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The UK Is Preparing To Return To "Glass-Steagall"
In a very surprising move, the AP reports that the UK finance minister George Osborne has announced a major overhaul of British banks, the key provision of which will be the separation of bank retail and investment business "in order to help avoid another financial crisis" - an act which is in essence a reintroduction of Glass-Steagall. What is stunning about this development is that the banking cartel has allowed the UK to get so far as to effectively repeal Gramm-Leach-Bliley, the act that ended Glass Steagall and allowed unprecedented deregulation to convert formerly safe banks into the mastodon, 50x levered, TBTF hedge funds they are now. And if this is happening in the UK, how long before Europe adopts the same overhaul in order to placate its austerity-ired population, and deflect populist anger where it belongs: the banking oligarchy which continues to defy nature, and the simple laws of bankruptcy, and demands that there is never even the smallest impairment of senior claims. All this may very soon be changing.
From the AP:
Osborne backed the findings of the government-appointed Independent Commission on Banking (ICB) which earlier this year called for a "ring-fencing" of retail businesses.
"Today I have told the Commission that the government endorses both these proposals in principle... We will make these changes to banking to protect taxpayers in the future," he said.
Osborne said he had taken the decision bearing in mind what he said was a British dilemma.
"As a global financial centre that generates hundreds of thousands of jobs, a successful banking and financial services industry is clearly in our national economic interests," he said.
"But we cannot afford to let it pose a risk to the stability and prosperity of the nation's entire economy."
On Zero Hedge, as well as on any other thinking financial websites, the repeal of Glass Steagall has been excoriated to the core, as the gating factor that allowed the financial collapse of 2008. It seems others share the sentiment.
The practice of banks using money from their retail arms to fund
investment operations has been widely blamed as a major factor behind
the global banking crisis.
Additionally, Osborne seems to mean business by putting Northern Rock up for sale:
After months of speculation over Northern Rock, which was nationalised by the previous Labour government, Osborne said the coalition had to "clear up the mess of the past".
"I can announce tonight that on behalf of you the British taxpayer, I have decided to put Northern Rock up for sale," he said, adding that they could "at least get some of our money back."
He did not set a price but the BBC said the government planned to sell it to a single buyer for about £1.0 billion (1.14 billion euros, $1.62 billion), rather less than the £1.4 billion it cost to bail out the lender.
Potential buyers for Northern Rock could include Virgin Money, the Coventry and Yorkshire building societies, investment groups NBNK and Olivant, and Tesco Bank.
Northern Rock plunged into crisis in mid-September 2007 when its exposure to the US-triggered credit crunch forced it to seek emergency assistance from the Bank of England, sparking the first run on a British bank in recent history.
To avert financial meltdown, the government agreed in December 2007 to guarantee all customer deposits and then later nationalised the bank in February 2008 to prevent its collapse.
The lender was broken up into two parts last year, forming a so-called "good bank" that will be up for sale -- and a "bad bank" management company to run down the remaining toxic assets.
Osborne, who has been a regular critic of the banking cartel did not stop there.
He also warned that Britain's economy faced tough challenges.
"Failure to tackle the imbalances during the seven years of plenty before 2007 threatens seven lean years thereafter," he cautioned.
"Storms from the world economy are likely to stir up the waters through which the UK economy must pass as it too adjusts to a new equilibrium with lower levels of debt and a rebalancing from domestic to external demand.
"We have to pass through turbulent waters. But we have set the right course," he added.
In an interim report published in April, the ICB also recommended that banks set aside more capital to avoid future state bailouts.
We wonder just how many mbillions in bribes will it take for our own corrupted politicians to do the right thing and follow the UK's lead in repealing the worst law to have ever been conceived by the banking lobby. Our guess is: a lot. Which is why we are not hoping that this one true means to begin fixing the system will ever come to the US. Instead, America will have to deal with the aftermath of that bloated of worthless legislation known as Dodd-Frank for years, which will likely never be instituted in our lifetimes courtesy of banks' ongoing and successful attempts to delay implementation, preferably until infinity (and not in the Norwegian sovereign wealth fund sense).
h/t Reboil Room
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...the plot thickens...
Don't get too excited Tyler, he's a (lying bastard) Tory. Whatever gets passed will be worthless and certainly won't inconvenience the banks.
Well he's certainly talking hard.
He meant business with the whole cutting spending thing. Broke the backs of the LibDems at it. But who knows.. This is my first Tory experience.
Marcy Kaptur has sponsored H.R. 1489: Return to Prudent Banking Act of 2011 which would reinstate Glass-Steagal here in the USA:
http://www.govtrack.us/congress/bill.xpd?bill=h112-1489
16 co-sponsors as of the moment. Call your rep and ask them if they are going to support it.
More of a Volcker rule than Glass-Steagall I'm afraid. Final details yet to be published but wording like "invisible walls within banks" does not get me too excited. Neither is the British press: http://www.guardian.co.uk/commentisfree/2011/jun/16/editorial-osborne-sp...
lulz... the Volcker rule also skips right over the source of the problem, the shadow banking system
dupe
Why? Its still fractional/fiat based currency amirite?
(deep sigh of relief!) Bravo!!!!!
Have to hope against all odds...but i agree with the fact that with our banana republic Gotham city type government, we have entrenched corruption...but maybe Batman(Donald Trump) will save us!!!!!
do not get too excited about anything getting better. could be nothing but a show.
yet as a person who witnessed the BOE crush the FSA (in detail), i am shocked. this is really out of left field.
tyler, me thinks you have not paid enough attention to the SNB. when the mushroom cloud clears, all will be shocked at the schemes of the SNB.
beware the gnomes of zurich.
Good onion article.
If it really happens, suddenly I feel the urge to move to England.
I've got a spare room here. Ignore the holes in the ceiling. They're nothing.
In Amerika it will be business as usual until they have stolen the last pennie.
Everything is on schedule, please move along
the tide is turning...watch below...
http://www.youtube.com/watch?v=0heL2Czeraw
Thank you for this beautiful song! I do believe she is right!!!
Buying time.
The banks will allow this.They'll sit back and do nothing. "Yes it may be time for some controls" they'll maybe say.
And the instant everyone's attention has moved to the next show in the moving Bread+Circus they'll proceed to do exactly as they please.
Quickly, while they are weak, kill them all.
Imagine the sound of two hands clapping (loudly) Milestones
was that an anti-koan? Like "what is the sound of one hand spanking the monkey"? (j/k, for most of us that is a rhetorical question)
This summer, early august. No one is watching, no one is waiting for a descision. JUST LIKE LAST YEAR.
George Osborne was an attendee at Bildeberg in Switzerland the prior week. Is he doing their bidding or is he fighting against the cartel?
Which is it...
He's doing their bidding. Not that their bidding is totally opposed to the sheeple's way of life. It's just 95% opposed to such.
MalWartism
+1
Osborne attended last week's Bilderberg meeting of the oligarchy in St Moritz, Switzerland so why should anyone trust him ?
ding ding ding!!!!
yet, no one suspects the swiss
ding ding ding!!!!
yet, no one suspects the swiss
Not surprised to see GS EMEA office in Geneva or Zurich soon
I am British.
If this comes to pass, great. Although 10 years too late. At the moment it is just talk.
Will the government actually do it though? Watch how the banks start to lobby and threaten to leave the UK.
Will we have a JFK moment?
Cameron appears genuine, appears sensible, is doing the right things.I wish him plenty of luck, we'll need it.
Looking forward to june 30th with great anticipation!
Agreed. TOOOOOOO LATE!!!!
Kinda like attempting to close the barn door, after everythings gone and the barn burnt down two Winter's ago!
"Will we have a JFK moment?"
You don't sound British. Perhaps one of those sad people who wishes they were American. Barclays will certainly make noises again about leaving which will worry some, and so will the American banks, but it will go through. Quite frankly I don't give a shit if they leave - there are plenty of banks in the World who can take their place and they can go and screw somebody else. I've had enough of their fucking adverts on tv targeting the poorest of our nation with quick money in return for 3000% APR (No joke, not a typo). A little research reveals they are owned by AIG.
This isn't Cameron's idea anyway. It's Mervyn King's.
At first glance the threat you describe seems toothless/funny: "Hey, if you don't let us screw you, rest assured we will go find someone else to screw."
Unfortunately the real threat isn't so: "Hey Mr. Politician, if you don't take my money in return for letting me screw your constituents, I will find another politician who will -- maybe somewhere else, or maybe right here so not only don't you get the money but you lose your job too."
Its not that easy in the UK. Politicians here have their campaigns paid for by the goverment. It would serve a business nothing to try and fund their own shill candidate since it is both illegal and unnecessary.
Yep.
"Cameron appears genuine, appears sensible, is doing the right things"
Are you insane. He's an idiot. An absolute puppet. He hasn't a clue what he's doing. He waffles endlessly and has no control.
Errr... that's how it's meant to be, so he's doing a great job. Silly me.
HaHa once...
"Cameron appears genuine, appears sensible, is doing the right things"
Are you insane. He's an idiot. An absolute puppet. He hasn't a clue what he's doing. He waffles endlessly and has no control.
Errr... ok that's how it's meant to be, so he's doing a great job. Silly me.
HaHa twice...
"Cameron appears genuine, appears sensible, is doing the right things"
Are you insane. He's an idiot. An absolute puppet. He hasn't a clue what he's doing. He waffles endlessly and has no control.
Errr... ok that's how it's meant to be, so he's doing a great job. Silly me.
Wow, robot... a triple post...
NSA surveillance is really jacking up your internet connection...
BTW: Are you talking Pasty British Douche Cameron or
Obama Bin Lyin' with that description???
Pasty British Douche Cameron
Don't know what happened exactly but the ZH server crashed whan I was posting up. When it came back up those 3 post appeared. Total disaster eh?
Nah it happens all the time...
You can delete all the text on the duplicates until...
Some ass like me replies to them ;<)
This shit gives me a headache. Ok, so... is this good or bad for our market? Man, I'd dance to the tune but the DJ is methed up.
"GOOD"
Damn, that was a stupid question, sorry. Up or down? Over what time frame? I have no idea how to weigh this one into my trading yet. Thank you and appologies.
If this is true, how long before the "disease" moves to Amerika. You can bet the Giant Squid will use all its tenticles to stop this, as will the other insolvent, bankrupt banks and brokerage, C, BAC, MS, WFC, JPM. I refuse to believe that the rule of law will return to this evolving banana socialist republic.
start with mark to market and no more off balance sheet would be a good start
HAAAAA hahahahahahahahahahahahahahahahah
ROTFLMAO.......HAAAhahahahahahahahahah....
Sorry Candy..., I don't know what got into me.
I'm also sorry Candy, but I have to concur with peabody. Reinstating mark-to-market would immediately bankrupt every big bank (and Country) in the world. And what's really laughable is that the fantasy asset values that they currently have listed on their balance sheets are leveraged 6 ways from Sunday into hundreds of trillions worth of crap OTC derivatives that are based on these fantasy values. There is literally many many times the World GDPworth of derivatives based on fantasy asset valuations....almost like fairy dust. This is the type of Greed that it took to destroy the world financial system.
T.E.I.N. everyone!
And yet, for overseeing the destruction of the global financial system, the banksters pay themselve billions in bonuses because thanks to fraudulent accounting and the injection of Fed-created liquidity, they can make it look like the banks are profitable.
You confirmed my point. Let all the fukers who did not jump out the windows yet start lining up for the jump. What is this...a freeking one way street, this is warfare against the the banksters. This is the way they see us sheeple, nothing but a fucking money pot to continue to raid. Its about time we turn the boat around and steer straight to the vault. Isnt the new compensation paradyne the issuance of stock that must be vested? Let the mobsters try dumpster diving for those certificates that are not worth shit for a while, its about time this side of isle gets a good laugh for a few years. Whats wrong with shorting the market?
The problem is the market is rigged, therefore you have to front-run the manipulation of TPTB in order to make the right plays, short or long. In other words, you have to think and act like the Oligarchs in order to profit like the Oligarchs. Is it morally acceptable to take a piece of the stupid money (a.k.a. middle-class life savings and pensions) because that is what the most corrupt members of our society are doing? The world financial system is not collapsing because of a financial crises....it is collapsing because of a morality crises. A moral society would not worship Greed and its High Priests, and it would not allow itself to be taken over by such an evil force. A moral society would not have risked the welfare of the world for a bigger bonus check, or for the power and status given to those who continue to support and promote the world Cleptocracy. In April 1966 the New York Times asked "Is God Dead?"....I assure you that he is very much alive and we are all about to feel his wrath!
T.E.I.N. everyone!
Thus here lays the dichomy in the financial fuck up we are in, have the tranch creators ever considered the implications of the moral arguement...no!
Its all about the spread and what you take home. Two competing thesis battling to get to the top of their chain. MONEY CHAIN is the operative word here not the ethics or morality of the profit. WS will NEVER subscribe to the moral arguement, if so its a weakness, so another approach is needed, and thats a hard and cold glass segal supported by someone that will be elected in '12 because the pussies we have now do not have the fortifude to move on it.
It will take another market crash to get this through. They actually started talking about it after the crash in 2008. But then we saved the Banks, along with their lobbiests, and the discussion died.
In the meantime, we can't have government interference with the free market, as that will mess things up. Hmmm. While I meant that last statement as sarcasm, that's what they'll be saying.
don't forget you can always use the <sar> </sar> html markers to make it plain!
don't forget you can always use the <sar> </sar> html markers to make it plain!
Is there room for Phil Graham in gitmo?
Nope. Too much Weiner in that Hut!
Poor Jamie Dimon and his LME thugs.
Yeah right, and volentarily reinstating the gold standard is next.
Im looking to start trading black swan events particuallry th e sandp going to 400.
I do have an interactive brokers account and I can't find any options (im a newb) that are offer that will allow me to see this trade.
I dont just wanna short the market Id rather use options to do that.
Even with the shanghi I'd like to short that one with options that are so way
out of the money that they are cheap. I don't mind losing the money since this is supposed to be a black swan trade. But the pay off would be nice.
Can anyone precsely give me this information and
could you steer me towards some education, resources, and or web sites
that would show you this.
Any help would be much appreciated.
Thank you
IndoFear
if you have enough money to be a private wealth client you can enter into customized OTC equtiy option trades
Try Think or Swim. I am not a salesman, we use it for options and they seem pretty good and their analytics are great. If you trade some volume they are pretty good about dropping comish with options.
Also they are a market maker and seem pretty good about writing options, obviously for a cost, but just about anything that can be traded on a us public exchange they seem to cover.
Best advice is to call your brokerage firm and ask them to help you navigate to your options research page--it is there for sure.
If you think next January is when the whole thing will be said and done, and think the SPY (an S&P ETF) will go down, just go to "Options Research" type in your ticker, then look. Right now the SPY is at trading at $127 and to buy one January 2012 $70 strike price put option (In expiration on January 2012, right to sell 100 shares at $70 )costs say 25cents per share. So to buy one of these puts costs $25 plus your transaction costs, or 100 of these puts would cost you $2500 plus transaction costs--1 put is effectively betting on the dirction of 100 shares, so one option would give you the right to sell 100 shares to someone at $70 if the marke falls below $70, and you know the put becomes worthless if you get to expiration in January 2012 and the price of SPY is above $70. If it goes to $68, you make $2/share less your transaction costs. Hope that helps.
Well done Osborne, now keep your head down while we work on removing the electrodes from Frankendodd's neck over here, it will not be pleased.
I'll distract him with Merkels rewarmed decaying body and the promise she will bear him many strong children! You get the electrodes!
And for God's sake do not install a hot tub.
Indeed - a cadre of food tasters might be in order as well.
or a hair dryer! ZZZZZZZ!
politicos only ever serve their true rulers...the only exception being when the population puts them under so much pressure that they have to act in their interest...
So, I'm calling this some kind of Bilderburg agenda rather than a benign offering to the british public
Excuse me, but what is the ticker symbol for the levered inverse ETF on Dodd-Frank bill implementation? Thank you.
Eloquent Cdad. Absolute perfection (dot)
I believe it is GTFO.
Henry Winkler?
I am flattered, but no :) Just like a lot of people these days, jumping the shark, doing the best I can with limited opportunities. Seems like there are few other ways to try to make money besides trading for me atm. That is of course the trap laid for me, but it is better than sitting still and being robbed. :)
Like a glove! Smooth!
Yeah, jingoism will really turn the economy around and vanish all the debt.
Really, what would this acheive? It's a joke.
Retail banking is how big compared to the investment side? What another waste of taxpayers' money having an enquiry that comes up with this as its main suggestion. DOes anyone really think the retail side of a bank would be 100% untouched if the investment side went belly up?
MALINVESTMET
MALINVESTMENT
I think they got the message:
http://www.dagongcredit.com/dagongweb/english/pr/show.php?id=92&table=we...
There's heavy drinking on Wall Street tonight...real heavy.
The UK was the stalwart copycat of financial de-regulation since the days of the Reagan-Thatcher combine (or Thatcher-Reagan from the other side of the pond).
It was orthodoxy that the banks and The City were always right. It was a mini return to the halcyon days of the Empire's gilded elite leading English society.
This is killing Wall Street. It means the writing on the wall is ever clearer. Our elitist, supply-sider experiment here in the US is drawing it's last breath. Banks may have to return to...being banks omg
I'm jumping in your boat, I think this is going to sail.
If you're going to dream.., dream big!
But I digress, I know I bought more olives the other day.....
I wouldn't read too much into another press release.
Call me when there is an event; these promises/threats have all come to nothing so far.
hopefully, I am just jaded from recent history and something will happen, but---------------until an event occurs------------what is there to talk about?
This is nonsense. Nothing is going to happen.
the proposals are just words, nothing will really change. the rest of deregulation will still stay
this is a hollowed out glass thingie me jig, window dressing at best
Keep a stiff upper lip bitchez
Excuse me......
the last time I looked the UK was not a part of the US. Whatever they do on the other side of the pond is an ocean away from Wall St. The Soros-Obama machine remains unaffected.
also, this might be of interest if only for a bit of nostalgia
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html
----
Thanks for posting Mach. Perspicacious.
I particularly liked this 1987 quote from your link:
Yeah...riiiiight....
Not all the bankers are cut from the same cloth. I said it before and I'll say it again, Britain is lucky to have Mervyn King at the BOE. Those are his ideas being implemented.
dead right
he has been as honest about whats been going on as he could be considering his position, he keeps on saying that things will be bad for a long time
I went to a seminar meeting at the LSE to hear him talk and you're right he doesn't mince his words with sophistry. When he talked about getting rid of fractional banking, I almost stood up and applauded. He isn't kidding - it is going to be bad for a long time.
I agree, Mervyn King is trying to do the right thing. He hasn't a chance, though. Those ideas will never see the light of day. Lip service.
Merv just got a knighthood; someone agrees he is right and backs him.
He needs to speak even more bluntly.
They better get going on this ... the way things look now, this fall will be very interesting.
really wish it was true... The population will take the austerity if and only if the government take equal and effective measures to control banking excesses... I do sometimes see honesty in Osborne and Cameron and really hope they follow through... but wait till cry baby banker starts the old suicide threats ... oh look there goes the footsie() ... best hold off on those big ideas George... and remember who really pulls the strings round here......
So they ringfence. Banking then becomes MUCH more expensive for the average customer through account charges, higher margins on loans, tougher criteria etc etc.
I can't see that moving any economy forward in 2011 and beyond, without massive wage pressures. People can't afford to live now, when money is cheap, so how the hell is anyone going to afford loans, mortgages etc when the banks can't make profits through the sale of toxic derivatives due to their perceived lack of funding to do the gambling? They will get the profits from somewhere, won't they?
Just playing devil's advocate here.
None of this really matters when you have the Military Industrial Godzilla Complex running the planet through a meatgrinder.
Of course this will be phased-in throughout the next few decades after the public has paid back the debt. Nothing will be fixed until Central Banks are terminated from the monetary system.
so are we saying here at zh that there is a glimmer of hope that an expansive world structural change to banking/investment relations could ward off a complete collapse? if not, then this news would be of little value to us, as it would be closing the barn door after the horses left. please advise
I think what we are saying is that $15 trillion of ghost assets have evaporated ... there is about $15 trillion more that need to go ... this time there will not be enough 'public' money to save banks, because governments will faulter as well.
So ... put some firewalls up and hope for the best
@mr. sincracy: thats the bigger theme here, however im merely inquiring as to whether tyler feels a wave of changes in the aforementioned structure could prevent a complete collapse
I thought you held the position that a COMPLETE COLLAPSE was impossible and we are in a perfectly healthy bull market?
"A hit! A palpable hit!"
nothing is imposssible. my point was to follow tylers line of reasoning. if he says a collapse is inevitable, why be optimistic about the aforementioned? it would be irrelevant.
When the pitchforks come for the bankers after the collapse they want to be able to say they tried to do the right thing.
So, when a banker tries to look like they're doing the right thing, things are already tits up.
If the people are going to resist the path to slavery, and this is far from an exaggeration, they will need to begin governing themselves again and dismiss the unelected tyrants now functioning as their governments.
This new backbone of the people reminds one of the stand taken by Texas Governor Rick Perry concerning Mexican convicts awaiting execution on death row in Texas.
In spite of the United States being a signatory to international treaties that seek reviews of these Mexican cases and in spite of pressure from the Bush, and now the Obama, administration, Gov. Perry has refused to allow the reviews.
Says Perry, the U.S. Constitution is what Texas follows; the World Court has no standing in Texas.
And to critics, he says “these people have been killing our citizens.”
yeah perry, a real libertarian and states' rights guy..funny i didnt see him turn down the oodles of money thrown at him by obama.
No one is saying that Perry is our champion; far from it. But we need people to begin standing up to the forces that would take this great country away from us. If Perry can help, I’m for that. To me, this is an important stand against obeisance to world government.
Somehow, I don’t think it improves our chances for Perry to cave in to these Mexican government attempts to override the United States Constitution.
In Perry's 2010 book Fed Up!, he takes issue with the Federal government's right to collect income taxes via the 16th Amendment. Says Perry: "If you want to know when Washington really got off the track, (it was) the 16th Amendment, giving them the opportunity to take your money with a personal income tax."
Would you have thought it better that he would have caved in on this issue as well? Be careful not to defy the message because you find fault with the messenger.
And although you “didnt see him turn down the oodles of money thrown at him by obama,” Wiki says he did, at least some of it:
“Perry has drawn attention for his criticism of the Obama administration’s handling of the recession, and for turning down approximately $555 million in stimulus money for unemployment insurance. Perry was lauded by the Texas Association of Business for this decision and his justification—that the funds and the mandatory changes to state law would have placed an enduring tax burden on employers.”
This strings-attached kind of relationship with Washington is what leads to the loss of state independence and to eventual total subservience to the central government.
Backbone? Come on JR! Ok Rick Perry is on your hit list, but consigning the the U.S.A is a bit extreme.
Apps. for the double post. The site locked up.
A junk for me.
Anybody and anything is better than what we have right now.
Obama is ignoring the constitution and the rule of law, so I'm sure it can work both ways. Obama is totally maxing out the creepmeter. It shouldn't have to come to that though, and Obama should be impeached first.
Obama is already in contempt of a Federal judge, is violating the orders of two other Federal judges, is in violation of the War Powers Act, failure to enforce DMA, is selling automatic weapons to the Mexican drug cartels, and a lot more, and the list is getting longer.....Obama is a one man flash mob.
High Crimes, Bitchez!
"Anybody and anything is better than what we have right now."
Ralph Nader and Ron Paul in 2012!
Many folks are working on that and reinstituting Glass-Steagall in this country as we speak. If we don't get something done fast and soon, there want be much left by Nov of 2012.
http://www.larouchepac.com/node/18478
"Says Perry, the U.S. Constitution is what Texas follows; the World Court has no standing in Texas."
Exactly...to what I believe you are alluding to...
http://www.startribune.com/opinion/123927704.html
The reader will note, there is no discussion (in this pompous Washington Post editorial) of the circumstances of how these Mexican nationals came to be on American soil.
Meanwhile, Hondurans, Guatemalan's etc. continue to languish in Mexican jails without counsel, if they were not just shot on sight for stumbling across Mexico's southern border.
Calderon is a piece of shit whose only interest is keeping a significant portion of his country's GDP (60 billion if I recall) flowing toward him, from us, by allowing the continuation of what can only be described as the slave labor of his own countrymen.
And then, for him to have the gall, to stand on my soil, in my House, berating my countrymen over my peoples inalienable right of self defense, as he was (no doubt in my mind) working in concert with Holder and Project Gunrunner to get weapons into the hands of narco terrorists, with Barry nodding like a mechanical poodle in the back window, was too much for me to bear.
Fuck Calderon and the horse he rode in on...execute the bastards Perry!
Very stong words, nmewn, and not one bit too soft for the occasion. With an ability to shoot like that, I'm glad we're on the same side. +++++
We have always been on the same side...we just see different opponents I suppose, our sovereignty will always be the tie that binds ;-)
osborne??? heard some rumours of some WMD hidding under his cellar door....hmmmmm......wonder what blankfein take is on all this....
And Obama is overheard asking Joe Biden " Who did this Glass Steagal guy play for as I keep hearing his name, wasn't he a football player?"...
You need to watch this:
http://www.youtube.com/watch?v=ijzxFfbPJdA
This may be a way for the elitist to carve off the valuable assets and transfer them to a self controlled entity to sell for cash or advance control of leaving the gov. insured retail banking sector gutted hanging in the wind when the PIGS fall. Just a guess. You can be assured this is not about "helping a little old lady across the street." The damage to banking is already done and the taxpayer has already signed to backstop balance sheet garbage. Now is the time for the elitist to head out of Dodge leaving the taxpayer to take the PIGS fall.
The banks are finally bracing themselves for the SHTF now that some sovereigns are going to fall.
A return to Glass-Steagall would be a good idea for the US.
Volcker also advised breaking up the TBTF U.S. banks, just before they stuck a sock in his mouth and threw him down the basement stairs.
Tonight: FT Reports the biggest banks in US and Europe are being made to up their reserve requirements based on size and type of their exposures.
Me: The G-Pap and the Greek pol shuffle stalling procedures look like they will give the banks time to gird their loins for a Greek default.
A return to Glass-Steagall would be an elixir to placate an awakening populace. The owners of the worlds nations (banks) could suffer decades of such regulation providing ample time to re-coil and spring a fresh new initiative of wealth consolidation.
..
I have always been curious how exactly one "girds their loins". Is that like putting on an athletic cup? I too would like to gird my loins!
" Ancient Chinese Secret".
..
i can recommend a great speech therapist gwar5, that stuttering of yours is out of control
Kudlow is a sell out. raising the debt ceiling is a joke!
So. Let me see if I get this.
The looting has finished.
Time to pull up the drawbridge (after all the peasants are revolting).
Allow the retail banks accumulate the wealth of the peasants for the next 25 years and then.
Hey Presto.
Change the law again.
And resume the looting.
Have I got that right?
Best we can do.
"As long as we can keep it"
Educate and lambaste the current approach. We do have the ability to have video on the subject for future generations.
But as with everything, it has got to get done, and beyond the talk phase.
But this might be the last go round, we are close technologically from making it a moot point. Once fusion arrives and powers everything....50-100 years from now.
So we can only try to make the world in that time what the descendants of todays oligarchs won't need to do this, nor want to. But today, that focus would be premature to waste too much time on.
Getting over the tech humps we face after enacting should be the key hump.
I don't speak Esperanto.
But I'll have a go.
Yes. Failing a World War fusion will happen within the next 25 years. If not sooner.
One might think that that would make humans free to explore their Solar System.
But of course it won't.
They will continue to be ruled by the worst of their kind.
The pendulum swings.
Easy access to outer space (think Western Frontier in the US) holds tremendous potential for innovation to reignite, create vast opportunity for the entrepreneurial set AND those who prefer or are suited to trade their labor for pay.
I don't see why "it won't" when its the worst of our kind who will watch developments happen before moving to jump the claims. Wait, in other words, for others to blaze the trails for them first.
Hell, TPTB have uncountable generations of wealth to draw on while the next paradigm is born, matures and ripens for their harvest.
Have some faith.
Can't really disagree there.
Railroads and the claiming of the "West".
Freedom to take risk and go for it.
Let's hope a genocide is not required.
-1 Genocide.
Agreed.
They say Hope is eternal.
I am not.
http://vbonnaire.files.wordpress.com/2008/08/pollenpath.jpg
Hopi springs eternal.
Lest we forget that he who controls the spice..
The Dutch controlled the spice and abused the price.
That's why the East India Company was given it's Charter.
I SMELL some, Red Hot Chili peppers.
Calling out my brethren.
The Embarrasment of Riches lives to this day.
Somebody please tell Osborne, Bernanke, Geithner, Obama, Congress, Parliment, the EU, ECB, IMF & all the other delusional assholes, that the only thing that matters is RESULTS. Everything else in meaningless crap. And everything they have done to this point is a complete failure. If not, why all the endless, meaningless meetings, conferences, sessions, confabs, joint sessions, etc?
And it is getting worse, not better.
RESULTS
And what RESULTS do you want?
And how would you achieve them?
Ever heard of The Bank of North Dakota?
Just get rid of the Fed & all TBTF's & replace them with 50 Banks of North Dakota. That's it. Simple enough.
Yes.
I have.
And I like it.
Can you provide it for all States?
That would be a RESULT.
I'd vote for California next, but would accept seeing that model implemented elsewhere (read small economies first) before adopted more broadly.
You'll get your wish sooner than you hope. Hint: it's already named Bank of America so nationalizing it won't hurt so much.