (i am)?I mean bluffing, or no/know, i mean buffer.
Are you a bluffing buffer from Buffalo?
Are you a puffing bluffing salt licking muffin loving buffalo from buffalo?
Or could it be a huffing puffing bluffing buffalo buffer, or maybe yet a nothing stuffin muffin both hand loving mam-han she-man huffin suffering puffin bluffin buffalo buffer who likes to wiff or wuff over nuthin.
Tell me what do you prefer. Please,let me know.....ill be what you need me to be....Peace is what we need.....
-Ken
Posted by: Buffalo Ken | October 13, 2008 at 02:27 PM
Hi blues - I think "air time" doesn't really matter. What matters is that the cycle finally comes back around so that things can get better for awhile. Hopefully a long while.
Meanwhile, a whole bunch of us will probably just sort-of float around and try to help out when we think we can.
Peace,
Ken
Posted by: Buffalo Ken | October 13, 2008 at 02:31 PM
Adamchik -
I was shocked that you knee jerked into your accusation that Elaine was guilty of an "anti-semitic rant." That was poor form.
I cannot speak for Elaine but anytime anyone says anything negative about Israel, this red herring seems to be tossed as an accusation.
The US should stop all foreign aid to Israel and we should stop the "best buddy" status with what is essentially a theocracy.
Zionism is more dangerous to the world, including Jews, than muslim extremists.
Posted by: DrKrbyLuv | October 13, 2008 at 02:52 PM
Elaine, as hedge funds are loosing close to $1300 billion from failed yen carry trades and driving down banks, equities and commodities to hell, I dont see inflation and gold to outperform over a portfolio of cash currencies, at least in the next six months term. All effectively expended bailouts from paulson, brown, japan and the EU are far from the destroyed demand and multiplier effects of unemployed wage earners and greedy M3/M1 loosers. I have been in most of the pirate coves on earth and the oldest one still holds some good treasures in their slopes. A brilliant researcher and visionary like you please provide us simple mortals with Delphos and Eos winds.
Posted by: pirate_of_seven_seas | October 13, 2008 at 03:01 PM
"When banks see no profits in lending, they stop lending. "
I don't understand why the terms "liquidity trap" and "liquidity preference" aren't splattered all over the newspapers. Here are quotes that clarify why we *should* be hearing about these notions.
Liquidity preference is the inclination to hold cash because the gain on other investments fails to exceed their return (when they are reduced by the perceived risk).
==============
A liquidity trap is created when further increases in money supply by the central bank (monetary base) cannot further affect output, prices, interest rates or other variables. Increases in the money stock are entirely neutralized by increases in liquidity preference to hold money.
==============
But just because banks are able to make loans at low interest rate does not mean banks can find borrowers with credit ratings to justify the low rates. John Maynard Keynes' concept of a liquidity trap is that market preference for cash positions can outweigh interest rate considerations. In a financial crisis, there may simple [simply] not be enough credit-worthy borrowers at any interest rate level and the [resulting] number of sellers [(would-be borrowers) may] stay stubbornly larger than the number of buyers [(erstwhile lenders)] because sellers need to sell precisely because they do not have credit worthiness to borrow even at low interest rates and buyers stay on the sideline waiting for even lower prices.
Even when the Fed lowers the discount rate, banks will only see their threat of insolvency reduced. Banks will still be sitting on piles of idle cash that they cannot lend. This is known as banks pushing on a credit string. Keynes insightfully observed that the market can stay irrational longer than most participants can stay liquid. Since central banks are now mere market participants because of the enormous size of the debt market due to the wide-spread use of structured finance with derivatives whose notional value adds up to hundreds of trillion of dollars, the market can stay irrational longer than even central banks can stay liquid, if central banks do not want to drive their currencies to the ground. With deregulated global financial markets, central bank capacity for adding liquidity to the banking system is constrained by its need to protect the exchange value of its currency. For the US, which depends on foreign central banks to fund its twin deficits, any drastic fall of the dollar will itself create a liquidity crisis from foreign central banks shifting out of dollar in their foreign exchange reserves.
==============
These notions are associated with John Maynard Keynes and Henry C K Liu.
Here is the essay from which most of this is excerpted. (Marked up by me.)
Go about half way down the page to a section titled "Central Bank Impotence".
Posted by: Frederick N. Chase | October 13, 2008 at 03:02 PM
Elaine: "Jörg Haider talks about the Banking Mafia" - I don't understand German but is this a possible motive to kill him? Please translate?
http://tinyurl.com/3nqblh
Posted by: DrKrbyLuv | October 13, 2008 at 03:19 PM
If you plot oil supply vs time say 200 yrs, you get a horizontal line with a tiny bell curve bump in it. i suspect if you plotted money supply instead of oil you would get the same bump in the same place. WE RUN ON OIL! there is still some left another year or so, then we start the permament decline, and we are in trouble for real.
Posted by: ziff house | October 13, 2008 at 03:49 PM
Carlos,
China is just following American textbook aka 1930s. She will shut the door and build infrastructure and retool her factories. She will be getting to roll after the collapse of current financial order. We'll have to wait and see who is included in her party...and who will be out. She used to be self-sufficient economy before 1990s so it is not a problem for her but big problems for other countries trying to imitate her strategy as u need tough, focused and disciplined group willing to be under control of authorities (like US in 1930s).
Elaine,
Have u any idea as to what is their plans after they become 'bank'?? I think that is a more important question as these past days have essentially confirm the passing of the leadership from G7 to China in terms of economic power.
Posted by: OC | October 13, 2008 at 05:29 PM
Good timing regarding the Vatican's money:
Official says deposits in Vatican bank are safe
Posted by: RobG | October 13, 2008 at 07:33 PM
Re China expanding its internal markets and rebuilding its industrial infrastructure. This sounds to me like a job for Jack Welch! HAHAHAHA. Let Welch install his Six Sigma BS in China. See how well it flies there. Ah yes. The GE Way! LOL. BTW Elaine: are there ANY female gnomes? Just curious.
Posted by: Paul S | October 13, 2008 at 08:24 PM
Why is it the bullies always claim their actions are for peace?
Posted by: stilldreaming | October 13, 2008 at 08:33 PM
Frederik,
The only folks or countries that those gnomes will lend money to are the Chinese, Singaporeans and Japanese. There is just one tiny weeny little problem - they are holding lots cash and precious metals because they are solvent and have no intentions of taking on debt now. Ha! Ha! Ha!
The folks who get credit don't need the credit and folks who need the credit don't get it. What a funny world this is. Lady Luck comes when u don't need her and she runs when u need her most. Ha! Ha! Ha!
Posted by: OC | October 13, 2008 at 08:52 PM
Adamchik? ADLoosecannon.
You're the ranter! ADL blog comber. Get lost! Your diatribe is getting old. Anti-semite? You're not even qualified to be a semite. You are an Ashkenazi. Get off the Palestinians' land. And, get out of AMERICA!!!!
http://www.rense.com/general74/controls.htm
Posted by: CEO Nutcracker | October 13, 2008 at 08:55 PM
EMS, this first part was once told me by a stranger. The Apostate Hebrews find themselves in Babylon, slaves once again. "We are a small people," they said. "How to make this not happen again?" YHWH had offered them an earthly kingdom based on spiritual principles. These principles they rejected but still wanted the kingdom. So they devised the Golden Rule (who owns the gold makes the rules) hearkening back to Solomon's Glory.
Asia fell. Rome prospered. Most of what is written about the Zionists now was true in Rome then also. They infiltrated the Church and made land ownership by The Tribe illegal, but granted them the right to control usury. This gave them a 1500 year head start on the rest of Western Civilization. The Weishaupt Illuminati Apostates joined the Hebrews, but came late to the game. The rest is pretty much Rothschild and Rockefeller (Bildeberger) recent history.
When I first read "The Protocols" (I was in college) I was astounded. I knew what was going on, but didn't have a clue that it had been so well planned and thought out. That's when I became a believer in the planned theory of history rather than the accidental theory we were taught in school.
So how do we read the tea leaves? Simple: FTM (follow the money). Everything else is camouflage. Is it any wonder people don't trust strangers? Especially rich ones?
