THE OUTLINE OF MY LEGAL ARGUMENT
1. The Financial Services Authority (FSA) was created by the Financial Services and Markets Act 2000 (FSMA 2000) to regulate the financial markets, to protect the consumer and to educate the consumer on the financial system in the UK.
2. The FSA, through its webpage MoneyMadeClear (yes, that’s name!:-)), attempts to explain what a loan, a credit card, a mortgage etc, is, but goes no further than that, i.e. it does not explain exactly how such products are financed, or to be more exact where the money comes from.
3. This cut-off in the information provided by the FSA MoneyMadeClear website hides the more important and unfair aspects of our financial system from the very consumer it is supposed to protect and educate. Who made the decision as to what information was to be related by the FSA, and why?
4. After exhaustive enquiries to the FSA, H M Treasury and The Bank of England, I have been told by them that there is no exemption on the following information, and I believe it should therefore be related by the FSA on for example its MoneyMadeClear website (the name suggests that too);
4.1. the money for such financial products does not physically exist, and is merely numbers on a computer, and can therefore be created very, very easily by the bank while the consumer works very hard for the equivalent, i.e. the repayment.
4.2. the money for such financial products does not ‘exist’ on the computer until the loan/mortgage/credit is actually issued
4.3. upon repayment the money is not destroyed (this is important, and is explained in point 10).
5. The banks offering such financial products are regulated by, and actually finance, the FSA, and should therefore have some influence over and contact with the FSA.
6. The Unfair Terms in Consumer Contracts Regulations 1999 Section 5 (1) state;
“5. - (1) A contractual term which has not been individually negotiated shall be regarded as unfair if, contrary to the requirement of good faith, it causes a significant imbalance in the parties' rights and obligations arising under the contract, to the detriment of the consumer.”
7. All financial contracts issued since the FSMA 2000 was passed are unfair because the banks issuing such contracts have not, even after 8 years, ensured that the FSA has fulfilled its duty under Section 4 of the FSMA 2000, thus leading to a significant imbalance in obligations to the detriment of the consumer.
8. Schedule 2 (1) (o) of the UTCCR 1999 states that an unfair term is;
“(o) obliging the consumer to fulfill all his obligations where the seller or supplier does not perform his”.
The banks are not fulfilling their obligations by ensuring that under the FSMA 2000 Section 4 the FSA is educating the consumer on the full and unfair truth of our financial system, thus giving the banks a very significant advantage through unfair contracts. Thus all financial contracts issued since the FSMA 2000 was passed are unfair, and should therefore be annulled.
9. Section 5 (1) of the FSMA 2000 states;
“(1) The protection of consumers objective is: securing the appropriate degree of protection for consumers.”.
The FSA is seriously failing in this duty because the financial system that it is hiding from the consumer, by its failure to fulfill its duty under the FSMA 2000 Section 4, is allowing a small cabal of people to take control of the world. They and their ancestors engineered and financed the two world wars of last century, which led to the creation of such global organizations as the UN, IMF, World Bank, etc, which can direct sovereign nations in their affairs. This cabal continue to exercise significant control of our political system through such semi-secret organizations as Bilderberg, The Council on Foreign Relations and The Trilateral Commission, at which our political leaders are vetted either before they enter, or during their tenure in, high office. One such member of this cabal has openly stated in his memoirs their ambition to control the world, when he wrote,
“For more than a century, ideological extremists at either end of the political spectrum have seized upon well-publicized incidents to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as "internationalists" and of conspiring with others around the world to build a more integrated global political and economic structure - one world, if you will. If that's the charge, I stand guilty, and I am proud of it.”
This man partly owns and controls several financial organizations that are regulated by the FSA, i.e. the FSA is not protecting the consumer from being ruled by this bunch of Moloch-worshipping, warmongering megalomaniacs intent on global conquest. One other telling quote from this cabal comes from James Paul Warburg;
“We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent.”
10. Furthermore, the principle of unjust enrichment states that one party should not unjustly enrich itself at the expense of another party. As I understand the financial system, banks can lend out many, many times the amount they have on deposit in a system called Fractional Reserve. This means that from a deposit base of £X the banks can lend out, for example £10X. The unwitting borrower may believe that when a bank issues a loan then the bank has effectively transferred control of the money for that loan to the borrower. That is not the case. The bank is giving the impression that such a transaction has taken place, when in fact the bank can issue several loans based on the same piece of money, giving several borrowers claim to the same piece of money while keeping the money. But the borrower believes and accepts that the issuing bank only makes its profit from the interest charged on the loan. However, in reality, the bank is in most cases making profit from the full amount of the loan itself as well as the interest, because the money for that loan did not exist until the loan was issued. This is possible due to the nature of the Fractional Reserve system, in which as explained above, £10X can be ‘created’ from £X. Thus from £X the bank can make a total profit of £9X + interest, when the borrowers believe the bank makes a profit through interest only. If the bank destroyed most of the repayments, giving itself profit from the interest from one loan only, then there is no argument. But the banks do not destroy all the repayments, and keep them so that they make profit from the full loan as well as the interest. That is surely unjust enrichment, if not unadulterated fraud and dishonesty.
11. The FSA has been shown to be incompetent during this current credit crunch when it should have been monitoring the derivatives market, which has subsequently led to bailouts of several banks for hundreds of billions of pounds, which is yet another example of the FSA failing in its duty to protect the taxpaying consumer. But I am suggesting something further, a deliberate collusion between the FSA and the banks to keep hidden from the taxpaying British public the real, fraudulent, unfair and unjust nature of our financial system to benefit of the banks and to the detriment of the British taxpaying consumer.
Saturday, October 11, 2008
Friday, October 10, 2008
WHAT DOES A BANKER LOOK LIKE?
WHAT DOES A BANKER LOOK LIKE?
Let’s ask David Attenborough.
David, we have recently bailed out, to the tune of £500 billion, a sub-species of the human race called “the banker”, but we have yet to see one show some humility on TV or radio to at least thank us and explain how they fucked up big time. What does a banker look like?
David: Well, here in the jungle of The City of London, the normally shy and retiring banker can still be found in his usual watering holes getting pissed on champagne and going to lap dancing clubs for some light entertainment…at your expense. This intelligent but evil creature has no desire to be seen in public, particularly at times like these during which he can screw the human race for hundreds of billions while hundreds of thousands of malnourished dehydrated kids die every year of despair, hunger, thirst, and very easily curable diseases. They can frequently be heard laughing and saying to each other, “fuck ‘em, the morons”, but one has to listen very carefully to filter out this mating call from the noise and din of the jungle which he calls home, The City of London.
Let’s ask David Attenborough.
David, we have recently bailed out, to the tune of £500 billion, a sub-species of the human race called “the banker”, but we have yet to see one show some humility on TV or radio to at least thank us and explain how they fucked up big time. What does a banker look like?
David: Well, here in the jungle of The City of London, the normally shy and retiring banker can still be found in his usual watering holes getting pissed on champagne and going to lap dancing clubs for some light entertainment…at your expense. This intelligent but evil creature has no desire to be seen in public, particularly at times like these during which he can screw the human race for hundreds of billions while hundreds of thousands of malnourished dehydrated kids die every year of despair, hunger, thirst, and very easily curable diseases. They can frequently be heard laughing and saying to each other, “fuck ‘em, the morons”, but one has to listen very carefully to filter out this mating call from the noise and din of the jungle which he calls home, The City of London.
Thursday, October 09, 2008
THE FINANCIAL SERVICES AUTHORITY HAS FAILED YOU...BIG TIME!
Get them in the dock!
As I pointed out a few months ago, the FSA was created for a number of reasons, one of which was to "protect the consumer", though what the consumer was being protected from is not stated (but we all know that now...the banks).
One aim of the FSA, as stated in Section 4 (1) is "promoting public understanding of the financial system."
I doubt if more than 5% of the MPs in the house of commons fully understand the financial system.
But it is that section that I would use together with the Unfair Terms in Consumer Contracts Regulations 1999 (which refers to a requirement that contracts be issued in 'good faith'), and the principle of unjust enrichment to anull a financial contract.
But back to the FSA.
Section 3 of the FSMA 2000 states;
3 Market confidence
(1) The market confidence objective is: maintaining confidence in the financial system.
(2) “The financial system” means the financial system operating in the United Kingdom and includes—
(a) financial markets and exchanges;
(b) regulated activities; and
(c) other activities connected with financial markets and exchanges.
Over the last two weeks I have heard that word "confidence" 500 billion times.
Was the FSA given all the information it was supposed to by law in order for it to maintain market confidence?
If so, was the information supplied accurate? If the information was not accurate who has been prosecuted for such misdemeanours.
If not, why did it not chase up and prosecute those financial organizations that had not supplied the necessary data?
The FSA has failed us all... BIG TIME!!
It has not told you how the financial system works, contrary to Section 4 of the FSMA 2000, and it has not maintained market confidence, contrary to Section 3 of the FSMA 2000.
Get the FSA in the dock...NOW!
Nick Clegg, along with Cameron and Brown, have been avoiding apportioning blame.
Well I've done it for them.
Blame the FSA, which is actually financed by the same organizations it is supposed to oversee (hence the reason why the real, fraudulent, unfair and unjust nature of our financial system is not available on the FSA website).
As I pointed out a few months ago, the FSA was created for a number of reasons, one of which was to "protect the consumer", though what the consumer was being protected from is not stated (but we all know that now...the banks).
One aim of the FSA, as stated in Section 4 (1) is "promoting public understanding of the financial system."
I doubt if more than 5% of the MPs in the house of commons fully understand the financial system.
But it is that section that I would use together with the Unfair Terms in Consumer Contracts Regulations 1999 (which refers to a requirement that contracts be issued in 'good faith'), and the principle of unjust enrichment to anull a financial contract.
But back to the FSA.
Section 3 of the FSMA 2000 states;
3 Market confidence
(1) The market confidence objective is: maintaining confidence in the financial system.
(2) “The financial system” means the financial system operating in the United Kingdom and includes—
(a) financial markets and exchanges;
(b) regulated activities; and
(c) other activities connected with financial markets and exchanges.
Over the last two weeks I have heard that word "confidence" 500 billion times.
Was the FSA given all the information it was supposed to by law in order for it to maintain market confidence?
If so, was the information supplied accurate? If the information was not accurate who has been prosecuted for such misdemeanours.
If not, why did it not chase up and prosecute those financial organizations that had not supplied the necessary data?
The FSA has failed us all... BIG TIME!!
It has not told you how the financial system works, contrary to Section 4 of the FSMA 2000, and it has not maintained market confidence, contrary to Section 3 of the FSMA 2000.
Get the FSA in the dock...NOW!
Nick Clegg, along with Cameron and Brown, have been avoiding apportioning blame.
Well I've done it for them.
Blame the FSA, which is actually financed by the same organizations it is supposed to oversee (hence the reason why the real, fraudulent, unfair and unjust nature of our financial system is not available on the FSA website).
Wednesday, October 08, 2008
MURDER
That's what the banks get away with.
Literally murder.
And they know they can get away with it.
That's why they do it.
Because they and their agents can peddle the myth that we need them for our money, or else!
That's why they vet our banksucking leaders at Bilderberg before they're elected by us in sham elections.
Literally murder.
And they know they can get away with it.
That's why they do it.
Because they and their agents can peddle the myth that we need them for our money, or else!
That's why they vet our banksucking leaders at Bilderberg before they're elected by us in sham elections.
SHUT THAT GUY UP!
Listening to BBC Radio 5 Live again this morning, the debate was on...the bailout, asking listeners, what do you think?
Well, the first few callers were all "well somethings gotta be dun, so what the heck?".
But then a financial adviser from Northern Ireland came on. And he knew his stuff!
He called the system spot on.
Today, here is what Bilderberger Gordon Brown did with your money; because the banks have reached their credit limits by issuing dodgy mortgages to jobless no-hopers so that they can gamble the resulting debt away in the form of derivatives, and the banks are now effectively bankrupt because the gambling didn't work out, Brown has given the banks your hard-earned tax money, supposedly for schools, hospitals etc, so that they can then lend it back to you...AND AT INTEREST!
This financial adviser explained all that on radio, and within seconds the show host Victoria Darbyshire started to shut him up, but not before this guy let it out that the banks lend out 20 to 30 times they amount have on deposit.
So onto the next caller, a well spoken well educated gentleman from South East England. He too was on the same (war)path, and got the same treatment; SHUT THAT GUY UP!
If you didn't laugh you'd cry.
Well, the first few callers were all "well somethings gotta be dun, so what the heck?".
But then a financial adviser from Northern Ireland came on. And he knew his stuff!
He called the system spot on.
Today, here is what Bilderberger Gordon Brown did with your money; because the banks have reached their credit limits by issuing dodgy mortgages to jobless no-hopers so that they can gamble the resulting debt away in the form of derivatives, and the banks are now effectively bankrupt because the gambling didn't work out, Brown has given the banks your hard-earned tax money, supposedly for schools, hospitals etc, so that they can then lend it back to you...AND AT INTEREST!
This financial adviser explained all that on radio, and within seconds the show host Victoria Darbyshire started to shut him up, but not before this guy let it out that the banks lend out 20 to 30 times they amount have on deposit.
So onto the next caller, a well spoken well educated gentleman from South East England. He too was on the same (war)path, and got the same treatment; SHUT THAT GUY UP!
If you didn't laugh you'd cry.
WOT? NO INQUIRY?
We are bailing out the banks for trillions (not hundreds of billions).
We have inquiries into why Gordon Brown's farts smell so eggy and other very, very minor events.
So why can't we have an inquiry into how the banks got it so bloody wrong that every taxpayer in the UK is giving them £2000 (at least) to bail them out?!
They've already had £200 billion from the Special Liquidity Scheme. Where's all that gone?
Get them in the dock...NOW!
Take them into bankruptcy.
Strip them of their power to create money, and let's get 100% control over our money...NOW!
We have inquiries into why Gordon Brown's farts smell so eggy and other very, very minor events.
So why can't we have an inquiry into how the banks got it so bloody wrong that every taxpayer in the UK is giving them £2000 (at least) to bail them out?!
They've already had £200 billion from the Special Liquidity Scheme. Where's all that gone?
Get them in the dock...NOW!
Take them into bankruptcy.
Strip them of their power to create money, and let's get 100% control over our money...NOW!
Saturday, October 04, 2008
THE BAILOUT ADDS TO THE UNFAIRNESS
The financial rescue plan bailout, plainly engineered by Bilderbergers, is so unjust and unfair that any lawyer with a clear head, who can think outside of the box and think independently, and has a working knowledge of the NWO, could rip their financial contracts to pieces.
Any lawyer should
1. understand how the debts/mortgages were generated, and why
2. understand who owns and controls the banks who created the loans
3. understand what those bankers have done, including the recent bailout and the events leading up to it, and all the wars engineered and financed by Wall Street and The City of London and the resulting centralization of power via UN, IMF etc
4. use unjust enrichment, the FSMA 2000, referring to the incompetence and complicity of the FSA, and laws governing unfair contracts, citing 1, 2 and 3 to prove the unfairness.
Any lawyer should
1. understand how the debts/mortgages were generated, and why
2. understand who owns and controls the banks who created the loans
3. understand what those bankers have done, including the recent bailout and the events leading up to it, and all the wars engineered and financed by Wall Street and The City of London and the resulting centralization of power via UN, IMF etc
4. use unjust enrichment, the FSMA 2000, referring to the incompetence and complicity of the FSA, and laws governing unfair contracts, citing 1, 2 and 3 to prove the unfairness.
Wednesday, October 01, 2008
SCREWED
What’s it like to be screwed from behind without knowing it? We should all know that now.
The current financial crisis is a result of the traitors to the human race in Wall Street and City of London screwing us all and without us knowing it.
In the first half of this decade we had cheap credit available and saw many home improvement programmes on TV. This encouraged a property boom resulting in a rapid rise in house prices, and thus ever increasing mortgages. People felt the good times were here to stay and remortgaged to release some equity in their house for nice holidays, nice cars and anything else nice.
It all resulted in massive borrowing by us from the banks in the form of large mortgages.
Now, the beauty of our financial system is that debt, be it a loan or mortgage, is counted as an asset.
Even though the money for that debt doesn’t exist and is simply numbers on a computer, that debt counts as something physical to be traded or sold or used as collateral for some other financial transaction.
Another beautiful aspect of our financial system is that it is run by crooks who can steer the economy this way and that way to their benefit, i.e. they know the future. They generally know which sectors of the economy will rise or fall, and when, as on 9/11 when certain stocks in airlines were expected to fall and certain stocks in banks were expected to rise, and someone knew, bet on it through the dreaded derivatives and made a small fortune.
So how do you use this foreknowledge for maximum benefit to yourself?
You gamble.
If you know the future outcome of an event or series of events, if you place a bet that a stock will rise or fall due to that event then you can win...big time!
And the more you gamble the more you can win.
But how do you raise such massive quantities of finance for this gambling in order to win big time? As a bank, even though you have the power to do so, you cannot simply create money out of nothing. A demand has to be made for the credit to be created. So as a bank you encourage people to borrow, particularly mortgages because they involve several hundreds of thousands, possibly millions, of pounds each. The cheap credit and TV programmes encouraged this. The debts created by this borrowing count as assets which can be used as mortgage backed securities for gambling on the stock markets in the form of derivatives.
This explains the rise in self-certification mortgages, NINJA mortgages, sub-prime mortgages etc. They are very good ways to quickly raise large quantities of finance in the form of mortgage debt, which is accepted as collateral, which can then be gambled as derivatives. The hope is that the gambling in derivatives will cover any loss from lending money as mortgages to people who had zero possibility of repaying. Why else would you lend hundreds of thousands to a jobless no-hoper?
But the law states that only a certain amount of debt can be generated in this way.
So the credit that could and should have been used for investment in long term and economically sound companies, economies and industries for the general benefit of society has instead been used for large short term gain by gambling with derivatives.
Hence the lack of credit. They’ve gambled it all away.
Now some banks have been found out. Some banks were not on the inside and did not know the outcomes, or the desired outcome could not be engineered, and they lost...big time!
And now they want bailing out with taxpayers money, to "grease the wheels of industry and commerce", something they should have been doing in the first place instead of gambling on making a quick massive profit.
So where has all the money gone?
It has gone somewhere, but those who know aren’t saying where it’s gone.
But they are screaming, "the sky is falling down, the sky is falling down".
Yeah, the sky is falling down, because they made it fall down, and knew that we, not they, would have to stop it.
We don’t need this.
We don’t need them.
There are alternatives.
The current financial crisis is a result of the traitors to the human race in Wall Street and City of London screwing us all and without us knowing it.
In the first half of this decade we had cheap credit available and saw many home improvement programmes on TV. This encouraged a property boom resulting in a rapid rise in house prices, and thus ever increasing mortgages. People felt the good times were here to stay and remortgaged to release some equity in their house for nice holidays, nice cars and anything else nice.
It all resulted in massive borrowing by us from the banks in the form of large mortgages.
Now, the beauty of our financial system is that debt, be it a loan or mortgage, is counted as an asset.
Even though the money for that debt doesn’t exist and is simply numbers on a computer, that debt counts as something physical to be traded or sold or used as collateral for some other financial transaction.
Another beautiful aspect of our financial system is that it is run by crooks who can steer the economy this way and that way to their benefit, i.e. they know the future. They generally know which sectors of the economy will rise or fall, and when, as on 9/11 when certain stocks in airlines were expected to fall and certain stocks in banks were expected to rise, and someone knew, bet on it through the dreaded derivatives and made a small fortune.
So how do you use this foreknowledge for maximum benefit to yourself?
You gamble.
If you know the future outcome of an event or series of events, if you place a bet that a stock will rise or fall due to that event then you can win...big time!
And the more you gamble the more you can win.
But how do you raise such massive quantities of finance for this gambling in order to win big time? As a bank, even though you have the power to do so, you cannot simply create money out of nothing. A demand has to be made for the credit to be created. So as a bank you encourage people to borrow, particularly mortgages because they involve several hundreds of thousands, possibly millions, of pounds each. The cheap credit and TV programmes encouraged this. The debts created by this borrowing count as assets which can be used as mortgage backed securities for gambling on the stock markets in the form of derivatives.
This explains the rise in self-certification mortgages, NINJA mortgages, sub-prime mortgages etc. They are very good ways to quickly raise large quantities of finance in the form of mortgage debt, which is accepted as collateral, which can then be gambled as derivatives. The hope is that the gambling in derivatives will cover any loss from lending money as mortgages to people who had zero possibility of repaying. Why else would you lend hundreds of thousands to a jobless no-hoper?
But the law states that only a certain amount of debt can be generated in this way.
So the credit that could and should have been used for investment in long term and economically sound companies, economies and industries for the general benefit of society has instead been used for large short term gain by gambling with derivatives.
Hence the lack of credit. They’ve gambled it all away.
Now some banks have been found out. Some banks were not on the inside and did not know the outcomes, or the desired outcome could not be engineered, and they lost...big time!
And now they want bailing out with taxpayers money, to "grease the wheels of industry and commerce", something they should have been doing in the first place instead of gambling on making a quick massive profit.
So where has all the money gone?
It has gone somewhere, but those who know aren’t saying where it’s gone.
But they are screaming, "the sky is falling down, the sky is falling down".
Yeah, the sky is falling down, because they made it fall down, and knew that we, not they, would have to stop it.
We don’t need this.
We don’t need them.
There are alternatives.
Tuesday, September 30, 2008
ROCKEFELLERS CONTINUE BANKING POWER GRAB
Yet another very swift large scale bank purchase was sealed yesterday when Citigroup bought Wachovia, and with government help.
Citigroup is a Rockefeller corporation, and Dave's Bilderbergers are providing the finance and paperwork for such a quick purchase.
====================================
From http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4846729.ece
Citigroup buys debt-hit Wachovia
Tom Bawden in New York
The seismic restructuring of the US financial services industry continued yesterday as Citigroup agreed to buy the banking operations of Wachovia for $2.16 billion (£1.17 billion) after the US Government promised to cap billions of dollars of potential losses.
The takeover will significantly change the face of Citigroup in the United States, increasing the number of its retail branches in America from 1,075 to 4,416 and allowing it to regain its title as the country’s biggest bank by assets; it was briefly eclipsed by JPMorgan Chase last week after its takeover of Washington Mutual.
Citigroup is a Rockefeller corporation, and Dave's Bilderbergers are providing the finance and paperwork for such a quick purchase.
====================================
From http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4846729.ece
Citigroup buys debt-hit Wachovia
Tom Bawden in New York
The seismic restructuring of the US financial services industry continued yesterday as Citigroup agreed to buy the banking operations of Wachovia for $2.16 billion (£1.17 billion) after the US Government promised to cap billions of dollars of potential losses.
The takeover will significantly change the face of Citigroup in the United States, increasing the number of its retail branches in America from 1,075 to 4,416 and allowing it to regain its title as the country’s biggest bank by assets; it was briefly eclipsed by JPMorgan Chase last week after its takeover of Washington Mutual.
Monday, September 29, 2008
Sunday, September 28, 2008
BRITISH BANKS WANT A LARGE SLICE OF THE BAILOUT
From http://www.larouchepub.com/pr/2008/080926bailout_brit_banks.html
Paulson Plan Mega Bailout for British Banks
Sept. 26, 2008 (EIRNS)—Just as Lyndon LaRouche has warned, the mega bailout plan of U.S. Treasury Secretary Hank Paulson is a big give away to bailout the Her Majesty's banking system. Today's Times of London, the mouthpiece of the British establishment, which now reports that the five top British banks could grab as much as 25% of Treasury Secretary Hank Paulson's $700 billion mega bailout plan. British banks hold no less than $175 billion (95.3 bn pounds) of "distress assets".
"If the British banks tap the rescue fund," writes The Times, " being set up by the U.S. treasury and the Federal Reserve to the maximum, they could secure one quarter of the $700 billion being made available." The breakdown of what these banks are holding is the following: HSBC, the flagship of the British Empire, holds 45 billion pounds; Barclays, 17.4 billion pounds; Royal Bank of Scotland, 16.2 bn pounds; HBOS, 13.3bn pounds; Lloyds TSB, which now owns HBOS, 3.4 bn pounds.
Another confirmation that the British Banks are nothing more than Zombies is that fact that the Bank of England announced this morning it will be pumping an addition 55 billion pounds into the financial system. Included is an offering to lend $30 billion in U.S. dollar funds for one week.
The first such operation will be an auction for 40 billion pounds maturing on Thursday January 15, 2009, an obvious move to get Britain's Zombie banks past the last quarter. The BOE will be accepting mortgage backed securities as collateral. This operation is being coordinated with the European Central Bank, the Swiss Central Bank and the Federal Reserve. The Swiss are offering $9 billion which the ECB is offering $35 billion.
Paulson Plan Mega Bailout for British Banks
Sept. 26, 2008 (EIRNS)—Just as Lyndon LaRouche has warned, the mega bailout plan of U.S. Treasury Secretary Hank Paulson is a big give away to bailout the Her Majesty's banking system. Today's Times of London, the mouthpiece of the British establishment, which now reports that the five top British banks could grab as much as 25% of Treasury Secretary Hank Paulson's $700 billion mega bailout plan. British banks hold no less than $175 billion (95.3 bn pounds) of "distress assets".
"If the British banks tap the rescue fund," writes The Times, " being set up by the U.S. treasury and the Federal Reserve to the maximum, they could secure one quarter of the $700 billion being made available." The breakdown of what these banks are holding is the following: HSBC, the flagship of the British Empire, holds 45 billion pounds; Barclays, 17.4 billion pounds; Royal Bank of Scotland, 16.2 bn pounds; HBOS, 13.3bn pounds; Lloyds TSB, which now owns HBOS, 3.4 bn pounds.
Another confirmation that the British Banks are nothing more than Zombies is that fact that the Bank of England announced this morning it will be pumping an addition 55 billion pounds into the financial system. Included is an offering to lend $30 billion in U.S. dollar funds for one week.
The first such operation will be an auction for 40 billion pounds maturing on Thursday January 15, 2009, an obvious move to get Britain's Zombie banks past the last quarter. The BOE will be accepting mortgage backed securities as collateral. This operation is being coordinated with the European Central Bank, the Swiss Central Bank and the Federal Reserve. The Swiss are offering $9 billion which the ECB is offering $35 billion.
THE BAILOUT EXPLAINED
When 'informed' journalists talk about the bailout they mention bad debt and mortgages. There is more to it than that, a lot more.
First, the two people publicly desperate for the bailout, Hank Paulson and Ben Bernanke, were at Bilderberg 2008, where the major traitors of the human race at that time meet every year.
Second, profits are being privatised and taxes avoided, while losses are being socialised and dumped on us.
Third, the people doing this are the same families who engineered World Wars 1 and 2, the Holocaust and a graveyard of other minor wars, such as that in Georgia this year.
Why do they do this?
Well one way to find out would be to get them in the dock and ask them, wouldn't it (but because you have given them the power to create money they can create loads of it to hire the 'best' lawyers in town). But if you put your mind to it, there are other ways...
For such satanism to run through generations of the same families implies to me it is partly genetic, and it could partly be in self-defence in that if they gave up then due to the crimes of their ancestors they, not their dead ancestors, would swing from the nearest lamppost.
This bailout, I believe, is to give them plenty of money to survive the coming large scale international war that the monetary crisis is helping to foment, along with Zionist aggression in the Middle East, and the blatant and cowardly aggression of their puppets elsewhere across the globe. They would then disappear much like a magician in a pantomime disappearing in a cloud of smoke, only the magician would be the Wall Street and City of London traitors and the smoke would be from bombs.
You may also have heard about the lightning quick purchase of Washington Mutual by JP Morgan Chase. A US Treasury/Federal Reserve outfit took WaMu and sold it to JP Morgan Chase for a fraction of what its assets are worth. The plan is obviously for JP Morgan Chase to get the good assets and for the public to be lumbered with the rest via the bailout.
JP Morgan Chase is a Rothschild/Rockefeller production, Dave was at Bilderberg 2008.
The US Treasury is run by Hank Paulson, Bilderberg 2008.
The Federal Reserve is run by Ben Bernanke, Bilderberg 2008.
There is absolutely nothing to worry about.
=============================================
From http://www.larouchepub.com/other/2008/3538biggest_swindle.html
PAULSON'S BANK BAILOUT
The Biggest Swindle Ever Pulled!
by John Hoefle
[PDF version of this article]
Lyndon LaRouche has issued a clear warning to the pack of fools pushing the largest bank bailout in history: Don't do it, and if you do, don't expect to get away with it. There will be consequences for such treasonous stupidity, far beyond what you can imagine.
The plan, presented by Treasury Secretary Henry Paulson, and supported by Fed chairman Ben Bernanke, President George W. Bush, and a gaggle of international bankers and other idiots, would transfer most of the enormous losses incurred in the death of the global financial system, from the books of the banks to the Federal government—and the U.S. taxpayer.
This scheme is being marketed to a frightened public as a "bold" plan to "solve" the financial crisis once and for all. What it really is, is the biggest theft in history, a act of monumental stupidity which will destroy everything in its path: the economy, the nation, and the people. There is nothing good about it.
Absolute Insanity
"This is the biggest swindle ever pulled," LaRouche said. "It is absolute insanity. The public is being duped."
Virtually nothing Paulson has said is true—it is all lies designed to dupe Congress and the American people into believing that this gigantic ripoff is both necessary and in the public interest, when neither is true. The lies began well before Paulson, when we were told that finance, not production, was the road to wealth. For the past four decades, we have seen the systematic dismantling of American industry and agriculture, and the turning of our economy into a giant casino. Our banking system has been turned over to the speculators, and we have watched a relatively small portion of our population get rich—some obscenely so—while a growing portion fell into poverty, and others were pushed over the edge. Every protection put into law to stop such looting has been systematically repealed, including the Glass-Steagall Act of 1933, which forbade commercial banks from engaging in investment banking. Now that system has collapsed, and we are being told that the people must bail out the crooks.
The final phase of this collapse began last year, with the mythical "subprime crisis," a deliberate misnomer. Then this "subprime crisis" somehow morphed into a "credit crunch," infecting an "otherwise healthy" banking system. It was, from start to finish, a lie carefully constructed to support the ultimate demand for a bailout.
Here's what really happened, and it all starts with the banking system. The banks built up a huge derivatives bubble in the 1990s, a pyramid scheme which constantly needed more money fed into its maw to keep it going. One of the prime sources of fuel was mortgages, which were used to spawn mortgage-backed securities, and even wilder forms of casino chips like CDOs. The more mortgage money that came in, the larger the profits that could be made from speculating in the securities, yielding more money for new mortgages. It was this securities machine which drove housing prices—and the mortgages on those houses—into the stratosphere.
However, the machine worked so well that it drove housing prices beyond the reach of many Americans, so, in order to keep the mortgages flowing in, the banks began to relax loan standards, and in the end, were selling homes to people who could not afford them, just to keep the game going. It finally got to the point that prices were so high, that even with the lax lending standards, they couldn't keep the game going, and the whole house of cards collapsed. The subprime loans collapsed first because they were the shakiest, made at the top of the market, so the banks painted the subprime lenders and borrowers as the villians, as a way of covering up their own role. It was a classic "blame the little guy" scam.
Now we see Paulson asserting that the banks have been infected by this "housing crisis," and that in order to protect the American people, we must carry out the biggest bank bailout in history. But it was Paulson, a former investment banker, and his investment banking buddies and their predecessors, who created this mess in the first place, and are now demanding that they be saved from the consequences of their folly, and handing the bill to the people they have been victimizing for decades. The foxes are demanding that the chickens pay for cleaning up the blood in the chicken coop.
It Won't Work
Aside from its incredible arrogance, the plan put together by Paulson, his cronies at the Plunge Protection Team, and his Wall Street peers, is incompetent from an economic standpoint. All it really does is transfer unpayable debts from the books of the banks to the books of the government, without addressing the issue of why those claims are unpayable.
The claims are unpayable because the productive sector of the economy, the sector which ultimately pays all bills, is far too weak to carry the load, and is sinking fast. As it has for the past four decades, the U.S. economy is operating below breakeven and taking on debt to make up the difference. This growing mountain of debt was turned by accounting magic into a pile of assets, upon which the bankers leveraged an even bigger mountain of speculative bets. They lived off the income they gained from trading all this fictitious capital back and forth, until the size of their bubble could no longer be supported, and it collapsed. All Paulson's plan would do is give the bankrupt gamblers more chips with which to play, so they can do even more damage.
We Can Stop It
We have reached the point where we can no longer survive such greed and stupidity, and must fundamentally change our approach. Rather than listen to the siren call of the bankers which summons us to our doom, we must face the fact that we, as a people, have been behaving like fools. The bankers may have done this to us, but we let them, and all too often participated, greedily scraping up the crumbs which fell off their overloaded tables.
Now, watching our biggest banks report multi-billion-dollar losses every quarter, despite multi-trillion-dollar injections from the central banks, watching our leaders call for unprecedented bailouts and sacrifices, it is beginning to dawn upon us that the great economic boom was a sham, that the "fundamentally sound" system was an illusion, and that the whole house of cards has collapsed. It is dawning on us that we were fools, that the world does not work they way we thought.
Fortunately, we have among us a man who saw these errors as they were being made, and who has a plan to solve the problem, even at this late date. That man is Lyndon LaRouche, and his solution begins with a return to the sound economic principles that have worked so well for America in the past, most recently with President Franklin Roosevelt. Rather than saving the paper, as Paulson would have us do, LaRouche's proposal is to put the financial system through the equivalent of a bankruptcy proceeding, freezing the giant mass of speculative bets while stopping foreclosures and making sure that the goods and services necessary for human existence continue to flow. At the same time, low-interest government credit would be used in an emergency program to rebuild our productive base, all coordinated with keystone nations like Russia, China, and India, as a way of pulling the entire world up out of this looming new Dark Age. It can be done, but we must do it.
First, we must stop this crazy bailout scheme, which LaRouche has characterized as "tantamount to treason" for the destruction it will visit upon our nation and its people. But LaRouche also has a warning for those who sponsor it, and for those who vote for it. As the magnitude of the theft you support becomes more apparent, there will be new governments, prodded by a furious people, who will demand that this theft be reversed, and that the perpetrators of this crime be punished. Great crimes are not always punished right away, but history has a way of settling the score. There are more things in heaven and Earth than are dreamt of in your philosophy.
johnhoefle@larouchepub.com
First, the two people publicly desperate for the bailout, Hank Paulson and Ben Bernanke, were at Bilderberg 2008, where the major traitors of the human race at that time meet every year.
Second, profits are being privatised and taxes avoided, while losses are being socialised and dumped on us.
Third, the people doing this are the same families who engineered World Wars 1 and 2, the Holocaust and a graveyard of other minor wars, such as that in Georgia this year.
Why do they do this?
Well one way to find out would be to get them in the dock and ask them, wouldn't it (but because you have given them the power to create money they can create loads of it to hire the 'best' lawyers in town). But if you put your mind to it, there are other ways...
For such satanism to run through generations of the same families implies to me it is partly genetic, and it could partly be in self-defence in that if they gave up then due to the crimes of their ancestors they, not their dead ancestors, would swing from the nearest lamppost.
This bailout, I believe, is to give them plenty of money to survive the coming large scale international war that the monetary crisis is helping to foment, along with Zionist aggression in the Middle East, and the blatant and cowardly aggression of their puppets elsewhere across the globe. They would then disappear much like a magician in a pantomime disappearing in a cloud of smoke, only the magician would be the Wall Street and City of London traitors and the smoke would be from bombs.
