Jul 27

Flashback:

Coming Derivatives Crisis Designed To Destroy The Entire Global Financial System: $600 TRILLION To $1.5 QUADRILLION Worldwide Derivatives Market – World GDP At Around $65 Trillion

Blythe-Masters-Jamie-Dimon

JPMorgan Employee Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives, Which Would Be at the Very CENTER of Cap and Trade


time-bomb
The total notional derivatives value is about $1.5 quadrillion – about 20% more than in 2008. (Image credit: icmu.nyc.gr)

$1.5 Quadrillion Time Bomb (The Real Agenda News, July 26, 2015):

When investing becomes gambling, bad endings follow. The next credit crunch could make 2008-09 look mild by comparison. Bank of International Settlements(BIS) data show around $700 trillion in global derivatives.

Along with credit default swaps and other exotic instruments, the total notional derivatives value is about $1.5 quadrillion – about 20% more than in 2008, beyond what anyone can conceive, let alone control if unexpected turmoil strikes.

The late Bob Chapman predicted it. So does Paul Craig Roberts. It could “destroy Western civilization,” he believes. Financial deregulation turned Wall Street into a casino with no rules except unrestrained making money. Catastrophic failure awaits. It’s just a matter of time. Continue reading »

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Jun 12

See also:

The Elephant In The Room: Deutsche Bank’s $75 TRILLION In Derivatives Is 20 Times Greater Than German GDP


Is Deutsche Bank The Next Lehman? ( NotQuant, June 11, 2015):

Looking back at the Lehman Brothers collapse of 2008, it’s amazing how quickly it all happened.  In hindsight there were a few early-warning signs,  but the true scale of the disaster publicly unfolded only in the final moments before it became apparent that Lehman was doomed.

Lehman

First, for purposes of drawing a parallel, let’s re-cap the events of 2007-2008: Continue reading »

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May 15

Credit Markets have Melted Overnight. Derivatives are a $1 Quadrillion “Ticking Time Bomb” (Global Research, May 13, 2015)

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Apr 14

What could possibly go wrong?


Bankers

The Six Too Big To Fail Banks In The U.S. Have 278 TRILLION Dollars Of Exposure To Derivatives (Economic Collapse, April 13, 2015):

The very same people that caused the last economic crisis have created a 278 TRILLION dollar derivatives time bomb that could go off at any moment.  When this absolutely colossal bubble does implode, we are going to be faced with the worst economic crash in the history of the United States.  During the last financial crisis, our politicians promised us that they would make sure that “too big to fail” would never be a problem again.  Instead, as you will see below, those banks have actually gotten far larger since then.  So now we really can’t afford for them to fail.  The six banks that I am talking about are JPMorgan Chase, Citibank, Goldman Sachs, Bank of America, Morgan Stanley and Wells Fargo.  When you add up all of their exposure to derivatives, it comes to a grand total of more than 278 trillion dollars.  But when you add up all of the assets of all six banks combined, it only comes to a grand total of about 9.8 trillion dollars.  In other words, these “too big to fail” banks have exposure to derivatives that is more than 28 times greater than their total assets.  This is complete and utter insanity, and yet nobody seems too alarmed about it.  For the moment, those banks are still making lots of money and funding the campaigns of our most prominent politicians.  Right now there is no incentive for them to stop their incredibly reckless gambling so they are just going to keep on doing it. Continue reading »

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Apr 08

European Derivatives Market Breaks… And Futures Surge (ZeroHedge, April 8, 2015):

Because nothing says “liquid and efficient” market like yet another broken market. Just as we saw yesterday afternoon as US equities collapsed into the close, Euronext has broken in the pre-open European markets…

  • *EURONEXT SAYS EXPERIENCING SOME TECHNICAL ISSUES
  • *EURONEXT DERIVATIVES MKT STATUS – SYSTEMS AFFECTED: CCG ISSUE
  • *EURONEXT: CCG NUMBER 10, 11, 12 MAY SEE CONNECTIVITY ISSUE

20150408_EU1

and sure enough, DAX stock futures surgeContinue reading »

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Feb 25


24.02.2015

Description:

In this Keiser Report, Max Keiser and Stacy Herbert discuss removing the document to remove the men who rule our bureaucratic world – from their mountains of derivatives paperwork, which has added nothing to global GDP to the piles of QE, which has added merely more paper gains to an over-bloated stock market.

