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Bank Of International Settlements Warns To Ignore Banker "Doomsday Scenario" Fearmongering And Racketeering

Tyler Durden's picture




 

Over the past two years, the one strategy that has elicited the greatest amount of anger in the general population has been the traditional resolution to the "lowest common denominator" strategy of fearmongering or racketeering by the financial elite, any time it was faced with a status quo extinction event. The primary example is the Fed and Clearinghouse Association's threat that should the Fed be forced to disclose the details of its bailout of various banks (as two courts have already ordered it to do), the result would be the greatest run on US banks in history: "If the names of our member banks who borrow emergency funds are publicly disclosed, the likelihood that a borrowing bank's customers, counterparties and other market participants will draw a negative inference is great." This is nothing but the patronizing of the broader population by those who seek to preserve their millions in bonuses, while disguising their hypocrisy in bluster, and hoping that the topic will be promptly forgotten. Curiously one entity that has decided to take on this "fire and brimstone" head on and to warn the general population to ignore the bankers "doomsday scenarios" is the bankers' bank, the BIS. As the FT reports, according to a soon to be released report by the bank's Chief Economic Advisors Stephen Cecchetti, "Banks are exaggerating the economic effects of the regulations they are likely to face in the coming years." While his focus is on the implications of the passage of the Basel III treaty, and to preempt counter lobbying by the bank themselves, his argument can be extended to ever instance in which banks present scenarios of collapse should they not get their way: as Cecchetti points out: "the banks’ “doomsday scenarios” were based on their assuming “the maximum impact of the maximum change with the minimum behavioural change.” This is a huge point, as it means that even the failure of the TBTF banks could have been mitigated in the context of a controlled (and even uncontrolled) bankruptcy, and the only reason they were bailed out was to preserve the equity interests and the existing management team, period. This also means that the Fed and Treasury are nothing but vehicles for perpetuating Wall Street's status quo, as we have claimed from the very beginning.

More from the FT:

Mr Cecchetti, who has been given a mandate to assess the economic effects of the “Basel III” reforms by the Basel Committee on Banking Reform and the Financial Stability Board, is adamant the transitional costs of requiring banks to hold more capital and be more robust to sudden demands for funds “aren’t huge”.

The estimates are still a work in progress, but he said that his sense was that “the net impact of the Basel committee reforms on growth will be negligible” and well within normal forecast errors. Average errors of economic forecasts for the level of global output on the relevant time horizon are lower than 0.5 per cent and far lower than industry estimates that the regulations could wipe 5 per cent from the world economy.

In the longer term, Mr Cecchetti said the result of a safer banking system would provide economic benefits rather than costs.
“Our preliminary assessment is that improvements to the resilience of the financial system will not permanently affect growth – except for possibly making it higher.”

 Cecchetti continues:

He gave three examples of banks over-estimating the likely effects of the new regulations, which are due to be agreed by the end of the year, with gradual implementation expected to start in 2012.

First, he said banks were claiming that new liquidity rules would force them to swap large quantities of high-yielding loans for low-yielding government bonds, which would have an impact on their profitability and lending. Instead, he said, they could comply with the rules by lengthening the maturity of their liabilities so they better matched those of their assets at much lower cost.

Second, he said, they assumed investors would demand the same returns on new tranches of equity capital when this equity would make banks more resilient, lowering risk to equity holders and the cost to banks.

And third, he said, the warnings of high costs relied on banks’ estimates that the new rules would reduce credit growth and economic growth severely. “We must always keep in mind that one of the causes of the crisis was that credit growth was too fast,” he said.

If even the expert bankers of the Central Banks' Central Bank are
saying enough to banking fearmongering, it is time our own politicians
followed suit. But here is where the core problem arises: politicians are nothing but bought and paid for puppets of the financial system. And by consistently siding with the Fed and Wall Street in their baseless threat, the public's anger should be just as focused on Congress and Senate as it is on Wall Street. And while a purge of Wall Street can not occur within the confines of our legal system, as noted keenly by "The International", politicians can at least be voted out. Which is why we are confident there will be an incumbent bloodbath come November, as D.C. is nothing more than a lighting rid for all the pent up anger from years of patronizing (not to mention robbery) by the financial "elite" which always knows what is best for the US middle class, especially if that something involves getting even deeper in debt-facilitated slavery.

