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World Economy part 2..rumors!!!

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201 Re: World Economy part 2..rumors!!! on Wed Mar 07, 2012 9:39 pm


PLEASEEEEEEEEE be the "oh shit" moment, as it says AFTER 3 LONG YEARS, WILL the world economy GET OFF THIS RIDE???:

Greece could default within hours
So this is it. After three years of high drama, the European Union is staring at its first ever sovereign default. And ironically, unlike every other deadline so far, this one looks set to happen precisely on time.

At 8pm GMT on Thursday, the authorities will know - or have a very good idea - how many of Greece's international creditors have accepted its €206bn (£172bn) bond-swap offer. The results will probably take a few days to come out - Athens has to put its decisions through Brussels' sluggish decision-making processes. But this time it isn't up to the politicians so the possible outcomes are clearer:

Read more here:

202 Re: World Economy part 2..rumors!!! on Wed Mar 07, 2012 10:18 pm


one can only hope this is it!! thx for the updates CK!

203 Re: World Economy part 2..rumors!!! on Fri Mar 09, 2012 12:41 am



204 Re: World Economy part 2..rumors!!! on Fri Mar 09, 2012 3:34 pm


FRIDAYYYYYYYY last day of the week and GUESS WHAT??? NO RV! geeeee and all those idiots trying to say it was DONE every couple of hours this WHOLE WEEK!

Well, for anybody that "really" understand how GLOBAL this is and not just about Iraq..never mind I have been trying to WAKE the dinarland up for years.

I have been watching Greece deal...WHAT FUN FUN! totally a blast for me. So I could write out how the weekend into next week might play out but OL' Bix has already done that so I will leave ya'll to his writings which are what I was thinking too!

HAVE A SUPER GREAT WEEKEND! Get away from the computer and spend it with family and friends!

From Bix today:

As we absorb all the "happy
talk" about the Greek bailouts the much more important issue lies in
waiting...the determination on Credit Default Swaps by the ISDA.

On Greece, Defaults, And The Future Of Derivatives


Will the ISDA declare a
default as of Monday when the bonds are swapped? That's the big question
but the ANSWER will be irrelevant.

The "derivative goose" is cooked!

Here's why:

If they declare a default
then the payoff will be enormous for those who sold those derivatives
(ie big banks and insurance companies). The Forbes article says it's
only $3.2B in play but that is the biggest crock of BS ever uttered!
Germany alone bought $7B in CDS's to cover their $8B in Greek bonds! And
that's just ONE player in the gigantic Ponzi Scheme invented by our own
Blythe Masters!

And most of these banks who
sold CDS's would buy CDS's to cover their asses. Round and round she
goes! But the biggest problem is that EVERYONE MUST PERFORM! It's called

Just read this article in the WSJ explaining how the German Banks have NO RISK from the Greek CDS Market...

German Banks: Small Impact Seen From Greek Credit Event, CDS Trigger


What's that saying..."a chain is only as strong as it's weakest link"?!

Many people are saying there is no way the ISDA will declare a default because they are a committee of Banksters.

Ok...then what?

If no default is called you
can kiss the entire CDS market goodbye on Monday too!
It will have
proven to be not a viable way to hedge credit risk and every CDS holder
in the world will dump their CDS's. That would instantly change every
reported position that used CDS's to hedge risk. Companies around the
world would have to report their REAL EXPOSURE and not their NET

It truly is a "Damned if you do - Damned if you don't" scenario.

Ultimately, I think the ISDA will declare that Greece defaulted and let the chips fall where they may.

Less liability on their part for running the shell game.

*PS - The ISDA has been in
their meeting over 5 hours now
and may be waiting for the US Markets to
close for the weekend before breaking the news.

Back to the bunker for me!

May the Road you choose be the Right Road.

Bix Weir

205 Re: World Economy part 2..rumors!!! on Fri Mar 09, 2012 3:42 pm


MrsCK wrote:[b]FRIDAYYYYYYYY last day of the week and GUESS WHAT??? NO RV! geeeee and all those idiots trying to say it was DONE every couple of hours this WHOLE WEEK!

Well, for anybody that "really" understand how GLOBAL this is and not just about Iraq..never mind I have been trying to WAKE the dinarland up for years.

Hey, it's not a total loss, Panhead brought me over, and I've learned a ton, and been able to wake a few friends and others up as well...unfortunately, most people want the quick fix and will listen to anything as long as it's "positivity kool-aid"...not me, I like it straight like my Jameson....it may be a little bitter at first, but it's all good in the end! thx for connecting the dots dear, much appreciated!

