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Ron Paul: "It Is Estimated That US Banks Have Over A Trillion Dollars Tied Up At-Risk With German And French Banks"
From Ron Paul
European Debt Crisis Threatens the Dollar
The global economic situation is becoming more dire every day. Approximately half of all US banks have significant exposure to the debt crisis in Europe. Much more dangerous for the US taxpayer is the dollar's status as reserve currency for the world, and the US Federal Reserve's status as the lender of last resort. As we've learned in recent disclosures, this has not only benefitted companies like AIG, the auto industry and various US banks, but multiple foreign central banks as they have run into trouble. Nothing has been solved, however, by offering up the productivity of Americans as a sacrificial lamb. Greece is set to be the first domino to fall in the string of European economies at risk. Rather than learning from Greece's terrible example of an over-consuming public sector and drowning private sector, what is more likely from our politicians is an eventual bailout of European investors.
The US has a relatively small exposure to overwhelmed Greek banks, but much larger economies in Europe are set to follow and that will have serious implications for US banks. Greece is technically small enough to bail out. Italy is not. Germany is not. France is not. It is estimated that US banks have over a trillion dollars tied up in at-risk German and French banks. Because the urge to paper over the debt with more credit is so strong, the collapse of the Euro is imminent. Will the Fed be held responsible if the Euro brings the US dollar down with it?
The most disingenuous aspect of the narrative about the European sovereign debt crisis is that entire economies will collapse if more resources are not bilked from productive people around the world. This is untrue. Tough times are coming for the banks, to be sure, but free people always find a way back to prosperity if the politicians leave them alone. Communities within Greece are coming together and forming barter systems because they know the Euro is becoming unstable. Greeks are learning how to engage in commerce with each other, without the use of fiat currency controlled by central banks. In other words, they are rediscovering what money really is, and they are trading with each other in ways that cannot be controlled, manipulated, squandered, inflated away and generally ruined by corrupt bankers and the politicians that enable them. Farmers will still grow food, mechanics will still fix cars, people will still make things and exchange them with each other. No banker, no politician can stop that by destroying one medium of exchange. People will find or create another medium of exchange.
Unfortunately when politicians try to monopolize currency with legal tender laws, the people find it harder and harder to survive the inflation and taxation to which they are subjected. Bankers should take their dreaded haircut rather than making innocent people pay for their mistakes. The losses should be limited and liquidated, rather than perpetuated and rewarded. This is the only way we can recover.
Government debt is often considered rock solid because it is backed by a government's ability to forcibly extract interest payments out of the public. The public is increasingly unwilling to be bilked to make bankers whole. The riots and the violence in Greece should tell us something about the sustainability of this system.
If we continue to bail out banks and bankers so they can continue to lose money, if we cavalierly put this burden on the taxpayer, it is all too predictable what will happen here.
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erm, no thanks - we have enough politicians chasing the Xtian right voters as it is - keep other people's religiousity OUT of governance, mmkay?
by the way, this article says it's "from" Ron Paul, not necessarily authored by him - you know, like his old 'zines were. . .?
Ron Paul / Catherine Austin Fitts
There are other possibilities, but they do not want to be politicians... yet... because they clearly understand Ron Paul deserves his chance. Tom Woods for example, or Michael Bartnarik (?spelling?) though his recent health problem might prevent him from reaching president. Gary Johnson is no Ron Paul, but he's not terrible. But yes, nobody can match the background, character and integrity of Ron Paul.
Bill Still is running for the libertarian party
How about Paul Ryan?
I read this without paying attention to the author - reads like many other quality ZH contributors.
This guy is a presidential candidate? The squid is watching to make sure the threat is subdued.
Ron Paul is the only person in national government who has the balls to talk to our nation as adults.
what about RP's pal Dennis Kucinich? or Marcy Kaptur? or Cynthia McKinney? I'm sure there are others, but I don't vote. . .
I think voting is for TV shows, but if you MUST, then at least educate yourself before you get on the fan bandwagon.
