UK govt overspent on bankers while revenue collapsed most since 1920′s

Posted on July 21, 2009 by stacyherbert| 106 Comments

Stacy Summary:  The thing of beauty grows closer and closer.   Very classy the way they dump this news as they leave for recess.  “See ya, suckers!”

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106 Responses to UK govt overspent on bankers while revenue collapsed most since 1920′s

  1. snoop diddy | July 21, 2009 at 5:34 pm |

    @Mother Earth,
    announcement out this morning about underground coal gasification and carbon capture.

    Australia`s first low‐emissions Coal Project
    combining UCG and CCS technology ‐ a step
    closer
    Progress towards what will be Australia’s first demonstration of Underground Coal Gasification (UCG)
    with Carbon Capture and Storage (CCS) technology took a major step forward today with the signing of
    an agreement between Queensland companies Carbon Energy and ZeroGen.
    The agreement signals the first phase of a CO2 injection test program which will see Carbon Energy
    combine their successful Underground Coal Gasification (UCG) technology with ZeroGen’s techniques for
    CO2 injection.
    (announcment continues)
    the rest of the announcement is available on this page if you’re interested in reading further – mostly just coy propaganda:
    http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=cnx&timeframe=D&period=W

  2. Mr Supergeek | July 21, 2009 at 3:14 pm |

    @Richard@lattitude30N
    Your first post…wow…back with a vengence.

    P.S. It makes me feel good to know that the DEA recycle.

  3. Mr Supergeek | July 21, 2009 at 2:58 pm |

    @anon
    I think your are on to something….If you can’t get it to work we could try this…….

    http://www.youtube.com/watch?v=Cty7zCp5DHs

  4. Anon | July 21, 2009 at 12:36 pm |

    I’m seriously pissed about all this.

    How to get these idiots out – permanently?

    Proposal:

    Strategy: James Goldsmith’s Referendum Party meets George Soros’ Black Wednesday.

    Using a Karmabanque methodology, massively short the GBP pound (funded by credit cards if neccessary). Use the proceeds to fund as many people as possible to stand as independents in the general election (£500 per submission). At election, totally fracture the political party system, stuff parlament with independents, proceed to rebuild a viable country from there.

    Will it work? If not, how can it be made to work?

  6. anything but green | July 21, 2009 at 9:33 am |

    @ Danny

    That link, btw, is to a standard gatekeeper site. Used it because of the transcript

  7. Youri Carma | July 21, 2009 at 9:29 am |

    Much of the content on blogs still consists of riffs on mainstream news stories http://tinyurl.com/mg99s5

  8. anything but green | July 21, 2009 at 9:27 am |

    @ Danny

    Thanks. The Web doesn’t quite do it for me but he’s a good place to start and seems to be one of the rare innocents. At least he acknowledges some of Nico’s research contributions.

    http://arabesque911.blogspot.com/2007/12/webster-tarpley-interviews-nico-haupt.html

  9. Mongo | July 21, 2009 at 8:53 am |

    @Danny, here is one source for how inflation is measured..

    http://www.economicshelp.org/blog/economics/rising-prices/

  10. Richard@lattitude30N | July 21, 2009 at 8:50 am |

    @Mary: thanks for th Barofsky post…
    @ Oil postings: Yes, algae is the 21st century replacement for fossil fuels( while also reducing CO2 emissions )….and yes Exxon-Mobil is funding the research….so I presume that any breakthroughs might be expected next century!!!!!!!!!!!!! I am also a proponent for hemp oil as a replacement for corn based ethanol….decades ago they DEA used to burn the confiscated marijuana bales in electric power plant incinerators…nearly melted the boiler in Eugene, OR ….I use WVO ( mostly soy oil) as a fuel for my ’83 Benz…so far so good…As we all know the major oil companies also own most of the solar PV producers as well..thus the cost never will become cost effective to replace oil ( besides it’s a geo-politcal hot potato to keep the Arab countries liquid so that they can subsidize the banks…Barclay’s is third owned by AE shieks; and Shiek ala Weed has a huge bite of Citi )….If I remember correctly, in 1973 it was noted that when the price of a barrel of oil reached $40.00 then the cost for replacing oil with a plant substitute ( jojoba??? grown in abundance in the desert SW) would then become cost effective….In 2009 dollars the time has come today!!!!!!!!!! We are forever fighting the military/industrial/security/banking cartel….the profit motive and greed prevail….along with the K Street lobbyists and their ties to Congress and the entire federal beaurocratic aparatus….RISE UP!!!!

  11. Youri Carma | July 21, 2009 at 8:49 am |

    Iceland’s plan to save banks looks good on the surface but there are three problems with it http://tinyurl.com/nud2to

  12. snoop diddy | July 21, 2009 at 8:48 am |

    @MotherEarth
    Im actually a big fan of underground coal gasification as an intermediate between renewable and fossil fuels. Was used by Russians, but hasnt been looked into much in the west. Not so many emissions as a conventional coal power plant and possibility of capturing those emissons and putting in the underground spent seams. The carbon capture part hasnt been done with UCG yet, but I think it may be feasible. The power plant is built on site – no supply chain. It is using usually unrecoverable seams so it adds a resource. The coal doesnt have as much sulphur at those depths usually (200-500m). AS it isnt open pit, the miscellaneous emissions released from digging up the seam don’t occur. It has its problems too of course, but it’s starting to gain traction in Australia. Apparently we’d rather have less emissions here but still send our open pit coal o/s.

    We’ve got a lot of geothermal start ups too, (hot fractured rocks)but the main area is 500kms away from the grid in the middle of the desert so 5% power losses are estimated by the time it gets to the grid. And they are real slow in making progress with that. Not even sure the govt will fork out on power lines to connect it. Maybe they are hoping to build a Las Vegas style city in the desert!
    But there are some hopeful geothermal areas on the grid, including hot wet rocks, which have underground reservoirs of hot water in old volcanic areas. We should be doing a lot more solar too, seeing as we are the driest continent on Earth. It was an Australian who developed the solar thermal stuff I think, but we ignored him and he went to the US and started Ausra. One of the richest people in China is the Sun King apparently. He was also from Australia but we ignored him. Dyesol is worth having a look at, pretty good technology, not that I understand it that much. A bit different to solar panels and more adaptable as a building material.

    AS far as cars go I reckon electric/ hydrogen hybrids might be a possibility, to keep oil companies in the loop as a source of hydrogen extracted from their oil.

  13. Danny | July 21, 2009 at 8:36 am |

    @Mongo

    But thats bogus economics isn’t it? (Bernanke)
    Maybe Max can clarify Wednesday/Saturday.