 

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Mon, 05/31/2010 - 21:27 | 385279 wmdonovan2000@y...
wmdonovan2000@yahoo.com's picture

Word

Mon, 05/31/2010 - 21:49 | 385323 Gully Foyle
Gully Foyle's picture

Church

Mon, 05/31/2010 - 22:11 | 385365 Problem Is
Problem Is's picture

   Truth.

 

                  Fact.

 

Mon, 05/31/2010 - 22:25 | 385399 ZerOhead
ZerOhead's picture

Nope! Free money forever!

Instead, he said, they could comply with the rules by lengthening the maturity of their liabilities so they better matched those of their assets at much lower cost.

Tue, 06/01/2010 - 00:27 | 385659 Problem Is
Problem Is's picture

Fact:
"here is where the core problem arises: politicians are nothing but bought and paid for puppets of the financial system."

Truth:
"And by consistently siding with the Fed and Wall Street in their baseless threat, the public's anger should be just as focused on Congress and Senate as it is on Wall Street."

Fact:
"And while a purge of Wall Street can not occur within the confines of our legal system, as noted keenly by "The International", politicians can at least be voted out"

Mon, 05/31/2010 - 21:28 | 385282 Monkey Craig
Monkey Craig's picture

This fear mongering is like terrorism.

Mon, 05/31/2010 - 23:34 | 385557 Crab Cake
Crab Cake's picture

Their fear mongering, aka extortion, IS terrorism. 

Tue, 06/01/2010 - 09:19 | 386251 JW n FL
JW n FL's picture

***** "politicians are nothing but bought and paid for puppets of the financial system." *****

***** "And by consistently siding with the Fed and Wall Street in their baseless threat" *****

='s Terrorism...

They accidently, by trying to maintain the forever / never-ending Bonus gravy train... killed the markets... they were more interested in Bonus monies than making money, for the company that is... Damn the Company, where the FUCK! is my Bonus? And because of the Corporate Culture of legislating for Market Share was / is so prevalent... manipulating the Whores was easy... the Whores were already on the books... The cultures of America are failing America, I don't think Trillions in debt is the problem... Our Problem is we, as a Country give Tax Breaks to people who move Jobs off shore / out of America while running up Trillions in new debt... we as a Country let Corporate idiots cut their noses off to spite their face... and on an fucking on... the list goes.

The point still remains, we need a way to pay for all of this spending if we are to make it to the other side... energy production at home, that’s a Great Taxable Start. Instead of sending our money to the UAE... we can tax the shit out of ourselves, how very American.

The debt is not the problem... we as a Country are so weak that we can Not, right now... pay for the debt going forward. We need to produce more and sell more, or not? Growing Corn and buying it back for $100's of Billions every fucking year... is not producing anything, corn has ZERO Nutritional Value and Sugar Cane makes for more rich fuel... why? in the fuck? are we pissing in the wind? CORN WELLFARE! and those rednecks who get those monies are the loudest ones, always talking about who is on Food Stamps and WellFare... never stopping to think who costs the U.S. more... the Professional Growers WellFare or the poor... who's lobby is better financed? who's lobby owns more Whores? the poor's? lobby? or Farming?

This Country is ass backwards in almost everything it does, Hypocrisy is King! it’s not the dead weight of the poor, its the expense of the well funded lobbies... who drain the life blood of the Country out every day... the Lobbies who do in fact make sure the Trough of Tax Dollars runneth over for all of their clients... benefit to the Country? who cares? we don't need a Country we need Bonus Monies, Corn WellFare and a Lobby with Direct Access (dollar wise, in multiples of the Whores pay grade)...

If the party is over, it’s not because we can Not handle the debt... its because we don't have a real way to pay for the debt... and lets just skip that fact that there is not enough CHEAP! Energy (oil) to go around...Peak Affordable Oil! Not peak oil, Peak! Affordable! Oil!

 

Sweet light crude… 200 feet beneath the desert floor… $50 bucks a barrel.

Sour / Heavy crude… 7,000 feet beneath the water… another 15,000 feet beneath the ocean floor… Not $50 bucks a barrel, not even $70 a barrel and you could make the logical leap that $100 a barrel doesn’t cover costs either… so, ponder this… if you think the price of Gold is being manipulated, what do you think is going on with the Price of Oil? The Oil Fairy God Mother?! is sprinkling magic oil dollar dust around?

 

There is soooooooooo much wrong that is going on and people don’t even care to see it!

 

Tue, 06/01/2010 - 10:28 | 386379 hedgeless_horseman
hedgeless_horseman's picture

Sweet light crude… 200 feet beneath the desert floor… $50 bucks a barrel.

 

Sour / Heavy crude… 7,000 feet beneath the water… another 15,000 feet beneath the ocean floor… Not $50 bucks a barrel, not even $70 a barrel and you could make the logical leap that $100 a barrel doesn’t cover costs either… so, ponder this… if you think the price of Gold is being manipulated, what do you think is going on with the Price of Oil? The Oil Fairy God Mother?! is sprinkling magic oil dollar dust around?

I do not agree with you analysis of domestic agriculture.  However, your rant on oil market manipulation is spot on with my feelings on this matter.

Those crazy LATOC folks might not be so crazy.  However, if I had to predict what America might look like in 50 years I would say less like Mad Max and more like 1960's China.

Mon, 05/31/2010 - 21:34 | 385293 Matto
Matto's picture

!!

Mon, 05/31/2010 - 21:36 | 385297 Ned Zeppelin
Ned Zeppelin's picture

I think we have the material we need to dump into that GOM well, and it is the executives of the TBTFs. At least we won't run out, or suffer from lack of weight.  Dimon, Blankfein, dead weight, dead wood, all of them. Fire in the hole.

Scum, all of them.  We should be ashamed of ourselves for putting up with this nonsense. Bring back Glass Steagall, bankrupt the insolvents, and get on with life.  No taxation for bailouts - period.

Mon, 05/31/2010 - 21:40 | 385304 Monkey Craig
Monkey Craig's picture

+1

Mon, 05/31/2010 - 22:39 | 385430 Votewithabullet
Votewithabullet's picture

Your ideas are reasonable but they are like you, a Lead Zeppelin,they will not fly, oh, its Ned Zeppelin ok nevermind.

Mon, 05/31/2010 - 21:40 | 385303 Dirtt
Dirtt's picture

If we don't take a fire hose to Congress in November then go ahead and assume the next method may be a flamethrower....I mean flowerthrower.

Mon, 05/31/2010 - 21:40 | 385307 Dirtt
Dirtt's picture

If we don't take a fire hose to Congress in November then go ahead and assume the next method may be a flamethrower....I mean flowerthrower.

Tue, 06/01/2010 - 05:35 | 385946 cossack55
cossack55's picture

Oh, and I suppose the empty suits you will replace the empty suits with will be so much better.  Please provide 5 examples, even though that would be less than 1 percent of elected criminals.

Mon, 05/31/2010 - 21:41 | 385309 brushfire
brushfire's picture

it is interesting to place these comments by the BIS within the context of what FOFOA has been saying about the BIS for years. perhaps the BIS truly is looking to upstage the FED. if so, get your popcorn, its gonna be one helluva show.

Mon, 05/31/2010 - 22:21 | 385392 mikla
mikla's picture

That's what I was thinking too ...

Right now, since Ben has unilateral control over the world's reserve currency, and has the power to print-without-audit-or-review, and the ECB cannot, Ben literally runs the world.  If the other central planners are tired of this, or the BIS wants to eclipse Ben (a necessary action to replace the dollar with SDRs for the new world reserve currency), then at some point, the BIS has to make a move.

This might be that move.

The result would be Ben shackled by Congress; accountability in the banking system; deleveraging chaos; and conceivably, SDRs rising like a phoenix out of the ashes.

You said:

perhaps the BIS truly is looking to upstage the FED. if so, get your popcorn, its gonna be one helluva show.

That's a massive +1 to you.

 

Mon, 05/31/2010 - 23:28 | 385544 nuinut
nuinut's picture

mikla says:

If the other central planners are tired of this, or the BIS wants to eclipse Ben (a necessary action to replace the dollar with SDRs for the new world reserve currency), then at some point, the BIS has to make a move.

I think it would be the IMF wanting to see SDRs implemented? The BIS quite possibly have Another preference.

Some readers may find this thread to contain an interesting discussion about that preference.

 

 

Mon, 05/31/2010 - 23:52 | 385606 brushfire
brushfire's picture

agreed. the BIS is the only institution that has the credibility and market depth to challenge the FED. it certainly would be supremely ironic if the BIS takes a populist tack and undermines the FED's credibility by calling their bluff re: bailouts or apocalypse. a credible counterargument to the FED's recent policy would certianly have a receptive ear here in america.

Tue, 06/01/2010 - 00:06 | 385626 Kali
Kali's picture

That's what I thought too.  Show me the money!  hahahahahah!

Tue, 06/01/2010 - 00:23 | 385654 Kali
Kali's picture

Sum interestin stuff in that thar link.  Thank you!

Tue, 06/01/2010 - 00:11 | 385637 DaveyJones
DaveyJones's picture

Was thinking of FOFOA through this too and would love to see ben finally have a real fight

Tue, 06/01/2010 - 00:43 | 385670 brushfire
brushfire's picture

as the dollar/american economy circles the drain ben's credibility will go with it. the BIS simply has to parade out some of their economists claiming ben doesnt know what the hell he's doing and everyone will believe them. dismantling bernanke's credibility will be unnecessary as it will be self-evident that his policies led to the  destruction of the world's store of wealth, the dollar. the BIS will then have the requisite credibility to prospose an alternative. wonder what that will be...

 

Tue, 06/01/2010 - 02:09 | 385769 Lux Fiat
Lux Fiat's picture

Smaghi's recent comments and critique of US could be viewed from a "dismantling bernanke's credibility" standpoint.  (http://www.zerohedge.com/article/ecb-blasts-governmental-fear-mongering-questions-keynesianism-believes-fed-powers-are-overes  However, for reasons outlined in a later comment, I think that they are just trying to keep the ball of wax from unraveling.

Tue, 06/01/2010 - 01:59 | 385758 Lux Fiat
Lux Fiat's picture

Very interesting viewpoint, but had a different take.  Fed and other banks being muzzled comes about from a populist political takeover.  Resulting deleveraging of world's largest economy would likely tank all others with it.  Which would feed the flames of growing populism elsewhere, and trend to muzzle central banks, and banks in general.  Which would obliterate BIS's power base for some time to come.  They realize that the intransigence/unwillingness of US banks (including Fed) to compromise may overturn the entire applecart if a lot more Rand Paul types get elected in November.  Better to preside over somewhat fewer apples than none at all.

Mon, 05/31/2010 - 21:50 | 385328 Gully Foyle
Gully Foyle's picture

http://rawstory.com/rs/2010/0531/holder-world-bank-estimates-corruption-...

Holder: World Bank estimates corruption serves as 20 percent tax

Mon, 05/31/2010 - 21:51 | 385331 jkruffin
jkruffin's picture

Tyler must be in la-la land today.  LOL

 

How bout some real news with merit!  Like this:

http://www.ft.com/cms/s/0/dcd6aa56-6ce4-11df-91c8-00144feab49a.html?refe...

Mon, 05/31/2010 - 22:11 | 385368 Tyler Durden
Tyler Durden's picture

We have not had one full overnight session yet. None of that matters until 3 am tonight when the ES crew gets in.

Tue, 06/01/2010 - 07:45 | 385538 velobabe
velobabe's picture

 

P A S S

 

Mon, 05/31/2010 - 21:54 | 385334 jkruffin
jkruffin's picture

Eurozone is falling apart before our very eyes:

 

Bond spreads widen on bank credit risk worries

Interest rate premium on bank bonds over government debt pushes sharply higher, hitting other corporate bond markets and raising borrowing costs for many companies

writeDate( 1275341059000, 'Grey', 'May 31 2010 22:24', 9999999999999);

- May 31 2010 22:24

ECB warns of ‘hazardous contagion’

Estimate of €195bn in bank writedowns in 2010 and 2011

writeDate( 1275326851000, 'Grey', 'May 31 2010 18:27', 9999999999999);

- May 31 2010 18:27

France’s AMF warns over corporate bond risk

Companies target investors with flurry of issues

writeDate( 1275354850000, 'Grey', 'Jun 1 2010 02:14', 9999999999999);

- Jun 1 2010 02:14


Mon, 05/31/2010 - 22:02 | 385349 Matto
Matto's picture

Hey JK, do you know where i can check/chart key bonds and spreads (LIBOR/TED/etc)?