Cynthia McKinney and Marcy Kaptur are pals of Ron Paul?
highly doubtful - sentence structure says Kucinich was the object of "pal" and the gals were separate, k petal?
"highly doubtful...k petal" She loves me, she loves me not ;-)
Honestly, I don't vote either. I'm 27, and I haven't voted for anyone in a single public office. But I think I'm going to change that this year. I'm going to vote for Ron Paul, even if I have to write his name into the ballot.
hey navy - I don't vote because it takes up too much brain space with poor results guaranteed - voting for RP, if & when that option arises a year from now (hellishly long time from now at the rate things are poppin') is not an inherently bad idea if it's done in the same spirit as the aforementioned TV balloting.
it's the ones who truly believe that a "president" - ANY president - has any power to change the corporation amrka is, that I shake my head at. . . vote, but keep doing your research / due diligence. dangling the voting carrot to the masses is just another distraction that lets folk think they're "participating" and "have a voice" - all the while the invisible hand tightens its grip on your. . . yeah.
peace.
To navy62802: From your lips to god's ears and we'll all hand you a pen.
Ron Paul is the closest thing that the USA has to a living gold standard. Is his failure to be elected a perfect combination of powerful interests denigrating and misrepresenting him, or should we accept that the population is largely politically catatonic?
Ron Paul is the closest thing we've had to the founding fathers since the founding fathers. He would have been a rebel even in the early 1800s.
Funny piece of verbiage, that text over there ... so, did i miss something or was it not the US based Banks which started this whole financial mess with all those neocon globalist risky greedy financial tricks and schemes they invented, and after they nearly dragged their own country and it's people down they started ruining Europe, or did i misread everything in 2008/2009? Was it not Goldman Sachs who did take care of most of the faking and betrayal which led to Greece joining the €uro in the first place? Is not that particular bank's name connected to all and every financial misery these days no matter where and when? Has it not always been the keen interest of the United States to prevent the €uro ever getting in the Dollar$ way, to prevent it from becoming kind of a second reserve currency, was not everything done by Wall Street NY and the City of London to bring the €uro down by any means? Oh, i am silly and confused, it seems.
Look at the CDS for the Olive Oilers!
Italy: Will a New Prime Minister Make a Difference? No. It Doesn't Matter If Its Super Mario or Monty Hall -- There is Too Much Debt and a 70% Probability of Default
http://confoundedinterest.wordpress.com
More like 100%. None of these debts here or Europe will be paid.
So, Ron, you claim to want small government, and as an MD you'd have a decent standard of living, so remind everyone why you and your son are in Washington, DC. Is it to line your pockets with lobbyists' money? I think it is and you're a fraud. You're in the House of Representatives, where all legislation, and yet you haven't gotten John Boehner or Mitch McConnell on board with you. Why is that?
Please also tell us what the State Bank of North Dakota and Main St would think of the Federal Reserve and the European Banks. Evidently Argentina is doing well these days, something that cannot be reported on the main stream media, and they're doing well because the IMF is no longer there.
Are you crazy, ignorant, or working for the Koch Bros?
Ron Paul is the only member of the House of Representitives that doesn't participate in the lucrative congressional pension plan which one is entitled to after only one year serving in the congress
And each year he returns the unused portion of his office's budget to the U.S. Treasury.
Thomas Jefferson is one of my faves for sure, but he has more spurious quotations than anyone else I can think of, such as the inflation/deflation quote.
Thank you, Tyler & Zerohedge, for being so good to Dr. Paul. Here's a smile for ya!
ttp://twitpic.com/79ov62
Wait, Goldman sacks will fix all that:
Goldman Sachs, le trait d'union entre Mario Draghi, Mario Monti et Lucas Papadémoshttp://www.lemonde.fr/europe/article/2011/11/14/goldman-sachs-le-trait-d-union-entre-mario-draghi-mario-monti-et-lucas-papademos_1603675_3214.html#ens_id=1603680
Now, if you can't wrap your mind around what Ron Paul, stated above...YOU DESERVE EVERYTHING YOU'RE GETTING AND MORE!