  14. Fibon11235 | July 21, 2009 at 8:34 am |

    Mumbo Jumbo or…..?
    Is it going to be a normal FALL this September during the autumnal equinox (Sept 22, 2008; 11:44:18 A.M. EDT)

    http://www.religioustolerance.org/fall_equinox.htm
    http://www.infoplease.com/spot/equinox1.html
    http://www.timeanddate.com/calendar/september-equinox.html

    See you all in September

  15. Danny | July 21, 2009 at 8:33 am |

    @anyting but green

    If you dont subscribe already, webster tarpleys podcast would be right up your alley. Fascinating.

  17. Richard@lattitude30N | July 21, 2009 at 8:26 am |

    Today Neil Barofsky goes before a Congressional committee on oversight…in his posted CNBC interview Becky is so used to skewing the financial news to suit the cause celebre that Barofsky was like our man Friday…”just the facts m’am”….$27.3 trillion in bailout is twice the USA GDP for year!!!!!!!!!!!! and that only began in late 2008 by only a few signatures!!!!!!!!!! Clearly this is class warfare!!!!!!!!!! Apparently the $1.2 quadrillion in derivatives and all the fees to wind them down are in the works as GS’s chief economist Kostin looks for a 13% gain in the S&P 500 by year’s end…mostly in the financials !!!!!!!!!! WTF !!!!!! I guess all those trillions sloshing about might cause the banking community to advance in value as they refuse to reliquify the productive economy…..leaving the rest of humanity to fight for the scraps and crumbs left behind…”….onward marched the 600…” bankers….the coup d’etat continues!!!!!!!!!!!!

  18. anything but green | July 21, 2009 at 8:25 am |

    “Rock oil originates as tiny bodies of animals buried in the sediments which, under the influence of increased temperature and pressure acting during an unimaginably long period of time, transform into rock oil [petroleum, or crude oil]”

    Academician Mikhailo V. Lomonosov, “Slovo o reshdenii metallov ot tryaseniya zemli,” Proceedings of the Imperial Academy of Sciences, St. Petersburg, 1757.

    In some aspects, the physical sciences have progressed since 1757. Besides, even the highly respected Lomonosov was just making an educated guess when he made the above statement. His guess was dismissed not long after his time… until the oil industry began dictating the fossil fuel dogma.

    http://www.gasresources.net/

  19. Mongo | July 21, 2009 at 8:18 am |

    @Danny, I think Max explained this once when interviewed by Afshan Rattansi (I think his name is like that), that Fed measures inflration by having a virtual basket of products and comparing price over time for these products. If one product becomes expensive or whatever, they replace it with what they think will suit to keep inflation rates at their levels….

  20. Mother Earth | July 21, 2009 at 8:15 am |

    @snoop

    But as vehicles go electric and powerplants go alternative coal and oil will become an alternative themselves. Ethanol is a good replacement that is easy to make as well..The biggest issue to me is industry obstruction through abuse of patents and ‘malign’ (meat to delay) investment.

  21. Danny | July 21, 2009 at 8:10 am |

    Was anyone watching the Bernanke hearing just now on Bloomberg?

    Is it just my imagination or did he just say the definition of inflation was prices of products on shelves??!! Is he that dumb or just that manipulative?

    Sure we all its an increase of the money supply. Ron Paul pulled him on it but everyone else in the room continued to pick their nose.

  22. snoop diddy | July 21, 2009 at 8:00 am |

    thanks @anything but green,
    Another source of oil is gasifying coal and refining it somehow, which is already in use. More expensive than conventional oil though.

    thanks @Mother Earth for Bernanke link,
    Bernanke pushing same old arguments that he saved the world (rather, took the world hostage). Ron Paul in his element.

  23. stacyherbert | July 21, 2009 at 7:58 am |

    @Mary Kapadia – that was painful to watch; three presenters have a go at him for daring to print what the Treasury figures reveal?

  24. Mongo | July 21, 2009 at 7:46 am |

    @Mary Kapadia, 50 different federal programs? I thought there was like a handful different programs besides TARP. Is there a list of these programs?

  25. Mother Earth | July 21, 2009 at 7:45 am |

    @Benny

    (afaik)

    Most oil comes from planton and oceanic algae, containing oil, sinking to the bottom just like you can observe today. There are some plankton like organisms (today) that collect pure carbon, and take that with them tot he ocean floor when they die. Over many years they formed layers with sediment.

    Coal sometimes comes from swamp plant life that contiuously deposited under al layer of low oxygen water, like you can observe today also.

    You can find coal with the fern leaves or other organic structures still showing..

    I estimated that all extracted oil would be enough to fill the Mediterranean Sea.

    New oil can be made with algae in the same way as in prehistoric times. something I like to talk about
    ( http://www.onecelloil.com )

  26. Giuseppe Bagodonutti | July 21, 2009 at 7:43 am |

    “If you got any balls, teach yourself!!” – Frank Zappa
    :D

    ALGAE OIL… OILGAE
    http://www.oilgae.com/

  27. Benny | July 21, 2009 at 7:42 am |

    I read some kinds plankton are classified as animals. Ok, that’s what you get for dropping biology at 15.
    Sorry for going off on this tangent.

  28. snoop diddy | July 21, 2009 at 7:36 am |

    @Benny, I just really meant from a hydrocarbon life source and it eventually seeps into the reservoirs as molecules.

  30. Benny | July 21, 2009 at 7:33 am |

    Great blog by the way!

  31. Benny | July 21, 2009 at 7:31 am |

    snoopdiddy said
    “side note: It amazes me just how many plants must have existed up until now to form the world’s coal seams. And for that sake how much animal life must have existed to form the oil reservoirs. A lot in anyone’s language.”

    So I think he means there were these big seams of dinosaurs, Brontosouruses and things all squished up and then covered by a convenient landslide, which seems silly to me.

    Wikipedia saus this about the formation of oil:
    “All oils, with their high carbon and hydrogen content, can be traced back to organic sources. Mineral oils, found in porous rocks underground, are no exception, as they were originally the organic material, such as dead plankton, accumulated on the seafloor in geologically ancient times.”

    There could have been a few rotten fish in there I suppose, But who cares? It running out regardless of my Toyota being a vegetarian or not.

  32. frances snoot | July 21, 2009 at 7:31 am |

    @Youri:
    Interesting that the delay is until August and that Obama is pushing an August deadline for the healthcare passage. Collapse in late September?

  33. Youri Carma | July 21, 2009 at 7:27 am |

    As economy bites, White House delays budget review http://link.reuters.com/gyv98c

  34. anything but green | July 21, 2009 at 7:26 am |

    @ snoop diddy

    When you have time, try reading the links I posted, especially
    http://www.truedemocracy.net/td-19/08.html

    It’s all about artificial scarcity.
    Presumably you know that the oil crises of a few decades ago were created by the PTB. Easy to check.

    “Every ten or fifteen years since the late 1800’s, ‘experts’ have predicted that oil reserves would last only ten more years.  These experts have predicted nine out of the last zero oil-reserve exhaustions.”
           C. Maurice and C. Smithson, Doomsday Mythology:  10,000 Years of Economic Crisis, Hoover Institution Press, Stanford, 1984.