 

Cheers mate.

Mon, 05/31/2010 - 22:06 | 385358 jkruffin
jkruffin's picture

Bloomberg has all that stuff for free,  wall st journal has it but they charge, here are some links:

http://www.bloomberg.com/apps/cbuilder?ticker1=.TEDSP%3AIND

http://www.bloomberg.com/markets/rates/keyrates.html

Mon, 05/31/2010 - 22:15 | 385376 Matto
Matto's picture

Cheers!

Mon, 05/31/2010 - 21:55 | 385336 nuinut
nuinut's picture

 

The only fundamental about markets which matters is that they need an honest form of money in order to function at all.

Bill Buckler, The Privateer, May 28 2010

 

Mon, 05/31/2010 - 23:24 | 385532 RockyRacoon
RockyRacoon's picture

...whether you are talking about Argentina, Greece, California, Japan, the UK, the US or any other nation, the same factor predominates. There is not a particle of a chance that ANY of them will ever pay their debts off in full and in money which retains the purchasing power it had when the debt was created in the first place. Deflation is anathema to governments and central banks everywhere because it
increases the cost of servicing their debt. Inflation is the universal panacea because it allows old debt to be serviced and rolled over with depreciated money, the inflation being the cause of the depreciation.
The problem that governments face today is that they cannot depreciate their money fast enough to keep their debt loads “affordable” without running an ever increasing risk of wiping it out as a viable media of exchange. Their choices are quickly narrowing down to only two. Either start cutting spending drastically in REAL terms or face the collapse of the “legal tender” which is the source of their power.
There is a third choice - habitually resorted to by governments at the end of their financial tether - war.

The Privateer, Number 654, page 3, May, 2010

Mon, 05/31/2010 - 23:52 | 385605 nuinut
nuinut's picture

Just my .0000000000000000002/oz, but I'm expecting gold to sink with everything else in the looming crash.

And physical to decouple.

There are a lot of BIG players out there, (who have possession of a good proportion of the 145,000 or so tonnes of gold NOT held by central banks) who get little to no coverage, even here at ZH.

Perspective, people.

Tue, 06/01/2010 - 00:09 | 385632 Kali
Kali's picture

I just got a quick flicker of a "financial Nuremberg"

Tue, 06/01/2010 - 09:54 | 386310 JW n FL
JW n FL's picture

Government bond yields have continued to dive today as ‘fear’ grips global risk assets.

As European equity markets plummet more than 2% in midday trading, bond investors continue to pursue a ‘flight to safety' - namely bunds, treasuries and gilts.

The 10-year gilt yield has fallen 0.03% to 3.55% at 12:15pm, while the 10-year treasury is 0.04% lower to 3.25% and the 10-year bund has dipped 0.06% to 2.6%.

Peripheral Europe continues to sell-off as investors move away from the stricken euro, with yields on the 10-year Greek and Spanish bonds up 0.11% and 0.04% respectively.

The euro has been pounded in Tuesday trading, falling 1.2% against sterling and 1.4% on the dollar.

http://www.investmentweek.co.uk/investment-week/news/1651817/govt-bond-yields-slide-fear-grips-globe

If you consider that they are trying to control or stem the flow of losses or what the run looks like, the real run... or real numbers of what the real run looks like would be of course in multiples of what is shown here.

Mon, 05/31/2010 - 21:56 | 385339 LeBalance
LeBalance's picture

Oh this is just fine! A "Nothing to See Move On" from the BIS!  What other "trigger" sequences do we all need to see?  LOL!

Mon, 05/31/2010 - 21:57 | 385341 tony bonn
tony bonn's picture

i wonder if congressbitch mikulski will take the time to read the advice....

sociopathic bankster frat boys run the financial and poltiical universe....their houses of cards must be allowed to collapse....the problem isn't nearly so much as too big to fail as too big to save....break up these scum organizations into manageable banks owned by responsible parties....and then electrocute the ceos of these criminal mob organizations....

Mon, 05/31/2010 - 22:54 | 385361 hedgeless_horseman
hedgeless_horseman's picture

The real brilliance of the banking con is that it is so big that there is always plenty of room for others to get in on it, and it has relatively low barriers to entry. Anyone smart enough to figure out the con can easily join the party, with just a little motivation. Thus, the con captures a large percentage of motivated people with the basic knowledge of economics necessary to blow the con.

