Frankenstein's LIBORatory-Spengler Endorses Lies in Lending.

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monster_gardener
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Frankenstein's LIBORatory-Spengler Endorses Lies in Lending.

Post by monster_gardener »

ASFAIK the Latest David Goldman Spengler piece....

Hat tip to Book Lady's Ghost at Spengler Board.....

About Bankster Rate manipulation being perhaps even "good".......
Dr Frankenstein's LIBORatory
By Spengler

The US Justice Department plans to bring criminal charges against banks for manipulating the benchmark rate for US dollar money markets, the London Interbank Offered Rate (LIBOR). It would be the first prosecution of financial institutions for having charged their customers less rather than more, and having taken less rather than more income.

That's right: rigging LIBOR transferred income away from the banks to their debtors. There is a case for a civil suit by shareholders for income lost to the banks' largesse, but hardly a criminal case.

Attorney General Eric Holder, the man who arranged former US president Bill Clinton's pardon of fugitive tax cheat Marc Rich, fresh from condemnation for contempt of Congress by the House
of Representatives, is shocked - shocked - to find that interest rates went misreported at the peak of the financial panic of 2008. Criminalizing the kind of rule-bending that the regulators sanctioned during a crisis is sadly typical of the Barack Obama administration's operating procedure.

http://www.atimes.com/atimes/Global_Eco ... 7Dj02.html

No problems with holding against Holder ;) but this is startling even if it may be true..........
The lies did the trick. The truth won't set you free; the truth will make you broke. The regulators did this before, in 1982, when the bankruptcy of some big emerging market debtors ruined the solvency of big American banks that had lent them too much, and again in 1990, when a real estate market collapse left a number of institutions (notably Citibank) in technical insolvency. That's what regulators are supposed to do. If you want Inspector Javert to run the Federal Reserve, prepare to be very, very poor.
Reminds me of the story of the knight who was able to slay the dragon because he thought his sword was magical when it wasn't...........

But where to you draw the line with that sword..........
Last edited by monster_gardener on Sun Jul 22, 2012 9:45 pm, edited 1 time in total.
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Milo
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Re: Frankstein's LIBORatory-Spengler Endorses Lies in Lendin

Post by Milo »

Spengie keeps saying that all this was necessary in order to stop the banks collapsing.

He does not ask the question, what if they did? I'm not convinced that such a collapse would be worse for us than the present situation.
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Re: Frankstein's LIBORatory-Spengler Endorses Lies in Lendin

Post by Typhoon »

Milo wrote:Spengie keeps saying that all this was necessary in order to stop the banks collapsing.

He does not ask the question, what if they did? I'm not convinced that such a collapse would be worse for us than the present situation.
Spenglerman is full of beans.

How banks failures had been handled well in the past [eg., Sweden]

1/ The secured debt holders debt is converted into equity;

2/ The unsecured debt holders get a haircut - lose everthing;

3/ The shareholders, as part owners of the business, lose everything;

4/ The management is fired, and if there is evidence of criminal activity, prosecuted. The new equity holders [former debt holders] select a new management;

5/ The bank is recapitalized with some mixture of debt and equity.
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Re: Frankstein's LIBORatory-Spengler Endorses Lies in Lendin

Post by Azrael »

Yes, it is pretty simple in concept.

We didn't do it that way because some wealthy and powerful people held most of the equity and unsecured debt and the senior management of major banks are pretty powerful themselves. Sweden is a considerably more egalitarian place.
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AzariLoveIran

Re: Frankstein's LIBORatory-Spengler Endorses Lies in Lendin

Post by AzariLoveIran »

.

look, guys

don't bother

same scam was inflicted to Germans in 1850's by Rhubarb

google it

Banks went all broke , and

Germans lost all their homes and and and

2007 America was juts an "encore"

The crooks now movin on to the next fertile ground, to the next durian


.
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German Banking Crisis 1850s link request........

Post by monster_gardener »

AzariLoveIran wrote:.

look, guys

don't bother

same scam was inflicted to Germans in 1850's by Rhubarb

google it

Banks went all broke , and

Germans lost all their homes and and and

2007 America was juts an "encore"

The crooks now movin on to the next fertile ground, to the next durian


.
Thank you Very Much for your post, Azari.

Please tell more..........

Googled but not getting same results ......... Report that says Brit and German banking better than Uz in that period.......

Link please..........
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Fraud Prevents System Failure-Fmr Ast Treas Sec Paul Roberts

Post by monster_gardener »

Thank you Very Much for maintaining the Forum, Typhoon & Ymix.
Former Assistant Treasury Secretary Paul Craig Roberts says, “The last thing the banks want is a rise in interest rates that would drive down the values of their holdings and reveal large losses masked by rigged interest rates.” The Libor rate rigging scandal was all about keeping the financial system and the big banks from failing. Forget prosecuting the perpetrators because Roberts says, “The minute those interest rates go up, the loss to people will just dwarf the interest rate loss.” Fraud is now part of the system that keeps it from crashing. Roberts has a PhD and was responsible for economic policy at the Treasury. He says, “We are probably headed for a crash anyway because I don’t think they can maintain this forever.” Join Greg Hunter as he goes One-on-One with Paul Craig Roberts.
Former Assistant Treasury Secretary Paul Craig Roberts under Ronald Reagan

Gist - Deregulation allowed Banks to get Too Big To Fail......... Clinton, Repeal of Glass Stegall, No Regulation of Leverage etc..........


Then it gets AMAZING.... He repeats my idea that much of this crap comes from the fall of the Soviet Union which meant that the Capitalist Elite in the West was unrestrained....... No longer any need for "social welfare programs" to keep the common people from going Communist......

Or as I put, the Owners and Officers of the ship, no longer had to pay much attention do those Non-Coms & Ratings "Down in the Black Gang"..........


Roberts also mentions that Awful Acolyte of Awful Ayn Rand and DUMBASS Chairman of the Federal Reserve Allan Greenspan saying that 'Finance Will Regulate Itself"....

/Sarcasm on...... Yeah. Sure.. Killer Klown Apes From Financial Space with a depraved sinful nature don't need laws and supervision to keep them from fraud, stealing and ultimately ruining the system /Sarcasm Off

Wiki for Paul Craig Robert..........

http://en.wikipedia.org/wiki/Paul_Craig_Roberts

We do not agree on some things....... 911 and Israel to some extent..........

But it is surprising what we do agree on............
I, a Fool of a small Uz Down in The Black Gang.......... And Roberts a Ph.D. Treasury Secy...........


NOTE: I found this because I was listening to the more conservative/"Tea Party" talk radio station this morning instead of the one I classify as "Conservative Democrat"....

What I was looking for when I found this piece was a claim by the Robert's interviewer, Greg Hunter, that AIUI Jamie Dimon's bank Morgan Stanely Chase has financial instruments/debt/derivatives totally 70 TRILLION Dollars while the total value of the World's Assets is ~$67 million...........

Sounds incredible even with growth/multiplication over time...........

The advice to small folk like me was to get cars repaired well, good tires, and stock up on food or necessities just in case there was a banking crisis or a flood or an earthquake etc. where the ATMs didn't work for a week or two.........
For the love of G_d, consider you & I may be mistaken.
Orion Must Rise: Killer Space Rocks Coming Our way
The Best Laid Plans of Men, Monkeys & Pigs Oft Go Awry
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AzariLoveIran

Re: German Banking Crisis 1850s link request........

Post by AzariLoveIran »

monster_gardener wrote:
AzariLoveIran wrote:.

look, guys

don't bother

same scam was inflicted to Germans in 1850's by Rhubarb

google it

Banks went all broke , and

Germans lost all their homes and and and

2007 America was juts an "encore"

The crooks now movin on to the next fertile ground, to the next durian


.


Please tell more ..........

Link please .........

.

Monster ,

Did, 2007, Wall Street cause the crash of American economy ? ?

Yes

Is Wall Street synonym for Rhubarb ?

Yes

who were the players (Wall Street tycoons) .. OR .. decision makers (Rubin, Greenspan, Summers, etc etc etc) ?

nobody in America will openly say Rhubarb did it .. you can not google did Rhubarb crash Wall Street

in that sense , you must read between the line and read "alternative" sources saying the truth what happened

fact is , 1800's, Banking & financial system, in Germany, Austria, Britain, France was in Jewish hand

that a fact

and
.

Germany and Austria

Black Friday, 9 May 1873, Vienna Stock Exchange.

A similar process of over-expansion had taken place in Germany and Austria, where the period from German unification in 1870/71 to the crash in 1873 came to be called the Gründerjahre ("founders' years"). A liberalized incorporation law in Germany gave impetus to the foundation of new enterprises, such as the Deutsche Bank, and the incorporation of already established ones. Euphoria over the military victory against France in 1871 and the influx of capital from the payment by France of war reparations fueled stock market speculation in railways, factories, docks, steamships – the same industrial branches that expanded unsustainably in the United States.[18] It was in the immediate aftermath of Otto von Bismarck's victory against France that he began the process of silver demonetization. The process began on 23 November 1871 and culminated in the introduction of the gold mark on 9 July 1873 as the currency for the new united Reich, replacing the silver coins of all constituent lands. Germany was now on the gold standard.[2] Demonetization of silver was thus a common element in the crises on both sides of the Atlantic Ocean.

On 9 May 1873, the Vienna Stock Exchange crashed, unable to sustain the bubble of false expansion, insolvencies, and dishonest manipulations. A series of Viennese bank failures ensued, causing a contraction of the money available for business lending. One of the more famous private individuals who went bankrupt in 1873 was Stephan Keglevich of Vienna. He was a relative of Gábor Keglevich, who had been the main royal treasurer of Hungary (1842–1848) and who in 1845 had founded, with some others a financing association to fund the expansion of Hungarian industry and to protect the loan repayments, similar to the Kreditschutzverband of 1870 (Austria's association for the protection of creditors and for the protection of the interests of its members in cases of bankruptcy). Therefore it was possible that a series of Austrian banks were newly established in 1873 after the Vienna Stock Exchange crash.[19] In contrast to Berlin, where the railway empire of Bethel Henry Strousberg crashed after a ruinous settlement with the Romanian government, bursting the speculation bubble in Germany. The contraction of the German economy was exacerbated by the conclusion of war reparations payments to Germany by France in September 1873. Coming two years after the foundation of the German Empire, the panic became known as the Gründerkrach or "founders' crash".[20][21][22] Keglevich and Strousberg had come in the year 1865 in direct competition in a project in today's Slovakia, whereupon, in 1870, the Government of Hungary and finally in 1872 the Emperor-King Franz Joseph I of Austria resolved the question of these competing projects.[23][24]

Although the collapse of the foreign loan financing had been foreshadowed, the anticipatory events of that year were in themselves comparatively unimportant. Buda the old capital of Hungary and Óbuda were officially united with Pest,[25] thus creating the new metropolis of Budapest in 1873. The difference in stability between Vienna and Berlin had the effect that the French indemnity to Germany overflowed thence to Austria and Russia, but these indemnity payments aggravated the crisis in Austria, which had been benefited by the accumulation of capital not only in Germany, but also in England, Holland, Belgium, France and Russia.[26]

Recovery from the crash occurred much more quickly in Europe than in the United States.[27][28] Moreover, German businesses managed to avoid the sort of deep wage cuts that embittered American labor relations at the time.[28] There was an anti-Semitic component to the economic recovery in Germany and Austria as small investors irrationally blamed the Jews for their losses in the crash.[29][30] False expansions have been reconsidered. Monetary distribution issues are first and foremost a question of income distribution between labour economics and capital (economics).[31] Soon more luxury hotels and villas were built in Opatija and a new railway line was extended in 1873 from the Vienna-Trieste line to Rijeka, from where it was possible to go by tram to Opatija. The strong increase of port traffic generate a permanent request for expansion.[32] The Suez Canal was opened in 1869. 1875–1890 became "the golden years" of Giovanni de Ciotta in Fiume (Rijeka).

