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Fed Releases Details On Secret $855 Billion Single-Tranche OMO Bailout Program: Just Another Foreign Bank Rescue Operation
A month ago we reported about Bob Ivry's discovery that the Fed had been conducting a secretive bailout operation between March and December 2008, under which banks borrowed as much as $855 billion over the time frame for a rate as low as 0.01%. As the Fed itself explains following a just disclosed launch of a page dedicated to this Saint OMO, "The Federal Reserve System conducted a series of single-tranche term repurchase agreements from March 2008 to December 2008 with the intention of mitigating heightened stress in funding markets. These operations were conducted by the Federal Reserve Bank of New York with primary dealers as counterparties through an auction process under the standard legal authority for conducting temporary open market operations. In these transactions, primary dealers could deliver any of the types of securities--Treasuries, agency debt, or agency MBS--that are accepted in regular open market operations. By providing term funding to primary dealers, this program helped to address liquidity pressures evident across a number of financing markets and supported the flow of credit to U.S. households and business." Well, not really. As the chart below shows the banks, pardon primary dealers, that benefited the most from this secret iteration of Fed generosity were once again foreign banks, with the Top 5 borrowers being Credit Suisse, Deutsche Bank, BNP Paribas, RBS and Barclays. Together these five accounted for $593 billion of total borrowings, or 70% of the total. So perhaps the Fed should rephrase the last sentence to "supported the flow of credit to U.S. European households and business" which is to be expected. After all, as we have demonstrated before, the European banking system's liabilities are orders of magnitude greater than the US. So in order to preserve the global Ponzi (a main reason why Greece must never be allowed to fail), the biggest weakness that has to be addressed constantly is and will be in Europe.
Below is a summary of who borrowed how much in total from the Fed's ST-OMO program.
And lest someone thinks that Goldman did not somehow benefit, the firm was i) the single biggest US-based borrower under the program; ii) it was the single biggest one time borrower for $15 billion on December 10, 2008, and iii), it received the smallest borrowing rate affored to anyone at the laughable 0.01% on December 30, 2008.
The full excel breakdown can be found here.
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Nice chunk to our friends at GS.com as well.
Wonder if that .01% compounded daily or monthly? just kidding, of course.
Are you telling me the CEO of the Vampire Squid Goldman Sachs LIED in front of the honerable United States of America Congress about the qty/frequency they borrowed from the privatly owned Federal reserve central banking system? Wow, so we can all expect Congress to file legal charges against the CEO of Goldman Sachs for lying plus file charges for committing fraud towards their investors. (Sarc)
We all know GS gets a free pass and NO ONE will ever go to jail for the gargantuan fraud. Congress is weak and captured by the banksters. So keep trading with an eye on KNOWING that fraud WILL be done on a daily basis and CEOs will LIE in front of Congress without any repercussions.... ever!
Insolvency is already priced into the melt-up boom.
Rally on!
isn't that why clemens is getting prosecuted right now? so let me get this straight... jail the baseball player lying about his drug use but...
How much money did Clements 'donate' to the members of the US Government? Besides, if Clements goes down the banking system will be fine. Remember your priorities!
Remember: The central bank Federal Reserve members readily admit to helping launder illegal drug money within the United States. They also readily admit to helping disperse funds to finance the murdering wars of Middle-East and African countries, etc. Of course all this is against the USA law, but that obviously does not matter when it comes to actual legal repercussions (and no one will ever go to jail over it).
So tell us again about what Clements did and how his services are vitally important to the bankster system?
Never, never, ever talk to the Feds.
...Baseball, never heard of it. http://www.youtube.com/watch?v=PI36xLocyco
Why would anyone celebrate ''The Second of Sirius'' http://www.pakalertpress.com/2011/05/11/the-mysterious-connection-between-sirius-and-human-history/ ...and still let Benny and the 911 Jets tax them with the obvious contempt of the prophetic global mark of the beast, if they are not truly deceived?
Hey, it was a secret program so it's not a lie.Just MOPE
Roger Clements is the liar not the Lord!
They flaunt it right under your noses, and laugh.
That is what it has come to, "What can we absurdly stick in their faces and get away with this time!"
"Hey, how about some really manipulated Osama photos, And they buy it!!!!"
