Jim Willie That Is...
http://www.financialsense.com/contri...s-from-bondage
Snippet:
Credit Default Swaps: The bond insurance market is even more corrupt than the mortgage market. At least the mortgage arena contained some hint of regulatory oversight. The derivative market has none at all. Some fine analysts like Chris Whalen stated two and three years ago that without the derivative trade, the US banks would have keeled over dead long ago. They took in huge fees on contracts whose legitimacy and effectiveness are unclear. The ISDA has issued rulings on bond debt default that seem corrupt to the core. The next round of Greece Govt Bond writedowns apparently will feature CDSwap insurance responses in the form of awards in exchange for bond ownership, the inherent asset swap. Like the SEC and CFTC, the ISDA is loaded with bankers from the everpresent Wall Street revolving door. They will serve the banks at the expense of the system and economy. The interwoven nature of Western banking does not add to its strength, but rather exposes its weakness.
The claimed offset on derivative ownership is nonsense, as Bank A holds derivatives that cover Bank B, and vice versa. They do not cancel out for net neutral. Both banks are killed, neither able to aid the other. The payouts for Credit Default Swap contracts being enforced should cause tremendous additional damage to the entire financial system, from an imposed Greek Govt debt default and restructure. The Greek losses will strain the system to the hilt.
AND THIS...
Listen to the empty words of the last bailout for Greece. Credibility with the Jackass was lost back on the third bailout, well over a year ago, out of the six bailouts in total. Perhaps it is seven comprehensive final bailouts. The pattern is clear. The politicians, without popular support, forge agreements on debt coverage with the Greek officials. The deals fall through, hit the ground, and expose the lack of support even from the European bankers, led by the Germans. The pattern has been vividly clear for over a year, enough for my dismissal of new accords right away on the basis that the German bankers will not conform and agree to the deals struck. The political leaders in France (Sarkozy) and Germany (Merkel) are due to lose their offices, yet they continue to march around at useless summits attempting to cut last ditch agreements that mean nothing. The people are not willing in Germany to hand over any more than the $3 trillion to date, from the start of the common Euro currency experiment.
The bankers, like at the Bundesbank, should attend the summits, but that would be too obvious on where the majority of power is held. What is unfolding is a comprehensive Greek Govt debt default from the inability to contain the situation, the impracticality of the austerity budgets put in place, the wreckage that has come to the Greek Economy, and the intractable solution.
My view is the entire charade for two years has been a grand delay to enable the big banks to sell out of their bonds and dump them on the Euro [COLOR=blue !important][COLOR=blue !important]Central [COLOR=blue !important]Bank[/color][/color][/color]. Almost every bailout has been of bank assets in some sort of redemption, not budget assistance. The biggest question posed and not answered is: HOW ANGRY ARE THE OWNERS OF THE FEDERAL RESERVE AND EURO CENTRAL BANK TO ACCUMULATE AND OWN SUCH A MOUNTAIN OF TOXIC PAPER?? My German banker source says the Germans will make what seem like agreements or permit the politicians to make them, but the bankers will consistently obstruct them. He steadily stresses how Germany has wasted $300 billion in savings each year, is exhausted, and no longer is willing or able to provide national welfare for Southern Europe. They will write no more checks except what will successfully grab collateral prize properties. It has become obvious the Greeks will not hand over much of any property without lighting the city on fire. It is the end of the bailout road. A few months ago my firm position, stated in the newsletter, that the bailouts would end when the riots amplify. They have amplified. Conclusion: GAME OVER.
Kno's Comments... Please Read The Whole Article To Understand The CON Game being played on the Greek People and the World with the 100% Support of The FED...
http://www.financialsense.com/contri...s-from-bondage
Snippet:
Credit Default Swaps: The bond insurance market is even more corrupt than the mortgage market. At least the mortgage arena contained some hint of regulatory oversight. The derivative market has none at all. Some fine analysts like Chris Whalen stated two and three years ago that without the derivative trade, the US banks would have keeled over dead long ago. They took in huge fees on contracts whose legitimacy and effectiveness are unclear. The ISDA has issued rulings on bond debt default that seem corrupt to the core. The next round of Greece Govt Bond writedowns apparently will feature CDSwap insurance responses in the form of awards in exchange for bond ownership, the inherent asset swap. Like the SEC and CFTC, the ISDA is loaded with bankers from the everpresent Wall Street revolving door. They will serve the banks at the expense of the system and economy. The interwoven nature of Western banking does not add to its strength, but rather exposes its weakness.
The claimed offset on derivative ownership is nonsense, as Bank A holds derivatives that cover Bank B, and vice versa. They do not cancel out for net neutral. Both banks are killed, neither able to aid the other. The payouts for Credit Default Swap contracts being enforced should cause tremendous additional damage to the entire financial system, from an imposed Greek Govt debt default and restructure. The Greek losses will strain the system to the hilt.
AND THIS...
Listen to the empty words of the last bailout for Greece. Credibility with the Jackass was lost back on the third bailout, well over a year ago, out of the six bailouts in total. Perhaps it is seven comprehensive final bailouts. The pattern is clear. The politicians, without popular support, forge agreements on debt coverage with the Greek officials. The deals fall through, hit the ground, and expose the lack of support even from the European bankers, led by the Germans. The pattern has been vividly clear for over a year, enough for my dismissal of new accords right away on the basis that the German bankers will not conform and agree to the deals struck. The political leaders in France (Sarkozy) and Germany (Merkel) are due to lose their offices, yet they continue to march around at useless summits attempting to cut last ditch agreements that mean nothing. The people are not willing in Germany to hand over any more than the $3 trillion to date, from the start of the common Euro currency experiment.
The bankers, like at the Bundesbank, should attend the summits, but that would be too obvious on where the majority of power is held. What is unfolding is a comprehensive Greek Govt debt default from the inability to contain the situation, the impracticality of the austerity budgets put in place, the wreckage that has come to the Greek Economy, and the intractable solution.
My view is the entire charade for two years has been a grand delay to enable the big banks to sell out of their bonds and dump them on the Euro [COLOR=blue !important][COLOR=blue !important]Central [COLOR=blue !important]Bank[/color][/color][/color]. Almost every bailout has been of bank assets in some sort of redemption, not budget assistance. The biggest question posed and not answered is: HOW ANGRY ARE THE OWNERS OF THE FEDERAL RESERVE AND EURO CENTRAL BANK TO ACCUMULATE AND OWN SUCH A MOUNTAIN OF TOXIC PAPER?? My German banker source says the Germans will make what seem like agreements or permit the politicians to make them, but the bankers will consistently obstruct them. He steadily stresses how Germany has wasted $300 billion in savings each year, is exhausted, and no longer is willing or able to provide national welfare for Southern Europe. They will write no more checks except what will successfully grab collateral prize properties. It has become obvious the Greeks will not hand over much of any property without lighting the city on fire. It is the end of the bailout road. A few months ago my firm position, stated in the newsletter, that the bailouts would end when the riots amplify. They have amplified. Conclusion: GAME OVER.
Kno's Comments... Please Read The Whole Article To Understand The CON Game being played on the Greek People and the World with the 100% Support of The FED...
I didn't note that earlier.
