Of course, we have been talking about this since the original Death of the Dollar in 2006 and earlier on Resonance FM.
HSBC conceded yesterday that its purchase of Household International, the US sub-prime lender, had been a $15 billion blunder and would continue to drain the bank’s resources for another two years.
The full scale of the disaster was laid out for shareholders as the bank unveiled plans for a £12.5 billion rights issue to shore up its balance sheet.
Foreigners ain’t going to return to the US market for a long, long time. Obama, Geithner, Bernanke and Summers can toss all the dosh they want at their cronies on Wall Street, no bank anywhere in the world is going to ever buy any debt related to or collateralized by the US consumer until memories fail or the US consumer actually manages to secure decent wages (unlikely for this generation).
There is more and more alarm at US (& UK) economic policies. Alarm, of course, has a way of turning into stampedes or panics.
Central bank of china a currency swap with Indonesia, South Korea, Hong Kong, Malaysia and Belarus…..
Wow, welcome to the 21st century on the website Max!
Love the new layout, one suggestion I have is:
More contrast between links and comments in the main news section please.
Cheers
Congratulations on setting up a blog, Stacy and Max! Wow! This is great.
Be careful with the Libertarian wingnuts like Karl Dennigrator. He hates the weak, “immoral” poor. My mother is in her seventies and had two hip replacements. Karl said in response to my comment on Tickerforum, “why should we have to pay for your mother’s healthcare?”
My mother raised five children. One is a working MD, GP serving 30 years in state clinics in an under-served county in New Mexico, where he has to work through lunch to get home to his family by 8pm. Karl does not understand the concept of the “common good,” just like all sociopaths.
Now that Karl is being attacked from the people richer than himself, now he is carrying the American Flag, claiming to be the defender of “the people.”
If it were not for this crises, Karl would be spending all his talent attempting to ensure that people like my mother would have to crawl from their bedrooms to the kitchen, rather than walk with dignity like young, powerful Karl Dennigrator.
Beware of Karl..beware.
question: if credit card companies intend to cut off consumer credit in order to consolidate the positions of their parent companies, after getting their bailout cash, would this not be indicative of another deflationairy leg down. Forcing further liquidations and therefore the sales of commodities like gold resulting in the increase value of cash along with a crash of gold prices?
Mortgage=To engage in death=Bank has power over you=Loss of Liquidity=You become slaves (enslaved)=Financial Death!=DEATH!
Poor=To be in debt.
Poor=Unable to make ends meet.
Poor=(Flat) Broke
Poor=Cleaned out
Poor=Strapped
Poor=Destitute
Poor=Penniless
Poor=Moneyless
Poor=Hard up
Poor=Destitute
Poor=Pauperized
Poor=Insolvent
Poor=Poverty
Poor=Needy
Poor=Without a cent (to one’s name)
Poor=Indigent
Poor=Poverty- stricken
ANTONYM
Rich=BANKS (Rich as a bank) Rolling in money.
Rolling in dough…e.t.c.
For fear of loss, people lose more!
Held Hostage… by the banks and government.
WHY NOT…!
Let go… “Everybody Dump!”… and buy back cheaply… put them on their knees!
…Take them hostage!!!
Remember the song?
WE ARE THE WORLD…
Item
Issuer / Guarantor
Amount of Outlay or Guarantee
Commercial Paper Funding Facility
Federal Reserve
$1,800 billion
Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE), and Ginnie Mae
U.S. Treasury / Federal Reserve
$1,650 billion
Temporary Liquidity Guarantee Program
FDIC
$1,400 billion
Geithner’s Legacy Loans Program
FDIC
$1,000 billion
Term Asset-Backed Securities Loan Facility (TALF)
Federal Reserve / U.S. Treasury
$1,000 billion
Term Auction Facility (TAF)
Federal Reserve
$900 billion
Obama Stimulus Plan
U.S. Treasury
$787 billion
Earmarked within 2010 budget proposal for additional bailout
U.S. Treasury
$750 billion
Treasury Asset Relief Program (TARP)
U.S. Treasury
$700 billion
Total USD international currency swap lines
Federal Reserve
$688 billion
Money Market Investor Funding Facility
Federal Reserve
$540 billion
Line of credit to FDIC supported by Bair, Geithner, and Bernanke
U.S. Treasury
$500 billion
Citigroup (NYSE: C) Guarantee
U.S. Treasury / FDIC
$306 billion
Hope for Homeowners Act of 2008
U.S. Treasury
$304 billion
Fed Purchase of Long-term Treasuries
Federal Reserve
$300 billion
Term Securities Lending Facility (TSLF)
Federal Reserve
$225 billion
Economic Stimulus Act of 2008
U.S. Treasury
$168 billion
Other loans: Primary Dealer Credit, etc.*
Federal Reserve
$138.2 billion
Paid to JP Morgan Chase (NYSE: JPM) to settle Lehman debt
Federal Reserve
$138 billion
Bank of America (NYSE: BAC) guarantee
U.S. Treasury / FDIC
$118 billion
AIG (NYSE: AIG) Bailout (excluding TARP)
Federal Reserve
$110 billion
Bear Stearns brokered sale
Federal Reserve
$25.9 billion
I’m afraid to look …
Total:
$13,548,100,000,000
More…???
Yes we can!
Uncle Sam!
DEATH TO THE DOLLAR!
Did you guys already cover these?
http://solari.com/blog/?p=2058
the financial coup d’etat by catherine austin fitts
press release international bank of settlements
http://www.bis.org/press/p090313.htm
Expansion of membership announced by the Basel Committee
“At its 10-11 March meeting, the Basel Committee on Banking Supervision decided to expand its membership and invite representatives from the following countries to join the Committee: Australia, Brazil, China, India, Korea, Mexico and Russia….”
Mirek Topolanek obviously isn’t “one of them” probably never been invited to CFR meetings, and well you get the point,,,
ANY IDEAS FOR (THE NAME) NAMING- A NEW WORLD CURRENCY?
How about… “The $tandard”… or… hmmm…. tough one…
Something to think about.
“Basket Currency” doesn’t sound good, sounds like another basket case. Especially if the US of A has a hand (HANDS) in it!
How about… $ound or $ure… Something positive!
Any comments???
new blog, check it out.
Thanks
http://isayrevolution.blogspot.com/