GLOBAL LOOTING

Cyprus test market over, time to roll the scam out globally

looters

Another page at The Slog recording the building evidence of self-styled élites from America to Zimbabwe stealing from the citizen

See also – Page dedicated to the rape of the Coop Bank

GLOBAL LOOTING: MORGAN OF WALL ST PASSES ITS COST OF GUILT ONTO MAIN ST

By John Ward October 21, 2013

GLOBAL LOOTING: how Osborne’s Budget showed his fanatical allegiance to the Troikanaut mentality with two pernicious hidden clauses

GLOBAL LOOTING: Selling the poor folks’ jobs, and buying the things they paid taxes to create.

2edsparrotptnetAre two parrot-Eds any better than one?

As Ezak Hunt’s Hospital Closures Bill made rapid progress yesterday by promising ‘consultation’ hahaha with the local communities involved, there was ample evidence around the World of the shift of power from the labour of the majority to the capital of the self-appointed élites.

From the Earls Court development and spreading outwards across Borisconi’s fiefdom of London, subsidised housing designed to offer decent accommodation to the less well-off is being snapped up by the usual suspects. Over at Testosterone Pit, blogger Raging Bullshit  writing as Don Quijones has been reporting on the latest heist.

Last November, Spain’s social housing occupants got letters ‘consulting’ with them about a done deal: the government had sold their apartments to a group going by the name of Cibeles. Cibeles was a Greek goddess of nature and fertility, so given Lloyd Blankfein’s interest in doing God’s work, it will come as no surprise to you to know that Cibeles is….Goldman Sachs.

It doesn’t get any better than this. Spain gets into a mess by borrowing from Wall Street, which it then has to pay back at usury-level interest rates. Then Wall Street’s finest wait until Madrid is desperate before moving in to buy the apartments for a piddling sum: Goldman is paying €67,000 per flat, upon which it will sit for 2-3 years until the property market improves, before selling them at the estimated cost to the government of building each one originally – €187,000.

There is every chance, of course, that the Spanish property market will take forever to turn the corner. So stay tuned to a Goldman scam at some point aimed at hyping the Spanish, er, property market. As Lou Reed famously sang, “Somewhere, a landlord’s laughing ’til he wets his pants”.

Gored by the EC last year, Cyprus is now actively engaged in flogging State assets to the gargoyles. Greek Cypriot state sector workers walked off the job on Friday over the government’s privatisation plans. In return for 10 billion euros in aid to dig it out of bankruptcy, Cyprus has had to shut a major loss-making bank, and haircut depositors’ savings above 100,000 euros. Cyprus hurtled towards insolvency as a result of loyally buying Greek sovereign bonds…sales of which were steered by the Troika…a major part of which is the IIF…which is also heavily involved in the Spanish apartments deal.

Last month The Athens parliament approved legislation to privatise its electricity grid, and it looks like Athens Airport is going to the Chinese/Abu Dhabi consortium Fosun.

In Britain, ironically, an education system that was in my view f**ked up and dumbed down by fluffy post-modern education bollocks has produced a generation of forty-somethings who can’t join up the dots without someone showing them how to draw a line. That crumbling educational form was then starved for a decade by Thatcher, and buggered up still further by the Blairite syllabus-targets-numbers drive to ensure everyone had a degree, but nobody could think…or do plumbing.

Now Michael Gove is busy flogging off perhaps the most valuable piece of silver we have….the further education system. Once the envy of the world (when I was there, the engineering faculty was stuffed with Arabs, Russians and Chinese) it is now to become a purveyor of phoney Degrees in Zen treacle-bending from the University of Stonehenge.

They all want the munneeee. That’s all there is to see. So whyTF isn’t Labour’s leadership joining up the dots at PMQs and across the country?

Simples: because they’re scared to death. Scared to death of looking radical, or sounding passionate, or showing up the Emperor’s nudity….because after 2015, they want to be the Emperors for a bit. Labour has no strategy because it thinks only of tactics to score in the media. It has no principles because its principals have no ideas. And it has no ideas because it doesn’t want Middle England to be repelled. It sucked up to Murdoch because it had no idea what to do with the BBC. It elected Blair leader because it had no idea how to get reelected as a proper Grown-Up radical alternative. All Miliband can do is woffle, and all Balls can do is parrot a slightly watered-down version of the neoliberalist crap he should be damning with deconstruction. But then, if your brother advises hedge funds, what else can we expect? Um, a Cooperative Movement owned by, er, hedge funds I suppose.

Parrot parrot parrot. I’m a clever boy then I’m a clever boy then, disappear the deficit disappear the deficit IwillIwillIwill, make EU work for UK make EU work for UK, Global Vision Global Vision parrot parrot parrot tweet tweet tweet.

This parrot is dead. Britain needs an Opposition that’s alive with new ideas and prepared to reject archaic dogma. This never has been and never will be The Labour Party. The world needs a new online socio-cultural movement before it’s too late.

It is almost too late already. Get real – or get screwed. It’s that simple.

GLOBAL LOOTING: Troika’s Greek pension-grab idea being worked up for the greater EU

dragfingerptnet

eupengrabA Brussels/Frankfurt EC document seen by Reuters proposes to use the savings of the European Union’s 500 million citizens to fund long-term investments, boost the economy, and help plug the increasingly large gap left by eurobanks since 2009.

The Slog exclusively revealed in April 2013 that Greek negotiators with the Troika had leaked the fact that the country’s lenders had tabled a pension/savings grab. Clearly, the idea hasn’t gone away…either in Athens or at the ECB. Three days later, these columns revealed wide awareness among the european markets and the euroélite of a massive outflow of investment funds from the eurozone area. At one point last year, Mario Draghi quietly suppressed capital flight data for four months.

Now the situation is desperate, and desperate measures are very much back on the table.

“The economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment,” said the document, seen by Reuters. The European Commission will soonask the bloc’s insurance watchdog for advice on a possible draft law “to mobilize more personal pension savings for long-term financing”, the document said. After the May euroelections, naturally.

But the best bit of Orwellian doublespeak in the leaked file is this one: ‘the Commission will consider whether the use of fair value, or pricing assets at the going rate, in a new globally agreed accounting rule, is appropriate, in particular regarding long-term investing business models’.

Yes fellow citizens, reality and market valuations are no longer appropriate…we’re bust, so we need a new globally agreed accounting rule.

Like, for instance, the value of gold in central bank balance sheets? Look at the price of gold – £27 up in ten days:

goldgraph14ptnetIs this another Draghi/CEntral bankers’ directionalising exercise before the next revaluation of gold? Get the punters in, sell off, watch them panic, buy again at £650?

You read it here first.

Also related from the archives: plugging the gap with gold

GLOBAL LOOTING, STAGE 3: Beware – we’re all rich now.

creditors“It is not the purpose of European monetary policy to ensure solvency of national banking systems or governments and it cannot replace necessary economic adjustments or bank balance sheet clean ups,” the Bundesbank announced to an anaesthetised world yesterday.

Most people have now forgotten, but until Gordon’s Barmy Army jumped all over Mervyn King after Northern Rock’s 2007 foundering, our own central banker had this to say:

“It is not the job of the Bank Of England to bail out banks taking wholly unwarranted risks.”

King’s point was that Northern Rock CEO Adam Applegarth was a pillock whom he had warned about stupid wholesale market borrowing. Privately, he felt the bank should fail (pour encourager les autres) but the savers be protected. Brown and Darling said no for entirely political reasons. Then Lehman and TBTF happened. The rest is history, and often complete mystery.

So then: we have had ‘banks should clear up their own mess’, ‘governments should protect the savers’, ‘government will guarantee deposits’, ‘taxpayers must bail out TBTF’, ‘policy makers are not responsible’, ‘central bankers are merely guardians’….and more latterly, ‘depositors are just another set of creditors, the rich must be made to pay for banking failure’.

In short, six years ago we would be protected, but now we’ll be raped. And I say ‘we’ there, because there are two gigantic holes of hypocrisy in the German Bundesbank’s argument:

1. The BB’s calculation of ClubMed wealth once again trots out this German myth that they’re only poor ikkle Huns weally, whereas all those nasty greasy olive-skinned ClubMed Üntermenschen have enormous palaces which they should sell before asking us for any money. (‘And the French too’ left unsaid, but clearly intended).

It is, over the years, the self-pitying talent for misplaced sanctimony that I have found by far the most grating personality flaw of the German banking and political élites. (Their footballers do it too – rolling about and falling down to get key opposing players sent off). The truth is as always more even-handed: ClubMed citizens have been made to look rich by the valuations put on their properties. In reality, they’re paying mortgages on those properties (not enjoying outright ownership) most of the loans are underwater, and nobody in their right mind wants to buy any property there today at its book price. Strip out housing (let’s get real here, you can’t eat bricks and mortgages as if they were fish and chips) and southern Europe is dirt poor compared to the Bundesrepublik. Throw in the pension expectations, and the Germans are easily the wealthiest of the EU Big League.

2. BB’s use of the word ‘rich’ is exactly that: rich. They and the Sprouts tried this same ruse in Cyprus by saying (a) the money there was all Russian and crooked, and (b) people with £100,000 in an offshore island account are simply rich tax evaders by any other name.

The entire description (still widely in use today) is a heinous myth: the dirty money got out – we still don’t know precisely who tipped who off, but we know that Schäuble lied about being unaware of it – leaving often expat, retired depositors to pick up the tab for things done by Franco-German EUnatic currency megalos and crooked pols back in the late 1990s.

Since when did a pension of £20,000 a year plus £100,000 as a hedge against inflation make somebody ‘rich’? Statistically, it makes them poorer than every single Eurocrat employed at middle level and above in Brussels and Berlin.

The process is so obviously clear to anyone who’s awake, the fact that Wiedemann and his mates get away with this sort of tosh is depressingly conclusive evidence that most EU citizens with a moderate savings pot are away with the Fairies. Two movements are now taking place before the locked-off camera of this farce: Sovereigns and central bankers are quietly but quickly exiting from the spotlights…and the citizenry are being nudged into it, blindfolded.

Government-protected savers have become first, risk-taking investors, and then creditors. And to make the whole thing sound vaguely justified, those retreating out of the limelight are positioning ordinary people as carpet-bagging mafiosa. It’s almost too wonderfully silly to be real.

The terror of the predators

turns Ministers into traitors

and savers into creditors

with bureaucrats as spectators.

Earlier: Sloggers sent to bed happy as Jeremy Hunt’s payday evaporates

GLOBAL LOOTING: a year on, it is real….and has more slithery tentacles than Newscorp

NYeve2012I wrote the above post almost exactly a year ago today. The piece looks odd today in some respects, but the prediction and the question remain: they’re going to steal from us, and if they do, who will consume with sufficient enthusiasm to keep the show on the road?

There are times when each year feels like another twelve months lying face-up beneath Madame la Guillotine, watching the razor-sharp blade head towards one’s neck. But in many ways, 2013 consisted of a sort of grudging, anger-inducing admiration (on my part anyway) for the myriad scams these people invented in order to soften us up for The Final Heist. And today, another of them has been uncovered.

It’s been revealed that millions of people are being ripped off by government agencies forcing them to use premium rate phone lines. Currently, a third of customer telephone lines across Central Government use higher rate numbers with half of those lines serving the poorest people. More than 130 million calls from the public are being charged at a rate of up to 45p per minute at an estimated total cost of £56 million a year.

Such “ideas” for making money are rarely thought up by politicians, because they don’t do detail, and they don’t have ideas. This little number will have been dreamed up by some sociopathic twannock in the Treasury…or more likely, one of the many consultants they overpay to make suggestions free of any content or ethics. No, this time – for once – we have the legislative Public Accounts Committee (PAC) to thank for telling Whitehall to stop it immediately.

The worst offenders were the DWP, the HMRC, Victim Support (a government-funded charity), the Student Loans Company (a privatisation) and the Bereavement Service. Amazing: are you unemployed, destitute, behind on your taxes, a rape victim, a penuried student or a grieving widow? Excellent! Call us now – and while you’re distracted, we’ll steal the pennies from your eyes.

The Civil Service (which alone represents 53% of Britain’s future liabilities) thus devised a way of screwing yet more money out of people in the sh*t thanks to their illegally gained pension emoluments doubling after 2006. What is the point of Name And Shame if the Sir Humphrey’s do not have shame anywhere in their lexicon of emotions?

“We will squeeze then until the pips squeak,” said Lloyd George in 1918. Except that he was referring to the Germans…and that mindset led to hyperinflation and Hitler.

They never learn. They just never f**king learn.

Earlier at The Slog: Research, statistics and interpretation are the fathers of invention

GLOBAL LOOTING: MORGAN OF WALL ST PASSES ITS COST OF GUILT ONTO MAIN ST

The real story of the capital controls that never were

dimontitleWonder if Main Street sees it the same way as Wall Street….

Below is a direct quote (with my emphasis) from a recent Market Oracle:

‘When an economy is excessively over-indebted and disinflationary factors force central banks to cut overnight interest rates to as close to zero as possible, central bank policy is powerless to further move inflation or growth metrics. The periods between 1927 and 1939 in the U.S. (and elsewhere), and from 1989 to the present in Japan, are clear examples of the impotence of central bank policy actions during periods of over-indebtedness.

Four considerations suggest the Fed will continue to be unsuccessful in engineering increasing growth and higher inflation with their continuation of the current program of Large Scale Asset Purchases (LSAP):

  • First, the Fed’s forecasts have consistently been too optimistic, which indicates that their knowledge of how LSAP operates is flawed. LSAP obviously is not working in the way they had hoped, and they are unable to make needed course corrections.
  • Second, debt levels in the U.S. are so excessive that monetary policy’s traditional transmission mechanism is broken.
  • Third, recent scholarly studies, all employing different rigorous analytical methods, indicate LSAP is ineffective.
  • Fourth, the velocity of money has slumped, and that trend will continue—which deprives the Fed of the ability to have a measurable influence on aggregate economic activity and is an alternative way of confirming the validity of the aforementioned academic studies.’

Unusually for me given the source, I agree with every word of it. So too do St Andrews Investments, and most of the wealth managers with whom I confer. The US continues to head for certain default because the underlying problem is not being addressed….and the banks are still out of control.

Taking that last point, read this from the Daily Telegraph at the weekend – with, again, my emphasis:

‘JP Morgan, America’s biggest bank, has reached a $13bn deal with US regulators to settle claims that it mis-sold bundles of toxic mortgage debt to investors in the build up to the financial crisis. The latest deal with JP Morgan was reportedly thrashed out on Friday on a call between Mr Dimon, the bank’s top lawyer Stephen Cutler, US Attorney General Eric Holder and his deputy Tony West. Mr Dimon had previously offered $11bn and was asking for a “non-prosecution agreement” that would end any criminal investigations.However, on Friday, he accepted the higher sum and dropped his main condition.

In dropping his main condition, Dimon has been forced to accept a massive set-aside – thought by some to be upwards of $39 billion. Obviously, the bloke felt he had no choice.

This is probably because JP Morgan made false statements and omitted material facts in selling $33bn of mortgage bonds to S&L houses Fannie and Freddie between 2005 and 2007 – the height of the toxic mortgage boom in the US when even unemployed citizens with no deposit were offered large home loans. It was a deliberate attempt to dump toxic crap onto banks favoured by less well-off Americans….a way, if you like, of getting John and Jane Doe to pay for Morgan’s own greed-fuelled and suicidal attempts to hit targets.

Yet somehow, once again no collars are to be felt. Mr Dimon is up there with Bernie Madoff in terms of knowingly defrauding hundreds of thousands of people. But he is too big to jail: he is not in the dock, he is not even being investigated yet. Worse still, the bugger is already on the case of passing the cost of Justice on to Main Street America.

Here’s how, in looking for a Washington conspiracy, the blogosphere got it wrong last week.

Two days before Friday’s grubby deal, Zero Hedge et al went big with the story that Morgan was introducing capital controls. Looked at more closely, however, the story doesn’t stack up. What the Pirate is doing sucks (as usual) but it has in my view nothing to do with CCs.

Consider: the new $50,000 limit on monthly cash activity is only being imposed on small business current accounts. And if SMEs do want that increased, they’ll have to pay for it.

Consider: as of last Friday, the bank’s business banking website shows that international transfers are still available -  but businesses will have to pay for them.

Getting the picture yet? For their mates in the big multinational sector, Morgan’s price increases will be either zero – or a fleabite on the backside. For SMEs, they’ll be a left-hook to the jaw.

As far as I can see, there are no capital controls here. What we’re seeing, as usual, is the cost of previous crookery in mis-selling to blue-collar and middle America being passed on to that very same group. Might is Right, and the small must fail. The cancer of our age.

The Feds will obviously realise this. And you’d sort of expect a supposedly left of centre Democrat US President to stop it in some way. Forget it: as I’ve insisted from Day One, there is no beef in the Black Dude’s sandwich, and no cojones downstairs in the trouser department.

Previously on this topic at The Slog: Getting closer to Guns & Hoses

GLOBAL LOOTING: Why we are very close to Guns & Hoses

riotitleI felt both vindicated and depressed yesterday when an American Slogger sent me this piece from Pater Tenebrarum, better known to many of you as as Acting Man. It appeared the day after my ‘exclusive’ on the IMF Lets Steal Ten Percent smoking gun document. It was exclusive to the extent that nobody else had written about it, although I now learn it had been published ten days previously. The fact that nobody noticed it may have something to do with its mysterious absence from the IMF’s website. You never know.

Some five months ago I started the dedicated Slogpage Global Looting after bouncing the idea off a long-suffering Greek acquaintance. I think it was a good choice of title, being simple, descriptive, and accurate. Last night, I became absolutely certain that it is also imminent.

As Acting Man rightly points out (along with many others) if Greek Bailout2 showed the bonds market you couldn’t trust the ECB any more, then Cyprus blew away any credibility Sovereign Bonds had as a store of value for investors. We are going to find the same here in the UK once the Great CoOp Rape gets under way. Ditto the Italians over Monte del Paeschi. And the Spaniards with money in Cajas.

Even worse, in their cynical but club-footed rebranding of investors as bondholders, the central banks have effectively declared that nowhere is a safe storage entity – let alone a store of value.

This would be a seriously destabilising problem in the best of worlds, so it’s worrying that we have been in the worst of worlds since 2004, when Greenspan allowed the slavering Bulls to continue on their gore-happy path. Looking back now, one can see that – in this, the Final Olé – the Picadors poking the Bull into the corner are about to give the coup de grace honour to the audience. This may seem surreal, but when Salvador Draghi is the set designer, it’s entirely predictable.

The facts are these – indeed, they have been for nearly four years. Western debt is a vicious circle in which the needs of the markets, the creditors, the politicians and the economies simply cannot be squared off. (I don’t include The People in those considerations: the MoU 3% don’t GAF about them).

If you starve the consumer and give to the shareholder, the markets stay high but so does the currency…and the economy remains in neutral. If you deliberately devalue the currency, you have to pay more for your debt. If you don’t invest in products for the future, your share of trade falls. Expensive debt plus falling trade = Raise Higher the Debt Ceiling, Carpenter. If you keep doing that (and don’t fix the underlying problem) the economy flatlines, traders lose faith in your currency, and China starts to cut you out of financial arrangements. They also one day start charging you more to borrow, because the certainty has gone.

The above summarises America’s position vis a vis Asia et al right now. The eurozone/EU position is very different in narrative, but precisely the same in terms of consequences. If you starve the consumer and stick a yardbrush up the bondholder backside, the economy slips out of neutral and into reverse. You have to pay more for your debt borrowings, but as you also have political obsession with supporting a silly currency, you lose even more share of world trade. If you decide to rape canny investors on a small Mediterranean island, the masses don’t notice but Big Capital does. Big Capital deserts the eurobanking system, and investment grinds to a halt.

The outcome on either side of the Pond is very straightforward. You used to borrow from bankers, but they’re all broke. You used to raise income taxes, but that loses votes and reverses the economy further. You used to borrow from bondholders, but they no longer trust you.You used to have an inexhaustible supply of Asian bondholders, but they think your dead in the water anyway. They doubt whether you can repay the debt…and you know damn well you can’t because you passed Third Grade mathematics….and you have access to the real data.

As regulars will know, I believe the only route left for Central bankers after 2012 was to redefine gold’s future bank-asset value upwards while manipulating its market value downwards. This they are about halfway through doing, and the second half is I suspect about to start. It’s a neat trick – not to say an outrageous fraud – but as always, it shuts out the investor yet again. Sooner or later, if you manipulate everything in your favour – with Zirp, QE, gold cheating, Libor, subordination and all the rest of it – nobody’s going to give you any more money: and just as relevant, nobody can make money for their clients.

So the only route left for Sovereigns and CBs is to steal it – that is, apply a 10% or whatever levy on Citizen Capital and current/savings bank accounts.

The only question I am left pondering this sunny morning is, “Will they do this before or after the stock market finally collapses down to its real value?” After giving this a nano-second of thought, the blindingly obvious answer is, “This is a major reason why they’re in such a hurry, you dolt – it’s increasingly obvious that without stimulation, all the major Western bourses would collapse the following day. So if they wait for that, there’ll be a lot less money to steal”.

Ducks are being placed in a row. The row has some gaps in it for the time being and it’s not an entirely straight row as yet, but it’s going to be before too long. While Bernanke has the holding option of more QE, Mario Draghi doesn’t. His acolytes very carefully released glowing figures on north European capital liquidity a fortnight ago, but in ClubMed and France, I understand they are dreadful. I don’t recall seeing those numbers.

In what may seem a haphazard process, I think a vaguely coordinated, central-banker/lender driven process is now under way. It’s a process I dub Killing the Lobster by testing the water.

The IMF has flagged up the levy idea. Chase Manhattan has given notice that as from November 17th, no customer will be allowed to transfer personal money abroad. My French bank Credit Agricole just hit me with a €200 a day withdrawal limit; it used to be 500. The Cooperative fraud is under way with a deathly silence about it throughout Westminster.

Before all that, we had subordination of Greek bondholders and the total destruction of the Cypriot economy beyond potato farming. Clearly (given the degree of desperation) the first major test-market will be the eurozone.

The trick here (as I have learned – and so have they) is to keep to a strict minority of people being affected at any given time. So it’ll be the eurozone for starters – not Britain, and not America or Australia. There will always be at least 80% of the world’s population who can see this as happening to somebody else. As most of us are driven by selfish and distracted denial, like the European Jews after 1935 we can keep on thinking “It’ll never be my turn”. And there will always, naturally, be political and media collaborators ready and willing to write claptrap about “blogosphere conspiracy theory fantasy”.

Will the West’s financial and fiscal mobsters be able to pull this off? On balance, my view is yes, in the short term they will. If they play their cards right in ClubMed, for example, those people currently destitute anyway won’t care a fig about any 10% capital levy, as 10% of nothing is nothing. Believe me, I have personal Greek and Italian experience of this attitude. Equally, as the IMF document suggests, a fair number of better-off people would rather give away 10% of their wealth to wipe the slate clean….rather than continue in a perpetual state of fear about being wiped out completely.

But the medium term problem is that to really deal the debt a mortal blow, Draghi & Co need to do more than slowly raise the Lobster’s water temperature until he dies unconsciously. Overconfidence will set in (as it always does with the boys and girls of Brussels, Berlin, Wall Street and Frankfurt) and then the riot police will be working lots of overtime.

I think there are two key factors here: the fact that the USA has an armed populace; and the stupidity of Berlin in driving the recruitment policies of Europe’s Far Right.

I’ll be analysing them in the very near future. In the meantime, enjoy the weekend and remember what I’m doing: converting as much cash as possible into assets.

Yesterday at The Slog: New poll explodes various Greek myths

GLOBAL LOOTING: IMF implicated as the source of the 10% EU levy scheme

levy2pt.TITLE

Mario Draghi the key to means and motive…as usual

An exclusive leak from the IMF is today presented by The Slog as almost certainly the source of persistent rumours that have swept Europe about a massive bank account-bailin across the continent. These began following a piece in Greek newspaper HEMPHΣIA last Monday claiming that “active consideration” was being given to the idea.

The internal document is clearly dated ‘October 2013′ and judging from the ‘finished’ look of the print, almost certainly due for publication. However, the last public report on the European region was in April, and the IMF site shows no mention of this new one at all.

The text is notable in that there is very clearly an air of encouraging the EC FinMins to adopt the proposal. Given that the IMF is on the verge of having a loan written off for the first time in its history, they would say that: but the tone is interesting…and is self-explanatory as to why the document doesn’t appear to have been published:

levy3croppaintWhile most informed observers have become immune to the cynicism of the Troika and the EC, some of the phraseology in this extract is indicative of intention unmoved by compassion: “and there is a belief that it will never be repeated”, “a large amount of experience to draw on” and so forth.

When first shown the document, I was struck mainly by the talk of a ‘household levy’ – which is different to the bank account idea floated in the Greek press earlier this week. But I understand from EU Brussels-based sources that the bank account option is the only one eurocrats and politicians will accept: it is seen as faster, more easy to effect, and “less visible” – which struck me as an interesting observation.

A fortnight ago, the normally watertight Mario Draghi made some significant comments during a press conference on EU economic performance. He remarked, “….the necessary balance sheet adjustments in the public and private sectors will continue to weigh on economic activity….” by which of course he means the unrepayable black hole of debt in the eurozone. Note also the words from the IMF analysis of the levy idea, ‘an exceptional measure to restore debt sustainability’. But Draghi continued, talking of ‘further decisive steps’, and making reference to:

‘…the funding situation of banks….In order to ensure an adequate transmission of monetary policy to the financing conditions in euro area countries, it is essential that the fragmentation of euro area credit markets declines further and that the resilience of banks is strengthened where needed….’

There is no smoking gun on this developing story as yet. But the evidence we do have before us adds credibility to the Greek media reports of earlier this week. To summarise:

Draghi’s greatest fear is the level of bank insolvency driving yet more capital out of the ezone peripheral States.

The IMF has a report as yet unpublished urging the EC to hit citizens with a levy before they can get their money out. As per the Draghi fear above, if the intention were known, it would of course be self-defeating.

Brussels sources confirm that such a levy is being considered, and would involve bank accounts not domestic taxes.

Christine Lagarde would do anything to anyone any number of times to avoid going down in history as the person who oversaw the IMF’s first massive debt write-off.

If you found the above useful, try this piece on the subject of bad banks

GLOBAL LOOTING: Polish Government ‘protects’ private pension funds….by confiscating them.

