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Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For
Courtesy of the Cronybus(sic) last minute passage, government was provided a quid-pro-quo $1.1 trillion spending allowance with Wall Street's blessing in exchange for assuring banks that taxpayers would be on the hook for yet another bailout, as a result of the swaps push-out provision, after incorporating explicit Citigroup language that allows financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp, explicitly putting taxpayers on the hook for losses caused by these contracts. Recall:
Five years after the Wall Street coup of 2008, it appears the U.S. House of Representatives is as bought and paid for as ever. We heard about the Citigroup crafted legislation currently being pushed through Congress back in May when Mother Jones reported on it. Fortunately, they included the following image in their article:
Unsurprisingly, the main backer of the bill is notorious Wall Street lackey Jim Himes (D-Conn.), a former Goldman Sachs employee who has discovered lobbyist payoffs can be just as lucrative as a career in financial services.
We say explicitly, of course, because taxpayers have always been on the hook implicitly for the next Wall Street meltdown.
Why?
Exhibit A: US banks are the proud owners of $303 trillion in derivatives (and spare us the whole "but.. but... net exposure" cluelessness - read here why that is absolutely irrelevant when even one counterpaty fails):
Exhibit B: Here are the four banks that are in complete control of the US "republic."
At least we now know with certainty that to a clear majority in Congress - one consisting of republicans and democrats - the future viability of Wall Street is far more important than the well-being of their constituents. Which also, implicitly, was made clear when Hank Paulson was waving a three-page "blank check" term sheet, and when Congress voted through the biggest bailout of banks in US history back in 2008.
The only question is when the next multi-trillion (or perhaps quadrillion now that all global central banks are all in?) bailout takes place.
Source: OCC
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Already done, a cabal of maybe 100 people own our government..
You have to believe in crazy things mk ultra and remote viewing to understand that CONgress and most of .gov is powned by a cabal of ruthless demons going by a three-letter-acronym.
i been on the hook for some stuff but
i doubt anyone in their right mind could
put me on the hook for that. i just don't
see how that could work out.
Heads I win Tails lose .........
Gues those hippie OWS folks werent so stupid after all....
"hippie OWS folks werent so stupid after all".... well ah that's not entirely accurate..they were managed very well and kept from taking real actions..wall street spit on them.
Actually....yes they are.
The hippies are running the country.....and they're really sucking at it.
Ummmm...no. Never met a hippie bankster, ever.
Oh.....well I'll set you up a meeting with Dick Fuld then.
infinite free pot printing ? jeez, gimme my youth back then, and a bigger light
"The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole.
This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences. The apex of the system was the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the worlds central banks which were themselves private corporations.
The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups.” Tragedy and Hope: A History of The World in Our Time (Macmillan Company, 1966,) Professor Carroll Quigley of Georgetown University
3 piece suited terrorists, all of em.
It should be obvious by now that the syndicate is going to use us all until we're used up.
http://y2u.be/VI6tBwVjyOY
How can this happen? Well, take a look at MY CONgressman...
https://www.youtube.com/watch?v=f-HCYgZo_og
Mind of a 6 year old, literally
You mean Squid-pro-quo.
There, I fixed your article.
Do sheeples even know this?
Congress wanted a pay increase before allowing Wall Street to suck more citizen blood. They get 10 times pay increase.... pretty cheap for Wall Streets trillions in derivitives.
Pretty obvious where this is all going, and why rights are being removed by Obama, why police forces are being militiarised, and the entire system being set up with paid for chronies. Welcome to the middles ages USA.... thats the future of the sheeple.
And eventually of course total break down of society.....where it is dangerous to walk the streets, and Wall Street and paid for Congressmen will never show their 'target' face in public again. The living Matrix.
The dark ages went on for hundreds of years - I think the "folks" can take quite a beating. Besides, in the dark ages they could only dream of the powers being wielded today.
The end-game is destruction of the legacy american way of life and that silly piece of paper that amerikans pray to for their salvation.
