leedswillprevai
Established Member
I think the answer is yes, we have balance sheets made up of nothing but meaningless notional derivative numbers. The banks in Canada are hailed as some of the best but their exposure to derivatives is incredibly big, particularly with the big 4.
We have had MF Global, a trading house which has gone under lose 1.2 billion of it's clients money, their accounts have been transferred but no one knows where the money went. Corzine went before the senate in recent days to apologise for what has happened but hey, he has no idea where it's gone . A man who was formerly from Goldman Sachs (the stench just continues doesn't it).
Think that's a one off blip? okay, perhaps then I should draw your attention to congress woman questioning Ronald Rumsfeld back in 2006 why there was 1.2 trillion unaccounted for in the pentagon's budget, he didn't know either.
They have stolen/are stealing from the pension funds....In this King World News exclusive interview, Harry Markopolos the Whistleblower who brought down Bernie Madoff's $65 billion Ponzi scheme reached out to KWN with the latest fraud he and his team have uncovered.
Markopolos stated, “The Bank of New York is going to go down, Eric. Between Bank of New York Mellon and State Street, these two institutions have stolen between $6 to $10 billion from tens of millions of Americans retirement savings accounts. It's been a hell of a crime spree for the bank, but now they are being brought to justice.”
Markopolos also told KWN, “The New York Attorney General filed suit on Tuesday (against Bank of New York Mellon) for stealing money from pension funds on currency transactions. This theft has been from tens of millions of Americans, policemen, firemen, librarians, municipal workers, judges and the list goes on and on and they've been doing it for decades.
To get a feel for just how leveraged banks are with the derivatives by the way, consider this...BAC quietly moved $53 trillion in derivatives from its holding company to its subsidiary that holds $1 trillion in customer deposits and is insured by the FDIC. If any part of these derivatives blow up, the Taxpayer will then be on hook for the $1 trillion in deposits. So the leverage is 53/1.
Private debt has become public debt, look at Ireland for instance. The exposure courtesy of the leverage is .
Next up let's look at the supposed Quantitative Easing programmes which took place in America, we had QE1, QE2 but nah, no QE3, or did we? While the media continues to play it's role of see no evil hear no evil, it has continued. I am not particularly intelligent but I know when the media is complicit in the lie.
So let's just refer to the money supply...http://www.econmatters.com/2011/12/jim-rogers-qe3s-already-started-im.html. When America sneezes, well....you know the rest. Also in regards to America consider the much publicised 700 billion bailout of the banks but I have been reading more about this because my experience is that typically the headline figure is the one reported and made into the main event. This was back in 2008 ...They weren't alone. According to Bloomberg's data, 97 different financial institutions around the globe turned their ‘discount window' into profits during the two years of the financial crisis. The most suspicious part – the US government insisted on keeping every single transaction a secret. In one day alone at the end of 2008, the Federal Reserve gave out $1.2 trillion dollars to banks – the most on any day before or since.
Republican Presidential candidate Ron Paul (R-TX) could do a much better job of explaining the almost criminal nature of the FED than this Whiteout Press author ever could. With his pledge to abolish the FED, Rep Paul might explain – imagine you Joe Citizen walk into your city hall and ask for a $10 billion dollar loan at zero percent interest. They give you, and only you, that loan because you're ‘special'. You then loan that $10 billion out to others at 5, 10 or 20 percent yearly interest for things like homes, which are guaranteed by the taxpayers, so there's no risk of nonpayment. When that $15 or $20 billion is paid back to you, you pay back the FED the original $10 billion and keep the rest.
MF Global is a tiny drop in the ocean compared to what is coming. Not all Americans stick their heads in the clouds....WASHINGTON — An estimated 650,000 consumers have closed their bank accounts and opted for credit union membership over the past four weeks, according to CUNA, bringing the approach to Saturday's Bank Transfer Day to a crescendo.
In a survey of 5,000 of its credit union members CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29, the day Bank of America unveiled its now-rescinded $5 monthly debit card fee. Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds. In 12-18 months time, let's see if this post is born out.
I have no agenda other than to say the writing is on the wall, don't trust the system blindly, there is no sentiment in business, the morality got washed away long long ago. It's up to you what you do, but as from today I now only have a very small amount of cash in the bank. The rest is now in hard assets and a credit union.
