Credit card rates, property crashes and the UK’s hidden debt schemes

Posted on February 16, 2010 by stacyherbert| 37 Comments

Stacy Summary: Good morning, y’all.  An old friend of Maxkeiser.com is in the news along with Goldman and credit cards.  Any headlines in your neck of the woods?

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37 Responses to Credit card rates, property crashes and the UK’s hidden debt schemes

  1. Marc Authier | February 17, 2010 at 4:18 pm |

    Knowing the rats running Italia, if the Greeks were hiding 80 billion of debt, I am sure Italia is 10 times larger ! The whole system is just toast. Not just the Euro. Tutti quanti.

  2. Casper Studly | February 17, 2010 at 1:39 am |

    Comment following Keen article: “Time to buy gold and get out of debt.”

    Hmm. But I can’t imagine there’s too many users of this forum who haven’t already done so.

  3. Neville Bartos | February 16, 2010 at 6:15 pm |

    Steve Keen said the same thing last year. Just sayin’.

  4. frances snoot | February 16, 2010 at 2:09 pm |

    “Greece has to actually deliver, and is beginning to deliver,” French Finance Minister Christine Lagarde said late yesterday. “We cannot write a blank check.”

    http://www.bloomberg.com/apps/news?pid=20601087&sid=amfbglNkTgSA&pos=3

    France is in a privileged position to say just this: Lagarde is displaying a complete lack of humanity.

  5. frances snoot | February 16, 2010 at 1:58 pm |

    One big happy family!

    http://www.businessweek.com/news/2010-02-15/merkel-economy-adviser-says-greece-bailout-should-bring-penalty.html

    “Feb. 16 (Bloomberg) — Greece should lose voting privileges in the European Union if it gets a bailout from the 27-nation bloc, said the head of the business caucus of German Chancellor Angela Merkel’s Christian Democratic Union.
    As one of the EU’s 27 members, Greece would be able to block demands accompanying a rescue if the conditions are “too tough,” Kurt Lauk, the head of the CDU’s Economic Council, said yesterday in a phone interview.
    “If a country is in receivership, I think we need to introduce a rule that they are not allowed to vote while they’re in receivership — in the council or on any other issue,” said Lauk, a former member of the European Parliament, adviser to the investment firm Silver Lake and a former member of the board of management of Daimler-Chrysler AG.”

    How the Germans treat the ‘periphery’: nice.

  6. frances snoot | February 16, 2010 at 1:52 pm |

    that control will have consequences

    YIKES. Who wrote that Stratfor piece?

    http://www.stratfor.com/authors/dr_george_friedman

  7. frances snoot | February 16, 2010 at 1:49 pm |

    “And this leaves option two: Berlin bails out Athens.

    There is no doubt Germany could afford such a bailout, as the Greek economy is only one-tenth of the size of the Germany’s. But the days of no-strings-attached financial assistance from Germany are over. If Germany is going to do this, there will no longer be anything “implied” or “assumed” about German control of the European Central Bank and the eurozone. The control will become reality, and that control will have consequences. For all intents and purposes, Germany will run the fiscal policies of peripheral member states that have proved they are not up to the task of doing so on their own. To accept anything less intrusive would end with Germany becoming responsible for bailing out everyone. After all, who wouldn’t want a condition-free bailout paid for by Germany? And since a euro-wide bailout is beyond Germany’s means, this scenario would end with Germany leading the EU hat-in-hand to the International Monetary Fund for an American/Chinese-funded assistance package. It is possible that the Germans could be gentle and risk such abject humiliation, but it is not likely.

    Taking a firmer tack would allow Germany to achieve via the pocketbook what it couldn’t achieve by the sword. But this policy has its own costs. The eurozone as a whole needs to borrow around 2.2 trillion euros in 2010, with Greece needing 53 billion euros simply to make it through the year. Not far behind Greece is Italy, which needs 393 billion euros, Belgium with needs of 89 billion euros and France with needs of yet another 454 billion euros. As such, the premium on Germany is to act — if it is going to act — fast. It needs to get Greece and most likely Portugal wrapped up before crisis of confidence spreads to the really serious countries, where even mighty German’s resources would be overwhelmed.

    That is the cost of making Europe “work.” It is also the cost to Germany of leadership that doesn’t come at the end of a gun. So if Germany wants its leadership to mean something outside of Western Europe, it will be forced to pay for that leadership — deeply, repeatedly and very, very soon. But unlike in years past, this time Berlin will want to hold the reins.”

    http://www.stratfor.com/weekly/20100208_germanys_choice

  8. Marc Authier | February 16, 2010 at 1:32 pm |

    Your european politicians are quite consumate and total criminals arses indeed. Gordon Brown and his team should be put in prison like the nice folks at Goldman Sachs. These crook were paid commissions to perpetrate a fraud. I can bet you than many many many many more countries are hiding their debts levels. It would be really funny that Irelan used the same tricks as UK and Greece.
    Quite a confirmation that high finance is a criminal joke. And the criminals are in parlament and in banking. Scumbags politicians working hand in hand with scumbags banksters to ruin the people. It’s starting to look that Goldman Sachs specialize’s in fraud. The beauty of all this is the “Queen can do no harm.”

