Stacy Summary: I would think historically that empires are most overestimating themselves just before they collapse.
[In a letter to investors the bank said] it believes the US overestimates its attraction as a financial centre, and is advising its clients to get out of all US securities.
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@billicart … 100% .. well said !
A nation that does not afford its citizens saving security, as in the Greenspan and Raging Corporate greed regime, ( coupled with impunity for fraud, Eg the banks that helped Enron) will see money trickle out. AND..Where to the dollar with the over heated printing presses at top speed?Clean up the system and the money will fly home. I’ve never understood why it’s ok to blow forex on Swiss chocolate, French champagne, and Italian sports cars, but not to SAVE MONEY THAT HAS ALREADY EARNED TAX! Time for international lawyers to attach those Wall Street rating agencies that gave pyramid scheme detritus, so superbly exported by America, Triple A ratings… Remember too America has via Greenspan and Corporate imbalances, handed over hegemony to the East. This illegal arrangement will relocate to China and you know what they will tell Washington to do …..
Blue-line has it at 21%
http://www.shadowstats.com/alternate_data
Here comes the “really” big one!!!
Agency that insures bank deposits may need help
NEW YORK (AP) — The government agency that guarantees you won’t lose your money in a bank failure may need a lifeline of its own.
The coffers of the Federal Deposit Insurance Corp. have been so depleted by the epidemic of collapsing financial institutions that analysts warn it could sink into the red by the end of this year….
Read the rest of story at the following link:
http://finance.yahoo.com/news/Agency-that-insures-bank-apf-1953199638.html?x=0&sec=topStories&pos=3&asset=&ccode=
@Sharon: how lovely u have “kids”…Otherwise –
“Mexican president given Orwell’s 1984 by Queen…” In the old days if you made a cutout of the pages within…there’s no tellin’ what object may be inside…( a 22 caliper raven??)…just sayin’…
@Sharon,….off sky,…is that the posh version of off ski!
@frances, oh believe me if ever one of those renta-cops approached me they’d be despatched pretty damn quickly. Most people here don’t take them seriously and the kids all laugh at them or tell them to f*ck off. Providing you know the laws in this country they can’t do much. Anyway I fit into the category that doesn’t get bothered by the police (middle aged white women – they just leave us alone). I tell my children never to give their details to the police (pretend or otherwise). I take the view that if you’re not committing a crime they have no right to take your information.
Re: queuing up. Have you ever seen someone jump a queue in the UK – hilarious!
@Sharon:
How can you stand the “safety police”? If one of those canary-yellow do-gooey cop-wannabees ever came near me: I’d swat em!
I agree. UK much preferable to rude pushing at food lines: the British make standing in a queue an art!
@Sharon:
Yeh, but first gotta rustle-me up some gold bits!
Real US unemployment rate at 16 pct: Fed official
http://ca.news.yahoo.com/s/afp/090826/business/us_economy_recession_unemployment_bank
Bad News IMO … it means it is MUCH higher !
Disney and Psycho analysis
http://www.brasschecktv.com/page/686.html
(The Financial Times) Pirate Bay deal hits choppy waters: Doubts were raised over whether a deal to transform The Pirate Bay into a le.. http://bit.ly/e0V49
Having said that I don’t want to be in the UK either but my kids are settled in their schools, blah, blah, blah, otherwise I’d be offsky!
@Mike/liverpool
I know but there are differences between the UK and US, at least for now. I mean, just today I’m hearing about massive investment in a super fast train going the length and breadth of the country. America seems to be in complete disarray, maybe we’re not far behind but I see America as a more scary place to be right now than the UK.
Sharon!
Your aleady in one!
Called the UK!
Mike
Must be that fabled mountain air … makes you think clearly (if you’re not too high up, that is).
Good news.
i hear nigerian banking is about to colapse to. I can only hope the scammers there had their money in the national currency. all that scammed mooney poof! into worthless paper.
seems the people working in their banks lent money out with no real pan on repayments and now things have hit the fan the banks are calling in the money.
i look forward to hear about nigerias banking collapse
@frances….Do you think it’s perhaps time to think about getting the hell out of dodge?!
The credibility of farmers, priests and prostitutes – and bankers?