In the second half, Max interviews David Graeber about his new book, The Utopia of Rules: On Technology, Stupidity and the Secret Joys of Bureaucracy. They talk about the Sovietization of capitalism as more and more paperwork and more and more contracts are required for the simplest of every day financial exchanges. Max introduces the concept of a Fee-ocracy which believes in the ideology of fee-ism, whereby spinning enough contracts and debt makes us all rich as epitomized by the practice of Quantitative Easing which is printing paperwork.

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Jan 03

2015 Will Be All About Iran, China and Russia

2015 Will Be All About Iran, China and Russia (Sputnik International, Dec 31, 2014):

By Pepe Escobar

Fasten your seatbelts; 2015 will be a whirlwind pitting China, Russia and Iran against what I have described as the Empire of Chaos.

So yes – it will be all about further moves towards the integration of Eurasia as the US is progressively squeezed out of Eurasia. We will see a complex geostrategic interplay progressively undermining the hegemony of the US dollar as a reserve currency and, most of all, the petrodollar. Continue reading »

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Dec 23

From the article:

“There are three lessons that many people will learn in the coming months. If you do not have it already you may not be able to get it. If you do not have it physically in your hands you do not own it. If you cannot protect it you will not have it for long.”


R.I.P.-Middle-Class

The Destruction Of The Middle Class Is Nearing The Final Stages (Project Chesapeake, Dec 17, 2014):

The events of the past few months seem astounding when taken in all at once. The plan to destroy the U.S. dollar and the American middle class is moving at an ever increasing speed.

At the recent G20 meeting the nations agreed that bank deposits would no longer be considered money. These bank deposits become the property of the banking institution and as such can be used any way the bank wants. This means that any money you deposit in a bank now is no longer yours but makes you an investor in the bank and subject to lose that money if a banking crisis takes down the bank.

Continue reading »

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Dec 16

FYI.


Outspooking The Lehman Apocalypse: Could A Russian Default Be In The Cards? (ZeroHedge, Dec 16, 2014):

Via Mint – Blain’s Extra Porridge,

“Nazhmite Lyubuyu Stavku…“

Extra Comment – this might be getting serious.

russia-cds

Russia’s markets have been spanked hard despite last night’s hike. 19% currency crash and 13% down stocks in a session. Ouch! Cumulatively, over the past few weeks stocks, oil and the Ruble are off 50% plus, and bonds off 40%. This morning felt like free-fall. Expect more action from the Russians to stave off economic catastrophe… imminent capital controls are rumoured, but markets are demonstrating a massive loss of confidence.

Lots of old market hands are talking about how its similar to the Russia default and crash of ‘98 all over again.. Actually.. its worse.

Much worse. Continue reading »

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Dec 12

What could possibly go wrong?

From the article:

“The only question is when the next multi-trillion (or perhaps quadrillion now that all global central banks are all in?) bailout takes place.”

The elitists will blow up the entire financial system and you better have water, food, gold, silver, guns, a remote farm, friends and a getaway plan.


Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For (ZeroHedge, Dec 12, 2014):

Courtesy of the Cronybus(sic) last minute passage, government was provided a quid-pro-quo $1.1 trillion spending allowance with Wall Street’s blessing in exchange for assuring banks that taxpayers would be on the hook for yet another bailout, as a result of the swaps push-out provision, after incorporating explicit Citigroup language that allows financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp, explicitly putting taxpayers on the hook for losses caused by these contracts. Recall:

Five years after the Wall Street coup of 2008, it appears the U.S. House of Representatives is as bought and paid for as ever. We heard about the Citigroup crafted legislation currently being pushed through Congress back in May when Mother Jones reported on it. Fortunately, they included the following image in their article:

Screen-Shot-2014-12-05-at-3.32.12-PM-1024x755

Unsurprisingly, the main backer of the bill is notorious Wall Street lackey Jim Himes (D-Conn.), a former Goldman Sachs employee who has discovered lobbyist payoffs can be just as lucrative as a career in financial services.

