The Slog: The
global roll-out of thieving from citizen savers continues. I missed
this three days ago, but I’m grateful to a US Slogger for pointing it
out to me: on March 22nd, Federal Reserve Chairman Ben Bernanke refused
to say that the United States will not use Cypriot techniques of taxing
the people by confiscating a percentage of their savings accounts.
During a press conference held to explain his view on economic
conditions in the United States, Bernanke said his meetings with the
Federal Open Market Committee drew him to the conclusion that the
economic outlook is “following its own pre-established
expectations”….which could of course mean down a mineshaft or up in an
Atlas rocket.
However, when pressed about whether an EC-style approach to Cyprus
(involving taking money from savers) might be on the cards in the US,
Bernanke spoke less than plainly.
The government of Cyprus last week accepted the principle of stealing funds from private citizens as a condition to get a so-called ‘bailout’ from the five-humped camel of eurozone aid. “I was wondering if you can tell me,” one reporter asked optimistically, “how if a run on the banks happens in Cyprus, how that might affect U.S. markets. And also is it possible for the U.S. to levy a tax on regular deposits here? Or why not?”
Bernanke replied somewhat oddly, “the only trigger for actions such as the ones taken in Cyprus would be if depositors panicked”. I say ‘oddly’ because surely the catalyst for panic would be, um, if news leaked that the US Government was indeed about to rob depositors.
Either way, by not stating clearly whether it could happen in the U.S. or not, Bernanke effectively suggested that the door is open for money-seizing in the U.S.
Bernanke added that he believed it to be unlikely that a Cyprus’
scenario could replicate in the United States. He then reminded the
audience that in the U.S. the FDIC insures savings and that this fact is
an assurance for depositors who may be concerned. However, as The Slog
revealed two days ago, the FDIC recently wrote a paper jointly with the Bank of England openly suggesting depositor haircuts.
Indeed, in February 2012 President Obama expressed concern about the FDIC’s ability to meet its obligations, suggesting that the entity could easily become insolvent. On March 4, Congresswoman Chairman Sheila Bair went further in saying that the FDIC was on its way to becoming insolvent, and that its job to insure bank deposits must therefore be in danger.
In the case of Cyprus, its own government’s word came to nought, because European bankers had that government by the balls: it is they who decided what would be done in Spain, Greece, Portugal, Italy, and latterly in Cyprus.
However, when pressed about whether an EC-style approach to Cyprus
(involving taking money from savers) might be on the cards in the US,
Bernanke spoke less than plainly.The government of Cyprus last week accepted the principle of stealing funds from private citizens as a condition to get a so-called ‘bailout’ from the five-humped camel of eurozone aid. “I was wondering if you can tell me,” one reporter asked optimistically, “how if a run on the banks happens in Cyprus, how that might affect U.S. markets. And also is it possible for the U.S. to levy a tax on regular deposits here? Or why not?”
Bernanke replied somewhat oddly, “the only trigger for actions such as the ones taken in Cyprus would be if depositors panicked”. I say ‘oddly’ because surely the catalyst for panic would be, um, if news leaked that the US Government was indeed about to rob depositors.
Either way, by not stating clearly whether it could happen in the U.S. or not, Bernanke effectively suggested that the door is open for money-seizing in the U.S.
Bernanke added that he believed it to be unlikely that a Cyprus’
scenario could replicate in the United States. He then reminded the
audience that in the U.S. the FDIC insures savings and that this fact is
an assurance for depositors who may be concerned. However, as The Slog
revealed two days ago, the FDIC recently wrote a paper jointly with the Bank of England openly suggesting depositor haircuts.Indeed, in February 2012 President Obama expressed concern about the FDIC’s ability to meet its obligations, suggesting that the entity could easily become insolvent. On March 4, Congresswoman Chairman Sheila Bair went further in saying that the FDIC was on its way to becoming insolvent, and that its job to insure bank deposits must therefore be in danger.
In the case of Cyprus, its own government’s word came to nought, because European bankers had that government by the balls: it is they who decided what would be done in Spain, Greece, Portugal, Italy, and latterly in Cyprus.
The lesson from this and previous posts on the subject is crystal
clear: we can no longer trust any banking institution to defend our
savings against State rape. Indeed – when in dire straits – they will
actively encourage it.
The Slog: No smoke without fire. Following
a Slogger alerting me to the subject, I understand from nuclear expert
sources that that what the BBC wrote off as ‘extreme weather conditions’
at the UK’s Sellafield plant may well have been rather more. Sellafield
Ltd said a shutdown, which came as snow and high winds affected the
county, was ‘to allow staff to leave early and get home safely.’ The
incident occurred, it seems, some time in the last five days.
This doesn’t entirely explain why several workers were asked to wear gas masks and protective clothing. More protesting from Sellafield Ltd followed: “There is no reason to believe that there will be any off-site nuclear, environmental or conventional safety issues associated with the incident. The priority for the team is to protect our workforce, the community and the environment.” It said the shutdown was nothing to do with the work at the site and there were no safety issues. A spokesman Karl added: “This is purely a safety issue because of the high winds and snow…we want our 8,500 workers to go early and get home safely.” Without their noses lighting up and so forth.
I have obtained graphs from four Irish airports, all of which show an airborne radiation blip shortly after the incident. In fact, some graphs supplied to me by an offshore source suggest, as he puts it, “Clouds of radon are hitting the monitors randomly, but the timing of the hits is most relevant here I believe. The low level wind chart shows the wind blowing to the north west, and it is possible some has moved down the channel as the east coast of Ireland shows a higher reading on the coastal monitoring stations. But the whole of Ireland looks like it is getting a hit. The winds taking the main plume out to the Atlantic are likely to bring this contamination back to either Ireland or even the UK as there is a moving LOW pressure zone west of Ireland.”
Might be something to keep an eye on, this little harmless incident.
Cawkwell’s dart. Many of you will have seen the story about the dating site Cupid’s dramatic fall in value. It lost 60% on the London stock exchange last Friday, following allegations of wrongdoing in the press. Some in the City, however, are more concerned about the way in which the company is being ruthlessly shorted, possibly after some insider trader – perhaps even misinformed insider trading – had the company on its knees by the weekend. Says one source, “The shorters are trying to make a killing. Simon Cawkwell is one. He is shorting the company and really hammering it on [forums]. He has done this alot on several companies and I really think his hypocrisy is staggering – and his use of these forums just for his own self interest.”
I wonder, shouldn’t somebody be policing these forums rather more carefully on the basis of ‘directionalising’ for one’s own benefit?
Injustice and insecurity. Are enough people following the shabby tale of The Justice and Security Bill which, if it becomes law, will enable judicial trials to be held in secret……with the usual draconian gagging orders against anyone who blows the whistle about them.
The bill has now gone through all stages in the House of Commons, and will go to the House of Lords for consideration. It’s well on the way to becoming law…..and some of its clauses are too horrendous to contemplate if you have a sensible (as opposed to mad) grasp of citizen liberties. The bill can be judged in more detail at http://services.parliament.uk/bills/2012-13/justiceandsecurity.html.
It was sponsored in the Commons by none other than Justice Minister Kenneth Clarke, whose ministerial title, I assume, is meant to be vaguely ironic. Personally, I find it hugely funny.
Source
banzai7
Imminent Global 'death spiral'
RT: Former World Bank economist Richard Duncan appeared on CNBC over the weekend explaining how the US government is delaying the economy from going into a "debt deflation death spiral" and explained how a massive depression unavoidable. According to reports, many experts share the same concern that America will go through a severe state and when this happens the world economy will follow. Peter Schiff, president of Euro Pacific Capital, explains the situation and what can be done to solve this issue.
Source
_____________________________
Smoke Signals
The Slog: No smoke without fire. Following
a Slogger alerting me to the subject, I understand from nuclear expert
sources that that what the BBC wrote off as ‘extreme weather conditions’
at the UK’s Sellafield plant may well have been rather more. Sellafield
Ltd said a shutdown, which came as snow and high winds affected the
county, was ‘to allow staff to leave early and get home safely.’ The
incident occurred, it seems, some time in the last five days.This doesn’t entirely explain why several workers were asked to wear gas masks and protective clothing. More protesting from Sellafield Ltd followed: “There is no reason to believe that there will be any off-site nuclear, environmental or conventional safety issues associated with the incident. The priority for the team is to protect our workforce, the community and the environment.” It said the shutdown was nothing to do with the work at the site and there were no safety issues. A spokesman Karl added: “This is purely a safety issue because of the high winds and snow…we want our 8,500 workers to go early and get home safely.” Without their noses lighting up and so forth.
I have obtained graphs from four Irish airports, all of which show an airborne radiation blip shortly after the incident. In fact, some graphs supplied to me by an offshore source suggest, as he puts it, “Clouds of radon are hitting the monitors randomly, but the timing of the hits is most relevant here I believe. The low level wind chart shows the wind blowing to the north west, and it is possible some has moved down the channel as the east coast of Ireland shows a higher reading on the coastal monitoring stations. But the whole of Ireland looks like it is getting a hit. The winds taking the main plume out to the Atlantic are likely to bring this contamination back to either Ireland or even the UK as there is a moving LOW pressure zone west of Ireland.”
Might be something to keep an eye on, this little harmless incident.
Cawkwell’s dart. Many of you will have seen the story about the dating site Cupid’s dramatic fall in value. It lost 60% on the London stock exchange last Friday, following allegations of wrongdoing in the press. Some in the City, however, are more concerned about the way in which the company is being ruthlessly shorted, possibly after some insider trader – perhaps even misinformed insider trading – had the company on its knees by the weekend. Says one source, “The shorters are trying to make a killing. Simon Cawkwell is one. He is shorting the company and really hammering it on [forums]. He has done this alot on several companies and I really think his hypocrisy is staggering – and his use of these forums just for his own self interest.”
I wonder, shouldn’t somebody be policing these forums rather more carefully on the basis of ‘directionalising’ for one’s own benefit?
Injustice and insecurity. Are enough people following the shabby tale of The Justice and Security Bill which, if it becomes law, will enable judicial trials to be held in secret……with the usual draconian gagging orders against anyone who blows the whistle about them.
The bill has now gone through all stages in the House of Commons, and will go to the House of Lords for consideration. It’s well on the way to becoming law…..and some of its clauses are too horrendous to contemplate if you have a sensible (as opposed to mad) grasp of citizen liberties. The bill can be judged in more detail at http://services.parliament.uk/bills/2012-13/justiceandsecurity.html.
It was sponsored in the Commons by none other than Justice Minister Kenneth Clarke, whose ministerial title, I assume, is meant to be vaguely ironic. Personally, I find it hugely funny.
Source
banzai7
_______________________
Imminent Global 'death spiral'
RT: Former World Bank economist Richard Duncan appeared on CNBC over the weekend explaining how the US government is delaying the economy from going into a "debt deflation death spiral" and explained how a massive depression unavoidable. According to reports, many experts share the same concern that America will go through a severe state and when this happens the world economy will follow. Peter Schiff, president of Euro Pacific Capital, explains the situation and what can be done to solve this issue.
Source
No comments:
Post a Comment