Same gang, different names
# The rest of the world is tired of this crap too. Britain and Germany, to name two, are now looking at going after Goldman.
# Goldman may have violated more than one law. Isn’t receipt of a Wells Notice a “material event” that requires disclosure via an 8-K filing?
# Goldman was not the only large bank involved in deceptive deals. We should really talk about Magnetar, shouldn’t we, and the nine banks that enabled their piece of this (that would be Merrill, Citi, UBS and more.)
# Jamie Dimon is threatening governments (again), this time in Germany. The people have had quite enough of extortion and blackmail, Mr. Dimon.
# The people don’t believe the SEC, Congress or the Obama administration. Bill Clinton is now saying he took “wrong advice” from Larry Summers and Bob Rubin. That “advice” included Gramm-Leach-Bliley, I might add, as well as derivatives. Let the record show that Larry Summers took a clean shot at bankrupting Harvard University, losing $14 billion of its endowment in just over a year’s time.
It’s the old, old question – is it incompetence or is it the same old collusion and barely regulated insider trading, masquerading as innocence and laying the blame on “factors we couldn’t have foreseen”, “international conditions” and the incompetence of one or two scapegoats?
Do the non-economists reading this actually understand the nature of OTC derivatives? I didn’t. I do now. It’s mindboggling that our financial structure is built on these.
Everyone’s agreed that these people are evil mothers who need to be curbed but what is not agreed is that these people, far from just being “bankers”, are actually the power behind all the social re-engineering and misery which afflicts modern times. Do you really think the Money would sit back and allow a new feudalism of oligarchs at the top and plebs down below if it didn’t pay dividends, if they didn’t actually own the game?
Do you honestly believe that governments act independently? I didn’t ask if you thought they acted honestly – we know they don’t – but whether they act independently, in a sovereign sort of way? They do not and have never done so – they have always been beholden to rates of return and at the higher echelons, in the social/spiritual area, some very, very weird beliefs and behaviour.
# The Git, via RBS £580M and crazy purchases of foriegn banks owning this toxic mess, puts the Goldman Suchs Fraud on UK taxpayers. http://www.marketoracle.co.uk/Article18715.html
# The Icelandic fraudster criminals, as determined by current Icelandic reports, and their criminal associates now reside in the UK under the protection of HMG, while the git and his croneys and the Netherland croneys pursue Icelandic population for the debt and fraud that was NOT their creation.
# The Fed knew of the repo fraud, and has now created and loaned out an additional $400B ish, to help the banks through new FAS rules requiring showing true debt on balance sheets.
http://www.msnbc.msn.com/id/31510813/#36604057
http://www.goldstockbull.com/articles/to-rob-a-country-own-a-bank/
http://www.goldstockbull.com/articles/options-expiration-friday-another-manufactured-sell-off/
Political implications
Socialist rhetoric always speaks of fascists and capitalists, the latter meaning bankers, those who play the money markets and bosses of companies. Conservative rhetoric always speaks of unions and communists.
It’s only beginning to be realized now, in a more mainstream way, that the communists/socialists/communitarians/bankers/Mandelsons/Bilderbergers/sharks are all part of the same gang. It is at once all of those things and it is based around Money [or rather created, thin-air book entries], which is power in this world because we’ve let them make it so. It is based on monopoly of the world’s real resources and for governments to nationalize them in the vain hope of staving off the capitalists is either naive or deliberate illusion – they’re all part of the same gang.
This faux election coming up, it’s part of the game too – the illusion of democratic choice. The only way to get some sort of voice [because they sure as hell are not going to give it up to you], in these precious few weeks now, is for everyone to hand them a pledge form:
… and ask them directly if they will give you your democratic voice or not. It’s the only way, short of direct action and though it will buy little, in direct terms, in this coming farce, it will serve notice on them that they are dangerously close to being toppled when the people finally wake up and flex their muscles.
Filed under: Politics & economics
James, there is an important point that everyone is missing.
That is the fractional banking nature of the LBMA. The gearing is 100:1, as confirmed at last months open CFTC meeting.
The LBMA turns over $5.3T pa, 99% by definition is paper.
Gold is held in unallocated accounts, thus holders of gold at LBMA are merely unsecured creditors, ie, the debt owed to these people who think they own gold is actually backed by whatever financial strength the LBMA has.
Look at the list of LBMA members, http://www.lbma.org.uk/assocn/mktmembs
Many of these banks are those responsible for naked shorting on the COMEX (US) to devalue the “market price” of precious metals, in addition to whatever suppression scheme exists on LBMA, which is totally opaque by deliberate design.
We thus have “Bullion Banks” selling Fake Gold to their clients, (since it is 99% paper), and then naked shorting that “gold” in order to drive down the price.
This is precisely the crime that Goldman is accused of….. selling a product, then undermining the price of that product in order to profit.
If you look on King World News archives, there is a report of folks who thought they owned gold at the Bank of Nova Scotia….ScotiaMocatta, but when they visited the vault they found it bare……fractional banking in gold in CANADA. And Bank of Nova Scotia are on that LBMA members list, (above).
This link explains part of my point
http://www.gata.org/node/8557
So that leads to my comment made previously on the link from a few days ago
Oil folks owning $billions will now be seeking a better home for their $Billions, seeking to hedge against a failing global currency riddled with fraud.