I guess the same could be said of politics.

Tue, 06/01/2010 - 09:04 | 386218 tip e. canoe
tip e. canoe's picture

well said.  so those are hip to the con have to make a choice.   join in (easy $, little effort) or help peel back the curtain (much effort, little $)?  the choice is ours.

Mon, 05/31/2010 - 22:08 | 385362 Iam_Silverman
Iam_Silverman's picture

"the result would be the greatest run on US banks in history:"

Isn't this is what the FDIC is for?  In the beginning of the crisis, the Treasury Secretary looked at all of the banks positions, and then shoved cash down their throats.  That signaled a major problem then - and we didn't have a run on the banks, did we?

Besides, unless it is spelled out during an intermission in American "Idle" or some other "reality" show, do you think that a preponderance of us Americans would even know what our banks having to borrow from the Fed really means?

Mon, 05/31/2010 - 22:45 | 385433 Kali
Kali's picture

Yes, "in the beginning".  No, we didn't have a bank run, cuz the lumpen are financially illiterate, part of the scam, or in massive denial.

Yes, "banks having to borrow from the Fed".  I am hoping the lumpen have wizened up a bit and it will cause a major bank run.  But ya know how that hope and change thing works.  Both were Acts of War on the American people.  These people should all be hung for treason. 

Tue, 06/01/2010 - 06:04 | 385967 cossack55
cossack55's picture

Would it not be ironic to use bags of gold tied to their feet as weights?

Tue, 06/01/2010 - 09:59 | 386316 JW n FL
JW n FL's picture

Iam_Silverman,

                       ***** "Besides, unless it is spelled out during an intermission in American "Idle" or some other "reality" show, do you think that a preponderance of us Americans would even know what our banks having to borrow from the Fed really means?" *****

Nope... they would not.. I offer this Video as proof positive.. http://www.youtube.com/watch?v=fJuNgBkloFE&feature=PlayList&p=C1B06538A32767DF&playnext_from=PL&index=168

Mon, 05/31/2010 - 22:12 | 385372 buzzsaw99
buzzsaw99's picture

This also means that the Fed and Treasury are nothing but vehicles for perpetuating Wall Street's status quo, as we have claimed from the very beginning...

 

Yep.

Mon, 05/31/2010 - 22:20 | 385385 jkruffin
jkruffin's picture

The #1 way for people to realize the stock market melt up was nothing more than a fabricated Bernanke ponzi scheme is:

 

By Beagan Wilcox

Published: May 2 2010 08:38 | Last updated: May 2 2010 08:38

While it has been said that a rising tide carries all boats, some US mutual fund groups prospered more than others during the rally that began after the market bottomed in March 2009.

Investors poured more than $395bn into bond funds from March 31, 2009 to the end of February and only about $24bn into equity funds, according to Investment Company Institute data.

Money market funds shed about $900bn during that period, dropping from $3,800bn to $2,900bn. Given the massive flows into bond funds, groups known for having a solid fixed income line-up have done unusually well.

“Most of the players with large net inflows benefited from a distinct asset class preference phenomenon,” says Jeff Keil, a principal of consulting firm Keil Fiduciary Strategies.

“Bonds, indexed products, exchange traded funds, and international tended to get the lion’s share of flows.”

 

Yes,  Mutual Fund Monday's was a ponzi within the ponzi.

Mon, 05/31/2010 - 22:56 | 385474 Trimmed Hedge
Trimmed Hedge's picture

Duderz,

 

When a person is *lucky* to be getting around 1.2% APY in a freakin' money market, don't you think they said screw it, and tried to get something just a little better, instead?

 

No Ponzi -- just some common sense.

Tue, 06/01/2010 - 05:57 | 385959 cossack55
cossack55's picture

Like driving buffalos off a cliff, drive the herd into the vehicle most easy to nationalize. Voila'. All the money.  HAHAHA

Mon, 05/31/2010 - 22:25 | 385403 imaginalis
imaginalis's picture

Even if I like some of what this guy is saying, I would trust him about as far as I could throw him. The BIS building isn't shaped like a giant boot for nothing.

Mon, 05/31/2010 - 23:11 | 385506 dark pools of soros
dark pools of soros's picture

Next up... War on Math!!

