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BoomBust BNP Paribas? This Article Is A Hard Hitting Piece That EVERY MSM Outlet Needs To Pick Up On, IMMEDIATELY!
This post, in and of itself, should demonstrate to the entire Sell Side of Wall Street, the MSM/pop media outlets and all who may follow them that BoomBustBlog forensic research and analysis is simply superior to much of what is significantly overpaid for in terms of investment advice and opinion. Even more, what's ironic is that as I type this, the ZeroHedge newsticker flashes "Because The First Amendment Does Not Reach Across The Atlantic..."
The idiocy just hit record highs:
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- BNP PARIBAS SAYS IT ASKED AMF TO INVESTIGATE WSJ OPINION PIECE - BLOOMBERG
What next: the AMF dispatches black choppers to round up all those trop-beaucoup criminal bloggers?
Hmmm... Speaking of bloggers... Well, I don't consider myself to be the average blogger with a wordpress account. I come to the table with a full place setting of analytics. For those who don't embrace this new medium of dynamic, chaos theory embracing, distributed method of knowledge dissemination, all I can say is... Let's dance!
Bloomberg reports: BNP Paribas, SocGen Rebound After Rejecting Money-Market Funding Concerns and Company Bond Risk Falls From Two-Year High as French Banks Reject Concerns
BNP Paribas SA, France’s biggest bank, and Societe Generale (GLE)SA rebounded in Paris trading after rejecting concerns over their access to funding.
BNP Paribas, which plunged as much as 12 percent, closed 7.2 percent higher, the biggest gain in more than a year. Societe Generale, which slid as much 8.1 percent, jumped almost 15 percent after Chief Executive Officer Frederic Oudea said in an interview with Bloomberg Television in New York that the bank’s exposure to European sovereign debt was “manageable” and that it could do without access to U.S. money-market funds.
“For our bank, the exposure to sovereign debt is low, absolutely manageable,” Oudea said. “We have plenty of buffers of liquidity and we are adjusting to the reduction in the money- market fund exposure.”
The two banks dropped more than 10 percent yesterday on a possible ratings cut by Moody’s Investors Service because of their holdings in Greece. French lenders top the list of Greek creditors with $56.7 billion in overall exposure to private and public debt, according to a June report by the Basel, Switzerland-based Bank for International Settlements.
Repeat quote, " Chief Executive Officer Frederic Oudea said in an interview with Bloomberg Television in New York that the bank’s exposure to European sovereign debt was “manageable” and that it could do without access to U.S. money-market funds.“For our bank, the exposure to sovereign debt is low, absolutely manageable,” Oudea said. “We have plenty of buffers of liquidity and we are adjusting to the reduction in the money- market fund exposure.”"
Note: For clarification, Oudea is the CEO of SocGen, but the the point remains as illustrated by a statement released by Bank of France governor Christophe Noyer, which said that French banks had no liquidity or solvency problems, and were recapitalizing. The three major French banks are in very similar positions.
Okay, let's dance! Keep in mind as you read the balance of this post and the inevitable attempt at trying to disparage my opinion, I am the very same guy that publcily and quite accurately predicted (in detail) the:
- The collapse of Bear Stearns in January 2008 (2 months before Bear Stearns fell, while trading in the $100s and still had buy ratings and investment grade AA or better from the ratings agencies): Is this the Breaking of the Bear?
- The warning of Lehman Brothers before anyone had a clue!!! (February through May 2008): Is Lehman really a lemming in disguise? Thursday, February 21st, 2008 | Web chatter on Lehman Brothers Sunday, March 16th, 2008
- The housing market crash in the spring of 2006 and publicly in September of 2007: Correction, and further thoughts on the topic and How Far Will US Home Prices Drop?
- Home builders falling and their grossly misleading use of off balance sheet structures to conceal excessive debt in November of 2007 (not a single sell side analyst that we know of made mention of this very material point in the industry): Lennar, Voodoo Accounting & Other Things of Mystery and Myth!
