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Banks: Are they really the bad guys? (Clint Richardson)
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PostPosted: Mon Jul 06, 2015 9:52 am    Post subject: Reply with quote

On numerous occasions Zero Hedge has been accused of writing a "wrong" post first and asking questions later and coming up with some utterly incorrect response.

I think they got it right this time.

Citigroup Just Cornered The "Precious Metals" Derivatives Market
Tyler Durden | 07/04/2015 | Zero hedge


Quote:
So, the question then is: just what is Citigroup doing with its soaring Precious Metals (excluding gold) exposure, and why is such a dramatic place taking place at precisely the time when not only JPM is cornering the entire "Other" Commodity derivatives market in the form of a whopping $4 trillion in derivatives notional, but in the quarter after none other than Citigroup itself was responsible for drafting the swaps push-out language in the Omnibus bill.


Credit: Zero hedge

How is it legal that JPM is solely accountable for 96% of all commodity derivatives while Citigroup is singlehandedly responsible for over 70% of all "precious metals" derivatives? Surely even by the most lax standards this is illegal, but what makes the farce even greater is that all of this taking place out of FDIC-insured entities!

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PostPosted: Sat Jul 11, 2015 6:37 am    Post subject: Reply with quote

While we wait for the dust to settle and see what the "Greek deal" really is about, here's an author that has a somewhat different take on hyperinflation. Years of ZIRP are making it increasingly difficult to live of savings. Basically we're talking about the destruction of the middle class here (a process which will be speeded up after the bail-ins have arrived). This is exactly what the NWO (or whatever you want to call it) is about, peasants and serfs as far as the eye can see; Cyprus 2013, Greece today, coming to your country tomorrow. We can only hope that after what the banksters are doing to Greece, people in other countries will have their wake-up and call see banks for what they are; parasites sucking the lifeblood out of the economy and the people;

http://snbchf.com/gold-standard/yield-purchasing-power/


Quote:
Hyperinflation is commonly defined as rapidly rising prices which get out of control. For example, theWikipedia entry begins, “In economics, hyperinflation occurs when a country experiences very high and usually accelerating rates of inflation, rapidly eroding the real value of the local currency…” Let’s restate this in terms of purchasing power.

In hyperinflation, the purchasing power of the currency collapses. Before the onset, suppose one collapsar buys ten loaves of bread. Soon, it buys only one loaf. Shortly thereafter, it buys only one slice. Next, it can only purchase a saltine cracker.

Pretty soon the collapsar won’t buy any bread at all. Stick a fork in it, it’s done.

Many critics of the Federal Reserve, the European Central bank, and others have predicted that this end is coming soon. They have been frustrated as prices are clearly not skyrocketing. For example, the price of crude oil was cut almost in half (so far). There’s little to see if one looks at the purchasing power of the dollar, euro, Swiss franc, etc. Purchasing power, as conventionally understood, is doing just fine.

Fed apologists are happily cooing about this. Last month, Nobel Prize winning economist Paul Krugman said, “This is actually wonderful.” Last year, he was gloating, comparing people who predict runaway inflation to “true believers whose faith in a predicted apocalypse persists even after it fails to materialize.”

And yet, all is not well in the realm of the central banks. Krugman may be right about prices, but nothing is wonderful. The economic downturn, which began in 2008, has been so bad that central banks persist in their unprecedented monetary policies. So if purchasing power isn’t collapsing, where can one find evidence of the problem?

Yield Purchasing Power (YPP) shows how much you can buy, not with a dollar of cash, but with the earnings on a dollar of productive capital. No one wants to spend their life savings or inheritance. People are happy to spend their income, but not their savings.

To come back to the analogy of the family farm, people should think in terms of how much food it can grow, not how much food they can buy by selling the farm. The tractor is good for producing food, not to be exchanged for it. Why, then, do people think of the purchasing power of their life savings, in terms of its liquidation value?

If they want to live long and prosper, they should think of their yield purchasing power. Their hard-earned assets should provide income. And it is here, that hyperinflation has set in.

Previously, I compared two archetypal retirees. Clarence retired with $100,000 in 1979, and Larry retired with $1,000,000 in 2014. Clarence was able to earn 2/3 of the median income in interest on his savings. Larry was nowhere near that. He would need over $100 million to do the same. In 35 years, the YPP of a 3-month CD fell more than 1,000-fold.

The collapse in YPP suggests an analogy to hyperinflation. Look at how much capital you need to support a middle class lifestyle. Measured in dollars, the dollar price of this capital is skyrocketing.

This skyrocketing price of capital has the same effect as hyperinflation: it undermines savings and causes people to eat themselves out of house and home.

What does this mean for anyone with less than what they need to support themselves—$100M and rising? They must liquidate their capital, and live by consuming their savings. It’s terrifying to anyone in that position—which means anyone in the middle class.

This problem is not well understood, because it masquerades as rising asset prices. The first tractor to go to the block fetched $1,000. The second went for $2,000. The farmland may fetch a few million. Everyone loves rising asset prices, and so in their greed and euphoria they miss the point.



"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks."
Lord Acton

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PostPosted: Thu Aug 13, 2015 3:32 pm    Post subject: Reply with quote

After China's devaluation of the Yuan things are getting more and more interesting. eg what to make of the inferno in the port city of Tianjin?;

https://www.corbettreport.com/china-just-started-a-currency-war-heres-what-it-means-for-you/

Quote:

China just started a currency war; here's what it means for you

by James Corbett
TheInternationalForecaster.com
August 11, 2015

Last month I wrote about the worrying capital outflows we’ve seen from China recently (with the country bleeding $224 billion in the last quarter alone). At the time I wrote:

When China starts hitting the panic button and officially joins the ZIRP and QE club, the “currency wars” of the last several years will seem like a quaint relic of a bygone age, and the real currency wars will begin in earnest. Devaluations, more and more frantic money printing, and central banks acting increasingly aggressively will be the order of the day. And when and if that happens, the gears of world trade will start to grind to a halt and the “currency war” will turn into a real war, exactly as the trade wars of the 30s led to WWII.

Well, guess what just happened? The People’s Bank of China just changed the way their currency is valued, causing the yuan to fall a record 1.9% in one day.

That’s all well and good, but what does that mean for the average person? Well you know it’s not a good thing when even the “everything’s fine!” mainstream financial media (read: FT, CNBC, Bloomberg, MarketWatch, etc.) start openly discussing the “currency war” idea.

So what exactly is a “currency war”? It’s when central banks begin devaluing their currencies in order to make their exports cheaper (and thus more attractive) on the global market. The policy is dangerous because it causes other countries to devalue their own currency in order to keep it in line with their trading partners and soon you have a cycle of devaluations better known as the “race to the bottom.” Or, as Stephen Roach, former chief economist at Morgan Stanley helpfully explains:

“In a weak global economy, it will take a lot more than a 1.9 percent devaluation to jump-start sagging Chinese exports. That raises the distinct possibility of a new and increasingly destabilizing skirmish in the ever-widening global currency war. The race to the bottom just became a good deal more treacherous.”

currency-war-riskNow it can certainly be argued (and it has) that we’ve already been in a currency war of sorts for some time. The Fed’s QE programs, Japan’s Abenomics money printing spree and the ECB’s own QE have all been part of this war, and Switzerland’s Euro de-peg was one of the notable casualties of that war. But if those battles were the equivalent of the invasion of Poland, this Chinese devaluation may just be the war’s Pearl Harbor.

If there is any potential brake on all-out currency war at this point, it’s that China has a very real interest in keeping the yuan propped up. As readers of this column will know, China is still lobbying to be included in the IMF’s special drawing rights basket as a world reserve currency, and massive devaluation or volatility on the FX markets would obviously not help to make that case. (Although it should be noted that Zhou Hao of Commerzbank in Singapore argues exactly the opposite.) This is why China has been dumping its (secret) bond stash so furiously in recent months trying to offset the country’s capital outflows and keep the yuan at its dollar peg. That’s also why it’s so surprising that they made this move right now, and why it’s a sign that the Chinese economic slowdown may be as bad as its worst critics have feared.

Things are obviously in flux at the moment and this is a developing story, but here are some things we know for sure about what just happened:

US equity markets gave up nearly all of their gains from earlier this week on news of the yuan cut.
Euro stocks are plunging as the euro-yuan carry trade unwinds and European manufacturers (specifically car and luxury goods manufacturers) stand to lose Chinese business.
Gold jumped on the news as investors brace for a new round of paper money devaluation.

Here is what we don’t know yet:

Which central bank(s) might be the first to blink and cut their interest rate in response.
Whether or not this will factor into the Fed’s decision on whether to hike rates at the FOMC meeting next month.
Whether China will reveal more of their stash of gold when they make their next report to the IMF as part of a plan to shore up confidence in the yuan even as they “let off some steam” with this devaluation.

Whatever else might shake out from this move, there’s no doubt that something significant has happened here. “Currency war” is the idea that dare not speak its name amongst the central bankster jetset…until its time for some major moves on the geopolitical chessboard. That time may be now. As Boris Schlossberg of BK Asset Management noted in a recent interview: “We are now playing a multi-global chess game on the monetary front.”

Indeed we are. But as Corbett Report listeners will know, this chess game is of the 3D kind, and the players and teams are not what we are told they are. It isn’t China vs. the U.S. vs. Europe vs. Japan or anything of that sort. It’s the Trilateral/Bilderberg/Central banker jetset vs. the people, and the end goal is global government and global currency. The only question is whether this currency war is part of that plan, and if so, how the latest moves will help move the global currency football down the field. Stay tuned…

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PostPosted: Fri Aug 14, 2015 8:19 am    Post subject: Reply with quote

Are they really hedging, or are they facilitating the disguised movement of a bunch of PMs from one place to another place?


Quote:
It is unfortunate that the OCC has decided to lump gold in with the other precious metals as it means we will no longer be able to estimate the notional tonnage of gold derivatives with any accuracy – yet another blow to transparency in the gold market. But whatever the reason for the change, it certainly isn’t an attempt to hide any massive increase in gold derivatives.
http://research.perthmint.com.au/2015/06/30/precious-metal-derivatives-decline-29/
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Plato



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PostPosted: Tue Sep 01, 2015 6:49 am    Post subject: Yes, banks are the bad guys! Reply with quote

This documentary, based on the book by Richard Werner, Princes of the Yen, at first glance is about why Japan has been mired in a severe recession over the last few decades and the roles of Japan's Ministry of Finance and the Bank of Japan in all of this. However, it does not only tells us something about Japan specifically, as most countries have to deal with central banks and their awesome powers.

https://www.youtube.com/watch?v=p5Ac7ap_MAY

If you liked this documentary, you simply have to watch Richard Werner himself. In this talk he gives us a lesson in economics that defies conventional, mainstream economics. No, interest rates do not play a role in jump-starting an economy, credit growth for productive goals does. No, banks do not take deposits from depositors, the deposits are created the moment a person takes out a loan or mortgage from a bank and puts his signature on the dotted line. Breathtakingly well explained, gives you all the ammunition you need to counter any BS from economists or whoever is arguing the mainstream claptrap. Just skip the first 12 minutes of redundant introductory remarks. Yes, (central) banks really are the bad guys!

https://www.youtube.com/watch?v=9Um9wR46Ir4

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PostPosted: Fri Oct 23, 2015 12:54 pm    Post subject: Reply with quote

Excellent rant and analysis by David Stockman; I do disagree with him on Draghi being a lunatic though, I think Draghi is simply doing his master's bidding, to destroy the euro so we can have a one world currency, so that this never ever happens again....

http://davidstockmanscontracorner.com/the-central-bankers-death-wish/

Quote:

The Central Bankers’ Death Wish

This is getting just plain ridiculous. The robo-traders were raging to the tune of 300 Dow points Thursday after Mario Draghi confirmed that he actually is a complete monetary lunatic. And now that the People Printing Press of China has followed suit overnight, they are piling on for more.

In fact, Europe is stranded in economic stagnation because statist dirigisme and the massive crush of welfare state taxation and finance have ground enterprise and productivity to a halt. But Draghi says it’s all China’s fault, and that he will fix their dereliction with even more monetary madness:

In a news conference, Mr. Draghi stressed the “downside risks” to both economic growth and inflation arising from slowing growth in China and other large developing economies, as well as weak commodity prices.

These are the words of a slow-witted man who was born yesterday. That is, they evince an economic model that says every single year, month and day of prior history is irrelevant; and that regardless of how we got to the present moment the answer is always more heavy-handed central bank intrusion in the financial system in order to achieve an utterly bogus 2% inflation target.

In fact, the so-called slowdown in China is the best thing that ever happened to Europe, as is the present spot of unusually low consumer inflation. And there is no mystery as to why these things are happening.

China and the rest of the world have just come through a mind-pending credit binge which took global debt from $40 trillion in 1994 to $225 trillion at present. China was in the forefront of that binge, sporting a 56X gain in outstanding credit during the same two decade period (from $500 billion in 1995 to $28 trillion at present).




Global Debt and GDP- 1994 and 2014

The effect of that freakish $185 trillion debt eruption was a worldwide crack-up boom. It was initially manifested in a massive expansion of unsustainable debt financed consumption in the US and other DM economies and runaway fixed investment in China and the other EM economies which supply it.

Accordingly, much of the $40 trillion of global GDP growth shown in the chart reflected purchase money output, not sustainable organic gains in productivity and earned incomes.

Needless to say, purchase money GDP disappeared the instant that DM households could no longer tap their home ATM to spend borrowed money on restaurants and new kitchen countertops; and EM government and enterprises could no longer borrow to build uneconomic steel plants, empty luxury apartments or bridges that no one takes to anywhere.

What this crack-up boom cycle entailed then is a monumental, two-phase global deformation that lies at the heart of what Draghi was babbling about yesterday.

Initially, it led to a surge in global demand for energy, metals and other raw materials in excess of currently installed capacity, thereby fueling drastically higher commodity prices and periodic eruptions of consumer level inflation. Thus, oil went from $20 per barrel to a peak of $150 during the commodity inflation phase; and copper went from $1 to $4 per pound and iron ore from $30 per ton to $200.

Then, in the second phase of the global crack-up boom, drastic financial repression by the world’s central banks after the 2008 crisis led to massive over-investment and malinvestment in production capacity. This unprecedented CapEx boom ranged from the new iron ore mines of western Australia to the shale patches of the North Dakota Bakken to the excess steel and auto plants of China to the containership and bulk carrier capacities of the world’s shipping lines.

In fact, these massive additions of fixed capital and supply capacity throughout the global commodity/industrial complex are still coming on stream just as the leading age of the global credit Ponzi is coming to an abrupt halt in China. Accordingly, throughput volumes are faltering and are actually declining in many sectors, while the swelling availability of high fixed costs production facilities is leading to an unprecedented wave of wholesale price reduction.

The global crack-up boom cycle is evident in the Bloomberg commodity index, which has now plunged to below 2001 levels. Indeed, the area under the graph line tracks its two-phases almost perfectly—–with the deflation phase incepting in 2012.



This huge global impulse of commodity inflation at first and now payback time of commodity deflation is being relentlessly transmitted down the supply chain. In the case of US producer prices for all commodities and for manufactured goods, respectively, the global cycle is plainly evident in the graph below.

Between 1995 and the May 2014 peak, US wholesale prices for all commodities rose by 70% or by 3% per annum. Likewise, the PPI for manufactured goods rose by 27% through early 2015.

However, both are now rolling over as the world’s deflationary payback phase gathers momentum and transmits down the price chain. The US wholesale index for all commodities is down by 9% and manufacturing goods by 1% since their respective peaks.

Stated differently, the world has had its quota of consumer inflation and then some over the past two decades. Now it is payback time as the “excess supply” phase of the global crack-up boom supplants the “excess demand” phase.

In that context, eurozone consumers are not being deprived of what central bankers apparently believe to be their God-given right to CPI inflation and the continuous erosion of the purchasing power of their wages. In fact, the eurozone consumer price index at 118.7 in September reflected a 2.1% per annum rate of gain since 1996.

Do the mountebanks who run the ECB, along with the entire central bankers guild of the world, not believe that history has actually happened? Do they hold that NASA didn’t really land on the moon, as it were?

Do they think that there is some crank principle of economics that requires consumer inflation to be metered out in exactly 2.000% annualized rates every year, quarter, month and day?

Folks, Mario Draghi’s central banker view of consumer inflation is just brain dead ritual incantation. Self-evidently, the rate of change does not need to be smooth as the skin on a baby’s butt for optimum economic performance.

In fact, 2% inflation is a purely religious proposition that is unrelated to the prosperity of main street; it is no more relevant to gains in real wealth than the rite of full immersion baptism.

Indeed, the 2% inflation meme is so threadbare that it needs to be called out for what it is. It’s a convenient cover for the radical usurpation of power undertaken by the world’s central bankers during the last two decades. And it survives only because it serves the interest of Wall Street gamblers and the world’s politicians and fiscal authorities alike.

The latter get to run up endless public debt because the central bankers buy it up under QE and drive the carry cost virtually to the zero bound. Likewise, the top 1% of financial gamblers cannot get enough of the 2% inflation hoax because it means free carry trade money as far as the eye can see.

In short, Europe, the US, Japan, China and most of the rest of the world is in thrall to a tiny coterie of power-hungry central bankers. If you do not think they are driving the financial system to the mother of all bubble crashes, just ponder the following justification by a top ECB authority for depriving eurozone consumers of even a brief spot of zero inflation in their cost of living:

At Thursday’s news conference, ECB Vice President Vítor Constâncio ticked off a litany of reasons why prolonged weak inflation, or sustained falls in prices known as deflation, worries central bankers and justifies the massive stimulus many have undertaken. Falling prices may cause consumers to put off purchases if they expect that trend to continue, he noted. It also raises the cost of servicing debt. In addition, he noted that official consumer price measures may overstate the extent of inflation.

For deflation to take hold, consumers and businesses would have to expect price falls to continue. Central bankers want to persuade households and financial markets that, whatever its current reading, the inflation rate will be around their target over the medium term, in which case they describe inflation expectations as being “anchored.”

Mr. Draghi warned of a possible “de-anchoring” of expectations if the inflation rate remains low for a long time, and particularly if oil prices fall further. “These risks have gone up and we want to be vigilant,” he said.


This is just plain rubbish. These half-baked propositions would have received a falling grade in even a junior college introductory economics course just 20 years ago.

So there is no alternative except to take cover because the latest stock market rip is based on pure central bank hopium.

Indeed, Mario Draghi has confirmed once again that the world’s central bankers have a monetary death wish. Unlike the gamblers who bought Cramer’s top 49 stock picks, the best course of action is to sell, sell, sell—–and do it now.

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PostPosted: Wed Jan 20, 2016 8:21 am    Post subject: Reply with quote

Death sentences (publically carried out for the cheering crowds) would be more appropriate. The scourge of usury from the Apocalypse of Peter which appears to have been written by the Apostle Peter:
“And into another place near by, saturated with filth, they throw men and women up to their knees. These are they who lent money and took usury.” (Ethiopian Text)

“And in another great lake, full of discharge and blood and boiling mire, stood men and women up to their knees. These were those who lent money and demanded compound interest. (Akhim Text)


Not long ago, a new form of usury developed as the swindling money-lenders realized the immoral benefits that could be obtained from such a situation. It became apparent to these thieves that they could go one step further than dishonestly using other people’s money for financial advantage at no cost to themselves. They could invent money from absolutely nothing. They could issue credit notes with nothing to back them up and put them into circulation as interest-bearing debts. No-one would be any the wiser. They calculated that they could safely issue notes for up to ten times more than the gold deposits they held, because the depositors would never ask for their deposits back all at the same time.

The principle of modern banking was thus established: invent money from nothing, put it into circulation as “running cash notes” that have to be paid back with real wealth that is produced from our labour, sit back and become unbelievably wealthy and powerful men: hidden rulers of nations.

In England this deceitful system was officially sanctioned in 1694. The usurper of the throne, William of Orange, had overthrown the legitimate King James II with the financial backing and plotting of powerful financiers in Amsterdam. In return he gave the sovereignty of England to a group of financiers by means of a Charter allowing them to call themselves the Bank of England. The Charter made no mention of issuing the nation’s money, but within minutes of signing the new Bank officials were discussing the form of their “running cash notes.” The same system was adopted in every country by a process of Masonic revolution and manipulation.


Iceland Sentences 26 Corrupt Bankers to 74 Years in Prison
Maurice Bedard | January 17, 2016 | Nation of Change

Quote:
Iceland just sentenced their 26th banker to prison for his part in the 2008 economic collapse. The charges ranged from breach of fiduciary duties to market manipulation to embezzlement.


Photo: Banker scum


***

This is about the US; but is applicable to Canada (we need our central bank back!)
Quote:
Today 50% of 25 year-old Americans are living with their parents or grandparents because they cannot find employment sufficient to sustain an independent existence. This brutal fact is covered up by the presstitute US media, a source of fantasy stories of America's economic recovery.

The facts of our existence are so different from what is reported that I am astonished. As a former professor of economics, Wall Street Journal editor and Assistant Secretary of the Treasury for Economic Policy, I am astonished at the corruption that rules in the financial sector, the Treasury, the financial regulatory agencies, and the Federal Reserve. In my day, there would have been indictments and prison sentences of bankers and high government officials.

In America today there are no free financial markets. All the markets are rigged by the Federal Reserve and the Treasury. The regulatory agencies, controlled by those the agencies are supposed to regulate, turn a blind eye, and even if they did not, they are helpless to enforce any law, because private interests are more powerful than the law.

Even the government's statistical agencies have been corrupted. Inflation measures have been concocted in order to understate inflation. This lie not only saves Washington from paying Social Security cost-of-living adjustments and frees the money for more wars, but also by understating inflation, the government can create real GDP growth by counting inflation as real growth, just as the government creates 5% unemployment by not counting any discouraged workers who have looked for jobs until they can no longer afford the cost of looking and give up. The official unemployment rate is 5%, but no one can find a job. How can the unemployment rate be 5% when half of 25-year olds are living with relatives because they cannot afford an independent existence? As John Williams (shadowfacts) reports, the unemployment rate that includes those Americans who have given up looking for a job because there are no jobs to be found is 23%.

The Federal Reserve, a tool of a small handful of banks, has succeeded in creating the illusion of an economic recovery since June, 2009, by printing trillions of dollars that found their way not into the economy but into the prices of financial assets. Artificially booming stock and bond markets are the presstitute financial media's "proof" of a booming economy.

The handful of learned people that America has left, and it is only a small handful, understand that there has been no recovery from the previous recession and that a new downturn is upon us. John Williams has pointed out that US industrial production, when properly adjusted for inflation, has never recovered its 2008 level, much less its 2000 peak, and has again turned down.

The American consumer is exhausted, overwhelmed by debt and lack of income growth. The entire economic policy of America is focused on saving a handful of NY banks, not on saving the American economy.

Economists and other Wall Street shills will dismiss the decline in industrial production as America is now a service economy. Economists pretend that these are high-tech services of the New Economy, but in fact waitresses, bartenders, part time retail clerks, and ambulatory health care services have replaced manufacturing and engineering jobs at a fraction of the pay, thus collapsing effective aggregate demand in the US. On occasions when neoliberal economists recognize problems, they blame them on China.

It is unclear that the US economy can be revived. To revive the US economy would require the re-regulation of the financial system and the recall of the jobs and US GDP that offshoring gave to foreign countries. It would require, as Michael Hudson demonstrates in his new book, Killing the Host, a revolution in tax policy that would prevent the financial sector from extracting economic surplus and capitalizing it in debt obligations paying interest to the financial sector.

The US government, controlled as it is by corrupt economic interests, would never permit policies that impinged on executive bonuses and Wall Street profits. Today US capitalism makes its money by selling out the American economy and the people dependent upon it.

In "freedom and democracy" America, the government and the economy serve interests totally removed from the interests of the American people. The sellout of the American people is protected by a huge canopy of propaganda provided by free market economists and financial presstitutes paid to lie for their living.

When America fails, so will Washington's vassal states in Europe, Canada, Australia, and Japan. Unless Washington destroys the world in nuclear war, the world will be remade, and the corrupt and dissolute West will be an insignificant part of the new world.

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PostPosted: Sat Apr 02, 2016 2:13 pm    Post subject: Reply with quote

Quote:
Decision of Federal Court, February 8, 2016

On February 8, 2016, Justice Russell of the Federal Court, after having his decision of April 24, 2014, upheld by the Federal Court of Appeal on January 26, 2015, made a decision on the government’s second motion to strike after COMER filed its amended statement of claim on March 26, 2015.

In the latest decision of February 8, 2016, Justice Russell, in law, inexplicably reversed himself from the earlier decision. In his earlier decision he had refused to strike large portions of the claim, most notably the facts going to the declaratory relief sought as to the Bank of Canada and the constitutional issues.

He further blatantly erred in deciding that Declaratory relief cannot be sought as stand-alone relief, in the absence of a cause of action, which is contrary to Supreme Court of Canada jurisprudence which was cited and read to the Court.

Moreover, because the Federal Court of Appeal had upheld his decision of April 24, 2014, in reversing his earlier decision, he effectively overturned the Federal court of Appeal’s decision upholding his earlier decision, which is contrary to law.

On March 3, 2016, COMER filed an appeal, to the Federal Court of Appeal, from the decision of Justice Russell, dated February 8, 2016.

If redress is not had at the Federal Court of Appeal, COMER is committed to then taking the case to the Supreme Court of Canada.

Rocco Galati, B.A., LL.B., LL.M.

http://www.comer.org/


Quote:
One of the most important legal cases in Canadian history is slowly inching its way towards trial. Launched in 2011 by the Toronto-based Committee on Monetary and Economic Reform (COMER), the lawsuit would require the publicly-owned Bank of Canada to return to its pre-1974 mandate and practice of lending interest-free money to federal, provincial, and municipal governments for infrastructure and healthcare spending.

Renowned constitutional lawyer Rocco Galati has taken on the case for COMER, and he considers it his most important case to date.

On October 14, a Federal Court judge cleared away yet another legal roadblock thrown in the lawsuit’s path. The federal government has tried to quash the case as frivolous and “hypothetical,” but the courts keep allowing it to proceed. As Galati maintains, “The case is on solid legal and constitutional grounds.”

When asked after the October procedural hearing why Canadians should care about the case, Galati quickly responded: “Because they’re paying $30 or $40 billion a year in useless interest. Since ’74, more than a trillion to fraudsters, that’s why they should care.” (COMER says the figures are closer to $60 billion per year, and $2 trillion since 1974.)

The Fraudsters
Created during the Great Depression, the Bank of Canada funded a wide range of public infrastructure projects from 1938 to 1974, without our governments incurring private debt. Projects like the Trans-Canada highway system, the St. Lawrence Seaway, universities, and hospitals were all funded by interest-free loans from the Bank of Canada.

But in 1974, the Liberal government of Pierre Trudeau was quietly seduced into joining the Bank for International Settlements (BIS) – the powerful private Swiss bank which oversees (private) central banks across the planet. The BIS insisted on a crucial change in Canada.

According to The Tyee (April 17, 2015), in 1974 the BIS’s new Basel Committee – supposedly in order to establish global financial “stability” – encouraged governments “to borrow from private lenders and end the practice of borrowing interest-free from their own central banks. The rationale was thin from the start. Central bank borrowing was and is no more inflationary than borrowing through the private banks. The only difference was that private banks were given the legal right to fleece Canadians.”

And that’s exactly what “the fraudsters” did. After 1974, the Bank of Canada stopped lending to federal and provincial governments and forced them to borrow from private and foreign lenders at compound interest rates – resulting in huge deficits and debts ever since. Just paying off the accumulated compound interest – called “servicing the debt” – is a significant part of every provincial and federal budget. In Ontario, for example, debt-servicing charges amounted to some $11.4 billion for 2015.

What is key to the COMER lawsuit is that the Bank of Canada is still a public central bank (the only one left among G7 countries). Their lawsuit seeks to “restore the use of the Bank of Canada to its original purpose, by exercising its public statutory duty and responsibility. That purpose includes making interest free loans to the municipal, provincial, and federal governments for ‘human capital’ expenditures (education, health, other social services) and/or infrastructure expenditures.”

Deliberate Obfuscation
In February 2015, Rocco Galati stated publicly: “I have a firm basis to believe that the [federal] government has requested or ordered the mainstream media not to cover this [COMER] case.” Subsequently, the Toronto Star and the CBC both gave the lawsuit some coverage last spring and there was good coverage in alternative media. But given the importance of infrastructure-spending in the recent federal election campaign, it’s amazing (and sad) that the COMER lawsuit was so ignored, even by the political parties – especially the NDP.

With the Harper government touting its ten-year, $14 billion Building Canada Fund, and the Liberal Party of Justin Trudeau promising to double that amount of funding by running three years of deficits, the NDP led by Tom Mulcair pledged to balance the budget. The NDP could have explained and championed the COMER lawsuit and even possibly utilized it to somehow justify the balanced-budget promise – a platform plank that likely cost it the election.

In August, Justin Trudeau spoke vaguely about financing infrastructure spending with a new bank. As a COMER litigant wrote in their newsletter, “During the recent federal election, Trudeau floated an interesting plank about creating an infrastructure bank. My first response was ‘You already have one. The Bank of Canada.’ My second question was, ‘Public or private?’ Again we see both the colossal ignorance and deliberate obfuscation of money issues in this country by our leadership.”

A Liberal Party Backgrounder explained, “We will establish the Canada Infrastructure Bank (CIB) to provide low-cost financing to build new infrastructure projects. This new CIB will work in partnership with other orders of governments and Canada’s financial community, so that the federal government can use its strong credit rating and lending authority to make it easier – and more affordable – for municipalities to finance the broad range of infrastructure projects their communities need … Canada has become a global leader in infrastructure financing and we will work with the private sector and pools of capital that choose for themselves to invest in Canadian infrastructure projects.”

It’s those “pools of capital” – including Wall Street titans like Goldman Sachs – that are set to profit handsomely from Canada’s new infrastructure lending and spending spree.

In a cynical move, the Liberal Backgrounder doesn’t mention the interest-free loans of the past, but it does cite their results in order to tout the Liberal Party’s “transformative investment plan” for Canada: “A large part of Canada’s 20th century prosperity was made possible by nation-building projects – projects that without leadership from the government of Canada would not have been possible … the St. Lawrence Seaway served as a foundation for prosperity in Quebec and Ontario; the TransCanada Highway links Canadians from coast to coast; and our electricity projects, pipelines, airports and canals have made it possible to develop our natural resources, power our cities, and connect with each other and the world.”

Pools of Capital
Enthused about Justin Trudeau’s victory and his infrastructure campaign platform, Paul Krugman wrote in the New York Times (October 23, 2015), “We’re living in a world awash with savings that the private sector doesn’t want to invest and is eager to lend to governments at very low interest rates. It’s obviously a good idea to borrow at those low, low rates … . Let’s hope then, that Mr. Trudeau stays with the program. He has an opportunity to show the world what truly responsible fiscal policy looks like.”

Of course, borrowing from the Bank of Canada at NO interest rates would be even more fiscally responsible, and would keep policy decisions out of the hands of foreign lenders.

http://www.watershedsentinel.ca/content/bank-canada-lawsuit

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PostPosted: Fri May 27, 2016 8:27 am    Post subject: Reply with quote

Anonymous Hits New York Stock Exchange, World Bank, The Fed, and Vatican — Total Media Blackout
May 26, 2016 | Activist Post


Quote:
An Anonymous press release explained the intention behind the operation:

The banks have been getting away with murder, fraud, conspiracy, war profiteering, money laundering for terrorists and drug cartels, have put millions of people out on the street without food or shelter and have successfully bought all our governments to help keep us silenced. We represent the voice of the voiceless. We are uniting to make a stand. The central banks which were attacked in recent days were attacked to remind people that the biggest threat we face to an open and free society is the banks. The bankers are the problem and #OpIcarus is the solution.


So true. But let's see some real dirt. If they can hack into email; surely we can see transactions. Is Anonymous just a government intelligence op now? http://www.vocativ.com/253884/history-of-anonymous/

Quote:
While the impact on the individual targets of the DDoS attack campaign, 'OpIcarus' is unclear; obstructing or eliminating the availability of email servers is significant. In an online world any type of service outage is barely tolerated, especially in the banking industry where transactions and communications are often time-sensitive, and account security is of utmost importance.

In the world of high finance, time is money and every minute that a bank is forced offline it is losing potential revenue, which in turn hurts the bottom line of those that support the imperial war machine. Thus far, all targeted banks have refused to comment on the damage inflicted by the continuous cyber attacks.

Make no mistake that this operation has already been extremely effective — evolving and growing rapidly. The fact that global corporate media is refusing to report on these numerous high-profile attacks is indicative of the fear the 1% have of OpIcarus garnering massive public support. The attempt to conceal the scope and breadth of this operation from public purview reveals the visceral fear the elite harbor toward those they prey upon. It seems the only thing the ruling class can do now is attempt to conceal and suppress the information about what's transpiring in hopes of keeping the populace ignorant.

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PostPosted: Wed Jun 29, 2016 8:22 am    Post subject: Reply with quote

It is now 47 years after the Moon landing and we reached One Billion cars on the planet in 2010.

Can anyone not figure out that banks are giving car loans on junk designed to become obsolete?

http://www.toxicdrums.com/economic-wargames-by-dal-timgar.html

psik

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PostPosted: Mon Oct 03, 2016 9:16 am    Post subject: Reply with quote

Deutsche Bank is nearing complete collapse due to its over $42 trillion in derivatives (bets) and whose failure will take down nearly every bank in the United States and Europe with it.

See: http://www.marketoracle.co.uk/Article56724.html

See:
http://seekingalpha.com/article/4009591-opec-deutsche-bank-wider-implications

With German Chancellor Merkel already stating that her government will not bail out Deutsche Bank (as it would be political suicide to do so), these German bankers are now rushing to the United States in hopes that the Obama regime will.

See:
http://www.cnbc.com/2016/10/02/no-angela-merkel-bail-out-deutsche-bank-german-media-say-amid-lehman-moment-worries.html

See:
http://www.reuters.com/article/us-germany-deutsche-bank-settlement-idUSKCN1213NL

There will be a completely new list of 'Banker's being offed and suicided.

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PostPosted: Sun Oct 16, 2016 8:29 am    Post subject: Reply with quote

While the general population is obsessed with the details of the world's most entertaining and bizarre election in American history, the big banks are gearing up for a deadly serious economic collapse.

On Saturday 15 October (2016) Hillary Clinton and John Podesta met with JP Morgan Chase & Company CEO Jamie Dimon at Clinton’s Chappaqua Compound outside of New York City—and who, in 2009, both President Obama and Hillary Clinton allowed to break US laws by his, Dimon’s, being able to buy millions-of-dollars of his company’s stocks prior to the public being told his JP Morgan bank was receiving a Federal Reserve $80 billion credit line—and that caused JP Morgan’s stocks to soar and that have had an astonishing 920% dividend growth since 2010.

Within 12 hours of the Hillary Clinton-John Podesta-Jamie Dimon meeting at the Chappaqua Compound the BIS registered the transfer of $1.8 billion from the Clinton Foundation to the Qatar Central Bank.

To why the Clinton Foundation transferred this enormous sum of money to Qatar is due to the longstanding ties between this Islamic neo-patrimonial absolute monarchy and then US Secretary of State Hillary Clinton who “oversaw/managed” the “massive bribery scheme” that allowed this Gulf State nation to secure the 2022 World Cup—and that the Qataris were so appreciative of they donated millions to the Clinton Foundation, and incredibly, in 2011, gave former US President Bill Clinton $1 million for a birthday present—bringing Hillary Clinton’s total “cash grab” from these Persian Gulf sheiks of $100 million—all occurring as recently released secret emails revealed Hillary Clinton’s knowledge that both Qatar and Saudi Arabia were, and still are, funding ISIS
.

Quote:
1. HSBC Issues "Red Alert" Over Imminent Sell-Off of Stocks

http://www.businessinsider.com/hsbc-red-alert-get-ready-for-a-severe-fall-in-the-stock-market-2016-10

2. I.M.F. Issues "Stability Warning" Over Deutsche Bank

http://www.nytimes.com/2016/10/06/business/dealbook/deutsche-bank-singled-out-in-imf-stability-warning.html

3. Bank of America Warns That a Recession is Imminent, and Unavoidable

http://www.shtfplan.com/headline-news/bank-of-america-warns-of-imminent-recession-market-so-fragile-its-downright-scary_10112016

4. Macquarie Group's Leading Investor Warns That the Private Sector Will Never Recover From QE3... and the Age of Human Jobs Is Over

http://www.theepochtimes.com/n3/2143386-viktor-shvets-the-private-sector-will-never-recover/

5. The Bank of International Settlements - the Central Bank of Central Banks - Warns of Chinese Economy Meltdown

http://www.shtfplan.com/commodities/full-blown-banking-crisis-worlds-most-powerful-bank-signals-imminent-meltdown-in-china_09202016

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