Looting’s newest euphemism: ‘pension overhaul’

Yesterday, the Polish state confiscated slightly under 50% of the private sector pension fund assets. In a new and even more bizarre form of Geithner Bazooka, given that the Polish Government has so much debt (and cannot credibly issue any more), the newly confiscated assets will dramatically reduce the debt-to-GDP ratio. Thus, with its debt halved, the Warsaw Government is in good shape to issue more sovereign bonds and get a high uptake…..thus landing itself yet further in debt. But at the private citizen-saver’s expense.

Although I could bill this as the never-ending-yet-never-happening wake-up call for the European populace, it isn’t really: on a brass-neck scale of nought to ten, the Poles are doing nothing different to the eleven out of ten scored by the US and UK….who handed out rescue monies using private citizens’ taxes, and in Britain’s case f**ked up a mutual bank so badly, it now plans to make ordinary investors in the Co-op Bank destitute with its first ‘Open Bank reconciliation’.

But it is a poke in the eye for those who persist in calling The Slog ‘alarmist’. Remember: as The Slog revealed here exclusively three months ago, a similar pension confiscation going direct to the private suppliers has been on the Troika’s Greek agenda for ages. Both Greece and Spain have, in turn, stolen the citizens’ social security and pension budgets to pay off debt.

When, one wonders, will people decide to do something about this slow, up-against-the-wall rape?

GLOBAL LOOTING: The numbers that all point to imminent bank bailins

Unpaid Greek bank loans exceed total Greek bank recapitalisation budget.

€4 trillion hole in the EU banking system

US Fed ships €1.3 trillion of prop-up money into eurozone

French debt is 174% of gdp

ClubMed debt is now mathematically unrepayable

“Ignore what they tell you,” a famous Wall Street trader once told Mark J. Grant, “just look at the numbers”. This was always the advice I gave to trainee advertising strategists: most people are bored by tables…decide not to be bored by the tables, and you will rule the Kingdom of the Blind.

As you’ll have seen from yesterday’s comment thread here, the Chairwoman of the EU Parliament’s Economic & Monetary Affairs Committee wrote to The Slog yesterday and denied there was any law on the Statute to enable a legal bailin. She did, however, admit that some existing legal instruments “are an issue”. I pointed out that they had no legal right to subordinate Greek bondholders or rape Cyprus, but they did it anyway. As to the Rapid Response Mechanism(RRM), she had no answer. It was however a very polite letter: it had an air of concern to it, in that MEPs were having to “insist” on this, that and the other thing. The truth is, it’s already too late for concern; as my original source asserted, all the mechanisms are in place.

We must now turn to more  evidence supporting the proposition that speed is of the essence in the minds of Brussels-am-Berlin and the ECB….and even Washington/Wall Street. You see, the Americans have done the numbers too. The ‘unlikely eventuality’ always referred to in EC proposals is a racing certainty. So, here are some key facts….and a lot of numbers:

* A German opposition SPD spokesman said on Monday, “By disputing the need for additional aid for Greece, the Chancellor is lying to the People before the election.” Well, fair enough, he would say that…there’s an election on. But the numbers here are very clear: last month’s approval of a new loan to Athens of €5.8 billion is a pee in the Pacific compared to the shambolic situation there. Non-performing bank loans in Greece now total €88 billion. These loans exceed the total funds set aside for the recapitalization of the Greek banks, €80.5bn. People contacted in the US and Europe over the last week provided a median capital shortfall estimate in the European banking system (that includes the UK by the way, a not inconsiderable part of it) of around €3 to 5.5 trillion. US investment veteran John Embry offered an uncannily similar figure at the weekend – $4trillion.

* Probably because of this widely held view, in July this year alone the US Fed deposited some €1.3 trillion in unspecified “European banks”. That’s €48bn more than they have committed to U.S. banks.This isn’t the first time the Americans have refilled some of Mario Draghi’s insane pit of debt. But this is big money, pop pickers. It might also explain why Uncle Ben’s Mice are keen to taper off the free money aka QE to the US markets.

* Italy’s situation is rapidly spiralling down the plughole: government debt rose to a new record €3trillion earlier this week. But that’s no problem, because the economy grew 0.3%, so that’ll fix it, hmm? And 0.3% of not very much is…have to hurry you…

* Portugal is desperately close to default. Its deficit has narrowed considerably, but it’s way behind on the debt payments. The debt to GDP for this year is forecast to be 123%. More to the point, the country is almost out of cash. If Portugal goes, Spain goes.

* One suspects that all this maraca-rattling about Gibralter is, as with Argentina and the Falklands, a handy diversion. Spanish bankruptcies are up 45%. Its economy contracted again in Q2, unemployment remains at 26%, and debt to GDP is running at 92%….up from 85% last year.

* Greek debt will reach 175% of GDP by the end of this year, according to data in the Economist. Two years ago the idea was for it to be 118% by now. Just a fraction out there, Ms Lagarde. Situation normal.

* The disaster that still dare not be mentioned very much in the media is France. France is very big, right? What do you think its debt to GDP ratio is – 85%? 115%. Try 174%. And its economy is contracting….just at the time Francois Hollande decides to, um, put up personal and corporate taxes. Novel, you have to hand that to the bloke.

%%%%%%%%%%%%%%%%%%%%

President Hollande’s reaction does raise a key issue in relation to debt repayment. It’s often ignored by the clever folks because it doesn’t use phrases like Open Bank Reconciliation via European Stability Something or Other Mechanism. It’s this: sod the debt, look at the revenues available to pay it off.

This is the Eurozone’s core problem: debts are rising, and revenues are falling.

Some of this is thanks to the Herman van Schäuble-Merkel Congolese school of econo-fiscal management, but the vast majority of it is down to the inability of debt holders, Sovereigns and banking firms to write off debt. This is turn is a function of the average very stupid person’s inability to extrapolate the effect of ever-more unmanageable debt. Oddly enough, the debt simply gets bigger. But to couple this with the Congolese approach to economic growth was a master stroke that doubled the rate at which debts got worse: because in this game, it’s all about the debt v revenue trends. Not rocket science, just the sort of mathematics accessible to most 12 year olds.

The simple truth is this:

1. The European banking system is nowhere near solvent.

2. The ECB is being propped up by the US Fed.

3. The Fed is tapering off support for the US economy, whose ‘recovery’ is a mirage, and still overshadowed by gigantic debt.

4. The entire ClubMed area is underwater with no hope of ever repaying debt based on the existing economic ‘model’ being applied to it. After Labor Day early next month, the Dow folks are back at their desks. I suspect their general view won’t be positive, about either the US or the EU. Shortly after that, Merkel will probably be re-elected. Always beware the politician who just got back in: that’s the very time they’re most likely to do something drastic.

5. In the next year or so, bank failures in both regions are a near-certainty. It is possible that the entire Spanish banking system could collapse.

6. The EC already has mechanisms in place that could railroad bailins through in the EU as a whole. In his Budget speech two months ago, Osborne directly referred to this as “the future model” for handling bank defaults. Either an emergency session of the E&MC or the invoking of the RRM in the eurozone could legalise a bailin in the eurozone tomorrow.

To suggest in this context that Sovereigns and central bankers won’t come after the cash in bank accounts and pension funds is to be like the Jew who decides to sit tight in Vienna as the Nazi troops march in. The idiotic thing is that there is nowhere near enough cash lying about among ordinary squeezed middle savers to pick up the tab for the mad banking and borrowing practices that have been allowed to become the norm over the last fifteen years.

The only sensible and logical conclusion would’ve been to write off that EU sovereign debt which was obviously unrepayable two years ago. But instead, the facade of sustainability has been maintained, and scorched-earth economics applied. Now we are going to be asked to pay for it.

We should not. Here in Britain the Co-operative rape has already begun. Next in line, I predict, will be RBS. The time to resist this was three months ago. So I suggest we start yesterday.

saynotoBBB

Yesterday at The Slog: How Osborne’s feelgood wheeze will rebound on him

 

GLOBAL LOOTING: How an EU regulation can become a law without MEP involvement

EC process and Brussels Mole confirm that a legal mechanism exists to fleece all of us in the event of a euro bank collapse

rehnexceptThe exceptionally unexceptional Olli Rehn

In this follow-up to the weekend’s bailin process adoption posts, The Slog fills in the remaining pieces of the jigsaw. You may think you are a member of a Democratic European Union. You are not. There are many easy ways to hide from the EU Parliament: bundling a Delegated Regulation Supplement into a larger package (eg, on banking union); or the meeting of an EC committee followed by “no response” from MEPs are just two…the RRM is another. All have the force of Law. Follow the timeline, observe the press statements, read the speeches….and make your own minds up.

Let me at the outset pay tribute to two folks here. First, my longstanding Brussels mole who has gone more than the extra mile here to point me in the right direction; and the indefatigable Anna Raccoon (great post today by the way) mistress of the art of deconstructing obfuscation.

There is certainly no call at all for any tribute to the EU’s own press officers and bureaucrats.  It’s obvious there is at least some degree of deliberate  obfuscation going on as regards the Bailin Law question. There is, for example, no clear line of responsibility between Olli Rehn (Economic & Monetary Affairs) & Michael Barnier (European markets). All their press officers – and the EU Parliament’s press office – are on holiday now until 23rd August. And since 19th July until 26th August, the MEPs are in recess.

All of which presents a question I’ve been badgering the Brussels Mole with since yesterday afternoon: how can a bailin law have passed if the EU Parliament is as usual out to lunch enjoying annual holidays?

To which the answer is: because many instruments in the EU do not need democratic approval.

Hold that thought, and then follow this timeline.

The story starts in Michel Barnier’s manor after Cyprus.  Quizzed by MEPs  on 27th May this year, his inquisitors formally recorded their view that his answers were “unsatisfactory and evasive”.

But behind the scenes, the one-off that was a template and then an untemplate was being hastily turned into a proposal. This is where one or more EC committees recommend something full of caveats to see if anyone will notice.

Three weeks later on June 17th, Reuters teased out some facts from sources in Brussels. The euro zone, it confirmed “is separately working on a law, called the bank recovery and resolution directive (BRRD), that will establish its own order in which losses are imposed on those who entrusted money to a failing financial institution.”

In typical EC style, it outlined four options ranging from bromide to draconian. EC proposals always put the thing they want to do last.

Within ten days (this is going at the speed of light for the EU machine) the full  EC Council decided on “a compromise”. While on the surface it looked very yes-and-no-with-reservations, as usual there was a disturbing Get out of Jail Free Card in small print at the end. My emphasis should be self-explanatory:

’11228/13 4 E
The Council’s compromise approach provides flexibility to national resolution authorities, subject to strict criteria and only in exceptional cases, to exclude liabilities and to use the resolution fund to absorb losses or recapitalise an institution. However, such flexibility would only be available after a minimum level of losses equal to 8% of total liabilities including own funds has been imposed on an institution’s shareholders and creditors, or under special circumstances 20% of an institution’s risk-weighted assets‘.
This is classic EC/ECB doublespeak: we will be flexible, but only after we’ve cleaned you out, dear customer: 8% of a bank’s liabilities (by the EU’s own liquidity rules alone) in a full-on bank collapse would be more than enough to wipe out ‘shareholders and creditors’ – which as of May, by some Divine Right of Banks, has been taken to mean us.
In EUspeak, ‘exceptional’ and ‘special’ both mean the same thing: ‘inevitable’.
On July 7th ,Mario Draghi addressed a hearing at Rehn’s EAMAC  as follows…..note the key word italicised: “until the regulation on the single supervisory mechanism (SSM) is adopted, we at the ECB cannot formally take decisions. In this context, it is my understanding that the supervisory accountability arrangements with the Parliament, in line with the SSM regulation, are nearing finalisation on the basis of a constructive stance by both parties.”
What does devious Draghi mean by finalisation and constructive behaviour? Exactly this:
‘In accordance with voting procedure on a Commission proposal, the qualified majority rule applies. If the vote is favourable (which is the case for the vast majority) The European Parliament and The Council of the European Union have 3 months to oppose the adoption of the draft Regulation by the Commission. If the European Parliament and the Council give their favourable opinion on the adoption or the 3 months elapsed without opposition from their side, the Commission adopts the draft Regulation. After adoption, it is published in the Official Journal and enters into force on the day laid down in the Regulation itself.
The first draft of the Barnier proposal was circulated on Friday May 3rd. The three months were up nine days ago. A draft resolution becomes law under this procedure when the regulation says so. This is the main contention of my source: he merely showed me where to look, thus saving me about a week’s work. But he also suggested other ways they could trump any MEP objections.
So I went to the EUParl press office site at the crack of sparrow this morning. And guess what? They’re all on holiday until August 23rd. There’s an emergency office phone with one bloke on call. It rang out, with no message service. But eventually I tracked down the bloke – Vaclav Lebeda – on his mobile. He was very helpful. And his input suggested yet another way in which such a regulation could become Law immediately.
Mr Lebeda said no, nothing had passed through the EUParl before the holidays….it (OBR procedure) is still due to be debated in the Autumn, with a view to becoming Law in 2014. He didn’t know what Mario Draghi meant by constructive cooperation between the Parliament and the Commission/Council. He didn’t seem evasive: he obviously just didn’t know.
“So if the Spanish banking system collapsed tomorrow, what would the EC and ECB do?” I asked Vaclav.
“Ah,” he answered, “That would then be defined as an emergency, and the EAMAC (Olli Rehn) would meet to take action. In exceptional circumstances, they could issue an emergency directive.”
There was that ‘exceptional’ word again. So I asked had there been any EAMAC meetings since the recess? He didn’t know, because (he very fairly pointed out) he was at the EUParl press office, not the EC or EAMAC office. And of course, they’re all on holiday too.
As Alistair Campbell might have said, “Yes, July-August is a good time to bury some bad news”. So I went back to the Mole, and this time he gave me another link dating from 2001. It related to something called the Rapid Response Mechanism. And it sort of makes the whole debate about “Proposal or Law” somewhat academic:
The European Council Regulation (EC) No 381/2001 of 26 February 2001 created a rapid-reaction mechanism, to be used in those ‘exceptional’ circumstances where ‘the action is immediate and cannot be launched within a reasonable time-limit under the existing legal instruments‘. Basically, it’s an Emergency Powers Act by any other name.
I have to leave the last word on this from my Mole….whose view, by the way, is unofficially corroborated by a long-standing Treasury-connected source:
“There are a thousand ways to ignore the EU Parliament. My information is that with some Parliamentary complicity, the proposal is in place as a regulation under the 3-month rule. But anyway, they could use the RRM,  or they could just do it anyway – for example, Draghi at the second Greek bailout, or the Cyprus fiasco. I can only tell you what I know: on this issue, the full backing of European Law is already in place to conduct an Open Bank Reconciliation (bailin) where they could choose to do anything”.
The caveats in the proposal suggest they would indeed do anything to save the banks and the euro. Let’s see what further evidence – in the blogosphere or the MSM – can be dug up to add further support….to what looks pretty solidly to me like a done deal.
I’m off to pick some fruit.
                                             Why the Bailin process is premeditated

