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The ECB - EUR22 Trillion Is Missing
Via Mark J. Grant, author of Out of the Box,
The ECB: The Missing Assets/Liabilities
“To treat your facts with imagination is one thing, but to imagine your facts is another.”
-John Burroughs
Yesterday I published the assets/liabilities of the European Central Bank as provided by them. I provided some analysis that I thought was relevant as I also asked all of you to look at the numbers yourself. To be quite open; I was stunned by the data they provided and shocked by the implications. I had not seen the data in any other source or commented about by anyone and the subject, while admittedly complex, and perhaps made more complex by design, is a huge wake-up call for anyone investing in Europe.
The ECB lists, as of the end of the 1st quarter of 2012, 16.304 trillion Euros ($ 21.032 trillion) in assets and 17.334 trillion Euros ($22.631 trillion) in liabilities. It is right there in black and white as I showed in the ECB provided data that I presented yesterday. However when you get to their consolidated balance sheet you find the numbers they bandy about in public to be a ledger of 3.240 trillion Euros ($4.00 trillion) and you catch your breath and pause. Utilizing normal American accounting practices this variance would be impossible and yet here it is; staring us all right in the face.
“Europe has put a ‘stop payment’ on our reality check!”
-The Wizard
I can report that I did hear from a number of large institutions yesterday that also looked at the numbers themselves and were stunned. Conversations were held, questions were asked and I think an accurate summation of the conversations was that everyone was in some state or another of astonishment. The numbers were not my numbers after all and while many good issues were raised in terms of how to properly analyze the data that was presented there was a clear sense that we were being duped by the European Central Bank and played for suckers.
“Reality is the leading cause of stress amongst those in touch with it.”
-Jane Wagner
Forget that the liabilities are greater than the assets and forget that that both have increased rather appreciably in the last several years and just concentrate on the size of the numbers presented and then ask the central questions; who is responsible for these assets and liabilities and where are they counted? We know that they are not counted at the ECB as they are not a part of their consolidated balance sheet. You may ask how this is possible and I re-print, once again, the applicable note from the ECB:
“Recognition of assets and liabilities
An asset or liability is only recognized in the Balance Sheet when it is probable that any associated future economic benefit will flow to or from the ECB, substantially all of the associated risks and rewards have been transferred to the ECB, and the cost or value of the asset or the amount of the obligation can be measured reliably.”
So there is the rationale, like it or not, but then where are these assets/liabilities counted? We are talking about $21.032 trillion in assets here and $22.631 trillion in liabilities which are larger numbers that all of the GDP of Europe. We can surmise that the ECB does not count these loans, securitizations and collateral as they belong to a given nation or a bank guaranteed by the nation or the securitization is guaranteed by some country but the rub is the country doesn’t count them either. When a European nation reports out its debt to GDP ratio I knew that they did not count contingent liabilities and I knew that government backed bank bonds were not included and I knew that regional debt guaranteed by the government was not included but this, and the sheer size of it, had lain underneath everyone’s radar.
Think of it; twenty-two trillion dollars worth of assets and liabilities and accounted for nowhere. No need to worry anymore about Target2; a mere tuppence at one trillion dollars, a decimal point. Just exactly what these assets and liabilities might be is anyone’s guess. Just which nations generated them is also anyone’s guess as no data or explanation is provided. Just what any country’s real debt to GDP ratio might be if these assets/liabilities were included in the equation is also anyone’s guess but I think it is safe to assume that the numbers would be off the charts; far off the charts.
“Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead. We must therefore accept it without complaint when they sometimes collide with a bit of reality against which they are dashed to pieces.”
-Sigmund Freud
You know, these are not blue fairies or gnomes or elves that have gone missing. These are twenty-two trillion dollars ($22 trillion) of loans and securitizations and mortgages that are found and accountable for by no one. These are real assets and real liabilities that have been turned into cash by the ECB and it causes me to wonder just how accurate the Money Supply numbers are for Europe with this amount of cash being pumped into the system. I also wonder what anyone’s real balance sheet looks like and I wonder what kinds of losses are being incurred and by whom. To be quite forthright, and in my opinion, this seems to me not just the rigging of the game or the gaming of the system but something far past that; something out beyond the realm of the credible and of real world experiences.
This is what we are investing in when we buy European bonds? This is where we are putting our client’s money? I don’t know; they may have gone mad but I have not.
Have you?
“An error does not become truth by reason of multiplied propagation, nor does truth become error because nobody sees it.”
-Mahatma Gandhi
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That's all? That's not so bad.
It's nothing but a huge deflationary flag, that's all.
22 trillion disappearing like that. THey should check the Aussies couch. It paid out 335B yesterday.
Do you want the last Big Mac......or the 22 trillion?
Aaaand its .... was never here ?
What's the big deal?
It’s not like your talking real money.
would you like that in 2 x 10 trillion EU notes and change or all in change?
I think people will be asking for it in silver or gold now. Dracma's, Lira, peso's...anyone actually trust these people to manage a cat fight?
Maybe they should ask Donald Rumsfeld
Rumsfeld admitted to $2.3 trillion missing on September 10, 2001 (the day before 9/11)
http://www.oilempire.us/trillions.html
I was thinking that myself.
If we had 911 to get our minds off of the missing $2.3 trillion, I shudder to think what is in store for the next distraction....
Banana.
Banana is my answer.
Dow futures have dropped 6 points on this incredible news.
Yup....1.5X the national debt of the US disappears and it's not part of the fundementals of the market.
Fiat Currency doesn't matter for nothing if they don't deal with this.
I FOUND THE 22 TRILLION!!!!
It's right here below:
>>> € 22.000.000.000.000 <<<
voila! All legal and digital as you ordered it!
Now what was that question about the FED's assets? How much is all I need to know!
Thanks Sudden Debt,
Someone quickly forward this to the ECB, let them know we found it.
Good job Junior Financial Detectives, now if you spin your decoder ring to blue, the secret message from our sponsor should fill in the gaps.
I set my decoder ring to blue and it tells me that 'All the world is a fiction'?
"Drink your Ovaltine"
'
I FOUND THE 22 TRILLION!!!!
It's right here below:
>>> € 22.000.000.000.000 <<<
'
look i am a central bank.....
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
€ 22.000.000.000.000
that wasnt hard at all...! free money for everyone.
Let me correct that for you:
999,999,999^infinity.
only 999,999,999^infinity...is that the best you got sheep...!!!!
999,999,999^infinity^infinity squared....!
Per the BIS, the notional amount of derivatives at the end of 2011 was $ 1,524,140.9 billion.
Translated into English, that's One Quadrillion, Five hundred twenty four Trillion and One hundred-forty billion dollars.
$22 Trillion is just a dust bunny under the couch for this system, no worries. The Central Banks of Earth are backing all this with their taxpayers' bondage.
Better to worry about where to park when you next go to the gold coin & bullion store.
See the BIS data, chart 23A, at:
http://www.bis.org/statistics/extderiv.htm
Seems to me numbers get so big that deflation will overwhelm the best efforts to inflate, or the inflators will resign to deflation as it becomes too silly or unacceptable by the public to continuously bail out the financial system.
deflationary.
PETERSo when the subroutine compounds the interest, right, it uses all these extra decimals places that just get rounded off. So we just simplify the whole thing and we just round it down and drop the remainder into an account that we own.
JOANNA
So you're stealing.
PETER
Ah, no. No. You don't understand. It's, uh, very complicated. It's, uh, it's, it's aggregate so I'm talking about fractions of a cent that, uh, over time, they add up to a lot.
JOANNA
Ok. So you're gonna make a lot of money, right?
PETER
Yeah.
JOANNA
Ok. That's not yours?
PETER
Well, it, it becomes ours.JOANNA
How's that not stealing?
PETER
I don't think, I don't think I'm explaining this very well. Um, this Seven Eleven, right? If you take a penny from the tray - JOANNA
From the crippled children?!
PETER
No, that's the jar. I'm talking about the tray. The penny's for everybody.
