£50 notes, Saudi defaults, Revenue targets

Posted on December 7, 2009 by stacyherbert| 70 Comments

Stacy Summary: Despite the ‘recovery,’ it sure seems like there is an awful lot of panic and scrambling going on in the background.  Rats abandoning ship; hoarding of £50 notes; Saudis not playing the foreign creditor game . . .

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70 Responses to £50 notes, Saudi defaults, Revenue targets

  1. Fight On! | December 7, 2009 at 11:45 am |

    “embarassment to NASA”???

    NASA hasn’t built a new manned space vehicle in nearly 40 years.

    The space station project is a multi-billion dollar falling tin can which has very little science and nearly no impact on the private sector.

    They finally get close to getting the station project completed and then they ground the only space vehicle capabile of reaching the station and bringing back produced supplies (the shuttle orbiter can land 20,000 pounds of material).

    So, what exactly is this NASA embarassment?

    How about sending a spacecraft to Mars and having it burn up due to wrong math?

    How about sending a sample return mission into the Utah desert because the parachute doesn’t open?

    How about flying Hubble with a mirror that was polished wrong?

    Hansen’s boss… what a moron.

  3. TJ | December 7, 2009 at 9:27 am |

    @Dedo

    What a thrill..!!

    Well, my cat just told me that if bring home any more stray ladies, she’s walking right out the door ;-)

    @ Frances… Fanx

    Just in from Mardid, need a short kip. Catch ya later….zzz

  4. anything but green.again | December 7, 2009 at 8:58 am |

    Draghi’s on the list:
    http://economycollapse.blogspot.com/2009/05/greece-bilderberg-2009-attendee-list.html

    http://www.larouchepac.com/news/2008/11/19/mario-draghi-mastermind-g-20-plan-world-surveillance.html

    http://www.thetrumpet.com/index.php?q=6105.4499.0.0
    The Vatican, Germany and Global Regulation
    April 13, 2009 | From theTrumpet.com
    There’s something sinister about the linkage between the Vatican, certain German elites and the regulatory power that Anglo-Americans have yielded up to the EU-controlled Financial Stability Board.

    Mario Draghi became famous as “Mr. Britannia” in January 1993, when EIR exposed his participation as a government official in the June 2, 1992 meeting on the British royal yacht Britannia, off Italy’s territorial waters. At that meeting, bankers from the City of London and Italian businessmen discussed future privatizations.

    At that point, Draghi was director general of the Treasury Ministry. Under the Ciampi government, he was then appointed head of the Privatizations Committees, and oversaw all privatizations. He also authored a reform of the 1936 banking law that eliminated all firewalls between commercial banking, insurance, and investment activities, and a liberalization of the stock market that allowed hostile takeovers. Eventually, he left the Treasury in 2002 and became European Director for Goldman Sachs.

  5. Phil /Germany | December 7, 2009 at 8:24 am |

    Audio from Dec 4th. 2009 – John Williams on KingWorld

    Says –> the system can’t be saved !

    … Walter J. “John” Williams was born in 1949. He received an A.B. in Economics, cum laude, from Dartmouth College in 1971, and was awarded a M.B.A. from Dartmouth’s Amos Tuck School of Business Administration in 1972, where he was named an Edward Tuck Scholar. During his career as a consulting economist, John has worked with individuals as well as Fortune 500 companies. In this interview John discusses looming hyperinflation, staggering unemployment, the reality of the US economy, the Fed’s inability to stimulate the economy, consumer’s inability to spend, the coming collapse of the US Dollar, how listeners need to prepare themselves for this crisis, the Fed’s debasement of the Dollar, an intensifying great depression, disappearance of cash as we know it and more.
    ….

    http://kingworldnews.com/kingworldnews/Broadcast/Entries/2009/12/4_John_Williams.html

  7. frances snoot | December 7, 2009 at 8:03 am |

    @TJ:
    You think THAT is boring???

    A–HAH! This is an important link…
    …albeit, boring boring BORING!