GLOBAL LOOTING: The new EU bailin law was hurried through alright…but the template was premeditated

How imminent bank collapse fears forced the Eunatics to act

deutscheDeutsche Bank…..two left feet

It’s becoming clearer with each day that passes why the EC rushed its new bailin law through the European Parliament at the beginning of this month. When the US returns from vacations after September 2nd – and even more so once the German elections take place on September 22nd – we can expect to see the brakes come off eurobank insolvency. But this is a race against time: Angela Merkel’s fate hangs in the balance, and there are clear signs that the bomb might go off prematurely.

Almost exactly a year before the Cyprus bailout, EU Directive 2012/0150 COD was drafted with a view to creating a template for future banking collapses. Its proposals mirror pretty exactly what happened in Cyprus – viz, a prototype bailin. Written in June 2012, it points clearly to the conclusion that Cyprus was a premeditated crime on the part of Brussels-am-Berlin.

The most obvious reference in the document is this one (my emphasis):

‘In any case, if the institution under resolution fails and does not have sufficient funds to repay depositors, the universality of proceedings ensure the equal treatment of creditors irrespective of their nationality, place of residence or domicile…..In order to ensure the equal treatment of creditors, [EU] Company Law Directives contain rules for the protection of shareholders and creditors. Some of these rules may hinder rapid action by resolution authorities.

Brussels sources say those safeguards have been quietly, but totally, dumped. The new Law – part of a batch relating to the Monetary Union road map – is, if you like, a post-rationalisation of what happened in Cyprus. But it is also a preparation for what the Eunatics know is coming down the line. What started off as a premeditated plan has suddenly become a matter of urgency. Here’s why.

My Madrid source has been saying for several months now that the Spanish banking system is being quietly propped up by the usual Peter-pays-Paul bollocks Draghi comes up with. Global Economic Analysis blogger Mish sums up the reality thus:

‘Spain’s exposure to Portuguese sovereign debt and unrealized losses on real estate loans are two reasons a collapse is inevitable….Spanish bank exposure to Portugal today is higher than French bank exposure to Greece in early 2010….A restructuring of Portuguese sovereign debt similar to the one completed by Greece, which involved haircuts of over 50%, would wreak havoc on Spain’s banking system.’

Well beyond Spain, Europe’s biggest banks – which have more than doubled their highest-quality capital to meet tougher rules – still have a long way to go in order to satisfy EC/ECB regulators…hence all the scurrying about with rights issues of late. But ringing and Skyping around the Continent last Friday, three large banks were on most people’s lists….and seven were mentioned in all.

Perhaps one of the more surprising of these is Barclays (not domiciled in the ezone, but huge across the EU) in that many observers see the banks’ rights issue as likely to be a flop. This is accurately reflected by the fact that its shares closed nearly 6% lower after the bank said last month that it would issue £5.8bn in shares to meet new EU requirements. More disturbing are the recurrent rumours about “cans full of worms” in the bank, although there is nothing specific to go on.

The most worrying potential casualty – certainly for the inhabitants of the Chancellery – remains DeutscheBank. The main contention is that the bank has taken a colossal hit on currency swaps. Last month Max Keiser described the bank as ‘on suicide watch’, and in June FDIC vice chairman Thomas Hoenig called Deutsche “horribly undercapitalised”. German Sloggers continue to insist that DB is being secretly propped up with government money. There are of course elements in Frankfurt who would love to see more solid bad news from Deutsche to put the CDU completely on the spot; but they remain careful about what they wish for.

The third most commonly mentioned bank in the ‘troubled’ category is SocGen. Look at the numbers on French banking exposure to Greece, and you will see how massively the French dumped their toxic waste onto the ECB after 2010. In some ways, that’s bad for Greece (dumping Athens wouldn’t collapse the French system today) but like every country in the West, there’s lots of sub-sub-glub-glub underwater subprime in there.

In Italy, multiply bailed-out Banca Monte dei Paschi di Siena SpA is not widely expected to make it to the finishing line. Italy’s central bank continues its own Peter-pays-Paul version of the endless circulating money game with MdP, but that show is now so obvious to everyone, it’s hard to see how it can stay on the road, let alone finish up anywhere safe. Standard & Poor’s cut the ratings of 18 Italian banks during the last week of July saying the “recession will be longer than expected”. I must confess I don’t know of anyone who expected it to be short, but there you go.

However, the Slog favourite for Collapse of the Century so far remains Royal Bank of Scotland. I said last week that all this bollocks about the taxpayers getting their money back was, er, bollocks, and this morning Vince Cable as good as admitted that, by saying RBS “will be in public hands for another five years”. It’s actually going to be a large piece of Stonehenge on our backs, but let’s not split hairs. It is a gigantic collapse waiting to happen, and in my view it is inevitable. I really do not see how breaking it up is going to help.

Last but not least, The Cooperative Bank is technically insolvent already. As I explained recently, it is the Bailin Which Dare not Speak it’s Name down Westminster way, so dearly would all Parties in da House like this turd to be flushed away. But it refuses so to do….and the longer they dither, the worse  it’s going to get. Basically, what’s happening here is that ‘bondholders’ (who are really old and poor folks converted from depositors some time ago) are going to be treated the same as any trick-or-treat Hedge Fund, in order to bail out the larger account customers….who just happen to include the LibDems, the Labour Party, and the TUC. The Co-op and the Unions in turn bankroll a great many Labour MPs – including Ted Testicles himself, a bloke who isn’t going to emerge from this scandal with a nice smell attached to his body.

In short, thinking that the bailin template is a hastily flung together and somewhat academic exercise is fine if you want to lose the shirt off your back. Otherwise, withdraw such money as you can, and buy any asset that you can. It doesn’t matter if its canned food, gold or a motor bike: just do it – and get a move on.

In the meantime…..

saynotoBBB



GLOBAL LOOTING: The new EU bailin law was passed 8 days ago….did you notice?

Revealed: official details on how the EU will steal from us

lobsAre you a citizen with rights, or just a helpless crustacean?

Three beaming eurocrats – Barroso, Van Rompuy and Lithuanian Dalia Grybauskaite – emerged triumphant from a session two days ago, in which they mapped out the biggest bank heist in world history. This is to put flesh on the eurozone law hastily passed on August 1st (while EU citizens were on holiday) to deal with the inevitability event of a bank collapse. Under this draft proposal – which many expect to be applied to the entire EU – no depositor big or small will in future be able to feel safe with money deposited in a bank. The Slog now calls for those who represent us, across the entire cultural spectrum of European society – to do something.

In a barely read piece a month ago, the International Business Times reported on the rapidly drafted new EU law for “overhauling its policy on how banks receive bumper bailouts”. Be aware: this is an EU move, not a eurozone move: it is already law (it passed on August 1st) and although for now it applies only to the eurozone, it is an EU law. Hardly anyone has commented on this, but the approach being taken matches word for word the 3-card trick George Osborne used six weeks ago when he said:

“In future, taxpayers will not be called upon to bail banks out. It will be down to the creditors and the owners”.

The most remarkable example of double-speak to date, at the time I pointed out that creditors are taxpayers (they’re account holders, simple as that) and so as the Establishments daren’t ask us for higher taxes to bail out their mates in the banking system, they will take it via, if you like, Direct Debit. It is exactly the same principle of stealing the Troika wishes to apply to Greek private pension funds.

The initial piece at the IBT website noted that ‘Eurozone leaders agreed upon the major policy shift and also confirmed that the new rules will help protect the taxpayer and move the burden of bailing out the banks onto shareholders and junior debt holders.” Again, more bollocks: how will ripping your money out protect you? And note – junior debt holders…aka, you and I.

3monkropBut yesterday from the German site Deutsche Wirtschafts Nachrichten (German Economic News) came a piece reporting that all bets are off as far as the ‘guarantee of all funds under €100,000′ pledge is concerned. Under the current Lithuanian Presidency of Dalia Grybauskaite (seen left between a Trot and a poet), the proposal as drafted – and almost entirely ignored by the Western media – states as follows:

* Treatment will not be the same regardless of size of deposit, BUT small account holders will have to wait up to four weeks to get their money….’depending on how serious the insolvency is’. During that time, there will be a maximum withdrawal of €100-200 per day – again, perhaps less depending on the seriousness of the failure. (Based on the Cyprus experience, the haircut in the end will be at least 60%).

* The EU Parliament – allegedly – is demanding that deposits of €100,000+ euros should be confiscated within five days. (So much for MEPs offering us some kind of protection from the Sprouts).

* In the event of a banking collapse, all previous government commitments are null and void.  The force majeur of “exceptional circumstances” can lead to ways round such pledges. Part of the new plan suggests savers could also be subject to a ‘penalty tax’ if they have less than € 100,000 in the bank. (So much for Merkel’s promise to the German people).

George Orwell could’ve dropped acid and still not come up with a scheme quite so assumptive and brazenly deranged as this one. It is based on the following insane principles:

1. Putting money in a bank makes every citizen a creditor of that bank, equally prone to confiscation in order to repay….who exactly? The answer is, other banks it owed money. So it’s not really our money after all, it’s the banking sector’s money. After it’s been taxed by the Government, despite the fact that we earned it…it’s really all bankers’ money after all. Unbelievable.

2. If we are prudent enough to keep money in smaller amounts in lots of accounts, we will have to pay a ‘penalty tax’ – well of course we will: I mean, given it’s never our money really – we’re just borrowing it, or something – then quite right too. And because it isn’t really our money, we shall be given strictly limited spending money per day. The brass neck is beyond belief.

3. If you have been seditious enough in your life to actually make quite a lot of money legally, then within five days the money that was never really yours will be taken back by its rightful owners…the bankers….or the Government rescuing the bankers but without doing it in our taxes. Why five days – why not five seconds? I mean, it’s their money: we were just earning it for safe keeping, right? Of course we were.

4. Anything is an exceptional circumstance if they say it is. Even the Nazis in 1933 had to burn down the bloody Reichstag to declare a State of Emergency. In 2013, it requires just one dumb, over-leveraged, f**kwitted bank to collapse under the weight of its CEO’s ego, and we’re all pauperised by Law.

I think the time has finally come when we must give our legislators and ‘leaders’ here in the UK a gigantic kick up the jacksy. And I think the time has come for every decent organisation to mobilise even Wayne and Waynetta to GTF off the sofa and start making it clear to the scheming Wankers of Westminster that we’re not having any of this crap here in Britain.

As I tried to point out two years ago, this is no longer a political issue. This is a case of one simple rule by which decent citizens must abide: stealing things is wrong…especially when it’s done to repair your own stupid decisions in the past.

These are the questions we should address to everyone supposed to represent us, starting today:

1. To German Sloggers, demand Angela Merkel make the safety of ALL EU citizens’ bank money a solid Election pledge next month.

2. To the Christian, Jewish, Muslim and humanist leaderships of Britain: start an outcry in the media. Why aren’t you giving your parishioners more support? Where is the outcry about pilfering from innocent citizens? Where is the condemnations of illegal, amoral confiscation?

3. To the anti-EU Conservative Right, to UKip and its leader Nigel Farage, to our MEPs – especially Dan Hannan: do you realise the delayed referendum on EU membership will come far too late to stop this? When are you going to start spelling this out to your supporters and media contacts that this is now a matter of citizen survival? Why hasn’t there been uproar in the European Parliament about this? You guys talk a good game, but where’s the line in the sand?

4. To the TUC: Your members are about to be fleeced by the Co-op’s management, and stand to be ruined by the EU’s ECB-driven policy of slashing both the wages and assets of the European workforce. Can we have less political point-scoring, and more ecumenical organising action?

5. To the Labour Party leadership: show that you truly are our friend in tough times. Stop doing bloody focus groups and poncing about between the lines of bland policy statements designed to make you look harmlessly voteworthy. Come back off your holidays and take a stand – when are you going to start hounding Camerlot bigtime on this iniquitous policy? Or are you complicit in it? Please tell us.