You may also have heard about the lightning quick purchase of Washington Mutual by JP Morgan Chase. A US Treasury/Federal Reserve outfit took WaMu and sold it to JP Morgan Chase for a fraction of what its assets are worth. The plan is obviously for JP Morgan Chase to get the good assets and for the public to be lumbered with the rest via the bailout.
JP Morgan Chase is a Rothschild/Rockefeller production, Dave was at Bilderberg 2008.
The US Treasury is run by Hank Paulson, Bilderberg 2008.
The Federal Reserve is run by Ben Bernanke, Bilderberg 2008.
There is absolutely nothing to worry about.
=============================================
From http://www.larouchepub.com/other/2008/3538biggest_swindle.html
PAULSON'S BANK BAILOUT
The Biggest Swindle Ever Pulled!
by John Hoefle
[PDF version of this article]
Lyndon LaRouche has issued a clear warning to the pack of fools pushing the largest bank bailout in history: Don't do it, and if you do, don't expect to get away with it. There will be consequences for such treasonous stupidity, far beyond what you can imagine.
The plan, presented by Treasury Secretary Henry Paulson, and supported by Fed chairman Ben Bernanke, President George W. Bush, and a gaggle of international bankers and other idiots, would transfer most of the enormous losses incurred in the death of the global financial system, from the books of the banks to the Federal government—and the U.S. taxpayer.
This scheme is being marketed to a frightened public as a "bold" plan to "solve" the financial crisis once and for all. What it really is, is the biggest theft in history, a act of monumental stupidity which will destroy everything in its path: the economy, the nation, and the people. There is nothing good about it.
Absolute Insanity
"This is the biggest swindle ever pulled," LaRouche said. "It is absolute insanity. The public is being duped."
Virtually nothing Paulson has said is true—it is all lies designed to dupe Congress and the American people into believing that this gigantic ripoff is both necessary and in the public interest, when neither is true. The lies began well before Paulson, when we were told that finance, not production, was the road to wealth. For the past four decades, we have seen the systematic dismantling of American industry and agriculture, and the turning of our economy into a giant casino. Our banking system has been turned over to the speculators, and we have watched a relatively small portion of our population get rich—some obscenely so—while a growing portion fell into poverty, and others were pushed over the edge. Every protection put into law to stop such looting has been systematically repealed, including the Glass-Steagall Act of 1933, which forbade commercial banks from engaging in investment banking. Now that system has collapsed, and we are being told that the people must bail out the crooks.
The final phase of this collapse began last year, with the mythical "subprime crisis," a deliberate misnomer. Then this "subprime crisis" somehow morphed into a "credit crunch," infecting an "otherwise healthy" banking system. It was, from start to finish, a lie carefully constructed to support the ultimate demand for a bailout.
Here's what really happened, and it all starts with the banking system. The banks built up a huge derivatives bubble in the 1990s, a pyramid scheme which constantly needed more money fed into its maw to keep it going. One of the prime sources of fuel was mortgages, which were used to spawn mortgage-backed securities, and even wilder forms of casino chips like CDOs. The more mortgage money that came in, the larger the profits that could be made from speculating in the securities, yielding more money for new mortgages. It was this securities machine which drove housing prices—and the mortgages on those houses—into the stratosphere.
However, the machine worked so well that it drove housing prices beyond the reach of many Americans, so, in order to keep the mortgages flowing in, the banks began to relax loan standards, and in the end, were selling homes to people who could not afford them, just to keep the game going. It finally got to the point that prices were so high, that even with the lax lending standards, they couldn't keep the game going, and the whole house of cards collapsed. The subprime loans collapsed first because they were the shakiest, made at the top of the market, so the banks painted the subprime lenders and borrowers as the villians, as a way of covering up their own role. It was a classic "blame the little guy" scam.
Now we see Paulson asserting that the banks have been infected by this "housing crisis," and that in order to protect the American people, we must carry out the biggest bank bailout in history. But it was Paulson, a former investment banker, and his investment banking buddies and their predecessors, who created this mess in the first place, and are now demanding that they be saved from the consequences of their folly, and handing the bill to the people they have been victimizing for decades. The foxes are demanding that the chickens pay for cleaning up the blood in the chicken coop.
It Won't Work
Aside from its incredible arrogance, the plan put together by Paulson, his cronies at the Plunge Protection Team, and his Wall Street peers, is incompetent from an economic standpoint. All it really does is transfer unpayable debts from the books of the banks to the books of the government, without addressing the issue of why those claims are unpayable.
The claims are unpayable because the productive sector of the economy, the sector which ultimately pays all bills, is far too weak to carry the load, and is sinking fast. As it has for the past four decades, the U.S. economy is operating below breakeven and taking on debt to make up the difference. This growing mountain of debt was turned by accounting magic into a pile of assets, upon which the bankers leveraged an even bigger mountain of speculative bets. They lived off the income they gained from trading all this fictitious capital back and forth, until the size of their bubble could no longer be supported, and it collapsed. All Paulson's plan would do is give the bankrupt gamblers more chips with which to play, so they can do even more damage.
We Can Stop It
We have reached the point where we can no longer survive such greed and stupidity, and must fundamentally change our approach. Rather than listen to the siren call of the bankers which summons us to our doom, we must face the fact that we, as a people, have been behaving like fools. The bankers may have done this to us, but we let them, and all too often participated, greedily scraping up the crumbs which fell off their overloaded tables.
Now, watching our biggest banks report multi-billion-dollar losses every quarter, despite multi-trillion-dollar injections from the central banks, watching our leaders call for unprecedented bailouts and sacrifices, it is beginning to dawn upon us that the great economic boom was a sham, that the "fundamentally sound" system was an illusion, and that the whole house of cards has collapsed. It is dawning on us that we were fools, that the world does not work they way we thought.
Fortunately, we have among us a man who saw these errors as they were being made, and who has a plan to solve the problem, even at this late date. That man is Lyndon LaRouche, and his solution begins with a return to the sound economic principles that have worked so well for America in the past, most recently with President Franklin Roosevelt. Rather than saving the paper, as Paulson would have us do, LaRouche's proposal is to put the financial system through the equivalent of a bankruptcy proceeding, freezing the giant mass of speculative bets while stopping foreclosures and making sure that the goods and services necessary for human existence continue to flow. At the same time, low-interest government credit would be used in an emergency program to rebuild our productive base, all coordinated with keystone nations like Russia, China, and India, as a way of pulling the entire world up out of this looming new Dark Age. It can be done, but we must do it.
First, we must stop this crazy bailout scheme, which LaRouche has characterized as "tantamount to treason" for the destruction it will visit upon our nation and its people. But LaRouche also has a warning for those who sponsor it, and for those who vote for it. As the magnitude of the theft you support becomes more apparent, there will be new governments, prodded by a furious people, who will demand that this theft be reversed, and that the perpetrators of this crime be punished. Great crimes are not always punished right away, but history has a way of settling the score. There are more things in heaven and Earth than are dreamt of in your philosophy.
johnhoefle@larouchepub.com
Tuesday, September 23, 2008
TIE-MUNCHER IN THE WASHINGTON POST...AGAIN!
How many Presidents or Prime Ministers have been allowed to publish comments in The Washington Post this year?
Yet that murdering tie-munching bastard Saakashvili is there again... for the second time in two months!
Let's remind ourselves of how Saakashvili came to power in Georgia. Senior Bilderberger and willing Nazi collaborator George Soros, the man who made billions from us on Black Wednesday 1992 and who the scoundrel Berezovsky adores and praises so much, financed Saakashvili, along with Lord Malloch-Brown now of the FCO. Berezovsky financed the orange revolution in Ukraine.
Now today, even after Condoleeza Rice admitted that Georgia started the war, Saakashvili is still clinging onto the claim that Russia invaded first! And who does he cite for statistics? Human Rights Watch, that is financed by his financier, George Soros. You should read what HRW had to say about the use of cluster munitions. They immediately blamed Russia for using them, but then gradually and quietly reversed that claim and suspicions now fall on Georgia for their use. And he should read what HRW had to say regarding interviews with residents from Tskhinvali and nearby villages and the help not aggression they received from Russia.
http://hrw.org/english/docs/2008/08/10/georgi19581.htm
His cowardly aggression, with the consent of Washington and London, was directed at civilians in their beds in the dead of night. The Russian retaliation he rants on about was directed at military installations, the NATO base at Gori and the Naval HQ at Poti, with the aim of stopping his naked and cowardly aggression. Russia is now slowly withdrawing, while supporting the claims that South Ossetia and Abkhazia become independent to protect them from a bloodthirsty Saakashvili.
It is of great significance that Saakashvili can post his comments so frequently in The Washington Post which is run by yet another senior Bilderberger Donald Graham. It is the voice of the East Coast Establishment, the traitors in the USA who have allied with the warmongers in the British Establishment with the intent of dominating world finance, and both human and natural resources.
It is also of great significance that tie-muncher goes crying to the great invaders and murderers of Iraq and Afghanistan for hugs, comfort and protection.
These 'people' have no respect for anyone or anything, not even the laws they create to protect themselves from being lynched by us. They only work for one entity; the warmongering, kiddie-fiddling, raping, murdering force we call Satan.
The proof?
Yet that murdering tie-munching bastard Saakashvili is there again... for the second time in two months!
Let's remind ourselves of how Saakashvili came to power in Georgia. Senior Bilderberger and willing Nazi collaborator George Soros, the man who made billions from us on Black Wednesday 1992 and who the scoundrel Berezovsky adores and praises so much, financed Saakashvili, along with Lord Malloch-Brown now of the FCO. Berezovsky financed the orange revolution in Ukraine.
Now today, even after Condoleeza Rice admitted that Georgia started the war, Saakashvili is still clinging onto the claim that Russia invaded first! And who does he cite for statistics? Human Rights Watch, that is financed by his financier, George Soros. You should read what HRW had to say about the use of cluster munitions. They immediately blamed Russia for using them, but then gradually and quietly reversed that claim and suspicions now fall on Georgia for their use. And he should read what HRW had to say regarding interviews with residents from Tskhinvali and nearby villages and the help not aggression they received from Russia.
http://hrw.org/english/docs/2008/08/10/georgi19581.htm
His cowardly aggression, with the consent of Washington and London, was directed at civilians in their beds in the dead of night. The Russian retaliation he rants on about was directed at military installations, the NATO base at Gori and the Naval HQ at Poti, with the aim of stopping his naked and cowardly aggression. Russia is now slowly withdrawing, while supporting the claims that South Ossetia and Abkhazia become independent to protect them from a bloodthirsty Saakashvili.
It is of great significance that Saakashvili can post his comments so frequently in The Washington Post which is run by yet another senior Bilderberger Donald Graham. It is the voice of the East Coast Establishment, the traitors in the USA who have allied with the warmongers in the British Establishment with the intent of dominating world finance, and both human and natural resources.
It is also of great significance that tie-muncher goes crying to the great invaders and murderers of Iraq and Afghanistan for hugs, comfort and protection.
These 'people' have no respect for anyone or anything, not even the laws they create to protect themselves from being lynched by us. They only work for one entity; the warmongering, kiddie-fiddling, raping, murdering force we call Satan.
The proof?
Monday, September 22, 2008
BILDERBERG 2008 : THREE MONTHS ON
Last week we saw the most momentous financial crash for decades. The US government bailed out some but not all of those in trouble. Merrill Lynch was one such institution that was allowed to die by the free market. Or was it?
It is therefore of interest that two members of the board of Merrill Lynch, William J McDonough and Harold E. Ford, Jr, were at Bilderberg this year, while there were no other representatives from any other major Wall Street bank. Ben Bernanke and Hank Paulson also attended. But also of interest is the attendance of Ken Jacobs and Vernon Jordan, two members of the board of Lazard Freres, a specialist in mergers and acquisitions. The Lazard website has this to say on their current expertise;
“Lazard’s history as a preeminent financial advisor has contributed to its ability to secure key advisory roles in some of the most important, complex and recognizable mergers and acquisitions of the last 75 years. In recent years, we have advised on nearly 1,000 completed mergers and acquisitions, having a cumulative value in excess of $1 trillion.
Lazard has also advised on some of the largest and highest-profile corporate restructurings around the world. Since 1999, we have advised on more than 100 in- and out-of-court restructurings totalling over $300 billion of debt.”
Lazard sound like the sort of people to be involved in sorting out the nightmare on Wall Street we saw emerge into public view last week.
As a possible indication that the war between Georgia and Russia was ‘foreseen’, the following persons attended Bilderberg;
Knut Vollebaek - High Commissioner on National Minorities, OSCE, who were monitoring the Georgians in South Ossetia. Just why Bilderberg were interested in the OSCE this year is curious because a high ranking official from that organisation has never attended Bilderberg before!
Carl Bildt - who instantly flew to Saakashvili’s side.
Richard Holbrooke - who was given significant space in The Washington Post to instantly blame Russia for the war. Several other Bilderbergers were also allowed to blame Russia for the war in The Washington Post.
Donald Graham - Chairman and CEO, The Washington Post Company.
Jaap G. de Hoop Scheffer - Secretary General, NATO (nuclear armed terrorist organisation).
It is therefore of interest that two members of the board of Merrill Lynch, William J McDonough and Harold E. Ford, Jr, were at Bilderberg this year, while there were no other representatives from any other major Wall Street bank. Ben Bernanke and Hank Paulson also attended. But also of interest is the attendance of Ken Jacobs and Vernon Jordan, two members of the board of Lazard Freres, a specialist in mergers and acquisitions. The Lazard website has this to say on their current expertise;
“Lazard’s history as a preeminent financial advisor has contributed to its ability to secure key advisory roles in some of the most important, complex and recognizable mergers and acquisitions of the last 75 years. In recent years, we have advised on nearly 1,000 completed mergers and acquisitions, having a cumulative value in excess of $1 trillion.
Lazard has also advised on some of the largest and highest-profile corporate restructurings around the world. Since 1999, we have advised on more than 100 in- and out-of-court restructurings totalling over $300 billion of debt.”
Lazard sound like the sort of people to be involved in sorting out the nightmare on Wall Street we saw emerge into public view last week.
As a possible indication that the war between Georgia and Russia was ‘foreseen’, the following persons attended Bilderberg;
Knut Vollebaek - High Commissioner on National Minorities, OSCE, who were monitoring the Georgians in South Ossetia. Just why Bilderberg were interested in the OSCE this year is curious because a high ranking official from that organisation has never attended Bilderberg before!
Carl Bildt - who instantly flew to Saakashvili’s side.
Richard Holbrooke - who was given significant space in The Washington Post to instantly blame Russia for the war. Several other Bilderbergers were also allowed to blame Russia for the war in The Washington Post.
Donald Graham - Chairman and CEO, The Washington Post Company.
Jaap G. de Hoop Scheffer - Secretary General, NATO (nuclear armed terrorist organisation).
Saturday, September 20, 2008
STOP THE WAR PROTEST
I'd say between 5 and 10 thousand protestors marched down Oxford Road, stopped for two minutes silence at the cenotaph in St Peters Square, before passing Manchester Central, stopping to boo, shout out and jeer at some delegates who had come out of the hall to observe the protest (with a few police to take some photographs of us all). The police were particularly interested in some anarchists with red and black flags, and I saw police harrassing a man who was carrying his own placard that read "I want cheaper war!".
Tony Benn spoke later, informing us he had recently seen the Russian Ambassador to tell him that there are a lot of British people who do not want war with Russia and who also see through the lies of our leaders. Was it Seamus Milne who told us that the number of MPs who secretly hate the wars is a lot larger than we are told, and that Miliband is not as loved as our press makes out? Arguably the best speaker was the nurse who was sacked for protesting cuts in the NHS while bankers are being bailed out with hundreds of billions.
Tony Benn spoke later, informing us he had recently seen the Russian Ambassador to tell him that there are a lot of British people who do not want war with Russia and who also see through the lies of our leaders. Was it Seamus Milne who told us that the number of MPs who secretly hate the wars is a lot larger than we are told, and that Miliband is not as loved as our press makes out? Arguably the best speaker was the nurse who was sacked for protesting cuts in the NHS while bankers are being bailed out with hundreds of billions.
Friday, September 19, 2008
VERY, VERY UNHAPPY AND ANGRY PEOPLE
During the Olympics I suggested to the New World Order and their minions to start training for running for their lives.
I hope they heeded my warning, for if the comments on The Guardian website are anything to go by the proposal to bail out the banks with a national bad debt bank is going down like a lead fish.
People are not stupid.
People can see the harsh injustice.
People are very, very unhappy and angry.
Therefore, start running for your lives.
The whole idea is so transparent and unimaginative.
They reap the profits and hide them overseas to avoid tax, but when their greed leads to problems and they want bailing out the 'ordinary' taxpayer is supposed to pull their pants down and bend over.
It doesn't work like that anymore on planet Earth.
Game over.
Full article and comments are below.
======================================================
from http://www.guardian.co.uk/business/2008/sep/19/marketturmoil.stockmarkets?commentpage=1
Banking crisis: Shares soar on US rescue planThe dramatic rally in London has added £95bn to the value of the UK's top 100 companiesAll comments (36) Richard Wray guardian.co.uk, Friday September 19 2008 11:15 BST Article historyShare prices have soared in London, with the FTSE 100 index rising more than 400 points - its best performance since the index was created in 1984 - on hopes that the American government will ride to the rescue of distressed banks.
The mood was also lifted by a ban this side of the Atlantic on the practice of short-selling.
The dramatic rally in the FTSE 100 index has added £95bn to the value of the UK's top 100 companies.
Wall Street shot up by more than 400 points last night as news emerged that the US Treasury and the country's central bank are trying to put together a government-sponsored firm - dubbed "bad bank" - which would take control of toxic financial assets and clean up the banking system.
Hopes that the move will stop the contagion which started with the collapse of Bear Stearns last year and reached a dramatic crescendo this week, pushed shares in London higher with the FTSE 100 index of the UK's top companies rising well over 400 points by late morning.
