Stacy Summary: And there is much, much more to come. We’ve appeased the hostage takers once, they will be back for more. Very soon.
The staggering total is is equivalent to around a fifth of the entire globe’s annual economic output and includes capital injections pumped into banks in order to prevent them from collapse, the cost of soaking up so-called toxic assets, guarantees over debt and liquidity support from central banks. Although much of the total may never be called on, the potential outlay still dwarfs any previous repair bill for the global economy.
The IMF calculations, produced ahead of the two-year anniversary of the crisis, underline the continually mounting cost. Most of the cash has been handed over by developed countries, for whom the bill has been $10.2 trillion, while developing countries have spent only $1.7 trillion − the majority of which is in central bank liquidity support for their stuttering financial sectors.
The IMF figures also show that Britain has been the biggest of all the spenders on emergency measures to support its financial sector, with its total bill for the clean-up amounting to 81.8pc of its gross domestic product − equivalent to £1,227bn.
Millions, Billions, Trillions, Quadzillions (Dr. Evil)
A system way out of control IMO.
Makes a mockery of the “workers” that strive to make a few dollars, let alone “real” Companies striving to make a few millions !
It’s all been said “here” before I suppose.
The Germans have a saying something like “Better to have a quick death than a long drawn out misery” .
Will the UK become an IMF victim, or will they go the Iceland route to the Euro and drop the GBP I wonder ?
The Permanent Crimson Assurance.
Shall we just disband the IMF then?
Bye, it won’t be missed will it?
Will anyone miss it? Will they?
World Bank can go too.
Any organisation with the work Bank in it for that matter. Just go.
Only Credit Unions owned by members can stay.
@sharon … LaRouche Webcast: Aug 1, 2009 – Fall of the House of Windsor
http://www.youtube.com/watch?v=ef1Fsf7ovZA&feature=channel_page
@LaRouche …. I thought “I” was a conspiracy theory freak … but this guy is really hard-core it seems.
Who is this guy actually ?
Anyone?
When AJ asked Max for a comment about the authors of “ECOSCIENCE”, he drew a blank.
Club of Rome (Rockefeller) eugenics tome:
http://www.infowars.com/obama-science-advisor-called-for-planetary-regime-to-enforce-totalitarian-population-control-measures/
http://www.questia.com/PM.qst?a=o&d=98156598
@Stacy So where are you two now? Did you leave Paris yet?
The gutwrencher.. All that money wil empower those that caused the problems. People have to travel further and further to find fools that missed the news and still accept the dollars…
Then again we can all grow our basil and tomatos at home, even on the tenth floor http://www.windowfarms.org/
I propose to introduce square laser cut silver Max&Stacys (1,5,10 usd denominations), I can arrange production
Check it out–Total pandemonium in the aisles in the USA!
You are right, they are ‘going down,’ for conspiracy to defraud the American People. Can anyone remember Black Monday?
@Phil; I am surprised you don’t know LaRouche? He’s an ikon in Washington and primarily holds court in Germany, where his wife stays most of the time as their political think tank is based there.
He’s the dude who’s been clamoring for us to observe the ‘physical economy’ (remember when it was backed by something? And he’s served in a cabinet position, say 18 years or so ago. it’s http://larouchepac.com, I think.
How can the cost only be 12 trillion bananas when only THE US Fed has pumped up the Wall Street with 13 trillion?
TSGordon .. LaRouche
Yes I know him “fleetingly”, but was waiting for someone ( like yourself ) to add more qualification. Thx.
I watched the first 30 minutes of his presentation ( the rest later ). So far , the guy speaks much truth, but spoils his delivery at the very beginning with comparing Obama and Schwarzenegger with Hitler . Shame really, because he didn’t need to do that , the (historic) facts he mentioned were quite correct wrt Empires etc. OTOH, he seems to think that the US should “police” the world to rid it of Empires … by replacing them with one (US) Empire didn’t seem to bother him much ?
Frank Holmes on why gold is poised to go much higher and how he will help get it there
http://www.thedailybell.com/bellpage.asp?nid=476&fl=
Quite an interesting read … some quickies :
….” Frank Holmes: It is a massively flawed program. The U.S. government has put $1.2 trillion into the economy and only US$68 billion has gone to job creation – and much of that went to jobs for lawyers ” ….
….” Frank Holmes: The Two countries — call them Chindia — have 40% of the world’s population and are growing at twice the rate of the US and Europe. Their infrastructure is growing so fast and adding so many roads that China just surpassed the US in car manufacturing, only a couple of months ago. So you have a shift and that is going to keep adding to the demand for oil. ” ….
….” Two percent of the American population are lawyers, but 50% of all the policy makers are lawyers, who are re-writing everything to fit their view of the world. ” ….
….” Frank Holmes: Now in a country like India, they produce more engineers, 400,000 a year. America produces more lawyers and more sports trainers each year than they do engineers ” ….
….” Hyperinflation will come when they print money to pay welfare checks. ” ….
@ Sharon
A while back you mentioned Sibel Edmonds, a player in the official LIHOP story. Her hangout was merged with Able Danger:
http://911review.org/Alex/Able-Danger-5.html
http://www.youtube.com/watch?v=qLcvcGUn-KU spare a kind thought for this poor person. a story from Detroit 2006 , seems to say much more than any economic headlines could ever say about the real situation for people at a street level , interview with a ‘body technician ‘ at Detroit morgue who makes ‘$14 per body not $14 per hour’ . he makes the somewhat bleak observation that ,.. ” white people kill themselves, black people kill each other , asian people go on living…. ‘ , Detroit the ‘ heart of american industry ‘ and the’ birth place of the american middle class ‘ so, this is the new ‘prosperity’ that we were all promised and meant to aspire to ?
@Mike … “Bank’s easing clips the wings of rising pound”
http://business.timesonline.co.uk/tol/business/columnists/article6788548.ece
… ” Newsweek, the American magazine, last week put “Shrinking Britannia” on the cover of its European edition and said the International Monetary Fund predicts the UK’s slump will be deeper and longer than that of any other advanced economy.
The IMF point is wrong — Germany, Japan, Italy and Spain are predicted to have worse recessions. Evidence of an earlier UK upturn, meanwhile, comes through clearly in the purchasing managers’ surveys. In contrast to America and the eurozone, only Britain is seeing growth in both manufacturing and services. ” …
Again : “only Britain is seeing growth in both manufacturing and services.”
Me ? :
Well, as there wasn’t much UK manufacturing in the first place ( compared to Germany ), the MSM article may just have a point !
@Phil: Lyndon Larouche has been running for US President since 1976…….he is a self described “physical economist”…and his wife Helga is campaigning in Germany for the presidency there…and yes he calls for Obama’s impeachment….His economic historical perspective recalls the Venetian city states that came to power after the great plague in the 1400′s ( I think)…and the many centers of power since then…and the Rise and fall of the British/American/Dutch empire that we are suffering under today…and the rise of the Shanghai Cooperative nations …..and on and on…
@Richard .. Thanks.
BTW .. good points in your post on an earlier thread.. “The ‘C’ word that dare not blog its name”
Check out the post afterwards from White Hunter .. “Obama has only been in office a few months. ”
Me? :
I don’t like to label people, but the similarities of the route the US is going down does remind one somewhat of Germany’s NSDP’s route in the early days.
I hear “Timmy” needs for cash!
Mike
@Mini US
anything with the word “world” in it should go too – usually means a buttf__k for everybody.
I love the way Jim Rogers seems like he is really sick of being asked the same questions all the time.
He understands that capitalism is about taking advantage when you can, but also has a sense of ‘stupid’ when it comes to governments and banks.
He suggests here that Banks owe taxpayers for the bailout, as well all do…..
…well, unless you are a banker.
http://jimrogers1.blogspot.com/
Banks are still struggling in the US. The bailout does not really help all the banks. Couldn’t it also be said that what’s going on in the banking industry is a consolidation of what’s left. When a bank fails in the US the deposits are almost always assumed by an existing bank. Looking at it this way there will be little to no competition to the banks propped up by the bailout. I think I remember hearing Max talk about this.
Bloomberg article about bank failures:
http://tinyurl.com/pf2gnc
@gb
Hahahhahaha Very True.
Also anything with the words Globalisation, Growth or Productivity can be seen with a large degree of scepticism and should also be surgically removed from our lives.
In fact ANY ‘catch cry’ such as the above, used by politicians that they have recently learned form their dodgy business dealings with private enterprise, should be scratched form existence itself, never to be uttered again.
a thoughtful piece on the corporate/right elites mobilation of the poor and rural parts of it’s base.
Fascist America: Are We There Yet?
http://tr.im/w4aA
i find it curious how people can be encouraged to fight against their own interests across the political spectrum.
Phil
I think the Deal here is simple, at present NO ONE ROCK THE BOAT!
However once the $ drops, the Euro is safe & China is happy…the British £ is toast!