    12 key International Standards and Codes FSB Framework new financial system:
    http://www.financialstabilityboard.org/cos/key_standards.htm

  9. TJ | December 7, 2009 at 7:53 am |

    Boring…..zzzzzzzzzzzzzzzzzzzzz

  10. dan valley | December 7, 2009 at 7:50 am |

    @Mongo…below are some of his sites…he was at nasa in the capacity of a hydrogen specialist.

    http://www.hgvengine.com/

    http://www.carwaterthai.com/index1.html

    http://www.pantip.com/cafe/chalermthai/topic/A8570914/A8570914.html

  13. frances snoot | December 7, 2009 at 7:37 am |

    The FT says the FSF secretariat is thinking the unthinkable…

    @Anything;
    Yes, Draghi was thinking the unthinkable and now he gets to do the undo-able, right smack in the beginning of any hope for a recovery. Will spintail the economies into a deflationary spiral.

    Good Lord. China! (The mandates are global on 01/01/2010)

    funny what krugman wrote in that last link:
    Paul Krugman says this paper was written by Draghi himself, but it is not action plan, more like a shopping list. This is how he put it: “To exaggerate a bit, it’s sort of like saying that the Pentagon has plans to invade Canada; I’m sure it does — you never know what might happen — but it’s not on the to-do list.”

  14. frances snoot | December 7, 2009 at 7:34 am |

    @Anything:
    I think I decided to plague Stax and Max mostly.
    8)

    Would love to read up on the criminal activities of the FSB and Draghi’s cartel. But don’t know how to find anyone brave enough (or still alive enough) to write about it.

    Where is everybody today? Must be the gold losses.

  15. Bill Stewart | December 7, 2009 at 7:30 am |

    How come no charts for

    USDNZD
    USDAUD
    USDCAD

    there may be some pattern in the last 3 to 6 months showing permanent outflow…

  16. anything but green.again | December 7, 2009 at 7:27 am |

    @ Frances Snoot

    Thanks so much for keeping on top of the sdr/BIS stuff.

    Are you active on any other site? (Don’t mean to get personal or anything but…)

  17. frances snoot | December 7, 2009 at 7:24 am |

    http://www.eurointelligence.com/Article3.1018+M5c349069c1b.0.html

    “The FT says the FSF secretariat is thinking the unthinkable. Banks should disclose their portfolio valuation “to a common template” using common valuation methodologies. Second, the FSF takes the view that current price for asset-backed securities underprice the true cash flows (we think this is a highly debatable proposition). The two solutions offered are “breathing space through forbearance” – a temporary moratorium in payments – and outright purchases of assets to put a floor under the market (we think this is something the Germans object to). A third set of proposals deals with banks’ solvency. If banks are in trouble, the FSF paper discusses whether one could force them them to raise capital; or restrict dividend and bonus payments, public purchases of equity in the banks, and encouraging mergers between troubled and healthy banks. These policies would involve explicit taxpayer costs.”

    (Financial Stability Forum became Financial Stablility Board and retained the secretary, Mario Draghi, who had written the controversial report.)

  18. frances snoot | December 7, 2009 at 7:10 am |

    “As a representative of non-member states in the Basel Committee, the CBRC has been involved in the revision of the Core Principles and has played an active role in drafting the international standards.”

    CBCR=China Banking Regulatory Commission

    http://zhuanti.cbrc.gov.cn/subject/subject/nianbao2007/english/3.pdf

  19. anything but green.again | December 7, 2009 at 7:01 am |

    @ jack frost

    Thanks for this url

    JIMMY
    http://www.youtube.com/watch?v=MxbXIz1fTW0

    Jimmy says something to the effect that “America lost it when they lost Sunday. No Sunday, no family values.”

    We are socially engineered. Jimmy sees the game.

  20. anything but green.again | December 7, 2009 at 6:56 am |

    Somebody mentioned a clever guy, Hansen. Yes, he is terribly clever. The entire AGW cosmos is based on this one man’s claims.

    But what does the clever man’s boss say? Hard to hear above the noise.