    More on the suppressed science:
    http://www.gasresources.net/energy_resources.htm

  35. stacyherbert | July 21, 2009 at 7:23 am |

    @frances snoot – I missed you too! I wasn’t on holiday, just working! We may have some more news in a few weeks re: some additional tv stuff. Keep your fingers crossed.

  37. snoop diddy | July 21, 2009 at 7:14 am |

    @SacramentoJoe,
    no worries.

  38. frances snoot | July 21, 2009 at 7:13 am |

    @Juergenwahl:

    The toad is Bernanke: he’s holed up at the Fed:
    http://www.huffingtonpost.com/2009/07/21/cits-private-rescue-could_n_241778.html

  39. snoop diddy | July 21, 2009 at 7:12 am |

    @ anything but green,

    I read somewhere a while back that whether the debate on peak oil is correct or not, it’s probably near peak ‘cheap’ oil. as we have to drill deeper etc.
    And we use it in so many damn products these days. I marvel at the amount of plastic crap a kid accumulates these days. Never happened in my day lol, was lucky to have a teddy bear with a button for an eye.

  40. Sacramento Joe | July 21, 2009 at 7:09 am |

    @ snoop diddy …..Thanks for the link of Mr Beck…..

  41. juergenwahl | July 21, 2009 at 7:08 am |

    The UK will soon be swirling down the pot?

    That’s not exactly what the always, forward-looking markets are presently suggesting.

    http://stockcharts.com/h-sc/ui?s=$FTSE&p=W&yr=1&mn=0&dy=0&id=p03687993465

    http://stockcharts.com/h-sc/ui?s=$XBP&p=W&yr=1&mn=0&dy=0&id=p03687993465

    Fundamentals would suggest that countries with the lowest 2 year note yields would be in the greatest financial difficulty: Japan; US; and UK. However, the spread between ten and two year securities are greatest in the US and UK (forget about Italy) suggesting that the Anglophones are reasonably well-positioned to survive any oncoming calamity.

    Toad in the hole, anyone?

  42. Chris | July 21, 2009 at 6:58 am |

    Here’s what I want to see at Bernanke’s hearing:

    “Congressman Ron Paul whipped out a $500 million Treasury bond given to him by law enforcement officials in Italy and asked Chairman Bernanke if he could identify whether or not it was real, and if so, where it came from”

  43. kitty | July 21, 2009 at 6:58 am |

    I expect I am behind the curve on this one but I thought Gary Ackerman gave a great comic explanation of Credit Default Swaps some months back.

    REP. GARY ACKERMAN: AIG “SNAKE OIL SALESMEN” 03/18/09
    http://www.youtube.com/watch?v=-4HzIW0LLCs

  44. anything but green | July 21, 2009 at 6:56 am |

    @ snoop diddy,

    “Peak oil” and “fossil fuel” and suppression of clean, free energy that cannot be metered are all components of an ARTIFICIAL SCARCITY scam.

    For the Ruppert fans, try this for Gatekeeping 101 (from an obvious gatekeeper site, but still useful, as it’s designed to be):
    http://www.apfn.net/messageboard/04-10-05/discussion.cgi.17.html

    The author of the quoted article, Dave McGowan (Dave’s Web), is fun but needs to dig wider and deeper when he’s playing detective.

    “Joe Vialls” (remorseful Manchurian Candidate out to pasture?) on peak oil:
    http://www.truedemocracy.net/td-19/08.html

  46. snoop diddy | July 21, 2009 at 6:50 am |

    @Frances snoot
    RE: Why does Bernanke act like the dollar is existing in a closed-system relative to US macroeconomics?

    Because it’s the global standard unfortunately, and the arrogant belief they can crush other economies under the weight of it to save their own – Business as usual.

  47. anything but green | July 21, 2009 at 6:49 am |

    Oops! Sorry about multiple posts, Folks.

  48. frances snoot | July 21, 2009 at 6:46 am |

    @Stacy:
    What do you think about the Bernanke essay???
    (Did you have a good holiday yesterday? We missed you.)

  49. snoop diddy | July 21, 2009 at 6:46 am |

    quite a good article from Rense on – The ‘Abiotic Oil’ controversy:
    http://www.rense.com/general58/biot.htm

    conclusion seems to be oil only from fossils, but leaves a tiny amount of room for question if it is actually possible to have abiotic oil. Could there be oil on other planets?

  50. frances snoot | July 21, 2009 at 6:44 am |

    Like Bernanke needs a hall pass to go to the bathroom. No where to run; no where to hide.

  51. frances snoot | July 21, 2009 at 6:42 am |

    http://online.wsj.com/article/SB10001424052970203946904574300050657897992.html

    Why doesn’t Bernanke mention the Treasury Bond market monetization and the effect of this policy on inflation? What about the effect of other countries selling Treasuries? Why does Bernanke act like the dollar is existing in a closed-system relative to US macroeconomics?

    The essay reads flat: like a high school attempt at SAT.

  52. snoop diddy | July 21, 2009 at 6:34 am |

    @Benny, there may be abiotic ways too, I don’t know much about that.

  53. sharon | July 21, 2009 at 6:34 am |

    @ frances snoot……………Not to argue with the validity of Sharon’s arguments, just to present the reality of the situation. Fat-butts in uniforms don’t care about law and justice and words will not disengage the gun at the back of one’s neck.

    Oh, I totally agree with you frances which is why I said that, as usual, it would take the actions of many and I realise that this is often where the problem lies – how do you get ‘many’ to act? The law is there though if we ever get out act together and maybe one tool in the box amongst many. It’s working for some though here in the UK.

    On your other point re: those that question the legitimacy of gov. and the anti-semetism accusation. I have noticed a very recent tactic being deployed whereby those that now question the nwo are being categorized as white supremacists – blimey, these people know all the tricks in the book, and of course the msm will go right along with this latest divide & conquer farce – charlatans, the bloody lot of them!
    I get the impression we never really left the playground – time for us all to grow up me thinks.

  54. stacyherbert | July 21, 2009 at 6:29 am |

    @Benny – um, oil comes from plant and animal matter over millions of years

  55. Benny | July 21, 2009 at 6:26 am |

    Snoop diddy, Oil is not formed from animal matter!!!!

  56. snoop diddy | July 21, 2009 at 6:25 am |

    in fact, that may be something the UK will have going for it in the years to come, coal seam gas and underground coal gasification. Whether it can replace North Sea Oil is another question though.

  57. frances snoot | July 21, 2009 at 6:16 am |

    Nice article over at NC concerning Californian IOUs:
    http://www.nakedcapitalism.com/2009/07/guest-post-californias-ious-offer-way.html

  58. frances snoot | July 21, 2009 at 6:02 am |

    @Dedo:
    Yes, and in the US might makes right (or facts):

    http://www.huffingtonpost.com/2009/06/10/dhs-report-warned-against_n_213920.html
    “Anti-Semitic extremists attribute these losses to a deliberate conspiracy conducted by a cabal of Jewish ‘financial elites,’” the report read. “These ‘accusatory’ tactics are employed to draw new recruits into right-wing extremist groups and further radicalize those already subscribing to extremist beliefs.”

    Unfortunately, Freemen are listed as extremists. The term extremist can be used by the DHS in any arbitrary way they see fit. Here’s the MIAC report:
    http://www.constitution.org/abus/le/miac-strategic-report.pdf

    A plethora of media pundits are now alligned with DHS: liberal media pundits. (Bonnie Erbe, Sam Stein, Keith Olbermann—progressive liberals) Those that oppose financial policy will also be thrown into the stinkpot. Sovereign citizens are specifically targeted by the report:
    “Individuals that see themselves as sovereign citizens question the legitimacy of the federal government. They argue that the government has gotten away from the intent of the Constitution and thus is not valid…sovereign citizens…issue summons to appear in “Common Law” courts.”

    Not to argue with the validity of Sharon’s arguments, just to present the reality of the situation. Fat-butts in uniforms don’t care about law and justice and words will not disengage the gun at the back of one’s neck.

  59. snoop diddy | July 21, 2009 at 6:02 am |

    side note: It amazes me just how many plants must have existed up until now to form the world’s coal seams. And for that sake how much animal life must have existed to form the oil reservoirs. A lot in anyone’s language.

  60. anything but green | July 21, 2009 at 5:53 am |

    Are you convinced that carbon dioxide must be vanquished? But worried about crap & trade scams? Would you like to learn just a little about the science? The easy way?

    Here’s a small piece of the puzzle, a four-part video that might help GW’ists understand why many nature lovers, gardeners and pollution haters cringe to hear carbon dioxide referred to in negative terms. It is an amazing and frightening phenomenon that life-giving carbon dioxide has been so easily criminalized, and by the arch environmental criminals to boot.

    http://www.youtube.com/watch?v=FOLkze-9GcI

  61. anything but green | July 21, 2009 at 5:52 am |

    Are you convinced that carbon dioxide must be vanquished? But worried about crap & trade scams? Would you like to learn just a little about the science? The easy way?

    Here’s a small piece of the puzzle, a four-part video that might help GW’ists understand why many nature lovers, gardeners and pollution haters cringe to hear carbon dioxide referred to in negative terms. It is an amazing and frightening phenomenon that life-giving carbon dioxide has been so easily criminalized, and by the arch environmental criminals to boot.

    http://www.youtube.com/watch?v=FOLkze-9GcI
    http://www.youtube.com/watch?v=vN06JSi-SW8&feature=channel
    http://www.youtube.com/watch?v=iCXDISLXTaY&feature=channel
    http://www.youtube.com/watch?v=SDiJyr0TK6E&feature=channel

  62. anything but green | July 21, 2009 at 5:49 am |

    Worried about crap & trade scams? But sure that carbon dioxide must be vanquished?

    Here’s a small piece of the puzzle, a four-part video that might help GW’ists understand why many nature lovers, gardeners and pollution haters cringe to hear carbon dioxide referred to in negative terms. It is an amazing and frightening phenomenon that life-giving carbon dioxide has been so easily criminalized, and by the arch environmental criminals to boot.

    http://www.youtube.com/watch?v=FOLkze-9GcI
    http://www.youtube.com/watch?v=vN06JSi-SW8&feature=channel
    http://www.youtube.com/watch?v=iCXDISLXTaY&feature=channel
    http://www.youtube.com/watch?v=SDiJyr0TK6E&feature=channel

  63. snoop diddy | July 21, 2009 at 5:49 am |

    anyone need a distraction from the woes of the world or a representation of the economy the inflationistas have built for us?
    Roller skates on a roller coaster: Dirk Auer rides the Mammoth wooden roller coaster on in-line skates
    http://alturl.com/bcbp

    P.S. hope I didn’t accidentally post twice.

  64. Giuseppe Bagodonutti | July 21, 2009 at 5:48 am |

    The only signature California needs from Arnie,
    is on the BILL to pass “Marijuana Cultivation Legalization”
    :D
    It would solve a lot of problems as people turned in their IOU’s for “Kaiser’s Shortage” (a new Hawaiian Sativa/ Russian Ruderalis hybrid)

  65. anything but green | July 21, 2009 at 5:45 am |

    Wanna buy some AIR?

    Does anyone believe it’s a coincidence that GIM was founded by BLOOD & GORE? Could that be a little in joke about where it’s all headed?

    I’ve posted this before, but want to add some links to clear up the “science” later, so, forgive the repeat:

    http://www.humanevents.com/article.php?id=22663

    Excerpts from above article:

    Al Gore is chairman and founder of a private equity firm called Generation Investment Management (GIM). According to Gore, the London-based firm invests money from institutions and wealthy investors in companies that are going green.

    GIM appears to have considerable influence over the major carbon-credit trading firms that currently exist: the Chicago Climate Exchange (CCX) in the U.S. and the Carbon Neutral Company (CNC) in Great Britain. CCX is the only firm in the U.S. that claims to trade carbon credits.

    Along with Gore, the co-founder of GIM is Treasury Secretary and former Goldman Sachs CEO Hank Paulson. Last September, Goldman Sachs bought 10% of CCX shares for $23 million. CCX owns half the ECX, so Goldman Sachs has a stake there as well.

    GIM’s “founding partners” are studded with officials from Goldman Sachs. They include David Blood, former CEO of Goldman Sachs Asset Management (GSAM); Mark Ferguson, former co-head of GSAM pan-European research; and Peter Harris, who headed GSAM international operations.

  66. frances snoot | July 21, 2009 at 5:36 am |

    The governor also said, on his Twitter feed: “We’ll actually be having a CA Garage Sale at the end of Aug to auction cars and office supplies.” He will sign some of the items to increase their value.
    http://www.nytimes.com/2009/07/21/us/21calif.html?hp

    Isn’t that pathetic? Who cares about Arnie’s signature now?

  67. Mother Earth | July 21, 2009 at 5:33 am |

    Russia and China are in a 2 Billion USD trade dispute.. http://tinyurl.com/mv3flt

  68. Dedo | July 21, 2009 at 5:25 am |

    @Sharon,…..Hypothetical ?:
    Okay, you set out on your path and gather a gang, all of you learn the ways and start to gather more and more followers of your message. Now,..what would you do if Mr Rothschild approached you and said “Hey, Sharon,…what’s UUUp,…fancy joining my gang, we can have some fun, or you might suddenly get the urge to commit hari karri ? huh huh!! lol

  69. snoop diddy | July 21, 2009 at 5:24 am |

    nice summation @MiniUS, thanks.

