Posts Tagged ‘debt’

It’s Only Your Money Until The Globalists Say It’s Theirs

July 29, 2017

The EU (Euronazi) bureaucrats have come up with a splendid new scheme to fill the hole in the EU budget that is already threatening the future of the bloc and will go critical after Brexit which will leave Germany as the only net contributor to the budget. They are going to claim that all the money in the EU belongs to the EU. If there is the slightest hint that a government has a problem servicing its debts or a bank, any bank in the EU, does not have enough capital to meet its obligations, you had better get your money out yesterday.

In fact it might be a good idea to get your money out and put it in offshore investment trusts anyway.

Although it’s your money, the EU have decided they have the right to freeze Personal Accounts to prevent financial problems blossoming into crisesfreeze Personal Accounts to prevent financial problems blossoming into crises. And one they have taken control of your accounts, they will also have the right to do what they like with your money.

Or to put it in the anodyne, non scary language bureaucrats prefer:

European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed.

The move is aimed at helping rescue lenders that are deemed failing or likely to fail, but critics say it could hit confidence and might even hasten withdrawals at the first rumors of a bank being in trouble.

The proposal, which has been in the works since the beginning of this year, comes less than two months after a run on deposits at Banco Popular contributed to the collapse of the Spanish lender.

Giving supervisors the power to temporarily block bank accounts at ailing lenders is “a feasible option,” a paper prepared by the Estonian presidency of the EU said, acknowledging that member states were divided on the issue.

EU countries which already allow a moratorium on bank payouts in insolvency procedures at national level, like Germany, support the measure, officials said.

“The desire is to prevent a bank run, so that when a bank is in a critical situation it is not pushed over the edge,” a person familiar with German government’s thinking said.

The Estonian proposal was discussed by EU envoys on July 13 but no decision was made, an EU official said. Discussions were due to continue in September. Approval of EU lawmakers would be required for any final decision.

Under the plan discussed by EU states, pay-outs could be suspended for five working days and the block could be extended to a maximum of 20 days in exceptional circumstances, the Estonian document said.

Spooking Customers

Charlie Bannister of the Association for Financial Markets in Europe (AFME) says “We strongly believe that this would incentivize depositors to run from a bank at an early stage.” Why Might Customers Want to Run?

Here are a trillion reasons: There are over €1 trillion nonperforming loans (both government and private debt) held by EU commercial and central banks right now and the figure is growing every month. Non performing loans are those on which no interests or less that the contracted rate of interest is being paid.

Non-Performing Loans
Italy, Greece, Spain, Portugal, and Ireland have a combined €606 billion in non-performing loans.

The entire European banking system is over-leveraged, under-capitalized, and propped up by QE from the ECB. Simply put, the EU banking system is insolvent.

That the EU has to consider such drastic measures proves the point.

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Europe’s Bank Crisis Arrives In Germany: €29 Billion Bremen Landesbank On The Verge Of Failure

… yesterday we observed a surprising development involving Deutsche Bank, namely the bank’s decision to quietly liquidate some of its shipping loans. Reuters reported, “Deutsche Bank is looking to sell at least $1 billion of shipping loans [a market sector] whose lenders face closer scrutiny from the European Central Bank.

If You Look At How Fast Global Trade Is Unravelling, You’ll Get Dizzy

Governments constantly make positive noises about the health of their economies although most people who are in work have felt no improvement on the position they were in after the crash of 2008. Wagest are stangnant, employment has reduced somewhat (see below) and while the banks are printing money and the super rich are widening the gap between themselves and ordinary people faster than ever, the real situation is frightening.

All Gone” – The Gold Scandal That Goes To The Very Top

Best known known for luxury shopping, over-the-top architecture including the world’s tallest building, a lively social scene, and a facade of secular open – mundedness, Dubai ought to be even better known for the underbelly of corruption and unrestricted criminality among the billionaires and oligarchs who quietly dominate dominate the global power and financial structure and have set up bases there because the Dubai has very few laws covering offshore activities of financial traders.

A Song Of Servitude (poem)

This poem (sort of) was inspired by a news story about increasing personal debt in the developed nations

De-Dollarization Accelerates As More Washington “Allies” Follow Australia To China-Led Bank

For many years the dollar has been the currency in which the world’s nations settled cross-border transactions and the so called petrodollar became the only currency in which oil could be traded. In recent years however, as other nations, particularly the BRICS group, Brazil, Russia, India, China and South Africa, the leading nations outside the dominant US / European group, have been making moves to end the domination of the US dollar.

Why Iceland Recovery Is Being Ignored In Mainstream News
Iceland is a small country with less that half a million people so is not a good comparison with Britain. It’s recovery from near bankruptcy in the wake of the 2008 financial crisis however is due to the rejection of politically correct, globalist politics so in that light it serves to illustrate that to suggest Britain (60 million people) cannot survive outside the EU is just globalist scaremongering.

It’s Staring To Dawn On Economists That The Developed World’s Economic Problems Are Structural.

When we look back from 2025, it will be painfully obvious that central bank policies exacerbated the systemic crises that brought down the global financialization machine. After all, “saving” the world from financial collapse 0f 2008 was relatively quick work; so what problems beyond imminent implosion have the central banks policies solved in the past 6 years

New World Order IMF Advocates Taking Pensions & Deferring Redemption of Gov’t Debt.

Global Capitalism my arse, the dominant economic system is Naziism pure and simple. Who but Nazis or Communists (and they are truly different faces of George Orwell’s Oligarchic Collectivism) whould propose stealing the pension funds we poor punters have worked all our lives to accumilate to pay for the stupidity, selfishness and irresponsibility of our masters?

Financial Crisis? The Dow Has Already Fallen More Than 1000 Points From The Peak Of The Market

The dramatic falls in world wide stock markets over the past week hows that the Daily Stirrer finance expert was correct in predicting this, such recovery in the global economy as has happened since 2008 has been the result of printing money and manipulating the markets. This latest action is part of a massive heist by the bankers to drain the value from our savings and pensions

Corporate Banker’s $1.5 Quadrillion Conspiracy: EU Accuses 13 Banks Of Operating A Derivative Trading Cartel

Debt, how much of a threat to ordinary people is it? The truth might frighten you which is why bank bosses, government leaders and media pundits are not eager to tell the truth. What can we do? Not much in the short term, in the long term, reclaim the sovereignty of our nations and our individual sovereignty and tell the world view thinkers their crazy ideas have maxed out their credit

Was The Banks’ Cypriot Smash And Grab A Rehersal

When I started here at Bubblews back in early March the big story was the financial meltdown in Cyprus and the international response that shocked the world. The political leaders and international bankers whose incompetence and irresponsibility caused …

Now We Know What Those Naughty Bilderbergers Were Plotting

Left behind after the Bilderberg group check out of The Grove Country House Hotel was the remnant of a presentation promoting the Thompson Reuters Online Trading Platform. What was that about? Well we know now, read the article below

The Planned Green Holocaust, Depopulation Needed To Save The Planet

The science tits, The Watermelons (green on the outside, red on the inside) and even the raffia mafia are happy to talk about Carbon Dioxide but nobody wants to talk about the biggest threat to human civilization, overpopulation. Some hope the surplus billions will go away, others have a much more brutal final solution in mind.

War On Cash Begins, It Is Not About Keeping You Or Your Money Safe From Muggers

Government and big busin.ess has been nudging us towards abandoning cash for electronic money for a long time. Now the Frech government has become the first to move towards making cash illegal (because government can’t keep tabs on what you do with your money when cash passes from hand to hand …

Holy City (poem)
Chasing Bubbles

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Did The Bank Of England Just Admit Financial Markets Aren’t "Real"?

August 24, 2015

On a day that has seen global financial markets take a roller coaster ride, which is not the fault of greedy bankers but is the latest move in the currency war being fought between the USA led developed world and the eastern bloc and emerging powers led by Russia and China, we spotted a story that reveals the truth about ‘markets which is that they are all rigged and the eastern bloc are better tat playiong the system than the west..

The Bank of England has announced an “Open Forum” to be held on November 11, with the title: Building Real Markets for the Good of the People. No, I’m not making this up. Here’s a screenshot from the BOE website:

This might be good news for people with pensions and savings, but don’t depend on it – the corruption in the financial system is very deep. At best we can hope to see curbs on the algorithm driven high frequency trading that has served investment bankers and financial traders so well and the public so poorly.