    “Hansen’s former boss at NASA is now speaking out and says Hansen’s global warming warming alarmism is an embarrassment to NASA based on fraudulent science.”

    http://www.thehotjoints.com/2009/01/28/global-warming-alarmist-james-hansens-former-nasa-supervisor-calls-him-an-embarrassment/

  21. doomandbloom | December 7, 2009 at 6:55 am |

    @Max& Stacey…. I am up for beer on Sat (12th)…but will not be able to do the 19th :-( (

  24. dan valley | December 7, 2009 at 6:24 am |

    @Mongo….all of his source info is in Thai…Ill get my wife to find the links in the morning…I believe google has a translation service for page info…but the search initially has to be done in thai and sadly I cannot read /write thai.

  25. Mongo | December 7, 2009 at 6:16 am |

    @dan valley, understood, any sources?

    WWIII would be interesting given the fact that nobody believed it to be possible.. history repeats itself!

  26. frances snoot | December 7, 2009 at 6:04 am |

    “The move would follow a surge in bank lending in the first half of this year, encouraged by the central government under its broader 4 trillion yuan economic stimulus plan. But now the regulator, worried about a lending bubble, is cautioning banks to ensure their capital is adequate.”

    Again: no mention of the Bank of International Settlements, the Financial Stability Board, or the basel mandates. Ridiculous reporting (Rothschild affiliated press service)

  27. Danny | December 7, 2009 at 6:04 am |

    (sp error) there will (cringe!)

  28. Danny | December 7, 2009 at 6:03 am |

    @Macy

    I couldn’t finance a second London trip and I’m under pressure in the job that weekend. I presume they’ll be a live text/call/comment boards available for the show?

    Is the resonance offices up near camden or kentish town? I can’t be there myself but a friend whos a stock broker may be interested

  33. dan valley | December 7, 2009 at 5:51 am |

    @ mongo….one might be inclined to think so..but he says it has more to do with WWIII than anything Mayan.

  34. davem | December 7, 2009 at 5:46 am |

    @max & stacy

    Would be great to meet you – in a pub would be even better

    Whereabouts in London will you be?

  35. Dan | December 7, 2009 at 5:42 am |

    Gold will correct right now its no problem its just following patterns, will likley go down to 900

    but the policy is inflate therefore up is the only direction ultimate direction

  36. Mongo | December 7, 2009 at 5:31 am |

    @dan valley, escape pods… somebody has been watching too much of 2012

  37. Mongo | December 7, 2009 at 5:30 am |

    FWIW

    http://www.bloomberg.com/apps/news?pid=20601101&sid=acn4Wjin8jQk

    If this spreads.. gold will be pounded even further!

  38. Mother Earth | December 7, 2009 at 5:27 am |

    @dan

    This is for the telephone hygenists I presume..

    @Youri

    Opinie&Debat van NRC Handelsblad 5/6 december 2009 met de titel “Voor Kopenhagen begint nog even dit: de temperatuur op aarde is het afgelopen decennium niet gestegen” door de schrijver Leon de Winter.

  39. Youri Carma | December 7, 2009 at 5:23 am |

    @Mother Earth

    Do you have a link to this NRC Handelsblad article or was it in a hardcopy?

  40. dan valley | December 7, 2009 at 5:19 am |

    There is a Thai scientist that used to work for NASA hes come back to thailand to spread the news that the US govt. is building large escape pods and he is also selling hydrogen on demand conversion kits…remember Stan meyers…at one point he tried to sell the idea to NASA and they put the national security stamp on it….hmmmm

  41. Mother Earth | December 7, 2009 at 5:15 am |

    @Max

    Cool, I would like to interview you and Stacy about your environmental thoughts, am waiting for this Q3 zoom gadget..

    Maybe there is an audience in Holland, I have a very attractive location for a presentation for high end interested people..

    Traveling by train just became much more expensive which s*ks..

  43. Freemarkets | December 7, 2009 at 5:07 am |

    The smoke and mirror global banking fraud is creeking. Better to hold anything other than physical cash. The Uk is broke and has been for a long time. The Dubai event is only one of more to come!! How long can these state owned banks continue to take these massive hits? The world is in credit crunch, yet the Uk manages to borrow endless sums of cash? Where from??

  44. dan valley | December 7, 2009 at 5:03 am |

    Copenhagen ’09: hope’n'carbon…..

    Part of me wonders if we will run out of fossil fuels before we actually manage to make a difference in our carbon output…..ok maybe not coal.