All else aside...WHO ELSE IS LAYING IT ON THE LINE?
"The collapse of the Euro is imminent"
What does that even mean?
"Greeks are learning how to engage in commerce with each other"
Xenephobic gibberish, get a passport Mr Paul.
Paul is an economic illiterate who blindly believes in deregulation of all aspects of life. Look, rich Greeks are moving their money to Switzerland, the BVA, if the Greeks leave the Euro the rich Greeks wont be enagaging in a barter system - you fanciful utopian idiot - they will return to cherry pick assets, destroy ordinary people's rights and roll back all the gains made since the fall of fascism in the mid 1970s.
Ron Paul is a complete buffoon and those who follow him have virtually no understanding of the modern world. Cheerleading a politician? Are you serious?
SUCK A DIK YOU PATHETIC NEWB.
I’m not sure what good all the tens of thousands of posts all over the internet about what Ron Paul would do as president are when Ron Paul is never going to be president.
Outside of the 10% of the Republican primary voters that will vote for Ron Paul, the 90% are as dumb as a box of toothpicks. 90% of the Republican primary voters couldn’t form a single cohesive sentence about what the Federal Reserve is. They don’t know what it is, what it does, who owns it, why it’s a problem, how the markets work, what the ponzi is, what a fiat currency is, why there’s a debt crisis, how things are connected and the list goes on and on. They know so little it’s hard to keep up with everything they don’t know.
ZeroHedge and sites like it draw from the one quarter of one percent of the population that has a clue, talking to each other back and forth.
Twitt Romeny is going to be the Republican nominee and the big issue in the general will be extending the “Bush tax cuts.”
That’s the level the mainstream is at. And people on ZH can jerk off over Ron Paul editorials all day long but the vast bulk of people are clueless and dumb as a bag of hammers, and Bush tax cuts and gay marriage is where the debate will be. Literally not even worth tuning in for.
Ron Paul should go 3rd party. What’s the difference if this gets Obama reelected. Twitt Romney is every bit the bankster bailout monetarist monkey that Obama is, so there is nothing to lose going 3rd party.
Ron Paul gets elected. Immediately he begins slashing spending. People all over the country unite in their effort to cut back on their government benefits/entitlements because they understand it is for the greater good. Monkeys immediately take flight out of my anus.
Obama regarding the super committee “There’s no magic formula. There are no magic beans that you can toss in the ground and suddenly a bunch of money grows on trees. We’ve got to just go ahead and do the responsible thing.”
Pres Obama meet Ben Bernanke
http://www.youtube.com/watch?v=uLYmJBAE8Tw
all of this talk about politics gives me a 6th ave heartache..........
wallflowers.......
Did anyone stop and think that in the past month two democratic governments just had their president's changed with out a democratic vote? Scary shit!
Greece and Italy are NOW run by two prime ministers who weren't elected and who are working for the global elites. Do you think they have the people in mind when it comes to austerity measures?
trilateral commission anyone?
Everybody fails to note they are international bankers first and foremost.
We have nothing to worry about. Dick Bove says that US banks are profiting from the Euro banking crisis by buying back US assets that Euro banks own. He also says US banks are over capitalized like never before in the history of the US. BUY BUY BUY!
Reward Banker Corruption.
It's the way of the world.
Which Banker did you vote for.
The same movement chart pattern to Dow Jones 2008 and now 2011 !
I put now 3 points:
1- a movement 1-2 and 1-2 (there and now)
2 - the same down channel chart pattern 2008 and now 2011
3 - ema 13 x ema 21 weekly chart. The 2 exponencial moving average walk together in 2008 and now !
If this chart happens again , we must see a hard free fall next 3-5 weeks.
See here : http://pracompraroupravender.blogspot.com/2011/11/voltemos-semelhanca-de-2008-e-2011-no.html
wtf is up with the Cramer ad on the top left of the homepage? Ya think that fuckin idiot reads this shit?
