When New Zealand politicians say the “haircut” Open Bank Resolution (OBR) document from 2011 is different from what is happening right now in Cyprus, they’re just spouting propaganda.
In small detail it may be a little bit different, but in its designed effect it is just the same.
The entire Western World banking system just missed the need for a bail-in by a hairs length.
The next crisis in finance in North America will be a product of the FASB, the Guardians of Auditing, allowing banks to value OTC derivative paper at whatever the bank wishes. This is a camouflaged black hole loss unstated that Western Banking system deposits could fall into to disappear partially or wholly, made up of your deposits. Washington made moves to override the CFTC, mandating proper valuations which the FASB has run away from. Had the banks been required by the CFTC to value these derivatives at anything resembling a real market (there isn’t any markets for the legacy OTC derivatives of 1991 to 2008), we would have had another banking crisis in the USA on Tuesday after Memorial Day. The USA just missed another banking crisis by a hair’s length. Next time it will be closer.
A brilliant, yet sobering analysis of the historical crossroads we’re on now. – Ed.
Mark Twain once talked about history not necessarily repeating, but he noted that history sure does rhyme.
Richard Nixon was unable to survive one direct hit upon his administration, namely, the Watergate scandal. Conversely, Obama is facing five scandals which dwarf Watergate in terms of criminality, abuse of power, malfeasance of office and outright treason.
The damage inflicted upon the American people by the criminal syndicate occupying the White House is unparalleled in American history. Yet, Obama is going to survive and this article will describe how Obama is this century’s version of the famous escape artist, Houdini.
We must either defy the corporate state or accept our extinction as a species.
We have been stripped of the power to express dissent or effect change. Rebellion is the only way to remain fully human.
Anonymous: ‘We Will Wipe You Off the Cyber Map’
Security experts say that OperationUSA, a coordinated online attack against banking and government websites slated for May 7, is a serious threat. As a result, organizations should be upping their distributed-denial-of-service attackmitigation strategies to guard against the attacks, which are being coordinated by the hacktivist group Anonymous.
Funny money honey!
From time to time, however, the curtain has been lifted long enough for us to see behind it. A number of reputable authorities have attested to what is going on, including Sir Josiah Stamp, president of the Bank of England and the second richest man in Britain in the 1920s. He declared in an address at the University of Texas in 1927:
The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in inequity and born in sin.
Bankers own the earth. Take it away from them but leave them the power to create money, and, with a flick of a pen, they will create enough money to buy it back again.
Take this great power away from them and all great fortunes like mine will disappear, for then this would be a better and happier world to live in.
But, if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit.