UKIP’s Nigel Farage On EU Propaganda Blitz Against Online Critics: ‘EU Parliament No Better Than A Banana Republic’ (Video)


YouTube Added: 07.02.2013

‘EU Parliament no better than banana republic’ with PR campaign (RT, Feb 8, 2013):

As eurozone leaders lock horns over the budget deal, speculation is rife the EU is set to invest millions in a PR campaign against online critics. It puts the EU Parliament on a par with so-called ‘banana republics’, MEP Nigel Farage told RT.

“The words ‘legal’ and ‘European Union’ don’t fit together. Nothing matters here, there are no rules,” says the UK Independence Party’s Nigel Farage of the EP plan to spend huge sums of taxpayer money on social network smear campaigns against those who speak out against it.

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How The Fed’s Latest QE Is Just Another European Bailout

How The Fed’s Latest QE Is Just Another European Bailout (ZeroHedge, Feb 2, 2013):

Back in June 2011 Zero Hedge broke a very troubling story: virtually all the reserves that had been created as a result of the Fed’s QE2, some $600 billion (which two years ago seemed like a lot of money) which was supposed to force banks to create loans and stimulate the US (not European) economy, ended up becoming cash at what the Fed classifies as “foreign-related institutions in the US” (or “foreign banks” as used in this article) on its weekly update of commercial banks operating in the US, or said simply, European banks.

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Daniel Hannan Destroys The 3 Unquestionable Myths Of Our Crisis (Video)

Daniel Hannan Destroys The 3 Unquestionable Myths Of Our Crisis (ZeroHedge, Jan 26, 2013):

The past and present bailouts of each and every bank (and ‘important’ industry) will, one day, be seen as a generational offense is how MEP Daniel Hannan begins this thoroughly British demolition of the three critical myths surrounding the crisis, that despite market optics, we are still living through. From the idea that capitalism has failed (it has not in his view, it has been ravaged by political pandering), to the crisis being caused by lack of regulation, and that greed is the single-driver of the mess that we remain in; Hannan suggests in a brief but extremely eloquent debate that there is a world of difference between being pro business and pro market as he destroys any semblance of credibility that the political (and elite) class has echoing a young Ron Paul in his thoroughly libertarian free-market sensibilities.


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Italian Scandal Widens As Italy’s Third Largest Bank Set To Get Third Bailout In 3 Years; Draghi, Monti Implicated

You can’t make this stuff up!


Italian Scandal Widens As Italy’s Third Largest Bank Set To Get Third Bailout In 3 Years; Draghi, Monti Implicated (ZeroHedge, Jan 26, 2013):

While little has been said in the mainstream western press about the ongoing fiasco surrounding Siena’s Banca Monte dei Pasci, Italy’s third largest bank and the world’s oldest which may get its third bailout in three years – or even be nationalized – as soon as today, for fears that it may break the thin veneer of “recovery” in the European financial system, the situation on the ground in Italy is getting more serious by the minute, and will have implications on both next month’s general election, on Mario Monti, on Silvio Berlusconi, on frontrunner for the Prime Minister post Pier Luigi Bersani, and reach as far up as the head of the ECB – Mario Draghi.Several hours ago, on Saturday morning, the four-member board of the Bank of Italy – this time without its prior president Mario Draghi – met to consider the position of scandal-hit bank Monte dei Paschi di Siena and decide whether to authorize its request for 3.9 billion euros ($5.3 billion) of state loans.

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Matt Taibbi: Secrets And Lies Of The Bailout (Rolling Stone)

Secrets and Lies of the Bailout (Rolling Stone, Jan 4, 2013):

It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you’d think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we’ve been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right?

Wrong.

It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.

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Facing Backlash, AIG Won’t Join Lawsuit Against U.S. Over Bailout Of AIG

Facing backlash, AIG won’t join suit against U.S. (USA Today/AP, Jan 9, 2013):

NEW YORK — Facing a certain backlash from Washington and beyond, American International Group won’t be joining a shareholder lawsuit against the U.S. government.

