Outrageously stupid.

Update: Newsnight might have underestimated the scale of the derivatives scam: “Derivatives Trade Soars To Record $681Trillionwrites Michael Shedlock, December 11, 2007, quoting a bloomberg published report  Bank for International Settlements [BIS]

Due to numerous distractions, it’s take a couple of days to write this. If what I say here is old hat then sorry.


Still from Newsnight (BBC2)’s program on Credit
Default Swaps (see refs below and please watch Alez Ritsons
excellent and worrying report on the matter) showing the
astounding level of these corrupt derivatives present in the
market’ today. Source reads: ISDA – see later.

I’ve been a wee bit angry of late about all this HIDEOUS FRAUD that’s been going on in the financial ‘markets’. In ye olde times, a market was a place where principally goods (but also some services) could be bought and sold. A market today is just an impression of Ladbrooks.

One of the things get really got my goat recently is the mantra that: “We have to rescue these banks to be done to stave off collapse” – ‘Collaspe of what’ I ask? Are you referring to the collapse of the financial fraud mechanisms? Mechanisms by their very nature made us end up here??? We need to preserve that?????? Is it so crazy to suggest we shouldn’t preserve that? Let the scummy banks collapse. Screw them! Let anyone whose mortgage is with a bank that’s gonna die, keep their house, teach the pigging banks a lesson.

Tossers!

Why not punish these frigging banks for the crap they have done, are doing and will do in the future? And for those who engaged in speculation, take back their corrupt wealth. Leave them with enough savings to match the national average and tell them to get the hell out of our eyescans. Anyone who dealt with speculation w.r.t. consumables/food, do the same to them, but sling their arses into the countryside to start producing food rather than destroying it.

liquification injections.

If the ECB, Fed, CBJ and other central banks can coordinate to (get this…)inject liquidity” then surely they can coordinate a global purge of speculators. But to move on, where did all this ‘liquidity’ come from and what exactly is it made of? –beware of what your told– Pure (non-financial) speculation here, but is it likely all this ‘liquidity’ (assuming it was cash) was piled high in the corner of some kind of vault, doing nothing, just waiting for something like this to happen which amounts to the tune of hundreds of billions? No, of course not. That is most unlikely indeed. What is likely is that what we see now with the bailout/injection-central-bank-mechanism, it’s just the latest (and probably the last) bubble.

The bubble is the corporealization by utter pretencethat everything is all right. Yip, it’s YET ANOTHER CONFIDENCE SCAM, like all the financial scams before it. You see, if the public perception is that everything OK, people won’t withdraw their money and won’t sell their shares. Should TPTB manage to succeed they just might get away with it. I mean who’s to know? if this injection is genuine or not? The Bush, Paulson, Bernake,  Brown and Darling brigade are just like the orchestra and the officer class on the Titanic. They play the dulcet tones of firm action to try and make the passengers think everything’s OK while they go around proclaiming it’s unsinkable.

 

What we do know is that this capitalism crap has proved to be a misery on the world. It’s something that only benefits a few who lets be honest, couldn’t give a rats gonad about you, your family or you life in general.

Lets take a quick look: Japans economy has been pants for ages. It offers zero (or near zero) interest rates. It is said large amounts of Yen have been borrowed to purchase tangible profitable assets overseas making for nice little earners. Now we being ‘told’ (be careful!) the ‘market’ is now more liquid and banks can start lending to another again… {remember: so they can continue to do exactly the same crap as they did before}.

Germany’s economy’s been poor for while, The UK’s isn’t go great and the US is… well lets just say the Iraqi resistance have something else to cheer about.

Although the Fed is a private bank and the BoE pretends hard not to be, why would they be willing to shove their private wealth into bolstering the financial system we know is is a heap if crap? It’s pretty likely it’s going ot be for one reason and one reason only – that is because it’s in their interests to do so. That interest will be to preserve their wealth and status an/or offer the chance of enhancing those privileged positions. They aren’t doing it for our benefit at all, other than to stave off any revolt by the ordinary class, but that’s as likely to happen as Tony bLiar telling the truth. Revolution is still a long, LONG way off, so we are looking at motives of financial furtherance here, and in the same way it was us who helped them achieve that status, sadly it will be us once more who help them maintain and strengthen that position in the coming years.

As for the banks and the gambling pits or Investment houses as they call themselves, portraying a venir of respectability, their intertwined packages of bets and gambles, unpacked, rearranged repackaged bets are set to be expunged. Resetting the mileometer so to speak. Basically all the dirty deals are washed clean and will be forgotten about. There is no way (in effect) buying all this bad debt will ever pay off.