JOANNA
Oh, for everybody. Ok.
PETER
Yeah, well, those are whole pennies.
JOANNA
Yeah.
PETER
Right. I'm just talking about fractions of a penny here, but we do it from a much bigger tray. A couple of million times. So what's wrong with that?
Reminds me of the time Donald Rumsfeld said the Pentagon was missing $2.3 trillion (literally on the even of 9/11.) Now we're talkin' $22 trillion...inflation is a bitch.
http://www.youtube.com/watch?v=xU4GdHLUHwU
hopefully there is no directly related war inflation as well... What is ten times Iraq and Afghanistan...?
10(Iraq + Afghanistan) = Iran
europe is nothing but a giant version of musical chairs. at this point in the game, there's only 1 chair left. i would think the music is going to be shut off shortly.
Don't underestimate their ability to build new chairs, or investors' willingness to sit in them.
I think you mean casinos and addicted gamblers. This "market" hasn't seen investors for years.
Truth though is that if you take the black budget/underground moneyflow/petrodollar complex into account, 22T is nothing. And if you think the two streams (overt and covert) do not mix, one word: Laundering.
Every big bank does it, 24 hours a day.
NUMBers.
It's an accounting error, is all.
ori
Correct. Shit only gets real when real goods and services fail to get delivered. How are things in India on that front? Standard bribes for moving new equipment into China have been about 30% of the value of the equipment in question would appreciate some information on the take in India.
LOP and CPL below...
India is in a twilight zone. Very on edge because the entire ITES industry depends on western wealth to function. And we all know how that is going. So for th efirst time in a long time, wage freezes and no hockey stick hiring curves.
Money spigot is wide open and we have a long way to go down to ensnare the whole billion plus.
A home loan or a car loan are in the 12-18% range, depending. Yup, ZIRP is a long ways away in India.
That is what makes me feel that India is going to see some growth if war does not ensue. To many sheep to round up yet, at which TeeVee is doing a fine job. MSM is crap and no one (hardly anyone) is asking the right questions.
If they are, it's on TeeVee where they are outgunned.
On the up-side, there are still a lot of sheep to round up. Collapse will be bad but not DISASTEROUS. Damn farmers want to keep farming.
And the bribery situation is flexible, but overall there is a tightening. Big people are being rounded up, the created money men (bag men) are being fed to the lions, slowly but surely. Change in the air, but more of a One World Gov. note to the change, not open/new.
Definitely a key axis, it has to be, with a sixth of the world's population.
Thanks for asking, India is still deeply mis-understood.
ori
Thanks ORI.
We're on the spaceship called earth and the media attention is universally USA biased, with 1/6th the worlds population and 25% of the goods production (clothes, food, car parts, ammo), it's a juggernaut with China that is never paid much attention. Truth be told I have to read Pakistani newspapers to read Indian news and vice versa for Pakistan/other 'stan news. Everything news wise is getting thin with rolling blackouts, or lack of fuel or the reporters just vanishing.
Let's hope to hell a war doesn't break out.
I'm curious as well on what's happening in India. The government there is rounding people up now and the media is becoming useless.
Front pages of news papers are starting to look more and more like Entertainment magazines.
Before or after the fistfight for the last chair resolves?
Similar situation to USA. However, there are no chairs in America.
Haircut anyone?
When there is no rule of laws and contracts and fraud is the status quo, possession is the fucking law.
Nothing changes until real consequences for bad behavior are restored at all levels of society.
FYI- having you bonus go from 50 million to 10 million is not a real fucking consequence.
Start executing fuckers for theft over a million and watch how fast things turn around.
Stupid fucking sheep.
Spot on, every word.
I advise you to watch this video to improve your usage of the work 'fuck':
http://www.youtube.com/watch?feature=player_embedded&v=ZXsR9540Js0
How are things in mom's basement?
Good call though, I wonder if any of those comics I bought 25+ years ago are actually worth something. Probably worth more than quite a few sovereign bonds now, certainly worth more than the fiat sticker price I paid.