He absolutely reads this shit. Probably skims the headlines looking for a diamond that he can skank as his own thought. They should have a link to Jon Stewart's interview with him next to his ad permenantly up there.
If someone hasn't mentioned it: $1 trillion is likely a gross understatement if you take into account the derivatives counter-party exposure, on balance sheet and off. A risk discounting of the "netting" on-balance sheet swaps alone would likely show them broke.
(paste) Bankers should take their dreaded haircut rather than making innocent people pay for their mistakes. The losses should be limited and liquidated, rather than perpetuated and rewarded.
exactly! way to go, r.paul!
"It is estimated that US banks have over a trillion dollars tied up in at-risk German and French banks."
Who's doing the estimating and where are the numbers coming from? Ron Paul (and others) can only help himself and his percieved credibility by giving the sources to back up statements such as these.
Hey LynnyBee.
I'm in Totally the same boat as your 15:51 comment states.
Minus the houswife thingy.
And agree with knowing more than you wanted to.
But how do you "Unknow it"...?
Keep up the faith,they may shut off Star Search.
....................Thomas Jefferson.............
Where are you ....????
Ron Paul for President.
Look - I'm above average.
Your rating: 5 Average: 4.9 (68 votes)Thanks TDs for relaying Ron Paul, the last best hope.
I don't believe shit. Everyone is a liar and everything is boring beacause nothing is governed by any rules at all.Shit's chaotic. Everything is made up and we must believe whatever the majority follows,otherwise we all must admit that we have stockholm syndrome with Mulder (Xfiles reference) .For 30 years THE DOLLAR hasn't been backed by anything resembling a PHYSICAL ASSET (i.e. THEE MISSING GOLD OF FORT KNOX) ,it's only backed by TRUST .The same TRUST that US banks have in German and French banks .
Oh and btw ,there is no alternative monetary system in Gr€€c€ , some neighbourhood at Exarcheia tried to implement an invented currency but it was too casual (and short lived).Only real alternative that exists is Bitcoin,and yes , it's backed by the same psysical assets that $ does.
Co-sponsors of HR1148:
Rep Earl Blumenauer [OR-3rd]
Rep Steve Cohen [TN-9th]
Rep Raul Grijalva [AZ-7th]
Rep Kathleen Hochul [NY-26th]
Rep Walter Jones, Jr. [NC-3rd]
Rep Dennis Kucinich [OH-10th]
Rep David Loebsack [IA-2nd]
Rep Louise McIntosh Slaughter [NY-28th]
Rep Niki Tsongas [MA-5th]
No Ron Paul. Style or substance, Mr. Paul?
How about the warchests from your previous unsuccessful runs for the Presidency...where is that money? Understand that the electorate is a bit gun shy and doesn't want to be fooled again.
HR1148 111th congress had four co-sponsors and was about Homeland Security mobile biometric I.D.? Not his style at all.
And regarding warchests. He refunded a great deal of money, and the rest went to the Campaign for Liberty, a great organization.
Texas politicians are not required to return unused campaign donations by the way.
JJ Cale and Leon Russel - Going Down - YouTube
http://www.youtube.com/watch?v=Zmzv5xJ4wE4
everyone! take a good look at my avatar! get used to it! "i promise you this, that, and the other thing!"
http://www.youtube.com/watch?v=Fx9MUGlYZ_8&feature=player_embedded
Ron Paul!
I love the guy.
If I were a homo, I'd be proud to call him my sugar-daddy.
http://fucklloydblankfein.blogspot.com
you also seem to be attracted to fucking Lloyd Blankfein - bit of a ho aren't you ^^
I love when 0Hedge does a Ron Paul thread you can see who the status-quo, Keynesian lovers are. Ron Paul is taken it ova.
If you haven't registered rep. for just ONE year you can go to this site and do it, it takes one minute, just ONE MINUTE of your time to help turning this country around.
http://www.bluerepublican.org/
At this moment there were 15,973 views of this article/page, and seconds later 15,800. There seems to be about 4-8k views per article as a loose average I think (guesstimate).