Speaking of low credibility, last week the South China Morning Post reprinted a New York Times article on continued losses in the US banking system:
Banks in the United States are now losing money and going broke the old-fashioned way: They made loans that will never be repaid. As the number of banks closed by the US Federal Deposit Insurance Corp has grown rapidly this year, it has become clear the vast majority of them had nothing to do with strange financial products that seemed to dominate the news when the big banks were nearing collapse and being rescued by the government.
…Staying away from strange securities has not made things better. Jim Wigand, FDIC’s deputy director of resolutions and receiverships, says lenders that are failing now are in worse shape – in terms of the amount of losses relative to the size of the banks – than the ones that collapsed during the last big wave of failures from the savings and loan crisis.
The severity of the current string of bank failures shows many of the proposed remedies batted about since the crisis began would have done nothing to stem the closures. These banks did not go beyond their depth with derivatives or hide their bad assets in off-balance sheet vehicles. Nor did their traders make bad bets; they generally had no traders. They did not make loans they expected to sell quickly, so they had plenty of reason to care that the loans would be repaid.
http://www.bearmarketinvestments.com/the-credibility-of-farmers-priests-and-prostitutes-%E2%80%93-and-bankers
FDIC Board Meetings
Location
Board Room on the sixth floor of the FDIC Building located at 550 – 17th Street, N.W., Washington, D.C.
Date
August 26, 2009
Description
Pursuant to the provisions of the “Government in the Sunshine Act” (5 U.S.C. 552b), notice is hereby given that the Federal Deposit Insurance Corporation’s Board of Directors will meet in open session at 3:30 p.m. on Wednesday, August 26, 2009, to
consider the following matters:
Discussion Agenda:
Memorandum and resolution re: Final Statement of Policy of Qualifications for Failed Bank Acquisitions.
Memorandum and resolution re: Final Rule on the Extension of the Transaction Account Guarantee Program.
Memorandum and resolution re: Notice of Proposed Rulemaking Regarding Risk-Based Capital Guidelines; Impact of
Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs;
and Other Related Issues.
IN REAL ENGLISH:
(How to lie best to our depositors as best to avoid panic and not set off capital flight from US banks and markets because we GOT NO MONEY)
http://dealbook.blogs.nytimes.com/2009/08/26/failed-banks-by-the-numbers/
In a report published Wednesday, Gerard Cassidy of RBC Capital Markets said he believes the fund could now be below $4 billion, and that the agency may have to tap the emergency line of credit it has with the Treasury Department.
It’s official! The FDIC is broke.
What money in the Treasury? The only way to deliver money to the depositers is to steal money from other citizens by debasing the currency.
What denial!
@sharon … ” select few ”
LOL … they didn’t care ( or dare ) to name them though !
Thx .. interesting report, at least someone has the data on this !
Federal Reserve Loses Bloomberg FOIA Lawsuit, Sensitive Disclosures Forthcoming ( Tyler Durden) http://tinyurl.com/lbtg8u
Funny comment from Godlike Productions link for topic:
Where is FDIC report?
“I bet someone will come thursday around 10 AM and have 2 envelopes with them.
They’ll say to the camera’s and the crowd gathered the following:
“I have here two envelopes. In one is the FDIC quarterly report. In the other, is the origional long form birth cirtificate of Barry Soetoro… you can only have one”
About FDIC missing link:
http://www.cnbc.com/id/32554210
Geithner UTTERLY evasive on the personal tax evasion question: doesn’t respond in the slighest, and the interviewer doesn’t even seem to notice. Dogs and ponies running wild here!
@Phil……….Wow … did you write all that in one breath ?
More or less. I posted it earlier on another site in which I asked if anyone had cracked up yet! So it was easy to just transpose some of it over here……seemed appropriate given the what we discuss and the vid you posted.
Help! Stacy! Fire! FDIC report!
Sorry, forgot the link (again!):-
http://www.livescience.com/culture/090826-stock-market.html
World’s Stocks Controlled by Select Few:-
WASHINGTON — A recent analysis of the 2007 financial markets of 48 countries has revealed that the world’s finances are in the hands of just a few mutual funds, banks, and corporations. This is the first clear picture of the global concentration of financial power, and point out the worldwide financial system’s vulnerability as it stood on the brink of the current economic crisis.
