If debt grows off balance sheet does that debt exist? [UPDATED]

Posted on October 21, 2009 by stacyherbert| 22 Comments

Stacy Summary: Excuse my French, but WTF? H/t @Danny for this.

Nama to fall outside national debt

The decision by Eurostat means Nama will not increase the general government debt ratio and Ireland’s budget balance will not be directly affected by Nama.

Ireland turns into giant SPV

And so we now learn than Nama beast has mutated into a high-risk derivative game with ghost investors, imaginary assets and illusionary payoffs. We are, for all intent and purpose, in the BaNama Republic.

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22 Responses to If debt grows off balance sheet does that debt exist? [UPDATED]

Ah.Nix | October 21, 2009 at 8:53 am |

Scary I thought I read “Ireland turns into a giant STD.”

Never mind.
Youri Carma | October 21, 2009 at 1:59 am |

US Intelligence Agencies Now Spying on Your Tweets and Social Media http://tinyurl.com/ylsnfyv
gonzomarx | October 21, 2009 at 1:35 am |

U.S. Spies Buy Stake in Firm That Monitors Blogs, Tweets
http://tinyurl.com/yky4yl8
Chenjeshu | October 21, 2009 at 1:33 am |

A predictable outcome for metrics based reward systems.

Remember what Adam Curtis’s The Trap said? Basically if the leaders say that a reward is based on some metric, then that metric be manipulated since thats the basis for reward. Honesty, honor or an actual reality behind that metric isn’t rewarded, just the metric, so, a metric is all you get.
Phil | October 21, 2009 at 1:29 am |

@Youri .. don’t worry I will not be using it (twitter)

… especially as the CIA are all over it since the Iranian election !
Youri Carma | October 21, 2009 at 1:25 am |

@Phil TWITTER

I advice you not to use TWITTER (Bad spam about TWITTER has already begun)

If somebody send you a message on TWITTER there is a TWITTER “reply” button next to it so you don’t have to type the TWITTER reciepients name all the time. Didn’t even know that this could be punishable at TWITTER and I still doubt it but that’s what TWITTER says. If you think about TWITTER it’s just ridiculous to even talk about TWITTER…….but now you know about TWITTER

SO DON’T USE TWITTER ! TWITTER are Aholes!
Danny | October 21, 2009 at 1:16 am |

@Youri

Fall of the Republic torrents? You’ll probably be the first to know as always! not that I condone torrents mind you….ahem.

RE: NAMA

Max Keiser: “The American peasants have got to be the stupidest people in the world today”
You can add the Irish to that mate.

I don’t how significant this is but….
New York Stock Exchange brings 400 jobs to Belfast
http://www.belfasttelegraph.co.uk/business/business-news/new-york-stock-exchange-brings-400-jobs-to-belfast-14536076.html#ixzz0UYY8oQAl

Kowtowing to the crooks again?
Phil | October 21, 2009 at 1:15 am |

@Mini US … Yeah, sickening

He also had it th wrong way around :

…… “Never in the field of financial endeavour has so much money been owed by so many to so few.” – Phil
gonzomarx | October 21, 2009 at 1:14 am |

so Enron is now the model of “best practise”!!?
Well if Karzai is called a “statesman” for acting like the puppet he is then it makes sense.

Western export of the ballot box elixir is pure hubris
http://tinyurl.com/yfcog3h

The three fallacies that have driven the war in Afghanistan
http://tinyurl.com/yge8395
the 51% sited in the poll know that escalation will only make it worse as did the Defense Science Board Task Force put together by Rumsfeld in 2004.
full report http://tinyurl.com/4xsou
summary http://tinyurl.com/2je7n7

‘Never has so much money been owed by so few to so many’
http://tinyurl.com/yfm8vcv

Is poverty at 40 million — or 47 million?
http://tinyurl.com/ylaxbnm

Secret Service strained as leaders face more threats
http://tinyurl.com/yzb4uox
Phil | October 21, 2009 at 1:13 am |

@Youri … I allegedly used my back sending button to much?

What is that ?
) Never used Twitter myself
Mini US | October 21, 2009 at 1:12 am |

@Phil
Good video.
Makes you feel sick when you watch bankers joking about bankers don’t it.
Gufaw Gufaw Gufaw (banker laugh)
Youri Carma | October 21, 2009 at 1:09 am |

@Phil

Have been thrown of Twitter also for some silly reason a couple of days. Was thinking about Secret Service BS. Twitter is also a minion of the NWO.

Thinking about leaving them as soon as I can cancel my account. Havn’t made my desicion yet. But if I leave I will spam some bad publicity around.

Reason: I allegedly used my back sending button to much???? Never heard something more silly\ier than that and that’s why they suspended my account. What a load of Crap!
Mike2liverpool | October 21, 2009 at 1:07 am |

………………and yet the £ goes up!

I think the only thing Max & Stacy can do now is offer Me dinner in Paris to make up for their short comings………& throw in a French hooker as well.

Mike
Phil | October 21, 2009 at 1:06 am |

@maxkeiser

Yeah … I agree … Moore’s stuff is like impotence , AJ does it right !
Phil | October 21, 2009 at 1:04 am |

King warns bankers they need to reform

http://www.youtube.com/watch?v=1zJDWwpdl6g

… “Never in the field of financial endeavour has so much money been owed by so few to so many.” – BOE King
…

LOL … he quotes Churchill’s message delivered b>after the war was won … not before !
maxkeiser | October 21, 2009 at 1:03 am |

Analysis from Max Keiser, G. Edward Griffin, John Perkins, Wayne Madsen and others brings into stark contrast how a consistent continuation of the same financial policy across governments exposes their status as fronts for an evergreen financial cartel that has used America as it’s engine since the Federal Reserve Act of 1913.

While Michael Moore waves a general finger in the direction of “Capitalism”, without ever identifying who that really encompasses, Alex Jones grabs you by the scruff of the neck and and marches you straight into central headquarters of the culprits.

http://www.infowars.com/fall-of-the-republic-offers-mankind-a-choice-of-two-futures/
Youri Carma | October 21, 2009 at 1:02 am |

The Dollar Is Dying a Slow Death, Says Niall ‘Ascent of Money’ Ferguson http://tinyurl.com/yh3ka23
Phil | October 21, 2009 at 1:00 am |

@Youri … PBS link from Mep

PBS Web sites are currently unavailable.
We are experiencing technical difficulties with Internet connectivity.
We will restore service as quickly as possible.

Either they are over popular, or the PTB is at work !
-)

PS: maybe just normal maintenance of course !
Youri Carma | October 21, 2009 at 12:58 am |

A MUST SEE from Mep!

The Warning Docu history of Brooksley Born’s attempt to regulate OTC derivatives http://tinyurl.com/yftq4ol
Youri Carma | October 21, 2009 at 12:57 am |

The first will be the last.
Phil | October 21, 2009 at 12:56 am |

…“The preliminary decision of Eurostat means that the acquisition of the assets from the financial institutions by Nama may be treated as off-balance sheet in the budgetary arithmetic under European national accounting rules,” Mr Lenihan said in a statement.

Under the terms of the National Assets Management Agency Bill 2009, the agency will request that each financial institution create so-called special purpose vehicle (SPV) firms to work on the loans within each of the lenders….

Seems to me that the new World Economic Model ( TBA ) is … no relation to reality .
IMO, they will invent and announce a new Economic Theory soon …. called PPA : “Pure Phoney Accounting”
I wonder to whom they’ll award the Nobel Prize for this one ?
Aspadistra at Ashdown Forest | October 21, 2009 at 12:55 am |

That is a strange accounting practice, at least it is public knowledge — something not possible in the US at this time.