AIG was legally obligated to consider joining the lawsuit being brought against the government by former AIG Chief Executive Maurice Greenberg, who claims that the terms of the $182 billion bailout weren’t fair to AIG shareholders.

The prospect of AIG joining the lawsuit had already triggered outrage. A congressman from Vermont issued a statement telling AIG: “Don’t even think about it.”

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Lawmakers Outraged After AIG Announces Potential Lawsuit Against US Over AIG Bailout

AIG Considers Suing US Over US Bailout Of AIG (ZeroHedge, Jan 8, 2013):

Sometimes you just have to laugh – or you will cry. In what could well have been Tuesday Humor if it wasn’t so real, the AIG board (fulfilling its shareholder fiduciary duty) is considering joining Hank Greenberg’s suit against the government over the cruel-and-unusual bailout that saved the company. The $25bn lawsuit, as NY Times reports, based not on the basis that help was needed but that the onerous nature “taking what became a 92% stake in the company with high interest rates and funneling billions to the insurer’s Wall Street clients” deprived shareholders of tens of billions of dollars and violated the Fifth Amendment (prohibiting the taking of private property for “public use, without just compensation”). The ‘audacious display of ingratitude’ comes weeks after the firm has repaid the $182 billion bailout funneled to it and its clients by an overly generous Treasury. The firm has asked for 16 million pages of government documentation, this “slap in the face of the government” portends a question of whether the government will sue The Fed for enabling the recovery that strengthened Greenberg’s case that the bailout was so harsh. Happy retirement Tim Geithner.

Lawmakers outraged after AIG announces potential suit against US over bailout (FOX News, Jan 9, 2013):

As American International Group Inc. weighs whether to join a lawsuit against the government that spent $182 billion to save it from collapse, U.S. lawmakers have a message for the insurance behemoth: “Don’t even think about it.”

In a letter to AIG Chairman Robert Miller, U.S. Reps. Peter Welch, D-Vt., and Michael Capuano, D-Mass., characterized the insurer as the “poster child” for Wall Street greed, fiscal mismanagement and executive bonuses.

“Now, AIG apparently seeks to become the poster company for corporate ingratitude and chutzpah,” the letter read. “Taxpayers are still furious that they rescued a company whose own conduct brought it down. Don’t rub salt in the wounds with yet another reckless decision that is on par with the reckless decision that led to the bailout in the first place.”

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Greek Banks To Merkel: ‘Please Ma’am, Can We Have Some Moar’, Or Here Comes Bailout #4

Greek Banks To Merkel: “Please Ma’am, Can We Have Some Moar”, Or Here Comes Bailout #4 (ZeroHedge, Jan 7, 2013):

As loathed as we are to say “we told you so,” but we did and sure enough eKathimerini is reporting this evening that: thanks to the ‘voluntary’ haircuts the Greek banks were force-fed via the latest buyback scheme and the political uncertainty causing non-performing loans (NPLs) to rise (in a magically unknowable way), they will need significantly more ‘capital’ to plug their increasingly leaky boats. The original Blackrock report from a year did not foresee a rise in NPLs (which Ernst & Young now estimates stands at 24% of all loans) and the buyback dramatically reduces the expected profitability of the banks as it removes critical interest payments that would have been due. Whocouldanode? Well, plenty of people who did not just buy-in blindly to the promise of future hockey-stick returns to growth. Expectations are now for the Greek bank recap to be over EUR30bn.
Via eKathimerini,

The country’s main banks are considering requesting additional funds for their recapitalization.

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Here Comes The Student Loan Bailout

Here Comes The Student Loan Bailout (ZeroHedge, Jan 5, 2013):

2012 is the year the student loan bubble finally popped. While on one hand the relentlessly rising total Federal student debt crossed $956 billion as of September 30, and was growing at a pace that will have put it over $1 trillion by the end of 2012, the one data point confirming the size, severity and ultimately bursting of this latest debt bubble was the disclosure in late November by the Fed that the percentage of 90+ day delinquent loans soared from under 9% to 11% in one quarter.