We say explicitly, of course, because taxpayers have always been on the hook implicitly for the next Wall Street meltdown.

Why? Continue reading »

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Dec 06

Wall Street Moves to Put Taxpayers on the Hook for Derivatives Trades1

Wall Street Moves to Put Taxpayers on the Hook for Derivatives Trades (Liberty Blitzkrieg, Dec 5, 2014):

Wall Street has for some time attempted to put taxpayers on the hook for its derivatives trades. I highlighted this a year ago in the post: Citigroup Written Legislation Moves Through the House of Representatives. Here’s an excerpt:

Five years after the Wall Street coup of 2008, it appears the U.S. House of Representatives is as bought and paid for as ever. We heard about the Citigroup crafted legislation currently being pushed through Congress back in May when Mother Jones reported on it. Fortunately, they included the following image in their article:

Wall Street Moves to Put Taxpayers on the Hook for Derivatives Trades

Unsurprisingly, the main backer of the bill is notorious Wall Street lackey Jim Himes (D-Conn.), a former Goldman Sachs employee who has discovered lobbyist payoffs can be just as lucrative as a career in financial services. The last time Mr. Himes made an appearance on these pages was in March 2013 in my piece: Congress Moves to DEREGULATE Wall Street.

Fortunately, that bill never made it to a vote on the Senate floor, but now Wall Street is trying to sneak it into a bill needed to keep the government running.

You can’t make this stuff up.

From the Huffington Post:

WASHINGTON — Wall Street lobbyists are trying to secure taxpayer backing for many derivatives trades as part of budget talks to avert a government shutdown.

According to multiple Democratic sources, banks are pushing hard to include the controversial provision in funding legislation that would keep the government operating after Dec. 11. Top negotiators in the House are taking the derivatives provision seriously, and may include it in the final bill, the sources said.

The bank perks are not a traditional budget item. They would allow financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp. — potentially putting taxpayers on the hook for losses caused by the risky contracts. Big Wall Street banks had typically traded derivatives from these FDIC-backed units, but the 2010 Dodd-Frank financial reform law required them to move many of the transactions to other subsidiaries that are not insured by taxpayers.

Continue reading »

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Oct 21

The Real Bubble Isn’t Stocks… and It Will Make 2008 Look Like a Picnic (ZeroHedge, Oct 2, 2014):

The 2008 crisis was just a warm-up.

The 2008 crisis was a banking and equities crisis. In the simplest terms, investment banks, leveraged to the hilt with garbage mortgage derivatives, became insolvent and began to collapse.

This collapse triggered a selling panic throughout the financial system as every financial entity questioned the quality of the assets backstopping its derivatives trades. The derivative market was over $700 trillion at the time. So just about every major global bank had broad exposure to this market. Continue reading »

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Oct 12

The $70 Trillion Problem Keeping Jamie Dimon Up At Night (ZeroHedge, Oct 11, 2014):

Yesterday, in a periodic repeat of what he says every 6 or so months, Jamie Dimon – devoid of other things to worry about – warned once again about the dangers hidden within the shadow banking system (the last time he warned about the exact same thing was in April of this year). The throat cancer patient and JPM CEO was speaking at the Institute of International Finance membership meeting in Washington, D.C., and delivered a mostly upbeat message: in fact when he said that the industry was “very close to resolving too big to fail” we couldn’t help but wonder if JPM would spin off Chase or Bear Stearns first. However, when he was asked what keeps him up at night, he said non-bank lending poses a danger “because no one is paying attention to it.” He said the system is “huge” and “growing.” Dimon is right that the problem is huge and growing: according to the IMF which just two days earlier released an exhaustive report on the topic, shadow banking (which does not include the $600 trillion in notional mostly interest rate swap derivatives) amounts to over $70 trillion globally.

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Sep 07

Feel Like Betting On Life Expectancy? There’s A Derivative For That (ZeroHedge, Sep 6, 2014):

Think CDS were the scourge of humanity, think again. As Pension360 reports, several Wall Street firms are selling securities backed by longevity riskthe risk that retirees receiving benefits will live longer than expected (and thus incur a higher cost on their retirement plan). As Ted Ballantine notes, ‘no one ever said Wall Street wasn’t creative'; but one wonders just how the banks are mitigating this risk… Continue reading »

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Jul 23

From the article:

“As for Deutsche Bank’s response perhaps the simplest and most effective one would be for the Frankfurt megabank to tell the NY Fed that perhaps its own 150x leverage is just a little more worthy of attention.”

