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15 Comments
Rising gold got you down? Call the BIS at 1-800-RIG-MKTS
You never know what sort of compromising documents central bankers will leave lying around, confident that the mainstream financial news media throughout the world have no more curiosity or insight than, say, Kitco gold market analyst Jon Nadler, who maintains with a straight face that central banks have no interest in manipulating the gold market. (See .)
GATA’s main work is to document and publicize that rigging –
http://www.gata.org/taxonomy/term/21
– and our assiduous researcher R.N. this month discovered more such documentation in a 24-page brochure prepared by the Bank for International Settlements to introduce itself to prospective members at a seminar at BIS headquarters in Basle, Switzerland, in June 2008. The brochure includes an advertisement for the gold market-rigging services provided by the BIS to its 50 or so member central banks. Page 17 of the brochure touts “Our Products,” including “Gold & Forex Services — Interventions.”
The BIS brochure is posted at GATA’s Internet site here:
http://www.gata.org/files/BISAdvertisesGoldInterventions.pdf
So, is your currency sinking as you borrow and print like crazy, unable to keep up with stupid wars, counterproductive social welfare schemes, and corrupt political patronage? No problem — let the BIS fix things for you. Just give them a call at 1-800-RIG-MKTS.
http://www.gata.org/node/11012
Is Obama Getting Serious About Bank Fraud?
Bill Black: Are Pres. Obama’s new measures effective or window dressing?
And the third win in the win-win-win is democracy, because if you allow systemically dangerous banks, what they do first is hold hostage the national economy. They say, you do anything to me and the entire economy comes down. And, of course, (b) they have so many resources that neither party is willing to take them on. And we’ve run a real-world test, right? We had a global disaster, a global, worldwide—nearly worldwide recession. In the United States alone the household sector lost $11 trillion. And we still have nobody in either party seriously willing to take on and shrink the banks.
http://jessescrossroadscafe.blogspot.com/2012/02/is-obama-getting-serious-about-bank.html
How Goldman Sachs helped mask Greece’s debt
20 February 2012
Eurozone finance ministers are holding talks in Brussels aimed at securing a second vital bailout for Greece. France’s Finance Minister Francois Baroin has said all the elements are in place for a deal.
Nick Dunbar, author of The Devil’s Derivatives, revealed how the country turned to investment bank Goldman Sachs for help getting around the deficit rules.
In his report for Newsnight, some of those who did the deal, talk publicly for the first time.
http://www.bbc.co.uk/news/world-europe-17108367
Why Inequality Matters: The Housing Crisis, The Justice System & Capitalism
By Bruce Judson
February 20th, 2012
Extreme economic inequality is among the most destructive forces in a society. As inequality grows, it undermines the effective functioning of the economy, the basic tenets of capitalism, and the foundations of democracy.
Unfortunately, the housing crisis and now the housing settlement increasingly look like an example of how this mechanism works.
One of the central characteristics of highly unequal societies is that two sets of laws develop: One set for the rich and powerful and one set for everyone else. The more unequal societies become, the more easily they accept the unacceptable, and with each unrebuked violation, the powerful actors at the top of the society gain an ever greater sense of entitlement and an ever greater sense that the laws that govern everyone else don’t apply to them. As a result, their behavior becomes increasingly egregious.
http://jessescrossroadscafe.blogspot.com/2012/02/why-inequality-matters-saving.html
Wealthy Enriched by Double-Dipping U.S. Plan
Repeat Participants
In addition to the Agrawals, repeat participants identified by Bloomberg include:
– Four Glendale, Arizona, builders who won $142 million in awards for the disadvantaged since 1996 as part of $364 million in total government contracts, all at the same address.
Dennis Shaw, 42, bought a desert estate for $3.1 million and reported a net worth of $13.4 million in 2007, two years after graduating from the program, property records and court documents show. His company, EPC Corp., was the first of four at the same address to enter the program. He also held options on the successor firm, Candelaria Corp., according to his personal financial statement. That company’s owner, Reggie Candelaria Jr., 42, paid $2.4 million for a Tuscan-style residence with eight bathrooms while in the program.
Shaw said in a telephone interview that the companies continued to participate through joint ventures and mentoring agreements. Candelaria blocked a reporter’s entrance to the property by padlocking the front gate.
“No comments today,” he said.
http://www.bloomberg.com/news/2012-02-21/wealthy-enriched-by-double-dipping-u-s-plan.html
The Greek Tragedy and Great Depression lessons not learned
That is why the Greek government wants to bolster its now junk-rated banks (in addition to the money that banks are getting directly from bailout-for-austerity loans) and foreign ones, at the cost of hurting the population. But since the economy (even at its healthiest level ever) can’t sustain its bailout borrowing costs (as opposed to its operating costs which would have been payable without the increased rates and bailout principle mixed in), this is an unstoppable downward spiral.
Greece’s GDP has contracted 13% (by 7% in the last quarter of 2011) from a late 2008 record high. (By comparison, the United Kingdom’s GDP has fallen by 20% in the same period, and though its unemployment rate has risen, its borrowing costs remain manageably low, making it cheaper to sustain its banks.) Greece’s savings rate at 7.5% is at three decade lows (but still higher than that of the US).
http://www.nomiprins.com/thoughts/2012/2/21/the-greek-tragedy-and-great-depression-lessons-not-learned.html
What If Democracy Is Bunk?
by Andrew P. Napolitano
What if the purpose of democracy is to convince people that they could prosper not through the creation of wealth but through theft from others?
What if the government bribes people with the money it prints?
http://lewrockwell.com/napolitano/napolitano42.1.html
Janet Tavakoli — MUST SEE Internet TV
http://market-ticker.org/akcs-www?post=202446
The Playbook
In any event, they are not done with this playbook by any means. We need to look to Europe now to see what TPTB have in store for us. This is the consummate problem, reaction, solution game being played for all the marbles. First, you get the problem “spiking interest rates for the peripheral countries.” Then the “reaction,” financial panic and fear. Finally the “solution.” The placement of unelected technocrats as the leaders of Greece and Italy with ties to all the power structure’s institution such as the Trilateral Commission, the Bilderberg group and of course Goldman Sachs. It is like a coup that takes the shadow government from the shadows and puts them in your face. The reason that this is so key is because we are next. They don’t want to roll up everything at once. If they can get Europe safely consolidated then they will move here. That is when interest rates in the U.S. will spike (problem), and we get panic (reaction) and then the solution (bankster technocratic committees in charge and the IMF to the rescue, ie loss of sovereignty). This is the plan and I see it as clear as day.
http://www.zerohedge.com/news/mike-krieger-presents-playbook?
Family of three dies from apparent starvation in Japan
More than 700 people have died of apparent starvation since 2000, according to the health ministry. Fears are growing that job losses among middle-aged men and the impact of the 11 March disaster will push the number higher in the coming years.
“This is not something you’d expect in a developed country like Japan, but people are struggling to find jobs,” ABC News quoted Norimichi Goishi of the Tokyo Institute for Municipal Research as saying.
“Local officials can’t always reach those in need. Deaths related to starvation are a lot more common than we think.”
http://www.guardian.co.uk/world/2012/feb/24/family-die-starvation-japan
In Part 1 we talk about the fall of Greece at the hands of the IMF banksters
http://sgtreport.com/2012/02/must-hear-ranting-andy-hoffman-1000-4000-silver-the-demise-of-the-bankster-cartel/
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