A pair of physicists at the Swiss Federal Institute of Technology in Zurich did a physics-based analysis of the world economy as it looked in early 2007. ………..
……
Culture
World’s Stocks Controlled by Select FewBy Lauren Schenkman, Inside Science News Service
posted: 26 August 2009 11:13 am ET
.Buzz up! del.icio.us Digg It! Newsvine redditComments (10) | Recommend (3).WASHINGTON — A recent analysis of the 2007 financial markets of 48 countries has revealed that the world’s finances are in the hands of just a few mutual funds, banks, and corporations. This is the first clear picture of the global concentration of financial power, and point out the worldwide financial system’s vulnerability as it stood on the brink of the current economic crisis.
A pair of physicists at the Swiss Federal Institute of Technology in Zurich did a physics-based analysis of the world economy as it looked in early 2007. Stefano Battiston and James Glattfelder extracted the information from the tangled yarn that links 24,877 stocks and 106,141 shareholding entities in 48 countries, revealing what they called the “backbone” of each country’s financial market. These backbones represented the owners of 80 percent of a country’s market capital, yet consisted of remarkably few shareholders.
“You start off with these huge national networks that are really big, quite dense,” Glattfelder said. “From that you’re able to … unveil the important structure in this original big network. You then realize most of the network isn’t at all important.”
The most pared-down backbones exist in Anglo-Saxon countries, including the U.S., Australia, and the U.K. Paradoxically; these same countries are considered by economists to have the most widely-held stocks in the world, with ownership of companies tending to be spread out among many investors. But while each American company may link to many owners, Glattfelder and Battiston’s analysis found that the owners varied little from stock to stock, meaning that comparatively few hands are holding the reins of the entire market.
“If you would look at this locally, it’s always distributed,” Glattfelder said. “If you then look at who is at the end of these links, you find that it’s the same guys, [which] is not something you’d expect from the local view.”
@sharon … ” everything is a lie ”
Wow … did you write all that in one breath ?
Yes .. I’d say that 90% of what she said is probably true.
And Yes … it is just crazy that it is so !
It used to be just politicians, then Ad Agencies, and now so called “respected” financial corporations , Auditors and Ratings Agencies don’t seem to mind lying as well.
This cannot end well IMO !
@ .. @Pepe Escobar commentary: The real meaning of the Afghan elections
Hope you all listened … he is spot on IMO !
@frances … 26th. Aug. .. yes !
Where’s the report .. nobody seems to be talking about it !
Erie !
1984 – THE NEW VISITORS MANUAL FOR THE UK!!!
@Phil:
Wasn’t the bank holiday rumour for August 26 week? Why no FDIC report???
HA!.HA!…………What a p*ss take!
Mexico’s president given George Orwell’s 1984 by the Queen
The president of Mexico received one of the more unusual gifts given by the Queen during an incoming state visit today – a copy of the classic dystopian novel 1984.
Mexico’s president given George Orwell’s 1984 by the Queen
The president of Mexico received one of the more unusual gifts given by the Queen during an incoming state visit today – a copy of the classic dystopian novel 1984…………
http://www.telegraph.co.uk/news/uknews/5077917/Mexicos-president-given-George-Orwells-1984-by-the-Queen.html
2nd qtr. (oops)
Here, Phil: 3rd qtr. 2009 FDIC:
Godlike production style!
http://www.godlikeproductions.com/forum1/message867905/pg2
@Mother………..the US is now a financial backwater, like a cursed fairground, all twirling coloured lights and music, but not a soul in the carts.
How very poetic and accurate. Poetic justice in some ways!
@Mike/liverpool…………Hey Max, you know you said buying stock in jails is a good idea:-
Mike, do you happen to know if they have been building anything similar to the Fema camps here in the UK? I haven’t heard/seen anything. I wonder though coz we do tend to do what America does.
@Pepe Escobar commentary: The real meaning of the Afghan elections
http://www.youtube.com/watch?v=AN5a9WomVqs&feature=sub
I like the guy .. does many good reports.
BTW .. did anyone know that Karzai used to be an Oil Analyst at Unoco ?
