From Zerohedge
His main concern is that this kind of (bank-run) event can quickly spiral out of the control of even the ECB as he uncomfortably conjures the image of the initial US stabilization that occurred in 1930 to May 1931 only to be knocked back into a greater depression by the failure of Credit-Anstalt, which set off bank failures and eventually defaults in 1932 on many government debts.
Read more...
Showing posts with label financial crisis. Show all posts
Showing posts with label financial crisis. Show all posts
Sunday, May 27, 2012
Wednesday, July 20, 2011
Only Poor People Can Be Allowed to Fail
The corrupt financial establishment of our day are a bunch of idiot scum.
From FDL
By: Arthur Fullerton Tuesday July 19, 2011 6:13 am
Reading Lawrence Summers in the Financial Times yesterday I came across this statement as his third principle of dealing with the Euro crisis:
“there must be a clear commitment that, whatever else happens, no big financial institution in any country will be allowed to fail.”
And so we have a clear unambiguous statement of the principle of socialism for the rich and powerful, and capitalism, red in tooth and claw, for the poor. Notice that too big to fail has now gone global. Over the past 24 hours this has been sitting out there with no push back or comment from the media. Is it simply an accepted fact that governments around the world — including our own — will now maintain a system where no large financial institution — no matter how corrupt or incompetent — will be allowed to fail?
This while the same financial and political elites demand that all social safety nets be sacrificed on the pagan altar of the Free Market?
Trying to create a world financial system where “no big financial institution in any country will be allowed to fail” is an unsustainable act of hubris and is itself doomed to failure. Doing so while simultaneously casting the poor adrift is shameful.
From FDL
By: Arthur Fullerton Tuesday July 19, 2011 6:13 am
Reading Lawrence Summers in the Financial Times yesterday I came across this statement as his third principle of dealing with the Euro crisis:
“there must be a clear commitment that, whatever else happens, no big financial institution in any country will be allowed to fail.”
And so we have a clear unambiguous statement of the principle of socialism for the rich and powerful, and capitalism, red in tooth and claw, for the poor. Notice that too big to fail has now gone global. Over the past 24 hours this has been sitting out there with no push back or comment from the media. Is it simply an accepted fact that governments around the world — including our own — will now maintain a system where no large financial institution — no matter how corrupt or incompetent — will be allowed to fail?
This while the same financial and political elites demand that all social safety nets be sacrificed on the pagan altar of the Free Market?
Trying to create a world financial system where “no big financial institution in any country will be allowed to fail” is an unsustainable act of hubris and is itself doomed to failure. Doing so while simultaneously casting the poor adrift is shameful.
Tuesday, March 1, 2011
"Inside Job" - Academy Award Winner Best Documentary Feature - 2011
From Brasscheck TV
Sometimes the good guys win.
If you haven't see it yet, it's worth your time.
Talk it up.
There should not be a doubt in anyone's mind that Goldman Sachs et. al. have gotten away with the financial equivalent of mass murder.
Bushbama has done nothing. The Congress has done nothing. And these jackals continue to loot your savings, your pension, your ability to earn an income and save for your future and opportunity for your children and their children with impunity.
Sometimes the good guys win.
If you haven't see it yet, it's worth your time.
Talk it up.
There should not be a doubt in anyone's mind that Goldman Sachs et. al. have gotten away with the financial equivalent of mass murder.
Bushbama has done nothing. The Congress has done nothing. And these jackals continue to loot your savings, your pension, your ability to earn an income and save for your future and opportunity for your children and their children with impunity.
Thursday, January 20, 2011
Does Joe Lieberman’s Resignation Signal Imminent Collapse?
From Prison Planet.
Eric Blair
Prisonplanet.com
Jan 20, 2011
Joe Lieberman is announcing his retirement today which would seem like a victory for the liberty movement. Throughout his career the Senator from Connecticut has been the consummate insider. From conceding victory before Gore did in the 2000 recount, to his full conversion to NeoCon status after 9/11, to introducing a barrage on freedom-smashing legislation; he seems to be the spearhead for ushering in the control grid over the opposition to tyranny.