.


what happened, is, from 1850 to 1920 , Germany had a few scenarios like right now America going through (2007) .. result was similar .. Germans lost their homes and businesses .. same as now in America

and

Jewish interest controlled the financial and banking system in Germany and England .. they lend freely and suddenly pulled back , similar to US now .. result was same as now in US

similar thing also happened in Poland .. all farmers lost their farms when they were foreclosed (by Jewish controlled banks)

This was one of the reason for antisemitism in that space .. same thing now happening in America


List of banking crises .. Rhubarb was central in all European banking crisis, for the simple reason, that, European finance and Banking was in Jewish hand from 1850 to 1920 , that an undeniable fact



.
Last edited by AzariLoveIran on Sun Jul 22, 2012 10:24 pm, edited 1 time in total.
Milo
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Re: Fraud Prevents System Failure-Fmr Ast Treas Sec Paul Rob

Post by Milo »

monster_gardener wrote:Thank you Very Much for maintaining the Forum, Typhoon & Ymix.
Former Assistant Treasury Secretary Paul Craig Roberts says, “The last thing the banks want is a rise in interest rates that would drive down the values of their holdings and reveal large losses masked by rigged interest rates.” The Libor rate rigging scandal was all about keeping the financial system and the big banks from failing. Forget prosecuting the perpetrators because Roberts says, “The minute those interest rates go up, the loss to people will just dwarf the interest rate loss.” Fraud is now part of the system that keeps it from crashing. Roberts has a PhD and was responsible for economic policy at the Treasury. He says, “We are probably headed for a crash anyway because I don’t think they can maintain this forever.” Join Greg Hunter as he goes One-on-One with Paul Craig Roberts.
Former Assistant Treasury Secretary Paul Craig Roberts under Ronald Reagan

Gist - Deregulation allowed Banks to get Too Big To Fail......... Clinton, Repeal of Glass Stegall, No Regulation of Leverage etc..........


Then it gets AMAZING.... He repeats my idea that much of this crap comes from the fall of the Soviet Union which meant that the Capitalist Elite in the West was unrestrained....... No longer any need for "social welfare programs" to keep the common people from going Communist......

Or as I put, the Owners and Officers of the ship, no longer had to pay much attention do those Non-Coms & Ratings "Down in the Black Gang"..........


Roberts also mentions that Awful Acolyte of Awful Ayn Rand and DUMBASS Chairman of the Federal Reserve Allan Greenspan saying that 'Finance Will Regulate Itself"....

/Sarcasm on...... Yeah. Sure.. Killer Klown Apes From Financial Space with a depraved sinful nature don't need laws and supervision to keep them from fraud, stealing and ultimately ruining the system /Sarcasm Off

Wiki for Paul Craig Robert..........

http://en.wikipedia.org/wiki/Paul_Craig_Roberts

We do not agree on some things....... 911 and Israel to some extent..........

But it is surprising what we do agree on............
I, a Fool of a small Uz Down in The Black Gang.......... And Roberts a Ph.D. Treasury Secy...........


NOTE: I found this because I was listening to the more conservative/"Tea Party" talk radio station this morning instead of the one I classify as "Conservative Democrat"....

What I was looking for when I found this piece was a claim by the Robert's interviewer, Greg Hunter, that AIUI Jamie Dimon's bank Morgan Stanely Chase has financial instruments/debt/derivatives totally 70 TRILLION Dollars while the total value of the World's Assets is ~$67 million...........

Sounds incredible even with growth/multiplication over time...........

The advice to small folk like me was to get cars repaired well, good tires, and stock up on food or necessities just in case there was a banking crisis or a flood or an earthquake etc. where the ATMs didn't work for a week or two.........
Who needs ATMs anymore? If there's a problem, it's cheaper for the banks to just SAY that the money is there, but advise you to use your plastic.

Matter of fact, that IS what they're doing now.

I used to worry about a Reichsmark thing but now I think, if you just use plastic, and it still buys what you want, who cares if a burger is a quadrillion dollars?
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Re: Frankstein's LIBORatory-Spengler Endorses Lies in Lendin

Post by Mr. Perfect »

Azrael wrote:Yes, it is pretty simple in concept.

We didn't do it that way because some wealthy and powerful people held most of the equity and unsecured debt and the senior management of major banks are pretty powerful themselves. Sweden is a considerably more egalitarian place.
No, the people in banking were destitute, whose power was based on wealth that had evaporated. Democrats were slathering all over each other to bail/buy them out. They got outsmarted.
Censorship isn't necessary
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