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The Bank Of International Settlements Warns The Monetary Kool-Aid Party Is Over
When a month ago the Central Banks' Central Bank, aka the Bank of International Settlements (or BIS) in Basel where the MIT central-planning braintrust meets every few months to decide the fate of the world, warned that the Fed-induced collateral shortage is distorting the markets, few paid attention. That the implication behind said warning was that QE can not continue at the current pace, was just as lost. A few short weeks later following the biggest plunge in markets since 2011 in the aftermath of Bernanke's taper tantrum, some are finally willing to listen.
However, they will certainly not like what the BIS just released as a follow up, both in the form of the BIS' 83rd Annual Report, and the speech by Jaime Caruana to commemorate said annual meeting. For the simple reason that it reads like a run of the mill Sunday morning Zero Hedge sermon, which says, almost verbatim, that the days of kicking the can via flawed monetary policy are now over, and that the time for central banks to end the monetary morphine drip has finally come.
The BIS message, as summarized by the FT, is that "central banks must head for the exit and stop trying to spur a global economic recovery... cheap and plentiful central bank money had merely bought time, warning that more bond buying would retard the global economy’s return to health by delaying adjustments to governments’ and households’ balance sheets."
Here is a better summary of the BIS' unprecedented U-Turn on its 5 year long monetary strategy, in its own selected words:
Can central banks now really do “whatever it takes”? As each day goes by, it seems less and less likely... Six years have passed since the eruption of the global financial crisis, yet robust, self-sustaining, well balanced growth still eludes the global economy. If there were an easy path to that goal, we would have found it by now.
Monetary stimulus alone cannot provide the answer because the roots of the problem are not monetary. Hence, central banks must manage a return to their stabilisation role, allowing others to do the hard but essential work of adjustment.
Many large corporations are using cheap bond funding to lengthen the duration of their liabilities instead of investing in new production capacity.
Continued low interest rates and unconventional policies have made it easy for the private sector to postpone deleveraging, easy for the government to finance deficits, and easy for the authorities to delay needed reforms in the real economy and in the financial system.
Overindebtedness is one of the major barriers on the path to growth after a financial crisis. Borrowing more year after year is not the cure...in some places it may be difficult to avoid an overall reduction in accommodation because some policies have clearly hit their limits.
Of course, it would have been more useful for the BIS to reach this commonsensical conclusion some four years ago (or roughly when we started preaching to the choir, which now includes the BIS itself), instead of allowing the global private bank controlled syndicate known as "central banks" to inject $15 trillion into global capital markets in the past 4 years, and nearly $25 trillion (a #Ref! % increase!) since 2000.
Some of the "shocking" and painfully late observations on the chart above:
Since the beginning of the financial crisis almost six years ago, central banks and fiscal authorities have supported the global economy with unprecedented measures. Policy rates have been kept near zero in the largest advanced economies. Central bank balance sheets have doubled from $10 trillion to more than $20 trillion. And fiscal authorities almost everywhere have been piling up debt, which has risen by $23 trillion since 2007. In emerging market economies, public debt has grown more slowly than GDP; but in advanced economies, it has grown much faster, so that it now exceeds one year’s GDP.
Some of the other, just as "shocking" observations: a dramatic surge in artificially low bond yields will result in crippling, systemic losses, amounting to trillions of dollars for bond (and certainly stock) investors around the globe, to the tune of 8% of GDP losses in the US, and a mindblowing 35% of GDP in losses for Japanese investors:
Consider what would happen to holders of US Treasury securities (excluding the Federal Reserve) if yields were to rise by 3 percentage points across the maturity spectrum: they would lose more than $1 trillion, or almost 8% of US GDP (Graph I.3, right-hand panel). The losses for holders of debt issued by France, Italy, Japan and the United Kingdom would range from about 15 to 35% of GDP of the respective countries. Yields are not likely to jump by 300 basis points overnight; but the experience from 1994, when long-term bond yields in a number of advanced economies rose by around 200 basis points in the course of a year, shows that a big upward move can happen relatively fast.
And while sophisticated hedging strategies can protect individual investors, someone must ultimately hold the interest rate risk. Indeed, the potential loss in relation to GDP is at a record high in most advanced economies. As foreign and domestic banks would be among those experiencing the losses, interest rate increases pose risks to the stability of the financial system if not executed with great care.
All of which Japan's "sophisticated", yet joyously cartoonish, "leaders" recently found out when they almost lost all control of the bond (and stock) market.
What's the "wealth effect" solution: why buy stocks but don't sell bonds. Or if selling bonds, do so vewy, vewy quietly. Alas, not even the BIS is dumb enough to fall (or push) for this possibility any longer.
The BIS report goes on, doing all it can to distance itself from those central banks who merely implemented policy that the BIS supported (and encouraged) for the past 5 years, but which has suddenly turned a cold shoulder. It does so by dramatically and rhetorically blasting a litany of questions to which it fully-well knows the answers:
How can central banks encourage those responsible for structural adjustment to implement reforms? How can they avoid making the economy too dependent on monetary stimulus? When is the right time for them to pull back from their expansionary policies? And in pulling back, how can they avoid sparking a sharp rise in bond yields? It is time for monetary policy to begin answering these questions.
Regardless of the politics behind the shift in BIS sentiment, the days of Mario Draghi's "whatever it takes" shriek of desperation are over. Here are some more of the key soundbites from the BIS report:
Originally forged as a description of central bank actions to prevent financial collapse, the phrase “whatever it takes” has become a rallying cry for central banks to continue their extraordinary actions. But we are past the height of the crisis, and the goal of policy has changed – to return still-sluggish economies to strong and sustainable growth. Can central banks now really do “whatever it takes” to achieve that goal? As each day goes by, it seems less and less likely. Central banks cannot repair the balance sheets of households and financial institutions. Central banks cannot ensure the sustainability of fiscal finances. And, most of all, central banks cannot enact the structural economic and financial reforms needed to return economies to the real growth paths authorities and their publics both want and expect.
What central bank accommodation has done during the recovery is to borrow time – time for balance sheet repair, time for fiscal consolidation, and time for reforms to restore productivity growth. But the time has not been well used, as continued low interest rates and unconventional policies have made it easy for the private sector to postpone deleveraging, easy for the government to finance deficits, and easy for the authorities to delay needed reforms in the real economy and in the financial system. After all, cheap money makes it easier to borrow than to save, easier to spend than to tax, easier to remain the same than to change.
Yes, in some countries the household sector has made headway with the gruelling task of deleveraging. Some financial institutions are better capitalised. Some fiscal authorities have begun painful but essential consolidation. And yes, much of the difficult work of financial reform has been completed. But overall, progress has been slow, halting and uneven across countries. Households and firms continue to hope that if they wait, asset values and revenues will rise and their balance sheets improve. Governments hope that if they wait, the economy will grow, driving down the ratio of debt to GDP. And politicians hope that if they wait, incomes and profits will start to grow again, making the reform of labour and product markets less urgent. But waiting will not make things any easier, particularly as public support and patience erode.
Alas, central banks cannot do more without compounding the risks they have already created. Instead, they must re-emphasise their traditional focus – albeit expanded to include financial stability – and thereby encourage needed adjustments rather than retard them with near-zero interest rates and purchases of ever larger quantities of government securities. And they must urge authorities to speed up reforms in labour and product markets, reforms that will enhance productivity and encourage employment growth rather than provide the false comfort that it will be easier later.
* * *
As governments responded to the financial crisis with bank bailouts and fiscal stimulus, their indebtedness rose to new highs. And in countries that experienced a housing bubble in the run-up to the crisis, households had already accumulated large debts. In the half-decade since the peak of the crisis, the hope was that significant progress would be made in the necessary deleveraging process, thereby enabling a self-sustaining recovery.
However, that never happened.
Easy financial conditions can do only so much to revitalise long-term growth when balance sheets are impaired and resources are misallocated on a large scale. In many advanced economies, household debt remains very high, as does non-financial corporate debt. With households and firms focused on reducing their debt, a low price for new credit is not terribly relevant for spending. Indeed, many large corporations are using cheap bond funding to lengthen the duration of their liabilities instead of investing in new production capacity. It does not matter how attractive the authorities make it to lend and borrow – households and firms focused on balance sheet repair will not add to their debt, nor should they.
And, most of all, more stimulus cannot revive productivity growth or remove the impediments that block a worker from shifting into a promising sector. Debt-financed growth masked the downward trend in labour productivity and the large-scale distortion of resource allocation in many economies. Adding more debt will not strengthen the financial sector nor will it reallocate resources needed to return economies to the real growth that authorities and the public both want and expect.