By 11am BST the index of leading shares stood at 5281.3, a rise of 401.3 points.
That is a rise of 8.22% and if the market were to close at these levels its would be the index's biggest rise since it was created by the Financial Times and London Stock Exchange in 1984. Before the FTSE 100 was created, the Financial Times tracked a smaller basket of shares called the FT 30.
It would beat the index's best one day performance to date, which was on October 21 1987 when it rose 7.89%, rallying after a two-day crash which had seen the index plunge 23%.
Rob Carnell at ING Financial Markets said the American government's plan for "bad bank" "is giving equity markets a rare chance to be far more optimistic". "What is being talked about is a vehicle for lancing the boil of bad property related assets that is causing banks to stop lending to one another – and leading to the aggressive shorting that has already claimed some high profile names."
"It could draw a line under what has been described by some as the worst financial crisis since the Great Depression."
The market was also pushed higher by last night's unprecedented move against short-sellers - people who sell shares they do not own on the hopes of pushing the price lower and buying them back at a profit.
New rules brought in by the Financial Services Authority which banned new so-called "short positions" being taken - or existing positions being increased - in financial services stocks, from midnight last night.
Anyone with an existing short position - essentially betting that a stock price will go down - has until next Tuesday to close down that position by buying shares, or they must disclose their positions to the regulator.
This rule opens the way to naming and shaming of short-sellers, who as a rule prefer to retain some degree of anonymity, and as a result many have been closing their positions by buying shares in the market this morning, which has helped boost stocks.
The Irish financial regulator also banned short positions being taken in Bank of Ireland, Allied Irish Banks, Irish Life and Permanent or Anglo Irish Bank.
In London, shares in the banking sector soared with Lloyds TSB and its proposed merger partner HBOS both rising strongly, up over 35%. The share price rise has pushed the value of Lloyds TSB's rescue takeover back above the original price it was worth when announced yesterday morning.
Share prices in London are also being boosted by the scheduled quarterly expiry of a number of futures and options contracts later today - a process known as "triple witching".
Triple witching takes its name from the residents of the heath in Shakespeare's Macbeth, because it involves three characters that can bring discord.
The characters are actually different classes of financial derivative which all come to the end of their trading period at the same time - stock index futures, index options and stock options. Their expiry can greatly increase volatility in the market. In fact it should now be called quadruple witching, as the process now includes the expiration of single stock futures as well.
Printable version Send to a friend Share Clip Contact us larger | smaller EmailClose Recipient's email address Your name Add a note (optional)
ShareClose Digg reddit Google Bookmarks Yahoo! My Web del.icio.us StumbleUpon Newsvine livejournal Facebook BlinkList Contact usClose Contact the Business editor
business.editor@guardianunlimited.co.uk Report errors or inaccuracies: userhelp@guardian.co.uk
Letters for publication should be sent to: letters@guardian.co.uk
If you need help using the site: userhelp@guardian.co.uk
Call the main Guardian and Observer switchboard:
+44 (0)20 7278 2332
Advertising guide
License/buy our content
Business
Market turmoil · Stock markets · FTSE
UK news
World news
United States
Money
Shares We will clean up the City - Brown
FSA prohibits 'active creation or increase' of short positions in financial companies for three months
Rescue plan relieves last banks standing
US government floating plans to create a federal 'bad bank' to mop up toxic mortgage-related debts
Explained
What is short selling?
How powerful hedge funds take huge bets on falling share prices
FSA's list of banned shorted companies
The Financial Services Authority's list of companies in which it is prohibited to take short positions in
Printable version Send to a friend Share Clip Contact us Article history EmailClose Recipient's email address Your name Add a note (optional)
ShareClose Digg reddit Google Bookmarks Yahoo! My Web del.icio.us StumbleUpon Newsvine livejournal Facebook BlinkList Contact usClose Contact the Business editor
business.editor@guardianunlimited.co.uk Report errors or inaccuracies: userhelp@guardian.co.uk
Letters for publication should be sent to: letters@guardian.co.uk
If you need help using the site: userhelp@guardian.co.uk
Call the main Guardian and Observer switchboard:
+44 (0)20 7278 2332
Advertising guide
License/buy our content
About this articleClose Banking crisis: Shares soar on US rescue plan
This article was first published on guardian.co.uk on Friday September 19 2008. It was last updated at 11:36 on September 19 2008. Comments and related information follow Ads by Google
Ads by Google
Moneysupermarket Co Uk ™
Moneysupermarket.com - the price comparison site. Free service!
www.moneysupermarket.com
Jeremy Clarkson for PM
5 Second Poll - Would Jeremy Clarkson be a good PM?
real-polls.com/clarkson
FTSE News Email
Get investment information that really matters from Money Morning !
www.moneymorning.co.uk
's comment Comments in chronological order (Total 36 comments)
Loading 0% complete
Loading comments...
Go to all comments on one page
In order to post a comment you need to be registered and signed in.
Register | Sign in
Staff
Contributor
muzikluv
Sep 19 08, 9:59am (about 3 hours ago)
Yet more 'stimulus packages' by governments. After the last two or three attempts, the markets went on to tank lower some days later. I await the next massive fall!
Recommend? (6)
Report abuse
Clip | Link mahavati
Sep 19 08, 10:17am (about 2 hours ago)
So let me get this straight. The government intend to gather up all these toxic financial products and dump them in the trash can and give the holders real money (what ever that is!). No doubt the recipients of this largesse will quickly spirit away the dosh to some off-shore bank shouting "Suckerrrrrs!!!!!" and then claim every tax dodge and allowance and exploit every tax loophole to avoid even the slightest hint of paying any tax on their ill-gotten gains. Then claim that Britain is not a good place to carry on business and they may leave.
The Government is making a big mistake bailing this shower of shysters out.
Ah well, c'est la vie, these days, I suppose.
Recommend? (24)
Report abuse
Clip | Link Bobnottm
Sep 19 08, 10:28am (about 2 hours ago)
This so called new package, creating a vehicle to rescue or take Government control of toxic assets is nothing new at all. After the 1929 crash the US Government created Freddie Mac and Fannie Mae, so they already have the vehicle in place.
This seems nothing more than positioning to show some semblence of control over a collapsing free market system. If they really wanted to instil some confidence they must use the situation to put in place an alternative system, one that protects the 'little man' instead of using the 'little man's' taxes to prop up the greed of the few, very wealthy.
I found it absolutely disgusting watching TV news last night, that they can pump $180b into an unfair, irrational system and in the next news slot, pump just $100m into poverty stricken countries.
@ Muzikluv
I totally agree and what's more disgusting is that, once this $180b gets the markets going again, even if shortlived, the balance sheets of those receiving banks will show improvement and 'justify' CEO's muti million bouses; like they've 'earnt' it?!*
Recommend? (10)
Report abuse
Clip | Link Ambient
Sep 19 08, 10:35am (about 2 hours ago)
Risk taking entrepeneurs! Its time to come out and play roulette again. Mommy and Daddy have bailed you out once again. The state comes to the rescue once again. Say thank you to the taxpayers because we know that you aren't one.
Recommend? (9)
Report abuse
Clip | Link lolwhites
Sep 19 08, 10:43am (about 2 hours ago)
So much for "you can't buck the market"
Recommend? (3)
Report abuse
Clip | Link booker
Sep 19 08, 10:50am (about 2 hours ago)
This is a disgrace. Markets are amoral. A corporation has the same behaviour as a psychopath and only wants to make money for the elite few. This is how a business works, which is fine, we are in a capitalist society but now unfortunately we have THE GOVERNMENT PLC and they won't be able to swim in the amoral waters of business without being murdered. They are considered mugs by the business community. Cheers Gordon for lining the already well tailored pockets of the elite, you fool.
Recommend? (5)
Report abuse
Clip | Link MWinMilan
Sep 19 08, 10:52am (about 2 hours ago)
dead cat bounce
Recommend? (1)
Report abuse
Clip | Link danielcb2k
Sep 19 08, 10:55am (about 2 hours ago)
I'm really not surprised the stock markets have soared considerably. If my 'rich uncle' decided to bail my cousins and I out on some bad gambling I'm sure we'd all be ecstatic too.
What really get me, is that the government has to set up this rescue plan to stimulate the economy for the rest of us, or every other industry will suffer as a result of these bad decisions. These problems result from a few people at the top turning a blind eye to what was going on in their own businesses, at the expense of many. It's classic capitalism at its best! And they will get out of it, along with their bonuses intact, only to be rehired by other banks.
Recommend? (4)
Report abuse
Clip | Link Slurper
Sep 19 08, 10:56am (about 2 hours ago)
Come on, all you sourpusses.
All we need is for the taxpayer to buy the toxic debt at face value, and then everyone can get on having a fine old time and making money.
Where's the downside in that?
On a more serious note, one problem may be that in order to sell the toxic debt to the taxpayer, a price will have to be put on it.
And the last thing banks want is for a price to be put on these "assets", since they then have to use that price to estimate the value of all the similar "assets" they hold. And their balance sheets will turn to ****.
So don't be surprised if there turns out to be surprisingly little will amongst the banks to sell their toxic debt to the taxpayer.
Recommend? (2)
Report abuse
Clip | Link porsupuesto
Sep 19 08, 10:59am (about 2 hours ago)
What if the value of these toxic debts is not several hundred billion as has been implied to date, but runs into trillions? Where do they stop - and if they stop do they return to case by case moral hazard judgements on failing institutions?
Recommend? (1)
Report abuse
Clip | Link sidewaysthinker
Sep 19 08, 11:00am (about 2 hours ago)
So that's how free-market capitalism works!
How nice to know that they can survive without any intervention and we all have nothing to worry about.
We are supposed to trust these people???
Recommend? (2)
Report abuse
Clip | Link teganjovanka
Sep 19 08, 11:00am (about 2 hours ago)
Nationalise the profits and benefits = communism. Nationalise the losses and debts = fascism!
Still, it won't last long. What's been proposed is rather like hiding a corpse under a carpet. You can push the lump under the sofa or behind the wardrobe, but it's still there. So the banking system doesn't go bust, but the country does. Nice.
Recommend? (7)
Report abuse
Clip | Link socialistMike
Sep 19 08, 11:04am (about 1 hour ago)
Hurrah, the wealthy speculators are making money again! Banner headlines and joy unconfined.
Isn't this ecstatic response to the market going up a part of the whole delusional problem that equates spivs and gamblers winning as the general good being served?
Recommend? (2)
Report abuse
Clip | Link Indysradio
Sep 19 08, 11:06am (about 1 hour ago)
Marx talked about the collapse of capitalism before socialism can find its feet again. Perhaps the nationalisation of the financial system is where this process begins.
Recommend? (5)
Report abuse
Clip | Link robbirch
Sep 19 08, 11:10am (about 1 hour ago)
So both the US and British governments are papering over the cracks of a devalued and morally bankrupt system. A system that time after time breaks down with the effect of only hurting those who can least afford it. They will never learn!
Recommend? (2)
Report abuse
Clip | Link paradigm
Sep 19 08, 11:14am (about 1 hour ago)
Today many traders/gamblers have made money as stock values rise.
The markets have risen as a result of another bailout paid for by every taxpayer.
Once again the many are supporting the few.
Are we going to accept this? We should be taking to the streets. If we do nothing then those in positions of power and influence will continue to fleece all of us.
Recommend? (6)
Report abuse
Clip | Link henleaze
Sep 19 08, 11:20am (about 1 hour ago)
If you read the free market bible, Adam Smith's 'The Wealth Of Nations', there was always meant to be a 'benign and wise disposer of all things' to sit on top of the market and ensure its' security.
The American Govermnent seems to have remembered this when it suited them
Recommend? (1)
Report abuse
Clip | Link Indysradio
Sep 19 08, 11:27am (about 1 hour ago)
Good post Henleaze. An ethos no doubt later incoporated into Friedman's Chicago school of thought which Thatcher embraced before the privatization of England, or as paradigm puts it 'the fleecing of us all'.
Recommend? (1)
Report abuse
Clip | Link ChrisWoods
Sep 19 08, 11:31am (about 1 hour ago)
It`s rather amusing to watch the authorities throwing more money into this mess, it probably wont work too well. The problem is too big and expecting the idiots in the City to stop gambling `because there is a problem` wont happen without legislation. Try and put out the fire with idiots throwing more petrol on every now and then in different places and just as you start to rake up the cinders you find there is more burning underneath.
A temporary ban on short selling is a short term measure only, the long term problem of solvency and lack of cash is very long term and everyone knows it. This still has not been addressed and without the govt lending basically permanently, it will all kick off again.
The bank stocks are taking a hammering because in all reality, they bloody well deserve it. They are what we called `bust`. If no one wants your company because of this dont blame `the system` its the free market baby, take the good with the bad. Something is only worth what someone is going to pay for it, you cant force people to think these banks are worth something. Please govt, dont invent some other `vehicle` to store bad debt for these morons to help them, we the taxpayer ultimately are going to pay for their stupididy and I personally am sick of it.
This reminds me of something about the financial system that is completely insane. The US and UK economies rely so heavily on the financial markets that of course there is really no choice but to bail out all these banks. We rely on banks for everything, its the countries life support system. How is it possible not to have any kind of regulation to prevent self destruction when its critical for survival?
Roll on the govt to save us all LOL.
Recommend? (2)
Report abuse
Clip | Link Lia91
Sep 19 08, 11:35am (57 minutes ago)
Socialism is where it's at.
Recommend? (2)
Report abuse
Clip | Link ORourKe
Sep 19 08, 11:35am (57 minutes ago)
Why does nobody blame all the people who are defaulting on their mortgages? How about that for irresponsible? Why buy a house if you can't afford the payments? Isn't that at the root of all this?
Recommend? (0)
Report abuse
Clip | Link ddddj
Sep 19 08, 11:40am (52 minutes ago)
I don't really understand tax issues but surely the decision to bail out any institution should always be done in relation to the amount of tax these institutions should pay in the future?
"You want to be bailed out? Sure, but from now on you have to pay tax in the UK and your tax rate has just gone up to 50%... " then at least the tax payer would get some benefit from socialising the cost of 'free' markets.
Recommend? (2)
Report abuse
Clip | Link Scorf
Sep 19 08, 11:47am (46 minutes ago)
Seems to me that the US and UK governments are showing a refreshing pragmatism to events rather than clinging onto ideology.
Not that the same could be said for so many of the posters on here, who cling to their Marxism and are doubtless desperate for the crisis to escalate.
Its not "fair" that banks etc can be propped up in this manner, but when has life ever been fair. I'd rather the authorities stepped in and acted.
Recommend? (1)
Report abuse
Clip | Link Martin04
Sep 19 08, 11:57am (35 minutes ago)
Looking at the massive share prices today 5RBS up 40% as I type) you can only reflect on what a great deal Lloyds TSB got on Tuesday. Imagine if they had to pay 40% more.
I presume this purchase windfall will be allocated to improving 40,000 redundancy payslips
Recommend? (0)
Report abuse
Clip | Link sminky
Sep 19 08, 12:02pm (30 minutes ago)
As a person who's never showed the slightest interest in finance or money markets etc, lately I've tried to look into what all this talk of massive crisis is all about. I'm still confused by the whole thing, but it seems to me that the world we live within is controlled by people who gamble with other people's labour. I wish I'd never looked into it now, seeing as the system is so unbelievably greedy and self-serving. Looking at this latest story today, I realise that I'm going to be paying towards bailing out these greedy, self-serving parasites out of my wages.
It's all utterly depressing - so I'll be burying my head in the sand again, going to work, enjoying my hobbies in my time off as best I can with what's left of my wages, all in the hope that some other better system that warrants my belief in it comes along and ousts this disgusting thing we're ruled by.
Over and out.
Recommend? (1)
Report abuse
Clip | Link leftrightleft
Sep 19 08, 12:02pm (30 minutes ago)
Let me get this straight. Banking is the economys underpinning, the system of veins and arteries through which money flows and grows. Fulfilling this function the various banking institutions and corprations make handsome profits, from which, in a variety of different, lubricating ways, the entire economy benefits. So far so good.
Then the banking/stock market entities are liberalised to allow them to profit even more massively from their own money generation by a relaxing of state interference and an ending of the separation of its many components, so to speak. Hurrah! at last the free market can function freely and do what it does best – sort the wheat from the chaff and punish the feeble and foolish. Money flows unhindered into the economies of the western world via free-for-all mortgages and interest free credit, which gives rise to supposedly steady economic growth for many years.
Sadly, in an all too human way, everyone gets drunk on this freedom and party a little too hard. Cracks begins to show. There is a run on a bank. Some investment banks collapse – Big Ones. Markets panic. Systemic collapse threatens. People got too carried away, they say, made errors of judgement in their greed. Action has to be taken.
To prevent systemic collapse from occuring the state steps in (again and again) and props up the nervous, tottery mass the financial world has become with yet further money generation, and promises to set up an organ, a nationalised bank that will take care of any mess the moneyholics make, thereby stabilising the system for ever. With taxes.
Where do taxes from from? From a healthy economy. If the profits of a healthy economy are siphoned off via taxes to cover the arses of those addicted to speculation and adrenalin-fired risk-taking, how can this be good? Its as if a giant money-magnet has been placed at the very dizzy top of society which sucks money inevitably upwards, towards itself, turning money into a ballooning, looming cloud whose lightning strikes hit only the poor.
If I am near the truth with this (somewhat dramatic) sketch, what the f*ck is going on!?
Recommend? (1)
Report abuse
Clip | Link houses
Sep 19 08, 12:05pm (27 minutes ago)
There's nothing they won't stoop to in order to retain this disgusting economic system. Taxpayer buys banker's bad debt, would you like yur shoes shined into the bargain, Guv'nor. Horrible, horrible injustice.
Recommend? (0)
Report abuse
Clip | Link sensato
Sep 19 08, 12:10pm (23 minutes ago)
ORourKe: "Why buy a house if you can't afford the payments? Isn't that at the root of all this?"