Mike
@Gonzomarx:
The troubling bit about the essay you posted (posted prior by Mep) is that the writer does not describe who “we” is: apparently the entity being thwarted in advancing the health legislation. We isn’t able to govern? Why are progressives so naive?
“All through the dark years of the Bush Administration, progressives watched in horror as Constitutional protections vanished, nativist rhetoric ratcheted up, hate speech turned into intimidation and violence, and the president of the United States seized for himself powers only demanded by history’s worst dictators”
Substitute Obama for Bush in the above quotation from that nonsensical essay and the meaning will still be crystal clear and relevant.
(from the Sara Robinson essay)
“This is the catalyzing moment at which honest-to-Hitler fascism begins. It’s also our very last chance to stop it.”
The above statement is fear-mongering, pure and simple. What group is Ms. Robinson claiming as the new fascist model? She is quite ambiquous in her essay as to names. Easier to just throw the entire Republican party to the wolves of fanatic fright:
“Now, the guessing game is over. We know beyond doubt that the Teabag movement was created out of whole cloth by astroturf groups like Dick Armey’s FreedomWorks and Tim Phillips’ Americans for Prosperity, with massive media help from FOX News. We see the Birther fracas — the kind of urban myth-making that should have never made it out of the pages of the National Enquirer — being openly ratified by Congressional Republicans. We’ve seen Armey’s own professionally-produced field manual that carefully instructs conservative goon squads in the fine art of disrupting the democratic governing process — and the film of public officials being terrorized and threatened to the point where some of them required armed escorts to leave the building. We’ve seen Republican House Minority Leader John Boehner applauding and promoting a video of the disruptions and looking forward to “a long, hot August for Democrats in Congress.”
Does anyone have a pill for Ms. Robinson: she seems to be frothing with phobic frenzy over non-existent foes.
Will her next essay lump conservatives in the stink pot with the Taliban and bearded bards?
“Fascism is a system of political authority and social order intended to reinforce the unity, energy, and purity of communities in which liberal democracy stands accused of producing division and decline.”
Robinson draws from Robert Paxton who indicates that any opposition to liberal democracy is called fascism. What a blanket to throw over an entire group: just call the opposition fascism.
(Sounds like Alex Jone’s tactic as well)…
“The enemy is moving against everyone, not just us.
It’s like 1918 in Russia, or the takeover in China by Mao or the rise of Hitler.”
http://www.infowars.com/red-alert-infowars-under-direct-attack-by-obama-brownshirts/
What juvenile journalists!!!
http://news.bbc.co.uk/2/hi/uk_news/politics/vote_2005/frontpage/4393925.stm @Mini Us cliches i suppose have their place and allow people to covey a lot of information very quickly about complex topics as a form of short hand BUT i agree all to often they are simply used as an excuse by politicians as a way of avoiding the question ,somebody needs to put some meaning back into the words and phrases that we hear in the media. it should be journalists job to challenge politicians who use that kind of language but they never do . here in australia my favourite cliches to do with the economy are …’ we’re floating a raft of measures …’ usually followed by ,….”.designed to support hard working australian families ‘ …..[ implying that if you do not have a family ,you are single ,unemployed , elderly , sick , retired etc you are not hard working and so do not deserve equal consideration or support and so must sink or swim as there is no room on the raft for you ] of course everyone’s favourite is …’ turning the corner ‘ [ always yet another corner to turn ] and ..’.the fact of the matter is ‘…’the end of the day ‘.. ‘.the bottom line is’ …’the numbers just don’t add up ‘ [what numbers ?] …’ ‘but first just let me say this this ‘ [a line used to avoid answering question directly answer their own question , another clever word to use is the word 'obviously ' [ a word used by politicians a lot to discourage questions and make a reporter look stupid because it's 'obvious ' to everyone but the reporter ] and of course … ‘ the ground swell of public opinion ‘ ….sounds like we are all sinking in mud or farm manure. [ the link attached is old but worth a read as are comments left by readers . ]
http://www.spiegel.de/international/business/0,1518,635051,00.html
White Out?
Or back in again?
@ mini US,..interesting to note as somebody has pointed out that the term …’ hard working families ‘ used so often by media and politicians implies that there may be ‘families that are lazy ‘, and we all know that there is nothing worse than nation of lazy families.
http://truthingold.blogspot.com/2009/08/did-henry-paulson-act-to-save-goldman.html
OH HENRY!!
Re Fascism in America
I think at the moment there is a disconnect between the corporate power and the shock troops of the right for a fascist america to be imminent as the article suggests. Hitler was funded by industrial and banking corprations as he was useful for his union busting muscle. The corporations were facing a crisis with a large organised left and in the face of this they promoted openly fascist parties in Italy and Germany.
