Infinite Unknown

- Scandal: Greece To Receive “Negative” Cash From “Second Bailout” As It Funds Insolvent European Banks (ZeroHedge, Feb. 22, 2012):

Earlier today, we learned the first stunner of the Greek bailout package, which courtesy of some convoluted transmission mechanisms would result in some, potentially quite many, Greek workers actually paying to retain their jobs: i.e., negative salaries. Now, having looked at the Eurogroup’s statement on the Greek bailout, we find another very creative use of “negative” numbers. And by creative we mean absolutely shocking and scandalous. First, as a reminder, even before the current bailout mechanism was in place, Greece barely saw 20% of any actual funding, with the bulk of the money going to European and Greek banks (of which the former ultimately also ended up funding the ECB and thus European banks). Furthermore, we already know that as part of the latest set of conditions of the second Greek bailout, an ‘Escrow Account” would be established: this is simply a means for Greek creditors to have a senior claims over any “bailout” cash that is actually disbursed for things such as, you know, a Greek bailout, where the money actually trickles down where it is most needed – the Greek citizens. Here is where it just got surreal. It turns out that not only will Greece not see a single penny from the Second Greek bailout, whose entire Use of Proceeds will be limited to funding debt interest and maturity payments, but the country will actually have to fund said escrow! You read that right: the Greek bailout #2 is nothing but a Greek-funded bailout of Europe’s insolvent banks... and the Greek constitution is about to be changed to reflect this!

Continue reading »

Tags: Bailout, Banking, ECB, Economy, EU, Europe, Global News, Government, Greece, Politics, Society, U.S.

- EURUSD Soars On Reuters Report That Greek Deal Is Reached… Which Is Same Deal As July 2011 (ZeroHedge, Feb. 20. 2012):

Yeah, we had the same response as our readers when we saw that freak move in the EURUSD. Apparently, despite the fact that absolutely nothing has been resolved, Reuters just ran a headline that “Euro zone reaches deal on second Greek bailout package.” And that is all it took for the EURUSD headline scanning algos to surge by 60 100 pips. That there nothing substantial in it, or that this is merely a rephrasing of the actual Bailout 2 announcement from before, is irrelevant. Here is what the actual Reuters report said.

Euro zone finance ministers struck a deal early on Tuesday for a second bailout programme for Greece that will involve financing of 130 billion euros and aims to cut Greece’s debts to 121 percent of GDP by 2020, EU officials said.

“The financial volume (of the Greek package) is 130 billion euros and debt-to-GDP (will be) 121 percent. Now it’s down to work on the statement,” one official involved in the negotiations told Reuters.

Another official confirmed that the financing would total 130 billion euros with the aim of reducing Greece’s debts from around 160 percent of GDP now to 121 percent by 2020.And from AP:

Continue reading »

Tags: Banking, Bonds, Debt, Economy, EU, Euro, Europe, Global News, Government, Greece, Politics

- Spiegel: Stop the 130-billion bank transfer! (Spiegel, Feb. 20, 2012)

Tags: Banking, Bonds, Debt, Economy, EU, Europe, Global News, Government, Politics

Highly recommended!

Flashback:

Nov. 1, 2010: Lord James of Blackheath, Speech on Foundation X (House of Lords, 01/11/2010) (Video)

YouTube Added: 17.02.2012

Description:

Lord James of Blackheath, House of Lords February 16 2012

Breaking news Lord James of Blackheath has spoken in the House of Lords holding evidence of three transactions of 5 Trillion each and a transaction of 750,000 metric tonnes of gold and has called for an investigation.

- http://www.publications.parliament.uk/pa/ld201212/ldhansrd/text/120216-0002.htm:

16 Feb 2012 : Column 1016

5.20 pm

Lord James of Blackheath: My Lords, I hope the minute that that has taken has not come off my time. I do not wish noble Lords to get too encouraged when I start with my conclusions but I will not sit down when I have made them. I will then give the evidence to support them and, I hope, present the reasons why I want support for an official inquiry into the mischief I shall unfold this afternoon. I have been engaged in pursuit of this issue for nearly two years and I am no further forward in getting to the truth.

There are three possible conclusions which may come from it. First, there may have been a massive piece of money-laundering committed by a major Government who should know better. Effectively, it undermined the integrity of a British bank, the Royal Bank of Scotland, in doing so. The second possibility is that a major American department has an agency which has gone rogue on it because it has been wound up and has created a structure out of which it is seeking to get at least €50 billion as a pay-off. The third possibility is that this is an extraordinarily elaborate fraud, which has not been carried out, but which has been prepared to provide a threat to one Government or more if they do not make a pay-off. These three possibilities need an urgent review.

In April and May 2009, the situation started with the alleged transfer of $5 trillion to HSBC in the United Kingdom. Seven days later, another $5 trillion came to HSBC and three weeks later another $5 trillion. A total of $15 trillion is alleged to have been passed into the hands of HSBC for onward transit to the Royal Bank of Scotland. We need to look to where this came from and the history of this money. I have been trying to sort out the sequence by which this money has been created and where it has come from for a long time.