So many people here interested in this man and what he says yet no mass media mention of him as a front runner.
I know NO ONE now that wouldn't vote for him or at least give him due respect for being a patriot, veteran, flight surgeon, obstetrician, congressman and PREDICTED THE ECONOMIC "RECESSION" and said the housing bubble would collapse, that Fannie and Fredie would go bankrupt, and that debt was a huge problem which has turned into a global financial contagion...yet nothing from the media?
THEY DON'T WANT TO BE SAVED!
As I save this post the number went from 16,167 to 16,187.
it's good they've stopped going down!
Whoops..screwed up should be 15,773 to 15,800...typo.
The MSM's advertisers don't want to be saved because they're the oligarchy that collectively runs this country along with the Fed.
To Temporalist: The MSM's advertisers don't want to be saved because they're the oligarchy that collectively runs this country along with the Fed.
TSTC - the Most Dangerous Chinese Reverse Merger
Morrison Security Research has initiated coverage on Telestone
Technologies (Nasdaq: TSTC) with a strong sell rating and an estimated value of <$1.00.
Among all Chinese reverse mergers, Telestone probably is the darkest and most dangerour one. We have been shocked by its bold operations uncovered by our due diligence. We believe that a halt of the stock listing by the SEC is inevitable due to many disturbing red flags in the company:
Announced A Large Contract That Does Not Exist
A Possible Another Secondary Offering Is Coming
Outright Lie About Its Astonishingly Long Days of Sales Outstanding (DSO) In A SEC Filling
Uses Shareholder’s Money To Fund A US Business Entity Solely Owned By The CEO
VP of Finance, Mr. Richard Wu, Resigned After Just 3 Months On The Job Following Resignations Of Three CFO's In The Last Three Years
The full report is at:
http://seekingalpha.com/instablog/1054739-morrison-security-research/230781-telestone-technologies-nasdaq-tstc-the-most-dangerous-chinese-reverse-merger
?
Tyler can be in any important position if he want.
He is super!
??
Ha! Japan just intervened again...USD spikes in Asia.
If Ron Paul managed to win this election it would be the happiest day of my life to be honest. Even though I'm well off in an industry with high income growth and low unemployment rate, the corporate welfare and scandals have to stop! Who wants to live in a world where 70% of the population is basically a debt serf while white collar crime pays??
Ron Paul says what's on his mind and he means it.
That's why he will never be elected President.
To be elected President one has to lie.
Ron Paul's VP
(1) Tom Woods
(2) Napolitano
Woods would immediately light up the stage in any debate and steal the hearts of both intellectuals and the sheep with his smooth linguistics and logic. Awesome Tom Woods video about Austrian vs. Keynesian Ecnomics
http://www.youtube.com/watch?feature=player_embedded&v=Z7-LbLO5NPg#!
Gotta say I agree with Dr. Paul here, fuck the banks. Let them take their haircuts up the ass. I'm sick to death of hearing how all this debt "hurts" the banks. Hell, their CEOs led them off the cliff edge in order to hype their bonuses. All these fuckers should be in prison for "long time". Main Street will survive and prosper. I'm not willing to pay their debts.
Ron Paul is there to shut you all up make you think there is hope. There is no hope. WE ARE FUCKED.
Look at whats going on in Italy and Greece. "Hi you little greaseballs and Gyro eaters, were going to remove your elected officials and install our new banker buddies as your new leaders." Yippee!!!!!!!!!!!!!!!!!!!!!!!!!
Who owns us all... Say it now.........
THE BANKSTERS
Palin 2012 NOT
According to Drudge:
NEWT ON TOP
HOLY FUCK WERE FUCKED
"A Bloomberg News poll shows Cain at 20 percent, Paul at 19 percent, Romney at 18 percent and Gingrich at 17 percent among the likely attendees with the caucuses that start the nominating contests seven weeks away."
http://www.bloomberg.com/news/2011-11-15/romney-two-way-race-is-now-four...
Hooray for Dr. Paul! Eighty nine seconds, indeed.