- The fall of commercial real estate in general (September of 2007) and the collapse of General Growth Properties [nation's 2nd largest mall owner] in particular (November 2007):BoomBustBlog.com’s answer to GGP’s latest press release and Another GGP update coming…(among over 700 pages of analysis, review the January 2008 archives or search for “GGP” for more research).
- The collapse of the regional banks (32 of them, actually) in May 2008: As I see it, these 32 banks and thrifts are in deep doo-doo! as well as the fall of Countrywide and Washington Mutual
- The collapse of the monoline insurers, Ambac and MBIA in late 2007 & 2008: A Super Scary Halloween Tale of 104 Basis Points Pt I & II, by Reggie Middleton,Welcome to the World of Dr. FrankenFinance! and Ambac is Effectively Insolvent & Will See More than $8 Billion of Losses with Just a $2.26 Billion
- The ENTIRE Pan-European Sovereign Debt Crisis (potentially soon to be the Global Sovereign Debt Crisis) starting in January of 2009 and explicit detail as of January 2010: The Pan-European Sovereign Debt Crisis
Bear Stearns/Lehman Deja vu?
Yesterday, in my post 'As The French Bank Runs....", I queried of the sell side, "What the hell took you so long to come to these rather astute observations, dude?" Well, in continuing my crusade of truth against the potential insolvency of French banks, I reference the WSJ article titlled "BNP Paribas Denies Funding Problem"
PARIS—BNP Paribas SA on Tuesday denied it is facing a dollar-liquidity problem, as reported in an opinion column in The Wall Street Journal. BNP Paribas said it is fully able to obtain U.S. dollar funding in the "normal course of business," either directly or through swaps. In a column published in The Wall Street Journal Tuesday, Nicolas Lecaussin, director of development at France's Institute for Economic and Fiscal Research, cited an unidentified BNP executive saying the bank "can no longer borrow dollars."
A Wall Street Journal representative wasn't immediately available to comment. BNP Paribas said its has abundant euro short-term funding and has a net dollar short-term funding with maturity shorter than a year worth €60 billion. The bank has €135 billion in "unencumbered assets after haircuts" that are eligible to central banks. The bank also said it is using foreign-exchange swaps to more than offset the recent reduction and "shortening" of funding from U.S. money market funds. French banks, in particular BNP Paribas and Société Générale SA, have been hurt by a perception that they face difficulties in tapping short-term funding in the U.S., as money-market funds cut their exposure to the banks amid fears about potential contagion from the Greek and broader European sovereign debt crisis. Shares of BNP Paribas were down 8.3% at €23.97 recently, the biggest loser on the Paris stock exchange, where the benchmark index was down 1.8%. SocGen was down 3%."
Hey, Big Wall Street Bank Execs Always Tell the Truth When They're in Trouble, RIIIIGHT????
Here's more of Alan Schwartz lying on TV in March of 2008
Like I said above, it's not as if upper management of these Wall Street banks would ever mislead us, RIGHT????
Erin Callan, CFO of Lehman Brothers Lying giving an interview on TV in March andagain in June of 2008.
Even if the big Wall Street banks would lie to us, we have expert analysts at hot shot, white shoe firms such as Goldman Sachs, who of course not only are "Doing God's Work" but also happen to be the smartest of the smart and the "bestest" of the best, RIIIGHT!!!??? Below we have both Erin from Lehman AND Goldman lyingon TV in a single screen shot. Ain't a picture worth a thousand words???
We even had the inscrutable Meredith Whitney say "To suggest that Lehman Brothers is going out of business is a real stretch!" (She OBVIOUSLY DOESN'T READ THE BOOMBUST) as well as Erin Callan, the CFO of this big Wall Street bank on TV lying interviewing again...
But that damn blogger guy Reggie Middleton put his "put parade"short combo on Lehman right about that time, and had all of these additional negative things to say...
Lehman stock, rumors and anti-rumors that support the rumors Friday, March 28th, 2008
It appears that I should have dug deeper into Lehman!
So, does BNP have a funding problem, or is it at risk of the same?