    Hydrogen is a light, odorless gas, which, given enough time, turns into people.’
    -Edward R. Harrison

  45. Mini US | December 7, 2009 at 5:03 am |

    Hey Max and Stax.

    Sounds like a great plan, may have to fly in myself for a ‘Theakstons Old Peculiar’, the best beer in England IMHO.

    http://www.theakstons.co.uk/ales/

    “Event”, Its getting close hey. Jim Rogers says “Its time to dump the flawed USD. Thanks Danny for link.
    I think he’s getting bored and just wants to get on with it :)

  46. stacyherbert | December 7, 2009 at 5:03 am |

    @maxkeiser – actually, honey, it is next Saturday that we will be there . . .

  47. Joe | December 7, 2009 at 4:53 am |

    Copenhagen climate summit: 1,200 limos, 140 private planes and caviar wedges – Lots of hot air – Telegraph http://bit.ly/6SOxg9

  48. maxkeiser | December 7, 2009 at 4:51 am |

    stax and max will be in London for our radio show LIVE a week from this Saturday.

    Should we have an event of some kind? Meet before or after the show at a nearby pub?

    your thoughts . . .

  49. Mother Earth | December 7, 2009 at 4:38 am |

    Meanwhile back in the Phillipines..

    From own source: Huge mass killing of approx 60 people including Lawyers, Media, Women and Children…

    Martial law declared. It’s a US sattelite..

  50. dan valley | December 7, 2009 at 4:35 am |

    @Phil…After you have watched the report in full, you will begin to understand that the problems we have are POLLUTION and not Global Warming or Cooling….CORRECT.

    And as we are actually in a cooling phase…the greenhouse gases may be preventing another ice ige..hows that for irony.

  51. Joe | December 7, 2009 at 4:33 am |

    @Danny
    Good links! Especially the Daniel Hannan link

  52. Sinan | December 7, 2009 at 4:26 am |

    @Phil /Germany

    People all over the world are afraid that there is a bank holiday and their money will be confiscated. Check what happened in Argentina in 2001. I think it is a small scale of what will happen worldwide soon.

    Here in Turkey also a lot of people have withdrawn their money from the banks and they either bought physical gold or keep Euros at home.

    We also have shortage of notes here.

  54. Joe | December 7, 2009 at 4:13 am |

    Economic View – How Rising Debt Can Lift the Economy – NYTimes.com http://bit.ly/7B2af9

  55. Phil /Germany | December 7, 2009 at 4:09 am |

    PS@PETROPOLIS

    Here’s a link to their home page.

    http://www.petropolis-film.com/

  56. Phil /Germany | December 7, 2009 at 4:07 am |

    PS@PETROPOLIS

    After you have watched the report in full, you will begin to understand that the problems we have are POLLUTION and not Global Warming or Cooling.

    The Global Warming or Cooling is just a by-product of the basic problem of pollution !

  57. Phil /Germany | December 7, 2009 at 4:05 am |

    PETROPOLIS

    I watched this documentary on German Arte ( also French ) last night . Showed the unbelievable destruction caused by Oil Sands Industry !

    First television broadcast on Sunday
    December 4th, 2009

    The Franco-German TV network ARTE will be the first to air Petropolis on Sunday, December 6th at midnight (that’s 0:00 hrs between Sunday night and Monday morning). The broadcast is also available in Belgium, Austria, the Netherlands and Switzerland via cable, and will be re-aired on December 19th at 10:15 am.

    http://www.petropolis-film.com/blog/

    If anyone gets a chance , it is a MUST SEE , truly shocking !
    They turned a forest paradise into pure Hell !

    Here’s a short trailer :

    http://www.youtube.com/watch?v=eJI4voG0w1I

    Doesn’t do justice to the full report though !