I'm not rying to be a dick but what kind of "hero" doesn't dare say fuck in his video about fuck you, just because he's afraid of an R-rating given by someone else?
pfff fuck dat
Yeah I run out of shoes to throw at the tv when CNBC is on as well.
They will be first against the wall.
"When there is no rule of laws and contracts and fraud is the status quo, confiscation is the fucking law."
that seems harsh
And how has that worked out in the past? - FAIL.
"Nothing changes until real consequences for bad behavior are restored at all levels of society."
...This has never been the case in any human society with a population of more than 500 people. You live in a fantasy world whose history is delusional nostalgia and whose future is wish-fulfillment and projection.
"When there is no rule of laws and contracts and fraud is the status quo"
Gee, you mean, like, always - here in reality and not your romantic Enlightenment imagination?
"Start executing fuckers" blah blah blah
Here's one for you, "He that is without sin among you, let him first cast a stone". Bases on the frequency with which you repeat, nearly verbatim, your fascinating proposals and enlightened opinions, may I presume it is you who is without sin, and thus, you who should first cast a stone - lead by example.
Seems like there should be an 11th commandment, applied to you good sir:
"Thou shall not rationalize criminal behavior just because it causes less cognitive dissonance."
or
"Thou shall not be such a fucking pussy, and consider that even the supposedly wimpy French managed to have a "heads roll" period to purge the diseased elements of society."
Waiting for the day when this bubble of Fed and ECB burst out
http://www.freefdawatchlist.com/2012/10/premarket-watch-for-oct-2nd-celg...
I thought we were talking about Euros. The two aren't interchangable. Are they? (I just woke up and don't know what happened in the world.)
now...where did i put my wallet?
Mrs. HD has a policy of keeping all the money she finds in the washing machine.
Who does the ECB's laundry?
Hermann Von Rompuy.
Picture him in a French Maid frilly uniform and stockings and go screaming to next toilet to puke...
Why would you put that in my head? What I ever do to you?
Hey, you asked! I just wanted you to know it is Hermann who is doing the laundry, is all...
Been saying this for years. The central banks will get together and agree to wipe out all the CDS on their books.
Their debts will "vanish", yours will not. Suddenly they will be solvent again, you will not (just look at what the Bernanke is doing right now).
Stupid fucking sheep.
A Central Bank does not have any debt. It has paper.
If the "debts" are too large, the printing presses are started, and the exact amount of paper money is "printed" (electronically credited) to the Central Bank "Assets" column.
Of course, that does mean money has no meaning anymore. But, hey, you know, it's all bits and bytes these days anyway. Just relax and enjoy Das Blinkenlights.
Yup, it is the bank in the chain that operates at a 100% loss.
The Primary Dealers are proxy for the central banks and they sure as hell carry debt. But I know history and shit gets real when contracts to deliver real goods or commodities start to default. Not before.
Freaking correct again.
Shit, we almost had an epic fail point just on failure to deliver fiat back in 2008. Failure to deliver real goods (thinking crude oil here as a flashpoint) is spot on as the difference between a currency collapse and an outright societal collapse.
It's only 700 trillion, give or take a 100 trillion or two. I fail to see the big deal. If Jamie Dimon got a paper route before work they'd have it paid off in no time.
Indeed. And you can print 700 trillion on only one piece of paper if you want to.
Even assuming that CDSs could be wiped out, the money remains in system. This money will go to hoarding of basic commodities thus starving the world of energy and food.
Hence CDS wipeout = world starvation.
Not gona happen.
You are an idiot. World starvation will come regardless of some paper bullshit. It takes a lot of energy to produce food dipshit, and unfortunately energy is finite.
You are absolutely brilliant doing analysis.
Your only downfall is this ENERGY IS FINITE thinking.
In reality, Energy is unending, energy is never finite. Did the Earth ever move off the rotating axis?
Sure, now how did that work out for the folks on Easter Island again?
Where are those fusion reactors I ordered anyway?
In fact, the earth's axis has changed over time, sorry did you have a point?
Cite the peer-reviewed work that demonstrates energy is not finite.
we can deal with entropy after that.