Subprime failures were just an early, visible symptom. Where debt = assets, and leverage is unlimited, the problem is systemic. It's usually called a Ponzi scheme.
Recommend? (0)
Report abuse
Clip | Link WJohnC
Sep 19 08, 12:16pm (16 minutes ago)
Greed got them there, greed will always be their motive.
They should all have beena llowed to go to the wall and allow us to go and laugh at them through the slits of the workhouse.
Recommend? (0)
Report abuse
Clip | Link ghofi
Sep 19 08, 12:17pm (15 minutes ago)
The FTSE is bound to rise today as all those short sellers close their positions. This will naturally result in anyone holding a short position having to buy back the shares they initially sold (without actually owning them). This means that demand is high and a great deal of short sellers (be them individuals, institutions or hedge funds) will lose quite a bit of cash. Not that that is a bad thing, no-one complains when they make money.
The buying is nothing more than a blip. It is a correction whilst shorters close positions. It will not actually change the market significantly in the longer term, it is simply a readjustment before the inevitable falls once more next week. The only thing is that people will not be able to profit from the falls, meaning that any economic recovery will take even longer to come about...
Recommend? (1)
Report abuse
Clip | Link Emmm
Sep 19 08, 12:17pm (15 minutes ago)
Surely by now you all realise that we are all a gaggle of geese to be plucked and effed in any and every way that the predators can think of, which doesn't result in their actual demise. That's capitalism. It is fair, though, and plunders and obscenely destroys every kind of living being - ask the fish, farm animals, and people. For good measure, it will also disfigure the planet, and possibly destroy it, if the greed totally overrides common sense.
This planet's existence in based on predation, and until that changes - most unlikely - the law of the jungle will continue to operate.
As for the disgusting, soulless Brown, Blair, Bush, Berlusconi (hm, a lot of b's there!) and their many cronies - they are mere facilitators, who will pick up their rewards from the financiers when they leave their jobs.
So, Paradigm, the fleecing continues.
Recommend? (1)
Report abuse
Clip | Link KevinbinSaud
Sep 19 08, 12:18pm (14 minutes ago)
Oh well, no need to worry. Brown will be swept away soon and the People's champion David Cameron and his chum George "Lord Snooty" Osbourne will come along to sort out all these corrupt businessmen and their obscene practices..........
Recommend? (0)
Report abuse
Clip | Link Indysradio
Sep 19 08, 12:19pm (14 minutes ago)
Nice post leftrightleft. Type into google 'chomsky bewildered herd' and there you might find the answer as to why the rich and powerful financial insitutions are able to get away with they do. The less people know about how the country functions, the better it is for business plans, or the wealthy few. It is also argued that media frenzy, shock doctrines help this cause.
Recommend? (0)
Report abuse
Clip | Link AnObserver
Sep 19 08, 12:19pm (13 minutes ago)
@ORourKe,
Well, one reason people took on large mortgages is that the houses we have in this country are too small, in the wrong places, or surrounded by dodgy neighbours and schools. The rising market would hopefully buy a way into addressing these problems.
Let's also note that the problem is often with fixed-rate deals ending, that is, people buying a house and hoping that at the end of it something will turn up. This is as true of the banks as the mortgagees.
You see, it's okay for people to act like "I told you so" now, but there's huge numbers out there who would like to be more socially-mobile (remember that?), or who see their peers make a mint and hope that the gravy-train lasts just long enough to reach them.
Recommend? (0)
Report abuse
Clip | Link KevinbinSaud
Sep 19 08, 12:23pm (10 minutes ago)
ghofi - I don't think that a closed circle of scum in the city getting rich from short selling would improve the overall economy. The real economy needs real solutions, not some smoke and mirrors sleight of hand that creates an imbalance in the wider community through a minority receiving excessive rewards for creating nothing of any value.
Recommend? (1)
Report abuse
Clip | Link timx
Sep 19 08, 12:27pm (5 minutes ago)
All those toxic debts also include the bonuses and commissions to those that sold them.
Recommend? (0)
Report abuse
Clip | LinkGo to all comments on one page
I hope they heeded my warning, for if the comments on The Guardian website are anything to go by the proposal to bail out the banks with a national bad debt bank is going down like a lead fish.
People are not stupid.
People can see the harsh injustice.
People are very, very unhappy and angry.
Therefore, start running for your lives.
The whole idea is so transparent and unimaginative.
They reap the profits and hide them overseas to avoid tax, but when their greed leads to problems and they want bailing out the 'ordinary' taxpayer is supposed to pull their pants down and bend over.
It doesn't work like that anymore on planet Earth.
Game over.
Full article and comments are below.
======================================================
from http://www.guardian.co.uk/business/2008/sep/19/marketturmoil.stockmarkets?commentpage=1
Banking crisis: Shares soar on US rescue planThe dramatic rally in London has added £95bn to the value of the UK's top 100 companiesAll comments (36) Richard Wray guardian.co.uk, Friday September 19 2008 11:15 BST Article historyShare prices have soared in London, with the FTSE 100 index rising more than 400 points - its best performance since the index was created in 1984 - on hopes that the American government will ride to the rescue of distressed banks.
The mood was also lifted by a ban this side of the Atlantic on the practice of short-selling.
The dramatic rally in the FTSE 100 index has added £95bn to the value of the UK's top 100 companies.
Wall Street shot up by more than 400 points last night as news emerged that the US Treasury and the country's central bank are trying to put together a government-sponsored firm - dubbed "bad bank" - which would take control of toxic financial assets and clean up the banking system.
Hopes that the move will stop the contagion which started with the collapse of Bear Stearns last year and reached a dramatic crescendo this week, pushed shares in London higher with the FTSE 100 index of the UK's top companies rising well over 400 points by late morning.
By 11am BST the index of leading shares stood at 5281.3, a rise of 401.3 points.
That is a rise of 8.22% and if the market were to close at these levels its would be the index's biggest rise since it was created by the Financial Times and London Stock Exchange in 1984. Before the FTSE 100 was created, the Financial Times tracked a smaller basket of shares called the FT 30.
It would beat the index's best one day performance to date, which was on October 21 1987 when it rose 7.89%, rallying after a two-day crash which had seen the index plunge 23%.
Rob Carnell at ING Financial Markets said the American government's plan for "bad bank" "is giving equity markets a rare chance to be far more optimistic". "What is being talked about is a vehicle for lancing the boil of bad property related assets that is causing banks to stop lending to one another – and leading to the aggressive shorting that has already claimed some high profile names."
"It could draw a line under what has been described by some as the worst financial crisis since the Great Depression."
The market was also pushed higher by last night's unprecedented move against short-sellers - people who sell shares they do not own on the hopes of pushing the price lower and buying them back at a profit.
New rules brought in by the Financial Services Authority which banned new so-called "short positions" being taken - or existing positions being increased - in financial services stocks, from midnight last night.
Anyone with an existing short position - essentially betting that a stock price will go down - has until next Tuesday to close down that position by buying shares, or they must disclose their positions to the regulator.
This rule opens the way to naming and shaming of short-sellers, who as a rule prefer to retain some degree of anonymity, and as a result many have been closing their positions by buying shares in the market this morning, which has helped boost stocks.
The Irish financial regulator also banned short positions being taken in Bank of Ireland, Allied Irish Banks, Irish Life and Permanent or Anglo Irish Bank.
In London, shares in the banking sector soared with Lloyds TSB and its proposed merger partner HBOS both rising strongly, up over 35%. The share price rise has pushed the value of Lloyds TSB's rescue takeover back above the original price it was worth when announced yesterday morning.
Share prices in London are also being boosted by the scheduled quarterly expiry of a number of futures and options contracts later today - a process known as "triple witching".
Triple witching takes its name from the residents of the heath in Shakespeare's Macbeth, because it involves three characters that can bring discord.
The characters are actually different classes of financial derivative which all come to the end of their trading period at the same time - stock index futures, index options and stock options. Their expiry can greatly increase volatility in the market. In fact it should now be called quadruple witching, as the process now includes the expiration of single stock futures as well.
Printable version Send to a friend Share Clip Contact us larger | smaller EmailClose Recipient's email address Your name Add a note (optional)
ShareClose Digg reddit Google Bookmarks Yahoo! My Web del.icio.us StumbleUpon Newsvine livejournal Facebook BlinkList Contact usClose Contact the Business editor
business.editor@guardianunlimited.co.uk Report errors or inaccuracies: userhelp@guardian.co.uk
Letters for publication should be sent to: letters@guardian.co.uk
If you need help using the site: userhelp@guardian.co.uk
Call the main Guardian and Observer switchboard:
+44 (0)20 7278 2332
Advertising guide
License/buy our content
Business
Market turmoil · Stock markets · FTSE
UK news
World news
United States
Money
Shares We will clean up the City - Brown
FSA prohibits 'active creation or increase' of short positions in financial companies for three months
Rescue plan relieves last banks standing
US government floating plans to create a federal 'bad bank' to mop up toxic mortgage-related debts
Explained
What is short selling?
How powerful hedge funds take huge bets on falling share prices
FSA's list of banned shorted companies
The Financial Services Authority's list of companies in which it is prohibited to take short positions in
Printable version Send to a friend Share Clip Contact us Article history EmailClose Recipient's email address Your name Add a note (optional)
ShareClose Digg reddit Google Bookmarks Yahoo! My Web del.icio.us StumbleUpon Newsvine livejournal Facebook BlinkList Contact usClose Contact the Business editor
business.editor@guardianunlimited.co.uk Report errors or inaccuracies: userhelp@guardian.co.uk
Letters for publication should be sent to: letters@guardian.co.uk
If you need help using the site: userhelp@guardian.co.uk
Call the main Guardian and Observer switchboard:
+44 (0)20 7278 2332
Advertising guide
License/buy our content
About this articleClose Banking crisis: Shares soar on US rescue plan
This article was first published on guardian.co.uk on Friday September 19 2008. It was last updated at 11:36 on September 19 2008. Comments and related information follow Ads by Google
Ads by Google
Moneysupermarket Co Uk ™
Moneysupermarket.com - the price comparison site. Free service!
www.moneysupermarket.com
Jeremy Clarkson for PM
5 Second Poll - Would Jeremy Clarkson be a good PM?
real-polls.com/clarkson
FTSE News Email
Get investment information that really matters from Money Morning !
www.moneymorning.co.uk
's comment Comments in chronological order (Total 36 comments)
Loading 0% complete
Loading comments...
Go to all comments on one page
In order to post a comment you need to be registered and signed in.
Register | Sign in
Staff
Contributor
muzikluv
Sep 19 08, 9:59am (about 3 hours ago)
Yet more 'stimulus packages' by governments. After the last two or three attempts, the markets went on to tank lower some days later. I await the next massive fall!
Recommend? (6)
Report abuse
Clip | Link mahavati
Sep 19 08, 10:17am (about 2 hours ago)
So let me get this straight. The government intend to gather up all these toxic financial products and dump them in the trash can and give the holders real money (what ever that is!). No doubt the recipients of this largesse will quickly spirit away the dosh to some off-shore bank shouting "Suckerrrrrs!!!!!" and then claim every tax dodge and allowance and exploit every tax loophole to avoid even the slightest hint of paying any tax on their ill-gotten gains. Then claim that Britain is not a good place to carry on business and they may leave.
The Government is making a big mistake bailing this shower of shysters out.
Ah well, c'est la vie, these days, I suppose.
Recommend? (24)
Report abuse
Clip | Link Bobnottm
Sep 19 08, 10:28am (about 2 hours ago)
This so called new package, creating a vehicle to rescue or take Government control of toxic assets is nothing new at all. After the 1929 crash the US Government created Freddie Mac and Fannie Mae, so they already have the vehicle in place.
This seems nothing more than positioning to show some semblence of control over a collapsing free market system. If they really wanted to instil some confidence they must use the situation to put in place an alternative system, one that protects the 'little man' instead of using the 'little man's' taxes to prop up the greed of the few, very wealthy.
I found it absolutely disgusting watching TV news last night, that they can pump $180b into an unfair, irrational system and in the next news slot, pump just $100m into poverty stricken countries.
@ Muzikluv
I totally agree and what's more disgusting is that, once this $180b gets the markets going again, even if shortlived, the balance sheets of those receiving banks will show improvement and 'justify' CEO's muti million bouses; like they've 'earnt' it?!*
Recommend? (10)
Report abuse
Clip | Link Ambient
Sep 19 08, 10:35am (about 2 hours ago)
Risk taking entrepeneurs! Its time to come out and play roulette again. Mommy and Daddy have bailed you out once again. The state comes to the rescue once again. Say thank you to the taxpayers because we know that you aren't one.
Recommend? (9)
Report abuse
Clip | Link lolwhites
Sep 19 08, 10:43am (about 2 hours ago)
So much for "you can't buck the market"
Recommend? (3)
Report abuse
Clip | Link booker
Sep 19 08, 10:50am (about 2 hours ago)
This is a disgrace. Markets are amoral. A corporation has the same behaviour as a psychopath and only wants to make money for the elite few. This is how a business works, which is fine, we are in a capitalist society but now unfortunately we have THE GOVERNMENT PLC and they won't be able to swim in the amoral waters of business without being murdered. They are considered mugs by the business community. Cheers Gordon for lining the already well tailored pockets of the elite, you fool.
Recommend? (5)
Report abuse
Clip | Link MWinMilan
Sep 19 08, 10:52am (about 2 hours ago)
dead cat bounce
Recommend? (1)
Report abuse
Clip | Link danielcb2k
Sep 19 08, 10:55am (about 2 hours ago)
I'm really not surprised the stock markets have soared considerably. If my 'rich uncle' decided to bail my cousins and I out on some bad gambling I'm sure we'd all be ecstatic too.
What really get me, is that the government has to set up this rescue plan to stimulate the economy for the rest of us, or every other industry will suffer as a result of these bad decisions. These problems result from a few people at the top turning a blind eye to what was going on in their own businesses, at the expense of many. It's classic capitalism at its best! And they will get out of it, along with their bonuses intact, only to be rehired by other banks.
Recommend? (4)
Report abuse
Clip | Link Slurper
Sep 19 08, 10:56am (about 2 hours ago)
Come on, all you sourpusses.
All we need is for the taxpayer to buy the toxic debt at face value, and then everyone can get on having a fine old time and making money.
Where's the downside in that?
On a more serious note, one problem may be that in order to sell the toxic debt to the taxpayer, a price will have to be put on it.
And the last thing banks want is for a price to be put on these "assets", since they then have to use that price to estimate the value of all the similar "assets" they hold. And their balance sheets will turn to ****.
So don't be surprised if there turns out to be surprisingly little will amongst the banks to sell their toxic debt to the taxpayer.
Recommend? (2)
Report abuse
Clip | Link porsupuesto
Sep 19 08, 10:59am (about 2 hours ago)
What if the value of these toxic debts is not several hundred billion as has been implied to date, but runs into trillions? Where do they stop - and if they stop do they return to case by case moral hazard judgements on failing institutions?
Recommend? (1)
Report abuse
Clip | Link sidewaysthinker
Sep 19 08, 11:00am (about 2 hours ago)
So that's how free-market capitalism works!
How nice to know that they can survive without any intervention and we all have nothing to worry about.
We are supposed to trust these people???
Recommend? (2)
Report abuse
Clip | Link teganjovanka
Sep 19 08, 11:00am (about 2 hours ago)
Nationalise the profits and benefits = communism. Nationalise the losses and debts = fascism!
Still, it won't last long. What's been proposed is rather like hiding a corpse under a carpet. You can push the lump under the sofa or behind the wardrobe, but it's still there. So the banking system doesn't go bust, but the country does. Nice.
Recommend? (7)
Report abuse
Clip | Link socialistMike
Sep 19 08, 11:04am (about 1 hour ago)
Hurrah, the wealthy speculators are making money again! Banner headlines and joy unconfined.
Isn't this ecstatic response to the market going up a part of the whole delusional problem that equates spivs and gamblers winning as the general good being served?
Recommend? (2)
Report abuse
Clip | Link Indysradio
Sep 19 08, 11:06am (about 1 hour ago)
Marx talked about the collapse of capitalism before socialism can find its feet again. Perhaps the nationalisation of the financial system is where this process begins.
Recommend? (5)
Report abuse
Clip | Link robbirch
Sep 19 08, 11:10am (about 1 hour ago)
So both the US and British governments are papering over the cracks of a devalued and morally bankrupt system. A system that time after time breaks down with the effect of only hurting those who can least afford it. They will never learn!
Recommend? (2)
Report abuse
Clip | Link paradigm
Sep 19 08, 11:14am (about 1 hour ago)
Today many traders/gamblers have made money as stock values rise.
The markets have risen as a result of another bailout paid for by every taxpayer.
Once again the many are supporting the few.
Are we going to accept this? We should be taking to the streets. If we do nothing then those in positions of power and influence will continue to fleece all of us.
Recommend? (6)
Report abuse
Clip | Link henleaze
Sep 19 08, 11:20am (about 1 hour ago)
If you read the free market bible, Adam Smith's 'The Wealth Of Nations', there was always meant to be a 'benign and wise disposer of all things' to sit on top of the market and ensure its' security.
The American Govermnent seems to have remembered this when it suited them
Recommend? (1)
Report abuse
Clip | Link Indysradio
Sep 19 08, 11:27am (about 1 hour ago)
Good post Henleaze. An ethos no doubt later incoporated into Friedman's Chicago school of thought which Thatcher embraced before the privatization of England, or as paradigm puts it 'the fleecing of us all'.
Recommend? (1)
Report abuse
Clip | Link ChrisWoods
Sep 19 08, 11:31am (about 1 hour ago)
It`s rather amusing to watch the authorities throwing more money into this mess, it probably wont work too well. The problem is too big and expecting the idiots in the City to stop gambling `because there is a problem` wont happen without legislation. Try and put out the fire with idiots throwing more petrol on every now and then in different places and just as you start to rake up the cinders you find there is more burning underneath.