His non-threatening monotone voice and easy manner made him appear as a gentle servant of the people, yet nothing could be farther from the truth. He is certainly near the pinnacle of the elite control structure and his abrupt departure should be viewed as alarming.
The establishment media will point to real political challenges Lieberman faces like the fact that anti-Lieberman activists have taken over his party created in 2006 called Connecticut for Lieberman. However, his resignation may have a deeper meaning, perhaps indicating that his inside job is complete and this ship is about to capsize.
Political insiders have known for some time that the collapse of America is imminent. During a very rare closed session of Congress in March 2008, according to confirmed leaks the following are some of the warnings presented to lawmakers:
the imminent collapse of the U.S. economy to occur by September 2008
the imminent collapse of US federal government finances by February 2009
the possibility of Civil War inside the USA as a result of the collapse
advance round-ups of “insurgent U.S. citizens” likely to move against the government
the possibility of retaliation against members of Congress for the collapses
the location of “safe facilities” for members of Congress and their families to reside during expected massive civil unrest.
Of course some of these events have not yet transpired, but are surely intended to. The financial collapse of 2008 did indeed occur, which presented the opportunity for the banks to accomplish a final looting of the public. Perhaps their best social minds believed such a massive robbery of the American people would actually force them off their couch in protest. Incidentally, the social engineers seemed to underestimate the level of inertia driven by the embedded slovenly consciousness created by the system itself.
Regardless, these collapse plans are underway, and Lieberman has been a primary architect of the Big Brother control grid currently under construction. As the slow collapse unfolds, the government has been openly preparing the military for civil unrest due to the ever increasing desperation levels of the population and the mathematically-impossible-to-pay-off debt. Lieberman has helped to create and promote the most draconian aspects for containing “insurgent U.S. citizens.”...
Read more.
Eric Blair
Prisonplanet.com
Jan 20, 2011
Joe Lieberman is announcing his retirement today which would seem like a victory for the liberty movement. Throughout his career the Senator from Connecticut has been the consummate insider. From conceding victory before Gore did in the 2000 recount, to his full conversion to NeoCon status after 9/11, to introducing a barrage on freedom-smashing legislation; he seems to be the spearhead for ushering in the control grid over the opposition to tyranny.
His non-threatening monotone voice and easy manner made him appear as a gentle servant of the people, yet nothing could be farther from the truth. He is certainly near the pinnacle of the elite control structure and his abrupt departure should be viewed as alarming.
The establishment media will point to real political challenges Lieberman faces like the fact that anti-Lieberman activists have taken over his party created in 2006 called Connecticut for Lieberman. However, his resignation may have a deeper meaning, perhaps indicating that his inside job is complete and this ship is about to capsize.
Political insiders have known for some time that the collapse of America is imminent. During a very rare closed session of Congress in March 2008, according to confirmed leaks the following are some of the warnings presented to lawmakers:
the imminent collapse of the U.S. economy to occur by September 2008
the imminent collapse of US federal government finances by February 2009
the possibility of Civil War inside the USA as a result of the collapse
advance round-ups of “insurgent U.S. citizens” likely to move against the government
the possibility of retaliation against members of Congress for the collapses
the location of “safe facilities” for members of Congress and their families to reside during expected massive civil unrest.
Of course some of these events have not yet transpired, but are surely intended to. The financial collapse of 2008 did indeed occur, which presented the opportunity for the banks to accomplish a final looting of the public. Perhaps their best social minds believed such a massive robbery of the American people would actually force them off their couch in protest. Incidentally, the social engineers seemed to underestimate the level of inertia driven by the embedded slovenly consciousness created by the system itself.
Regardless, these collapse plans are underway, and Lieberman has been a primary architect of the Big Brother control grid currently under construction. As the slow collapse unfolds, the government has been openly preparing the military for civil unrest due to the ever increasing desperation levels of the population and the mathematically-impossible-to-pay-off debt. Lieberman has helped to create and promote the most draconian aspects for containing “insurgent U.S. citizens.”...
Read more.