AIG was kept afloat because of it’s it is a great money collector selling basically nothing (insurance it cannot assure) and can suck in peoples money for nothing in return. Insurance and for the great unwashed is a great way to take their money off them, especially when in countries like the UK it is illegal not to have some forms of insurance. And you can bet in the near-future, if any claims get to big, the ravenous wolverine lawyers will be dispatched to deal with any claimants should they be unable to find some clause (font size 3) in their small print, or failing that just declare themselves bankrupt (see financial ‘product’ innovation below)


Duckman Max tells it how it is. US $ is worth bananas!
Max I love you (In a heterosexual matey kinda way)

 

Financial ‘product’ innovation:

Robert Pickel, CEO International Swaps and Derivatives Association (ISDA), in Interview on Newsnight about regulation[see link below], calls credit default swaps ‘products’ and says doesn’t want regulation because there are “sufficient regulations in place.” He continues:

The unregulated status is something we advocate as an organization, is that there are sufficient protections [he means regulation] in place and that another layer of regulation will add cost and reduce innovation [!!!] in the market place, and that’s not a good thing

– What? You don’t agree? You mean the 110,000 jobs to go at AIG’s UK arm is more important than investment brokers? What are you??? Bonkers or something? {sarcasm}

Board member 1: I want to buy this company that shows great potential for profitability.
BM2: But the cost of the loan we’d need to take on will bear heavily on our companies accounts. We many not be able to afford it.
BM1: It doesn’t matter. Look. The banks are desperately short of cash right now. They’d welcome any opportunity to make some money quickly. The published profits of the company we want to buy will be a very persuasive argument to the bank that we will be able to pay it off. If they are still worried, tell them we have a way of guaranteeing the loan. We take out a credit default swap policy on out loan and we will also sell one to the bank, the costs of which are Incorporated into the primary capital. Worst comes to worst, and our company struggles to pay, we either call in the swap and the bank can do so too nobody looses, and we can also cash in our personal CDS’s too. Just make sure you use your anonymous off-shores to do that. We don’t want the taxman sniffing his nose around. Not only that, we can derivatize the aquisition so if the purchase is profitable for our company, we win yet again.
All Board members: *collectively*   WOW !

 

Financial lobboxery on the MSM

Yesterday (Thursday) (or was it Friday? all my days are getting mixed up – no sleep you see), the miserable amateurish coverage of what’s happening on BBC World showed an interview with that most hickory of knobs, Alistair Darling, said something like…

We will act to preserve stability in a period of turmoil.” – WHAT??? Is he taking the piss? preserve stability in a period of turmoil. Which of course the fawning BBC let go into across the airwaves completely unchallenged as it almost always does.

The ‘pound-a-punnet pundits’ on the BBC were wheeled on in familiar style to treat us with yet more monstrously moronic manufactured mucal musings about the whole affair, explaining what had happened without actually explaining anything, all the time given free ride to spouse their drivel.

And that BBC presenter who was alongside Johnathan Charles. Geeezzz! She was like a fish out water (or a bank out of credit). She stuttered and stumbled to say anything, covering up her ignorance by nodding her head sporadically, gesticulating and saying ‘yes’ a lot.

For heavens sake.

It’s all pants.

When (if) the dust settles, There will be no change in the financial system. If capitalism is to be adhered to, Banks, inveztment houzez and members of the public will once again spend time and effort to look for the next scam that will earn them money, spending little or no time to really ask themselves who pays, not that it would have much effect on many who upon studying it, would realise engaging in such practices is essentially what keeps 3billion people on $2 or less a day.

My blood was boiling the other day and managed to stop me falling asleep in the middle of work, (it’s still pretty warm today) and I declared I was glad in a way I am glad that the fingers of some of the small fry would be burnt as their unthinking actions in depositing money in high return schemes end up in these scams, but I’m not holier than thou. I too have drunken from the poisoned chalice, as do those close to me, but as I’ve learned exactly what this ubiquitous global financial fraud does, I am engaged in detaching myself from it. I urge you all to do the same.

God bless.

————————————-

Update:

Today Dateline London (Saturday BBC World) was on (Gavin Estler). 2 talking heads with him was Michael White of the Guardian and Daniel Hertzberg of the WSJ.