A temporary ban on short selling is a short term measure only, the long term problem of solvency and lack of cash is very long term and everyone knows it. This still has not been addressed and without the govt lending basically permanently, it will all kick off again.
The bank stocks are taking a hammering because in all reality, they bloody well deserve it. They are what we called `bust`. If no one wants your company because of this dont blame `the system` its the free market baby, take the good with the bad. Something is only worth what someone is going to pay for it, you cant force people to think these banks are worth something. Please govt, dont invent some other `vehicle` to store bad debt for these morons to help them, we the taxpayer ultimately are going to pay for their stupididy and I personally am sick of it.
This reminds me of something about the financial system that is completely insane. The US and UK economies rely so heavily on the financial markets that of course there is really no choice but to bail out all these banks. We rely on banks for everything, its the countries life support system. How is it possible not to have any kind of regulation to prevent self destruction when its critical for survival?
Roll on the govt to save us all LOL.
Recommend? (2)
Report abuse
Clip | Link Lia91
Sep 19 08, 11:35am (57 minutes ago)
Socialism is where it's at.
Recommend? (2)
Report abuse
Clip | Link ORourKe
Sep 19 08, 11:35am (57 minutes ago)
Why does nobody blame all the people who are defaulting on their mortgages? How about that for irresponsible? Why buy a house if you can't afford the payments? Isn't that at the root of all this?
Recommend? (0)
Report abuse
Clip | Link ddddj
Sep 19 08, 11:40am (52 minutes ago)
I don't really understand tax issues but surely the decision to bail out any institution should always be done in relation to the amount of tax these institutions should pay in the future?
"You want to be bailed out? Sure, but from now on you have to pay tax in the UK and your tax rate has just gone up to 50%... " then at least the tax payer would get some benefit from socialising the cost of 'free' markets.
Recommend? (2)
Report abuse
Clip | Link Scorf
Sep 19 08, 11:47am (46 minutes ago)
Seems to me that the US and UK governments are showing a refreshing pragmatism to events rather than clinging onto ideology.
Not that the same could be said for so many of the posters on here, who cling to their Marxism and are doubtless desperate for the crisis to escalate.
Its not "fair" that banks etc can be propped up in this manner, but when has life ever been fair. I'd rather the authorities stepped in and acted.
Recommend? (1)
Report abuse
Clip | Link Martin04
Sep 19 08, 11:57am (35 minutes ago)
Looking at the massive share prices today 5RBS up 40% as I type) you can only reflect on what a great deal Lloyds TSB got on Tuesday. Imagine if they had to pay 40% more.
I presume this purchase windfall will be allocated to improving 40,000 redundancy payslips
Recommend? (0)
Report abuse
Clip | Link sminky
Sep 19 08, 12:02pm (30 minutes ago)
As a person who's never showed the slightest interest in finance or money markets etc, lately I've tried to look into what all this talk of massive crisis is all about. I'm still confused by the whole thing, but it seems to me that the world we live within is controlled by people who gamble with other people's labour. I wish I'd never looked into it now, seeing as the system is so unbelievably greedy and self-serving. Looking at this latest story today, I realise that I'm going to be paying towards bailing out these greedy, self-serving parasites out of my wages.
It's all utterly depressing - so I'll be burying my head in the sand again, going to work, enjoying my hobbies in my time off as best I can with what's left of my wages, all in the hope that some other better system that warrants my belief in it comes along and ousts this disgusting thing we're ruled by.
Over and out.
Recommend? (1)
Report abuse
Clip | Link leftrightleft
Sep 19 08, 12:02pm (30 minutes ago)
Let me get this straight. Banking is the economys underpinning, the system of veins and arteries through which money flows and grows. Fulfilling this function the various banking institutions and corprations make handsome profits, from which, in a variety of different, lubricating ways, the entire economy benefits. So far so good.
Then the banking/stock market entities are liberalised to allow them to profit even more massively from their own money generation by a relaxing of state interference and an ending of the separation of its many components, so to speak. Hurrah! at last the free market can function freely and do what it does best – sort the wheat from the chaff and punish the feeble and foolish. Money flows unhindered into the economies of the western world via free-for-all mortgages and interest free credit, which gives rise to supposedly steady economic growth for many years.
Sadly, in an all too human way, everyone gets drunk on this freedom and party a little too hard. Cracks begins to show. There is a run on a bank. Some investment banks collapse – Big Ones. Markets panic. Systemic collapse threatens. People got too carried away, they say, made errors of judgement in their greed. Action has to be taken.
To prevent systemic collapse from occuring the state steps in (again and again) and props up the nervous, tottery mass the financial world has become with yet further money generation, and promises to set up an organ, a nationalised bank that will take care of any mess the moneyholics make, thereby stabilising the system for ever. With taxes.
Where do taxes from from? From a healthy economy. If the profits of a healthy economy are siphoned off via taxes to cover the arses of those addicted to speculation and adrenalin-fired risk-taking, how can this be good? Its as if a giant money-magnet has been placed at the very dizzy top of society which sucks money inevitably upwards, towards itself, turning money into a ballooning, looming cloud whose lightning strikes hit only the poor.
If I am near the truth with this (somewhat dramatic) sketch, what the f*ck is going on!?
Recommend? (1)
Report abuse
Clip | Link houses
Sep 19 08, 12:05pm (27 minutes ago)
There's nothing they won't stoop to in order to retain this disgusting economic system. Taxpayer buys banker's bad debt, would you like yur shoes shined into the bargain, Guv'nor. Horrible, horrible injustice.
Recommend? (0)
Report abuse
Clip | Link sensato
Sep 19 08, 12:10pm (23 minutes ago)
ORourKe: "Why buy a house if you can't afford the payments? Isn't that at the root of all this?"
Subprime failures were just an early, visible symptom. Where debt = assets, and leverage is unlimited, the problem is systemic. It's usually called a Ponzi scheme.
Recommend? (0)
Report abuse
Clip | Link WJohnC
Sep 19 08, 12:16pm (16 minutes ago)
Greed got them there, greed will always be their motive.
They should all have beena llowed to go to the wall and allow us to go and laugh at them through the slits of the workhouse.
Recommend? (0)
Report abuse
Clip | Link ghofi
Sep 19 08, 12:17pm (15 minutes ago)
The FTSE is bound to rise today as all those short sellers close their positions. This will naturally result in anyone holding a short position having to buy back the shares they initially sold (without actually owning them). This means that demand is high and a great deal of short sellers (be them individuals, institutions or hedge funds) will lose quite a bit of cash. Not that that is a bad thing, no-one complains when they make money.
The buying is nothing more than a blip. It is a correction whilst shorters close positions. It will not actually change the market significantly in the longer term, it is simply a readjustment before the inevitable falls once more next week. The only thing is that people will not be able to profit from the falls, meaning that any economic recovery will take even longer to come about...
Recommend? (1)
Report abuse
Clip | Link Emmm
Sep 19 08, 12:17pm (15 minutes ago)
Surely by now you all realise that we are all a gaggle of geese to be plucked and effed in any and every way that the predators can think of, which doesn't result in their actual demise. That's capitalism. It is fair, though, and plunders and obscenely destroys every kind of living being - ask the fish, farm animals, and people. For good measure, it will also disfigure the planet, and possibly destroy it, if the greed totally overrides common sense.
This planet's existence in based on predation, and until that changes - most unlikely - the law of the jungle will continue to operate.
As for the disgusting, soulless Brown, Blair, Bush, Berlusconi (hm, a lot of b's there!) and their many cronies - they are mere facilitators, who will pick up their rewards from the financiers when they leave their jobs.
So, Paradigm, the fleecing continues.
Recommend? (1)
Report abuse
Clip | Link KevinbinSaud
Sep 19 08, 12:18pm (14 minutes ago)
Oh well, no need to worry. Brown will be swept away soon and the People's champion David Cameron and his chum George "Lord Snooty" Osbourne will come along to sort out all these corrupt businessmen and their obscene practices..........
Recommend? (0)
Report abuse
Clip | Link Indysradio
Sep 19 08, 12:19pm (14 minutes ago)
Nice post leftrightleft. Type into google 'chomsky bewildered herd' and there you might find the answer as to why the rich and powerful financial insitutions are able to get away with they do. The less people know about how the country functions, the better it is for business plans, or the wealthy few. It is also argued that media frenzy, shock doctrines help this cause.
Recommend? (0)
Report abuse
Clip | Link AnObserver
Sep 19 08, 12:19pm (13 minutes ago)
@ORourKe,
Well, one reason people took on large mortgages is that the houses we have in this country are too small, in the wrong places, or surrounded by dodgy neighbours and schools. The rising market would hopefully buy a way into addressing these problems.
Let's also note that the problem is often with fixed-rate deals ending, that is, people buying a house and hoping that at the end of it something will turn up. This is as true of the banks as the mortgagees.
You see, it's okay for people to act like "I told you so" now, but there's huge numbers out there who would like to be more socially-mobile (remember that?), or who see their peers make a mint and hope that the gravy-train lasts just long enough to reach them.
Recommend? (0)
Report abuse
Clip | Link KevinbinSaud
Sep 19 08, 12:23pm (10 minutes ago)
ghofi - I don't think that a closed circle of scum in the city getting rich from short selling would improve the overall economy. The real economy needs real solutions, not some smoke and mirrors sleight of hand that creates an imbalance in the wider community through a minority receiving excessive rewards for creating nothing of any value.
Recommend? (1)
Report abuse
Clip | Link timx
Sep 19 08, 12:27pm (5 minutes ago)
All those toxic debts also include the bonuses and commissions to those that sold them.
Recommend? (0)
Report abuse
Clip | LinkGo to all comments on one page
RICE :"GEORGIA STARTED IT"
Condoleeza Rice stated in a speech today that Georgia fired the first shot of the war in August. But she then went on to claim that Russia had been baiting them, and that Russia's response was disproportionate.
So Georgia bombs thousands of civilians in their beds, killing Russian peacekeepers in the process. Russia responded by taking out the Georgian/NATO military base at Gori and the Naval HQ at Poti so that Georgia could commit no further outrageous massacres of civilians in their beds, and is now withdrawing.
On the other hand, on 11th September 2001 the US military was suspiciously sound asleep, allowing a terrorist attack that killed thousands, which was used to send the US military into two highly strategic countries in accordance with plans laid out by elements of the interlocking Israeli/American political circle around Dick Cheney, and those troops are still there, making sure that Iraqi oil goes to Anglo-American oil companies, one of which Rice worked for.
Hmm.
One military operation was to protect civilians from a slippery tie-munching murdering bastard.
The other was a blatant imperialist oil grab.
Can you guess which is which?
==================================
From http://news.bbc.co.uk/1/hi/world/americas/7623555.stm
Speaking at an event organised by the German Marshall Fund in Washington, Ms Rice acknowledged that Georgia had fired the first shots in the breakaway region of South Ossetia.
"The Georgian government launched a major military operation into Tskhinvali [the capital of South Ossetia] and other areas of that separatist region," she said.
"Regrettably, several Russian peacekeepers were killed in the fighting," she added.
So Georgia bombs thousands of civilians in their beds, killing Russian peacekeepers in the process. Russia responded by taking out the Georgian/NATO military base at Gori and the Naval HQ at Poti so that Georgia could commit no further outrageous massacres of civilians in their beds, and is now withdrawing.
On the other hand, on 11th September 2001 the US military was suspiciously sound asleep, allowing a terrorist attack that killed thousands, which was used to send the US military into two highly strategic countries in accordance with plans laid out by elements of the interlocking Israeli/American political circle around Dick Cheney, and those troops are still there, making sure that Iraqi oil goes to Anglo-American oil companies, one of which Rice worked for.
Hmm.
One military operation was to protect civilians from a slippery tie-munching murdering bastard.
The other was a blatant imperialist oil grab.
Can you guess which is which?
==================================
From http://news.bbc.co.uk/1/hi/world/americas/7623555.stm
Speaking at an event organised by the German Marshall Fund in Washington, Ms Rice acknowledged that Georgia had fired the first shots in the breakaway region of South Ossetia.
"The Georgian government launched a major military operation into Tskhinvali [the capital of South Ossetia] and other areas of that separatist region," she said.
"Regrettably, several Russian peacekeepers were killed in the fighting," she added.
THE TRUTH SERUM ON THE BBC
I was linked to by BBC Today website yesterday, for the post "Four into one does go".
A marathon begins with a first step.
A marathon begins with a first step.
SAAKASHVILI ON BBC HARDTALK
I woke up early this morning and to my horror saw the slippery tie-munching warmonger Saakashvili (pronounced Saakashv-eel-i) being interviewed on BBC Hardtalk.
As expected there were plenty of references to 1939 and the Nazis invading Poland, and Communist Russian aggression in the 1950's and 1960's (hey Mikhail, Russia stopped being communist in 1989, dude, catch up with the times, and anyway whose been invading Iraq and Afghanistan under false pretexts?).
And he made some very Saakashvili-esque statements, such as Russia carpet-bombed South Ossetia!?
NATO are in London at the moment. This explains why Saakashv-eel-i was interviewed softly on BBC.
For the interview see http://news.bbc.co.uk/1/hi/programmes/hardtalk/7623150.stm
As expected there were plenty of references to 1939 and the Nazis invading Poland, and Communist Russian aggression in the 1950's and 1960's (hey Mikhail, Russia stopped being communist in 1989, dude, catch up with the times, and anyway whose been invading Iraq and Afghanistan under false pretexts?).
And he made some very Saakashvili-esque statements, such as Russia carpet-bombed South Ossetia!?
NATO are in London at the moment. This explains why Saakashv-eel-i was interviewed softly on BBC.
For the interview see http://news.bbc.co.uk/1/hi/programmes/hardtalk/7623150.stm
Thursday, September 18, 2008
FOUR INTO ONE DOES GO
LloydsTSB was formed by a merger of Lloyds and TSB.
HBOS was formed by a merger of Halifax and The Bank of Scotland.
This morning it was confirmed that LloydsTSB will buy HBOS, i.e. what were four banks are to merge to form one megabank.
And with the complicity of The Labour Party, who are ignoring competition rules.
And with the complicity of The Bank of England, who are financing the merger.
And with the complicity of some traders who obviously drove the price of HBOS shares down and down and down despite the FSA stating HBOS was sound.
And with forecasts of approximately 40,000 redundancies.
This is very, very bad.
Competition rules are being waived to save The Labour Party so that the merger deal can go ahead. It is being reported that in the short run the banking crisis will be stopped, which is beneficial to The Labour Party, but in the long run, due to the lack of competition, all of us, senior Labour politicians included, will be paying higher mortgage rates and receiving lower interest rates on savings.
Once again we are being screwed by the Wizards of Oz. They can do anything they want, and we end up paying for their greed.
Does Gordon Brown have a heart or a brain?
Don’t be surprised to find that Brown and Darling get consultant roles to the new megabank after the ‘ordinary’ British taxpayer votes the heartless, brainless idiots out.
HBOS was formed by a merger of Halifax and The Bank of Scotland.
This morning it was confirmed that LloydsTSB will buy HBOS, i.e. what were four banks are to merge to form one megabank.
And with the complicity of The Labour Party, who are ignoring competition rules.
And with the complicity of The Bank of England, who are financing the merger.
And with the complicity of some traders who obviously drove the price of HBOS shares down and down and down despite the FSA stating HBOS was sound.
And with forecasts of approximately 40,000 redundancies.
This is very, very bad.
Competition rules are being waived to save The Labour Party so that the merger deal can go ahead. It is being reported that in the short run the banking crisis will be stopped, which is beneficial to The Labour Party, but in the long run, due to the lack of competition, all of us, senior Labour politicians included, will be paying higher mortgage rates and receiving lower interest rates on savings.
Once again we are being screwed by the Wizards of Oz. They can do anything they want, and we end up paying for their greed.
Does Gordon Brown have a heart or a brain?
Don’t be surprised to find that Brown and Darling get consultant roles to the new megabank after the ‘ordinary’ British taxpayer votes the heartless, brainless idiots out.
Wednesday, September 17, 2008
THE F WORD
The Daily Telegraph, the media whore to the British warmongers, recently accused Russian Foreign Minister Sergei Lavrov of swearing profusely to and about our beloved Foreign Minister David Miliband. Lavrov was quoted as saying f******, F***, f***, F***y, F*** throughout a phone conversation between the two.
But as this was reported in the media whore The Daily Telegraph then it is definitely, undeniably, unarguably true, right?
F***ing wrong!
I listened to Miliband on Sunday on BBC Radio 5 Live. He denied that such foul language was used by Lavrov, but did not expand on the exact content of the conversation. However, we can now read in what context the F word was used by Lavrov.
He was quoting verbatim an unnamed European politician describing his or her feelings of that murdering, tie-munching bastard Saakashvili.
==========================================================
From http://www.russiatoday.com/features/news/30532
Miliband: no abusive language from Lavrov
British Foreign Secretary David Miliband has denied allegations in the British mass media that foul language was exchanged between him and his Russian counterpart Sergey Lavrov during a telephone conversation following the conflict in South Ossetia.
According to The Telegraph “such was the repeated use of the f-word, it was difficult to draft a readable note of the conversation.”
An anonymous source leaked the information to the newspaper’s political editor Andrew Porter who subsequently posted the scandalous news on his blog, accusing Russia’s Foreign Minister of repeatedly using the f-word to his British counterpart. But the Foreign Secretary himself has denied this in a radio interview with the BBC.
“That is not quite true. I won’t say anymore, but it's not true that he [Sergey Lavrov] called me an effing so and so, that is not true,” said Miliband.
Sergey Lavrov had explained he only used the f-word when he quoted a characteristic of Georgia’s leader Mikhail Saakashvili as given by a European colleague who called Saakashvili a ‘f***ing lunatic’.
"In my conversation with Mr Miliband I was simply repeating word for word what a European colleague told me, to show the British minister that as well as those who think Mikhail Saakashvili is a great democrat there are other views about this man," Lavrov said.