Related info:

The Size Of The Derivatives Bubble Hanging Over The Global Economy Hits A Record High

The Elephant In The Room: Deutsche Bank’s $75 TRILLION In Derivatives Is 20 Times Greater Than German GDP


–  NY Fed Slams Deutsche Bank (And Its €55 Trillion In Derivatives): Accuses It Of “Significant Operational Risk” (ZeroHedge, July 22, 2014):

First it was French BNP that was punished with a $9 billion legal fee after France refused to cancel the Mistral warship shipment to Russia (which promptly led to French National Bank head Christian Noyer to warn that the days of the USD as a reserve currency are numbered), and now moments ago, none other than the 150x-levered NY Fed tapped Angela Merkel on the shoulder with a polite reminder to vote “Yes” on the next, “Level-3″ round of Russia sanctions when it revealed, via the WSJ, that “Deutsche Bank’s giant U.S. operations suffer from a litany of serious problems, including shoddy financial reporting, inadequate auditing and oversight and weak technology systems.”

What could possibly go wrong? Well… this. Recall that as we have shown for two years in a row, Deutsche has a total derivative exposure that amounts to €55 trillion or just about $75 trillion. That’s a trillion with a T, and is about 100 times greater than the €522 billion in deposits the bank has. It is also 5x greater than the GDP of Europe and more or less the same as the GDP of… the world.

DB Derivs in context_0

More from WSJ:

In a letter to Deutsche Bank executives last December, a senior official with the New York Fed wrote that financial reports produced by some of the bank’s U.S. arms “are of low quality, inaccurate and unreliable. The size and breadth of errors strongly suggest that the firm’s entire U.S. regulatory reporting structure requires wide-ranging remedial action.”

The criticism from the New York Fed represents a sharp rebuke to one of the world’s biggest banks, and it comes at a time when federal regulators say they are increasingly focused on the health of overseas lenders with substantial U.S. operations.

The Dec. 11 letter, excerpts of which were reviewed by the Journal, said Deutsche Bank had made “no progress” at fixing previously identified problems. It said examiners found “material errors and poor data integrity” in its U.S. entities’ public filings, which are used by regulators, economists and investors to evaluate its operations.

The shortcomings amount to a “systemic breakdown” and “expose the firm to significant operational risk and misstated regulatory reports,” said the letter from Daniel Muccia, a New York Fed senior vice president responsible for supervising Deutsche Bank.

Deutsche Bank’s external auditor, KPMG LLP, also identified “deficiencies” in the way the bank’s U.S. entities were reporting financial data in 2013, according to a Deutsche Bank email reviewed by the Journal.

Oh wait, so those €55 trillion in derivatives are actually completely fabricated? Well if that doesn’t send the S&P 500 limit up nothing will.

DB’s response is the generic one already attempted by that other permacriminal bank, Barclays, which hired a few hundred compliance people after it was revealed that the British firm was manipulating and rigging pretty much every product and market it was involved in.

“We have been working diligently to further strengthen our systems and controls and are committed to being best in class,” a Deutsche Bank spokesman said Tuesday. As part of this, he said, the bank is spending €1 billion globally and appointing 1,300 people, including about 500 compliance, risk and technology employees in the U.S. Mr. Muccia declined to comment.

Sadly for now what this latest Pandora’s box means is that confidence in Europe’s insolvent banks just crashed with a bang once again, not that it would be reflected in the stock’s rigged price of course: rigged most likely by Deutsche Bank among other of course.

The New York Fed’s concerns also pose a challenge for Deutsche Bank’s longtime finance chief, Stefan Krause, who is ultimately responsible for the company’s financial figures and has been spearheading efforts to improve the quality of the bank’s reporting.

The concerns from regulators strike at the heart of an issue plaguing many of the world’s big banks: Some investors lack confidence in the integrity of their numbers. Such fears have been especially prevalent in Europe.