The Middle East love gold. As you rightly say, the entire globe is tired of Wall street. The ME has invested heavily in the US over the years. They are pissed. In addition to working to set up their own regional currency, they are currently being visited by extremely skilled operators from the west, in an advisory status concerning my comments, above.
The LBMA member banks cannot meet their obligations….there is not the gold in the world, other than central banks who are now scrambling to accumulate, rather than sell/lease out. Early moves will be reflected in the price. Later moves will explode derivatives. If a run develops it won’t be pretty for, ultimately, the tax payer, once again.
That is unless the politicians enact something extremely rapidly. But then again, they are rather busy, right now, globally dancing around the maypole, seeking power.
Global Economic/Financial warfare, the death thrashings of a once might empire, the anglosaxon financial world.
Russia and China making very sensible moves from their point of view…..+ the recent meeting of China, Russia, Brazil and India, in South America……
The problem is basic. What ever nations holds the Worlds Reserve Currency, that nation Must operate a permanent trade deficit in order to provide global liquidity.
The living standards of that nation have been preserved by financial engineering. The fault lies squarely with global leaders. Instead of sitting down to work out an honest way around that problem… the problem of DEBT issuance, they have allowed fraud to grow, hand in hand with playing both ends against each other to create more debt and profit, which does NOT provide any answers, just more problems. The movers behind all this, related to finance and the NWO, have out-thought supposed global leaders for the last 200+ years, who have, given the embedded power of those movers, found it easier to go along with the flow.
You know who funds Tavistock, Demos, CP, Regional slush funds, and on and on, in all nations, and all the other POS! It is all obvious to anyone who cares to look.
We elect leaders who aren’t…..just second rate puppets!
The unelected hold the power, and they are accountable to themselves, and only in part, to the bottom line, least of all to nations or the electorate.
All we see is designed, moves choreographed in advance.
Sigh!
I admit that, not being in the field, I was an economic nincompoop and even the word “shorting” meant nothing to me. Then I heard the term “fiat money” and explored, which led me to “fractional reserve banking” but the article made it sound as if it was just putting money away for safekeeping. Those textbook articles did not explain it all.
We therefore have a knowledge gap here. You know your stuff and are in there. I’m learning. Most do not even want to know or else they’re trading on this, know full well and don’t want to acknowledge that they do.
What it needs is a super simple explanation for the uninitiated. I”m going to have a crack at it, to see if I can put it in simple terms people would understand.
http://www.nytimes.com/2010/04/17/business/17nocera.html?src=busln
http://4.bp.blogspot.com/_J8L-e47yFE0/S8xWzFHN55I/AAAAAAAAAYM/zDfJN_oO6YU/s1600/ProPublica%25202.jpg
James,
Post heaven, one minute pre this post.
A powerful interview, well worth listening to.
Click on microphone symbol at bottom left to load.
Jim Rickards is a respected person.
So you think this is it, what Goldman has been up to? These guys pretty much drove globalization, provided “incentives” for politicians to provide the required legislation, manipulated the oil prices and donated to immigration pressure groups (indirectly). I used to get all the glossy brochures; it was hard for the thinking man not to vomit on them. This is just the beginning but I won’t expect any action just yet…
So you think this is it, what Goldman has been up to?
Only the tip, Wolfie, as you know. Post coming up tomorrow morning.
If you think that I think that this is it, you aint been reading my posts.
From above…
The movers behind all this, related to finance and the NWO, have out-thought supposed global leaders for the last 200+ years, who have, given the embedded power of those movers, found it easier to go along with the flow.
And all the others.
If you have details, why aren’t they here?
Goldman will settle out of court admitting no fault after making a great deal of noise to salvage their reputation and lay out the defense for the civil suits that will follow IF Obama does not call in the FBI and Justice to do a more thorough job of investigating the firm and their variety of dodgy deals.
The penalty will be a disgorgement of 15 million, plus a penalty of maybe 45 million. This is just the cost of doing business compared to the billions they took down in side bets like the Credit Default Swaps.
The Dems will get Chris Dodd’s toothless financial reform passed, and within five years at least one Wall Street firms will roll over and be virtually bailed out at great cost to the taxpayers under its provisions. Years after he leaves office citizen Obama will say he should not have listened to Larry Summers advice and he ought to have tried to have done more against determined Republican opposition.
That is the usual outcome. It *could* change, Obama can change it and he doesn’t need the Republicans to ask the FBI and Justice to assist the SEC in their investigation for evidence of criminal wrongdoing. That would show us something about him, at least differently from what I think he is now. I don’t hold much hope for it. But I’m prepared to be surprised.
Or it could change if the people shake off their cynicism and lethargy, and a “million person march” goes to Washington this summer, and peacefully demonstrates that business as usual is no longer acceptable. And then they put some bite into it and vote out the incumbents in the fall elections, voting heavily for third parties dedicated to real change.
That is also unlikely but I am prepared to be surprised.
Jesse
In the UK, vote out all incumbents, vote in only third parties dedicated to real change. Send a loud message.
James, A little light reading for you.
Although I guess, some of it you already know.