206 Re: World Economy part 2..rumors!!! on Fri Mar 09, 2012 8:46 pm


we are still listening MrsCK, the way you have explained things to me personally helps to understand the truth of it all. Thank you

207 Re: World Economy part 2..rumors!!! on Fri Mar 09, 2012 10:28 pm


Well check Moody report gente posted looks like Bix Weir might be on to something. Oh how I hope this is coming to an end!

208 Re: World Economy part 2..rumors!!! on Fri Mar 09, 2012 10:30 pm


Hope this is it as well AZ...hope to hell!!

209 Re: World Economy part 2..rumors!!! on Sat Mar 10, 2012 12:38 am


Greece Default Is Official; Insurance Payouts Triggered

Published: Friday, 9 Mar 2012 | 3:18 PM ET

A group representing dealers in credit default swaps decided Friday that Greek’s bond swap constitutes a “credit event” that entitles holders of Greek credit default swaps to compensation.

The “yes” vote by the International Swaps and Derivatives Association triggers roughly $3.2 billion in CDS, which are insurance policies that pay out if a bond issuer defaults. That amount is actually much smaller than many had feared.

The decision was widely expected, and stocks were slightly down after the announcement.
Greece pushed through a bond swap deal on Friday, forcing bond holders to take a significant "haircut" on the return of their money. The swap was approved by about 84 percent of the holders, and Greece is moving to activate a rule forcing the rest of the bondholders to go along with the deal.
The triggering of that rule, known as the Collective Action Clause, is what prompted the ISDA to decide that Greece has created a "credit event."

“There’s three types of credit events as defined by ISDA,” said Gavan Nolan, Credit Analyst at Markit. “There’s a bankruptcy, a failure to pay and a restructuring.”

“What we’re talking about here with Greece is a restructuring," he told CNBC. "A request is made to the ISDA Determinations Committee—which is the arbiter of whether a credit event has occurred—and they have to agree whether or not it is a credit event.”

Out of the 15 members of the ISDA committee, 80 percent had to agree.

The net volume of CDS on Greece now stands at $3.2 billion, according to the Depository Trust & Clearing Corporation, which holds data on credit default swap contracts.

“It’s peanuts really compared to the government bond market," said Nolan. "So I think it’s sometimes overplayed as to how important it is.”

210 Re: World Economy part 2..rumors!!! on Mon Mar 12, 2012 3:41 pm



Luxembourg Prime Minister Jean-Claude Juncker,
who heads the group of euro-region finance ministers, said he had “no
doubt” that a second bailout program for Greece would be approved and he expected a final decision on March 14.

211 Re: World Economy part 2..rumors!!! on Tue Mar 13, 2012 3:56 pm


Alert From European Investment Banker

Mach 12, 2012


I am someone who has worked for one of the largest investment banks
in the world RBS and I can tell you that the contagion of debt has run
its course. We are already prepped for a Greek default this month
especially since the recent downgrade by Fitch.

I can tell you is this, watch the Eurozone carefully, even though
Greece is the star, the UK and it's Financial power center "The City" is
in a whole heap of trouble that is much worse than Greece or any of the
PIIGS; France included. If Greece goes down this month, Legarde and Co
are working laboriously but an uncooperative Greek public and a
Situation beyond repair is not making it easy for the WB, IMF robber
barons. When the default happens you have about two maybe three weeks
to get out of the dollar. After that it will be impossible.



212 Re: World Economy part 2..rumors!!! on Tue Mar 13, 2012 8:30 pm


may be a dumb question, but how does one "get out of the dollar"?? would love for someone to explain that to me....

thanks in advance.

213 Re: World Economy part 2..rumors!!! on Wed Mar 14, 2012 8:58 am


w8tin wrote:may be a dumb question, but how does one "get out of the dollar"?? would love for someone to explain that to me....

thanks in advance.
'Not a dumb question at all! "Get out of the dollar",simply means if the dollar crashes(since everthing is denominated in dollars)every investment you own will be compromised.It's basically advice pending dollar collaspe.swap your fiat dollars for gold,silver,etc.that's getting out of the dollar!In other words,do as china,russia,and many other countrys are doing.....'get out of dollar assets!that's all it means w8tin'

214 Re: World Economy part 2..rumors!!! on Wed Mar 14, 2012 9:48 am


thanks chevy...appreciate the response. Smile

215 Re: World Economy part 2..rumors!!! on Wed Mar 14, 2012 1:52 pm


Happy WEDNESDAY folks,

Just wanted to make a post on the "corrupt" intel going around the dinarland by the gurus. I want to point out a message to "jonnywg" and I'm sure whoever is in his "house" will pass this message onto him.