  9. frances snoot | February 16, 2010 at 12:34 pm |

    “He was followed by Defense Minister Karl-Theodor zu Guttenberg, who likewise spoke about the need to take action. What was important, the Minister pointed out, was that progress be made regarding the long-overdue reforms of the United Nations (UN) and the North Atlantic Treaty Organization (NATO). “We talk too much and act too little,” he criticized in a retrospective view of the failed attempts at giving a more effective direction to these international organizations. Inevitably, taking action would require a serious and controversial dialogue, which would involve the need to look beyond the horizon.”

    http://www.securityconference.de/TOP-NEWS.425+M5071e359d9d.0.html?&L=1

    http://www.thelocal.de/politics/20100207-25091.html

    “Of NATO, he demanded a change to the long-held principle of unanimity, under which all 28 members must usually consent to any action taken. Guttenberg branded it a ”cultivated absurdity.””

    “NATO chief Anders Fogh Rasmussen also spoke out in favour of a major shift for the alliance, saying it should deepen its ties with China and India in order to boost struggling missions such as Afghanistan.
    “This is a key lesson we are learning in Afghanistan today,” Rasmussen said. “We need an entirely new compact between all the actors on the security stage. India has a stake in Afghan stability. China too.”
    NATO and its partners have more than 110,000 troops in Afghanistan, but they have been unable to put down the insurgency more than eight years after a US-led coalition ousted the Taliban from power.

    “We cannot meet today’s security requirements effectively without engaging much more actively and systematically with other important players on the international scene,” Rasmussen said.”

    US acting unilaterally, Marc?

    “Guttenberg said the “thumbscrew of sanctions” may now need to be tightened and urged China and Russia not to oppose such sanctions in the UN security council.
    The chairman of the conference, former diplomat Wolfgang Ischinger, also expressed dismay, saying: “I interpret this as a threat.””

  10. Dedo | February 16, 2010 at 11:34 am |

    @Stacy,..I suppose compared to his $100 million (1.5 billion in adjusted) at his peak,..he was broke! : )

  11. Bonn | February 16, 2010 at 11:18 am |

    @ stacyherbert
    Not if he had his money in Madoff
    ROFL
    Hic ;-) Ifs and buts is a moot cause

  12. stacyherbert | February 16, 2010 at 11:15 am |

    @Dedo – Livermore died with about $5 million left to his fortune; depending on which inflation adjustor you use, in today’s dollars that would be over $75 million

  13. Dedo | February 16, 2010 at 11:09 am |

    @Phil,..listening to the show now,..just heard the stories regarding Livermore going broke are fallacious!
    I also remember Stacy commenting on that a while back,…
    anyway,..must get back, over and out! : )

  14. Bonn | February 16, 2010 at 11:05 am |

    By executive order of President Harry S. Truman the U.S. dropped the nuclear weapon “Little Boy” on the city of Hiroshima on Monday, August 6, 1945

    Hmmm Errrrr “Hey what was tat noise in ta milky wave ?”

    Hmmm Errr

    1947-Roswell UFO Crash

    Hmmm Errrr
    ROFL
    Hic ;-)

  15. Phil /Germany | February 16, 2010 at 10:44 am |

    Greek people resist paying for crisis

    Engdahl : Goldman helped create Greek financial crisis and now EU and IMF want people to pay
    http://www.youtube.com/watch?v=ofpUHP82sjk&feature=sub

    Engdahl makes the point I made last week about the EU’s ECB not having “Government power” .. interesting discussion.

  17. gonzomarx | February 16, 2010 at 10:37 am |

    Lockheed Martin Takes Out Full-Page Ad Memorialising Murtha
    http://tinyurl.com/ygsv562

    “we owned the dickens out of this guy, and we’ll own whoever comes next, and we’re not at all embarrassed to use this man’s death to brag flamboyantly about our prominent role in the military-industrial complex”

  18. TJ | February 16, 2010 at 10:35 am |

    The BBC has “all” the answers lol

    http://news.bbc.co.uk/1/hi/7485331.stm

  19. stokyo jake | February 16, 2010 at 10:26 am |

    Japan still world’s No. 2 economy with 4Q GDP jump

    http://hosted.ap.org/dynamic/stories/A/AS_JAPAN_ECONOMY_ASOL-?SITE=YOMIURI&SECTION=HOSTED_ASIA&TEMPLATE=ap_national.html

    Still No.2 at fixing the economic figures, more likely.