@ME .. the Swiss
Too right …stupid UBS , it’ll be their downfall IMO.
Where are the raids on the cayman Island banks then ?
( mafia drugs etc. )
@FDIC .. again … did they report ?
Did I miss something ?
Toyota Will Cut Domestic Production as Sales Plummet (Update4)
… ” Aug. 26 (Bloomberg) — Toyota Motor Corp., Japan’s biggest automaker, plans its first long-term closure of a domestic assembly line as car sales in the country fall to the lowest in more than 30 years.
Toyota, which cut domestic production 49 percent through June, will reduce output by about 220,000 vehicles by shutting down a line at its Takaoka plant from the fiscal first quarter of next year through the second half of calendar year 2011, spokeswoman Ririko Takeuchi said by phone today. “…
http://www.bloomberg.com/apps/news?pid=20601101&sid=avdxlCpHth4I
The Swiss are right, the US is now a financial backwater, like a cursed fairground, all twirling coloured lights and music, but not a soul in the carts. Jim Willie expects things to blow in the next two months. Imho no US/UK leader will accept a peacefull surrender as this is a winner take all (for the next hudred years) contest with no rematch for the next hunderd years. I say hang on to your gold..
Concubines return to China with increasing capitalism:
http://www.huffingtonpost.com/2009/08/26/china-concubines-return-t_n_269482.html
Hey Max, you know you said buying stock in jails is a good idea:-
http://www.liverpoolecho.co.uk/liverpool-news/local-news/2009/08/26/serco-reports-strong-first-half-92534-24534482/
Mike
RECAP: Royal Bank of Scotland analyst advising clients to get out of markets before September http://tinyurl.com/njrese
Go Sharon! First!
Isnt this news good for the US banks . …they will have more clients…yeeh haahh! bring on the green shoots!
This green shoot stuff has made me more optimistic in life…there is no news which can depress me…every bad news has a green lining..
as i said before..yeee haaahh!!
Why are the Swiz so good a keeping a clear mind LOL
Do they know something?
@Stacy
Team
BTW Phil….that vid you posted yesterday called ‘everything is a lie’ was spot on! It certainly helps to know the reality but you do have to work to hold on to your sanity
I’m just wondering how all this ‘truth’ affects everyone. I remember hearing a wise person say that activism can lead to insanity. Quite possible when you consider what you go through, ie. constantly coming across people who think you’re nuts, knowing what is going on and feeling you’re alone, knowing how bad it all is but everyone around you seems oblivious, sort of like a car crash in slow motion. Knowing the economy is rigged, the food and water is poisened, the kids are being indoctrinated, the media is telling lies. Actually being able to apply the opposite of everything you are told in the media and finding out that the opposite is in fact the truth. Watching all your freedoms being taken away and nobody seems to be bothered. Wondering why people don’t care enough for their children to ensure they have a future. Watching while your communities are being destroyed. Understanding that you are paying for your government to slowly kill you and yours whilst quickly killing others in other countries in illegal wars, acts of genocide that claim mainly women and children. Knowing that far more people die at the hands of their governments than die from any other cause. Realising that the world is run by a more powerful and murderous mafia than ever was portrayed in any Hollywood film. Understanding that we are all slaves trapped in the matrix.
I was stood looking out of my window the other day with all of the above lurking somewhere in my mind, as it usually does, and lo and behold there were the chemtrails in the sky and I thought wtf is going on, how can so many people not be aware of this. They’re spraying chemicals on us for f*cks sake and no one is saying anything – for a moment there I felt like I was living in a parallel universe.
“Founded in 1741, Wegelin & Co. is Switzerland’s oldest bank.”
this is big news indicator wise one would think
@Mother Earth – good idea!
5 th. !
( 5 is my favourite number as well as 17 )
I can turn bankers into dinosaurs, just hold one for me..
It does seem as if the world is not taking too much notice of America now. What is also interesting is the amount of criticism Israel is receiving, it’s like their power base is also diminishing. I reckon there’s some new bullies in town at the top (well not new as such but gaining power they previously lost perhaps).
http://www.corbettreport.com/articles/20090825_geithner_audit.htm
Everything’s OK! Watch the genius being interviewed.
First!!