"We shall have World (Tyranical) Government whether or not we like it." - Paul Warburg
At this point, does it really matter?
These numbers are so far out there, nobody's ever covering them
The reset button will return everyone to a level playing field- banksters and plebes alike
If you want to properly prepare and survive, observe the apes at your local zoo and study caveman history
"Hardened technology" such as that encapsulated in brass and capable of reaching at least 2200 ft/second.
Yes it matters!
Stop eating babies and pay attention! :^ )
The point is not that no one is never gonna cover the cost because it is too exorbitant. The point is that they will TAKE all of OUR resources to "pay" for it. And by all I mean more than my or your measly 401K or credit union bank account bail-i,n or your 30 pieces of gold or silver. All of that is just hors d'ouvres for them.
The main course is what they've done in every other country in the past. What they did with the soviet union when it collapsed. All of the state's assets were "sold" to the fraudsters. All of the mines and mineral rights, all of the forests and water ways and oceans and rivers, all of the deserts and national parks in addition to Medicare and social security and pensions will be taken by the banksters. They will euphemize the hell of what they are doing by saying we are "Paying down the (derivative) debt", or "Selling state assets to stay fiscally stable", or we are starving the beast of the state, etc. In addition, all of the services that a civilized nation has will be gone. Safety, clean streets, safe food, safe water.
The sad part about it is that it will be a fire sale and all of OUR fuckin assets will be sold for digital FRN QE pennies on the dollar.
I am surprised more people here at ZH don't get it.
Maybe because it has never happened here before.
But it has happened in South America, Russia and it is happening in Greece as recently as 2009.
And IT WILL happen here. Again, maybe it will take 10-70 yrs to do it, (cause frogs do not like to be thron in to a boiling pt), but it will happen.
They want it all
At first blush that's one way to look at it. I agree. No one is going to write this check.
Another way to look at it is that the number whatever it is will quote on quote bankrupt the country. So the question becomes what follows the bankruptcy of the US and dollar and what form of fascist government results?
I see dead people and while many of them will deserve it and yet many of them will have no idea what went wrong.
"...what form of fascist government results?"
You mean different from the one that currently exists? See, for example, warrantless NSA surveillance, CIA torture, officially sanctioned police murders, assasinations, grand jury/prosecutorial corruption, free speech zones, ...
I've studied the silverbacks at the zoo extensively. Gonna need a bigger harem to support my rule over the local troop. { grunt }
Our government representatives better rest up over the christmas break, they'll need all they're strength and stamina to scurry-about like little mice in the 114th congress to carry out the bidding of they're corporate masters. Bravo, job well done, Jamie Diamon is sure to have a very merry christmas indeed! We are DINO - a democracy in name only.
Lets hope we are a democratic REPUBLIC.. If we can keep it which we have proven we cannot sorry Mr. Franklin..
You mean we are on Elizabeth Warren's side? strange bedfellow indeed
I'm more indian than Elizabeth Warren is......by a full 1/16.
I am so proud of you, Pokeafakohauntas!
STFU
I'm also from the tribe of Saul Alinsky.
Bow down bitch.
I am.
It's so easy - close those 4 banks and the problem disappears. Nationalize them, guarantee deposits, null and void derivatives between those parties.
One swell executive order, two week bank holiday. No more TBTF, no more crony corruption, no more Rubin/Summers puppeteering us.
If Obama only had the balls (or conscience or intelligence or righteousness) to do it. It's as if he is rendered impotent by some blackmail secret, something that would destroy him....
Well played, Rubin...worlds most dangerous man
Surely you joke....nationalization eliminating corruption?
All corruption has as its source concentrated power. If you want to see anything change, outlaw corporations that create unaccountable power. The concentration of corporate power into the hands of people who will never be held accountable for anything is being harnessed to concentrate even greater powers in the hands of government....the ultimate corruptor/corruption. It all hinges on personal responsibility and accountability. Corporations were created to explicitly shield their owners and management from accountability, financially and legally. Exactly the structure we see in our government. We have watched as countless bankers have been fined yet none going to prison, while my suspicions tell me those who might have an inkling of conscience find themselves "suicided".
You have to start with the banks. Thomas Jefferson explained this. He also acted on it, by encouraging his protege, Madison, to let the charter of the First Bank of the United States die. The British bankers immediately caused the War of 1812.
Yep. And how many of the thieves from Ameriquest/Argent have gone to jail for "revolutionizing" the mortgage industry and pumping all that AAA a$$paper into the global economic sewer pipe?
{ crickets }
That has always been the only solution, which is why the major banks will try to bankrupt everyone on earth before fixing their problems (and forcing their owners to take a loss).
not unless WE THE PEOPLE bankrupt them first!
and, how are we going to do that?
we can choose not to work within existing political structures and processes, which only offer to preserve the status quo, wanton destruction of the planet and humanity.
real change
will likely come from outside that system,
beginning inside with each and every one of us.
stop preaching, trader1, you lunatic ranter.
be that as it may (vacuous projections aside),
our consciousness
will never be the same...
or will it?
it's just a ride.
right?
Get out of debt.
Cause if you owe, they will call asking you to pay with your possesions, your labor and your freedom.
How about everyone buys longterm essentials on credit...then we all refuse to pay?
It is incumbent upon the honorable craftsman
to be aware
of whether his work product is being used towards and evil end
and to act, or NOT, accordingly.
Yep.
Mutually assured destruction - banker style. Was already put in our faces with the "tanks on the streets" statement.
The whole world is tied together now in a circular chain of counterparty exposure... like a series of charges just ready to level the governments, pensions, bank accounts, etc.
Can't threaten the world with one stick of financial dynamite. Hell no. So, how bout a mountain of dynamite so large the only possible response is "oh, fuck."
Hint: November, 1963
And where was GHW Bush on that fateful day??? You know, the same GHW Bush whose father (Prescott) was charged under the Trading with the Enemies Act" for helping finance the Nazis? The same GHW Bush whose son allowed 9/11 to unfold while reading children's stories and then signed the Enabling Act (aka the Patriot Act).
Hint: November, 1963
What is the test going to be to prove that the swap was used as a hedge and not naked? Seems very vague. What if it is prove not to be a hedge? Is the bank not covered then?
Try collecting from people like me. I can survive without wall st or .gov and have done so in the past and am doing it now.
What is that old saying, you can't get blood out of a stone.
Worst case scenario each citizen now on the hook for 8 billion.
just a flesh wound.
as if anyones payin anything on this tab, just smile and wave, when they come to collect, laugh in their faces.
just the chorous playing as she goes down, must suck to know that 7 billion folks will be visiting them and it won't be for pleausre.
BUT, you'll pay property taxes, wheelage taxes, transfer taxes, income taxes, medical taxes etal..... They will just command a piece of that, no worries..
Kolchak,
You can laugh in their faces but it will be a laugh born out of frustration and suicidal desperation.
They will do to us what they've done to countless other countries. They will take everything private and public from us. Not only a bail in of our financial accounts, but when the crisis comes they will sell all of U.S. gov property, all of U.S. services for QE digital pennies on the dollar on the greatest fire sale the US has ever seen. And only they will get to buy things. Only they will be allowed to take.
Like I've mentioned before, U.S. Forest service and forests, lands, mineral rights, coasts, water supplies, water ways. Even the sun (like in Spain, where they are taxing sunlight if you have solar panels), everything will be sold to the LOWEST fraudster bidder.
Fucking crooks! I would ask, how dare they? The answer is clear, just pass a bill or law and transfer the cost to the American people. This does not make the system more stable but it sure guarantees hyperinflation following the next financial blowout.
For a while I was one of the people concerned we would see the world tumble into a massive deflationary cycle as debts went unpaided and credit collapsed. Now I have come to think inflation is getting closer every day. This would mean the "major deflationary period" is mostly behind us and it has not been disinflation as much as inflation being kept in check because of several factors, including where the money flowed, weak demand, dropping velocity of money, and the onetime benefit of lower interest rates.
Before you discount the possibility that we will move directly from where we are into stagflation then hyperinflation please consider that hyperinflation paves the way for governments and those in power to make a transition to a replacement currency and a reset of the whole system.
http://brucewilds.blogspot.com/2014/11/deflation-i-think-not.html
Interesting perspective, we have gone through deflation already.. The falling living standards and lack of middle class growth representing the necessary deflation, question is are the PTB ready for the reset.. My new $100 dollar bills sure are a pretty blue...
Lock and load.
You have to get to #14 to get to a point where assets > derivative exposure.
They say this debt falls to the invisible People eventho they never signed any contracts.
They say much!
I don't think the uber-rich are going to leave their money lying in bank accounts to be taken via bail-ins. They know how to hide and shelter their wealth. Thus it will be the middle class who will be looted of their remaining wealth. The only place I can think of where there might be sufficient wealth held by the middle class would be pension funds.
The more and more I study derivatives it now appears the main goal of QE may have been to hold up the underlying value of assets that feed into and support the massive derivative market more than help the economy.
QE has up to now stopped an implosion of derivatives and the resulting contagion and shock that would have spread throughout the financial system. The total derivatives market includes hundreds of trillions of dollars in non-reported agreements and private contracts. Everyone paying attention knows that the size of the derivatives market is 20 times larger than the global economy. The article below explores some of its ins and outs of derivatives and why they could collapse the economic system.
http://brucewilds.blogspot.com/2014/03/derivatives-house-of-cards.html
No shit, a great deal of what the Fed has been doing (and lets call a spade a spade here - actually the BIS via its various central bank franchises) is to prevent the derivatives market from imploding. The derivatives market represents what - $6-700 trillion in exposure? Probably worse after this year.
Now look at this - 147 close knit companies that form the core of global commerce:
http://www.newscientist.com/article/mg21228354.500-revealed--the-capital...
What are the implications for contagion and systemic risk?
Then think back to the Japanese earthquake - a fantastic example of the fragilty of our 'just in time' supply lines. Japanese manufacturers of NAND RAM took their plants offline for seconds, but the supply chain effect caused massive problems for over a year and caused prices to rise significantly.
http://www.ibtimes.com/supply-chain-disruptions-hit-japanese-electronics...
Debt time bomb + systemic contagion + supply line fragility + low inventories = ?
Is it possible that the extreme measures being taken reflect the extreme threat that we face?
Would there be a single business on the the planet that would remain unaffected?
Do you think you'll be popping down the local supermarket for a loaf of bread still?
+1 MG. Just like most everything... is complicated when one considers how everthing is connected.
So, where does this logic take us?
IMO, the conclusion that there is no good way out of this mess. Upon considering that the status quo is not sustainable, the answer is that we are heading for something profoundly ugly.
So, the goal MUST be to drag this out over time as much as possible. It ACTUALLY is perhaps a more humanitarian approach. At the same time, the process is being gamed. Net result, a black swan just waiting to happen. Plan B is war.
Hey Bruce,
I'll take that bet.
Haha.
Prisoners of war betting their rations on which cockroach will be the first off the hot tin plate.
Only they want to substitute our rations for theirs.
I suspect your proposition about QE and derivatives is a correct one, in essence, providing a pillow for a barrel of nitroglycerine.
The bright side is that it's only the last bump that will kill you.
My mangled metaphors will only hurt your head.
duh
US taxpayers moving liabilities into position........
http://rt.com/news/213747-latvia-us-armored-vehicles/
So if 303 trillion dollars (or even half that) is needed to bailout the banks, and the Fed creates the money based on a 15 trillion dollar economy, WHAT HAPPENS TO THE PURCHASING POWER OF THE DOLLAR????? Wouldn't that pretty much destroy the currency. Bet you a 100 Trillion Dollar Zimbabwe Note it does. Regardless of wheather your money is in or out of the bank, if the currency is destroyed you're holding worthless paper. Hmmm should be bullish for gold.
another head fake, if you ever thought banks were going to be held accountable for these $303 trillion in derivatives you were dreaming.
what the banks got they really insisted upon, was giving raises to the regulators to keep up the good work, so they can get their salary, and bonuses out right up till the end.
'Taxpayer' is a legislatively defined term. The people created the legislature. The created does not define the creator. Lesson of life itself.
Bottom line, the people aren't going to pay for it. None of the debt will be paid and no guarantees will be honored. It's that simple. Write whatever the fuck you want, it doesn't matter.
but - they will take from you all you have one way or another - you lose
did you get the memo?
The government can keep copies of any private communication over the phone or Internet, without consent from anyone involved in the communication, for up to five years, unless it meets any criteria from a list of exceptions, one of which being "because National Security", in which case it may keep them indefinitely. {PDF}
did you get your ammo?
that will not be necessary
govt of the banksters by the banksters for the banksters
who say...
bend over dumazz american consumer muthas
pony up and shut the fuck up
This is a joke, right? They've put the taxpayer on the hook for up to 303 trillion dollars. So each taxpayer gets a bill in the mail come April 15th for better than one trillion dollars. There is no way that a bill like that will ever be paid, no matter how wealthy a person is.
...
Wall street, the banks and the government are smoking too much weed. Every time they close their eyes they see long strings of zeros. Must be how they fall asleep at night.
I am thinking that, sooner or later, they are going to have to create 300 trillion thin-air USA dollars to pay off the casino losses the big banks have just been given permission to start running up at warp speed. The 300 trillion thin-air USA dollars will dilute the purchasing power of the dollars in your pocket, your paycheck, and your pension down to a few pennies. So, more of what we've already seen, but shifting from sub-light speed to warp speed.
No bill for the present other than to raise taxes. The hook comes in the future as they issue more debt to cover.
It should be obvious by now that the syndicate is going to use us all until we're used up.
"I believe that banking institutions are more dangerous to our liberties than standing armies...If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks]...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." -- Thomas Jefferson -- The Debate Over The Recharter Of The Bank Bill, (1809)
It's rather clear that this shit cannot continue for much longer... the collapse is clearly coming and it's gonna be a BIG one! The numbers are just getting more and more ridiculous by the day...
the shit can continue by making USA more despotic, militarist and by de facto nationalising pensions to pay out ongoing Banksta scams.
After bailouts to ramp up debt compromising future generations, after debt print, after cheap money throwing in, we now head for pension confiscation in the name of bail INS or as now programmed, FURTHER disguised "hand outs" /
When there will be nothing left to rob there will be war. Thats history.
And the people after the Enlightenment and welfare state, head back to Neo feudal obscurantism with a vengeance.
Aldous Huxley died the day the democracy meme in USA-- hegemon of world-- got fried.
Its been downhill since then. Slowly and then rapidly, with an ephemeral roller coaster ride up to top when Berlin Wall fell, allowing the Oligarchy to revv up their new toxic super roller coaster concocted on offshored NWO mantra and derivative banksta organised market gang bangs.
How does it feeel to be all on your own, an Oligarchy she-camel running helter skelter in this financial orgy, no place to call your home ?--- Shades of Bob Dylan in the air.
Collapse isn't for them - it's for you.
I am more disgusted with the retard Repubs than I am with the Libtard Dems; with the Libtards, they pretty act the same way all the time - i.e. they are socialists. The Repubs talk a big game, and then always capitualte to the "Washington Way". Fuck Boehner and his crowd - they are useless and pussies of the highest order.
www.traderzoo.mobi
Vegas: I am more disgusted with the retard Repubs than I am with the Libtard Dems
Why be disgusted? They both work for the same masters and it ain't you. Do you really think because you (s)elected them that somehow you have any say in anything? Do you think the politicians represent you?
Exactly Duc. none of us can seriously think their still exists two parties open your eyes. How many times must the Repugs screw you until you get it? They throw you crumbs like badgering the idiot Gruber and we are all supposed to go oooo, ahhhh, nothing changes substantially and it will not until this nation is a total lock down police state and then the only change will be your bunk assignment in district 12.
Its a big club and you are not in it!!
Members of the Tribe are raised on a diet of ways-and-means-of-ripping-the-goyim. And there is no remorse or feeling for what they do - well - because you are a goyim - a beast of the field to be herded and lead to the slaughter. Fodder for their wars of hate. Cows for their deceptive money system.
A limp Boner is a useless boner.
The GOP is pretty useless. I do not expect a sea change, but the newly elected guys do not get in until January.
I hope they dump Boner.
I'm so over Boehner and his fake conservative leadership. I will now hope some unruly mob runs him out of town.
What is most difficult for people to internalize is that neither party matters. That all their words are for guile. There is no truth to what they do anymore. It is all a big CON. Sure there are folks who say the right stuff and believe their own bull but they are just useful idiots to give you the semblence of a democracy or republic or whatever ISM you need to feel in order not to revolt. All the while they run their skimming operations in the open (W2 slavery, fees, taxes here and there, weaponized meter maids, and on and on) and the silent skimming (inflation, fractional reserve, printing money into their accounts for you to borrow at interest, QE, LIBOR rigging, Au/Ag/Cu/Al rigging, and on and on).
This should be a up 300+ day
Huh.......should be.
But....it's not.
LOL!
It doesn't matter HOW much is pushed onto the taxpayer. Taxpayer is broke. At this stage, it's all make believe.
Just make the number bigger, double it, triple it, - it doesn't fucking matter anymore!
Long rope and short drops, we'll be coming for you when the music stops.
<Long rope and short drops, we'll be coming for you when the music stops.>
Paracord is light, strong and portable.
Fun fact: mil spec paracord can hold 550lbs.
Pragmatic, but it's all about getting the knot right. ;)
We told them to assume the position, we adopted the "lean forward" meme... and...and....well, it worked! Stupid? Not even close.
Somehow a country that's been using Mark to Make-Believe 'accounting' (using the 'a' word very loosely here) since the first half 2009, is going to be too concerned by this temporary figment of the imagination. i.e. it's one adhoc declaration way from financial irrelevance.
But what's far more interesting (by which I mean fucking hilarious in the extreme) but goes completely un-commented on, is how 100% of the US market geniuses were focused on the stage-managed melodrama carnival spectacle of QE-to-infinity 'ending', while completely ignoring the far bigger elephant, nay, giant Mastodon, of the fantastic absurdity of a Mark-to-Make-Believe financial system in the first place!
Yet the end of QE was the "market signalling", that all was fixed, the recovery was pulling away from the pier, on the mend, the recovery is taking hold!!
ahhaahahahahah!!
OK then, if the US is going so well 'n all, how about it now? Let's see you unwind Mark to Make Believe, eh? Should be a piece of cake! Right?
ahahahahahahahahahhhhhhhhhhhhaaaa!!!!
Forgive me if the following seems a little blunt.
You're all dopey, lying, useless, unprofessional, criminal, ponzi, wankers!
YES! All of you! The entire US FIRE sector!
You're all complete and utter fucking criminal jerks who lie through your teeth and continuously pretend you have a flaw, sorry, a floor under you in the form of an asset 'market'!
aaaaahahaahahahhaahhahaahhahahaahahhahahahahahaahahahahh!
The 300 trillion is just a symptom, the least of the US FIRE sector's credibility problems really.
Hey Janet? Woman with a 0.2 watt brain? You have nothing to offer America, you have no solutions, you have no tools, you have nothing to manage but a den of thieves, feeding the new lies to a bunch of crooks and fraudsters in the media.
Hey, does anyone study Accountancy in USA any longer? It used to be so popular too!
Hey Tyler, (yeah, the real one, assume I mean the real one) how about an expose` on the collapse and resultant lowly status of accountancy, as a 'profession', in the United States post Subprime?
Ask the question, "Why is it so"?
Are they all residing in the Spinal Tap 'where-are-they-now' file? Did they maybe get a job collecting shopping trollies? Why no demand for accountants anymore?
Other than that everything's goin' just great, right Janet? ... nah, go back to sleep, it's all FIXED now, right?
Do you seriously not understand why the world is fucking laughing at you and reconciling trade with Renminbi? Want to hazard a guess why anyone would prefer to do that?
Cool rant Element. I just simplify things and call them parasites. They don't produce anything, they just skim.
People elsewhere trade Renminbi because the alternative, that of trading the fucking 'reserve' currency is so stinking unattractive that a fixed Renminbi seems far more credible in trades other than paper.
Btw China is the ultimate leader in accounting scams. Just sayin.
Yes, the illusion of nothing as something ... so pretty ... give them metals + energy + our best foods and they give us ... USD-pegged Chinese paper ... and ultra cheap Chinese electonic knick-nacks which exhibit an extraordinarily short service life.
What could possibly go wrong?
So every US citizen needs to get a pre-approved loan at your favorite TBTF bank for $1Billion to send to the IRS. Big bank shares will go to the moon. Then we will all default so the TBTF bank can get MEGA-TARP or there will be tanks in the streets. But this will take the Debt down to zero which will be bullish for stocks.
Sure, honor fraud with a bill to unborn taxpayers! You idiots!
I though Deutsche Bank had the biggest exposure to derivatives?
I thought so, too, which means we will actually be backstopping the Jerries.
$300 Trillion that will never be paid back to the banks... Which of course they know and have known for some time that the interest and the principal will never be returned!
Wonder what the U.S. taxpayer was on the hook for when this happened way... way... back when?
Seems like only yesterday when it was $50 trillion....
The deriviatives are the the financial equivalent of nuclear warheads. Enought to destroy the earth many times over. Not meant to be actually used in a catestrophic manner. But, used like a knife to the throat of the world for the bankers and politicians to keep the parasitic grift going for themselves.
And greed is a bitch. They WILL suck the host dry (dead). Unlike our past history where fuedal rulers realized they had pulled all the weath back to center and knew that a jubilee was necessary to avoid loss of one's head. But, oh my, even a jubilee can't solve this storm entirely. Overshoot is a bitch. This is more akin to a perfect storm.
This is a nice attempt by the banksters and their lobby puppets, yet it won't work. The public simply don't have the stomach for any size of bailout that would be needed here. There is actually a limit to the public's patience and is it is very, very thin. We are approaching the endgame when banks rush to protect derivatives. http://otdon.blogspot.co.uk/
I admire your hope man.. but.. just aint seeing it.
no messiahs, no alien interventions. no resets - that would favor the sheeple. no. just monoply, just slavery.. for all.
this is just more of the same. threat never was communism, socialism, etc. all bs boogeymen. no.. the only real enemy? Monopoly. and the banksters have already achieved it. game over. we are already living in invisible west virginia coal mine roles.
P < P + I
Yes, and Diebold will see to it.
I don't agree. It won't be presented as a direct bill to the taxpayer. They'll monetize the debt and rob the public via inflation. Same as it ever was.
taxpayer is a myth. there ain't no money out there.
oh and congrats on occupying LV. lol
The real joke in all this is the superfluous # of 'TBTF' banks running this charade. Why not consolidate them down to just 2? The American people would save a LOT on bankster bonuses.
Good luck trying to collect.
I am sure that your bank account, pension and IRA will be untouched.
This is the financial equivalent of ebola.
.
Just in time for the implosion.
Medieval Serfs didn't know how good they had it -
If they'd just stopped complaining & left well enuf alone, we wouldn't be in this mess.
Ike should have said: Beware the Wall Street-Government Complex....
It has ruined the USA.
Ike was one of Them.
I really see this as just piling on... its very clear to all of us.. this is Scorched Earth Mode level shenanigans..
from yesterdays story of bankster survival gear, now this, etc etc etc...
the shit is definitly hitting the fan.. and pretty soon, I believe...
P < P + I
New Plantation Order
Dodd Frank being eviscerated of what little is left in it.
Yes - Barney's been buggered.
....by Barry and Reggie.
This here's a story about Barry and Reggie
Two young lovers with nothin' better to do
Than sit around the White House, get high, and watch the tube
And here is what happened when they decided to cut loose.
Go on....take the money....and run.
This Wall Street financial dictatorship is a joke, these people do nothing of economic value and are just bloodsuckers. Does any thinking person still believe their obfuscation as they suck the world financially dry? Why go through all this song and dance with the derivative Ponzi Scheme, why not not just have the Treasury directly wire transfer the trillions to these crooks for their mansions and Mazeratis?
Gonna need a bigger TARP
I have a rope, and a tree...
Grab your congressman, and bring him to me!
Hey, the banksters write "better" legislation than the legislators!
Let's cut out the Middleman!
Legislation by Bankster!
Who needs CONgress??
What a bunch of BS. The taxpayers just got screwed, and most of them probably don't even realize it.
maybe building a moat around the white house wasn't such a bad idea after all
Meh, fuck it. Just put it on my tab. The check is in the mail, bitches.
And therein is one key. Just indulge a thought experiment: What happens if people simply dont/wont pay? Yes, yes, the PTB will try to confiscate everything that's not nailed down. Good luck w/that. But even if it did work, it only works once. More importantly, widespread confiscations destroy the very values they're trying to steal through confiscation. This is because value comes not from the goods themselves, but from the presence of the valuers. This is a critical point missed by the kleptocrats.
This is four times the worlds GDP. Almost fifty thousand for every human on Earth. Where would this money go? Just like our $18 trillion debt this is just Monopoly money, it will never be paid back anyway.
Rat in a drain ditch
Caught on a limb
You know better but
I know him
Like I told you
What I said
Steal the face
right off your head
R.Hunter / J.Garcia, He's Gone
Corzine needs some company.
Pretty clear signals people, they would be passing all this shit unless they didn't plan to utilize it at some point in the future.
http://usawatchdog.com/big-banks-will-take-depositors-money-in-next-cras...
Very true. A chilling thought.
Thanks for the link.
Clears up a bit of confusion about the how.
Summary: They crash, steal depositors money, FDIC says stand in line for your penny on the dollar.
You're fucked. Sorry.
Oh, BTW, Your City, County and State all use those banks too.
Sorry again.
https://www.youtube.com/watch?feature=player_embedded&v=Ey20x-VlDYQ
Presenting $303 Trillion In Derivatives... TO YOU.
And 2 Billion rounds of DHS ammo to back up that deal
Don't forget how much ammo the general population owns.
As much as I love people, I have no faith in them.
Sure, you can fix things and set up a system to guide them, but they'll always give away their freedoms for a shiny new toy or some hedonistic pleasure.
I just want to be part of whatever central banking system emerges from the ashes of this current paradigm. Muppets will always exist, but I will not be one of them.
You love people? You might be at the wrong site.
I lol-ed.
Team Misanthropes United.
Hating the sin and not the sinner is not a popular concept in these parts, Pilgrim.
As a young man, I remember reading Florence King's Misanthrope's Corner at the back of the National Review. After enjoying the column for some time, I thought I would find out what the work "misanthrope" meant. I was a moment of self-discovery that continues to this day :)
I love Fred Flintstone. Isn't Fred Flintstone people? :0)
Paul Thorn: "I Don't Like Half the Folks I Love" :-)
https://www.youtube.com/watch?v=hkDeTrKIT6E
Paul Thorn: "Pimps and Preachers" :-)
https://www.youtube.com/watch?v=GOccBm2MV1k
Yawn... just let me know when we all start killing these fkers... I'm done with their criminal activity on our back. I'm ready.
The Worlds total GDP is 85 trillion. Math is hard!