We have had MF Global, a trading house which has gone under lose 1.2 billion of it's clients money, their accounts have been transferred but no one knows where the money went. Corzine went before the senate in recent days to apologise for what has happened but hey, he has no idea where it's gone . A man who was formerly from Goldman Sachs (the stench just continues doesn't it).
Think that's a one off blip? okay, perhaps then I should draw your attention to congress woman questioning Ronald Rumsfeld back in 2006 why there was 1.2 trillion unaccounted for in the pentagon's budget, he didn't know either.
They have stolen/are stealing from the pension funds....In this King World News exclusive interview, Harry Markopolos the Whistleblower who brought down Bernie Madoff's $65 billion Ponzi scheme reached out to KWN with the latest fraud he and his team have uncovered.
Markopolos stated, “The Bank of New York is going to go down, Eric. Between Bank of New York Mellon and State Street, these two institutions have stolen between $6 to $10 billion from tens of millions of Americans retirement savings accounts. It's been a hell of a crime spree for the bank, but now they are being brought to justice.”
Markopolos also told KWN, “The New York Attorney General filed suit on Tuesday (against Bank of New York Mellon) for stealing money from pension funds on currency transactions. This theft has been from tens of millions of Americans, policemen, firemen, librarians, municipal workers, judges and the list goes on and on and they've been doing it for decades.
To get a feel for just how leveraged banks are with the derivatives by the way, consider this...BAC quietly moved $53 trillion in derivatives from its holding company to its subsidiary that holds $1 trillion in customer deposits and is insured by the FDIC. If any part of these derivatives blow up, the Taxpayer will then be on hook for the $1 trillion in deposits. So the leverage is 53/1.
Private debt has become public debt, look at Ireland for instance. The exposure courtesy of the leverage is .
Next up let's look at the supposed Quantitative Easing programmes which took place in America, we had QE1, QE2 but nah, no QE3, or did we? While the media continues to play it's role of see no evil hear no evil, it has continued. I am not particularly intelligent but I know when the media is complicit in the lie.
So let's just refer to the money supply...http://www.econmatters.com/2011/12/jim-rogers-qe3s-already-started-im.html. When America sneezes, well....you know the rest. Also in regards to America consider the much publicised 700 billion bailout of the banks but I have been reading more about this because my experience is that typically the headline figure is the one reported and made into the main event. This was back in 2008 ...They weren't alone. According to Bloomberg's data, 97 different financial institutions around the globe turned their ‘discount window' into profits during the two years of the financial crisis. The most suspicious part – the US government insisted on keeping every single transaction a secret. In one day alone at the end of 2008, the Federal Reserve gave out $1.2 trillion dollars to banks – the most on any day before or since.
Republican Presidential candidate Ron Paul (R-TX) could do a much better job of explaining the almost criminal nature of the FED than this Whiteout Press author ever could. With his pledge to abolish the FED, Rep Paul might explain – imagine you Joe Citizen walk into your city hall and ask for a $10 billion dollar loan at zero percent interest. They give you, and only you, that loan because you're ‘special'. You then loan that $10 billion out to others at 5, 10 or 20 percent yearly interest for things like homes, which are guaranteed by the taxpayers, so there's no risk of nonpayment. When that $15 or $20 billion is paid back to you, you pay back the FED the original $10 billion and keep the rest.
MF Global is a tiny drop in the ocean compared to what is coming. Not all Americans stick their heads in the clouds....WASHINGTON — An estimated 650,000 consumers have closed their bank accounts and opted for credit union membership over the past four weeks, according to CUNA, bringing the approach to Saturday's Bank Transfer Day to a crescendo.
In a survey of 5,000 of its credit union members CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29, the day Bank of America unveiled its now-rescinded $5 monthly debit card fee. Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds. In 12-18 months time, let's see if this post is born out.
I have no agenda other than to say the writing is on the wall, don't trust the system blindly, there is no sentiment in business, the morality got washed away long long ago. It's up to you what you do, but as from today I now only have a very small amount of cash in the bank. The rest is now in hard assets and a credit union.
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