First of all Michael Cottrell is a KEY PART of the global change. So Jonny ol' boy "whoever" told YOU he was arrested is a total liar!!!!!!!! and so full of bullshit!

So Jonny if you want to know the facts, which I know for a FACT you had a nice little phone chat with a few that EXPLAINED it "outside" the box of iraq to you and now they have cut you off...I wonder why?

So if you do not TOTALLY understand the bullshit you are being feed by your so called contacts....pop me a email at internationallivve@yahoo.com

I will be very happy to give you the FACTS on it all.

Balls in your court Jonny.....

216 Re: World Economy part 2..rumors!!! on Wed Mar 14, 2012 2:15 pm


Once Again, thanks for the valuable info you put forth, and for all the time & effort you place on contributing "sound" information to us members, Alooooha!

217 Re: World Economy part 2..rumors!!! on Wed Mar 14, 2012 5:34 pm


From Britain...but cut off is March 20th:

The Troika is ensuring that Greece’s survival of the March 20th default possibility costs them nothing….and getting its soundbites in a row for when Greece makes an unceremonious Euro-exit. Thus in what they hope will seem like the final analysis, they’ll be able to say, “Look – we did our best – we invested money to save them, but sadly nothing could.”

Will it be March 23rd? I think that was a plan at one point; for all I know further on that one, it might still be. All I’m doing is reading the runes…and the signs are there. However, others are now suggesting a limp along until the long Easter Bank Holidayan even longer break in which to close all Greek banks than the three-day weekend due to follow March 23rd. The key point here is not to pick dates and to place bets: it is to get over the fact that a ‘surprise’ default carried out while everyone’s away (and handled with apparent efficiency) might do a lot to calm the markets. I don’t think it would, and I think it would still turn messy in the end. I also think that at least one other peripheral might also start thinking about pulling the same stunt….only without involving Brussels. Spain, for example. For all kinds of bad debt reasons involving the ECB, that would be the beginning of the end for the eurozone.

218 Re: World Economy part 2..rumors!!! on Wed Mar 14, 2012 6:04 pm


March 23rd, my b-day!!! hahaha...

219 Re: World Economy part 2..rumors!!! on Wed Mar 14, 2012 6:12 pm


Wow wonder what makes him go walking out signing like a bird...2 things come to mind of this NOT so professional behavior..

1) He does NOT want figures pointed at HIM

2) He is trying to save his ass do to being threaten

hmmmmm I'm sure it is BOTH REASONS!

Keep talking dude and I see your new home a land fill.

A senior executive at the firm, Greg Smith, quit today in spectacular fashion, announcing his resignation in a scathing New York Times editorial [/url]in which he accused the firm of gleefully "ripping off" its clients and succumbing to short-term greed.

Within today's Goldman Sachs, Smith says, senior bankers often refer to the firm's clients as "muppets."

220 Re: World Economy part 2..rumors!!! on Wed Mar 14, 2012 7:12 pm


maybe he's just coo coo for coco puffs

221 Re: World Economy part 2..rumors!!! on Thu Mar 15, 2012 12:51 am



Shocked Shocked

222 Re: World Economy part 2..rumors!!! on Mon Mar 19, 2012 9:26 am


OKKKKKKKKKK Now we getting some good stuff finally again...this week will be a BLAST to watch. Due to the fact they got 3 day or 4 days tops to either throw the dang global switch or kick the stupid can again....THROW THE SWITCH!! Nice opinion/intel piece from BRITAIN this morning!!!

March 19, 2012

Merkel….diminishing options

With the help of Frankfurt and Parisian sources, US contacts, and German readers of this site, The Slog has been able to put together compelling evidence of Greece being perilously close to ejection from the eurozone. Doubts in Brussels and the IMF, preparations in Berlin – and clauses in the bailout agreement – all point to a German determination to either amputate Greece, or leave the eurozone itself.
(WE do know that Germany already has the new DM2 printed and ready to go since April/May 2010)

If there is a single investor left anywhere on the planet who thinks the Troika bailout of Greece was undertaken with any genuine commitment, then after reading this post, there won’t be. Late yesterday evening (GMT Sunday) I spent some time debating facts, signs and issues with The Slog’s longstanding source, the Bankfurt Maulwurf. This followed a series of steers from Slog readers and other sources.