Mon, 05/31/2010 - 23:17 | 385519 Raymond K Hassel
Raymond K Hassel's picture

Gold:

Turn on,

Tune in,

Drop out. 

Mon, 05/31/2010 - 23:38 | 385566 Al Huxley
Al Huxley's picture

Yes, pay no attention to the flames you see around you in the theater.  Come, buy some popcorn, get a good seat and enjoy the show.  Plenty of exits in the unlikely event a 'situation' arises, so enjoy the movie and ignore all those crazy nay-sayers pointing out that the theater's on fire.

Tue, 06/01/2010 - 00:21 | 385646 DaveyJones
DaveyJones's picture

Is this theatre in RI or Chicago?

Tue, 06/01/2010 - 02:15 | 385776 Lux Fiat
Lux Fiat's picture

It's possible to laugh and cringe at the same time.

Tue, 06/01/2010 - 02:06 | 385755 Escapeclaws
Escapeclaws's picture

LOL, Aldous! Thank you for your reassuring words--for a second there I was getting worried.

"It takes a worried man to sing a worried song, it takes a worried man..."

Mon, 05/31/2010 - 23:48 | 385593 Al Huxley
Al Huxley's picture

Aw shucks, Asian markets are shitting the bed.  I hope that doesn't flow through into US markets.  A followup on the last 1/2 hour from Friday wouldn't be a nice way to come back from a long weekend...

Tue, 06/01/2010 - 00:07 | 385628 geminiRX
geminiRX's picture

The quicker things fall apart the better.... This extend and pretend thing is getting really old.

Tue, 06/01/2010 - 00:51 | 385679 Trimmed Hedge
Trimmed Hedge's picture

Yes, because when things do fall apart, it won't in the least bit affect you and your loved ones -- only everybody else.

Because as we all know, you personally are 100% insulated from all this, and only operate in your own private bubble, protected from any and all potential damage and harm.

 

It must be wonderful. The rest of us can only imagine and dream....

Tue, 06/01/2010 - 01:08 | 385699 Al Huxley
Al Huxley's picture

Gosh Mr smiley face, it never occurred to me that the total collapse of western civilization as the result of a concerted effort of the banking community to destroy our manufacturing base, corrupt our credit system and anchor the general population with unsustainable debt might somehow be bad for ME and MY family.  But now that you mention it, that does sound like a problem.  How 'bout you click your ruby red slippers and say 'there's no place like home' three times and get us all back to Kansas, 'cause that would be great.

Tue, 06/01/2010 - 05:59 | 385960 cossack55
cossack55's picture

Actually, in the book they are SILVER slippers.

Tue, 06/01/2010 - 02:15 | 385777 killben
killben's picture

Even if there is a bloodbath, you just replace crooks of one party with crooks of another party. So the beneficiaries are the crooks (irrespective of the party) and the banksters.

The solution is to take out the powers of the Fed to intervene and save their banksters friends in the guise of saving the system.

That is why the best solution is to abolish the Fed.

Since that appears unlikely at least xxxxx the Times Man of the year. If anybody is responsible for the misery of the american people it is this wolf in sheep's clothing. No punishment is great enough to offset the misery he has cuased to ordinary american people.

 

 

 

Tue, 06/01/2010 - 04:46 | 385894 Pondmaster
Pondmaster's picture

BIS , maybe that would put us from the frying pan into the fire , but I would love to see the Fed and TBTF squirm , alot . Placed in a straight jacket . The Feds hold on the world currency has to end . BIS has the "influence" to do it . If the IMF has a hand , we still have the same sociopaths in charge . BIS will kill  em . So whats the new currency? Where will the arenas be where the Fed asshats along with the Senate and Congress are fed to the lions for the peoples pleasure  

Tue, 06/01/2010 - 06:01 | 385964 cossack55
cossack55's picture

Texas just opened a really big one.  New Jersey just fot the 2014 Superbowl. Indy has a nice newer retractable dome.  Maybe use all the NFL stadiums. 

Tue, 06/01/2010 - 07:40 | 386066 MarketTruth
MarketTruth's picture

Banksters are like cockroaches, turn on the lights and they scatter.

Banksters are like cockroaches, stepping on them only goes so far. To truly exterminate them you need to tent off the entire area and fumigate.

 

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