No such organised left exists in the US at he moment so therefore it does not need the whaco right to do its dirty work. If such a challenge existed then I have no doublt the corporate elites would swing behind the gun-nuts and that would would be a dangerous prospect far more extreme than the present American gulag system.
@Frances snoot
many on the left where concerned of the increasing state power “All through the dark years of the Bush Administration” and that the same disregard of liberty has carried on with the Obama administration
Glenn Greenwald has very good at following the polity’s and press on this.
the piece does assume the fascism is far along the road in the US but there isn’t much coming from the right’s leadership to calm down the situation or dispel the wilder clams.
fundamentalists of all stripes often have more in common with each other than with the centre.
as per Godwin’s Law a lot of people throw around the fascist label as a short cut to debate.
Yesterday, I read that all policy is essentially domestic. And this is what I find somewhat enthralling about LaRouche. Sidelining the negatives for now, like his tendancy to express himself in a moniacial way, he’s the Only US politician to actually discuss and frame his opinions with a pro-Europe, pro-commerce point of view. Like Chapman and Celente, he sees total disaster ahead, each in different measures, while LaRouche is clearly more concerned with total economic stability.
When I was a youth I worked for the ‘Different Drummer,’ and went around promoting the Black Panthers while imitating Max Keiser, with that little ‘soul brother’ twitch he uses when he’s suddenly streched to the breaking point. Three steps forward, one step back. -Now, slap me five!
My cousin, was a self-confirmed ‘Communist,’ and went about teaching his drivel to kids in the Boston Public Schools. Now he’s in Italy and he supports Berlosconi and laughs at the thought his kids are marching lockstep with the ‘pro-fascists.’ It’s trendy to do so, like wearing red sneakers.
My point is these kids who listen to laRouche, these “Future business leaders” will possibly be either really screwed up, or highly conditioned to take charge in the case of a collapse. We’ve been hearing about ‘doomsday’ scenarios from Lynn for like 14 years, or so. Again, looking for the best in the guy, he’s rational (implying ‘well reasoned,’) and masculine, (meaning tough and not emancipated,) and consistent. Attributes my grandfather had, and in sufficient measure to assure his financial success. By contrast, I am the dumb ‘fine-artist,’ who used to think the NYT was the holy grail, and that Madision Ave. and Wall St. were largely supprtive of the humanities.
@gonzomarx:
Agreed.
@Gonzomarx:
I took offense to the definition of fascism given by the essay. It is more a merger of state and corporate interest, isn’t it? In which case, we are long-far gone in this country. But this would include both administrations, something the ‘yes-we-canners’ refuse to do.
It’s as if we are always reverting back to the “axis of evil” arguments of John Yoo (arguments that make sense to the mildly-educated public-schooled mind). Yoo was a CFR man…but so is Obama…the same rot eminates from the same corpse and is labeled fascist.
One thing I liked about Alex Jones is how he reinterates there is no paradigm, but then in the thick of emotive discharge he spurts ‘fascist, communist’.
Interesting how the fasces do pop on on the UN/WHO symbols.
“It is time that we reminded ourselves, and said aloud and more often, that it is from these people that nastiness comes. It is time that we pointed out to the neo-conservatives that democracy has never been subverted from the left but always from the right. No democracy has fallen to communism, without an army; many democracies have fallen to fascism, from within”
Heny Fairlie
@Frances snoot
indeed, that’s how i see fascism and the name calling is part of the theatre of the two wings of the business party.
i agree with Max in that Alex J needs to cut down his hours to keep his message sharp.
@Gonzomarx:
I guess Obama Inc. will be peace-loving communitarians AFTER the health bill passes.
Until then just avoid crowds!
For Stacy:
http://www.youtube.com/watch?v=uNR_6UuVl4s
Its very worrisome that the banksters run the usa politcal machine and that there are no checks and balances anymore. Were in trouble big time.
There is a typo in the telegraph headline. He got dollars and pounds mixed up. Assuming 6.7B people on earth (wikipedia)
Do the math:
12T / 6.7B = 1,791
So its approx 1800 *dollars* per person on the planet, not pounds.