  70. Mini US | July 21, 2009 at 5:21 am |

    @ Snoop!
    Good post man.
    Australia has been going through what the US people already went through.
    Govt policies that make ordinary Aussie feel wealthy. They are called ‘aspirational voters’ and feel successful. Their property increases in value, they own a bunch of shares and now they holiday in Queensland instead of Rosebud.
    Stage 2: These people reward the Govt by voting them back in, hoping the good times will roll on. Otherwise known as ‘voting from the hip pocket’.
    Stage three: Now all these cashed up bogans REALLY BELIEVE that they are special and part of the ‘successful ones’ club. Yipeee!
    Govt continues expansive policy to keep the ‘aspirationals’ happy.
    Stage 3: Aspirational Voters are no longer aspirational. They have ‘Made it’….made it where? I hear you ask.
    Great Question.
    Stage 4: Paper wealthy people living in a country that seems to rely solely on mining export markets. China is our new best friend….sometimes, even though we have no idea who they are.
    In opposition the shadow ministers used to bleat on about Human Rights and ‘No Nukes’ for us. Now in Govt they love everything that makes us short term money. They keep house prices artificially high so they hang onto power when next election comes around. They say a lot of stuff for people to believe in and then don’t do any of it. People here just put it down to ‘THE USUAL’ and don’t really pay much attention because the $$$ is still coming in. So life is good. Meanwhile Prozac sales soar.
    Stage 5: Feel free to fill this one in yourselves. Where do you think this will go?
    Just rhetorical, no need to fill anything in. We all know the answer.

  71. Giuseppe Bagodonutti | July 21, 2009 at 5:05 am |

    What’s the deal with REE’s?
    (Rare Earth Elements)

    Between Jim Dines and John Kaiser doing “Pimp ‘n Pump” commentaries,
    the share prices on REE exploration companies are going crazy…

    It makes me wonder if this is all just another “$10k Rhodium Hustle”…

  72. sharon | July 21, 2009 at 5:03 am |

    There may well be an answer to all this, but as usual it will take the actions of many to achieve the solution. Basically, the law (written) is on your side you just need to know it. It comes down to common law vs statute law. Common law must be obeyed, however, statute law can only be applied by consent, ie. each and every one of us has to consent to a statute law. We do this by stating that we ‘understand’. If we do not consent in this way and we refuse to accept the the title we were given at birth, ie. your name in capital letters (this is when you become part of the corporation) and we refer to the bond that was created upon registration of our birth which holds an amount of money in our name, ie. take whatever is owed from our bond. I could go on but it gets complicated (not insurmountable though). All contracts must provide full disclosure and therefore any loans are invalid as disclosure is not made regarding the fact that banks do not disclose that the money they lend you is in fact not money. For more info:-

    http://www.fmotl.com/

    http://freedom-school.com/mary_elizabeth_croft.pdf

    A case has just been heard in the courts here in the UK and because the person refused to accept any law but common law the courts had to drop the charges. All courts are corporations, as are police, councils, gov. depts., etc. Even the countries are corporations and therefore they operate on contract law – this can be beaten!

  73. Phil | July 21, 2009 at 5:03 am |

    Fibon….. “Spector or Blow-felt ”

    Well, in those days, 1 million “was” a lot of money ( checkl out the old Bond films).
    Today we’re in the Trillions league = i.e. the above 1 million x 1000 x 1000 !

    How did this happen ?
    The Blowfells are a big group now.
    “They” obviously aren’t satisfied with just 1 million!
    ;-)

  74. Mini US | July 21, 2009 at 5:02 am |

    $US breaks 79.
    Lets see just what ‘tools’ Bernanke has in his shed, especially after his evidence today.
    Will we see him squirm like Paulson?
    YOU BETCHA !!!

  75. Mongo | July 21, 2009 at 5:00 am |

    @Max/Stacy or any anybody else who knows. Which episode of the Oracle did Max blow bubbles?

  76. Fibon11235 | July 21, 2009 at 4:58 am |

    There are to many who think the world is run my Spector or Blow-felt for my liking on here. I think your mistaken, you go off and be James Bond lol, personally I could not give a hoot.

    Look im not even interesting in protesting I’m to lazy, I cant be bothered, im apathetic. I’m just old defeated. Im bored im tired. The power in the end will undo its self and then there will be hell to pay, anything can happen. This is something im not wishing for. I hope I find a nice cave to hide in away from all the people and opinions.

    If you have knowledge and perseverance that’s all you need.

    Good luck to all of you protesters and do good lol. I wish you all the best, be kind to all! What ever there opinion.

  77. anything but green | July 21, 2009 at 4:55 am |

    While the discussion is slow:

    Do you find something not quite right with Al Gore’s GW spiel?

    Here’s a four-part video that might help GW’ists understand why many nature lovers, gardeners and pollution haters as well as scientists cringe to hear carbon dioxide referred to in negative terms. It is an amazing and frightening phenomenon that life-giving carbon dioxide has been so easily criminalized, and by the arch environmental criminals to boot.

    http://www.youtube.com/watch?v=FOLkze-9GcI
    http://www.youtube.com/watch?v=vN06JSi-SW8&feature=channel
    http://www.youtube.com/watch?v=iCXDISLXTaY&feature=channel
    http://www.youtube.com/watch?v=SDiJyr0TK6E&feature=channel

  78. Phil | July 21, 2009 at 4:54 am |

    Irish Debt circa 400,000 Euros per headcount ?

    Did anyone post this here already ?

    http://www.cso.ie/releasespublications/documents/economy/current/externaldebt.pdf

  79. snoop diddy | July 21, 2009 at 4:49 am |

    @SacramentoJoe,
    greetings, Max posted this the other day and is a must see for Americans in my opinion. Not sure how you rate Glenn Beck as a presenter, but anyway the information is the important bit:
    Goldmans web:
    http://www.youtube.com/watch?v=_wVQ3_ZaYB4

    It was also posted by someone else, my apologies to them as I can’t recall who sorry.