There are some things that simply ARE.
The universe will never run out of energy, the same as the earth will never run out of air, the same as man will never run out of sperm etc, etc, etc.
Would you like a special study to prove that men will never run out of sperm?
"There are some things that simply ARE."
----------------------------------------
LMFAO!!!! Boy I hope you don't trade like that.
In the real world it take energy to do anything. it also take real commodities to grow or construct anything and for now you and I are confined to a finite system called earth.
Let me know when you grow up, get a real job, have educated yourself and are ready for an adult conversation.
Until then, good luck.
Ok,ok, no biggie.
Facts are one thing. Analysis is another thing.
Just keep posting because you have a lot to teach. I'll take your analysis and draw my own conclusions.
(I do not trade. I lost a crapload of money daytrading few years ago. I buy/sell not more than 4-5 times/year, based on macro events.)
Again, I still state that your analysis is brilliant. Fact picking is another thing. I am quite a loyal reader of your posts.
"Let me know when you grow up, get a real job, have educated yourself and are ready for an adult conversation.
Until then, good luck."
Immaterial to the argument, i.e. deflectionary nonsense, like so much of what your repetitively post. Let me know when YOU grow up, Mr. Big Boss-Man.
PS: I have identified an infinite resource: your ego!
nevermind.....
Conservation of Energy
energy can be neither created nor destroyed.
edit; Oil may be finite, but energy is not
FAIL, if something is neither created nor destroyed that is the very definition of finite. Now about entropy...
More importantly, you are confined to earth. There is energy in the compounds and molecules on earth and the sun (a fusion reaction converting hydrogen to helium, which will also run out of hydrogen someday) and that is it.
Moreover, you are also ignoring the the energy require to convert basic elements into usable forms for life (see nitrogen cycle, sulfur cycle, phosphorus cycle, carbon cycle, etc.). Disrupt any one of those cycles and game over. Some microorganisms will live on, humans, not so much.
So yes, the unvierse and planet will be just fine, humans won't.
It's called capital and resource mis-allocation and mal-investment.
Just to take this in a possibly more fruitful direction, what are your thoughts on wind/solar/biomass as energy alternatives to oil/NG/coal? I recognize we're probably stuck in the oil/NG/coal camp for at least the next several decades, but would the "renewables" (noting the technical accuracy that these are finite as well) be the right direction to go in?
They just have to do like Germany and Australia and find some assets full of unicorns.
Australia included the rabbit populaiton as households.
Germany started counting the 10% of the workforce there illegally from Romania.
Nothing bad could possibly happen from this. LOL!
Cette union est foutue.
I lost a $100 once and couldn't sleep all night.
I wonder how central bankers sleep.
Print a couple of trillions and sleep very soundly. That's their motto.
Then, wake up in the morning and do it all over again.
It's not their money...no remorse.
On a big pile of printed fiat with many Ukranian hookers.
I smoked a $400 ounce and slept just fine.
Yes, that was not their money, so they sleep well.
However, when the owner of that $100 returns for it, they don't change the rules of the game (i.e., "move the goal line"), they change the entire game by making up new rules and a new rationale for any action (i.e., "to prevent deflation").
Sorry to hear that. Give me your FAX number I will fax you one.
With all this money printing and book cooking lets get some real inflation. Trillions are getting boring, how about quadrillions.
Yeah, you know, a trillion here and a trillion there and soon you are talking about some real money.
Or not.
A Closer Look at Business Surveys (1): Getting Real
http://www.cnhedge.com/thread-9710-1-1.html
First of all can we get a definition of what an asset is? If there is counter party risk I would hardly call it an asset, so chances are there is nothing but liabilities.
You have identified another major problem with today's society. The issue of risk. In this new-age, one-world, politically-correct shit-show the sheeple have been tricked into beleiving that nothing bad ever happens, everyone is a "winner", and somehow made-made institutions can insure everyone's well-being. Now that fraud is the status quo, nothing could be further from the truth.
BINGO.
It's almost all liabilities. It's called a Pyramid Scheme.