Then again, none of DB’s numbers actually matter: if the banks needs a bailout the Fed will promptly step in, and today’s advisory has one simple end point, which happens to be the same as the recent BNP $9 billion fine – don’t even dare to side with Putin over the US. Because you sure have big bank over there Germany… It would be a pity if the NY Fed i) revealed just how insolvent it truly was and ii) decided not to bail it out subsequently.

* * *

As for Deutsche Bank’s response perhaps the simplest and most effective one would be for the Frankfurt megabank to tell the NY Fed that perhaps its own 150x leverage is just a little more worthy of attention.

 

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Jul 03

We’ve been here before:

Flashback:

Roosevelt Gold Confiscation In 1933: ‘No American Could Visit A Safe Deposit Box For Some Time Without A Government Agent Accompanying Him’

What Gold Nationalization Really Means

On This Day In 1933:

By January 1934, Roosevelt increased the dollar price of gold from $20.67 to $35, thus devaluing the dollar by 70 percentwhile increasing the value of gold that the government now owned.

– Governments Worldwide Are Implementing Orwellian Gold Confiscation Today. You Just Haven’t Realized it Yet.

What 40 Years Of Gold Confiscation By The US Government Looks Like

Only this time it will be much easier since the US dollar is backed by NOTHING.



Published on Jul 1, 2014

Official 2014 IMF Forecast Based on ‘Magic Number Seven’-Steve Quayle (USAWatchdog, July 2, 2014):

Radio talk show veteran and 10 time published author, Steve Quayle, says dark powers are at work in the financial markets at the highest levels of global government.  Quayle contends, “First of all, the illuminati and the occult are one in the same with hidden meanings to the general population, but announcements to people on the inside.”  At the beginning of 2014, the head of the International Monetary Fund (IMF), Christine Lagarde, gave a primer on numerology to an audience at the National Press Club in Washington, D.C.  She did it as a set up to an official IMF forecast for “what we should expect for 2014.”   Why is this important now?  The IMF forecast was based on what Lagarde called the “magic 7,” and July is the seventh month of the year.  Lagarde is overtly using numerology to forecast big changes this year and this month.  For example, Lagarde pointed out that 2014 will “mark the 7th anniversary of the financial market jitters” that started in 2007.  If you individually add up the numbers of the year 2014 (2+0+1+4=7), you get the number 7.  Lagarde also said that 2014 “will mark the 70th anniversary, 70th anniversary, drop the zero, seven, of the Bretton Woods Conference that actually gave birth to the IMF” (7 + 0 = 7).  Lagarde also said, “And it will be the 25th anniversary of the fall of the Berlin Wall, 25th” (2 + 5 = 7).  Lagarde also brings up the G-20 out of nowhere.  Is that a reference to a date?  (G is the 7the letter of the alphabet and this might be a reference to 7/20/2014.)   Quayle explains, “People have to understand the number 7 to realize why this is critical.  The number 7 is used 287 times; it’s used in the Old and New Testament.  What is critical about this is these people rule their lives by the stars and numerology.  Never in anything have I monitored in my 25 years being on talk radio that I have witnessed such a blatant presentation of the number 7.  When she says it’s ‘quite a number,’ yes, it’s God’s number, but these people worship their god and their god is Lucifer.” Continue reading »

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Jul 03


Added: Jun 29, 2014

Description:

Chris Martenson, who holds a PhD in pathology and an MBA, contends 2008 was just a warm up to a much bigger calamity. Martenson says, “2008 was the shot across the bow, and that’s when our credit experiment broke, and we have been doing everything possible to paper over it since. . . . When you take real stuff out of the ground, you grow food, you take oil out of the ground, you process ore into steel, and you manufacture real things–that’s real wealth. The claims (such as stocks, bonds and currencies) have to be in proportion to the real wealth, and the claims have been growing and growing and growing for so long that they are way out of balance to the real stuff, and the real stuff isn’t growing like it used to. You can see that in the GDP numbers for the U.S. or the world at large. Growth is slowing, slowing, slowing, and the claims are getting larger and larger. This represents a huge and gigantic source of potential energy. There is a gap there and it’s going to get closed. Only one of two things are going to happen: (1) real stuff starts expanding like crazy, or (2) the claims get destroyed. That’s what we are talking about when we talk about a market crash. The claims get destroyed. People get wiped out. The people who don’t get ruined are people safely over in the real wealth already. If you own an unencumbered farm, if you own a productive asset, if you own gold or silver, or if you own your house outright, you are going to be vastly safer than . . . someone who is leveraged and hinged into this other system.”

Join Greg Hunter as he goes One-on-One with Chris Martenson co-founder of PeakProsperity.com.

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Jun 14

12 Numbers About The Global Financial Ponzi Scheme That Should Be Burned Into Your Brain (Economic Collapse, June 11, 2014):

The numbers that you are about to see are likely to shock you.  They prove that the global financial Ponzi scheme is far more extensive than most people would ever dare to imagine.  As you will see below, the total amount of debt in the world is now more than three times greater than global GDP.  In other words, you could take every single good and service produced on the entire planet this year, next year and the year after that and it still would not be enough to pay off all the debt.  But even that number pales in comparison to the exposure that big global banks have to derivatives contracts.  It is hard to put into words how reckless they have been.  At the low end of the estimates, the total exposure that global banks have to derivatives contracts is 710 trillion dollars.  That is an amount of money that is almost unimaginable.  And the reality of the matter is that there is really not all that much actual “money” in circulation today.  In fact, as you will read about below, there is only a little bit more than a trillion dollars of U.S. currency that you can actually hold in your hands in existence.  If we all went out and tried to close our bank accounts and investment portfolios all at once, that would create a major league crisis.  The truth is that our financial system is little more than a giant pyramid scheme that is based on debt and paper promises.  It is literally a miracle that it has survived for so long without collapsing already. Continue reading »

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May 27

Related info:

The Elephant In The Room: Deutsche Bank’s $75 TRILLION In Derivatives Is 20 Times Greater Than German GDP


The Size Of The Derivatives Bubble Hanging Over The Global Economy Hits A Record High (Economic Collapse, May 26, 2014):

The global derivatives bubble is now 20 percent bigger than it was just before the last great financial crisis struck in 2008.  It is a financial bubble far larger than anything the world has ever seen, and when it finally bursts it is going to be a complete and utter nightmare for the financial system of the planet.  According to the Bank for International Settlements, the total notional value of derivatives contracts around the world has ballooned to an astounding 710 trillion dollars ($710,000,000,000,000).  Other estimates put the grand total well over a quadrillion dollars.  If that sounds like a lot of money, that is because it is.  For example, U.S. GDP is projected to be in the neighborhood of around 17 trillion dollars for 2014.  So 710 trillion dollars is an amount of money that is almost incomprehensible.  Instead of actually doing something about the insanely reckless behavior of the big banks, our leaders have allowed the derivatives bubble and these banks to get larger than ever.  In fact, as I have written about previously, the big Wall Street banks are collectively 37 percent larger than they were just prior to the last recession.  “Too big to fail” is a far more massive problem than it was the last time around, and at some point this derivatives bubble is going to burst and start taking those banks down.  When that day arrives, we are going to be facing a crisis that is going to make 2008 look like a Sunday picnic.

If you do not know what a derivative is, Mayra Rodríguez Valladares, a managing principal at MRV Associates, provided a pretty good definition in her recent article for the New York Times: Continue reading »

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Apr 28

The Elephant In The Room: Deutsche Bank’s $75 Trillion In Derivatives Is 20 Times Greater Than German GDP (ZeroHedge, April 28, 2014):

It is perhaps supremely ironic that the last time we did an in depth analysis of Deutsche Bank’s financial situation was precisely a year ago, when the largest bank in Europe (and according to some, the world), stunned its investors with a 10% equity dilution. Why the capital raise if everything was as peachy as the ECB promised it had been? It turned out, nothing was peachy, and in fact DB would proceed to undergo a massive balance sheet deleveraging campaign over the next year, in which it would quietly dispose of all the ugly stuff on its balance sheet during the relentless Fed and BOJ-inspired “dash for trash” rally in a way not to spook investors about everything else that may be beneath the Deutsche covers. Continue reading »

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