  80. Johnny Dangereaux | July 21, 2009 at 4:48 am |

    Here’s a sample:
    Dunwalke was the name of Clarence Dillon’s estate in the hunt country of New Jersey. Dillon built Dunwalke during his years on Wall Street as the head of Dillon, Read & Co. Inc. When Dillon died in 1979, the Dunwalke mansion and 125 of the original 1,200 acres were bequeathed to Princeton University. In the summer of 2001, Princeton sold Dunwalke for $18 million to the co-President of Goldman Sachs.

    http://www.dunwalke.com/

  82. Johnny Dangereaux | July 21, 2009 at 4:36 am |

    Hello from Chicago. Sac Joe, I said last night I want to live in Sarlat….home of the Foie Gras Museum! Hope to visit sometime anyway.
    I wish PMF had a Tour de France feed I could watch over here…they have some internet feeds but they don’t always work.
    BTW don’t you know Youtube counters are bogus? Sure seems that way at times.
    The one thing about the UK I could never understand…….my pint was 4-5 quid….same price I pay in dollars over here for one. Yet my cost was double in $ over there. Then I remember seeing all the job postings at the employment office and the jobs offered seemed to pay less than their US equiv. priced in $ or pounds. This was 2 years ago!
    “It don’t add up!”
    I guess it will be back to porridge! A Nation of Oliver Twists!
    You should dress like Oliver for your show…you know, gloves w/o fingers etc.
    I predict the citizens of the UK will take back the “City”….is it any wonder the place is so surveilled? Really though….how about a citizens’ invasion of the City one weekday morning? And then over to Buckingham to turn the palace grounds into a vegetable plot!
    Max how about a mention that all folks doing business with these people should put their money elsewhere….maybe if we called OUR loans to them(pulled deposits), we could hasten their demise?
    What about a possible engineered dollar “shortage”…. maybe it won’t go down so fast…..?
    Somebody showed me this, it is awesome…some info for you on money laundering and big tobacco.
    Interview this woman!!!
    http://www.dunwalke.com/
    Keep up the good work.
    End the Fed!

  84. sharon | July 21, 2009 at 4:20 am |

    Where’s Guy Fawkes when you need him (we needed a few days ago when they were all still in parliament).

    @snoop diddy…………the content of your long post could apply to any number of other countries, it’s like a carbon copy of the way in which wealth has been stolen from so many; it seems the banksters have been using a template for the globe – should make anyone highly supicious, the conclusion being that there has been an orchestrated rip-off of so many nations whilst we were sleeping. You know, there just aren’t enough lamp posts here in Britain to hang all the b*stards but we could make a start, and build more lamp posts if necessary.

  86. snoop diddy | July 21, 2009 at 3:36 am |

    I found this the other night when talking about tsunamis. Perhaps all the UK pollies are off on holiday and hoping a tsunami will wash it all away, literally:

    http://www.rense.com/general56/tsu.htm
    A Wave of Destruction Will
    Destroy America’s East Coast
    By Ian Gurney
    The Daily Express – UK
    8-10-4

    Around this time of the year many Britons look towards the Canary Islands for a sunshine break. What most don’t know, however, is that on one of the Canary Islands lies a major global catastrophe in the making, a natural disaster so big that it could flatten the Atlantic coastlines of Britain, Europe, North Africa and the United States of America…
    (article continues)

  87. dan valley | July 21, 2009 at 3:19 am |

    http://video.google.com/videoplay?docid=-5267640865741878159

    Very funny ,,,,,”The history of oil”

    The only thing it has to do with stacys article is that its presented by a johnny bull .

  88. snoop diddy | July 21, 2009 at 2:51 am |

    Another one worth listening to:
    Congresswoman Kaptur: The Greatest Hail Mary Pass Of ALL TIME!
    http://www.youtube.com/watch?v=ro_PjGqy2_w&feature=related

  89. TS Gordon | July 21, 2009 at 2:07 am |

    The saddest fact of life in the UK (for at least the past 25 years) has been public denial of the ongoing exploits of the so-called ‘Commonwealth’ Bank.

    Folks in Australia should forever remember the plight of ‘MABO’ and the unfulfilled reparations package for the indigenous natives, replete with the British PM’s (Y2K) -faux-Constitution shell-game, And, in keeping with the “royal” family’s 1,000 year- con game, I especially savored the chance to speak overtly, offering nothing but overt ‘praise’ for the Irish, the French and the Dutch, for having designed such remarkably livable townships and cities.

    By some accounts, the London Bridge is actually in Lake Havasau, Nevada. Hopefully, everyone that speaks English will soon come to understand the irony in being thusly scammed–us white folks having been perpetually drawn into absurd wars, generally concocted on the basis of faux religious disparities dating from the freakin’ stone age!

  90. snoop diddy | July 21, 2009 at 2:05 am |

    Paulson doesnt even bothering defend himself in any meaningful way.
    He knows he’s going to get away with it.
    $200million tax free,
    @#$@!#$@#%$@#@#$!@!@~#
    etc etc etc.

  91. snoop diddy | July 21, 2009 at 1:59 am |

    About Australia, but some common themes throughout, long post but I think worth posting it here in full:

    http://www.netbay.com.au/~noelozzy/
    Outlining Australia’s political path to poverty.
    There can be no mistaking the intent and actions of Australian political parties to remove economic prosperity from the people of Australia.
    This was heavily accelerated in 1975 by the Whitlam regime, launching Australia on it’s downward spiral into endemic debt and poverty.
    The Lima Declaration was accepted by the Foreign Affairs Minister Senator D.R.Willessee without the knowledge of Parliament, thus ensuring that Australia would wind down Industry, Manufacturing and Farming.
    The Lima Declaration also required that we relinquish Monetary Control over the Economy & Banking.

    Every Government since 1974 has worked steadfastly towards the goals of the Lima Declaration and the target year of 2000.
    The secretive 1979 Parliamentary Inquiry into the ramifications of the Lima conditions was conducted under a “D” Notice, the dire warnings for Australia were manyfold at this Inquiry.
    Treasurer John Howard did not even wait for this Inquiry into the effects of the Lima/NIEO, setting the Campbell Inquiry in motion before the damning 1979 Inquiry.
    Treasurer Paul Keating continued the sellout of the Nation of Australia with his Martin Inquiry (commonly known as Campbell MkII)
    Little wonder that Paul Keating knew that it was the recession we had to have!

    Because money is the most powerful medium by which a Nation can be controlled, many preparations have been implemented over the decades to achieve total control in this area.

    History reveals that nations can be conquered by the use of one or more of three methods.

    The most common method is conquest by war.
    In time though, this method usually fails, because the captives hate the captors and rise up and drive them out if they can, and much force is needed to maintain control, making it expensive for the conquering nation.

    A second method is by religion, where men are convinced they must give their captors part of their earnings as obedience to God.
    Such a captivity is vulnerable to philosophical exposure or by overthrow by armed force, since religion by its nature lacks military force to regain control, once its captives become disillusioned.

    The third method can be called Economic Conquest.
    It takes place when nations are placed under tribute without the use of visible force or coercion, so that the victims do not realize they have been conquered.
    Tribute is collected from them in the form of legal debts and taxes, and they believe they are paying it for their own good, for the good of others, or to protect all from some enemy. Their captors become their benefactors and protectors.
    Although this is the slowest to impose, it is often quite long lasting, as the captives do not see any military force arrayed against them, their religion is left more or less intact, they have freedom to speak and to travel, and they participate in elections for their rulers.
    Without realizing it, they are conquered, and the instruments of their own society are used to transfer their wealth to their captors and make the conquest complete.
    This is precisely what has happened to the Australian Economy, utilising the Fabian like approach of gradualism, the generations of Australians have been lulled, lied to, and distracted with Peoples Palaces like Footy, Racing, Tinnies and Television.