Ron Paul is a statesman, and we need him for pres. Trouble is, he's not tough enough. So I suggest he draft a running mate that will keep the press intimidated and very busy. -- Mr. T. (Laurence Tureaud)
Dr. Paul needs a side-kick that's everything he's not. Loud, obnoxious, and rude.
"I am the best bodyguard, because I'll take a bullet, I'll take a stab wound, I'll take a hit upside the head; I'm like a Kamikaze pilot; The President got shot because his men relaxed." - Mr. T, in Sept. 1983 issue of Playboy
VPs are insurance policies, they usually scare the PTB out of knocking off POTI. POTUS's?
"Ron Paul is ideologically pure and tough as nails."
From SNL skit
http://www.youtube.com/watch?v=Wik2uc69WbU
Sorry
http://www.youtube.com/watch?v=xq3BYw4xjxE&feature=colike
Ron Paul won big at the San Diego, California straw poll today!
http://www.allvoices.com/contributed-news/10873364-ron-paul-wins-san-diego-straw-poll
Tomorrow, we take Springfield, MO!
Newt is CFR
What is more dangerous is that he is also a member of the right-wing, Vatican-controlled, Council for National Policy (the successor to the John Birch Society).
FX is a net zero sum game in the short term, in the long term the cost of things that you need could go up in all currencies as fiat seeks its natural level.
Ok .. I'm depressed...
How do you give thanks on Thanksgiving Day when there is nothing to thank?
I love RP, maybe that's why I get this nasty feeling that there's always the assassination card TPTB are willing to cash in should he seriously threaten their game. I hope to be proven wrong and see him kick the shit out of corrupt bastards from the Whitehouse.
That's why Jesse Ventura should be VP cause he'd scared the shit out of anyone with those "ideas" in their head.
Looks like someone is getting blown out of his Euro bond book. Anyone have any observations?
no coverage of the attack on Ocuppy Wall Street?
There is only one way to protect the American people from being financially sodomized by the criminal banking bailout syndrome and it is found here;
http://www.zerohedge.com/print/365866
The problem is more than bailing out banks and bankers so they can continue to lose money; the question is whether society will continue to permit the wholesale corruption of society by giving every unit (Euro or dollar) of inflation to the international bankers, as hidden profit and still bearing interest, while increasing the sovereign debt until it becomes so big that the IB will be able to confiscate the entire wealth of every nation and impose a feudal society with them as owners (as in Greece).
The ECB creates Euros by selling bonds, the same way the Fed and Congress creates dollars by selling Treasury securities. The Rothschild Ponzi scheme unquestionably hides profit for the ECB the same as the Fed hides profit from Congress, but the ECB may not even be subject to review by any government entity.
Every US dollar of deficit spending is a dollar of book-entry fiat money created by a Treasury security given as collateral for a “loan .” When the security matures, the government must pay the Fed all of the fiat money created by the security. Obviously, the government does not have the money (that it spent) so it gives the Fed another security (the security is rolled over). The Fed can then sell the security at the Treasury auction and receive the value thereof. All money created by inflation is a profit for the Fed. (If the government was funded by selling the securities on the open market to the public as touted, there would be no inflation.)
In actual practice, the above two steps are merged into one. The deficit spending of new securities and the roll-over of prior securities amounted to $8.4 trillion in 2010 auctions. All transactions and accounting is done by the FRBNY and there is no report to Congress nor is there any other public record as to where the funds go. The trillions of dollars profit for the Fed since 1913 has been hidden. We can speculate it has funded statist think tanks and programs.
All profit of the Fed operation belongs to the government. Ref. Federal Reserve Act of 1913, Section 7, paragraphs 1, 2. It is a crime to conceal money that is due the government. Ref. Title 18, Sections 641, 1001, 371, 3. And Mr. Bernanke says any criticism of the Fed is based upon a “misconception”? Yeah, Right.
Ref. RIP OFF BY THE FEDERAL RESERVE, http://www.scribd.com/doc/49040689 for elaboration.