1345 Bank of Florance Collapse kick started the dark age of depopulation. 48' came the Plague
Bank of Florance was like the Bank of England.. and Bank of Venice was like the Fed.. that Bank of Venice helped rigged the collapse of the Bank of Florance..
http://www.schillerinstitute.org/fid_91-96/954_Gallagher_Venice_rig.html
sid Kafir trilogy...from 1173- 1300. I enjoyed that ride thru the middle ages.
So, the Cliff Notes version..
We are so friggin doomed!!
Got Rope?
Whenever I misplace money I always check under the cushion of my leather recliner.
Down the back of the sofa ?
boating accident?
Capitalist cheat chart; who can cheat harder///
ECB money pumping or Private banksta derivative pumping via shadow banking and OTC plays. On both sides of the pond, the mega trillion fake fiat machine.
Its all a game of liar, liar pants on fire; every man for himself and the race to bottom to see who the devil catches as last victim!
The USA is worse. I don't even need to do an investigation. I can just flat out tell you. We are worse. The Fed's balance sheet is neither accurate nor anything more than an accounting smokescreen for how much money they pump into the system. I doubt they even keep a real set of books on what they have done.
You would only need to execute one bankster for fraud to see the little pussies wee their pants and be good little boys.
The Chinese get rid of blatent fraud quickly. They just shoot them.
Use the old west hanging podium so you can string out multiple banksters and fraudsters at one time. Speaking of liars, robbers and fraudsters you have loads of them at the Federal Reserve bank.
And they are still full of problems, many of which we probably don't know about. So in other words, hanging one bankster wouldn't do. Corruption and unethical people are a part of life and there will always be somone to take advantage of the sucker born yesterday. Then you have the issue of government corruption and the industrial - media - government complex. Instead of checks and balances, we have collusion.
Also you can't legislate morality. You can only hope to curtail it with harsh penalties. Those are the type of regulations I want to see.
Let businesses play and even speculate but make them pay for their mistakes with no bailouts. Outside of that the main government regulation I approve of is Glass Steagall.
The assets are over-valued junk that were 'bought' from the major European banks by the ECB 3,4 or 5 years ago. They now lie on the ECB's balance sheet never to be sold because they can never realise even a quarter of their face value. The liabilities are borrowed against the 'assets'.
The great thing about being a central bank is that you can shrink your balance sheet by just writing garbage off and the wall street tards think everything is getting better. Emphasis on central bank balance sheets, like everything else in this stupid ponzi economy, is just another fake out accounting trick. The size a central banker balance sheet tells you nothing. All I care about is how much money they created and shipped out. I could not care less about what they report on their balance sheet.
In 2008-09 the Fed gave out trillion dollar loans in shot, and they expect me to believe that ever got paid back? It never showed up anywhere on any balance sheet until Ron Paul raked them over the coals. How does something like that still not show up anywhere? It is all crap. The Fed is leading a apack of Madoffs who happen to have access to a printing press to save themselves. They are liars. They are cheats. And they are going to print trillions more before the crime spree ends.
Anyone who waits for a conviction or for the perp to confess is not schooled on human behavior.
Nothing a good/bad war will not cover up.
Just amazed that they published these figures.Cannot help bu wonder what a FedRes
audit wouls show.
Probably something much worse.I'm beggining to wonder if they can hold this system together
much longer without imminent war.
Correct.
Im sure the money is in the someone's pants pocket sitting in a laundry basket. It will caome out in the wash.
So if I believe my house is worth $2 million, can I borrow $1.8 million against it?
If the Fed is just making it up as they go along, why can't I?
Nobody will ever have to know that the $2 million MBS is actually backed by a $200k asset. IN fact being backed with $200k, is probably more than what a couple trillion dollars is backed with on the Fed balance sheet.
I get a couple million dollars, the Fed gets to print a couple million dollars, what is the problem?
Moral hazzard, ha. For there to be a hazzard, morality has to exist in the first place.
Give me my Obamaphone, give me my Obamahouse, print me my Obamabucks, grow me my Obamafood, and give me my Obamacar.