* * *
Six years have passed since the eruption of the global financial crisis, yet robust, self-sustaining, well balanced growth still eludes the global economy. If there were an easy path to that goal, we would have found it by now. Monetary stimulus alone cannot provide the answer because the roots of the problem are not monetary. Hence, central banks must manage a return to their stabilisation role, allowing others to do the hard but essential work of adjustment.
Authorities need to hasten labour and product market reforms so that economic resources can shift more easily to high-productivity sectors. Households and firms have to complete the difficult job of repairing their balance sheets, and governments must intensify their efforts to ensure the sustainability of their finances. Regulators have to adapt the rules to a financial system that is becoming increasingly interconnected and complex and ensure that banks have sufficient capital and liquidity buffers to match the associated risks. Each country needs to tailor the reform agenda to maximise its chances of success without endangering the ongoing economic recovery. But, in the end, only a forceful programme of repair and reform will return economies to strong and sustainable real growth.
* * *
Ultimately, outsize public debt reduces sovereign creditworthiness and erodes confidence. By putting their fiscal house in order, governments can help restore the virtuous cycle between the financial system and the real economy. And, with low levels of debt, governments will again have the capacity to respond when the next financial or economic crisis inevitably hits.
* * *
Continued low interest rates and unconventional policies have made it easy for the private sector to postpone deleveraging, easy for the government to finance deficits, and easy for the authorities to delay needed reforms in the real economy and in the financial system.
The BIS conclusion:
Is this a call for undifferentiated, simultaneous and comprehensive tightening of all policies? The short answer is no. Concrete measures need to be tailored to country-specific circumstances and needs. And the timing need not be simultaneous, although in some places it may be difficult to avoid an overall reduction in accommodation because some policies have clearly hit their limits.
Ours is a call for acting responsibly now to strengthen growth and avoid even costlier adjustment down the road. And it is a call for recognising that returning to stability and prosperity is a shared responsibility. Monetary policy has done its part. Recovery now calls for a different policy mix – with more emphasis on strengthening economic flexibility and dynamism and stabilising public finances.
Finally, today’s large flows of goods, services and capital across borders make economic and financial stability a shared international responsibility. Cross-border effects of domestic policy action are intrinsic to globalisation. Understanding spillovers and finding ways to avoid the unintended effects is central to the work of the BIS. And continued discussions among central banks and supervisors – discussions that the BIS facilitates and promotes – are essential for avoiding national biases in policymaking. Such national bias runs the risk of undermining globalisation and thus blocking the road to sustained growth for the global economy.
And yes, the central banks' central bank really did say all of the above. Unpossible the Keynesian Magic Money Tree growers will say: surely there is an error in the BIS excel model...
Those pressed for time, if unable to read the full 204 page annual report, should at least read the following stunning speech from Jaime Caruana, General Manager of the BIS, titled "Making the most of borrowed time." (only 9 pages - pdf here). Because, if nothing else, it validates everything Zero Hedge has said for the past 4 years.
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They're merely trying to provide a cover, making this public statement, so that no one can say they ignored it. Same way the NY Times did a story on the Dancing Israelis.
It was predicted 20 years ago that the BIS would preside over the Great Reset.
http://www.fromthetrenchesworldreport.com/impending-financial-collapse-t...
Is it not painfully clear that the BIS along with the World Bank and IMF are at the very epicenter of the fascist Global Corporate Control (Super-Entity), which has checkmated and captured virtually every sovereign nation on the planet?
http://www.plosone.org/article/info%3Adoi%2F10.1371%2Fjournal.pone.0025995
Game Over or have the Games Yet to Commence?
Either way, millions of modern-day Minutemen with modern-day muskets stand at the ready.
Yet to commence.. They.. scumbag bankers, haven't secured Syria to strike Iran yet.
If that indeed is the plan, IMHO, WW III is not off the table... yet.
Imo we're screwed. Too many sheeple. The ones with backbone will be delt with. The private debt has become soverign debt and none of these slime-ball bankers have gone to jail... Oh wait, one did and he was a whistle blower.
On the agenda are bail-ins, gold confiscation and slavery.
And nobody to blame but ourselves.
Bailins Bitchez
Summary, we have allowed those who need to be allowed the time to get to safety. The rest of you can fuck off.
Bullshit!
The fuckers know what's coming!
I take it therefore, that this is the go ahead for financial armageddon?
So, the BIS has finally come out and admitted - after playing catch-up with ZH - that their 5 years of QE and Zirp have failed, only that it provided countries with time to get their houses in order. But they have failed to do that and the huge consequences of these insane policies are now blowing up.
Looks like an ass-covering exercise to me.
CB'ers to continue with the kool aide big time. Do we see any country paying down debts? Hardly; most are still spending on the welfare utopia scheme.
Color me confused but I always thought it was the BIC (Bank of International Criminals).
"We're coming for your gold; although that is a barbarous relic. We don't want it, per se, we just want to hold it for you until your debts are paid back; just as we are lending you more money to make you solvent again."
You guys do not get it. They stole and copied the final paper that Tyler was going to post. And now they tell the world that it is their post. Just like college. They cheated. Nothing ever changes, does it.
B.I.S.: BROOD of INSOLVENT SCOUNDRELS
Brood of Insolent Serpents.
BIS says 'pull the plug' but Bernankesan can't stop his QE because rates can't rise and foreign wars have to be funded trough the printing press.
Correction:
Monetary stimulus cannot provide the answer because the roots of the problem are monetary.
The central bankers give the politicians the cover to corrupt the private and public sector interests into taking on more risk with less apparent negative consequences, until . . . ?
My name is Bethany Bernanke and i hope you scoundrels don't plan on scapegoating my alter ego Ben for this casino thingy that Congress and JPM & Co forced me into.
Have a heart sheoples and give me 48hours to skip town.
O/T
I wonder what the "big story" is....or was.
http://ktla.com/2013/06/21/exclusive-hastings-sent-colleagues-email-hour...
After reading this post I checked the date to make sure today isn't April 1st. There may be hope after all.
The cow has already left the barn.
Many large corporations: And pay their shareholders (Carlyle Group) special dividends ($1.3 Billion) with repayment models based on Federal intelligence spend cashflow.
BULLSHIT!
I mean, BULLISH!
BIS to Fed, "Take the money and run".
This is basically what a paper by William White of the BIS said in 2009, which I believe I read here on Zerohedge. At the time he stated that many countries might try to take the easy path of monetary manipulation, but that path almost never works.
More than 25 years ago I attended an undergraduate freshman macroeconomics 101 course at a public university in the US where the professor spent two full days looking through the entire history of attempts of governments to "stimulate" or to "subsidize" one thing or another, or otherwise change the price of various things, as I recall. From Nixon's attempts at limiting price hikes in gasoline to France trying to keep bread from costing more than people's income -- we tried to review it all. ('Funny, we never seem to have covered, however, the one "master" price of everything else: the value of the currency. Maybe that was too controversial to include in this coursework, despite the obvious apparent connections.)
After these classes we could find no examples where any government had ever successfully pulled it off. They could do so for the short term, but the "free markets", if there actually were any, always ended up overwhelming the government efforts, forcing the exact opposite of what was being attempted by the government entity! This was true in France in the 1700's, England in the 1800's, and the US in 1900's.
But, they always try it again, because the people, in aggregate, never appear to be taught this lesson. The Affordable Care Act will make health care less affordable (as if it hasn't already), and subsidizing higher education only creates more "demand" to raise tuition.
(And, many other examples . . . didn't "subsidizing" home ownership of poor people and minorities (via Fannie, Freddie, HUD, FHA, ACORN, etc.) eventually fail to do anything more than making home ownership LESS affordable than it had been in a very long time, for poor people and minorities (if not also for the rest of us in the middle class-ish area)! Personally, I think bankers are more interesting in making profit than in discriminating based on race; that just wouldn't be as profitable for the greedy bankers to NOT make loans to poor people and minorities who CAN afford to buy the home they are trying to borrow against. That would just be leaving profits on the table for someone else to pick up, and I don't see many sane bankers doing many things like that. 'Just one more example, of many, many, others.)
But, hey, at least somebody's cronyism is being serviced, right.
(I know . . . no one has to say it. " . . . I don't see many sane bankers." (PERIOD) There; 'fixed it for you.)
talikng of the rothschild wars...
this rather large vessel was carrying guns for the obama loving flesh eaters of syria.
israel and uk plc must be really upset.
they say it was an accident funny old world and not mentioned on the bbc i wonder why.
http://www.vesselfinder.com/news/1223-UPDATE-MOL-Comfort-Sank
Looks like Chewbacca's luggage for the vacation at the Alhambra...