I turn first to the bailout agreement itself…
where some startling things come to light. For starters, the EFSF (for that’s the principal in this document) is already in breach of it. Early up in the opening clauses, the stability fund undertakes to use funds from its existing budget to bail out Athens. As The Slog showed conclusively last week, this isn’t what happened: the ‘funds’ released were ECB non-cash bonds. The EFSF has yet to find a single investor anywhere to partake in the fund.

Now let’s review the get-out, rope-cutting clauses that the EFSF has awarded itself. Mainly under Clause 13 sub section 5, they include the EU being able to withdraw the whole deal at any time if:

* Events reduce the funds available to help Greece

* If the IMF decides at any time to withdraw its support (HMMM IMF DID THAT FRIDAY!!! ARTICLE POSTED HERE AT OC)

* If ‘a market disruption event occurs’. (Almost entirely unqualified) (WHAT A "FAT FINGER" OUT OF CHICAGO EXCHANGE AGAIN THIS WEEK?)

* Any single payment doesn’t arrive in the creditors’ account on time

* Any element of the Brussels Accord isn’t fulfilled

* Any new Greek bond issuance replaces old bonds with a lower value/package offer.

* Any consitutional and legal requirements in Greece have not been fulfilled.

Says a Washington source in relation to the IMF stipulation:

“That was very much at the Fed’s insistence. This was always going to be Geithner’s game-ending card….instruct Lagarde to be unable to partake on the grounds of IMF articles about unlikelihood of getting repaid. The fact that he hasn’t played it suggests that the White House is ok with the Greek thing rolling over a little….but not for too long”.

That the Greeks themselves bought into these clauses further suggests they don’t really take the agreement seriously. (Venizelos is a key, named signatory, but has since resigned to campaign in the elections). But the nature of the individual get-outs is pretty stunning: how hard would it be to create a lack of funds or create a market disruption (they happen twice a day in the eurozone)?

And of course, the dog’s testicles in there remain the two I’ve been harping on from the start: fulfillment of the Accord requirements, and getting the Constitution changed to cede some sovereignty. Greek sources confirmed at the weekend that several of these are still loose ends that have been barely addressed. At any point in the coming five days, the EFSF could raise these and pull out.

The Slog’s Bankfurt mole takes things on from there:

“Wolfgang Schäuble hoped that some of these and other clauses would stir the Greeks sufficiently to cause a rupture in the negotiations,” he asserts, “There is no doubt about this, I know it to be true. You will see the clause in there insisting that hundreds of officials may swarm all over Athens at any time and must be given a free hand. The people around Schäuble were convinced this would start a riot, but the Greeks barely blinked.”

Asked further about Schäuble’s inflammatory statements at the time, he confided, “Of course, yes, this was part of the same game, naturally he wanted to create an incident. He raised tiny points at issue constantly, and then referred to Greece as a ‘black hole’ or something similar. His aim was to make life impossible for the other side.”

What Schäuble actually said was that Greece was a “bottomless pit”, which if anything was even worse. But the intent is clear: at that time, the German finance minister was very hawkish on the amputation strategy. Later still he had the effrontery to assert that Greece should put off its elections until clearer evidence of Greek recovery was apparent. This did cause a considerable stir, but didn’t break the deal.

The Bankfurt mole again:

“What you must remember, what I have always told you, is that Germany always has a back-up plan. For a time I feared Merkel would put the country at risk, but she has been reined in since then. So these days I am more relaxed. Chancellor Merkel has chosen Germany over Greece.”

German Slog readers have pointed me at recent legislation that supports the Maulwurf’s contention. For some time now, the BundesRepublik has had a ring-fenced ‘bad bank’ leper colony, with funds set aside for disasters, and very close Government overseeing of transactions there. Angela Merkel rushed the necessary legislation through the Bundestag immediately following the first Greek bailout. (THIS WAS IN MAY 2010, AFTER SARKOZY THREW MERKEL UNDER THE BUS MAY 9, 2010 AT 6PM IN GERMANY)

Recently, however – and few if any foreign observers have spotted it – the Bundestag has also quietly upped the entire banking sector’s recapitalisation funding. Also largely unnoticed, the Berlin Finance Ministry has been extremely heavy with private banks on the subject of balance sheet reduction and deleveraging. (SNEEEEEEEEEEEKY!)