    And because Politics is no longer reported as News Facts, rather as controlled opinions, and because we have professional Economists and Politicians that are in on the scam, the rhetorical nonsense about Economic Rationalism delivered by a compliant Media is often accepted as reality by the too trusting public.
    What we are talking about here is the unseen hand behind the scenes, the Money Power. The Money Power
    The Money Power is a term that was very much in vogue in the past. It refers to the collective group of International financiers, investors and bankers. The very rich and powerful who are able to use politicians and bureaucrats to their advantage!
    Loss of the Peoples’ Bank in 1923.
    The new Federation of Australia made a momentous move towards independance in 1911. A Bill was introduced into Parliament to establish a CommonWealth Bank, run by a Governor on behalf of the people of Australia.
    This new Bank opened on the 15th July 1912, and did indeed serve as a Peoples’ Bank until the death of the Governor, Sir Denison Miller in 1923.
    Agents of the Money Power then ensured that the CommonWealth became a Bankers’ Bank, thus restoring the cruel monopoly that the Banking Brotherhood enjoyed before 1911. The 1935 Tasmanian Monetary Inquiry.
    The never ending onslought and theft of the wealth of the people resulted in a Parliamentary Inquiry in 1935.
    It was time to address the long standing issue of the Banks versus the people. The select committee held eighteen meetings to discover why the people were being prevented from enjoying the increase of wealth that should accrue from the increase in production over the previous thirty years.
    They demonstrated that the faster industry functions…the faster that total debts to the banking system increases!
    The committee also proved that new money comes into existence through new bank loans, thus destroying the myth that Government creates monies. The 1953 International Taxation Act.
    The Money Power achieved another momentous lever over the locals in 1953, when the Double Taxation Bill was enacted into legislation.
    The resulting International Taxation Act has meant that Foreign Investment was no longer compelled to pay their share of the tax burden.
    This is one of the main reasons that Foreign Investment has been able to displace Australian Owned enterprise. The 1975 Lima Declaration.
    Getting huge tax advantage was not enough for the greed of the Money Power. Using the United Nations to advantage meant that the ultra secretive Lima Declaration could be imposed on the Nation of Australia with very few of the electorate ever realising.
    The conditions of the Lima were imposed without discussion taking place in Parliament for four more years, by then the conditions of Industry Transfer were well entrenched. The 1979 NIEO Inquiry.
    Buried within the Lima Declaration was the blueprint for future recession. This was the all encompassing New International Economic Order [NIEO]
    This Inquiry outlined many warnings which have now come to pass. The extent of Foreign Ownership, the dis-employed,and certainly the adverse implications for Australia’s economic welfare. The 1979 Campbell Inquiry.
    Announced by Treasurer John Howard on the 18th January 1979, the Campbell Inquiry produced nothing more than a blueprint for the Money Power to usurp economic sovereignty over the Nation of Austtralia.
    The first criteria listed in the Terms of Reference was that of national economic prosperity.
    Of course quite the opposite has occurred, all the dire warnings poined out by the parralel NIEO Inquiry were conveniently ignored!
    The final report was presented by the Treasurer on 29th September 1981, two years and nine months after commencing. The 1983 Martin Inquiry.
    On the 29th May 1983, Treasurer Keating announced a Committee of Inquiry into the Australian financial system, to be chaired by Mr V Martin of the Mutual Life and Citizen’ Assurance Company. This was little more than a rubber stamp of the Campbell Inquiry, the Liberal/Labor coalition demonstrated excellent teamwork in implementing the NIEO. The 1983 De-regulation.
    According to J.O.N. Perkins, in his book The Deregulation of the Australian Financial System, the process of extensive deregulation had been set in train before the Final Report of the Campbell Committee was even published.
    The Martin Report confirmed the broad lines of the Campbell recommendations, thus confirming the fact that both major parties merely follow the dictates of the Money Power.
    The Australian Dollar was floated in December 1983, just as the same arrangements had been put into place in Britain in 1979. What has resulted from these treacheries.

    Key politicians have been involved in setting up Australia for Economic Conquest, Prime Ministers, Senior Ministers, Foreign Ministers and Delegates, FIRB, Treasury.
    What is occurring is that short term politicians and officials are making long term problems for many generations of Australians. Changing the fundamental way that a Nation should function, changes that do not even offer a short term fix!
    Currently in this year of 2005, the Nation of Australia sends $30B out of the country in the form of Interest or Tribute on the Foreign Debt created by divesting us of wealth earning Industry and the right to compete in Banking.
    Most of the companies, utilities, farmers, manufacturers, factories, support industries, once 100% owned by tax paying Aussies, have either succumbed to foreign and/or private ownership, or forced out of business completely.
    Because foreign owners are not required to pay a fair amount of taxation, and because foreign manufacturers contribute nothing to the tax pool, the onus of providing revenue to run the country has been deflected from Australians in business to the consumer.
    Thus creating a society where the onus of fair taxation has been thrown out with the bathwater.
    The introduction of double taxation via the GST as demanded by the IMF has ensured a poverty trap on the majority of Australians.
    Combining extra taxation with an endless flood of Imports of items once produced in Australia, has seen the chance of full time employment dissapear for many Australians.

    All of the preparations above including Lima, NIEO, WTO, NAFTA, APEC, IULA, have forced the following to come to pass………
    Closure of locally owned Manufacturers in the area of Motor Vehicles, Whitegoods, Appliances, Footwear, Textiles, Clothing.
    Closure also of thousands of support businesses in the areas of Engineering, Foundrys, Transport, Packaging, Insurers, Marketing, Sandwich Shops.
    In the area of food we have lost over 100,000 farmers, Abbatoirs, Meatworks, Canneries, Bakers, Supermarkets, Corner Stores and Takeaways,
    Fish Industry, Buffalo harvesting.

    A very small sample of once 100% Australian Enterprise now lost to Foreign Takeover because of unfair Taxation anomalies…
    Areoplane Jelly, Ampol, Angus & Robertson, Ansett Airlines, Arnotts Biscuits, AV Jennings, Big Sister cakes, Birds Eye, Billy Tea, Bristol Paints, Bundaberg Rum, Cadbury Schweppes, Coolabah Wines, Cottees, Don Smallgoods, Driza Bone, Edgell, Four n’twenty pies, Kambrook, Peters Icecream, Speedo, The Age, Vegemite.

    Austerity measures are forced on all countries in financial strife, we read all about it when it happens to others, strangely it never makes the news when it occurs in your own country!
    The following are all resultant on the Government converting the Nation into running in the red, and surrendering the right to maintain balance of trade, and surrendering ownership to foreign control….
    Reduction of services in the area of public health Inspectors, Hospitals, Doctors, Dental, Policing, Prisons, Ambulance, Education.

