2013-03-23

Herr Schäuble Sprechen

"Ich werde nicht erpresst werden."

 
"The danger of a European bank runs is latent because the banking world of Southern Europe is tarnished," said Hans-Werner Sinn, president of the Munich-based Ifo Institute, this newspaper. "Einige Länder und viele Banken sind eigentlich schon pleite und werden nur durch die Sonderkredite der EZB am Leben gehalten. Die Katastrophe ist schon längst eingetreten, aber die Öffentlichkeit verschließt die Augen davor." "Some countries and many banks are actually already broke and held only by the special loans to the ECB on life. The disaster has occurred long ago, but the public closes their eyes."

Chop Off Their Hands

[A]nd, without any deception or evil disposition towards those whose silver they accept for purifying, they should cleanse the silver, and without practicing any deception in weighing it, they should change the purified silver into denarii. If it be reported that any one has acted contrary to his oath, he will be tried by the judgment of God; and if it be proved that he acted contrary to his oath he will lose his hand...
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Modern states gave control of monetary policy and markets to the barons of global finance. The experiment has resulted in the same disasterous outcomes as before. The barons have debased the coinage and corrupted the markets. The state lost control of the currency as central banks allowed the barons in banks and shadow banks to "create" money from securitisation and quantitative easing. The state lost control of markets as the SEC, FSA and others allowed those same barons to set up alternative trading platforms beyond any public scrutiny and to bastardise public exchanges with algorithmic trading and synthetic instruments priced against fraudulent reference rates.

Now that the whole system is falling apart, banks and bondholders - the robber barons and false coiners of our times - want to take more money from depositors and taxpayers to prop it up. The state, the taxpayers and the depositors should not be compelled to protect bank bondholders. Central bankers and market regulators should stop being complicit in debasement of the currency and corruption of the markets - taking the silver of the state and of the poor.

Enough already. Chop off their hands.
http://londonbanker.blogspot.com/2013/03/chop-off-their-hands.html

Cyprus Should Let the Banks Go Bankrupt


Taverne Frau Merkel Sprechen


The Moscow Times depicted the crisis in Cyprus and the Eurozone with the image of a faux Renaissance painting with all the major protagonists, with the focus on German Chancellor Angela Merkel dressed as a tavern woman. The picture has gone viral with thousands of reposts on social media and blogs
http://greece.greekreporter.com/2013/03/22/madame-merkels-rule-goes-viral/

2013-03-17

Letter to the Fed

A letter to the Federal Reserve asking about the wisdom of imposing a tax on bank deposits. And the Fed’s reply. From 1941
A letter to the Federal Reserve asking about the wisdom of imposing a tax on bank deposits. And the Fed’s reply. From 1941
http://www.edmundconway.com/2013/03/the-tragedy-of-cyprus/