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An Avalanche Of Upshitcreekness

July 31, 2014

argentina default

We are kind to our readers here at Boggart Blog, we give you lots of new and very amusing words like upshitcreekness to play with when you are trying to describe the state of the world. Upshitcreekness describes no only how far up shit creek we really are, the depth of the shit beneath our canoe, the conspicuous lack of a paddle and the stinkyness of our surroundings.

The reason we invented upshitcreekness today is to adequately describe the situation in high finance following the debt default by Argentina and the collapse of Portugal’s Banco Espirito Santo this week. “But do those affect us, Ian?” You might well ask.

Not directly or immediately, but they demonstrate that in spite of all the blether from mainstream media, the debt crisis and the fragility of banks’ balance sheets has not gone away. There is no recovery.

“But haven’t Whitehall and Washington been pumping out data that shows a strong economic recovery is underway, everybody now has fourteen jobs, wages are rising and prices are falling and everything is hunky dory because that nice Mr. Rothschild lent us the money to sort it all out.

Well the numbers that they crank out to make everybody feel good are almost as phony as the numbers that the Argentine government has been cranking out for the past few years. Cristina Fernández the government finance chief says well, we only have 10% inflation. But everybody knows that a broad snapshot shows for necessary purchases it’s 30 to 40%. And here they say we have 2% inflation. I would say that based on a household budget (which excludes luxury goods that are being heavily discounted because nobody is buying) inflation is realistically in the 8-10% range here, and in the USA it’s going much higher because the US$ has been dropped by many trading and oil producing nations as the currency of bilateral trade. This has been going on for a while but contracts are made eighteen months to two years in advance so the effect does not kick in at once.

If we observe the actual economy rather than the fiat money and quantitative easing economy it has been obvious for a while that the upshitcreekness was being masked by printing money and statistical prestadigitation.

The growth is all a fantasy. It’s all a result of the assumption that there is no inflation, when there really is because what we have is inflation masquerading as economic growth. But the bottom line is the economy is really contracting, although jobless figures are massaged by simply not counting the long term unemployed and counting those in part time jobs as having a whole job and not a fraction of a job, the labour force is actually shrinking. GDP may be growing but that’s only because the government keeps printing money and handing it out in benefits, there is actually less economic activity. That’s why we’re using less energy, that’s why the people’s standard of living is going down, and real incomes are falling and job opportunities are disappearing. It’s because we’re in a recession, a depression even, and no one wants to admit it.

And as in 1939 the leading economic powers see war as a way out, which is why the USA and its allies are madly angling for war in Ukraine.

And if there’s a war we’re fucked, I’m fucked, you’re fucked, we’re all fucking fucked. That’s what is meant by Upshitcreekness.

Well that’s the external threats dealt with, noe we need to deal with the enemy within (the EU)

If The Government Does Not Keep Junkhead Junckers Hands Off The City, we can say gooodbye to nationhood.

Yes, thanks to economic mismanagement by Conservative and Labour governments since the 1960s we are far too dependent on our financial services business. And the money hungry bureaucrats of the EU have coveted the revenue that brings in for many years.

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Mass Immigration Means Failing Hospitals, Schools And Overcrowded Cities

Shock Labour Defector – To The Tories?

November 15, 2013

After asking a few days ago, in the wake of criticisms from John Major, David Blunkett and Jack Straw of the parties whose governments they served in, we asked who would be the next political elder to defect to UKIP.

The defection, when it came, was a shock. Ken Livingstone turned against Labour and the loonytoons economics advocated by shadow chancellor Mr. Bollocks and embraced Thatcherite monetaraism.

from The Daily Telegraph:
Ken Livingstone, the former Mayor of London, has accused the Labour party of “cowardice” for building up billions in debts rather than taking difficult decisions on tax cuts and spending.

In a speech to a campaigning group on Saturday Mr Livingstone accused Gordon Brown of borrowing too much in the boom years.

Mr Livingstone said: “Gordon Brown was borrowing £20 billion a year at the height of the boom in the first decade of this century in order to avoid having to increase taxes, because he wanted to increase public spending.”

The former Mayor described the racking up of debts as “an act of cowardice” on the part of the Labour party.

Mr Livingstone appealed to Ed Miliband, the Labour leader, not to borrow more. Referring to Mr Miliband and Ed Balls, the Shadow chancellor’s, plans for the economy, he said: “I don’t believe that borrowing is your way to the future.”

