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LinkedInAs most of you know, I enjoy reading the articles of The Daily Bell, and occasionally comment on them here. This week(May 20-24), as I am pre-scheduling blogs well into June when this one will appear, there was a very interesting and thought provoking article at the Bell: Billion-Trillion Derivatives Market! ... Reform or a Blowup? I had to do a double-take: Did I read that correctly? A billion trillion? Uhm... that's 1,000,000,000,000,000,000,000 right? A one or some other coefficient followed by twenty-one zeros? Or one septillion? I read on, and apparently the Daily Bell wasn't … [Read more...]
OH THOSE INSCRUTABLE CHINESE!
September 27, 2012 By
This one was sent to me by Mr. P.T., and when I read it, I didn't know whether to laugh, or cry. China—Not Wall Street—Caused 2008 Crisis: Study Now, I have to admit, I sat and stared at one sentence in particular in this article, reading and re-reading it over and over again, unable to proceed with the rest of the article for some minutes. The sentence was this one: "The study from the Erasmus Research Institute of Management said the saving frenzy of the Chinese created the cheap money, which fueled the U.S. housing bubble and its collapse." Now, when you're done holding your … [Read more...]
NO PRIOR MODELS TO WHAT’S HAPPENING
August 31, 2012 By
In Babylon's Banksters, I observed that much of the current financial woes can be traced to the influence of the formula of Dr. David Li, a Chinese mathematician who sought to capture in one scalar quantity a whole nest of credit default bundles and derivatives. As I pointed out there, Dr. Li glibly dispensed with the need for any appeal to historical data in the concoction of his formula, and, for that matter, there really was no historical precedent either for his formula, or for the types of "securities"the banks began to trade and list as assets. Thus, when the meltdown came, it came at … [Read more...]
NEWS AND VIEWS FROM THE NEFARIUM FOR JUNE 21 2012
June 21, 2012 By
Joseph comments on the following article from Reuters about Iceland's growing economy: Iceland's Economy Grows at Fastest Pace in Four Years … [Read more...]
RASH OF BANKSTER RESIGNATIONS: SOME THOUGHTS
March 4, 2012 By
There's been a rash of bankster resignations lately, as the following links amply demonstrate: Links to Bankster Resignations Now, this raises all sorts of questions and possibilities. Yesterday I blogged about the fake bonds that seem to keep popping up, bonds denominated in billion dollar increments, summing to trillions of dollars, and all allegedly from the US Federal Reserve and all allegedly backed by gold, leading to the conclusion that there is a hidden mechanism of finance out there for a market in such falsified securities to exist in the first place. Now, in the wake of the … [Read more...]
AMERICA AND THE EUROPEAN BAILOUT
October 23, 2011 By
Well, it's now been a couple of weeks since we were cordially assured by M. Sarkozy and Frau Bundeskanzlerin Merkel that a new bailout deal was in the offing for Europe. Now, there's this, reported by Bloomberg on Oct 19th: Federal Reserve Now Backstopping $75 Trillion Of Bank Of America’s Derivatives Trades Bank of America, in other words, has now moved in such a way that the Federal Reserve must stand behind its bad European derivatives, and that means, as the article itself correctly concludes, "... that the investment bank’s European derivatives exposure is now backstopped by … [Read more...]