    Privatisations are not simply fire sales of National Assets, they are theft of Public Assets, occurring in the following partial list….
    Financial… Banks, Insurances, The Mint, TABCorp.
    Energy… Electricity, SEC, Gas & Fuel, Hydro Generators, Snowy River Scheme.
    Health… Hospitals, Pathology, Ambulance Services
    Transport… Rail, Tram, Buses, Roads, Ports, Wharves, GEB, VicRoads, Airlines, Airports, Government Vehicles.
    Sundry assets of… Plantations, Parklands, Cemetaries, Prisons, Smelters, MMBW,Water Boards, Schools.
    Communications… PMG or Post Master Generals Dept, Telstra, Australia Post

    John Brumby summed it up well when he wrote the following in 1995… “The SEC is a valuable and profitable asset paid for and owned by Victorians. It is held in trust by the Government for present and future Australians. Each year, after servicing it’s debts, it pays a dividend of over $250 million [actually $314 million for 1993/94 ]to the people of Victoria.
    These dividends are used to build our schools and hospitals, run our trams and buses, and train and equip our police and emergency services.
    Without the profits of the SEC, and other publicly owned companies such as the Gas & Fuel and Melbourne Water, the only way Victorians would be able to afford these essential services would be through higher taxes”.
    These public utilities have been built up through public investment, risk, and lost lives in industrial accidents.
    The transfer to private ownership means that profits now are prioritised over service and employment, and in all instances there has been no public gain, in actual fact the taxpayer now must supplement the running expenses with millions of dollars annually.

    It is now a proven fact that politicians in other countries have accepted bribes for handing away National assets into private hands.

    Deregulation has also been an absolute disaster for the Nation in general, Financial System, Bread Industry, Dairy Industry, Essential Services and Health, etc.

    Handing away wealth earning capacity of the Nation of Australia has of course reduced the income needed to run the country and maintain services, it has been long recognised at all levels of Government… Federal, State, Local, that the economy requires additional revenue to fund the costs of running the Nation, paying Interest on foreign borrowings, Foreign Aid and Gifts to other countries, funding foreign owners of privatised utilities!!!

    Therefore there is an abundance of new and increased revenue raising concepts… Stamp Duties, Land Taxes, Local ByLaws, Traffic Offenses with resultant fines that can excede weekly income for minor and also very dubious breaches of law.

  92. snoop diddy | July 21, 2009 at 1:45 am |

    Pity the Republicans weren’t so alarmed when they were the ones in power letting all this happen…

    Congressman Stearns: Mr Paulson How Do You Have Any Credibility?
    http://www.youtube.com/watch?v=4MH_oz9f1E4

  93. like goldy but made out of treasure? | July 21, 2009 at 1:34 am |

    NAO / Auditors refuse to sign off treasury and other government accounts ..

    http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5607774.ece
    http://www.accountancyage.com/accountancyage/news/2246406/accounts-qualified-five

    **
    Paul Boyle, the outgoing chief executive of the Financial Reporting Council, the regulator for auditors, echoed the worries of his industry yesterday.

    He said: “Directors and auditors are going to have to deal with [this issue] with great care. I doubt that there is anyone in the country who can say with certainty that the banks will be trading in 12 months’ time.”

    **

    losses, fraud and error .. at least with all those qualifications they have a good chance of getting other jobs

  94. Mother Earth | July 21, 2009 at 1:29 am |

    @stacy Do you think the UK and US have a choice? Isn’t it all or nothing, total collapse like Marc Faber said ? Doesn’t matter what the reports say. I can imagine someone seeing good reason for a riot though. Also, out of interest, are you two liable to be repatriated when there is real conflict (or are you now French or British citizen)?

    Wow..that Gary Locke must have brass balls the size of Manhattan..demanding China pays up for its GW pollution! Its all hands on deck for pissing China off. Free up the market in the US first!

    http://tinyurl.com/n67zbo

  95. Sacramento Joe | July 21, 2009 at 1:16 am |

    Marc’s website is: http://www.moneymanagementradio.com/ and I loved Max’s ‘scum’ bit. Right on the money. Enjoy your vacation. Have you checked out Sarlat?

  96. stacyherbert | July 21, 2009 at 1:14 am |

    @Mike2liverpool – I wouldn’t be surprised (if the dollar was devalued by 30%) . . . we did predict that in our very first episode of The Oracle; one of our more outlandish predictions from episode two came true! We predicted that http://bit.ly/12VPdQ mozzarella cheese makers would get a bail out . . . they have . . . in the US anyway http://bit.ly/12fi1s

  97. Mike2liverpool | July 21, 2009 at 1:12 am |

    Stacy
    Have you heard what Bob Chapman has had to say?

    I suspect both £ & $ to be devalued by 20%-30% in Sept.
    Mike

  98. Mike2liverpool | July 21, 2009 at 1:10 am |

    ……………………….and these were Last years Figs…………….
    :) )
    Mike

  99. stacyherbert | July 21, 2009 at 1:09 am |

    @Sacramento Joe – thanks for the idea; we are recording two episodes this week and then are taking a two week hiatus (the French need their month off you know); we will then try to get your guy for end of August . . . when we may also have another surprise for you.

    @all – did you see that the Goldman Sachs are Scum video is now at 110,000 views after only four or five days? Good job! Danny and his computer pitchfork did a good job ;)

  100. Sirial | July 21, 2009 at 1:05 am |

    US ‘exposure to crisis $23.7tn’

    http://news.bbc.co.uk/2/hi/business/8160282.stm

    24 trillion is like.. a lot, actually all I do is count to 24 myself. :P

  101. Mike2liverpool | July 21, 2009 at 1:04 am |

    Not while they are in bed with Goldman Sac Stacy!

    Mike

  102. Sacramento Joe | July 21, 2009 at 1:03 am |

    You should interview Marc Cuniberti from Nevada City California….KVMR Radio…..he’s on the money (Money Matters Show)….you would like him Max.

  103. Sacramento Joe | July 21, 2009 at 12:56 am |

    All these years of very similar views and I thought I was an island. So glad to have found you guys. Keep up the great work. I trust you even more than Walter Cronkite….

  104. TroyOunce | July 21, 2009 at 12:53 am |

    How can they go on holiday when the house burns?

  105. Mother Earth | July 21, 2009 at 12:46 am |

    Obviously sombody is profiting of the swineflu pandemic, check FT (can’t link to full report)

    A report last week from JPMorgan, the investment bank, estimated that governments had ordered nearly 600m doses of pandemic vaccine and adjuvant – a chemical that boosts its efficacy – worth $4.3bn (€3bn, £2.6bn) in sales, and there was potential for 342m more doses worth $2.6bn.

    JPMorgan? That’s a lot of eggs..how much of that is profit?

  106. alister | July 21, 2009 at 12:39 am |

    tending towards validation of m & s’s idea of a more casino orientated economy…

    http://www.theaustralian.news.com.au/story/0,25197,25815228-12377,00.html