Some analysts in Britain rushed to suggest that the alleged spat meant relations between the countries’ two top diplomats may have broken down altogether - something that was, again, denied by David Miliband.
“I'll see Sergey Lavrov again in New York in September, the week after next at the UN General Assembly, and, I mean, the good thing about Sergey Lavrov is that he's not one of those people who uses diplomacy to cover up what he thinks and I think it's better to have the sort of exchange where we can actually argue because it actually means you respect each other,” he said.
Speaking of respect, Mr Miliband is seen by many in his own country as a Foreign Secretary who still has a lot to learn.
“He just looks young and inexperienced. Particularly against someone like Sergey Lavrov who is a veteran diplomat, who served in one of the toughest posts in the UN - it’s pure diplomacy work at its essence - and he’s known to be a very tough negotiator, very knowledgeable, he speaks many languages - so I can see that in a heated argument he might regard being lectured by David Miliband as something insulting,” said Richard Beeston, The Times diplomatic editor.
So could it be that this whole media frenzy was just an attempt to pour oil on the flames of the current sad relationship between Russia and Britain?
“These conversations are confidential - politicians leak their contents deliberately - in this case possibly to embarrass Sergey Lavrov. He didn’t seem very embarrassed by it, but maybe that was the intention,” Beeston said.
As for the author of the Telegraph blog - he refused to comment.
But as this was reported in the media whore The Daily Telegraph then it is definitely, undeniably, unarguably true, right?
F***ing wrong!
I listened to Miliband on Sunday on BBC Radio 5 Live. He denied that such foul language was used by Lavrov, but did not expand on the exact content of the conversation. However, we can now read in what context the F word was used by Lavrov.
He was quoting verbatim an unnamed European politician describing his or her feelings of that murdering, tie-munching bastard Saakashvili.
==========================================================
From http://www.russiatoday.com/features/news/30532
Miliband: no abusive language from Lavrov
British Foreign Secretary David Miliband has denied allegations in the British mass media that foul language was exchanged between him and his Russian counterpart Sergey Lavrov during a telephone conversation following the conflict in South Ossetia.
According to The Telegraph “such was the repeated use of the f-word, it was difficult to draft a readable note of the conversation.”
An anonymous source leaked the information to the newspaper’s political editor Andrew Porter who subsequently posted the scandalous news on his blog, accusing Russia’s Foreign Minister of repeatedly using the f-word to his British counterpart. But the Foreign Secretary himself has denied this in a radio interview with the BBC.
“That is not quite true. I won’t say anymore, but it's not true that he [Sergey Lavrov] called me an effing so and so, that is not true,” said Miliband.
Sergey Lavrov had explained he only used the f-word when he quoted a characteristic of Georgia’s leader Mikhail Saakashvili as given by a European colleague who called Saakashvili a ‘f***ing lunatic’.
"In my conversation with Mr Miliband I was simply repeating word for word what a European colleague told me, to show the British minister that as well as those who think Mikhail Saakashvili is a great democrat there are other views about this man," Lavrov said.
Some analysts in Britain rushed to suggest that the alleged spat meant relations between the countries’ two top diplomats may have broken down altogether - something that was, again, denied by David Miliband.
“I'll see Sergey Lavrov again in New York in September, the week after next at the UN General Assembly, and, I mean, the good thing about Sergey Lavrov is that he's not one of those people who uses diplomacy to cover up what he thinks and I think it's better to have the sort of exchange where we can actually argue because it actually means you respect each other,” he said.
Speaking of respect, Mr Miliband is seen by many in his own country as a Foreign Secretary who still has a lot to learn.
“He just looks young and inexperienced. Particularly against someone like Sergey Lavrov who is a veteran diplomat, who served in one of the toughest posts in the UN - it’s pure diplomacy work at its essence - and he’s known to be a very tough negotiator, very knowledgeable, he speaks many languages - so I can see that in a heated argument he might regard being lectured by David Miliband as something insulting,” said Richard Beeston, The Times diplomatic editor.
So could it be that this whole media frenzy was just an attempt to pour oil on the flames of the current sad relationship between Russia and Britain?
“These conversations are confidential - politicians leak their contents deliberately - in this case possibly to embarrass Sergey Lavrov. He didn’t seem very embarrassed by it, but maybe that was the intention,” Beeston said.
As for the author of the Telegraph blog - he refused to comment.
LIVE BY THE FREE MARKET, DIE BY THE FREE MARKET.
The bailouts of these banks and insurance companies is outrageous!
For decades they take the profits and hide them from taxation, and when the going gets rough, due to their own greed and manipulation, scream for bailouts.
I ask again, if they are too important that they cannot be allowed to fail then should they ever be in private hands?
The potential for massive profitmongering in a business that cannot be allowed to fail is enormous. Mortgages for housing are arguably the products (if they can be called a product) that are the most essential for everyone, to buy their own home, for a place to live. They are definitely in the same league as water and fuel.
But not only that. The people being saved by these bailouts are the same people who are collaborating with the engineers and financiers of world wars. For example, Lehman Brothers is not being bailed out by The Federal Reserve, but AIG is. The board of Lehman Brothers does not contain anyone of any significance. But the board of AIG contains Richard Holbrooke (Bilderberg, CFR, Trilateral Commission) and James F Orr III (Chairman of The Rockefeller Foundation).
If they live by the 'free' market, then they should die by the 'free' market. Declare them bankrupt, take them into public ownership, keep them in public ownership, and use them for the benefit of society in general, not as instruments of greed and 'free' market manipulation!!!
For decades they take the profits and hide them from taxation, and when the going gets rough, due to their own greed and manipulation, scream for bailouts.
I ask again, if they are too important that they cannot be allowed to fail then should they ever be in private hands?
The potential for massive profitmongering in a business that cannot be allowed to fail is enormous. Mortgages for housing are arguably the products (if they can be called a product) that are the most essential for everyone, to buy their own home, for a place to live. They are definitely in the same league as water and fuel.
But not only that. The people being saved by these bailouts are the same people who are collaborating with the engineers and financiers of world wars. For example, Lehman Brothers is not being bailed out by The Federal Reserve, but AIG is. The board of Lehman Brothers does not contain anyone of any significance. But the board of AIG contains Richard Holbrooke (Bilderberg, CFR, Trilateral Commission) and James F Orr III (Chairman of The Rockefeller Foundation).
If they live by the 'free' market, then they should die by the 'free' market. Declare them bankrupt, take them into public ownership, keep them in public ownership, and use them for the benefit of society in general, not as instruments of greed and 'free' market manipulation!!!
Tuesday, September 16, 2008
BAILOUTS
Question : if a business is that important to the economy that it can never, ever be allowed to fail, then should that business be in private hands?
AIG is the insurer to the banks. The banks have the power to create virtually unlimited quantities of non-existent money, so when issuing loans etc do not really lose anything, just a few numbers. But when there is also a requirement for an insurer of those loans etc, then this opens up a whole new can of worms.
The power to create money is in private hands, and the power to insure those loans is also in private hands. This gives those private hands tremendous potential for manipulation. Too many crap loans can be issued, those loans must be insured, but who picks up the bill when those loans go bad? If the loans are not repaid via insurance etc the banks fail. If the banks fail then the economy fails.
They have us by the jaffas.
But only because we let 'em.
For us to be so dependent on these corporations is incredible. They cannot be allowed to fail. Therefore they can do anything they want to maximzize profit and we must bail them out if shit happens.
On the board of AIG is senior Bilderberger Richard Holbrooke, and James Orr, Chairman of The Rockefeller Foundation.
AIG was built up by Maurice Greenberg. In 1993 IAG saved Kroll Associates, known as the CIA on Wall Street due to the large presence of former spies from the Anglo-American intel community. Greenberg is a Kissinger gofer, and was very high up in the CFR and in The Federal Reserve System. This proves Greenberg's commitment to the cause, implying AIG is a very important cog in the NWO finanical machinery.
AIG is the insurer to the banks. The banks have the power to create virtually unlimited quantities of non-existent money, so when issuing loans etc do not really lose anything, just a few numbers. But when there is also a requirement for an insurer of those loans etc, then this opens up a whole new can of worms.
The power to create money is in private hands, and the power to insure those loans is also in private hands. This gives those private hands tremendous potential for manipulation. Too many crap loans can be issued, those loans must be insured, but who picks up the bill when those loans go bad? If the loans are not repaid via insurance etc the banks fail. If the banks fail then the economy fails.
They have us by the jaffas.
But only because we let 'em.
For us to be so dependent on these corporations is incredible. They cannot be allowed to fail. Therefore they can do anything they want to maximzize profit and we must bail them out if shit happens.
On the board of AIG is senior Bilderberger Richard Holbrooke, and James Orr, Chairman of The Rockefeller Foundation.
AIG was built up by Maurice Greenberg. In 1993 IAG saved Kroll Associates, known as the CIA on Wall Street due to the large presence of former spies from the Anglo-American intel community. Greenberg is a Kissinger gofer, and was very high up in the CFR and in The Federal Reserve System. This proves Greenberg's commitment to the cause, implying AIG is a very important cog in the NWO finanical machinery.
HOW COULD IT HAPPEN?
There are several regulatory bodies who are supposed to monitor financial markets. It is their job to identify and stop bad practice, and keep markets stable.
So how could the crash have happened?
1. the financial services corporations didn't tell the truth
2. the regulatory bodies were told the truth but didn't bother to stop the crash
3. a bit of both 1. and 2.
It is my legal argument that due to the connivance of the banks and the FSA the reality of our financial and banking system is kept from you when by law it should be up there in big letters for us all to understand. Therefore I believe that option 3. is the most likely; the regulatory bodies are corrupt and the banks have corrupted them.
Therefore remove the power from the banks and replace the regulatory bodies.
AND PROSECUTE THE CORRUPT BASTARDS!
We are talking about the pensions and savings of 'ordinary' people, whatever they are. Food and fuel, the basics of life, are increasing much faster than the official rate of inflation. Yet the bankers and their regulators are laughing all the way to the Cayman Islands.
A finanical crash like this does not just happen. It takes years to manipulate. The 1929 crash did not just happen. The top bankers got out of Wall Street months before it occured. That's why the bankers are now still receiving their big bonuses; they did their job.
So how could the crash have happened?
1. the financial services corporations didn't tell the truth
2. the regulatory bodies were told the truth but didn't bother to stop the crash
3. a bit of both 1. and 2.
It is my legal argument that due to the connivance of the banks and the FSA the reality of our financial and banking system is kept from you when by law it should be up there in big letters for us all to understand. Therefore I believe that option 3. is the most likely; the regulatory bodies are corrupt and the banks have corrupted them.
Therefore remove the power from the banks and replace the regulatory bodies.
AND PROSECUTE THE CORRUPT BASTARDS!
We are talking about the pensions and savings of 'ordinary' people, whatever they are. Food and fuel, the basics of life, are increasing much faster than the official rate of inflation. Yet the bankers and their regulators are laughing all the way to the Cayman Islands.
A finanical crash like this does not just happen. It takes years to manipulate. The 1929 crash did not just happen. The top bankers got out of Wall Street months before it occured. That's why the bankers are now still receiving their big bonuses; they did their job.
Monday, September 15, 2008
CONTROLLING ACADEMIC DEBATE
You may think that you have zero influence over what is taught at university, but I think it is possible that we could begin to exercise some influence. This is necessary because the students of today are the teachers of tomorrow.
How about awarding a prize for the best conspiracy essay?
Or donating your conspiracy books to your local university?
The libraries of the universities I've been to are not well stocked at all with books by Antony C Sutton or Larouche/EIR or anyone else in the same category. I believe every library should contain such books, or at the least should have easy access to such books. The internet does give some access, but even today we hear a call from the creator of the 'net that sites should be filtered. He may have been talking about the scaremongering over the hadron collider experiment last week, but we know how claims can be twisted and spun and taken out of context, so that before you know it only government approved sites are allowed, sites that claim Iraq really did have WMD and Israel is not an apartheid state and the government of the USA is a government of the people, for the people, by the people.
How about awarding a prize for the best conspiracy essay?
Or donating your conspiracy books to your local university?
The libraries of the universities I've been to are not well stocked at all with books by Antony C Sutton or Larouche/EIR or anyone else in the same category. I believe every library should contain such books, or at the least should have easy access to such books. The internet does give some access, but even today we hear a call from the creator of the 'net that sites should be filtered. He may have been talking about the scaremongering over the hadron collider experiment last week, but we know how claims can be twisted and spun and taken out of context, so that before you know it only government approved sites are allowed, sites that claim Iraq really did have WMD and Israel is not an apartheid state and the government of the USA is a government of the people, for the people, by the people.
Sunday, September 14, 2008
WILL YOU BE THERE? I WILL.
The treasonous Labour Party will be in Manchester next week for their annual conference. Stop The War will be greeting them on Saturday 20th September 2008.
From http://www.stopwar.org.uk/
We must now be in Manchester on 20 September and dissent to this continued carnage and the propaganda that makes it possible.
Stop the Spread of War
TROOPS OUT of Iraq and Afghanistan
Saturday 20 September, 12.30 pm
Assemble All Saints, Cavendish Street, Manchester M15
with thanks to John Pilger for references
Stop government war-mongering, troops out
Demonstrate Manchester 20 September
From http://www.stopwar.org.uk/
We must now be in Manchester on 20 September and dissent to this continued carnage and the propaganda that makes it possible.
Stop the Spread of War
TROOPS OUT of Iraq and Afghanistan
Saturday 20 September, 12.30 pm
Assemble All Saints, Cavendish Street, Manchester M15
with thanks to John Pilger for references
Stop government war-mongering, troops out
Demonstrate Manchester 20 September
Thursday, September 11, 2008
WHAT HAS £200 BILLION BEEN USED FOR?
A report in The Guardian today states that "As much as £200bn has been borrowed under the [special liquidity] scheme, and there are strong fears in the market that funding could evaporate again once it closes to new lending on October 20."
And yet
1. the SLS was sold to us as a way to save the housing crisis because the banks promised us they would use it to keep families in their homes,
2. but instead repossessions are rising drastically and house prices are falling drastically because the banks will not issue mortgages.
Can you explain where the £200 billion has gone? It's certainly not been used for its initial purpose!
===================================
From http://www.guardian.co.uk/business/2008/sep/11/creditcrunch.bankofenglandgovernor
Bank of England promises new credit crunch helpGraeme Wearden guardian.co.uk, Thursday September 11 2008 10:54 BST Article historyThe Bank of England revealed today that it is putting together a new lending scheme for banks in an attempt to avoid a collapse in the mortgage market.
Speaking to MPs today, governor Mervyn King outlined a new plan to help Britain's banks to survive the ongoing credit crunch.
He said the UK central bank would continue to provide affordable funding to the banking sector when the current emergency rescue plan – the Special Liquidity Scheme – closes its doors to new lending next month.
This scheme has helped banks and mortgage firms to keep lending through the crunch.
But King also warned the Treasury select committee that the Bank of England could not revitalise the mortgage market on its own.
And in a stark assessment of the problems facing the UK economy, he predicted that inflation in September will still be significantly higher than the official target, forcing him to write another letter to Darling.
King revealed few details of the Bank's plan to create a "permanent liquidity insurance scheme" today. John McFall, chairman of the committee, dubbed it the "Son of the Special Liquidity Scheme".
More will be disclosed next week, when a consultation paper is released.
The current Special Liquidity Scheme was created in April, after the credit crunch led to a sudden drying-up of funding, forcing mortgage lenders to pull deals and hike their rates.
It lets banks and mortgage lenders borrow from the Bank of England, using their mortgage-backed assets as security.
As much as £200bn has been borrowed under the scheme, and there are strong fears in the market that funding could evaporate again once it closes to new lending on October 20.
King said the new scheme could accept new mortgage assets, as well as housing debts which they have had on their books for a while, but insisted that it would not provide long-term insurance.
"We will not be able to provide finance for the lifetime of a mortgage. We will only provide liquidity for a shortish period," explained King, insisting that the taxpayer would not take on the commercial risk of issuing mortgages.
Chancellor Alistair Darling is reportedly close to announcing a government plan to kick-start the UK housing market, which has suffered a sharp plunge in sales as prices have fallen steadily - partly because potential buyers have struggled to get a mortgage.
And yet
1. the SLS was sold to us as a way to save the housing crisis because the banks promised us they would use it to keep families in their homes,
2. but instead repossessions are rising drastically and house prices are falling drastically because the banks will not issue mortgages.
Can you explain where the £200 billion has gone? It's certainly not been used for its initial purpose!
===================================
From http://www.guardian.co.uk/business/2008/sep/11/creditcrunch.bankofenglandgovernor
Bank of England promises new credit crunch helpGraeme Wearden guardian.co.uk, Thursday September 11 2008 10:54 BST Article historyThe Bank of England revealed today that it is putting together a new lending scheme for banks in an attempt to avoid a collapse in the mortgage market.
Speaking to MPs today, governor Mervyn King outlined a new plan to help Britain's banks to survive the ongoing credit crunch.
He said the UK central bank would continue to provide affordable funding to the banking sector when the current emergency rescue plan – the Special Liquidity Scheme – closes its doors to new lending next month.
This scheme has helped banks and mortgage firms to keep lending through the crunch.
But King also warned the Treasury select committee that the Bank of England could not revitalise the mortgage market on its own.
And in a stark assessment of the problems facing the UK economy, he predicted that inflation in September will still be significantly higher than the official target, forcing him to write another letter to Darling.
King revealed few details of the Bank's plan to create a "permanent liquidity insurance scheme" today. John McFall, chairman of the committee, dubbed it the "Son of the Special Liquidity Scheme".
More will be disclosed next week, when a consultation paper is released.
The current Special Liquidity Scheme was created in April, after the credit crunch led to a sudden drying-up of funding, forcing mortgage lenders to pull deals and hike their rates.