For TruthinSunshine. TIS, your post went off bigtime...in Finland. Lot's of hits. Looks like a Finnish ZH of sorts but the translator is a bit arcane. See for your self.
http://keskustelu.kauppalehti.fi/5/i/keskustelu/thread.jspa?threadID=193060&tstart=0&start=2745
edit: original post> http://www.boatingaccidentnews.com/ben-bernankes-syphilitic-circle/
Kudos to the BIS for a report that should have come out twenty years ago to have any effect.More worrying is that they feel obligated to comment at all. If the Fascist aristocracy are frightened in Europe then I am concerned.Confiscation of small arms and gold to come shortly.
SmallArms or ShortArms?
A subtle difference well understood by Sailors &/or Marines.
Either would would be bad... but if it came to choosing?
ShortArm every time.
this article is a joke ,right...???
Right......
The new CNBC...??
"Such national bias runs the risk of undermining globalisation and thus blocking the road to sustained growth for the global economy"
Recognizing what the BIS is...
IMO, this is nothing more than a 'blame the individual governments, it's not the banks faults' diatribe for making way for the hegelian dialect solution to save the people from these idiotic governments: a world government run by the banks that knows what to do.
Call me paranoid, but I'm not buying it. These are NOT the saviours you're looking for.
"Only the paranoid survive" - Andy Grove, Intel
So, turns out that fake money and debt are not a silver bullet? Who woulda thunk it?
The Bank for International Settlements.
Get the name right, and know your fate.
For hundreds of years, there are a few families: the Vatican, hofjuden, monarchies of Europe own the Bank for International Settlements...and own you.
There was one place that defied them, and made the world's only true Republic: the USA. That ended in 1913 with the unconstitutional creation of the un-Federal no-Reserve Bored who sit at the feet, under the jackboot of the money masters; the old feudalists, same as the new feudalists.
You've been had.
End the Fed...and the zionist Rotchilds, Rockefeller, Warburg, Seif, Sassoon as well.
All this nonsense of unregulated otc derivatives and the precious pets of politics who excuse it, and bankrupt nations for the few: the vatican, the hofjuden, the old monarchs of bankrupt Britain and Europe.
The Republic is ruined because the precious pets of politics are easily bribed with money and sex/blackmail...and most voters are weaklings.
Globalisation like the euro is like a spoilt teenager: failing and full of hubris.
The first thing, we should address the Bar Association guild that infiltrated the legal system 1878.
The liars are back at it and again the world assholes play with paper gold. What a fucked up mess.
JUST SAY NO, Non, Nein, Nyet...
Fuck the BIS! Hey BRIC, hey Asians, start a new, competitive version.
BRICs? Yer havin a larf, mate. There too is the warmongering slave master central bank cartel.
Interesting to see Snowden on his world tour. So very silly that people want a savior so much that they would fall into the arms of any Big Brother...even Ecuador, the oil state owned by foreigners, the BIS.
The whole crisis is about saving the western banking system. It is rotten to the core with one quadrillion in highly leveraged OTC derivatives that, one way or another, will have to be cleared. Allowing the banks and other TBTF financial institutions to carry losing trades on their books at par, is just delaying the inevitable. Add the tens of trillions in unfunded liabilities in the states and elsewhere, and the end is relatively easy to predict. There may be "tapering", but the system cannot come off the central banks' tit without imploding. Money printing will continue until it plays itself out and the market for debt from the bankrupt nations collapses. It always ends the same way....
The Rothschild led international banksters have done this since funding the monarchies of old Britain and Europe for centuries.
Same old story; different times and place.
The story: issue money with interest attached, lure governments into debt, and war. Then profit, no matter which country loses.
The un-Federal no-Reserve Bored is unconstitutional and traitorous, serving its foreign masters at the BIS: the old vatican, monarchies, and their hofjuden.
Don't forget that these derived 'products', I.e. agreements are nothing more than glorified side-bets.
Side bets, used by genius-level con men with degrees and pedigree.
It is time for a complete revamp, or to opt out.
The peoples temple, drinking the cool - aid.
November 18, 1978 the Jonsetown emergence of the term "Drinking the cool aid" came about
Per Wikipedia...
Later that same day, 909 inhabitants of Jonestown,[91] 303 of them children, died of apparent cyanide poisoning, mostly in and around a pavilion.[92] This resulted in the greatest single loss of American civilian life in a non-natural disaster until the September 11, 2001 attacks per the fearless leaders determination ""We didn't commit suicide; we committed an act of revolutionary suicide protesting the conditions of an inhumane world."