BoomBustBlog subscribers know full well the answer to this question. I'm also going to be unusually generous this morning being that our prime French bank run candidate has approached my "crisis" scenario valuation band. So, as to answer the question as to BNP, let's reference 
Bank Run Liquidity Candidate Forensic Opinion - A full forensic note for professional and institutional subscribers, and otherwise known as BNP Paribas, First Thoughts...
The WSJ article excerpted above quotes BNP management as saying: "The bank has €135 billion in "unencumbered assets after haircuts" that are eligible to central banks."
OK, I'll bite. Excactly how did BNP get to this €135 billion figure? Was it by using Lehman math? Methinks so, as clearly delineated in my resarch report on the very first page:
The following two pages of this report go on to reveal the games being played to potentially come up with a figure such as the 135 billion quoted above. Boys and girls, I fear those may be Lehman bucks!
For those not familiar with the banking book vs trading book markdown game, I urge you to review this keynote presentation given in Amsterdam which predicted this very scenario, and reference the blog post and research of the same:
- a research note to subscribers, The Inevitability of Another Bank Crisis,
- followed by blog posts on the same, see Is Another Banking Crisis Inevitable?, as excerpted...
But wait, there's more - much more!
This document is 19 pages full of stuff that BNP management may have forgotten to tell you, as well as valuation for both "crisis" and bailout scenarios. What you have before is an anecdotal 5 pages. To put this in perspective particularly since no on the sell side warned about French bank risk before the fact, let's look at the chart as of the day this research was released and I'll let you tell me if it was worth the subscription...
Roughly 50% and falling as Vol and gamma explode!
Just to add a sense of chronological depth to this post, let's revisit the timeline from yesterday's piece, "As The French Bank Runs....":
Saturday, 23 July 2011 The Anatomy Of A European Bank Run: Look At The Banking Situation BEFORE The Run Occurs!: I detail how I see modern bank runs unfolding
image012
Thursday, 28 July 2011 The Mechanics Behind Setting Up A Potential European Bank Run Trade and European Bank Run Trading Supplement
I identify specific bank run candidates and offer illustrative trade setups to capture alpha from such an event. The options quoted were unfortunately unavailable to American investors, and enjoyed a literal explosion in gamma and implied volatility. Not to fear, fruits of those juicy premiums were able to be tasted elsewhere as plain vanilla shorts and even single stock futures threw off insane profits.
Wednesday, 03 August 2011 France, As Most Susceptble To Contagion, Will See Its Banks Suffer
In case the hint was strong enough, I explicitly state that although the sell side and the media are looking at Greece sparking Italy, it is France and french banks in particular that risk bringing the Franco-Italia make-believe capitalism session, aka the French leveraged Italian sector of the Euro ponzi scheme down, on its head.
I then provide a deep dive of the French bank we feel is most at risk. Let it be known that every banked remotely referenced by this research has been halved (at a mininal) in share price! Most are down ~10% of more today, alone!
- French Bank Run Forensic Thoughts - Retail Valuation Note - For retail subscribers
- Bank Run Liquidity Candidate Forensic Opinion - A full forensic note for professional and institutional subscribers
I will provide additional tidbits to the public as I deem fit. In the meantime, the question du jour?
So, What's the Next Shoe To Drop? Read on...
For those who claim I may be Euro bashing, rest assured - I am not. Just a week or two later, I released research on a big US bank that will quite possibly catch Franco-Italiano Ponzi Collapse fever, with the pro document containing all types of juicy details. This is the next big thing, for when (not if, but when) European banks blow up, it WILL affect us stateside! Subscribers, be sure to be prepared. Puts are already quite costly, but there are other methods if you haven't taken your positions when the research was first released. For those who wish to subscribe, click here.
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Okay, reginald, here's janus's play today -- i stayed out monday and tuesday for a reason...i sensed they'd try to float till mid to late week.