As Livingstone is going against Labour’s traditional policy of saddling future generations with unserviceable levels of debt inh order to buy working class votes by handing out cash benefits, we must assume Red Ken’s political career is over.

On the other hand it might just be that he’s the same old hypocrite he always was and will embrace anything he thinks might help him cling to a sliver of power a little longer. I mean, he’s already endorsed Sharia Law and you can’t get any more conservative than that

As Britain Goes Jubilee Mad It’s Business As Usual In The Eurozone

June 5, 2012

Little nicky’s friends at The Daily Stirrer has consistently reported the truth about the Euro crisis while mainsteam print and broadcast media have consistently tried to suggest there was nothing wrong that could nut be put right by simply mugging German taxpayers to bail out debt problems in basket case nations like Greece, Portugal, Ireland and Italy. Another basket case nation, one that compounded it’s economic folly by committing to expensive and almost totally inefficient “green” energy projects is Spain. Now as a Spanish economic collapse that will need another massive bail out from north Europeran taxpayers draws closer every day we hear that another small EU nation, Cyprus, has at last admitted it is bankrupt

Spain’s ruling party, only recently elected, has begun to crack under pressure, signalling for the first time that the country may need a European rescue to shore up its banking system.

Meanwhile even the mighty German economic behemoth is faltering as one of it’s main customers, China, feels the pich due to Economic contraction in the USA and Europe.

While British financial markets remained closed today for the Jubilee celebrations, the German stock market fell sharply on fears of US economic relapse after last Friday’s terrible employment figures and news of a sharp slowdown in China. Spanish, Italian and French shares rose slightly on hopes of new eurozone fiscal authority to control national budgets and manage debts As any such scheme depends on German financial stability a news pan European financial policy already looks a forlorn hope..

Europes Crisis Is Going To Get A Lot More Insane

May 14, 2012

How would you go about solving your personal debt problem if your credit cards were maxed out, your overdraft was over it’s limit and your income would not stretch to buying basics after all the interest on your morthgage and loans had been paid.? Go to a loan shark? Of course not, that should be a no brainer even for politcians and bureaucrats. But it is exactly where Europe is heading.

Euro-Lefties have been having a thin time of it recently. Only three per cent of EU citizens live under socialist or socialist-led governments. The European People’s Party is the largest bloc in the European Council, as measured by voting weight, second are the European Conservatives and Reformists, who edge ahead of both the Liberals and the Socialists.

That, though, is about to change. France,a nation in which the state consumes 56 per cent of GDP, even more than our own greedy government – monster, and whose budget was last in balance in 1974, has just elected François Hollande who, on a platform of ‘growth, not austerity,’ (if only achieving it was as easy as saying it) will try to create illusory growth in the economy by borrowing more and more money at ever higher interest rates and giving it away to the lazy, the shiftless and the corporations whose business is built on mining taxpayer’s pockets.

Greece, which also voted when France did and now must vote again, is inclining toward a pack of communist parties; the politicians there who talk openly of the need for cuts currently command less than seven per cent in the polls.

Fortunately the parties of Greece’s fragmented left hate each other more than they hate the bankers who screwed their country Romania, too, is about to install a Leftist ministry, following the defeat of the last government’s austerity platform. As other elections follow around the poor nations of Europe, we can expect more of the same.

The invevitable result of this will be that Europe will return to and intensify all the policies that brought it to its present unhappy condition: loonytoons spending, unsustainable borrowing, obscene levels of taxation, deeper fiscal and political integration integration. Voters, protected from reality for too long by the EU’s overgenerous benefits system are in not willing to accept less generous benefits and pensions. They’d rather be told what they want to hear that the money can somehow be got out of the rich.

A politician who admits the truth that the rich, a tiny fraction of the total population, have nothing like enough to pay for all the things that modern governments want to do is liable to have rotten fruit, dead vermin and molotov cocktails thrown at him … by member of his own party.

Even in the north European countries that still recognise the virtue of financial discipline the Centre-Right parties in government have done little to bring spending under control. All are running deficits that would have been catastrophic a generation ago. But like the other Elepphant In The Room, immigration, nobody wants to talk about it.

For Britain, official Treasury figures show that, contrary to almost universal belief, total public s ending is higher today than it was under Gordon Brown. The left constantly scream abouut the unfairness of the Coatolitions cuts but the Coalition austerity measures have not reduced spending by one penny. All that has been achieved is a lowdown in the rate of acceleration at which we are amassing debt.

The EU is in a downward spiral. The worse things get, the more reluctant its governments are to tackle the underlying problem of excessive expenditure. Lacking any alternative narrative, voters blame the lack of growth on ‘cuts’, ‘bankers’ and ‘deregulation’. They then support parties committed to even higher spending – which, of course, exacerbates the problem. And, as if national governments were not burdensome enough, Europeans must also contend with more rules and more taxes and a headlomg dash towards fascism from Brussels.

The E U is insance and growing more psychotic by the minute. We must get out. Ignore those wimps who say it is impossible; unless you want to live under a system of oligarchic collectiveism (see George Orwell’s 1984) we simply cannot allow it to be impossible. FFS we stood up to Hitler’s Wehrmacht, have we become so weak we are prepared to let a bunch of penpushers in Brussels destroy our nation?

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UK Government Report Confirms Huge Abuse of EU Free Movement Rules
Eurogeddon, the Euro zone debt crisis
Death of the Eurozone
Europe becoming a bureaucratic empire
Eurozone sovereignty
Sacrificing the future to save the Euro
Europe: Death of democracy
more on the Debt Crisis

Schumpeter’s Warning and the economic mess

World on the Greece – y slope to financial ruin.

March 2, 2012

According to news reports, finance ministers from the world’s leading economies worked on through last weekend to line up a deal that will see the world embark on a second global rescue package worth nearly $2 trillion in April this year.

They claim this is needed to stop the euro-zone sovereign debt crisis from spreading and putting at risk the tentative recovery.

Germany said it would make a decision some time in March on strengthening Europe’s bailout fund, a move other Group of 20 countries say is essential to clear the way for throwing extra funds into the International Monetary Fund.

I have been doing a little research and found that the nations coping best with the economic slump are those that did not join in the first money priniting exercise stimulus. The point about such a project is it contains the seeds of it’s own destruction. Printing money is not a question of revving up the printing presses. Money these days exists computer databases and only shows up in spreadsheeds.

There is very litle real money around.

So when we say ‘printing money’ it means governments borrowing money on which they must pay interest. And the more money governments borrow to finance their profligate spending, the more interest they must pay.

This is how Greece got into it’s current state. The interest that nation must pay on its €1,7 trillion debt at current interest rates of around 7% is €120 billion. With a GDP of about €220 billion and falling the nation is in a spiral of debt. It must take on more debt by borrowing to pay the interest on existing debt. Simples.

So long as economists and politicians choose to ignore this we are all on the Greece – y slope to the same fate.

What makes matters worse is nobody in their right mind would lend to governments these days so governments are buying in their own bonds, i.e. borrowing from us poor punters. And they are not giving any guarantees when or even if they intend to pay us back.

Greek debt deal, Greek taxpayers must stump up for Euro folly

February 10, 2012

It seems the Euro has been saved at the expense of democracy and inndividual freedom again.

from The Daily Beast:
Greek leaders on Thursday reached a deal for deep austerity cuts, a government official has confirmed. By enacting austerity cuts, Greece is now eligible to receive bailout funds from the European Union—and thus will avoid defaulting on its debt. The deal came just hours before Greece’s financial backers were set to meet in Brussels to discuss the debt crisis. The euro and Greek stocks rose Thursday after the news of a deal broke Greece’s two major labor unions called for a 48-hour strike on Friday and Saturday against the cuts. Meanwhile, Greek unemployment rose to another new record, of 20.9 percent, in November, up from 18.2 percent in October. The average jobless rate for 17 eurozone countries edged up to 10.4 percent in November from October’s 10.3 percent.

read full story

We predicted at The Daily Stirrer some time ago the (B)euro(c)rats of Brussels, the unelected elitists who run our lives would sacrifice the future to save theie precious single nation bureaucratic dictatorship project.

The Greek population are angry and have taken to the streets to protest against being sold into slavery by their leaders. It seems we may soon be hearing little Sir Echo Cameron mimicking Obama’s calls for military intervention in Greece.