Estler said in regards to Bush’s spending on Fmay, Fmac and AIGsomething like "You can get away with it because of the war [the War OF Terror, War against Iraq and War against Afghanistan] and security" – WHAT? Who the hell mentioned that. The marraige of what the BBC tells us (therefore lobbox) are necessary bailouts is somehow linked to the war effort. Ester lets rotspeil run away with him at times (00:00 to 23:27).

Michael White amusingly said “Rosevelt in the 1930’s taking on Wall St, [Actually Michael, I think it was the FED] drove the money changers out of the temple on Friday, but they were back again monday morning”. Not so amusingly White said moments later “Gordon Brown stopped the poor getting worse, all the data backs it up” – What??? I hope Mr. Stains gets his old rival on that one, although Stains displays exactly the kind of crap I really dislike ate amongst the wheeling-dealing public, that is practically bragging about his activities in the market. I’ve heard a number of other tales of how economic bravado selling their shares and so on while the going was good, as if when the good times were on, what they were doing was ok, good even, displaying a respectible financial acumen. All without consequence of course. None of their money supplied the investment houses did it?

Hertzberg said “They are making it up as they go along” – that pleased me. Someone identifying the nonsensical bumpf, but then made me angry again when he said “How do we know when it gets better? When banks start lending to each other” – AAAGH! NOOO A return to the top of the maneur heap isn’t the way. That tired expression is just what the donkey has brayed out. Don’t follow the same rubbish in financial pundity. Use your frikken brains!

Is there nobody left sane? Isn’t there someone who is actually learning from all this?

Refs:
Not that there’s a shortage of stuff to read on this topic, but here’s a few refernces and articles:

 

Credit Default Swaps – the next crisis?pt1  – Newsnights program. Youtube

Credit Default Swaps – the next crisis?pt2 – Newsnights program. Youtube

there is quite a few YouTube videos about CDS’s (in Mike Gasior)- check them out.

 
‘The World As We Know It Is Going Down’ – By: Marc Pitzke

China Blames Wall Street Meltdown On Fed Overissuance Of Currency
By: Paul Joseph Watson & Yihan Dai 
– Saving financial institutions at cost of taxpayer part of wider agenda to increase control over global economy, says Communist state media.

 

 

AIG’s Dangerous Collapse & A Credit Derivatives Risk Primer – By: Daniel R. Amerman

 

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4 Responses to “Outrageously stupid.”


  1. 1 omgdidisaythat September 20, 2008 at 9:58 pm

    Thats pretty much on the button. But we can’t blame the banks and FTSE and all the other markets for protecting themselves and dumping as much of their crap on the normal working stiff as possible.

    It makes sense that they should do this and that we should accept it, we have been accpeting this level of BS for many many years without questioning it. Why would it change now.

    Wheres the revolution? I got a list !!

  2. 2 lwtc247 September 20, 2008 at 10:10 pm

    @ omgdidisaythat.

    Hi, and nice avatar.

    I propose we don’t accept it, not that I’m under much illusion that it’s easy for us liddle guys to stop it. but I’m all for people not indulging in these dirty little schemes in the future.

    To me trade should involve people selling a commodity they are in full posession of to someone that needs it. There is an arguement for agents fees who connect a seller and a buyer together as there is for a trader who purchases from a seller with knowledge there is a buyer out there, and then sells it to that buyer.

    That’s it. The rest IMO are shades of fraud. All this futures to ensure farmers get a good proce – ho ho ho! yeah right!

    Wouldn’t it be good without their B.S. and faux eCONomics? Of course, at the heart of it is land ownership, another problem that needs to be resolved.

  3. 3 omgdidisaythat September 20, 2008 at 11:16 pm

    In complete agreement with you again. My problem is how to do anything about it? This is where I get really stuck. Most people don’t want to even discuss it, let alone actively do anything about it. Its a very hard system to get away from let alone fight.

  4. 4 lwtc247 September 20, 2008 at 11:55 pm

    IMO:

    Taking up arms ISN’T the way to do it. Either is submitting yourself to organizations like the dodgy “Stop the War Coalition”.

    The best thing to do is to work locally. Central organizations have faield.

    Do not use the banks (once they pay your salary, take as much out as you can, leave a small float for billpay if you must) resist ID/databasing and boycott megacorps when possible. Grow your own food. Share info with your friends in the local area show them your concers and perspetives. Decide locally, when you have got to establish a number of strong bonds with similiar minds, get active in the local community. Local banking practices are probably better.

    Any spare money, but gold with it.

    Resistance isn’t easy but better resist than not.


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