It lets banks and mortgage lenders borrow from the Bank of England, using their mortgage-backed assets as security.
As much as £200bn has been borrowed under the scheme, and there are strong fears in the market that funding could evaporate again once it closes to new lending on October 20.
King said the new scheme could accept new mortgage assets, as well as housing debts which they have had on their books for a while, but insisted that it would not provide long-term insurance.
"We will not be able to provide finance for the lifetime of a mortgage. We will only provide liquidity for a shortish period," explained King, insisting that the taxpayer would not take on the commercial risk of issuing mortgages.
Chancellor Alistair Darling is reportedly close to announcing a government plan to kick-start the UK housing market, which has suffered a sharp plunge in sales as prices have fallen steadily - partly because potential buyers have struggled to get a mortgage.
MUSIC FOR THE RYDER CUP
About a month ago I was listening to the radio BBC 5 Live when an advert came on for the BBC's coverage of the forthcoming Ryder Cup next week. It consisted of recordings of memorable moments from previous Ryder Cups played over some very stirring background music. I thought for a few seconds and then realised the music was from the film Gettysburg. I have not heard that advert since.
Gettysburg was the scene of the battle that turned the US Civil War towards the Union. The Confederacy had broken away due to the skullduggery of Albert Pike and a few other Europhile American Freemasons who were intent on keeping and expanding slavery in North and Central America.
So the question is, why would the BBC select such music for a 'battle' between America and Europe in the former confederate state of Kentucky, but then withdraw that music? Whoever selected that music must have heard the music from either watching the film or hearing the score for the film and also known the significance of Gettysburg.
Gettysburg was the scene of the battle that turned the US Civil War towards the Union. The Confederacy had broken away due to the skullduggery of Albert Pike and a few other Europhile American Freemasons who were intent on keeping and expanding slavery in North and Central America.
So the question is, why would the BBC select such music for a 'battle' between America and Europe in the former confederate state of Kentucky, but then withdraw that music? Whoever selected that music must have heard the music from either watching the film or hearing the score for the film and also known the significance of Gettysburg.
THE WAR AND MONEY EDUCATION SHOW
It appears that a lot of people were a bit annoyed with Channel 4 recently with their airing of The Sex Education Show. I didn't watch it myself. I've always had doubts about C4. The Daily Mail is reporting some of the things that were shown in the'programme'.
Despite its attempt to be alternative, C4 is nothing but another media whore to the satanists running the planet.
For instance, I cannot see C4 ever airing The War and Money Education Show in which I would present the facts about where our money comes from, who has the power to create money and how that power has been abused to engineer and finance world wars for the benefit of cabal of warmongeirng kiddie-fiddling megalomaniacs.
So who would show the Sex Education Show before 9pm, continuing the sexualization of children as with the Playboy brand, but would not show The War and Money Education Show?
The answer is plain to see for those with eyes wide open.
D'ya know what? I might make a small documentary myself called The War and Money Education Show and stick it on YouTube.
Despite its attempt to be alternative, C4 is nothing but another media whore to the satanists running the planet.
For instance, I cannot see C4 ever airing The War and Money Education Show in which I would present the facts about where our money comes from, who has the power to create money and how that power has been abused to engineer and finance world wars for the benefit of cabal of warmongeirng kiddie-fiddling megalomaniacs.
So who would show the Sex Education Show before 9pm, continuing the sexualization of children as with the Playboy brand, but would not show The War and Money Education Show?
The answer is plain to see for those with eyes wide open.
D'ya know what? I might make a small documentary myself called The War and Money Education Show and stick it on YouTube.
Monday, September 08, 2008
SOUTH OSSETIAN EYEWITNESS ACCOUNTS OF GEORGIA'S AGGRESSION
A month after that murdering bastard Saakashvili started bombing civilians in their beds in the middle of the night, some of the eyewitness accounts of his victims are being released.
European leaders say they want to know what happened and who started it all?
It was that murdering bastard Saakashvili, sucker of Soros' cock!
==============================
From http://www.russiatoday.com/ossetianwar/news/30071
Witnesses reveal 'Georgian atrocities'
The Russian General Prosecutor’s Office has provided non-governmental organisations (NGOs) with the first details from the inquiry into alleged war crimes by Georgian forces in South Ossetia between August 7 and 12.
All the data below has been provided by the Investigation Commission of the Russian General Prosecutor’s Office.
RT reproduces the information as part of a joint project with the Investigation Commission to make the information available.
Investigators collected more than 4,000 statements from people who claim they were victims of physical, material and moral attack as a result of the Georgian assault on South Ossetia.
The Russian General Prosecutor’s Office says Georgia’s military actions amounted to an attempt to ethnically cleanse the region of South Ossetians.
Witness accounts
The following statements were submitted to the Russian General Prosecutor’s Office by witnesses.
Larisa Khugayeva: “Georgian soldiers finished off the wounded and took prisoners from the civil population.”
Amiran Goyayev: “The Georgian army fired grenades into the basements where civilians were hiding, fired at those running away, ruined a wooden church in the village of Khetagurovo where people had found shelter”.
Artem Gobozov: “A car exploded in Tskhinval after being shot at with a self-propelled rocket launch system. The driver Yaroslav Valiyev and the passengers who were in the car with him were killed.”
Vyacheslav Gagloyev: “I saw soldiers of the Georgian army shoot dead Atsamat Gagloyev and Nuzgar Kozoyev and then cut their throats.”
Zhanna Safonova: “On August 7 the shelling started. It came from the Georgian village of Kekhvi. My friend Marina Chochieva and her children were shot on the Zar road by Georgian troops. All the people in the car were killed… I saw a lot of dead civilians in the hospitals of Tskhinval, including children.”
Lyudmila Tasoyeva: “A car carrying people was shot at by Georgians in Tskhinval. The family in the car, parents with two children, were still alive. Gasoline was poured over the car and it was set on fire".
Vali Bestayeva: “Georgian soldiers raped seven young women and then burned them alive in the village of Tsunari.”
Mikhail Tomayev: “On August 8 the mass shelling of Tskhinval started. Georgian troops entered the city and killed a pregnant woman who was running away. They stormed basements and killed civilians hiding there.”
Larisa Begayeva: “On August 8, at around 9am, Georgian tanks entered Tskhinval from near the Georgian village of Nikozi. They started to run over people who were running across a field, including women, children and old people. Some civilians hid in the church on Komarov street, and the Georgians, having seen that, blew up the building. All the people inside the church were killed.”
Findings of the investigation
The inquiry has established that 52 Russian peacekeepers were killed as a result of the Georgian army’s attack. Thirteen are missing and 229 are wounded.
A further 755 people were taken to hospitals in South Ossetia, five of them died later. Apartment buildings, schools, public buildings and infrastructure were destroyed in the city of Tskhinval and the villages of Khetagurovo, Dmenis, Sarabuk, Tbet, Zar, Rustav, Znaur, Didmukha, Ubiat, Mugrut, Arknet, Bekmar, Velit and Leningor.
The inquiry’s conclusions were reached after more than 600 observation missions to residential areas. A further 12 observation missions were made to Georgian firing positions and sites where peacekeeping forces operated. Many of these sites contained destroyed Russian and Georgian military equipment.
More than 5,000 items and documents have been collected as evidence of criminal actions by Georgian forces. These include military maps dealing with mass shelling of Ossetian residential areas.
European leaders say they want to know what happened and who started it all?
It was that murdering bastard Saakashvili, sucker of Soros' cock!
==============================
From http://www.russiatoday.com/ossetianwar/news/30071
Witnesses reveal 'Georgian atrocities'
The Russian General Prosecutor’s Office has provided non-governmental organisations (NGOs) with the first details from the inquiry into alleged war crimes by Georgian forces in South Ossetia between August 7 and 12.
All the data below has been provided by the Investigation Commission of the Russian General Prosecutor’s Office.
RT reproduces the information as part of a joint project with the Investigation Commission to make the information available.
Investigators collected more than 4,000 statements from people who claim they were victims of physical, material and moral attack as a result of the Georgian assault on South Ossetia.
The Russian General Prosecutor’s Office says Georgia’s military actions amounted to an attempt to ethnically cleanse the region of South Ossetians.
Witness accounts
The following statements were submitted to the Russian General Prosecutor’s Office by witnesses.
Larisa Khugayeva: “Georgian soldiers finished off the wounded and took prisoners from the civil population.”
Amiran Goyayev: “The Georgian army fired grenades into the basements where civilians were hiding, fired at those running away, ruined a wooden church in the village of Khetagurovo where people had found shelter”.
Artem Gobozov: “A car exploded in Tskhinval after being shot at with a self-propelled rocket launch system. The driver Yaroslav Valiyev and the passengers who were in the car with him were killed.”
Vyacheslav Gagloyev: “I saw soldiers of the Georgian army shoot dead Atsamat Gagloyev and Nuzgar Kozoyev and then cut their throats.”
Zhanna Safonova: “On August 7 the shelling started. It came from the Georgian village of Kekhvi. My friend Marina Chochieva and her children were shot on the Zar road by Georgian troops. All the people in the car were killed… I saw a lot of dead civilians in the hospitals of Tskhinval, including children.”
Lyudmila Tasoyeva: “A car carrying people was shot at by Georgians in Tskhinval. The family in the car, parents with two children, were still alive. Gasoline was poured over the car and it was set on fire".
Vali Bestayeva: “Georgian soldiers raped seven young women and then burned them alive in the village of Tsunari.”
Mikhail Tomayev: “On August 8 the mass shelling of Tskhinval started. Georgian troops entered the city and killed a pregnant woman who was running away. They stormed basements and killed civilians hiding there.”
Larisa Begayeva: “On August 8, at around 9am, Georgian tanks entered Tskhinval from near the Georgian village of Nikozi. They started to run over people who were running across a field, including women, children and old people. Some civilians hid in the church on Komarov street, and the Georgians, having seen that, blew up the building. All the people inside the church were killed.”
Findings of the investigation
The inquiry has established that 52 Russian peacekeepers were killed as a result of the Georgian army’s attack. Thirteen are missing and 229 are wounded.
A further 755 people were taken to hospitals in South Ossetia, five of them died later. Apartment buildings, schools, public buildings and infrastructure were destroyed in the city of Tskhinval and the villages of Khetagurovo, Dmenis, Sarabuk, Tbet, Zar, Rustav, Znaur, Didmukha, Ubiat, Mugrut, Arknet, Bekmar, Velit and Leningor.
The inquiry’s conclusions were reached after more than 600 observation missions to residential areas. A further 12 observation missions were made to Georgian firing positions and sites where peacekeeping forces operated. Many of these sites contained destroyed Russian and Georgian military equipment.
More than 5,000 items and documents have been collected as evidence of criminal actions by Georgian forces. These include military maps dealing with mass shelling of Ossetian residential areas.
Friday, September 05, 2008
CHANGE
Obama : "Change".
Biden : "Change".
McCain : "Change".
Palin: "Change".
That McCain wants to change things is a damning indictment on 8 years of warmongering by Bush and Cheney. McCain did not mention either of them once in his acceptance speech! Good job, boys!
But will change occur through Obama or McCain?
"Give me control of a nation's currency and I care not who makes the laws."
The Federal Reserve will still be issuing intergalactic spaceship loads of paper money and electronic credit.
Israel will still receive billions to continue its repression of Palestine that drives Islamic fundamentalist terrorism.
And the US military will still receive trillions to expand the American empire into Russia, South America and anywhere with natural resources and people to be ruthlessly exploited.
Change?
Can a Satanist paedophile change?
As long as that pentagram remains unseen by those with eyes wide shut, there will never be the change we, and by that I mean the whole world, really needs.
Biden : "Change".
McCain : "Change".
Palin: "Change".
That McCain wants to change things is a damning indictment on 8 years of warmongering by Bush and Cheney. McCain did not mention either of them once in his acceptance speech! Good job, boys!
But will change occur through Obama or McCain?
"Give me control of a nation's currency and I care not who makes the laws."
The Federal Reserve will still be issuing intergalactic spaceship loads of paper money and electronic credit.
Israel will still receive billions to continue its repression of Palestine that drives Islamic fundamentalist terrorism.
And the US military will still receive trillions to expand the American empire into Russia, South America and anywhere with natural resources and people to be ruthlessly exploited.
Change?
Can a Satanist paedophile change?
As long as that pentagram remains unseen by those with eyes wide shut, there will never be the change we, and by that I mean the whole world, really needs.
Thursday, September 04, 2008
WHO HAS THE MOST ROYAL GENES; MCCAIN OR OBAMA?
As a rule, the Presidency of the United States is not decided by the ballot box, but by genetics.
Obama's origin is allegedly not what we are told.
So this election (if the outcome of a sneak attack on Iran doesn't cancel it) could be interesting.
Obama's origin is allegedly not what we are told.
So this election (if the outcome of a sneak attack on Iran doesn't cancel it) could be interesting.
Wednesday, September 03, 2008
GOD ON TRIAL? ARE THEY TALKING OF MAX WARBURG?
Watch "God on Trial", a drama on BBC 2 tonight. Set in Auschwitz, a group of inmates hold a mock trial of God, asking how could God allow such evil?
Perhaps there isn't a God as we are led to believe.
Or perhaps the God they are referring to is not some bearded killjoy in white robes but a Jewish banker called Max Warburg?
Warburg was instrumental in developing the Nazi state. He owned M M Warburg which was the bank to the German government. He sat on the board of The Reichsbank which directed the Nazi economy. He sat on the board of I G Farben which bankrolled the Nazis.
And in 1936 Max Warburg claimed to Rahel Liebeschutz that he was "the God of the Jews".
Warburg jumped ship in 1938, just in time.
The Warburgs, along with the Rothschilds and Schiffs, controlled The Federal Reserve and many other banks which could easily have created millions if not billions of dollars (they did so to finance WW2) and bought the freedom of German and Polish Jews when such proposals were made by the Nazis.
But instead, camps like Auschwitz were created to murder millions of Jews for emotional blackmail and anger to get Israel created, which has since created international terrorism, Big Brother police states and related military conflicts.
To be fair to Max Warburg he was only a representative in Germany of a cabal of ruthless, warmongering megalomaniacs based in Wall Street and The City of London.
It is they who should be on trial, along with Warburg.
Perhaps there isn't a God as we are led to believe.
Or perhaps the God they are referring to is not some bearded killjoy in white robes but a Jewish banker called Max Warburg?
Warburg was instrumental in developing the Nazi state. He owned M M Warburg which was the bank to the German government. He sat on the board of The Reichsbank which directed the Nazi economy. He sat on the board of I G Farben which bankrolled the Nazis.
And in 1936 Max Warburg claimed to Rahel Liebeschutz that he was "the God of the Jews".
Warburg jumped ship in 1938, just in time.
The Warburgs, along with the Rothschilds and Schiffs, controlled The Federal Reserve and many other banks which could easily have created millions if not billions of dollars (they did so to finance WW2) and bought the freedom of German and Polish Jews when such proposals were made by the Nazis.
But instead, camps like Auschwitz were created to murder millions of Jews for emotional blackmail and anger to get Israel created, which has since created international terrorism, Big Brother police states and related military conflicts.
To be fair to Max Warburg he was only a representative in Germany of a cabal of ruthless, warmongering megalomaniacs based in Wall Street and The City of London.
It is they who should be on trial, along with Warburg.
Monday, September 01, 2008
CAN YOU TELL ME WHY THE FOLLOWING COMMENT WAS DELETED BY THE OBSERVER?
In repsonse to our glorious Bilderberg leader Gordon Brown's comment in The Observer yesterday about how we will deal with Russia I posted the following comment. A few hours later it had been deleted without any explanation. So I reposted, with what I thought may be the offending statements removed (points 1 and 12 in which I refer to Brown and Miliband as idiots), and that has also been deleted without any comment.
Comment is free, eh?
BOLLOCKS!
==================================================================
Gordon
1. stop being an idiot like that idiot Miliband
2. tell us what you said at Bilderberg 1991 and what was said by other attendees
3. Saakashvili was injected into Georgia by your fellow Bilderberger and Nazi collaborator George Soros
4. Georgia started the war, killing many Ossetian civilians and Russia quickly stopped it
5. Russia has many nukes
6. global warming is a Club of Rome/Bilderberg scam
7. Russia has great energy reserves
8. Russia did not invade Iraq and Afghanistan, killing approximately 1 million civilians, over blatant lies of WMD and links to 9/11.
9. resign, ask all the other Bilderbergers in your government to resign, and give us our country back
10. spend more time with your family and reflect on your treachery to the human race by collaborating with Bilderberg.
11. begin compiling a book of interviews with your fellow Bilderbergers, called "Memoirs of Bilderberg", in which they relate what they said and what others said during their attendance. It would be one of those books that re-writes history, much like those by Antony C Sutton.
12. again, stop being an idiot, and think of the ordinary British people and not those in The City of London
Comment is free, eh?
BOLLOCKS!
==================================================================
Gordon
1. stop being an idiot like that idiot Miliband
2. tell us what you said at Bilderberg 1991 and what was said by other attendees
3. Saakashvili was injected into Georgia by your fellow Bilderberger and Nazi collaborator George Soros
4. Georgia started the war, killing many Ossetian civilians and Russia quickly stopped it
5. Russia has many nukes
6. global warming is a Club of Rome/Bilderberg scam
7. Russia has great energy reserves
8. Russia did not invade Iraq and Afghanistan, killing approximately 1 million civilians, over blatant lies of WMD and links to 9/11.
9. resign, ask all the other Bilderbergers in your government to resign, and give us our country back
10. spend more time with your family and reflect on your treachery to the human race by collaborating with Bilderberg.
11. begin compiling a book of interviews with your fellow Bilderbergers, called "Memoirs of Bilderberg", in which they relate what they said and what others said during their attendance. It would be one of those books that re-writes history, much like those by Antony C Sutton.
12. again, stop being an idiot, and think of the ordinary British people and not those in The City of London
Subscribe to:
Posts (Atom)