6. To the whingers and it-won’t-make-any-difference-it’s-nothing-to-do-with-me brigade: sorry, but you just ran out of road. Like it or not, you’re involved. Start a movement now to remove every penny of current account and deposit monies from the bank. Are you a live Homo sapiens, or a braindead lobster?

The Co-operative scandal is just the beginning. They are going to take our money and leave us all penniless….at their mercy. To combat this, we really don’t need any slogan beyond this one:

sayno

Last night at The Slog: How hype took over from hope

GLOBAL LOOTING: How the EU Finmins’ scheme offers us almost no protection from haircuts

lootcartThe thrusting lances of the Knights Template will skewer us all in the end

I confess to wondering more and more, as the world careers towards disaster, at what point people will wake up to the systematic rules being drawn up around that world in order to steal every last bit of wealth left to us….now that the econo-banking mess is beyond self-repair.

Already, the European press routinely refers to ‘bail-ins’, casually reporting that EU FinMin clowns have finalised the Template that Was to be Unique…but will clearly be universally applied – probably starting with Italy. The process that emerged from FinMin fulmination is fairly clear. Insured deposits (of under €100,000) are to be fully protected; Uninsured deposits (of over €100,000) are not protected, but given preferential treatment; and Bail-ins of at least 8% of the banks total liabilities have to come to before any resolution funds are tapped. 

Resolution funds being most likely to be coughed up by ordinary taxpayers, they also come in the last act from Sovereign treasuries. In short, the game plan is to give every bank customer in the ‘comfortable upper-middle’ an 8% haircut on their holdings before any of the bureaucrats and politicians suffer. In this context, I’m grappling in vain with the expression ‘preferential treatment’: are we expecting maybe that shareholders, for example, will be thrown to the lions as an entertainment for the gormless Underclasses?

Wolfie ‘Spinwheels’ Schäuble was unintentionally hilarious when he said that the group had been “working hard to arrive at a flexibility concept”. I know what Strangelove means: Cyprus was wonderfully flexible, in that a proposed haircut of 10% turned into one that now looks like 85% in BoC, and 100% in Laika Bank.

To reassure us all, Mr Dieselboom has promised that “unsecured bondholders will be cut first”, a marvellous example of Dutch in-yer-face if ever I heard one. You can guess what that’s going to do to the eurobonds market. According to Der Spiegel, the agreement was a milestone ‘in separating the risk of banks and states’. But not protecting the previously unadvertised risks of citizen bank customers, as such. Allegedly. Eschewing the ‘cut’ word, Wolfgang Schäuble added ominously that the deal was “an important step towards making clear that shareholders and creditors are liable first and foremost”.

Ominous or not for large investors, it’s just more weaselly crap from the German Finance Minister as far as the ordinary folks are concerned: bank collapses are never cleared – nowhere near cleared – by shareholders and bondholders taking the hit. We, the ordinary citizens, will pick up the lion’s share of the losses.

The SinBins now have to push this scam through the European Parliament, but given most MEPs appear to turn up, sign in and then piss off, I doubt there’ll be much opposition forthcoming. On banking regulation, for example, Dan Hannan talked a good game about resistance, and then duly abstained. He should carry a placard on demos, saying things like “Abstain Now! Death by a thousand nibbling sticklebacks in due course!” Either that, or a quote from Shakespeare.

Talking of due course, in theory this scheme won’t be operative until 2018. These people are profoundly risible, are they not? By 2018, there will be no eurozone. By 2018 there will be no capital left in Europe, and no bonds being bought to structure debt. It is Mickey Mouse goes heisting in Fairyland.

There is, I would stress, a very important document to keep your eyes out for: the written-up final version of the directive that will appear as the Plan for consideration by the Parliament. There’s many a clip shuffled into the small print between cacophony and Law. We have, for example, what seems  to be a very clearcut agreement that £85,000 of all deposits are protected by the Member States: but rather less about any wording involving ‘guaranteed’ or even – God forbid – ‘in perpetuity’. Jeroem Dijsselbloem is once again supremely confident that – get this – “the new rules will not discourage depositors”. Of course not, my leeturl Gouda Tuliphead: capital investors will leave their money exactly where it is. Um, by the way Jereboam, how are things going in that area? And what is the state of capital flight from the eurozone right now? Any news from Il Draghi?
Bloomberg soaked up the Dijsselbloem bollocks like bone-dry blotting paper, saying the agreement was meant ‘to bolster investor confidence and help overcome the euro-area financial crisis’. Which is OK and fine and all that, but isn’t everyone missing the obvious confidence problem here? Viz, if even these dullards are so certain of bank collapses that they need to get the template in place, why should any money – corporate, bond, citizen or small business – expect anything less than ultimate catastrophe?
Jo Chapman on Twitter posted a belter of a tweet yesterday: ‘Why should we have to pay for living on the Planet Earth?’ I’d love to hear answers to that one and more from the UK Treasury Secretary. We pay taxes to have the government of the day protect us from invasion and destitution. So the armed forces are cut back to nothing, and we get to pay for idiot financiers to be bailed out. Not content with that bizarrely upside-down view of existence, the world’s governments are now asking for what money we have left after taxes – in order to help in the task of rescuing banks we already paid to rescue from our taxes. And then, we are asked to accept austere cuts in the social and health services allegedly accounted for in our taxes….after the MPs pulled every trick in the book to avoid taxes, and Whitehall illegally feathered its pension nest by looting the money we had paid in taxes.
OK, that’s an over-simplified view – but not by much. We may be all in the same boat here, but one rather fancies that the senior officers have got the food supplies and the after-dinner tipple locked safely away at their end of it. “Don’t rock the boat” they say, “We’re all in this thing together”. Hmm.
Looting comes, by the way, in all the sizes and all the colours. Mark Carney begins work next Monday as the new Bank of England governor – and as before he even gets here, another seventy billion quid has been thrown at our flatlining economy, The Slog’s predictions of what the Canuck’s strategy will be look pretty reliable. It won’t be so much QE3 as QE squared, but it will most certainly be using our money to carry through a process that must in the end further devalue our money. I have a horrible feeling that, by the time the Carneyval is over, the Pound will be at parity with the Rupee. By the way, for someone meant to be the Canadian Conquering hero, Carney is leaving rather a lot of unsettled Canadians behind as he jets into Britain. As the BNN site noted two months ago, under his tutelage Canada began drawing up rules for a bail-in plan a few years ago in an attempt to avoid the large government bailouts required by some U.S. banks during the credit crisis. Under the proposed plan, banks would set aside contingent capital, such as shares, which could be quickly converted to cash to provide liquidity and stabilize their operations should a crisis hit.
I have to be blunt and say that such a scheme, given the coming scenario, will be about as much use as micturating on a Tsunami. And ringfenced capital in worthless shares? The feeling I’ve had for a month or more – that Osborne has chosen another tramline banker maniac – is getting stronger by the minute.
Stay tuned.

GLOBAL LOOTING: THE CO-OP CRISIS DEEPENS AS INVESTOR HAIRCUT GOES CREWCUT

Mutually Assured Destruction: an ethical bank knackered by two successive governments

Following Anna Raccoon’s CoOp/Labour exposé of last Sunday – and The Slog’s Monday suggestion that across-the-board UK political banking incompetence is rising up like a rake to smack Westminster deservedly in the face – both sites find themselves being vindicated as we hit Wednesday.

Blogosphere predictions are go for landing this morning as the full horror of MAD applied to the Co-op comes dribbling out from Westminster, Treasury and banking sources. I said on Monday that the official haircut estimate of a 30% haircut for the CoOp Innocents to the Slaughter was way on the low side, and yesterday afternoon the Telegraph confirmed this with a piece reporting how Moody’s expects ‘investors in these bonds to only be able to recover between 35pc and 65pc of their original investment, with the negative outlook indicating the risk that the final loss faced by investors may be greater.’

Last night, the Guardian coloured in more detail. It posted at just gone 8pm last night to say even Lloyds told the Government that CoOp Bank’s struggle to wrestle the TSB branches to the ground was under-capitalised, and probably unwise. It seems that in evidence to the Treasury select committee, Lloyds CEO António Horta-Osório told the TSC “We had doubts about Co-op’s capability in December 2012 when we were given the revised plan for the Co-operative Group,” he said. “From the combined plan for Co-op and TSB, our analysis was clear that there was a shortfall of capital. And that was when we had our first concerns about their ability to close the deal.”

But as I suggested earlier in the week, from 2009 to 2011, first Labour’s Darling and then the Coalition’s Vince Cable had arm-twisted the CoOp into such a dung-heap of toxic debt and distraction, it would’ve been a miracle if they’d been the right way up by December 2012 anyway. Now the CoOp must plug a £1.5bn hole in its balance sheet (says the Guardian) and I’m inclined to believe them, as the exact same figure of what being mucked about by pols has cost the ethical mutual bank popped into my inbox yesterday around lunchtime.

Among those folks who are awake, this story is a spouting aorta bloodying the hands of nincompoop politicians who tried to perform an organ implant two weeks after a heart transplant…for largely politicial purposes. Not only that, Labour can be accused of overestimating the skills of its tame bank (to which it is heavily indebted) while ConDemned Camerlot tried to use it as the dumping ground for an EU edict and a politically motivated merger failure at LloydsHBOS. Further upstream, the private banking mobsters had been busily pulling the bogus bonds bankruptcy caper on small mutuals – sufficient to require all that taxpayer bailouts in the first place.

If ever you wanted a 7 days a week Panto – with Captain Hook, a veritable chorus-line of Ugly Sisters, Mr Pastry and Saturday matinees included – this one is it. But the cry of “Oh no they didn’t!” will neither ring true nor be found amusing. For the equation in play here is as follows:

banking hubris + political arse covering = taxpayer funded bailout x [incompetent political merger suggestions + banker scams] = citizen bailin

Or put another way, he who pays a Piper often realises he has paid a pig to sing, gets no song at all…but pays double anyway. And so the Global Looting continues. I’m still being told there is to be “a major announcement” in the next twelve hours. Stay tuned….and don’t forget RBS, SME suits, and Libor allegations.

Last night at The Slog: Spoof aphorisms go mad in Adland

GLOBAL LOOTING: Irish banking system ‘about to go bang’

 Behind the scenes at the Dublin FinMin bail-in bunfight

dissposter“Together – with our debt and your money – we can work this thing out”

Renowned infamist Reggie Middleton has been banging on about the basket case that is the Irish banking system for some time now. I have to confess that I had my eye taken off this ball by a continuing fascination with Plod’s blind spot about systemic child buggery; but in its own cataclysmic way, bank depositor buggery is an equally serious issue. A valued eye in Dublin sent me some data on this yesterday (big hat tip for that, Christopher) and afterwards I contacted two further people there – one a hack, the other a banker of sorts. Their feedback was intriguing.

In case you didn’t catch onto it yet, the Truthspeak for stealing from depositors has moved on from ‘Open bank reconciliation’ to the preferred mendacity of ‘Positive Depositor Preference’. So if you think your Sovereign State is about to rip you off for a hundred grand, watch out for somebody putting on the orange glove, because then you know when you’ve been Cyprused. (With apologies to the old Tango campaign)

The EU FinMins were fortuitously meeting in Dublin over the last two days, which appears to have served two purposes: making the ship look unsinkable, and facilitating frantic negotiation away from the Big Table. In recent weeks, Troika visits have been downplayed, and Ireland has been referred to as ‘nearing the end of its bailout’. ‘But the simple truth,’ wrote the Irish Times three days ago, ‘is that Irish banks need more capital’. Politely, the IT reiterated a Slog chestnut of long-standing: without capital, there can be no growth. The problem, if I understand my sources correctly, isn’t that the Irish banks need more capital to help economic growth: they need it, right now, to avoid collapse.

German Bundestag leaks from anti-euro MPs suggest that a Troika team has already stress-tested Ireland’s Banks, and sent an explanatory note to Jeroen René Victor Anton Dijsselbloem along the lines of “Every man for himself”. Or more accurately, “Everyone else’s money for us”. So to employ a Jeremy Warnerism, “If you have money in an Irish bank, get it TF out now”.

I’m reliably informed that the Irish presidency of the European Council tabled a blatant depositor ‘preference’ scheme six days before last weekend’s G7 meeting near London. It then flew from G7 to FinMin, onto a menu under the table, and got itself debated via some suitably restrained yelling away from the table. Later, back at the table, the scheme was approved by “almost all” of the FinMins present, so clearly the idea to crash your cash isn’t off the table, it’s just not being released to the media, who were anyway busy getting pie-eyed at the adjacent table.

Around mid-afternoon yesterday, Dijsselbloem had this to say: “I’m very reluctant to allow for a lot of flexibility for the euro-zone countries. The pressure will be enormous from financial markets, from your parliaments, not to go too hard on the bail-in, to take more risks on the public account once again.” Putting those remarks into words, what Jeroen means to say there is that we have two ways of doing this guys: keep printing money, or just cut out the bureaucracy involved and steal it off the citizenry, like we did in Cyprus. But his intention in putting all the right words in the wrong order was to suggest that everyone who’s been reading Reggie Middleton’s column should calm down.

This is because the Dutchman knows via Mario and Wolfie that money is flying out of the eurozone so quickly now, teams are working 24/7 on bank carpets to clean off the scorch-marks. So he has to say he’s reluctant. He has to suggest that – as he did later in the same press session – there will only be “very restricted exemptions to proposed European Union rules on how to assign losses when banks fail.” But either because he’s a mealy-mouthed sh*thead, or just muddled as a person, Dissisgoinboom left the impression that stealing would be the exception, not the rule. In fact, the rule as approved by most of the Funny-money Finmins yesterday was, um, stealing. My money’s on Jeroen being an MMS, but you must make your own minds up on that one.

Despite the playful tone of this piece, I should like to ask for something I think to be fairly reasonable from Britain’s mainstream media:

 

WAKE UP

I feel a little better now.

Related yesterday at The Slog: Rochdale’s Murphia closes ranks on kid-buggery

 

GLOBAL LOOTING: Strategy III for stealing your assets rears its head

Greece is about to declare its citizens as criminals….purely for tax purposes

piggytarget

A week ago, I mentioned very briefly that small businesses in Greece are to be taxed based on estimated income. At the time, I thought it no more than another mad tax wonk trying to grab some tax back from evasive SMEs, he or she not having noticed that most of them have closed down. I thought it was probably there to tick a box for Troikanauts in turn desperate for something to show the lunatics in Brussels-am-Berlin. I thought, “there’s another flock of government employees about to chase ether and waste yet more Hellenic money”.

Well, I was wrong. What’s been emerging gradually over the last few days is that ‘estimation’ is the wrong word here: if the electricity company estimates your bill and by next April you’ve overpaid hugely, you can get a refund. The new idea from the department of Finance Minister Yannis Stournaras isn’t going to work like that. It’s not an estimation, its an assertive assumption that transubstantiates – having been made flesh in the new tax law – as fact, and thus a sum you must pay. As you almost certainly don’t have the cash to pay it, well….er, you can see where this is going can’t you? I mean, you’re not on the streets are you?

Oh, and I was wrong about another little dimension of this law: it isn’t just for dead SMEs, it’s for live people too. To be precise, everyone.

The Greek Finance Ministry has calculated that every person living in Greece needs 250 euro per month to stay alive. The fact that they think this in the first place can be explained by the hermetically sealed nature of the bubble within which they exist; but for once, we should be grateful for that.  As from now, millions of Greek taxpayers will be called upon to cough up even if they have no income, but they are alive and have a home to live in.

It’s the legalisation of asset seizure, pure and simple. It is the assumption that you are a tax evader, and therefore a suitable case for sequestration. It is, in a nutshell, the new test-method for stealing. We’ve had the depositor haircut. We’ve had the secret raids on pension and assurance funds direct from the suppliers. Now we have the creation of fantasy criminals who must of course be punished, and their assets taken in lieu.

On one level, we can marvel once again at the brass neck involved in leaving the Greek élite cheats immune from prosecution, while the now universally poor rest of the population continues to be financially buggered. If ever you wanted a fertiliser to render the soiled ideas of Socialism attractive once more, then this new law is it. And another word for fertiliser is, of course, sh*t.

I may be wrong in this, but I think this is probably the first time any First World tax law has dropped the thing about, you know, assuming innocence until guilt has been proved beyond a reasonable doubt. But I am certain about one thing: the Establishment’s slip is showing bigtime here.

What the Greek, Troika and EU authorities are doing with this law is declaring all citizens to be criminals – Enemies of the State who must pay in full for the joy of being tolerated by that State. This being the State that cheated Brussels, bad-debted the bondholders, embezzled huge amounts of its revenue, and then declared itself (thanks to the Parliamentary legal work of Evangelos Venizelos personally) immune from any and all forms of prosecution.

You may still think that global looting is a fantasy. I suggest you change your mind soon. The looting isn’t going to work, but it is going to be tried….and as Cyprus showed, two weeks after the biggest theft of citizen money since the Roman salt tax, nobody outside the Aegean or in the media GsAF. You too could wind up a hard-working Dubliner or Dane or former Squaddie who went back to the Cyprus of their youth for a quiet retirement, and discovered that the hidden price of doing so was obligatory poverty.

Face it: bankrupt governments and insolvent banks have run out of options. For the time being, we the citizenry are it: a desperate, last-chance for the losses to be recouped…..at someone else’s expense, naturally.

We are the straw to be grasped by the drowning men. And it is the last straw.

Last night at The Slog: how the media charge us for being performing chimps

GLOBAL LOOTING: How the Fat Cats will ruin us with Fat Tax

fattaxThe debt-management stage of banks and globalist superpowers is over. The tax collection is now under way. In a frightening but entirely credible piece, The Slog plots the likely course of wealth transfer as the prelude to a victory for the dictatorial élite. As always, if they succeed we will only have our own cynical complacency to blame.

Jean-Claude Junker was yesterday abruptly told by the ECB to either reveal all details of Luxembourg’s money-hoarding…or face the consequences. The heist that was a one-off is looking increasingly like a template. Mario Draghi warned menacingly of “the precarious situation of countries whose banking sector is worth several times their GDP”. Some 40% of the offshore banking sector is controlled by British banks. Three days ago, George Osborne signed a tripartite EU agreement to ‘clamp down on tax evasion’. One day soon they’ll invent a tax involving our savings….and then simply grab the money because, by definition, it was evading the tax.

It’s getting increasingly easy to see where all this is going. But if you’re still convinced by the berks who keep calling this stuff ‘lunatic fringe conspiracy theory’, I suggest you look instead at yesterday’s Ambrose Evans-Pritchard column. In a straight-talking piece, AEP revealed that the working documents for the Eurogroup meeting today contain a bombshell ‘tucked away in clause 29. “Sale of excess gold reserves: The Cypriot authorities have committed to sell the excess amount of gold reserves owned by the Republic. This is estimated to generate one-off revenues to the state of €400m via an extraordinary payout of central bank profits.”‘

So, your gold’s not safe either. Maybe that’s why Gordon the Mad sold all ours: he saw this coming. Maybe he invented the idea. You never knew with Brown.

It’s taking some people a long time to work this out, but the moment has finally come for those who scoff or snooze throughout this process to wise up: the Troika isn’t an agent of debt reduction any more. It might have started out with that intention, but today – right here and now in 2013 – it is purely designed to take money from the bailed and give it to the banks and Treasuries of the West. The final, undeniable sign came when the Cyprus rescue became a bail-in: “we’re here to help you, by helping ourselves to everything you’ve got”.

The Troika isn’t mad really, just ruthless. Unachievable fiscal targets being missed in Portugal, Spain, Italy and Greece worry them not one jot – hence their being happy with a Greek debt that mathematically must keep increasing. It’s important, you see, to keep the price of buying your freedom as a slave well beyond any slave’s reach. As Pawel Morski writes of the Troikanauts in this post, “No human agency has achieved so much economic destruction in such a short time without the use of weapons”. But that’s it: destruction is the aim, not the by-product.

The Global Looting plan is getting along well on other fronts too.  In the US, The Internal Revenue Service (IRS) has claimed that agents do not need warrants to read people’s emails, text messages and other private electronic communications, according to internal agency documents.

The American Civil Liberties Union (ACLU), which obtained the documents through a Freedom of Information Act request, released the information two days ago, and this revealed the taxman’s view that ‘the Fourth Amendment does not protect e-messages, because Internet users “do not have a reasonable expectation of privacy in such communications.”’ Hmm: the spooks are reading everything we write, we all know that, so, um, we the IRS olr HMRC or Tresor Publique can do it as much as we like. It’s an odd interpretation…but there is no right of appeal. Send an email to your bank making reference to a savings account, and bingo…GCHQ picks it up, makes a quiet call to Uncle Stephen at RBS, and you’re done for having money in the bank that is needed to save RBS in the national interest. It is Kafka meets Orwell in the B-movie Every which way including anal Rape.

We tax your salaries, we steal your wealth, we embezzle your potential, we watch your savings strategy online in order to take that too….and of course, we drive down job demand in order to make you work for nothing. That way see, we can become the new China, export cheaply, and keep the show on the road.

Paranoid fantasy? The new EU/Greece data just released shows that Greek wages fell again last year…by 11% to €3.70 per hour. In other ‘fringe’ EU countries, the rates aren’t much better:  €3.70 in Bulgaria, €4.4o in Romania, €5.80 in Lithuania. But of course, it’s €22.66 in Germany, €34.60 in Luxembourg, and €34.20 in France. Draghular made his ‘squeeze the wage costs’ speech to the bigwigs two weeks ago. His plan is well on the way to completion. Look out M. Hollande, bad times are coming your way, zut alors.

From 2000 to 201o, the lower middle and skilled working classes of Europe and the US saw their real incomes drop by almost exactly 30%. But Friedmanite economics have emptied the public coffers rather more quickly than estimated – it must have been another “surprise outcome” – so now it is necessary to speed up the process of trickle-up wealth, only this time without the stealth.

To ensure the entire process is properly codified, legal and above board, the World Economic Forum has been engaging in some retrospective consent via its grandly titled Global Redesign Initiative (GRI). One of the four key structural recommendations is to institutionalise voluntary commitments as a preferred system or as a partial replacement for decisions by UN governing bodies….so most of their major framework recommendations can be put into place without a formal decision by any existing United Nations organisation. There are all kinds of reason why one might do this, the biggest by far being that UN members can never agree about anything, so from here on they can either sign up to stuff or not.

That’s laughable enough – ‘Rules not working? Let’s try anarchy for a bit’ – but of course the other effect is that any infringement of citizen rights granted under the UN Charter instantly becomes a voluntary decision for the member: in future, there will be no sanctions for those who pauperise, and all the rights of the impoverished will be ignored….including your right not to have your earnings stolen. (See my post about EUCHR loopholes).

I can predict what will happen next, because it’s already been raised by the Troika in Athens. There will be a worldwide raid on insurance/pension provider assets. You know – those very institutions used by the neocon artists to prove that debt forgiveness is impractical, because they’d be wiped out by it. Still, that doesn’t apply now, because when the QE scam finally implodes, the markets will collapse anyway. That’s why we need all this money for the banks and treasuries: so they can survive the shock. It’s in the national interest.

When the investors flee Wall Street in favour of gold, trading in the shiny stuff will be abruptly halted. Then all of it will be confiscated. The Basel rules too are ready for this: the gnomes have already pulled a cute accountancy trick by giving gold a higher notional score when assessing a the bank’s ‘true’ ha-ha asset value. Central Banks are already buying it by the truckload, so the price has to be suppressed to make it affordable. It’s for your own good in the end: really – it is. Honest.

The final stage will, I suspect, be an unseemly squabble between the bankers and their billionaire media mates on the one hand, and the politicians on the other. It will go the way of the dictators in Russia and China, but there are no prizes for guessing what’ll happen elsewhere: Obama has already been proved powerless against Wall Street….and Goldman Sachs has been running the eurozone for the last eighteen months. Mark Carney is about to take over at the bank of England this June: he spent thirteen years with Goldman Sachs in its London, Tokyo, New York and Toronto offices.

What we will then have is a world where one minute group of megalomaniacs control the wealth, the news media, the ability to monitor our electronic wealth management, and the cost of our labour.

We will, in fact, become one big Labour Camp. Signs over entrances will say Arbeit macht frei. The very slavery to which the late Baroness Thatcher was implacably opposed will have been made flesh. And like it or not, her naivety will quite rightly carry some of the blame.

How the Telegraph’s PM Edition email read on my browser yesterday: ‘Great and the good of world politics set to attend Margaret Thatcher’s fun’

Last night at The Slog: Is Berlin set to run away from the Euroblown?

GLOBAL LOOTING: An acceleration of desperation as the Sovereigns join forces

‘The acceleration of desperation is directly proportional to tax constipation caused by austerity legislation, inducing exponential increases in the excavation of citizen wealth-creation once banker masturbation has produced bonus escalation alongside Treasury funds bailout liberation’.

Ward’s Law of Fiscal Desperation

osbornefingerGeorge Osborne this week signed an information exchange scheme with France, Germany, Italy and Spain to catch tax evaders. As The Slog pointed out two days ago, Osborne could achieve all his ends and wipe out the National Debt if he simply raided those UK banks already aiding and abetting wholesale money squirrelling. But also in that Tuesday Slogpost, I concluded:

‘Stand by for an attempt by the Global Looters to use this tax evasion reality as the excuse for stealing the savings of everyone with over £100,000 in a bank account that isn’t offshore….and represents the life-savings of a law-abiding taxpayer.’

Mr Osborne and his fellow wealth-liberators aren’t after the megarich billionaires – the Presidential candidates, multinational CEOs, Trade Ministers, Wall Street Sherman McCoys, Sark lairds, Athenian Swiss bank devotees, media moguls and Bilderberger attendees robbing their governments blind on a 24/7 basis. They wouldn’t dare. No: the game plan is to smear anyone with a six-figure sum in savings, exactly as Schäuble did when neutering Cyprus. The objective is to make it OK for Sovereigns to steal from their citizens on a globalist industrial scale, by persuading the tabloiders that “the rich” must be made to pay. But it is the prudent who will pay: the seriously rich will escape…or be tipped off as necessary.

Vince Cable has been pulling this ‘big house = rich bastard’ stunt for nigh on three years – by referring to ‘mansion taxes’. No doubt the poor folks in Blackburn believe it, but it is still complete bollocks. The ‘Russian mafia’ rationale was an equally large mound of bullsh*t employed by the Troika to excuse the rape of Nicosia.

A number of commentators around Europe are now convinced that the sudden explosion of ‘leaks’ about offshore cheating was a coordinated event designed to blur the line between rich and crooked. I’m still unsure about this myself, but given that the amount of evasion has been obvious to me for at least seven years, it is rather convenient that all the media obsession with it has spewed out of the volcano just when every western government is strapped for cash and deep in debt.

However, there is one way for citizens (millions of whom are now bombarding financial experts and advisers with requests for help in hiding their stash from the looters) to delay the process of monetary mongeese snaffling the eggs in their nest. I propose a campaign called Start at the Top First (STATOF) and then a Tsunami of emails, website threads and phone calls suggesting the obvious suspects:

Mitt Romney, Evangelos Venizelos, the entire Hollande Cabinet, Lord Green, Rupert Murdoch, the Barclay Twins, Jamie Dimon, Lloyd Blankfein, Jacob Zuma, Robert Mugabe, Nicolas Sarkozy, Wayne Swann, Coke, Pepsi, Starbucks, Stephen Hester, Lord Mandelson….(insert name of the other 45,000 other candidates here).

If we are going to have tumbrils, guillotines, and heads in baskets, then let’s make sure we get Louis XVI rather than Alexander Dumas.

Earlier at The Slog: dismembering Greece, jailing journalists, and pulverising the poor

GLOBAL LOOTING: eurozone close to collapse as Portugal joins rebels, capital flight confirmed, & Rehn confirms more depositor haircuts,

dragglumpt

Evidence of attempts at online news blackout grows

Lisbon’s constitutional court having blocked the country’s planned austerity programme, the euro project now faces a war for survival on myriad fronts: Portugal, Italy, bond market confidence, capital flight, and media coverage. It’s hard to see a way back for EMU now.

Portuguese Prime Minister Pedro Passos Coelho held an extraordinary cabinet meeting on Saturday following the Constitutional Court’s rejection of four out of nine of the budget’s austerity measures, which the government says are necessary to meet the terms of a eurozone and International Monetary Fund bailout. With opposition parties calling for the government to resign, Coelho was still locked in emergency talks with the country’s President in the early hours of Monday morning.

And despite rumours in Italy last Friday that its President would facilitate an emergency technocrat regime under Mario Monti, sources there are now insisting that there is no possibility of such a move.

Meanwhile, yet more evidence of capital flight is emerging from both media articles and Slog sources on the ground. “Capital flight was enough to devalue the Euro by a half percent per day last week until it stabilised at $1.28,” says one Slogger, “We think there was [European] central bank intervention by overt money printing on a massive scale.”

“Projected post-Cyprus eurozone capital flight is at a moving rate $2 trillion per year, or $200 billion per month” says another.

The Financial Times notes that demand for $100 bills has jumped ‘as nervous Europeans stuff them under the mattress, providing vivid proof that the world still loves the dollar, and confirming the benefit to the US of the currency’s status as a global reserve…The surge in demand for US cash suggests that the world is worried about future of the euro.’

But although Mario Draghi talked with a vague desperation last week of “thinking 360 degrees on the non-standard measures”, no capital controls have been imposed. My view remains that this was a fatal mistake. However, to ensure that no euro-doubters need be in any doubt at all, EU economic affairs commissioner Olli Rehn announced in a television interview last Saturday that The Cyprus Approach will be formalised via an EU directive.

Talking out of several orifices at once, Rehn asserted that ““Cyprus was a special case … but the upcoming directive assumes that investor and depositor liability will be carried out in case of a bank restructuring or a wind-down,” during an interview with Finland’s national broadcaster YLE. To clarify a little less still, he added “There is a very clear hierarchy, at first the shareholders, then possibly the unprotected investments and deposits.”. He did not expand upon exactly what kind of ‘protection’ might be recognised by those tunnelling into the bank vaults.

But however one tries to put Olli’s statement into words, the European Commission is currently drafting a directive on bank safety which would incorporate the issue of investor liability in member states’ legislation. This is the now infamously euphemistic Open Bank Reconciliation (OBR) template within which, having already had all our tax monies to rescue them, investment bankers will now get our savings as well. Obligatory organ donations may well follow shortly.

There are already some bizarre signs of online media removing all material found offensive by the Looters: this extraordinary notice went up at the NBC site shortly after the post appeared yesterday:

http://www.nbcnews.com/id/49350190/ns/business-stocks_and_economy/t/global-financial-confidence-very-fragile-euro-crisis-key-threat-imf/#.UWI0n8q2_HU

The Eunatics are in a corner. Anything could happen now – and probably will. Stay tuned.

Yesterday at The Slog: Disturbing smoke signals in Corfu and Madrid

GLOBAL LOOTING EXCLUSIVE: Revealed – Just how little the European Human Rights Convention really means

GCBlaikaletter

The loopholes in the EU Human Rights protocols offer no protection at all against global looting

The letter (left) from Cyprus Bank’s George Georgiou to Laika Bank CEO Takis Phedias appears to be genuine. It’s dated February 11th 2013, and suggests very strongly that Laiki Bank was mulling a depositor haircut long before the final mid-March announcement by Djisellbloem’s eurogroup.

It also shows clearly that the Central Banker Georgiou expressed his opinion that any confiscation of customer ‘property’ by an EU bank would contravene Article 1 of Protocol 1 of the EHRC.

The idea then seems to have been dropped by Laiki…who almost certainly evoked the Cyprus Bank letter in order to put off the suggestions of the eurogroup that there should be a depositor haircut. But the Merkeschäuble disagreed with Georgiou’s ruling. Technically, they were right. Here is the Article concerned – my emphases:

‘Every natural or legal person is entitled to the peaceful enjoyment of his possessions. No one shall be deprived of his possessions except in the public interest and subject to the conditions provided for by law and by the general principles of international law.

The preceding provisions shall not, however, in any way impair the right of a State to enforce such laws as it deems necessary to control the use of property in accordance with the general interest or to secure the payment of taxes or other contributions or penalties.’

On that basis, the EHRC isn’t worth the paper it’s printed on. As so often with the Controllers, the public interest, the State’s rights, the general interest, taxes, penalties and a million other exceptions allow those in charge to do WTF they want. Despite the perceived strength of the Weimar Republic’s citizen protection clauses, from 1933-35 Hitler was able to establish a One Party Dictatorship without breaking a single clause in the constitution.

Note also that the word used by both the EHRC and Georgiou is ‘property’ – not ‘savings’ or ‘deposits’. This allows any bank at any time to remove cars, houses, boats etc from the customer in the public interest.

And of course, if the public isn’t interested, the public interest can be invoked without the slightest opposition.

Wherever you live, this clean-out theft is coming your way. Remain vigilant, and stay tuned.

Earlier at The Slog: Why the HBOS Three are just another distraction

GLOBAL LOOTING: “Greek pensions will be the next target” – Athens sources

The oddly twisted logic of the Troika knows no bounds

First of all we had the Belgo-Prussian insanity of treating an economic recession throughout ClubMed with fiscal strangulation of demand. Then we had Dodo and Heini plus Lafarge of the IMF taxing those with no money when the folks with a little money couldn’t cough up enough. Now there’s a new approach: if they don’t have any cash, let’s go for the savings. And as the Cyprus heist seems to have taught the Troikanauts one thing – don’t be too public about embezzlement – the idea now is to quietly filch the money direct from the pension supplier. Life now in the EU is all about “cut out the middle man”.
This from a source in Athens this afternoon, in relation to the grudgingly resumed Troika/Samaras Government negotiations:

“The Troika is after confiscating private pensions, while covering up the collapse of pension funds in the absence of contributions. This “black hole” in Insurance funds is expected at the end of the year to reach €2 billion. This is because unemployment reached 30%, wages collapsed to 500 euros, and nobody in the corporate sector is keeping up employer contributions. So now the Troika wants to start with pensions of the self-employed, confiscating around €50 million in the first wave. Estimations of the average pension cut are in the region of €220.”

This is a cunning move on the part of the mobsters: not quite enough for anyone to notice….and when the shortfall comes to light, they can plead “adverse market conditions”. Sociopathy works better when there is sleight of hand in the shadows.

A confirmatory source suggests that this might also explain other moves during the last 48 hours. Stay tuned.

Earlier at The Slog: Some astonishing Twitter-bollocks

GLOBAL LOOTING: Monte Paschi’s Flying Circus

Just because they haven’t done it yet, doesn’t mean to say they won’t.

Well, here we are on Bank Holiday Monday afternoon, and so far the Eunatics haven’t introduced capital controls. This must surely be the signal for pgfpowell the reluctant Slogger to write in and say yah-boo sucks, you got it wrong again. But this is because Patrick doesn’t grasp the difference between a journalist and an analyst.

Return to my piece of Friday, and you will see that I called CCs ‘a strong possibility’, listed some signs of obvious preparation for it, and concluded that ‘we have a four-day weekend here, when all the fingers are away from all of the buttons’. As I said at the outset of the post, ‘what else would you try to effect during a bank holiday?’

The ECB/Troika spectrum of Eunatics chose not to do it…by the looks of things. And my analysis now would be that they’ve blown it – thus condemning the euro to death. Here’s why.

French sources are dubbing Italian bank Monte dei Paschi di Siena “two fingers away from bankruptcy”, and a German contact confirms this with the news that its position has worsened in recent weeks by “over a billion euros”. If you needed any signs of the first Tsunami wave coming in, it’d be hard to find a better one than this. “But that’s a special case” the Eunatics say. Bollocks: it’s a portent of things to come. Want some more?

Panos Kostopoulos of AMP Gold Bullion Merchants Ltd. in Nicosia says that before the bailin, everyone in Cyprus argued against buying gold bullion. Now he gets kilos per day of enquiries for the shiny yellow metal. He thinks the government will close down gold selling to the public within a few days.

Remember: the clowns did nothing for six days while Big Smart Money emptied the Cyprus banks. The result is that depositors now face three times the theft haircut they started with.

Here’s another: a Greek Slogger alerts me to the fact that Deutsche Bank has issued a press release saying that it is ‘Disappointed with the EU policy response in Cyprus [which] has been very counter-productive.’ The release is genuine, and represents a quasi-official declaration of war on Merkel by the Bankfurters. They too must know that the eurobanks are haemorrhaging money.

And if one needed any more preconditions for the start of JCB buckets being lowered from the crane into our bank accounts, there’s a good article in the New York Times today by David Stockman. The NYT is not exactly my news medium of choice, but this piece contains the following chilling paragraphs:

‘….So the Main Street economy is failing while Washington is piling a soaring debt burden on our descendants, unable to rein in either the warfare state or the welfare state or raise the taxes needed to pay the nation’s bills. By default, the Fed has resorted to a radical, uncharted spree of money printing. But the flood of liquidity, instead of spurring banks to lend and corporations to spend, has stayed trapped in the canyons of Wall Street, where it is inflating yet another unsustainable bubble.

When it bursts, there will be no new round of bailouts like the ones the banks got in 2008. Instead, America will descend into an era of zero-sum austerity and virulent political conflict, extinguishing even today’s feeble remnants of economic growth. …’

The phrase ‘the warfare state or the welfare state‘ gets my vote as the outstanding encapsulation of 2013 so far.

One can critique opinion columns forever and a day, but ultimately if the empirical output points overwhelmingly West, than the chances are that things are going West. So perhaps the most convincing evidence of all is that the Germans remain triumphant. Buoyed by solid finances, roaring exports and low unemployment, Germany (it seems) increasingly sees itself as the only grown-up in Europe, responsible for bringing wayward children into line to hold the family together. The Germans apparently think that some, such as the Cypriots and Greeks and many Italians and Spaniards, are openly resentful of “Mutti”, as Berlin officials privately call Chancellor Angela Merkel. Others, such as the French, they think are sulking. So opined Reuters today; and Simon Tilford, chief economist at the Centre for European Reform, said in the latest edition of the London-based think-tank’s bulletin that “German policymakers have taken to their new found status with something close to gusto. They routinely tell other euro zone countries how to run their economies, citing Germany as a model for the currency union as a whole.”

Thus even as German citizens tell opinion pollsters they don’t trust Merkel to keep her hands off their money, that is a fiscal issue. When it comes to running the economics of the EU, the self-image remains one of the Master Race explaining things to the kiddies. There are many things that can be done for the good of children who know no better. One of them is to take their pocket money away.

You have been warned.

Yesterday at The Slog: Time to make the things of most value to you safe

 

GLOBAL LOOTING: Bernanke shifty on US depositors.

benshiftyThe global roll-out of thieving from citizen savers continues. I missed this three days ago, but I’m grateful to a US Slogger for pointing it out to me: on March 22nd, Federal Reserve Chairman Ben Bernanke refused to say that the United States will not use Cypriot techniques of taxing the people by confiscating a percentage of their savings accounts.

During a press conference held to explain his view on economic conditions in the United States, Bernanke said his meetings with the Federal Open Market Committee drew him to the conclusion that the economic outlook is “following its own pre-established expectations”….which could of course mean down a mineshaft or up in an Atlas rocket.

However, when pressed about whether an EC-style approach to Cyprus (involving taking money from savers) might be on the cards in the US, Bernanke spoke less than plainly.

The government of Cyprus last week accepted the principle of stealing funds from private citizens as a condition to get a so-called ‘bailout’ from the five-humped camel of eurozone aid. “I was wondering if you can tell me,” one reporter asked optimistically, “how if a run on the banks happens in Cyprus, how that might affect U.S. markets. And also is it possible for the U.S. to levy a tax on regular deposits here? Or why not?”

Bernanke replied somewhat oddly, “the only trigger for actions such as the ones taken in Cyprus would be if depositors panicked”. I say ‘oddly’ because surely the catalyst for panic would be, um, if news leaked that the US Government was indeed about to rob depositors.

Either way, by not stating clearly whether it could happen in the U.S. or not, Bernanke effectively suggested that the door is open for money-seizing in the U.S.

Bernanke added that he believed it to be unlikely that a Cyprus’ scenario could replicate in the United States. He then reminded the audience that in the U.S. the FDIC insures savings and that this fact is an assurance for depositors who may be concerned. However, as The Slog revealed two days ago, the FDIC recently wrote a paper jointly with the Bank of England openly suggesting depositor haircuts.

Indeed, in February 2012 President Obama expressed concern about the FDIC’s ability to meet its obligations, suggesting that the entity could easily become insolvent. On March 4, Congresswoman Chairman Sheila Bair went further in saying that the FDIC was on its way to becoming insolvent, and that its job to insure bank deposits must therefore be in danger.

In the case of Cyprus, its own government’s word came to nought, because European bankers had that government by the balls: it is they who decided what would be done in Spain, Greece, Portugal, Italy, and latterly in Cyprus.

The lesson from this and previous posts on the subject is crystal clear: we can no longer trust any banking institution to defend our savings against State rape. Indeed – when in dire straits – they will actively encourage it.

You can read the full unfolding story of Global Looting at The Slog’s new dedicated page

May 2, 2013 · 7:04 am |

Smoke signals

Does the Treasury know something we don’t? This intriguing little item popped up on the UK.Gov website five days ago (my emphases): ‘On Thursday 25 April, the government published a consultation on a special administration regime for payment and settlement … Continue reading →

39 Comments

Filed under SMOKE SIGNALS: Treasury panics + silly arrests + the stampede for physical gold

Tagged as

April 26, 2013 · 5:04 pm | Edit

CYPRUS LEAKS: MoA signed without Parliamentary approval as Troikanauts give Cyprus the Greece treatment

Annexation in action as liberal democracy dies on the vine You may remember that there was supposed to be a vote in the Cypriot Parliament – an imminent vote, in fact – about whether the final MoA with the Troika … Continue reading →

63 Comments

Filed under BREAKING…Cyprus parliament ignored as Troika steams in

Tagged as , ,

April 25, 2013 · 7:29 am | Edit

EXCLUSIVE: BRUSSELS MULLING PRE-EMPTIVE ANNEXATION OF CYPRUS

Business community discontent pushes EC into plans for total control Draconian new property tax a condition of receiving bailout loan Sources in Brussels allege that the European Commission has been exploring ‘stages of media information development’ in order to establish … Continue reading →

70 Comments

Filed under EXCLUSIVE: BRUSSELS MULLING ‘ANNEXATION’ OF CYPRUS

Tagged as , ,

April 12, 2013 · 5:10 am | Edit

GLOBAL LOOTING: How the Fat Cats will ruin us with Fat Tax

The debt-management stage of banks and globalist superpowers is over. The tax collection is now under way. In a frightening but entirely credible piece, The Slog plots the likely course of wealth transfer as the prelude to a victory for … Continue reading →

April 10, 2013 · 5:52 am | Edit

GLOBAL LOOTING: An acceleration of desperation as the Sovereigns join forces

‘The acceleration of desperation is directly proportional to tax constipation caused by austerity legislation, inducing exponential increases in the excavation of citizen wealth-creation once banker masturbation has produced bonus escalation alongside Treasury funds bailout liberation’. Ward’s Law of Fiscal Desperation … Continue reading →

April 8, 2013 · 7:43 am | Edit

GLOBAL LOOTING: eurozone close to collapse as Portugal joins rebels, capital flight confirmed, & Rehn confirms more depositor haircuts,

Evidence of attempts at online news blackout grows Lisbon’s constitutional court having blocked the country’s planned austerity programme, the euro project now faces a war for survival on myriad fronts: Portugal, Italy, bond market confidence, capital flight, and media coverage. … Continue reading →

April 5, 2013 · 12:04 pm | Edit

GLOBAL LOOTING EXCLUSIVE: Revealed – Just how little the European Human Rights Convention really means

The loopholes in the EU Human Rights protocols offer no protection at all against global looting The letter (left) from Cyprus Bank’s George Georgiou to Laika Bank CEO Takis Phedias appears to be genuine. It’s dated February 11th 2013, and … Continue reading →

April 3, 2013 · 7:59 pm | Edit

GLOBAL LOOTING: “Greek pensions will be the next target” – Athens sources

The oddly twisted logic of the Troika knows no bounds First of all we had the Belgo-Prussian insanity of treating an economic recession throughout ClubMed with fiscal strangulation of demand. Then we had Dodo and Heini plus Lafarge of the … Continue reading →

April 1, 2013 · 3:38 pm | Edit

GLOBAL LOOTING: Monte Paschi’s Flying Circus

Just because they haven’t done it yet, doesn’t mean to say they won’t. Well, here we are on Bank Holiday Monday afternoon, and so far the Eunatics haven’t introduced capital controls. This must surely be the signal for pgfpowell the … Continue reading →

84 Comments

Filed under We’re having our pocket money confiscated for our own good

Tagged as

March 25, 2013 · 10:04 am | Edit

GLOBAL LOOTING: Bernanke shifty on US depositors.

The global roll-out of thieving from citizen savers continues. I missed this three days ago, but I’m grateful to a US Slogger for pointing it out to me: on March 22nd, Federal Reserve Chairman Ben Bernanke refused to say that … Continue reading →

35 Comments

Filed under Now Bernanke refuses to rule out bank account looting in the US

Tagged as , , , ,

March 25, 2013 · 8:03 am | Edit

THE CYPRUS HEIST GOES THROUGH: And it’s an Orwellian masterpiece

Haircuts are just so yesterday. Today we have closures, restructures, freezing…. ….and no need to consult Parliament Somewhere, George Orwell is spinning in his grave – although he wouldn’t be even remotely surprised by the 1984-style nonsense being hailed as … Continue reading →

Leave a Comment

Filed under CYPRUS: Berlin gets its free bailout & rebrands 100% haircuts as ‘restructuring’

Tagged as , , ,

· 3:13 pm | Edit

CYPRUS: SLOG PREDICTION VINDICATED AS MOSCOW WALKS AWAY FROM NICOSIA

The lunatics’ intentions are clear: if ever a nation deserved our support, then Cyprus is that nation. Signs of global looting build up as the MoUs become ever more overt Medvedev and Barroso finished a news conference within the last … Continue reading →

March 24, 2013 · 8:22 am | Edit

REVEALED: GERMAN BANKING FRAUD WORSE THAN NICOSIA’S, LUXEMBOURG BANKING SECTOR @ 24X GDP

Hypocrisy in the Round as Germany enforces its 20% solution “We’re in the money. we’re in the money….” Spiegel is reporting in its early online editions that a compromise has been reached between the Troika and Cyprus whereby small depositors … Continue reading →

March 23, 2013 · 11:06 am | Edit

THE SATURDAY ESSAY: Six unresolved questions about the Cyprus fiasco

Robbing banks, reducing wages, increasing hours worked: the lessons to take from the Cyprus bailin. The night Cyprus joined the euro….what goes up, must come down  What is the American State Department up to? What will Turkey do? Why didn’t … Continue reading →

117 Comments

Filed under Uncategorized

Tagged as , , , , ,

March 22, 2013 · 10:56 am | Edit

The odd case of the disappearing Slogpost about global looting

“I’ll just polish you off,” said Sweeney Draghi, the invisible barber of Wall Street Yesterday, I posted at length about Britain and Spain mulling their own depositor haircuts for future reference. I thought at first that WordPress had swallowed it, … Continue reading →

45 Comments

Filed under FREE GLOBAL HAIRCUT FOR EVERY BANK DEPOSITOR

March 22, 2013 · 9:16 am | Edit

EXCLUSIVE: Revealed – the true size of the Great Cyprus Robbery

The looting of Cyprus by Brussels-am-Berlin is the start of global grand larceny against the citizen You may suffer from number-table-column boredom (most sane people do) but it should be easy anyway to work out what I’m on about in … Continue reading →

87 Comments

Filed under CYPRUS EXCLUSIVE: THE GLOBAL GRAB OF OUR MONEY IS UNDER WAY

Tagged as , , , ,

March 21, 2013 · 6:19 pm | Edit

DEPOSITOR LEVIES: Now Frankfurt calls for Italy to be plundered.

In the light of the Cyprus heist, the UK, US, and Spain are considering depositor haircuts too. As The Slog predicted last week, the Germans have this in mind for everyone. Apologies for this, but WordPress has managed to swallow … Continue reading →

97 Comments

Filed under BREAKING: Embezzling from depositors goes global

Tagged as , ,

March 18, 2013 · 2:23 am | Edit

THE RECKONING: Euro plummets as the markets open

Nervous traders wait to see what the eurobank withdrawals will be Lots of people didn’t notice, but the Bank of Greece last week announced its intention to sell off lots of Greek loans gone bad to distressed asset management outfits. … Continue reading →

113 Comments

Filed under Cyprus – euro collapse panics Brussels

March 16, 2013 · 7:17 pm | Edit

EUNATICS & EUNUCHS: Cyprus – a suitable case for treatment

The depositor haircut: German exit visa or just plain stupidity? When I first heard of the bailout ‘solution’ for Cyprus late Friday morning, my first inclination was not to believe it. But then I remembered a conversation with a Madrid … Continue reading →

107 Comments

Filed under CYPRUS HAIRCUT: MAD STUPID OR CUNNING?

Tagged as , , ,

20 thoughts on “GLOBAL LOOTING

  1. Pingback: GLOBAL LOOTING: Bernanke shifty on US depositors. | The Slog. 3-D bollocks deconstruction

  2. Pingback: John Ward – Global Looting: Bernanke Shifty On US Depositors – 25 March 2013 | Lucas 2012 Infos

  3. Pingback: EC rape of Cyprus gets into gear….AFTER the Russian money has left. | The Slog. 3-D bollocks deconstruction

  4. Pingback: Smoke Signals Special: ‘Eurogroup will stop capital flight NOW’ | The Slog. 3-D bollocks deconstruction

  5. Pingback: John Ward – Smoke Signals Special : ‘ Eurogroup Will Stop Capital Flight NOW ‘ – 29 March 2013 | Lucas 2012 Infos

  6. Pingback: John Ward – Smoke Signals Special : ‘ Eurogroup Will Stop Capital Flight NOW ‘ | My Light Warrior "OPPT-IN"

  7. Pingback: THE SATURDAY ESSAY: More looting-levies, more asset taxes. Now it’s default or die. | The Slog. 3-D bollocks deconstruction

  8. Pingback: John Ward – The Saturday Essay: More Looting-Levies, More Asset Taxes. Now It’s Default Or Die – 30 March 2013 | Lucas 2012 Infos

  9. Pingback: John Ward – The Saturday Essay: More Looting-Levies, More Asset Taxes. Now It’s Default Or Die | My Light Warrior "OPPT-IN"

  10. Pingback: New Slog Post. THE SATURDAY ESSAY: More looting-levies, more asset taxes. Now it’s default or die. #johnward - NTMarkets.com

  11. Pingback: THE EVADERS: British banks control enough tax evasion to almost pay off our National Debt at a stroke | The Slog. 3-D bollocks deconstruction

  12. Pingback: John Ward – The Evaders : British Bank Control Enough Tax Evasion To Almost Pay Off Our National Debt At A Stroke – 8 April 2013 | Lucas 2012 Infos

  13. Pingback: John Ward – The Evaders : British Bank Control Enough Tax Evasion To Almost Pay Off Our National Debt At A Stroke | My Light Warrior "OPPT-IN"

  14. Pingback: GLOBAL LOOTING: An acceleration of desperation as the Sovereigns join forces | The Slog. 3-D bollocks deconstruction

  15. Pingback: John Ward – Global Looting : An Acceleration Of Desperation As The Sovereigns Join Forces – 10 April 2013 | Lucas 2012 Infos

  16. Pingback: John Ward – Global Looting : An Acceleration Of Desperation As The Sovereigns Join Forces | My Light Warrior "OPPT-IN"

  17. Pingback: John Ward – Global Looting: Why We Are Very Close To Guns & Hoses – 18 October 2013 | Lucas 2012 Infos

  18. Pingback: NWO | TheFlippinTruth

  19. Pingback: NWO – Updated | TheFlippinTruth

  20. Problem with oppositions ‘being radical’ is that the Government calls them cretins then steals their policies. The Tories were gagging for me to give them ideas before 2010, but knowing New Labour as I did, the only point in supplying them via blogs was after GB had published his manifesto. This was my trigger……

    Labour being looters know what will happen if they are honorable.

    The only option is to adopt policies that the Tories couldn’t be seen dead adopting.

    Things like nationalisation, Directors being legally obliged to pay a living wage, maximum differentials between the lowest and highest paid workers, not allowing privatisation subscribers to be located outside the UK and therefore not liable to UK corporation tax etc etc. They can’t have policies now if they want to imitate Blair or Cameron.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s