  20. gb | February 16, 2010 at 10:26 am |

    interesting –
    British sources: ‘Irish’ assassins in Dubai were likely Mossad agents

    http://www.haaretz.com/hasen/spages/1150127.html

  21. stokyo jake | February 16, 2010 at 10:20 am |

    Fin Min Kan: Government, BOJ Have 1% Inflation Target

    http://www.nni.nikkei.co.jp/e/fr/tnks/Nni20100216D16JF694.htm

    These pols live in a fantasy world. We would also like to be smothered in butter and licked by angels.

  22. Phil /Germany | February 16, 2010 at 10:15 am |

    Just FYI …

    Euro Gold Price at all time high today : 818.02 / ounce

    http://tinyurl.com/ybwvlzj

    … even although the Euro hasn’t weakened against the US$ for the last few days .. Currently 1.36527 US$ / Euro.
    http://tinyurl.com/3d08

    Was at 1.35xxx a few days ago !

  23. stokyo jake | February 16, 2010 at 10:14 am |

    Sea Shepherd anti-whaling activist faces questioning by Japan Coast Guard

    http://mdn.mainichi.jp/mdnnews/news/20100216p2a00m0na006000c.html

    “He boarded the vessel without permission and demanded 300 million yen. I think it was a wanton and outrageous illegal act. I want to proceed with the matter while doing what we have to do,” Akamatsu said.

    This fjsheries minister is a real muppet. Welcome to 1984.

  24. Phil /Germany | February 16, 2010 at 10:13 am |

    Euro Gold Price at all time high today : 818.02 / ounce

    http://www.bullionvault.com/Buy_Gold.do?considerationCurrency=EUR

    … even although the Euro hasn’t weakened against the US$ for the last few days .. Currently 1.36527 US$ / Euro.
    http://www.xe.com/

    Was at 1.35xxx a few days ago !

  25. Hawkeye | February 16, 2010 at 10:11 am |

    Credit card debt is highly toxic. Not only is the interest spread outrageous at the best of times (more than 15% above base rates), but it perpetuates “debt for consumption” not debt for investment.

    As the UK PFI article states, the most dangerous thing you can do is use debt to pay your running costs (worse still is using further debt to service your debt payments – such as debt consolidation services!).

    Perhaps the rise in credit card rates for the UK is less a reflection of past defaults, but more a concern over future debt defaults!

    @ Mike: ToB on its way?

  26. Phil /Germany | February 16, 2010 at 10:11 am |

    @Dedo … hope you listened to that other video ..

    http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/2/15_Jim_Sinclair.html

    You will not regret it !

  27. Dedo | February 16, 2010 at 10:06 am |

    This is Phil’s fault, (he got me onto this guy) here’s an interesting talk:
    http://www.youtube.com/watch?v=jlpEK8jNPLA&feature=related

  28. Mongo | February 16, 2010 at 10:06 am |

    This is scary shit…

    http://bit.ly/d8NaPd

  30. Bonn | February 16, 2010 at 9:49 am |

    According to David Icke nonsence i read / saw we were once part of a race which was in ta 21st dimension or some stuff like tat
    Just fer kicks we back to 3rd level by desighn or by conning dont knows
    Looks like its more of conning
    Hic ;-)

  31. Dedo | February 16, 2010 at 9:48 am |

    @Phil,..I came across this while looking for “The invisible hand of Government”
    http://www.youtube.com/watch?v=npgpD7Saf0M
    BTW: Psychopath = innate inability to feel deep emotion and app’ traits
    Sociopath = learnt inability to feel deep emotion(which causes dissonance) and app’ traits
    A large number of the population being suckled at the teet of a psychopathic mother(system), develop said traits.

  32. Bonn | February 16, 2010 at 9:47 am |

    @ Mongo
    I might have good NEWS on the after life thingy
    ROFL
    Hic ;-)

  33. Mongo | February 16, 2010 at 9:46 am |

    .. A BETTER afterlife I should add.

    Btw, can anybody explain why there were 0 failed banks according to FDIC last week?

  34. Mongo | February 16, 2010 at 9:44 am |

    I deem this world a EPIC FAIL!

    Let’s hope there is an afterlife

  35. doomandbloom | February 16, 2010 at 9:44 am |

    I want Goldman’s head on a platter……it dont matter if they are Gods!

  36. Bonn | February 16, 2010 at 9:39 am |

    Gutten morgen Frauline Stacy Herbert !!!!!!!!!
    Hic ;-)

  37. Bonn | February 16, 2010 at 9:38 am |

    Unos
    Baalbek Ruins
    Hic ;-)