Srew it all, and watch it burn.
Picture it: right now the best and brightest of NASA, ESA, JSA, all working together on the hoax that will save us all.
The Galactic Central Bank will provide liquidity!
Actually the liquidity is comming from Mars.
@Mark Grant ... just a thought :
IIRC, according to Nigel Farage : the "EU"s ( not the ECB's ) Balance Sheet has not been "properly" audited for over 14 Years ( as of 2008 )... and according to Godfrey Bloom as well ( see last video ).
BTW ... MUST WATCH FARAGE HERE :
Nigel Farage audits Barroso Commission
http://www.youtube.com/watch?v=npU3g5YnD4A
Nigel Farage : "would you buy a used car from this commission ?"
Criminal ( Godfrey Bloom on Audit of EU's books )
http://www.youtube.com/watch?v=NRjzCL5Y5M0
Godfrey Bloom : .."If any UK PLC had filed accounts of this nature for 14 years, which have been completely unacceptable and again this year - and I do not regard the court of auditors of having given this a clean bill of health at all - and I've read the document ... If the commission were a board of UK PLC Directors, I have to say they would now be in prison"..
Hey Mark J Grant
I looked up your twitter account: https://twitter.com/wizards_wand
and it's been HACKED.
Can you say, "Satanic Tribe?!?"
Given this bit of news...the REAL CRIME is not believing!!
Since loss of confidence by some number (tipping point) will crash the whole game,
it must be a crime not to go along and believe in the system.
Convictions forthcoming.
Back in February of this year I think, I came upon a story so very strange and apparently so x-files out there that I just thought it was the mad rantings of some loonie English Lord. You all might recall this:
http://theintelhub.com/2012/02/19/lord-james-of-blackheath-mystery-15-tr...
Now, with this new posting I am not sure the Lord was all that mad, after all. Angry yes; crazy, well maybe not.
Wha-la Vaporization!
And it's gone https://www.youtube.com/watch?v=4TlPo0yCSa4
No drama.... Europe Marks-to-Market the ECB gold reserves tomorrow, and as gold in Euros is at a record high, you can expect the balance sheet to be looking preeeeeeety sweet. (I guess an increase of.......5.2 billion Euros)
You will be able to find the updated quarterly balance sheet here by breakfast time (US) tomorrow (Wednesday)
Cheers!
Fred
@spotgoldprice
There is still the third card (balance sheet) to turn over before the Three Card Monte analogy is complete-
Lots of accounts are not transparent. Were ECB's previous accounts more detailed and clear? Who exactly are these major institutions that author claims are upset with the account? This article should be better written or not posted.
ok so now I understand why we don't prosecute the honorable corizine.
thanks I feel much better now.
Entire eurozone.
Such are the inscrutable ways of "the shadow banking system" bitchez.
Have you checked with Jon Corzine?
That's odd. Just happens $22 Trillion has saturated the Vancouver, HK, London and NYC RE markets....odd...
I believe Mr Grant should possibly read the entire ECB Bulletin and not only pick those notes that comply with his alarmist view of the world.
Here is the original publication: (September ECB Bulletin)
http://www.ecb.int/pub/mb/html/index.en.html
The table above is excerpted from Page 156 / 209.
This table is under “External Transactions and Positions” and the figures relate to the Eurozone in its entirety, as if looked at as one single economic unit; and NOT the ECB.
Also see page 186/209 for explanatory notes on these statistics.
[…] The data on the euro area b.o.p. financial account and i.i.p. in Section 7.3 are based on
transactions and positions vis-à-vis non-residents of the euro area, regarding the euro area as
a single economic entity […] . The i.i.p. is valued at current market prices, with the exception of
direct investment, where book values are used for unquoted shares, and other investments
(e.g. loans and deposits). The quarterly i.i.p. is compiled on the basis of the same
methodological framework as the annual i.i.p.As some data sources are not available on
a quarterly basis (or are available with a delay),the quarterly i.i.p. is partly estimated on the
basis of financial transactions, asset prices andforeign exchange developments […]
Cheers.