Posted by: zulu | October 13, 2008 at 09:02 PM
The US won't stop sending aid to Israel. Mush of this support comes in the form of military hardware sales. Abandon any notions about ideology or love of democracy. Support for Israel is about MONEY. The US is the world's arms dealer because it is PROFITABLE. It feeds the US mil-industrial complex. It's why the US was suporting Saddam Hussein when he was gassing Kurds. Gas the the US sold Hussein. But then Hussein started cutting oil deals with the French and Russians...
Posted by: Paul S | October 13, 2008 at 11:17 PM
Zulu, the Jewish people are SURVIVORS of the WORST and INHUMAN torments inflicted on an innocent people!
This is why I say the Cubans and Palestinians will be the future activist people who will explode across the earth as economic leaders. For the tool which forges this sort of expression is severe economic suppression that is imposed from outside a community which incidentally, destroys their ability to be farmers.
This, in turn, forced them to be clever and hard-nosed as they need these mental skills to survive. This is exactly why the Chines are exploding across the landscape: years of terror under Mao and total economic collapse has created economic genius!
The minute the Jewish people took over the Holy Land violently, they changed from 'oppressed people' who had to be very smart to survive to the dreaded 'military oppressors' who can be terribly stupid and utterly brainless and simply kills and kills and that way, survives!
The dumbing down of the Jewish culture and people has been running for only 50 years and it has taken a terrible toll on us [I am also Mrs. Levy]. I despair over this.
Israel is weakening Judaism! I am not the only Jewish member of the tribe who worries about this. Most who do worry are expelled from the community! Alas. This is terrible and I know exactly how it will all end and this annoys me since it is so avoidable.
Posted by: Elaine Meinel Supkis | October 13, 2008 at 11:28 PM
Paul, you are correct.
Dear readers: anti-semitism is real and it is dangerous. It is a TRAP. There are many traps out there! They all lead to various hells. Hatred of Asians who beat us at the international trade games is a trap. Hating Russians, hating Americans is a trap.
No people are 'good' or 'bad'. Each constellation of tribes, religions and economies rise and fall as they all interact over the course of history. All have their strengths and weaknesses.
Our job here is to understand all of these and examine them...ruthlessly. Why is most of Africa weak? This is a question that needs to be looked at dispassionately. Why is Islam flipping out as oil profits soar? Why does the Russian Empire rise and fall multiple times while other empires fall for good and after thousands of years, don't come back? A puzzle for a night of insomnia.
There are many such riddles. We can't let previous insanity stop us from examining all this. The US has chosen a very bad road to take: the same one Rome took 2,000 years ago. The US was based on slavery and this was a fatal beginning to our culture and spoils us to this day.
Just for example.
Posted by: Elaine Meinel Supkis | October 13, 2008 at 11:33 PM
Hey Elaine, Tis a shame you did not bid on this contract...see now how you could be paying someone to chop your winter firewood, among other leisurely pursuits....
"Treasury Pays Firm $2.5 Million to Consult on Bailout
One thing has been clear all along about the $700 billion Wall Street rescue-bailout: Someone would make money on it.
That started today.
Treasury just issued a statement saying it has hired Chicago investment consulting firm Ennis Knupp and Associates to advise on the implementation of the bailout/rescue plan.
The contract will last for one year and pay Chicago-based Ennis Knupp $2,495,190.
Here's a copy of the contract.
http://voices.washingtonpost.com/livecoverage/2008/10/treasury_pays_firm_25_million.html?hpid=topnews
Treasury said Ennis Knupp was chosen from among three bidders.
-- Frank Ahrens
October 13, 2008; 2:50 PM ET "
Posted by: JB | October 14, 2008 at 12:02 AM
Here is the $5 trillion dollar question.
http://www.evtv1.com/player.aspx?itemnum=7036
Fox News Expose: Israelis Had Foreknowledge of 9-11...
"How could they NOT have known?"
Posted by: GK | October 14, 2008 at 12:11 AM
Elaine,
Do take care, I have a very bad feeling about this. The rulers are definitely going to do the same trick to the Jews again. Watch your six and put Option B and C for review.
Posted by: OC | October 14, 2008 at 12:20 AM