2X leveraged short on dow and s&p. i'm going to time it for the best price i can get on the futures between now and a few minutes after the bell.
i don't have time to explain my play, as i've got to leave the house in a second. but, the dow's commin down somewhere around 200 point by week's end.
quick analysis: qeiii or no qeiii, either way these bitchez have to slowly drop the dow in chunks. 1) yes qeii and they have to justify qeiii in the first place and soften hawks in the second. 2) no qeiii and they have to drop dow/s&p in chunks so that the fall immediatley succeding the negative announcement will no be so shockingly precipitous -- you know, so that mom and pop can be convinced to leave that 401k money where it is...america always pulls through! we never lose! hell, we walked on the moon...didn't we? so, trust your msm parroting financial advisor; ignore the outlaw Reginald Middleton...at your peril!
the quick and the dead, bitchez!
the quick,
janus
well, i haven't covered my short yet -- i'm stoppin at 10950 on the dow, and 1155 on s&p.
almost covered about an hour after the bell - but i'm feelin confident.
ps futures price at time of short --DOW: 11,150; s&p: 1,180.
pps, Reginald, have you been eyeing austrailia? seems like a fatted calf to me -- something to place maybe a conservative put on somewhere around, say, new year's. but i'm gonna invest a lil time lookin over the land down under -- again, ripe for the pickin at first glance.
janus
REGINALD MIDDLETON: COCK OF DA MUTHAH FUCKIN WALK, BITCHEZ!
LOOK ON REGINALD AND DESPAIR!!!
you know why? cause MR. Middleton (that's right, call him SIR, bitchez), is the dion sanders of ZH analysis! Period, end of statement...oh, well, this is janus; so, it's fair to say that there's a bit more to this statement....
neon dion sanders was an atlanta falcon dirty bird, bitchez! in fact, dion, was janus's hero (at a certain point i gained too much weight and had to move to safety...but i was a d-back during dion's 'golden age'. but let's stretch that metaphor...
neon dion sandars was The Man...and all his haters got them ankles broken when dion came a streakin down the field on a punt return or kickoff return. when dion was running with The Spirit, you were not going to touch him -- not even by accident. (and, oh yes, believe what you will, but gifts like those given to, say, folks like Reginald, WildBill and, of course, Janus, are the endowments of The Almighty (but it's gifts we give ourselves, after God has revealed their presence in us; now there is wisdom...in other words, it's the nexus of talent and HARD WORK!!!)) -- for their is no other explanation for genius.
Dion sanders also played for the Good Guys (notice how my falcons are on the rise, in perfect sync with america's demise -- symbolic?...youo be the judge) and they dressed in BLACK! just like yer huckleberry, janus.
Dion sanders also talked heaps of SMACK! and, bitchez and haters, he could back that shit up -- and if you can back it up, it's your mutha fuckin perogative to rub it in the haters FACES!
but what really made neon dion special was his willingness to admit when he'd been bested; when he'd been lazy; in short, he was his own worst critic.
hmmmmm! does that sound like someone who posts the MOST valuable insight on ZH (now, Mr. Durden, I'm not taking a thing away from you; but if you want to learn how to make a fortune in trading specifically, go pay that widow's mite and sign up for the gravy over on boombust -- he's just servin up the biscuits here on ZH; and biscuits are just fine, but gravy...mmm mmm mmm -- what can you say about gravy that yer salivating mouth ain't already told ya! gravy is transcendent (red-eye alabama gravy that is; not that shit you yankees pour from a abox and add hot water to...bitchez, the stuff that takes an hour and a half to slowly grey that roux, slowly add the milk, reroux, re milk, simmer, stir, season, add a few coffee grinds, dip that finger in, sample the divine, ladle it on the biscuit...and, PROFIT, bitchez! -- i'm up 112% NET making plays that are essentially permutations of those Reginald is advising in just over a month!!! (i can prove every bit of it if needed). now, i do my own thinkin, and TONs of other reading. but when it comes to implicit faith that someone has done their homework -- well, i'm as close to implicit with RESPECT to reginald as dis white boy can be.
so, i just thought i'd share those thoughts before i get back to work on world markets. janus has had a few INCREDIBLY busy days, but, as my hero ben franklin always said -- plenty of time for sleepin in the grave!
sleep is EXPENSIVE, ZHealots!
the prosperous wolf,
janus
janus reckoned for a second...yeah, i know what you bitchez are thinkin, 'thinkin's a dangerous occupation for a redneck, redneck!' yeah, well, we's lots a things, but cowards we ain't -- huckleberries we is.
so, the conclusion of this beard strokin and hmmm-makin reckoning was as follows: the stuff i need to read for my play today ain't found its way to me...i need spreads, some forex stuff, some euro markets settleing in...that kind of thing. so, again i set to this high-born reckoning...and then i bumped into a real idea [as we say round here, a blind pig can find an acorn, too]: why not pour over reginald's stuff once again?! and so i did.
janus, as you may know, is forrest gump. and once when reading some abraham lincoln book of quotes and anecdotes (janus studies the man, even more than the deeds), he stumbled across something that led him (janus) to believe that ole stove-top abe and me was some kind a kindred spirits or something -- well, it wasn't the first clue, just a confirmation really: abe sez, "i have a mind like steel -- you have to work like the devil to scar something onto it, but once it's there, it's there forever." see, janus ain't smart; janus works.
reginald is smart and works.
so, reginald, would you like to read the radiant revelations beaming forth from janus's crystal ball? well, pass over -- you probably know them already:
There will be no qeiii; and if there is, NOTHING will go to europe (except great britian -- they will get some kinda largess; this is called the anglo-american super structure for a good reason after all)...nothing; not even secret funding 'arrangements'.
The point is to kill the euro temporarily (i'll table this for now and return).
The Big French (and, really, the hun's exposure is atrocious...but let's focus on BNP and SocGen) exposure to the PIIGS (and, for the sake of metaphor, i'll be heretofore referring to them as the pariahs) is in direct proportion to their fuckedupedness...i mean, people, it's a goddam bathos over there, you couldn't measure the depth of that dung with a, well, bathoscope (janus and his words...awesome!). oh, don't even tell me that italy is in better shape than greece -- read the fucking data! do the hard work! greece is the most expendable (and, notice, the furthest 'east'...oh, but the europeans are no longer bigots! no no no! they are far too cosmopolitian for that), and therefore the 'test case'. italy is in SMP wonderland right now! now, let me explain why italy is SO precarious.
it has to do with SHARP ethnic divisions in italy. (i've had some good, quality uncle sam training on this stuff, so it may be worth something -- these are vague extrapolations from 'contingency plans')
northern italians are GERMAN! they speak german, they act german, they look german, and they are culturally bias to deutch land! now, the northern germans (which are VASTLY more prosperous than their 'cousins' to the south) will, in a heartbeat, scamper to the protection of the fatherland when the time comes...it's a commin!
The euro will be the first to be destroyed...annhiliated! then we will crash the riminbi THROUGH the dollar (but the chinese are prepared..but they will suffer temporarily). the dollar will be the last to go; but it will go with such a titanic crash it'll be talked about in the same way we discuss the roman corruption of coinage.
this will all happen in fairly short order...now back to europe.
the plan is now to pare back the union to a 'nordic' state plus france. northern italy (the northern-most parts...i'm not talking about frikkin rome) will also join this union. maybe some parts of poland. it will be very much germanic. don't know what the brits will do, as the pound will plummit in sync with the dollar.
so, this reconfigured currency will be issued under a ten or so nation state (believe it or not, the swiss may in fact join -- it will be a tme of GREAT fear)...it will have a GENEROUS interest rate attached to the BUND, and it will be tptb's last ditch effort to kill gold and save fiat.
So, Reginald, what is a poor boy to do? i mean, i see we face similar dilemmas...i'm just hoping for a mistake or two that i can learn from -- once i thought i made a bad dollar call, and then 36 hours later, i find that i'm again, alas, correct...sigh.
so, i've got to get at it! the data is rollin in! i'll have my play back here in a bit.
lil dedication, Reginald...excuse me, Mr. Middleton!:
http://www.youtube.com/watch?v=wxh-FfElY0M
PS. Mr. Middleton, I happen to KNOW that we're doing God's work. And as The Man said, "ye shall know them by their fruits" in other words, not their vain, lying, forked, slithering tongues!
PPS. my european friends, i'm not talking about most of you who post on ZH...and, trust me, i'm not euro bashing either -- i know who the real bad guys are (cross the channel, then cross the pond; find the most corpulent among them, and there's who janus is fightin)
Go tell that long tongue liar
Go and tell that midnight rider
Tell the rambler, the gambler, the back biter
Tell 'em that God's gonna cut 'em down
Tell 'em that God's gonna cut 'em down
Well my goodness gracious let me tell you the news
My head's been wet with the midnight dew
I've been down on bended knee talkin' to the man from Galilee
He spoke to me in the voice so sweet
I thought I heard the shuffle of the angel's feet
He called my name and my heart stood still
When he said, "Janus go do My will!",
janus
Reggies General Math 2+2 = 4
Banking Exec Math 2+2+BS = $135bn
The laws of math one day always prevail I think this is the jist.
Short selling isnt my thing but I cant argue with the maths why its a no brainer to do so.
Reggie is a one man tank army rolling through the Ardennes....now whether that means massed Panzer Divisions or US Tank Corp I have no way of knowing....
but the soundtrack of those clanking tracks is awesome...
Reggie don't need no bodyguard...Reggie be Spank-a-Lee http://youtu.be/eQFjBZUTODc
...Blackwater down!
Agree. They are in trouble. Does it matter? Will France government let them fail? Can they bail them out with taxpayer money or is it simply to deep in debt even for the government to save them?
That was the attempted Irish solution.
If you read the reports on how it cam about in Ireland, it first seemed possible for a state bailout. Once it started though, the bankers had to fess up on how bad the loan positons were and do some real accounting. By that time the government was too far in to stop. Then it got a whole lot worse and it broke the entire country. The economy was going into the can anyway with the RE meltdown. But it did not have to take every Irish pound of state pension funds with it.
I appears that the French are about to follow that same path. In any case, current equity positions in the banks will become nearly or completely worthless.
Articles #1,2,3,6 and Reggies' 'Anatomy of a sick bank' motivated me (along with Jim willies material and johnny silver bear at silverbearcafe.com) to put 2/3rds of my inheritance,1/2 my 401k and most of my personal savings into physical PM some time ago. i jes' been collecting bullets and beans since.
Reggies' materials was some of the most hardhitting, fact/data backed, logical and often humorous financial sector writing that a financial market illiterate such as myself actually understood. Its honesty and serious subject matter put 'oh shit' into my exit from cash and equities markets.
+++ couldn't agree more!
and, yes he's inspired ole janus like i can't describe (well, i'm not shy with description; but i don't have the time now)...no fema nothing -- costa fuckin rica!
janus won't be touchin booze of any kind till it's time to REALLY celebrate...and then, when the dust has settled, we'll all meet up and fight over who gets to buy the next round!
first one's on janus!
Hi Vendetta.
Situation similar. There are many many people to thank for walking this path ahead of me. Courageous determined men and women.
I can't tell you how many hundreds of fact-filled online articles I read before the truth of our dire circumstances made me willing to let go my old assumptions and take action.
Guess we won't be seeing you at Kamp FEMA either.
This is one of those rare occasions when I print a post out.
Tnx Reggie
REGINALD IS THE FUCKING MAN! Reminds me of Meredith and her Citi call. She got threats, too.
Yeah and China ala the BRICs inflation infested fantasy lands will be the bank bailouts of EZ. They couldn't care less if Greece fell into the Mediterranean. It's a dirty business.
Cue EZ banking crisis in less than a week, then cue BRIC sovereign funds buying up.
Another Reg classic, well done.
So Reg, if it came down to Ohbummer and Ron Paul, who would you vote for? I saw someone ask you that on another post the other day.
Although he mistakenly uses the pronoun "their" when he means the contraction "they're," something many otherwise reasonably intelligent-seeming people cannot get right and I consider a point of demarcation between dumb and reasonable intelligence, I think Reggie has it right here, and these banks are Lehmans walking.
i quibble: reggie also uses the non-existent imperfect verb 'have went'. it is not intelligence, imo, it is the english (or whatever language) spoken by one's parents, or at least learned as a child. as hard as he works in forensic financial accounting to learn more, one might think/hope these errors could be corrected (or he employ a copy editor), but the initial mistakes are inherited. it's a class thing (cf. pygmalion by shaw) and, i dare say, may explain more about his work's reception in the larger world than he realizes.
they're
over there
playing with their pumpkins
Reggie. You're one cocky son of a bitch but you know what? You back your shit up and write some of the most detailed posts on ZeroHedge.
I don't mind the cocky attitude as long as
a.) you're right or..
b.) when you're wrong you own up.
Good article.
Will Reggie be right again is the question....freakish accuracy so far....ya freak!
PAY ME FULL PRICE FOR A SUBSCRIPTION YOU IDIOTS!!!!!!!!!!
MEANWHILE, BACK AT THE RANCH, NOBODY IN EUROPE HAS DEFAULTED ON ANYTHING!!!!! BLOW ME, ASSHOLE!
http://www.xtranormal.com/watch/12373724/q-and-a-w-slash-with-larry
A run on French banks would be entertaining if it weren't for the IMF and the FED raping U.S. Taxpayers to bail out their fellow Wool Suit PhD Pirates.
At least real Pirates raised a flag and said they were going to take whatever you had.
Excellent ebworthen. This is what bothers me the most. Either way, in the front door or back door American taxpayers are going to foot the bill for this. Most will not even know it is going on because they are debating on stuff like should we let grandma die or not. Afterall, Bansters lives of aristocratic upper life style is so much more important.
As Joe Kernen said, Bailing out the Banks is all good for us.
Hey ZH, how about putting some of Reggie's better stuff on the main feed so we can reference it again.
Don't worry - EU taxpayers & economies payed even more. Reggie made a point about incoming commercial RE crash all over the EU. Germany destroyed almost all of its natural hedges - railroads ( 86.000 km ), social security, advanced environemental technology, private savings, electronic industry and dumped the wages about 20% in 10 yrs....... just to sell it's junk to the poor EU brothers through the predatory lending and bribery. ( 500 tanks and two submarines to the Greeks ).
Now, when the such great financial institutions like Commerzbank, ( 3 bn. € worth shithouse bailed out with 18 bn. of taxpayers money ), levitate over the cliff, held just by Holly Ghost and arrogant Narrativum ( Terry Prachett ), the average Giovanni, Francois or Helmut knows that he's fucked the same way as the Joe Sixpack on the other side of the pond.
Global Banking ist succesfully replaced with Global Wanking, and we're all just freaking doomed.
I'd take popcorn, but not sure if it's not Monsanto's Mon810 ... - so I'll stick to the german beer ...
Lights out ...
Either way, in the front door or back door American taxpayers are going to foot the bill for this.
Yes, but not thru taxes. They can't raise taxes any further without crashing the economy (what's left of it).
It'll be thru currency debasement. Your dollars (and dollar-based assets) losing value, losing purchasing power, whatever way you want to describe it.
Yes, they have two ways of looting you. Taxes and currency debasement. Either way they steal wealth from you. Taxes are overt. Currency debasement is covert.
Hey REGGIE,
I want to subscribe, but I am a little worried since you bank with C. I'm worried my money won't show up in your account. Can I just mail you some of the paper bills I have kicking around ?
I'd do Reggie so good he would buy me a football team....
Shirley I think I might be in love with you.
Love Cliff.
What happened to the brown woman with the crossed eyes? Please bring her back.
Reggie Rocks
That video is definately worth the time thx Reggie strong work
Isn't it about time they "discover" a shitload of the barbarous relic [looted from N. Africa] in those French bank vaults... problem solved?
There already IS a shit load of it in (most) European central bank vaults.
And the ECB's vaults.
It just isn't valued properly yet in paper terms!
Dear Reggie,
When you referrence the GS Blankenfein quote that he is, "doing god's work', you must remember NOT to capitalize god, because what Lloyd is referring to is not God as most of us envision Him. What Lloyd is referring to, is his god, and while said being might well be referrenced as a god, he is not God, but his antithesis. I could go on to explain the historical chain of events that have brought Blankenfein to his statement, but that would fill a book, which I am working on. Suffice it to say, and for the layman, what Lloyd Blankenfein is referring to, is Satan, the Devil, bezulbub, ol' scratch, the Prince of Earth, Jupiter, Zues, and Lucifer, as he is known by many names. He is the deceiver, and I would thus encourage you not to capitalize the term god, when utilizing his servants referrence to him, in sworn testimony, or otherwise.
aka, Saturn, Osiris, Apollo, Apollyon and the entity has also been identified as 'the ruler of this world'. For anyone who is astute the $1USD FRN foretells the future.
E PLURIBUS UNUM is Latin for "Out of many, one". Novus ordo seclorum is Latin for "New Order of the Ages". Annuit cœptis comes from the Aeneid, book IX, line 625, which reads, Jupiter omnipotens, audacibus annue cœptis.[10] It is a prayer by Ascanius, the son of the hero of the story, Aeneas, which translates to, "Jupiter Almighty, favour [my] bold undertakings." Some of the above is directly quoted from http://en.wikipedia.org/wiki/Annuit_c%C5%93ptis
Many mistakenly believe America is/was a Christian nation. No, instead it is an nation lead by the occult, for the occult. So why are we using money that contains a prayer to "Jupiter Almighty" ? Oops, running out of time, the presidential election is coming soon.
Jupiter= Ziu (Zeus/Deu(s))Pater =God the Father
LOL
So when i was a little shaver i used to serreptiously turn on the AM dial to listen to the Scooter (also known as Phil Rizzuto) call Yankee games well past my bedtime. His signature line as you all know of course was "HOLY COW!" i bring this up because while i didn't understand this as a kid he did announce one time about seeing one of my hero's who also was named Reggie in his "birthday suit"' and the Scooter exclaimed "HOLY COW!"
Fucking French Cunts! If their lips are moving they are lying!
Reggie for god's sake get an editor, at least for your printed material: their= the possessive as in their, "it belongs to them" ...they're= a contraction of "they are" as in they're coming for dinner....sorry I had a really strict English teaching aunt...but really, it IS what the public sees...
I'll have to agree that it IS about appearances. Too bad spell-checkers don't work on homonyms.
Rocky. Been meaning to ask. You sporting a new coat?
To Reggie. I was reading you before finding ZH. Am so glad TD features your work prominently. Thank you. And, hire a bodyguard.
Sometimes really bright people know what you are saying. Their minds are working so fast the miss spell and don't proof read.
What matters here is the facts. Not a word that was not spelled correctly. Reggie gets a A+ for sticking to his principals where as the media is trying to lead all of us into a sewer drain.
principles
Give Reggie a fucking break.....we went to public schools. At least he isn't using texting shorthand.
Adios, MFers?
Reggie,
Your articles just get better and better.
Nice work
Iguess then tomorrow it will be INDIA that's bailout the improvident Euripeans (as they are the last letter in BRIC to not yet of been so cited.
Poor, stolid India; shouldering the brown man's burden, civilizing the barbaric white peoples of the Earth . . .
: )
I'm from india. Working in call center. We have taken more than 2 million direct jobs from USA and our currency is depreciating fast and inflation increasing fast.
The generally Socialist government has continued the subsidies, even increased them, while in the midst of the general economic boom. All combines to deprediate what should be a strengthening currency. They simply cannot resist giving money away to someone.
That certainly has been the US problem.