  58. Youri Carma | December 7, 2009 at 3:57 am |

    Lithium for 4.8 Billion Electric Cars Lets Bolivia Upset Market http://tinyurl.com/yhafjhj

  59. Phil /Germany | December 7, 2009 at 3:57 am |

    @Off Topic

    Has anyone got an opinion on the new Rattansi & Ridley Show ?

    http://www.youtube.com/watch?v=h4xjCEekBT0&feature=sub

    I preferred Afshin Rattansi on his own personally !
    I’ve watched quite a few of them , and consider that they give their guests often too little viewing-time, and also consider their subjects fairly weak.
    A shame, I used to rate Afshin very highly.
    Why did he move from Al Jazeera ?
    ( IIRC, he was working for them )

  60. Mother Earth | December 7, 2009 at 3:56 am |

    @Stacy

    There is different competing forces at work at the same time. Whatever wealth Israel amasses with its innovation they have to translate into defence at some time, because the region hates Israel so much it is almost tangible. Innovations from Isreal are brilliant but they lack investment backing, I have been to conferences and never met one Israelite, the ones I know I contacted myself. Remember Israel was made possible / pushed through by Churchill who knew the region well..The writer I refer to Leon the Winter, that claims Isreal is there to keep Islam in check. I think he is right, but just replace Islam with oil merchants.

    Good one: http://www.youtube.com/watch?v=UnHqT8s82Mg

  61. Youri Carma | December 7, 2009 at 3:55 am |

    Unpaid loans on malls, hotels, apartments and home developments stood at a 16-year high of 3.4 percent in the third quarter and may reach 5.3 percent in two years, according to Real Estate Econometrics LLC, a property research firm in New York. That’s a bigger threat to regional banks, which are almost four times more concentrated in commercial property loans than the nation’s biggest lenders.

    No Escape From TARP for U.S. Banks Choking on Real Estate Loans http://tinyurl.com/ykxsluu

  62. Phil /Germany | December 7, 2009 at 3:50 am |

    Time for the Tories to skewer this wild belief in Keynsian nonsense

    Alistair Darling’s last big set-piece speech to the House of Commons was a genuine where-were-you-when-Kennedy-was-shot event. For it was during the April 2009 Budget that the Chancellor finally admitted the UK’s public finances had spiralled out of control…
    …
    …
    http://www.telegraph.co.uk/finance/comment/liamhalligan/6737530/Time-for-the-Tories-to-skewer-this-wild-belief-in-Keynsian-nonsense.html

    @Mongo .. LOL .. . yes IOUKs !
    ;-)

  63. Mongo | December 7, 2009 at 3:48 am |

    @Phil, so £50 is the biggest value available on a piece of paper? I thought there was up to 500…

    wow, sorry for my lesser knowledge in these matters but I thought “notes” meant something like IOUs or something (LOL)

  64. Phil /Germany | December 7, 2009 at 3:45 am |

    @doomandbloom … over 1,000 investment bankers have quit RBS this year

    Posted that yesterday …. here’s the follow up …

    “We are not going to be held to ransom”
    BBC: Banks ‘face windfall bonuses tax’
    http://news.bbc.co.uk/2/hi/uk_news/politics/8398189.stm

  65. Phil /Germany | December 7, 2009 at 3:42 am |

    @Mongo … Can anybody explain the £50 notes?

    That is AFAIK the biggest Note in the UK.
    AFAIK, Euros have 1000′er Notes , 500′er Notes certainly.
    It simply means people are withdrawing large quantities of CASH.
    My guess is hoarding and maybe secretly ( for fear of confiscation or tax ) buying physical gold.

  66. Adam Gibson | December 7, 2009 at 3:34 am |

    Mongo, what’s to explain? People are hoarding, as it said in the article. People don’t trust banks and there’s no reason to deposit when you get 0% interest.

  67. Mongo | December 7, 2009 at 3:25 am |

    Can anybody explain the £50 notes?

  68. stacyherbert | December 7, 2009 at 3:11 am |

    @doomandbloom – that’s good, we need a deflation in bankers; perhaps they could have some reality show of finding Brits unemployed by the financial disaster caused by bankers to then join the state run banks and try to do a better job

    @HookedonKoolaid – haven’t seen you in awhile . . . hi there!

  69. doomandbloom | December 7, 2009 at 3:07 am |

    The Sunday Times reports that, over 1,000 investment bankers have quit RBS this year, which represents around 5% of the headcount over at the bank’s Global Banking & Markets Division.

    http://news.hereisthecity.com/news/business_news/9649.cntns

  70. HookedonKoolaid | December 7, 2009 at 3:05 am |

    first!