The public debt becomes one of the most powerful levers of primitive accumulation. As with the stroke of an enchanter’s wand, it endows barren money with the power of breeding and thus turns it into capital, without the necessity of its exposing itself to the troubles and risks inseparable from its employment in industry or even in usury. The state-creditors actually give nothing away, for the sum lent is transformed into public bonds, easily negotiable, which go on functioning in their hands just as so much hard cash would. But further, apart from the class of lazy annuitants thus created, and from the improvised wealth of the financiers, middlemen between the government and the nation-as also apart from the tax-farmers, merchants, private manufacturers, to whom a good part of every national loan renders the service of a capital fallen from heaven-the national debt has given rise to joint-stock companies, to dealings in negotiable effects of all kinds, and to agiotage, in a word to stock-exchange gambling and the modern bankocracy.
At their birth the great banks, decorated with national titles, were only associations of private speculators, who placed themselves by the side of governments, and, thanks to the privileges they received, were in a position to advance money to the State. Hence the accumulation of the national debt has no more infallible measure than the successive rise in the stock of these banks, whose full development dates from the founding of the Bank of England in 1694. The Bank of England began with lending its money to the Government at 8%; at the same time it was empowered by Parliament to coin money out of the same capital, by lending it again to the public in the form of banknotes. It was allowed to use these notes for discounting bills, making advances on commodities, and for buying the precious metals. It was not long ere this credit-money, made by the bank itself, became. the coin in which the Bank of England made its loans to the State, and paid, on account of the State, the interest on the public debt. It was not enough that the bank gave with one hand and took back more with the other; it remained, even whilst receiving, the eternal creditor of the nation down to the last shilling advanced. Gradually it became inevitably the receptacle of the metallic hoard of the country, and the centre of gravity of all commercial credit. What effect was produced on their contemporaries by the sudden uprising of this brood of bankocrats, financiers, rentiers, brokers, stock-jobbers, &c., is proved by the writings of that time, e.g., by Bolingbroke’s.
With the national debt arose an international credit system, which often conceals one of the sources of primitive accumulation in this or that people. Thus the villainies of the Venetian thieving system formed one of the secret bases of the capital-wealth of Holland to whom Venice in her decadence lent large sums of money. So also was it with Holland and England. By the beginning of the 18th century the Dutch manufactures were far outstripped. Holland had ceased to be the nation preponderant in commerce and industry. One of its main lines of business, therefore, from 1701-1776, is the lending out of enormous amounts of capital, especially to its great rival England. The same thing is going on to-day between England and the United States. A great deal of capital, which appears to-day in the United States without any certificate of birth, was yesterday, in England, the capitalised blood of children.
As the national debt finds its support in the public revenue, which must cover the yearly payments for interest, &c., the modern system of taxation was the necessary complement of the system of national loans. The loans enable the government to meet extraordinary expenses, without the tax-payers feeling it immediately, but they necessitate, as. a consequence, increased taxes. On the other hand, the raising of taxation caused by the accumulation of debts contracted one after another, compels the government always to have recourse to new loans for new extraordinary expenses. Modern fiscality, whose pivot is formed by taxes on the most necessary means of subsistence (thereby increasing their price), thus contains within itself the germ of automatic progression. Over-taxation is not an incident, but rather a principle. In Holland, therefore, where this system was first inaugurated, the great patriot, DeWitt, has in his “Maxims” extolled it as the best system for making the wage-labourer submissive, frugal, industrious, and overburdened with labour. The destructive influence that it exercises on the condition of the wage-labourer concerns us less however, here, than the forcible expropriation, resulting from it, of peasants, artisans, and in a word, all elements of the lower middle-class.
Max you better stop agreeing with Peter Schiff. He has been right about alot of things, but his South East Asia investment recommendations are dead wrong. That huge bubble is about to take us into the final crash and subsequent depression.
stop-investing in china, and to start buying gold and silver and stocks , worldwide. The end is near Schiff has been right on just except the china nose dive thats on the way. No one is 100% right!
@Freudian Slit … ” The public debt becomes ”
Nice piece .. did you write it ?
( No insults intended .. very good piece )
@Phil
No, it was written about 140 years ago. Click on my name and it will take you to the chapter I quoted from.
I would suggest reading the chapters 1 – 3: it covers basis of money, gold, and fiat currency. Chapters 26 – 33 give a history of how capitalism emerged from feudalism in England.
I’ve been listening to LaRouche for about a year now. He’s the only one with a viable solution that I know of. He’s a little out there sometimes but well worth hearing. More should start talking about solutions in my opinion. Check out “How To Rebuild The World Economy” from the economy section of the Schiller Institute homepage:
http://www.schillerinstitute.org/economy/phys_econ/physical_econ_main.html
They can write off my $4k $lave Ducat right now cuz I aint payin’.(and I aint the only one, either).