It starts off apparently as the property of Yohannes Riyadi, who has some claims to be considered the richest man in the world. He would be if all the money that was owed to him was paid but I have seen some accounts of his showing that he owns $36 trillion in a bank. It is a ridiculous sum of money. However, $36 trillion would be consistent with the dynasty from which he comes and the fact that it had been effectively the emperors of Indo-China in times gone by. A lot of that money has been taken away from him, with his consent, by the American Treasury over the years for the specific purpose of helping to support the dollar.

Continue reading »

Tags: Alan Greenspan, Bank of England, Banking, Bonds, Debt, Europe, Fed, Federal Reserve, Global News, Gold, Government, HSBC, IMF, JPMorgan, Lord James Of Blackheath, Politics, RBS, Society, Timothy Geithner, U.K., U.S., Yohannes Riyadi

Here is what happens if you really stand up, fight and win!

See also:

- Iceland Once Again Tells IMF, UK, Netherlands To ‘Go to Hell’; ‘Ice Torture’ Repayment Scheme Collapses

- Iceland: Economy Exits Recession

Even better:

- Why is Greenland so rich these days? It said goodbye to the EU!

- Icelandic Anger Bringing Record Debt Relief in Best Crisis Recovery Story (Bloomberg, Feb. 20, 2012):

Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.

Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.

“You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”

The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates. It costs about the same to insure against an Icelandic default as it does to guard against a credit event in Belgium. Most polls now show Icelanders don’t want to join the European Union, where the debt crisis is in its third year.

Continue reading »

Tags: Banking, Debt, Economy, EU, Europe, Global News, Government, Iceland, Politics

- American Poverty, What the Brits Don’t Understand (Veterans Today, Feb. 16, 2012)

Tags: Banking, Economy, Global News, Government, New World Order, Politics, Poverty, Society, U.S.

Related info:

- Eric Sprott Fights PM Manipulation Fire With Fire: Calls Silver Producers To Retain Silver Produced As ‘Cash’

- Eric Sprott To Buy $1.5 BILLION In PHYSICAL Silver

- John Embry, Chief Investment Strategist Of The $10 billion Strong Sprott Asset Management: Why Central Banks Smashed Gold & Silver

- Sprott’s John Embry:“The Current Financial System Will Be Totally Destroyed“ (ZeroHedge, Feb. 17, 2012):

Tags: Banking, Central Bank, China, Economy, Eric Sprott, Eric Sprott Management, Fed, Federal Reserve, Global News, Gold, Government, John Embry, Politics, Quantitative Easing, Russia, Silver

- A&G’s AIG Moment Approaching: Moody’s Downgrades Generali, Cuts Megainsurer Allianz Outlook To Negative (ZeroHedge, Feb. 15, 2012):

Don’t worry though, those who don’t understand jack shit will tell you it is all contained. But please ask them why – and ask them why Lehman wasn’t when everyone said it too was.

Tags: Allianz, Banking, Debt, Derivatives, Derivatives market, ECB, Economy, EU, Europe, Generali, Global News, Government, Moody's, Rating

For your information.

YouTube Added: 14.02.2012

Tags: Bailout, Banking, Barack Obama, Economy, Global News, Government, Obama administration, Politics, U.S.

- Shame on Europe for betraying Greece (Guardian, Feb. 14, 2012):

The behaviour of the EU states towards Greece is inexplicable in the terms in which the EU defines itself. It is, first and foremost, a failure of solidarity.

The “austerity package”, as the newspapers like to call it, seeks to impose on Greece terms that no people can accept. Even now the schools are running out of books. There were 40% cuts in the public health budget in 2010 – I can’t find the present figure. Greece’s EU “partners” are demanding a 32% cut in the minimum wage for those under 25, a 22% cut for the over 25s. Already unemployment for 15-24-year-olds is 48% – it will have risen considerably since then. Overall unemployment has increased to over 20%. The sacking of public sector workers will add to it. The recession predicted to follow the imposition of the package will cause unbearable levels of unemployment at every level.

In addition the “package” demands cuts to pensions and public service pay, wholesale privatisation of state assets – a fire-sale, since the global market is close to rock bottom – and cuts to public services including health, social welfare and education. The whole to be supervised by people other than the Greeks. An entire disciplinary and punishment system.

When we casually use a term like “bailout”, it is important to remember that it is not people who are being bailed out, or at least not the Greek people. The bailout will not save a single Greek life. The opposite is the case. What is being “bailed out” is the global financial system, including the banks, hedge funds and pension funds of the other EU member states, and it is the Greek people who are being ordered to pay – in money, time, physical pain, hopelessness and missed educational opportunities. The relatively neutral, even stoic, term “austerity”, is a gross insult to the Greek people. This is not austerity; at best it is callousness.

Continue reading »

Tags: Bailout, Banking, Bonds, Debt, Economy, EU, Europe, Global News, Government, Greece, Politics, Society