Wednesday, September 29, 2010
'Toxic Bank' Cement Truck Blocks Irish Parliament
From ABC News
Cement truck blocks gate of Irish parliament in protest at colossal bailout bill at Anglo bank
A cement truck plastered with anti-bank slogans blocked the entrance to the Irish parliament Wednesday as tensions mounted over the country's debt crisis and enormous bank bailouts.
At least one police guard narrowly escaped being hit as the truck drove up to Leinster House about 7:15 a.m., one lawmaker said. The truck stopped as it touched the entrance's ornate wrought-iron gates but caused no significant damage...
In Some Countries Justice Still Exists...Icelandic Ex-PM Indicted For Role In FInancial Crisis
From Huffington Post.
REYKJAVIK, Iceland — Iceland's former Prime Minister Geir Haarde has been referred to a special court in a move that could make him the first world leader to be charged in connection with the global financial crisis.
After a heated debate Tuesday, lawmakers voted 33-30 to refer charges to the court against Haarde for allegedly failing to prevent Iceland's 2008 financial crash – a crisis that sparked protests, toppled the government and brought the economy to a standstill by collapsing its currency.
Haarde faces up to two years in jail if found guilty. The court, which could dismiss the charges, has never before convened in Iceland's history. A hearing date has not yet been set...
REYKJAVIK, Iceland — Iceland's former Prime Minister Geir Haarde has been referred to a special court in a move that could make him the first world leader to be charged in connection with the global financial crisis.
After a heated debate Tuesday, lawmakers voted 33-30 to refer charges to the court against Haarde for allegedly failing to prevent Iceland's 2008 financial crash – a crisis that sparked protests, toppled the government and brought the economy to a standstill by collapsing its currency.
Haarde faces up to two years in jail if found guilty. The court, which could dismiss the charges, has never before convened in Iceland's history. A hearing date has not yet been set...
Tuesday, July 20, 2010
Meltdown. The Final Phase?
As Soros is quoted a month ago in an article from Bloomberg entitled, Soros Says ‘We Have Just Entered Act II’ of Crisis , we can also read in this article on Infowars and Neithercorp Press how we have just entered stage, phase, or act two of a colossal global financial crisis.
“We will not have any more crashes in our time.”
- John Maynard Keynes in 1927
“I see nothing in the present situation that is either menacing or warrants pessimism… I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress.”
- Andrew W. Mellon, U.S. Secretary of the Treasury December 31, 1929
“[1930 will be] a splendid employment year.”
- U.S. Dept. of Labor, New Year’s Forecast, December 1929
“While the crash only took place six months ago, I am convinced we have now passed through the worst — and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us.”
- Herbert Hoover, President of the United States, May 1, 1930
Most of us were not alive to witness the throws of the Great Depression, but for many, the quotes above sound strangely familiar. Pundits and government officials of our fateful era have taken to spewing the same kind of nonsense on a daily basis, and one begins to wonder if they are TRYING to top the ridiculous statements of their forebears in an attempt of ultimate mockery. Today, not only are we told that “green shoots” abound, but that if those green shoots fail, it will only be because we did not “believe” hard enough in their existence!...
“We will not have any more crashes in our time.”
- John Maynard Keynes in 1927
“I see nothing in the present situation that is either menacing or warrants pessimism… I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress.”
- Andrew W. Mellon, U.S. Secretary of the Treasury December 31, 1929
“[1930 will be] a splendid employment year.”
- U.S. Dept. of Labor, New Year’s Forecast, December 1929
“While the crash only took place six months ago, I am convinced we have now passed through the worst — and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us.”
- Herbert Hoover, President of the United States, May 1, 1930
Most of us were not alive to witness the throws of the Great Depression, but for many, the quotes above sound strangely familiar. Pundits and government officials of our fateful era have taken to spewing the same kind of nonsense on a daily basis, and one begins to wonder if they are TRYING to top the ridiculous statements of their forebears in an attempt of ultimate mockery. Today, not only are we told that “green shoots” abound, but that if those green shoots fail, it will only be because we did not “believe” hard enough in their existence!...
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