Welcome to the hotel California, can you ever leave?. The Jonestown case illustrates a case in percentages, a few people did not die.
One was a carpenter,
"And while sophisticated hedging strategies can protect individual investors, someone must ultimately hold the interest rate risk. Indeed, the potential loss in relation to GDP is at a record high in most advanced economies."
Hey Tylers, what is the trend in BTU/Human/day? How does that track to 2030?
FRN/BTU/Human ... It is what it is all about in reality. Energy and trust.
What if China causes everything to go Ice 9 before Japan blows up? Calling Kyle Bass.
q99x2 +1 for the apropos Vonnegut reference. And to newengland for a series of excellent posts.
Strikes me as coordinated attempt to deflate exuberance.
That can only mean.....time to buy MOARRR!
I have one question.
If you pushed the Equity Market down to 2007~2009 lows tomorrow.
What has changed?
What has improved ? because really I don't see anything different other than the meaningless nominal values of equities...
Major meltdown on Shanghai, USD bid.
The West is a slum relying on China, we all about to get sucker punched. Major bond yields spikes ahead. Fed will start the QE rhetoric soon. Humans are dumb...
Once they have enough wealth concentrated, there is no longer a need for billions of breeders just wasting resources.
Pull the rug out and let them fall into economic chaos and wars.
Any bets on how much smaller the world population will be in 20 years?
2000 about to break on Shanghai
Shanghai down 3.43 percent, and U.S. 10 year 2.59 (per marketwatch). It was briefly at 2.6. Isn't 2.59 considered kind of high, these days????? Oh, now back to 2.6.
addendum: wow, Shanghai now down 5.46 percent . . .
We are still the largest economy in the world, but i believe our fate is in the hands of the Chinese. The little hick up there last week rocked markets around the world. When they hit the wall, the bottom will fall out around the world. QE will not do squat then.
Sells offs, bond volatility, general mess in the markets is ALL China. That arrogant moron at the Fed f*cking blind. America is 100% done. China goes, you can lock in rates going through the roof. Nothing will stop it even with QE3, 30yr was spiking for weeks.
Shanghai broke 2000. Taper talk will be put to rest, QEnext back on the table. Global bond yields are spiking all over the place. Huge USD bids (China/Asia/South America) = emerging economies are blowing up one by one, China being the main dish.
Holy sh*t Shanghai Index lost 100 points tonight, gold lost $14. Thanks ZH, I still have some 'reserve' to BTFD.
Me, too.
BTMFD!
Bit-Chez!
Eat me, world rulers.!
Wait,
"Blow me, world rulers!"
First of all, a huge apology to all for the last posting. We all fall.
Been as busy as a bee in the garden of Love. It is all way to blissful to tell all about.
As was foretold, the whole dang system is going down as planned and coordinated. Stay vigilant and be tuned for surprises. Only the monkey-wrench-crews, brothers and sisters world wide that are now being called into action to save the great planet can stop this insanity of world domination for the banksters god, money. The new orders are to make peace on all sides and yet, here is blatant evidence of the violations of the mandate. Here, as planned, could be the spark that might possibly start the real war between civilizations. Here we might see the viewed as christian army mix it up with Muslim folks.
http://rinf.com/alt-news/breaking-news/u-s-soldiers-prepare-to-deploy-ag...
Looks like a set up aye?
Remember, this is was the generals plan that has been followed so far, but is now being changed to the new dispensation of making world wide peace and going after the real terrorists that profit from war. Monkey wrench crews are coming into play more and more. Stay tuned.
http://www.threeworldwars.com/albert-pike2.htm
HEY! We are all One. Only the evil babylonians practice the evil arts of divide and conquer to control nations and people.
STOP!!! We will need all hands on deck to change the direction and course of the planet of crossing as she comes wheeling in. Every soul that moves on(dies) from here on out is a lessor chance of saving the whole ship. DIG THAT BABYLON! We will need all souls to save all souls, including you!
The practice to deceive and distract is ongoing and keeping the world focused on all the horizontal illusionary distractions to keep the attention off the real vertical issues. All hands should be living in peace with their neighbors and sharing the abundance of so much the world still has to offer as we all experience the earth changes that are coming. The god money will be long gone after this event happens. Only the values of the heart will be of import, not those of the pocket.
Only as One People, One World of God's Children (the real Creator life force of Love and Light), can any single one soul expect to survive. The law of the Universe states that as far as civilizations surviving earth changing catastrophes is concerned, it is all, or none. What the mass mind has never been able to do in the ancient past earth changes is get it all together as one life force using telekinesis to stave off the beast that causes all the nature destruction, and chaotic changes. Too much divide and conquer energy. Sound familiar?
So, play the games of black is white, up is down, and 2+2=67.790. What no one will escape is what comes, and it is definitely coming. Live well, be at peace with your neighbors. Live in harmony. If those people of that war mongering middle east country are really God's people, then they should lead the way towards world peace, and practicing the things that the real God taught and not what the god of money teaches. Maybe start with Love thy neighbor and go from there. It is after all, the Law.
All souls on board must get back to the basics of being real peace loving and self-sustaining earth people. No one is different or any better than any other. Truly, we are all created equal. Brothers and sisters. All one in the Flame of the Soul. All one in the make up of the human body. Earth, Air, Water, and Fire. All we have to do is be that. Simple earth people that are equal, free, and All One World to face the uncertain future.
Feed the heart with Love, and feed the mind with knowledge. Always walk in the light of truth, and self correction every day. Even after we fall. Endeavor to persevere for the greater of the whole moving picture. Please work hard towards passing on in karmic credit, rather than in karmic debt. One of the major reasons of life is to learn the lessons of the eternal soul, and then move on. We for the most part are all spiritual beings having a human experience...one day at a time...lifetime after life time.
We love you cut out.
This new cover-its-ass stance by the BIS is surely going to give Mark Carney at the BoE (effective July 1st) a big problem.
It's been long telegraphed that Carney was brought in to replace "SIR Mervyn King (of Inflation)" to step up the QE money printing, meaning he's a one trick pony. Now the BIS says QE has to end.
Oh my gosh....what WILL Mr Carney do?
There's an article in the Telegraph about it: http://www.telegraph.co.uk/finance/mark-carney/10137808/The-challenges-M...
"Poverty ahead for you, serfs.
Lots of rope ahead for you, politicians.
Lots of Au for us Dudes Who Rule The World here at BIS.
We're off to the Au Vault with our new Celestial partners"
Carry on.
Depression bitchez.
Worldwide Genocide is coming...
hmmm...does this mean that, the global bank business model of either getting ten times the money from other global central banks or getting the difference from central banks than they get from actual depositors (fractional reserve lending) is over and we have entered a period of whole number reserve lending (banks can only lend their equity) ?
This is a controlled hit piece. A piece like this coming out now can only mean that the shit is going to start flying. All of you DO realize that BIS is really calling for the collapse of sovereign banking systems, global bail-ins. We will all become unsecured creditors and debt-slaves. Why do you think they've been building up this massive surveillance state and prepping for domestic war on the ground in the USA? This is the nightmare materializing before your eyes. It HAS started.
For those of you who think the BIS doesn't know what it's doing, get your head out of your ass.
I mean, look at what they pulled of on 9/11 and since. That should tell you what types of intellects and agendas we are dealing with here. Look into the eyes of your fellow sheep... they have NO FUCKING CLUE about even a hair's breadth of the surface of this meta-shitstrom of lies upon lies upon lies. See ZH user Marijuanaparty's excellent arguments on force-backed frauds and the increasing insanity of fraud-based systems. You ACTUALLY live in an insane world. If you aren't thinking along tin-foil lines then you are waaaaaaaay way behind the curve and need to check that false-ego of yours.
I actually left USA two years ago. Used to work in the wall st. business. When they started changing the rules and shit (FASB, mark to model, no prosecutions, completely fabricated BLS numbers) I realized shit was NOT NORMAL. The entire corporate web of industry has become a huge scam to literally lull the population into a stupor/sleep as they are fattened for the spiritual slaughter. The closer we get to actual globs of shit landing all over the place the more I am beginning to think we are being harvested in some extra-dimensional manner. Physically, psychologically, energetically, spiritually.... The term Fascist is misleading because it suggests we are about to see and experience events similar to those in the past. We are not. Think BORG from Star Trek for a more accurate description of what's going down here. WWIII will ACTUALLY wipe out billions of people! Plague/starvation/induced or natural disaster the same thing. Civil war in the US would ACTUALLY flip your way of life upside down.
All of the hidden and conspiratorial events that have been revealed over the past sixty years or so don't make sense unless you can believe in alien intelligence. Everything else is Fisher Price...
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