"This is going according to our agenda, the sheeple are so stupid."
It's getting to the point, most everything is a lie...
I am getting old enough (mid 40s) that I am finally realizing that this is the way it has always been. They have always been lying, stealing, and doing everything they can get away with. They have always gotten away with it because others did not understand, and propaganda (think about the church backing the king's play, etc.). I am finding that "wisdom" is accepting this as fact and asking myself "now what?" Otherwise I stay exhausted being angry and surprised. I suspect this is a stage of moral development. Curious to see if I live long enough to get wiser and see what comes next.
Hey MsC
I hear ya Brother. I think I woke up three years ago, and decided things were not on the Up and Up. You can call me sadistic, but I really believe it is a Great time to be alive and experiencing this deception. I wake up every day, pretty much ready, for what may come down, thanks to ZH and Corbett and many others who have helped awareness of these times. It really is about being at peace with yourself, and experiencing joy in all the little stuff.
Those who have ears, let them hear. Remember, Americans have the most well developed and insidious propaganda machine on the planet, so don't kick yourself. Now you have to start the yoeman's task of deprograming your children, if you have any.
aye-aye
thats funny you mention...it was a tough first step...but i started my child at 7 when i told him his first confession was a sham....best first step i have ever taken.....it is much, much easier to be truthfull with him about everything , for the reason his natural reasoning can process the truth...he is 16 now and he trust me totally for being honest with him . he may not like the truth, but he appreciates it....
I'm sorry, can someone repeat the original post? For a minute I thought I read "$855 BILLION".
W.
T.
F.
Quarter trillion to Credit Suisee, dude.
Note the LLC tag.
They are US Securities companies (owned by European Banks).
This is relevant insofar that they are under the authority of the Fed and report exactly how they use the goodies.
They are as American as applepie.
Their shareholders should sell them - are just afraid of do so. Credit Suisse and Ubs are being pressured by the swiss gov to do so.
No justifications possible, eh? Own country starving, other countries Banks whole.
Definitely very in-your-face shennanigans.
The Libya Sov. Fund piece, GS's management of it and Fed's bailout of Libya earlier is such a tell.
Broke(n)Back.
ORI
http://aadivaahan.wordpress.com/2011/07/04/a-year-and-a-day-later
A list of the collateral pledged would be helpful to cut through the crap. Looking at the timeline, collateral guidelines, and program participants it could well have been the foreigners pressuring the fed to make otherwise unmarginable paper marginable. The timeline covers the Bear circular firing squad, the GSE nationalization, the great MMF panic, TARP passage, AIG, Citi etc. if foreign governments at the behest of their bankers started looking into loss recovery against the US issuers during this period, there could have been a banker war.
Very interesting hypothesis Urban. Just not clear who's the dog and who's th etail here.
ORI
I honestly have no idea and no insight into that particular circle of hell since I escaped. But unless someone is thrown in jail (JV water boys like Charles Keating)- bailouts are usually structured to benefit the white shoe varsity (or the contemporary equivalent). I would guess the bureauracy in India can take care of its own in a similar fashion?
EDIT An example would be bailing out Goldman via Mexico when Rubin was running Treasury, or bailing out Goldman via AIG when Paulson was running Treasury, an endless cycle of rebirth into hell of sorts.
I've never seen a "banker war" before. Does it involve bankers killing bankers, with lots of gruesome bodily harm?
Can I buy a season's pass for that?
I do sooo hope it involves that 'technical analysis'
Urban appears to be onto something.
If the European banks fail then we would be looking inside their vaults at all the worthless subprime paper that brought them down. Wall Street added $7T of mortgage paper during the bubble years and all that bubble valuation is gone. That $7T is sitting in banks around the world.
Part of that $7T ended up in banks in Iceland and they blew up before the Fed started thise operations.
Greece, Portugal and Ireland blew themselves up so the EU has to eat that paper without help from the Fed.
Is the Fed slowly buying all that bad sub-prime paper back and taking it onto their balance sheet? If so, we can predict when it will end - another $5T from now.
Given the "trade secrets" and practices of the FED, we will not know of such re purchases in a timely manner. We may never know, as the FED can keep secrets forever. Only Congress can force disclosure and they will not do so.
The MSM has ignored this story as have our sheeple neighbors.
"Greece, Portugal and Ireland blew themselves up so the EU has to eat that paper without help from the Fed."
Brent, While that statement is true, the Fed is not alone in heaping help upon foreign banksters. The IMF is mostly funded by the U.S. Treasury. Hence, it could be said that U.S. taxpayers are, in effect, enriching foreign banksters by providing funds for the Greece bailout. The giant squids tentacles are long.
this i believe is the crux of the conversation between mme. lagrande and monseiur paulson (remember him?) back in 2008 :
buy it back and we shut up. let us fail and we unleash your skeletons.
Zombies eating zombies. What an orgy.
Zorgy?
Zombiegy?
This whole Federal Reserve sytem MUST be dismantled and the guy who gets it is Ron Paul.
Ron Paul is great, but lacks charisma, and an ability to explain things so even the most simple of us can understand. I think that's why he still allowed to be out there in public by the Oligarchy.
We need someone who feels the way he does about things, but also has charisma and the ability to explain things to even the simplest people.
Jim Grant?
bowtie, never happen. he'd be great though.
Charisma implies telling people what they want to hear.
You'll have to relinquish your Ron Paul candidate.
Well, I guess its not a secret anymore. Rally on.
Sweetie pies ... this stuff is rank. Audit the gawd dang Fed. Let's get to the bottom of this crapola and get about getting on with our lives.
American National Security Interests are being used as a cover for destroying America's security interests.
Audit the Fed ... now.
Crude looks heavy again.
Jefferson and Jackson spinning in their graves now at 855 billion r.p.m.
With a Hoover upright to balance the act!...
Well this is special
http://hotair.com/archives/2011/07/06/wh-tweeting-at-gnats/
When the White House named Jesse Lee as its Director of Progressive Media and Online Response to rebut criticisms on social-networking media, some people argued that the Obama administration had taken a big step toward becoming Big Brother. At the time, I argued that this was nonsense, and that the White House had a right to respond to criticism — but that Lee’s job was a task better left to the DNC, which traditionally served the role of political response. Instead of looking hip and timely, attacking Twitter users would make the Obama administration look petty and thin-skinned, and would diminish the seriousness and dignity of the Presidency. Punching below one’s weight is a strategy that never pays off.
Little did I know just how far below their weight the White House would punch. Heritage Foundation’s Rob Bluey analyzes Lee’s feed and discovers that 15% of all his rebuttals in the month since he took the job have been directed at one user, and it’s not Jake Tapper, Bret Baier, Chuck Todd, or even Rush Limbaugh or Glenn Beck. Instead, Lee has spent almost one-sixth of his twitter time rebutting … Kevin Eder.
Who?
Lee has tweeted 267 times in five weeks? That’s a little over 10 tweets a weekday. Try to pace yourself, Jesse! How much do taxpayers shell out for Jesse’s position of Director of Progressive Media and Online Response, anyway? Try $72,000 per year.
By the way, in case you’re offended by my “Who?” question on Eder’s behalf, don’t be. Bluey asked Eder about Lee, and Eder answered that it’s awfully fun getting the White House goat on such a regular basis. But he’s as mystified as anyone as to why Lee bothers. “The White House is legitimizing me,” Eder told Bluey, “and quite literally, I’m nobody.”
Lee will have to pick up his pace today. Barack Obama will hold a Twitter “town hall” this afternoon, moderated by Twitter co-founder (and Obama supporter) Jack Dorsey. People can ask questions by using the hashtag #AskObama. Hot Air readers are definitely encouraged to propose their own questions to the town hall. Perhaps you can add @jesseclee44 to the tweet in order to take some of the load off of Keven Eder, too.
Who cares about this shit? Please try to stay on topic.
Bay of Pigs
"Who cares about this shit? Please try to stay on topic."
Since I pay fucking taxes I guess I do.
In your case you either don't pay taxes are goddamned pleased that some dipshit gets hired at 72 k yearly to literally twiddle his thumbs.
But worst yet the thumb twiddler seems to focus on a single no name individual.
One would think that this level of excess and incompetence would outrage anyone with a minimal amount of common sense.
But that isn't you, right?
In a related note
http://hotair.com/archives/2011/07/06/open-thread-president-to-solve-nat...
What better way to spend a slow summer afternoon than on a White House campaign gimmick aimed at pandering to young voters? Livestreaming at 2 p.m. ET, it’s the Twitter Town Hall, where the questions are limited to 140 characters but the answers will go on — and on, and on — for as long as The One’s train of thought can carry him. You can submit a question yourself by using the hashtag #AskObama; Republican lawmakers, including Paul Ryan, have already availed themselves. The best question thus far, though, came from the other side of the aisle, surprisingly. Follow the link to see what it is — and who posed it. When Trumka said he’d had a “snootful of that sh*t” from the administration, I guess he wasn’t kidding.
( Get to texting bitches may as well take the bitchfest to the source)
Gully,
That is the topic. Tie your post back to the topic for Bay. I am sympathetic, but this is just a detail amongst all the offenses. Sometimes we focus on details and lose the big picture.
MsCreant
Two quick questions
First, will you be chastising for EVERYONE who posts off topic in EVERY topic you read?
Second, can you explain to me how the daily bitchfest offers a solution? Other than the information in the op, no one really offers a realistic solution to any of these problems. It isn't like a single one of you are storming the government or banking offices guns drawn demanding a change in policy or heads will roll.
So essentially I should bitch like everyone else. Isn't that like the "rabble, rabble" crowd scenes in South Park?
"can you explain to me how the daily bitchfest offers a solution?"
gully does have a point
Gully
While you are on the press gig , check out the PR ops of the
wonderful banking and military.
Especially the mil. I think we can find 75k or so in savings in there.
PLUEEZE.
Is something embedded in your eye today?
Take it easy Gully. I just felt the post wasn't relevant to the bank thread.
Just put an "OT" before your post, that's all we need.
For most, I'm guessing $600 billion of our tax dollars being used to bail out European banks is a little more pressing than the 72K per year the Obama Administration shamelessly wastes in a circus act designed to convince 18-25's to vote for him in 2012 because the President uses Twitter.
Gully is a Huff and Puffer with no game. Show me the money Gully/channel. At least give me a fibi you tool!
Listen, Gully, I don't mean to offend, but you appear to have fallen into the Cognitive Dissonance Field:
"At the time, I argued that this was nonsense,..."
First, defending the present sock puppet in the Oval House (like it really matters who the prez is, for chrissakes!!), and next quote stink tank, the Heritage Foundation.
Geez, it's like reading a book on magik.
Obama's administration is 100% neocon, as was Bush's, and Clinton's, and Bush's, and Reagan's.....
Obama just reappointed Robert Mueller to FBI director -- that would Robert Mueller, grandnephew of Richard Bissell.....remember him?
One of the three CIA top doods fired by President Kennedy prior to his assassination (the others: Dulles, and Gen. Charles Cabbell, brother of Mayor Earl Cabbell of Dallas, the same mayor who would order a last minute change in JFK's automobile entourage on the Dallas streets that fateful day.
Robert Mueller, connected to the Rockefeller family on his mother's family side, the Truesdales.
Beginning to get the picture, big guy????
+100
Good slant as always Sgt.
How in the heck are they going to spin this one? A short term consolidation/roll over?
Easy to spin this, just use your CNBSABC BULLSHIT 'Spin Ring'.
"It was just transitory and was long ago priced into the market. Besides, everyone is forward-looking so this news from years ago really does not matter."
You make a good point! Thanks.
MSM Motto: If you can't dazzle them with brilliance (which MSM can't), then baffle and feed the stupid sheeple bullshit.
MAD. Its a mad mad mad mad world ponzi.
If this kind of info does not end the Fed then nothing ever will. This is beyond insane.
I'll bet they thought the same thing at Jekyll Island.
Steadily, as usual, the Fed devalues the dollar in trillion dollar increments without having to make an announcement. And the lending to lenders, effectively keeps the currency out of circulation, stifling the possibility of growth. As usual.
I am sure Diane Sawyer and Brian will report this tonight if there is time after the most important murder case regarding C. Anthony is disected, talked about, and decided by many bright Americans.
Diane Sawyer is "Mental" Brian is good though.
" it's all right baby, you won't lose your job. "
dsk, allegedly
Another fine job by Timmah! A great resume' booster, "I saved The WORLD!"
They don't have to spin shit because Americans simply don't care. If it aint football or GaGa then we don't give a shit. Makes it very easy to pull these kinds of shenanigans when the general public has the IQ of a tree chimp and an attention span the length of an antimatter atom's storage life.
Speak for yourself. However the Americans that do care don't have knowledge of shenanigans if it's kept secret by The Bernack!!
Some do , some don't. This is the reason, for the purchase of extra ammo...
Hey, I resemble that remark.
Lady Gaga? Is that you?
Truth is, a lot of Americans deserve what's coming.
Perhaps, but the punishment won't be distributed evenly or to those who need it most.
and it still did 0 to help the problem. Another bang up job.
http://news.goldseek.com/GoldSeek/1309532700.php
.
"Historically it is VERY WELL DOCUMENTED that Central Banks the world over have illustrated a large propensity to hide / veil / obfuscate all their activities relating to precious metals and specifically gold. Note the disparity between the transparency offered by the OCC with their Commercial Bank reportage versus the Holding Company data with falls under the purview of the Federal Reserve. This amounts to 80 Trillion worth of derivatives that the public knows “sweet nothing” about.
Remember folks, it was none other than former Federal Reserve Vice Chairman Alan Blinder – while appearing on the Nightly Business Report back in 1994 – issued these prescient words,
“the last duty of a central banker is to tell the public the truth”
By comparing Total Derivatives in TABLE 1 [Commercial] versus TABLE 2 [Holding Co.] we can identify that Morgan Stanley’s derivatives book stands as a 50 TRILLION BLACK HOLE where reporting of precious metals are concerned; Goldman’s 5+ TRILLION, B of A’s 20 TRILLION, J.P. Morgue’s about 1 TRILLION." ...
...
Kirby's work should not be dismissed or ignored, IMO. The banks are up to their eyeballs in highly leveraged and risky derivatives.
Do the Leo and OFlanagan types ever read any of this information or do they just bury their head in the sand and ignore it? Goes back to the willful ignorance, wishful thinking and cognitive dissonance threads I guess. They don't seem to post on those. I wonder why? <sarc>
If they would have floated a couple 100Billion this way at .01 I could have
stimulated some ecomony.
Timmah,Ben_satan where were you?
I'm sure the risk of default by any of those European based banks was very, very low.
Check the latest announcement from the IMF's new leader.
"The global recovery is un even"
Spoken like a true socialist.
The IMF is fucked.
What is disgusting is the charade that Congress had to vote on the stimulus/bailout and the Fed can just do what ever they want when it comes to this. No vote. No discussion. No oversite. No rules. I'm totally disgusted with the entire system right now.
And rightly so.
This crony ponzi system is one giant lie.
And they think we are too stupid to find out.
That's why they constantly bombard us with their MSM disinformation.
In order to keep us down.
Tell everyone you know about this, you can be a multiplier of information and thus a helpful support.
Good job we Europeans had the foresight to sneak the Fed in all those years ago, we knew it would come in handy to the Motherland eventually!
God Save The Queen (oops, sorry, I meant Ben Save The Queen).
Saving Europe since 1941. And they love us so much in return.
Careful Bort, they have a multitude of highly decorated officials that might become incensed. I was personally awarded the Victoria Cross while standing in the wrong line at Buckingham Castle.
Someone already asked the question. Bernanke's anwser was cold and simple: "these banks have operations in US, thus they are considered as US banks."
the first $750 million should come out of Hank Paulsons bank account
I am shocked at the number of comments openly criticising the Federal Reserve system. This is nothing short of domestic terrorism.
Ah, c'mon, you can do better than that.
No, not terrorism, but patriotism. Give us our country back.
I will add the SNARK for you.
NO ONE is that much of a toady.
Even Timmah and Ben_satan didn't want to do it but for the good of mankind
and all it kinda snuck up on 'em.
Yeah, that's the ticket.
Warning: If you are reading this then this warning is for you. Every word you read of this useless fine print is another second off your life. Don't you have other things to do? Is your life so empty that you honestly can't think of a better way to spend these moments? Or are you so impressed with authority that you give respect and credence to all that claim it? Do you read everything you're supposed to read? Do you think every thing you're supposed to think? Buy what you're told to want? Get out of your apartment. Meet a member of the opposite sex. Stop the excessive shopping and masturbation. Quit your job. Start a fight. Prove you're alive. If you don't claim your humanity you will become a statistic. You have been warned- Tyler.
bankers of a feather stick together
the buzzsaw rips thru the BS with another pithy summation....
if tarred properly.
"The people fiddle as the country burns". Great article. Must read. Just what I have been ranting about. We worry about 1 person in a murder trial and 1/2 the planet is ready to explode.
USAWatchdog.com
So GS' Gary Cohn is guilty of perjury for lying to the Senate special committee, the Financial Crisis Inquiry Commission (FCIC), right ?
So this is what "just checking connectivity to the Discount Window facility" looks like ?
$53.4 billion ?!
Arrest him immediately !
We have him on tape lying under oath.
BLOW ME - Banking Leaders Of the World for Monetary Expansion
Would someone be so kind as to walk us through what such a 'Federal Reserve Repurchase Agreement' might look like? It seems to be a euphemistic obfuscation that the Fed delights in hiding its activies behind.
if you're behind in your homework, you'll hafta catch up on your own. looks like 15-30 minutes slaving over the old seach engine for you, lazybones. we're all in the same boat. tho. in that: here's a paragraph about bankstering, and here's where someone goes, huh? andd someone else here, ...and here,... as a species, we're just a bunch of lazy bilge rats, but to fight the fuking banksters we hafta try to learn their nearly-incomprehensible games, which they have been just making up as they go along, for decades.
this stuff is from 2008; our frauds had been professionally marketed into europe, big time. the mortgages had been illegally re-packaged thru MERS and sold as "tranches" of bundled securities with mind-boggling nomenclature as to wtf peeps were actually buying, plus the insurance, and da boys making all those fun bets against the continued financial efficacy of the sausage they were churning out.
all regulated according to US goobermint approval and, of course, the "independent" fee-based rating agencies. of course, of course.
so, when the poopoo and doodoo hit the freaking turbines, the europeans looked fondly across the pond and said: what the fucque have you done to us now, for pete's sake? so, the FED either covers this shit, or those pesky european lawyers woulda started filing criminal charges against da boyz in about a half-dozen jurisdictions. oops! plus, the american sheeple might wake up and say: convict these assholes, strip them of their ill-gotten gains, and haul their damned, infernal corparations to the dump! so, at least that didn't happen!
so, the FED took some of the poopoo & doodoo off the victims accounts with fresh, digital green stamps in a series of single-tranche term repurchase agreements from March 2008 to December 2008.
i think. lol.
nice
Hahaha! It's almost a comedy now....the Fed, the ECB, the IMF. The three stooges. Dewey, Cheatum & Howe.
as America exponentially catches up to France...
Carts & Horses: Inspiration, Rocket Science, & Scramblin’
There is nothing rocket sciencey about the problem. There is no something for nothing; it has to come from somewhere, a pre-existing condition, which itself had to come from something, relativity. Someone(s) had to make an investment in transformation, which had to deliver an effective return. Currency comes, ultimately, from intelligent labor, which may move the looking glass at will.
On what planet do you put your sales people in charge of transformation, and set up a government to tax intelligent labor into submission, paying the majority population with promises to go along for the ride. Intelligent communities do not subsidize stupid at ever greater cost to intelligence. It’s all in the resonant feedback system.
The American dream, immobility for intelligent labor and mobility for sales people, maximum revenue at any cost, hiding the loss in accounting, is stupid. Sending the best and brightest into the finance casino is stupid. Carbohydrates burn in the fire of sugar, which is ignited by protein in exercise. Quality food is provided at equilibrium by the planet at no net cost, but it appears on the grocery shelf at several times the cost of manufactured food. A big healthcare system is stupid. And the only way to temporarily maintain all this stupid is to breed stupidity in a stupid education system. Which sectors consume all the resources (gotta love the hypocrite tree huggers)?
The casino is rolling over debt as interest rates fall to 0, to gain control over land, which really belongs to no one, which is then sold as interest rates rise, with all the overhead associated with the resulting bad habits / addictions ”gained” on the downhill slide, requiring ever decreasing levels of intelligence, hence the stupid media reinforcing stupid education.
The sales people are all scrambling because they have reached maximum system stupidity TEMPORARILY sustainable by the planet. Intelligent communities do not subsidize the inactive rich by making the poor poorer and promising the middle class inactivity. Intelligent labor cannot provide current in such a circuit, which is why currency must be debased in the world of extend and pretend, and why artificial governments must employ force to ensure the definition of leveraged debt as revenue, which may only be delivered by accelerating disenfranchisement.
So, if you are stupid, and you have no recourse, what do you do? You gather more stupid and set up a roadblock at the exit, waiting for the product of intelligence. If you are intelligent, you always have another exit ready to go, and you employ the gravity of the old exit as additional propulsion. The operators of the old system must raise interest rates and eliminate housing subsidies, but if they do the system will implode. Meanwhile, the herd seeks negative interest rates to further monetization. The Internet is an alternative exit. You might want to have the next one ready to go, at all times. Therein is the equilibrium.
The legacy families have equity in consideration for past investments, but the middle class does not. The latter finds itself in liquidation because it accepted promises in lieu of payment to deliver its intelligent children to stupid education, ensuring that only stupid was bred. The resulting bifurcation process, into worthless currency and hidden wealth should have been expected.
The trick to the quantum controller is not building bigger and bigger black holes. The trick is to set up the black hole resonance to attract the electron cloud, to reach the latter’s objective, the next orbit / dimension. Naturally, the derivative proton tries to outthink the integral electron, but is not equipped to do so, because it cannot see beyond its own face, which is why it must employ a semi-neutral middle class to sustain equilibrium, the sun. Everything is there. All that is left to do is hook up the resonant feedback signals accordingly, and the piston of pistons will (appear to) drive itself. Always leave them scrambling; it gives them something to do.
The older guy leaves three loads of wet clothes in the dryer, and the kid offers me the money I gave him for a cigarette, as I walk out the door, just before the non-profit, operated by feminists for chauvinists, implodes, all of them wanting to know where I am going next, a triangulator of triangles triangulating on an image presented for the purpose, elucidation. Homogeneity always seeks the same outcome, expecting a different conclusion. You’ll have that. Expecting something other than gravity, instead of employing it, is the problem.
Homogeneity must say one thing and do another, because it has systematically eliminated all of its other choices through reduction. The electron always has a choice. Set up your community to reward mobility over immobility to the extent current is required, no more-no less, with resistors to the resistors, and currency will take care of itself. There is always a lizard around to set up a bank … she stands behind me in view of the lizard, while her reflection appears in the glass. Criitters( ii :) )
"Sending the best and brightest into the finance casino is stupid."
Cut that nonsense out, already!
When it's all rigged, it ain't no casino!
Brilliant.
your words?
ORI
have seen a few samples of similar work...but the authors all had shortened lives...
Just imagine those banks would actually need it...
I wonder which ones will get the money, because almost all of them passed those hard stress tests...
wrong thread
America is bailing out the world, yet the Federal Income Tax is illegal.
The US is the largest taxpayer to the IMF. When the IMF uses funds to bailout Greece, 1/5 of that money comes from US taxpayers.Now, more specifically since the Fall of '08, the US taxpayer is getting fleeced by the Federal Reserve, because the Fed is bailing out Europe and other global Central Banks. For example, the Fed bailed out the Libyan Central Bank during the Fall of '08. We also gave billions of dollars to the Central Bank of Afghanistan, among many others.
Oh, and the Income Tax is illegal. Constitutionally, taxes are supposed to be apportioned, which only means a tax on choices are constitutional. For example, it is ok to tax beer, because I choose to buy beer or not. But I do not choose to work; I have to, to live. I have no choice. Thus, the income tax is unconstitutional.
To wit, no State has ever recognized the Federal Income tax, the IRS, like the Federal Reserve, is not part of the Government, and the Federal Income tax was passed when three Senators were present, with two voting in favor.
That's a fun theory, but don't try that in court, or during an IRS Audit. The Sixteenth Amendment to the U.S. Constitution reads:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
The twin evils of the Fed and the Income Tax were established in the unlucky year 1913. And the swine ripped us off fair and square. The way forward is to *repeal* the Sixteenth Amendment and the Federal Reserve Act, not wish these ugly realities away with magical thinking.
Read it and weep for the Republic. I wonder how many of the adopting States would sign on today?
According to the United States Government Printing Office, the following states ratified the amendment:[26]
Ratification (by the requisite 36 states) was completed on February 3, 1913 with the ratification by Delaware. The amendment was subsequently ratified by the following states, bringing the total number of ratifying states to forty-two of the forty-eight then existing:
The legislatures of the following states rejected the amendment without ever subsequently ratifying it:
The legislatures of the following states never considered the proposed amendment:
This is the corresponding Bloomberg video:
http://www.youtube.com/watch?v=23a8F1gCLdc
I believe this contradicts little Timmy's 14th amendment claim. Treason trumps your argument. Is there any contributing factor as to why we, the people, shouldn't consider you spies or agents of a foreign power bent on the destruction of our nation?
Why does anyone even use the term "a nation of laws" to describe this circus any longer?
Has anyone noticed that for the 3 previous summers of this crisis, nothing really happened as the summer is always "silly season" and with people on holidays, the crisis is put on hold, but this year every day during the summer some wildcard shows up?
Looks like Credit Suzzy loves the credit.
sort the table by rate and guess who got the sweetest deal from the Bernank?
0.01% to 2.6%
get your money for nothing and your bonus for free
hint starts with G
Come on friends, lets connect the dots together.
The FED was designed and placed in the US for a reason. If and when needed, as has been demonstrated on many occasions in the 20th century, a super financial entity would be there to safeguard the interests of the banking elites.
The FED is the super rich uncle, who can print infinite amounts of money and bail everyone out. It really is a sweet racket. People do want to be bailed out.
Use any metaphor you want, but most need and want the dealer standing on that corner.
Ain't it interesting that GS is the Vampire Squid,
and the FED is The Creature from Jekyll Island...
All swamp/sea monsters.
What's JPM's symbol? The Kraken?
It`s unfortunate how little people understand of what a criminal organization the Fed is. Their only public mandate is low inflation and unemployment for which they have failed on both counts. Where they have succeeded is in generating and preserving trillions of dollars for their member companies at the expense of the public.
I guess you can piss on someone`s back and tell them it`s raining.
So tell me why so many on this site hate Obama for the predicament he is in?? Add these hundreds of billions to the 12 TRILLION that was doled out under Bush to banks and you have to realize this thing was fucked from the get go!!
I don't know, maybe because he's a liar and a fraud?
Name one thing he's lived up to on campaign promises? There are none. In fact, he's gone further down the economic and financial rat hole than Bush did by staggerings amounts of new debt and higher deficits.
Does that help you understand the frustration around here?
G.W. Bush was the hired ranch hand of the banksters, while BHO is the house boy, "Hee's yo smokes, Missah Blankfein....." ZERO difference between the two, Kemosabe. Except for the fact that Obama is even MORE socialistic and annoying, IMHO.
"I whistle while I get yo $2.5+ Trillion, Suh.... mo' POMO comin' righ' up... nuh-huh..."
Oy gevelt.
Gotta love the Creature From Jekyll Island
It makes sense. These European banks were the ones that loaded up on the really, really crappy MBS's that were completly illiquid in 2008. Not saying it's right, it's not, just that it shouldn't come as a huge shock.
The "FED"...
That's like a USA Government agency,is it not..?
Or is it like "Federal Express|",and just uses the "FED" part,like for a con job.....
Who owns this "FED",and is WHATS BEST FOR THE PEOPLE,BEST FOR THE FED" ?"
They sound pretty shady to me.
I have seen alot of anger over this among the comments. But really, does this news make a difference? This piece is SSDD. They lie? Yep. All the time. Cheat? Check.
We all know what the FED is up to. Yet we hear calls for an audit. Why?
All the information is out there. Most care not to look. This is a simple fact of life. Most do NOT want to know. Too difficult if they knew so they live in denial. This is not going to miraculously change if there is an audit.
Just withdraw from the credit system and let it implode. Because it will.
pods
"The Federal Reserve System conducted a series of single-tranche term repurchase agreements from March 2008 to December 2008 with the intention of mitigating heightened stress in funding markets."
Translation:
"The Federal Reserve (Jekyll Island) has continued to stab the responsible family in the back for the sake of central bankers, banksters, financiers, politicians, and other leeches of society."