Which is why we were not surprised to learn that the Federal government has now delivered yet another bailout program: this time focusing not on banks, or homeowners who bought McMansions and decided to not pay their mortgage, but on those millions of Americans, aged 18 to 80, that are drowning in student debt – debt, incidentally, which has been used to pay for drugs, motorcycles, games, tattoos, not to mention countless iProducts. Which also means that since there is no free lunch, all that will happen is that even more Federal Debt will be tacked on to replace discharged student debt loans, up to the total $1 trillion which will promptly soar far higher as more Americans take advantage of this latest government handout. But when the US will already have $22 trillion in debt this time in four years, who really is counting? After all, “it is only fair” that the taxpayer funded “free for all” bonanza must go on.

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It’s Not a “Fiscal Cliff” … It’s the Descent Into Lawlessness

It’s Not a “Fiscal Cliff” … It’s the Descent Into Lawlessness (Washington’s Blog, Dec 22, 2012):

It’s Not a Tax or Spending Problem … It’s a Devolution Into Lawlessness

The “fiscal cliff” is a myth.

Instead, what we are facing is a descent into lawlessness.

Wikipedia notes:

In many situations, austerity programs are imposed on countries that were previously under dictatorial regimes, leading to criticism that populations are forced to repay the debts of their oppressors.

Indeed, the IMF has already performed a complete audit of the whole US financial system, something which they have only previously done to broke third world nations.

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U.S. Treasury Announces GM ‘Exit Strategy’ … Taxpayers To Lose Billions Of Dollars

Treasury announces GM exit strategy; automaker buying 200 million shares from U.S. (The Detroit News, Dec 19, 2012):

Washington — The Obama administration said Wednesday it will sell 200 million shares — or 40 percent of its remaining stake in General Motors Co. — back to the automaker and announced plans to completely exit the Detroit automaker by March 2014.

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Detroit To Obama: We Voted For You, Now Bail Us Out! – ‘Obama Owes Us Some Bacon’ (Video)

Fox 2 News Headlines

Detroit To Obama: We Voted For You, Now Bail Us Out! (The Daily Bail, Dec 6, 2012):

‘Obama owes us some bacon.’

According to Detroit Councilwoman JoAnn Watson, President Obama owes the city some government ‘bacon’ for supporting him in the 2012 election.  In a recent council meeting, Watson said, “Our people in an overwhelming way supported the re-election of this president and there ought to be a quid pro quo  on that.”

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Bombshell: Deutsche Bank Hid $12 Billion In Losses To Avoid A Government Bailout


Former CEO of Deutsche Bank Josef Ackermann in 2008

Bombshell: Deutsche Bank Hid $12 Billion In Losses To Avoid A Government Bail-Out (ZeroHedge, Dec 5, 2012):

Forget the perfectly anticipated Greek (selective) default. This is the real deal. The FT just released a blockbuster that Europe’s most important and significant bank, Deutsche Bank, hid $12 billion in losses during the financial crisis, helping the bank avoid a government bail-out, according to three former bank employees who filed complaints to US regulators. US regulators, whose chief of enforcement currently was none other than the General Counsel of Deutsche Bank at the time!

From the FT:

The three complaints, made to regulators including the US Securities and Exchange Commission, claim that Deutsche misvalued a giant position in derivatives structures known as leveraged super senior trades, according to people familiar with the complaints.

All three allege that if Deutsche had accounted properly for its positions – worth $130bn on a notional level – its capital would have fallen to dangerous levels during the financial crisis and it might have required a government bail-out to survive.

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Unprecedented Implosion Of European Car Sales (Chart Of The Day)

Chart Of The Day: The Unprecedented Implosion Of European Car Sales (ZeroHedge, Dec 4, 2012):

The graphic below, which presents an unvarnished picture of Europe’s true economic state, needs no explanation:


Source: FT

In the context of the above, no explanation is also needed that quietly, and without much fanfare, French car-maker, Peugeot, and Europe’s second largest after VW, was recently GMed, and received a government bailout.

Carmaker Peugeot gets $9.1B government bailout

The French government has agreed to underwrite up to €7 billion ($9.1 billion) of bonds issued by Banque PSA Finance SA, the financing unit of carmaker PSA Peugeot Citroen SA, allowing the French automaker to offer low-cost credit to its dealerships and clients amid a slump in sales.

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The EU Clowns & The Greek Circus

“Greece Is Re-Re-Saved” – Caption Contest 11/27/2012 07:54

Europe’s Latest Can-Kicking Euphoria Fading Quick 11/27/2012 – 07:18:

It wouldn’t be Europe if the insolvent continent did not announce, to much pomp and circumstance, another final rescue for a broke country which was nothing but a short-termist can kicking exercise. It also wouldn’t be Europe if the leaders did not do much if any math when coming up with said “rescue”, and it certainly wouldn’t be Europe if the initial EURphoria following such an announcement was not promptly faded. Sure enough, all three have now occurred with the EURUSD soaring to over 1.3000 in the moments after last night’s soon to be obsolete announcement, only to see a gradual and consistent sell off over the next several hours, dropping to a week low of just under 1.2940 as details emerged that… there were not details. To wit, as Market News reported:

  • EU COMMISSION: FUNDING FOR GREECE DEBT BUYBACK NOT WORKED OUT YET

In other words, the use of funds for the third Greek bailout has been more than detailed. The only tiny outstanding issue – the source of funds.

But don’t worry: Europe’s magic money tree is second to none when it comes to fruiting “confidence”, “hope” and other such European synonyms to BS.

Greece Kicks The Can For The Third Time – SocGen’s Take: “More Will Be Needed” 11/27/2012 – 03:32

Mark Grant On Greece: “There Is No Deal Here” 11/26/2012 – 20:45

We Have A New New New Greek Deal – Full Details And Live Webcast 11/26/2012 – 19:46

False Alarm: No Deal Yet – This Is After All The Circus Known As Europe – Live Webcast 11/26/2012 – 17:48

Greece Is Saved, Again, As Eurozone And IMF Reach Deal On Greek Debt/GDP of 124% By 2020 11/26/2012 – 17:13

The Latest Greek ‘Bailout’ In A Nutshell: AAA-Rated Euro Countries To Fund Massive Hedge Fund Profits

The Latest Greek “Bailout” In A Nutshell: AAA-Rated Euro Countries To Fund Massive Hedge Fund Profits (ZeroHedge, Nov 21, 2012):

With constantly changing variables in what will be the fourth and not final Greek bailout, it has been relatively difficult to pinpoint just what the “fulcrum security” is in the ongoing restructuring that is not really a cramdown bankruptcy but kinda, sorta is, and more importantly where the money will come from. A big issue that Europe has discovered with a two and a half year delay (pointed out here first, but anyone with capacity for rational thought could have grasped it at the time), is that Greece has hit the inflection point where without more, and substantial, debt forgiveness it is unviable entity, and will certainly not hike the Troika’s hard line target of 120% debt/GDP by 2020. In other words, Greece can no longer layer more debt to pay down debt.

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Former Top ECB Banker Smaghi: Spain Needs A Bailout … Immediately

Original article: Top-Banker Smaghi: Spanien braucht sofort einen Bailout (Deutsche Wirtschafts Nachrichten, Nov 13, 2012)

Google translation: Top bankers Smaghi: Spain needs a bailout immediately (Deutsche Wirtschafts Nachrichten, Nov 13, 2012)

Rep. Ron Paul’s Farewell To Congress (Video)

A MUST-SEE!!!


“My goals in 1976 were the same as they are today: Promote peace and prosperity by a strict adherence to the principles of individual liberty.”

…”economic ignorance is common place, as the failed policies of Keynesianism are continually promoted”…

… “psychopathic totalitarians endorse government initiatives to change our world” …

Forward to 2:08:40: