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Once Again, Because It Will Never Get Old, Here Are The Safest European Banks According To The Second Euro Stress Test
The futures are soaring on the latest round of promises from Europe that all shall be well, and after all why would anyone ever doubt anything coming out of Europe. Why, here are the safest Europan banks according to the second Euro stress test completed just 3 short months ago. But this time really is different...
Source: Zero Hedge
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Here's where the new math finally comes in handy. The safest banks in Europe are indeed the null set...
What about Fannie and Freddie?
"Even though Asian and Middle Eastern investors are buying less Fannie and Freddie debt, the price of the bonds does not reflect their fears of the risk. Fannie and Freddie debt trades at a very narrow spread to Treasuries. But analysts said market prices have been skewed because of Fed involvement. During the first round of quantitative easing in 2009, for example, the Fed bought more than $175bn of GSE debt in the secondary market. Former Fannie Mae officials and other people familiar with the situation said the sellers of that debt were mostly Asian central banks.
One former Fannie official said the Fed buying “had a huge impact”, adding that spreads would have “widened substantially” otherwise."
Fannie and Freddie debt fuels anxiety
http://www.ft.com/cms/s/0/1de57e0e-f22d-11e0-b439-00144feab49a.html#axzz1aLPcrWbc
maturity bombs are exploding everywhere. i believe taxpayer exposure into aig fannie and freddie is well over 1 trillion dollars can be higher than 4t in a black swan event type of systemic collapse. these 3 companies and other tbtf's are so overleveraged that, margins make up their entire assets.
I remember when Alan Greenspan said Fannie and Freddie could collapse the entire economy if they went down.
On another subject, I just love rubbing salt in the wound of the debunked man-made global warming scam;
Flagship UK carbon capture project 'close to collapse'Scottish Power expected to pull out of government-promoted scheme to build a £1bn prototype CCS plant at Longannet
"A £1bn flagship government project for fighting climate change – the construction of a prototype carbon capture and storage (CCS) project at Longannet in Scotland – is on the verge of collapse, it emerged on Thursday.
Talks between the Department of Energy and Climate Change (Decc) and Scottish Power have run into deep trouble and the electricity supplier is expected to pull the plug on the government-promoted scheme, which hoped to bury carbon emissions from the coal power station in the North Sea."
http://www.guardian.co.uk/environment/2011/oct/06/carbon-capture-project-longannet-collapse?newsfeed=true
Yeah, well I remember when Uncle Alan said that Fan and Fred were A-OK on their own.
It seems all the scams fall out of the tree at the moment, like Solyndra. Propaganda not strong enough to support it?
Ben Bernanke's theme song;
Cars - I'm Not The One
http://www.youtube.com/watch?v=pQHjm75wsW0&feature=related
Michael, the real story behind global warming is CO2 flooding. This is a technique in hydro carbon recovery which can more or less equal the initial field recovery. It only works (economicially) if there is affordable CO2 to pump into the formation.
Now, I am happy to be schooled as a retard, but do your own home work, come to your own conclusions. Should CO2 regulation come to pass, retired fields all over the world could be brought back online, using CO2 flooding, producing oils that are not possible today because a producer won't pay the CO2 rates of the current market.
Short and simple; CO2 sequestration == a new generation of production from existing expired oil fields on the backs of tax payers at the profit of oil producers.
<SurpriseFace/>
Bust my balls and remind me whenever I post in case I miss it on ZH. I get busy and go many days without trolling the forums. ZH has a lot of smart fuckers, call me out, I would love to be wrong.
Regards,
Cooter
Ken Rogoff's study indicates that sovereign defaults occur in clusters - I believe this is due in part to political considerations...the GREAT concern I have is after the first major country/institution defaults how large is the 'cluster' behind...each time I read about it's potential insolvency is like reading a Dean Koontz novel wondering when the monster rears it's ugly head
Part of me wants to keep confusing Dexia with dyslexia...which might explain why they were at the top of the list...
Futures are soaring...like the mighty and majestic Hindenburg.
Told you so. Dexia saved = collapse avoided. Rally!
Copper having a tough time, not going anywhere without it. I wonder if Europe isn't the most pressing problem and we've moved to China. Asia is down hard.
Trichet Reminds U.S. Euro Built to Lasthttp://www.bloomberg.com/news/2011-10-09/trichet-throws-away-script-as-he-reminds-u-s-euro-built-to-last.html
Euro "Built to Last".
Maybe they could buy the slogan from Chevrolet. Since the GM slogan is now "E Pluribus Unum" they probably don't need it anymore
Dexias of the world untie!
Safest is the new un-safest.
now compare that list with the banks on SigmaX and other OTC markets. The truth is somewhere in between .
http://www.youtube.com/watch?v=zDAmPIq29ro
So Belgium with 99% debt to gdp ($480B in debt) is now going to guarantee 60% of Dexia's $140B in assets. That is genius.
Yes but don't forget they have Manneken Pis. That statue is priceless so they should be able to repo it to the Fed for $100 billion in freshly printed notes. Problem solved.
I hate to be the one to break this to you, but we're all fairly confidant that it's going to take a little more than $100 billion in freshly printed notes to solve this problem. Even if printing was a feasible solution. Which it is not.
Atleast the Us is printing, in Europe we prefer te discuss more pressing matters like how we drink our tea.
i can hear the budweiser radio commercial on this now; real men of genius.
here's to you mr belgium bank bailout backer..............
LOL at avatar. I remember when that story broke. Hahahahaha
http://www.youtube.com/watch?v=nda_OSWeyn8
Designated "bad country".
And when the "bad country" without a government splits, you won't miss the debt either. Enter l'Eurobond.
Logic would tell us that there is reaon to believe we are on the verge of a global collapse, but we do not live in a world ruled by logic.
Isn't logic only another emotion and when you consider the other emotions we poseess, are we not considered insane, that is why this whole thing does not make sense to a logical mind.
Either way we are screwed. :)
the theory of falsibility will help turn people's opinion.
null hypothesis: Morgan Stanley has not defaulted due to its French banking expsosure.
But, but, but Dexia passed the Stress Test. The CEO has made millions for his hard work.
Just like Goldman, he is doing God's work right ?
And they want us to invest in the markets when the worst financial system break down is going down since the original Depression.
LOL I have always been taught the market pays for growth. There is done. Especially when we have credit contracting every day.
The next real problem that the main stream media will not admit. There is No Demand.
retails are switching from stocks to bonds. [see ICI data]
It's daytraders vs. hedgefund algos vs mutual fund algos out there.. Hedgefund managers need a good October, or else they, ironically, will be among the 99%. Or that is to say, unemployed by New Years.
Everyone talks about how we are in this Wiley E. Coyote moment, where he goes off the cliff and hangs there, but has not looked down yet, to see his predicament, and then start falling.
The thing is THAT IS A FUCKING CARTOON!
WE ARE FALLING WETHER WE KNOW IT OR NOT. LANDING GONNA GO BOOM OW HURT!
Hmm. You may have broken the code
- Cartoon characters don't fall if they don't look down
- Cartoon characters usually are animals
- Animals have animal spirits
- The Obama Administration, CNBC, and sell-side analysts all push the idea of animal spirits
Therefore, if no one looks at the bad side of future / present / past events, we can still get to Dow 36,000
QED
MsCreant, your statement may have just doomed the global economy
Add up the bonuses of the governing board members of all of the banks on that list that have received ( or are soon to receive ) bailout funds and you could probably render Social Security solvent again.
Yes I know, hyperbole......... maybe
I'd like to see a new term that distinguishes solidly between The Banks (those vast impersonal hoards of OPM) and The Bankers (the pirates who exploit the power of all that OPM while ravenously sacking corporate assets.)
There is a significant difference between the two, imo. The Bankers are an immeasurably bigger problem than The Banks.
Begs many questions.
Questions which I think will soon be answered.
This doesn't end well folks. Still waiting for another shoe to drop? Still looking for those 'green shoots'? Let's face it, no one gives a flying fuck anymore, for instance, that, "French President Nicolas Sarkozy and German Chancellor Angela Merkel promise a new plan to fortify European banks." We know it's all bullshit by now. Even Switzerland has gone all-out nuclear option with a currency peg to Euros. Meanwhile, the U.S. Senate thinks punitive tariffs for 'currency manipulators' are a good idea. We all know exactly for whom that rule will apply - hint, it's not Switzerland. It's all quite baffling, and it's all quite stupid; a debt critical mass does exist, and yes, the exponential function just fucked us all. Banks have stolen our assets, and then they went on to steal assets that didn't even exist except on their 'balance sheets' through unicorn and rainbows accounting. Now they have guns to their heads demanding MORE! Accept it, get over it, and prepare to do something about it.
Every time TPTB announce stress tests Gold jumps 1%. I would like them to announce a new stress test every day for the next 100 days, please.
The safest european banks...
WTF, Dexia is the safest? DemoDexia??
@Executioner
Thank God for the guiding hand of the governments! Thank God for the rigorous stress tests! Everyone run out and convert all of your USD to EUR and put them on deposit with Dexia. /sarc (for the truly dumb among us)
you're not the target audience so these type of public relations communicae. As long as average people continue to invest into 401K, thereby allowing pension funds and mutual funds to give $$ to hedge funds, that prop up the market on leverage, and give huge donations to political parties, leaders believe they can postpone the day of reckoning.
They want to create mass confidence from uninformed, busy working people. Most people only read the headlines, and check whether the S&P is green or red. Everything else is noise to them.
@DormRoom
Who's still investing in a 401k? Serious question.
@Cursive,
I am amazed that such propaganda works at all, and that it STILL works in the face of what is going on. I assume it works because it is still being done by TPTB. Or.. it does not work anymore, but they are still lying in our faces anyway. I mean, this list was just too much, people!
the simple answer... Gold, bitchez!
Seriously, how any rational being expect our western leaders to successfully manage our respective nations out of this once-in-a-lifetime economic crisis!?!? Every action taken thus far, has been in folly against the Western Nation State.
All this Keynesian stimulus, Friedman monetary injections and bully pulpit fascism (which Obama and Geroge W advanced in earnest during their respective administration)
will be in absolute vain. The consumer is already overleveraged. No one can undertake anymore debt! Any restructuring that takes place from here on out must allow the liquidation debt of all levels of our economy (From the modern corporations to the average Joe Blow with a Colllege loan...).... This is the only way that will pave the way to longrun economic growth and overall prosperity.
This is the only way that will pave the way to longrun economic growth and overall prosperity.
Is it not abundantly clear by now TPTB don't care about longrun economic growth and overall prosperity?
Anyone still holding on to that "America has a future" dream is delusional. This is it for America. The end game. The last looting before the lights go out.
It's WHY they're looting like they are. THEY know it's the end game.
Well, I better get some rest so I can join the party tomorrow. Isn't this fun, and so easy.
Geesh! Good Night.
Wahhh, that Dexia looks like a seriously misunderstood and mispriced winner...gotta get me some of that come Monday morning!!!
Hahahahahahaah
Hey old Europe! Nero's Rome ala complete collpase is calling.
If you're an american I don't think think you know whats up ahead. Your laugh resonates that of Old Nero as he saw Rome burn... Ever heard of a boomerang? It'll be worse in USA if the depression arrives. No social protection network there.
Very little industrial base to rebuild...
Hey Tyler, are you short this market? You seem angry that the world might actually be getting a tad better.
Everyone ( with any sense that is ) is short this market with the funds that they can't extricate.
Better ........ er..... man I dont even know how to start responding to that.
For being around so long, the Junk hasn't learned much.
Epic fail. Pay attention bro.
Jeez what do you smoke?
The list above just showed how the European markets (and eveything else) is running on illusion...which is a c-hair away from an absolute implosion.
What we gotta look fo now is if that French midget can con (Merkel) Germany to underwrite France while France bails out DEXIA. See France is also a c-hair away from a fiscal crisis.
According to you bank nationalization is an indication of things getting "better?"
You must have gone all in when Fannie and Freddie were nationalized then.
LOL, all in - yeah, his $5.00 his mommy gave him
I think he is reffering to the corporate media stock pumpers , better than their lowered expectation . Like when you 50 million people in poverty and if you are expecting 60 million things are better than expected but not getting better.
Nationalization of banks just means potential socialized debts become officially so. Its a recognition that the ponzi has now got to be resolved collectively on the national financial/economic front. So its a consequence of PAST government/oligarchy collusion-corruption and has to be painfully flushed out of system.
The real 'true' meaning/consequence of nationalization is that there is urgent need to reset the bank system, by building a new financial paradigm where broken market mecanisms are repaired through fair regulation and government initiatives; better checks and balancing for monitoring in greater transparency and proactive/reactive mode the adherence of financial sector to this paradigm/regulatory change. IT DOESN'T HAVE TO BE GOVERNMENT AGENCIES. But it has to be NON collusive. THat is the true message of this financial meltdown for the future. The past has to teach us something or we stay dumb-bums of the oligarchy play like obedient 'serfs'. Only people's representation through good governance can change that. That's three thousand years of history...of which the FDR episode is one concrete example experienced by the AMerican people. Do the American people truly understand who started this ponzi and what the trade-offs are? Avoiding both 'charybdis' statism and oligarchy 'scylla'? Its a complex world, with no easy solutions.
Its no point just going half-way in the analysis by saying "do you think bank nationalization is an indication of things getting better?' We have to get to root causes and find root or radical solutions IMO. ZH is wonderful for bringing core issues and core information up front. That I will freely admit...
BTW : When you see the debt to GDP ratios accumulted by the CAPITALIST private banking sector, albeit with statist collusion all the way, (Reaganomics deregulation, Zirp, FIRE asset bubble etc legislative help), you know the financial system has NOW DROWNED the real economy in 'virtual' monetized debt. So all world economies have to address this cancer globally, or not all all. Deglobalizing the financial CORRUPTiON and ponzi creation has to be TOP priority. Even the financial trading community has to recognise that. It may hurt but its where the cancer is..also in corrupt government.
Of course Tyler!
Everything becomes "better" with being nationalized and as it stands things are likely to becoming "better" and "better" at an accelerated rate!
Soon everything has been nationalized and we will truly dwell in the land of milk and honey.
Only then will we be equal, and with some luck perhaps even more equal to those who are more equal!
2011 EU-wide stress test results: no need for Dexia to raise additional capital
http://www.dexia.com/EN/journalist/press_releases/Documents/20110715_Dexia_EBA_stress_test_EN.pdf
Dexia’s strong capital base would enable it to weather the set of assumptions of the EBA stress tests, while still maintaining strong capital ratios, even if these assumptions look very conservative, notably for sovereigns, local authorities and the potential evolution of the funding costs.
July 15, 2011
In a perverse sort of way, the statement is actually true, if by "strong capital base" they are referring (relatively speaking) to the French and Belgian governments, rather than their soon to be wiped out shareholders.
dig that thing up and beat it again!
While ignoring the dollar menu, just back from Wendy's and 2 triple meals was $20 bucks.
A (new) 1.5 liter of Coke was "on sale" for $1.50 at the local suburban supermarket.
Watching the price of beans and rice keep going up.
The cop down the street just moved out under a deed in lieu of foreclosure.
Even our small California town of 100,000 has a "planned" march on the only BAC branch next week.
Starting up the Winter Yarm (yard-farm).
Got rid of all the extra snippy expenses - Costco exec membership (now shop with neighbors). Gym membership. Extra phones. Magazine subscriptions. The works.
Cancelled all holiday travel across the family and going to ground until Spring.
Please.
To anyone monitoring this channel.
Please let us know what is getting better.
I just want to know how much did (will) the US taxpayers pay to bailout Dexia shareholders.
well ignoring the $1 menu and buying two triple meals kind of skews your thesis
Yeah but theres plastic in those items. Ask the chinese.
That $5.00 fee is only for people to poor to maintain a min. balance . Buffet has to get his money some where . Widows , Orphans . School Kids how low will Buffet go ? Pretty damn low and he's Oblamers go to man taking care of the poor.
If first you don't succeed Marxist policies, try, try again. LOL
Marxist policies???? BNP represents 'marxist' policies? Saving the banks and WS is a marxist strategy????
Wow, the misuse of words and historical references!
Give it time.
"TOP French banks BNP Paribas and Société Générale have denied that they could seek to raise a combined €11bn (£9.47bn) as part of a broader European bank recapitalisation plan."
+
"A BNP spokeswoman denied the report, reiterating that it planned to reach Basel III capital targets without a capital increase. SocGen also denied the report and also said it would reach Basel III targets without a capital increase."
=
I guess Jenga?
source: http://ftalphaville.ft.com/blog/?p=696761
The World Bank and European Union
Damn, what a fake-out, worthy of the Globetrotters.... look over here, over here! at Greece... got your attention? Wham! To your left, un-noticed, Dexia and Belgium go belly-up before you can even say "wheres-what-th-huh???!!!"
I'm glad futures are up, because now something will likely occur to drive them down before tomorrow morning.
Hourly chart of the Euro looks just like the pop and drop on Friday.
I hope the market rallies a few hundred more points. I missed out on the easy money shorting back in August. I won't do so again when this house of cards finally comes tumbling down.
The most accurate Stress Test is to take something to its breaking point.........and now we know.
http://www.reuters.com/article/2011/10/10/dexia-board-idUSWEA706420111010
Dexia's board approved the bailout. It's done.
Tyler.
Your forum has taught me more about Economics than Bernake+Krugman. And the meme was good. But if rationality is going to survive we gotta be clive barkers not ed nortons.
I do think children of men is not about the actual question of "Can we make children" The question is, can we make any children who are willing to study "hard science" or "non-agressive religion"
Seriously, the fightclub meme is dated. Somebody needs to start a children of meme blog.
Belgiumnow paying 5.4 b for Dexia http://www.bloomberg.com/news/2011-10-09/belgium-is-said-to-get-france-s...
Any metal heads on here? Listening to Skinless.... Three to four days of rallies, then it goes south (hard). If EZ bank bond spreads blow out on them being 'safe', can't see equities sustaining a week long bull run.
Then there is China, it lurks...
RISK ON
Little Jamie Dimon aint sleeping so great. The problem is the proliferation of this astonishingly nascent opposition , and the degree of influence of the United States over its pussies. .
This faggot poseur has offended and committed crimes in hundreds of countries. He presupposes that Uncle has them sufficiently cowed. You better be fucking right , it only takes one to flay you alive.
Is this why we are closing our shorts kunta kinte face? I rather thin k so.
You have offended the gods in a hundred countries bud, you have millions upon millions of mortal enemies, this is a substantially untenable situation, its quite demonstrably going to break, merely do the math. A material percentage of any population is deranged, so math 100 says this does not end pretty. Not a prayer. You supperating pig. Have a great day.
I wonder what the actual stress tests looked like, the ones where all the banks' PIIGS bond holdings get 50 - 75% haircuts?
Yeah, that's the ticket, all the world leaders will stand together, holding hands, in front of the press, crying, and (taking the best lessons from TEPCO execs) say, "We are so sorry, we can't figure out how to fix it, the world economy is going to collapse, we will all step down now."
Sheeeeit!
Live Trading blog commences 10 October 2011
http://capital3x.com/think-tank/10-october-live-trading-blog/
I swear this is like a bad marriage, it goes on and on until someone finally says, "I can't do this any more," or one of you dies. Looks like we have chosen death.
find yourself a new lover...at last go with a pleasant bang!
That's it.
http://paradiseishell.files.wordpress.com/2010/04/ron-english-guernica-g...
Anyone think Anonymous wont due shit tomorrow?
My question was, why take it off line on a day it isn't open here? I dunno.. Holiday.
Will something happen? Aw cmon, this is just arithmetic, measure the rage, its probably a matter of dayz. Too many people. Too broadly demographically dispersed, so, it goes unpretty, does nobody remember the 60s, i went from wearing a jacket and tie to University in 1965, to a Nehrhu Suit 12 months later, which looked like a dress actually, except it was cool, but there has NEVER been a movement that embraces people from 18 to 80, in a state of wild fury, thats unprecedented, this is end game material, one bullet from either side, and kiss the United States goodbye. End game. Just watch.
But the thingy is that this whole thing probably's bankrolled by some elites themselves. So that they can distract people's attentions from the real issues and they will highly likely lead people's rage to those sacrificial lambs in DC instead.
Guys... I'm getting worried that this hubbub will simmer down for awhile and the market will rip higher only to drag this process out longer. IF Slovakia approves the EFSF (it's not likely that they will risk alienating the whole world by not passing it) and IF the Euro clowns decide that they will not let any banks go under and IF Greece gets its bailout all nice and tidy, then CDS will drop, banks will lend to each other again, and the default talk will subside. If all that happens it seems the case for being short hinges only on a global recession but there could be a multi-month rally before that and it might not even happen anyway. Am I missing any near-term bearish scenarios here? I'm losing my conviction to remain short here - would love a little pep talk from one of my elder, wiser ZH'ers...
Did Germany decide not to print Soverign currency? Or are they? There within lies the newset problem IMHO.
I am none of what you asked for. For what it is worth, I think they will keep this up for a while still. Until real people are doing without food, fuel, and/or entertainment, until there is an actual resource shortage of some type that hits the majority upside the head with a 2 x 4, this will go on. OWS right now, even if it has folks in it who are believers, feels every bit as marketed and engineered as a reality show. The bankster turds are not taking this particular revolution very seriously. It is business co-opting real rage (kind of like what happened to the tea party), commdifying it, and selling it in order to take the sting out of it. And maybe turn their own buck.
They/we won't get it until it hurts. Folks shorting this shit IMHO need to be willing to be nimble as hell and watch those stops (or don't use them) because THEY are watching your stops and THEY mean to jerk you around and get your money. Why wouldn't they? What on God's green will stop them?
Fuck it, get out, don't let those fuckers get your store of value.
I am not a trader, I am OUT.
Europe's bank problem solved *chuckles" for now.
But wait, what about a China "hard landing". Looking red over there today, and not just because they are communist, well china anyway.
whoops Shanghai (0.2% neg!!!)/HK down
Shit Tacos, just which ones have less in them?
Wahooooooo I'm a newb Bitchez! Long may I troll......
Its no wonder that Intesa San Paolo is very safe. Its because its one of the banks of the Vatican. Its indirectly controlled through lower church administrations. Since there is no one on earth who knows banking better than the Vatican one can be asured that Intesa San Paolo is not going under. Just the opposite will happen. San Paolo will rise.
Tyler you forgot to mention, that Intesas assets include one position which is totally undervalued. Its Intesas gold. The most of you will be surprised to find out, that Intesa owns approx. 1/3 of the gold of the Italian National bank. There is a position in Intesas balance sheet showing this, but its just a few hundred thousand Euros because Intesa values it still around 20 Dollars per once or so. At todays rate Intesas gold would catapult them to one of the safest banks in the world.
Long Intesa is a safe bet.
"Stress Test"... doesn't this remind you of the "Death Pool 2011"?
Most likely to die this year? Dexia? BOA? Keith Richards?
Bingo! The Proton Bank,a small Greek bank,just used the ELA (Emergency Liquidity Assistance).Trading of its stock suspended.
Just comparing all banks re their safety on the basis of core tier 1 does not make much sense anyway. Dexia should be a great example why the same general key number focused Basel III will not rule out bank failures.
Dexia had such comparatively high tier 1 number, as their business model required it and because their credit exposure demanded it.
The dynamics of equity depreciation are so diverse among those banks. That does not mean I would argue the group of global universal banks such as Deutsche Bank and SocGen run a much safer business model. Only they will require total counter party risk fauilure for collapse instead. That may only look safer in simple statistical terms (prob * default volume). The amounts crashing under such tail risk scenarios are much worse, though.
Just imagine, one or two major counterparties defaulting, destabilizing a multi-trillion, nicely netted derivative portfolio. What equity should make up for that. That could easily be hundreds of billions if not a trillion per bank.
Looking at the FEDs expansion policy, the new dimensions would actually nicely fit in. Here and there a few banks popping, requiring emergency credit lines trillions each. You don't need an econ PhD to catch that this means hyperinflation is around the corner.
RBS and Llloyd's are in there!!! WTF? The two most bust,bankrupt dead banks walking with the biggest off balance sheet losses are O.K. after all! Oh yeah
Since the UK government owns about 85% of the equity of RBS, when it goes down the toilet, it is the taxpayer who will choke on the losses. The U.K press a few years back were deriding Robert Mugabe and Zimbabwe for its money printing with many stories of their runaway inflation, yet now the UK government and the Bank of England are doing the exact same thing but calling it Quantitive Easing.
With annual food inflation running at around 20%,I look forward to the UK papers printing stories about UK shopppers not being able to afford food because the pound is worthless due to QE, but somehow I don't think we'll ever see them.
The old "food prices soar due to commodity speculators/poor crop yields due to bad weather/nasty Chinese people buying our food sending prices higher" stories will be cut and pasted to explain to the sheeple why they no longer can afford to eat.
When Belgium's GS orchestrated hide your debt financial alchemy, similar to Greece's machinations comes due it, when coupled with their backing of Dexia's debt, will generate neutron beams like a failed nuclear fuel blob that has regained criticality. It will be lights out, the bat man signal, the warning flare that will eviscerate and decapitate the global financial behomoth zombie. Happy Halloween.
The two largest greenhouse gas emitters on THE PLANET are termite mounds and cattle. While it is true the average yearly temperature has been increasing for the last 50 years, there is no evidence to link it to a manmade cause. There is plenty of circumstantial evidence to link this to TPTB beta testing a new "crisis" to stampede the sheeple and potentially replace war as the economic engine driving their gains. Call it a "new economy" for the shadow governments and their handlers.
Me? I blame it all on Nixon closing the gold window.