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Big Banks Shift Their Derivatives Exposure Onto U.S. Taxpayers (http://www.thenewamerican.com/economy/markets-mainmenu-45/9536-big-banks-shift-their-derivatives-exposure-onto-us-taxpayers - broken link)
I think there's a typo in the third word of the above article title. There's an extra "f" in that word; and I guess we taxpayers know that the "...You!" is implicit.
*****What I have been afraid to blog about: THE ESF AND ITS HISTORY (Part 1-5)***** | Market Skeptics (http://www.marketskeptics.com/2011/06/the-esf-and-its-history.html - broken link)
Market Skeptic's- has an article and a 5 part video on how congress in 1934 appointed one man to regulate the currency and he is responsible for keeping it stable. He answers to no-one not even the president. This is scary......
It's a private bank so why not? We just need our money divorced from them so they can bail out whomever they want apart from the US. sounds like a match made in hell..... boa + Fed.
Yet we still see the same non action from them? That alone should tell everyone to vote out all incumbents. They've been bought and paid for so many times they lost count. Well their accountants havn't. Sure they may have gotten snookered but that is mostly because they don't even know what they're voting for half the time which is their job. Time to get em out, all of em. Can't do any worse. When the derivitives market crashes it's gonna make the run at George Bailey's bank look like nothing. Who will be Mr. Potter? The Chinese or Soros?
We haven't seen inaction from Congress. The finance bill that Blanche Lincoln put together had some rigorous derivatives regulation. The bill that eventually passed had derivatives regulation. But banks and businesses have been pushing back.
They don't want to collaterize what is nothing more than bets, and bets that are so complicated that the people betting often don't understand them. The complaint that 3% collateral will tie up capital is nonsensical. We know that banks and businesses are sitting on large amounts of capital, doing nothing, waiting for some clear indicators of economic recovery. The threat, and it is a threat, that the markets will simply invest in derivatives elsewhere is a somewhat empty threat as well. Regulation in the European market is much more strict, and in the markets where regulation is not present or not enforced, the risks are also not socialized, and if the profits are consistent and large, its exactly in those markets where the profits have the best chance of being socialized (South America and Asia).
I've never been a conspiracy buff and I'm still not but when it comes to presidents being bought doesn't begin to address the question. As DC-ATR's article hints at there appears to a gun pointed at the head of who ever would become president and I don't believe for a second that even Ron Paul would risk taking the shot.
Despite pleas for more transparency, Alan Greenspan (then head of the Federal Reserve), Larry Summers (then deputy Secretary of the Treasury), and Robert Rubin (then Secretary of the Treasury) all strongly opposed it, saying that any prying into it might cause it to implode with worldwide consequences.
HELLL YEAH!
When you have a financial market valued at...(swallows hard)...$1.4 quadrillion in a global economy that only produces $58 trillion in value per year, the mere threat of pulling down this financial house of cards makes the most dystopian vision look like a vacation in the Caribbean.
Which raises the question, are the national banks to the evil entities that some describe or an unwitting accomplice holding its finger in the dyke that it helped to crack? Which raises another question, what happens when you remove the Fed's finger at this point because if just one sector of the world's total economy is:
40 times the world’s total stock market
10 times the value of every stock and every bond on the plane
23 times the world’s gross domestic product
On the other hand, we would have to argue about the 1% anymore.
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