Then two months ago, Berlin confirmed that Germany’s private bank ‘firewall’ fund (the so-called Soffin) had been reinstated – with a budget of $625 billion. Again, while few have commented on this, I am informed that the old legislation has been amended to allow private banks to sell any ClubMed sovereign bonds to Soffin….aka, Soffin will write off the losses on any and all debtor bonds should future events require that. (AGAIN SNEEEEKY!)

This might suggest a reason why Germany remains less than keen on boosting the EFSF/ESM firewall with German money: Germany is already adequately protected, thank you very much. On the other hand, it might also suggest a Chancellery preparing for a departure from the eurozone itself. The Maulwurf has an interesting take on this:

“I think one thing has been made clear to the Chancellor by my colleagues in the German banking community. Namely, that we cannot have a Fiskal Union or indeed a eurozone where there is both Germany and Greece. One of them has to go, and she must make her mind up about that”.

Sooner rather than later, I suspect, this issue of who is or isn’t destined for the Fiskal Union’s Promised Land is going to get bigger and bigger. But Angela Merkel is a woman who prefers to let events develop and then see how the landscape changes. The Max Keiser site has predicted for some time now that Germany would have to exit the euro at some point: if he’s right, then the new legislation about eurobond dumping into Soffin would suggest that such a move has indeed been seriously entertained.

But The Slog’s favourite Paris source doesn’t see it as a realistic option:

“Well, as you know here there has been paranoia about Berlin’s real plans for some time now. (I'M SURE SARKOZY IS CRAPPING HIS PANTS) But on the whole, I would say our impression is that both Merkel and Schäuble would see the abandonment of the euro as a very retrograde step. They would much rather chop off the Greek leg than leave the [EU] Central Bank with horrendous debts after a German departure. She [Merkel] wouldn’t be trying to prop up Sarkozy if she had no intention of remaining in the eurozone. On the other hand, if Hollande wins and the Greeks elect a leftist Government which reneges on the bailout, things could change very rapidly.” (I would NOT put it past Merkel to drop ol' Sarkozy in a cooking pot of oil if it meant she would be saving germany! Merkel might just be "playing" with sarkozy like a cat does a mouse before it KILLS IT! Merkel hasn't forgotten May 2010!!!)

Whether or not the planned March 23rd default is still in play as an option, Washington remains edgy about the chances of a messy Greek default. Says a source there:

“The feeling here is that Geithner’s urgency and willingness to dig Draghi out of a hole [the dollar/euro swap line] made a real impression on Brussels, and even more so on the Frankfurters [German bankers]. But we still don’t know what in Hell Berlin might do, or when. The White House is nervous about things going through to the [Greek] elections [scheduled for April 29th]. My view is that the President is right to be concerned, and I’m sure he’s getting heat from Wall Street on that. Geithner is pushing hard for the creation of a controlled situation….and soon. But right now it’s up in the air.” (ONLY way to Keep it a "controlled situation" is THROW THE DANG SWITCH and stop causing delays GEITHNER)

As I posted at the weekend, if one can be bothered, the thing to do this week is watch out for any of the seven signs I listed in that piece. This isn’t about Greece’s relatively tiny GDP, it’s about uncontrolled contagion and Barack Obama’s re-election. Bizarrely, Greek Prime Minister Lucas Papademos is quoted by the London Financial Times this morning as believing that Greece is “more than halfway along the path to economic recovery – although the fiscal consolidation process will last longer,” he said. “Positive growth rates should be achieved within less than two years”.

But then again, he used to work for Goldman Sachs. Whatever the more likely timing of Greek demise, what does seem to have emerged in German financial politics is that the eurozone choice is a stark one: either Greece goes, or Germany does. With local elections about to kick off in the BundesRepublik, one could argue that the last thing Angela Merkel needs at the moment is to chuck Greece over the side. Or, you could argue that throwing Athens to the sharks is exactly what most German voters want to see.

Things will develop sooner rather than later. Stay tuned.

223 Re: World Economy part 2..rumors!!! on Mon Mar 19, 2012 9:31 am


The 7 points posted March 17th in the above post from Britain:

That all adds up, I think, to something both nasty and imminent. Here’s what a good French source tells me:

“I think all of them [the Troika and Berlin] are working entirely on
the ‘we give you enough rope to hang yourselves’ principle. We help you
tie the noose, then we point out your crimes of perfidy….and then with
genuine regret, we pull the trapdoor, and you’re dead”.

I still think there will be more significant things to look out for next week. And I would list these as:

1. Troika leaks about Athens backsliding on the Brussels Accord reform implementation

2. Generalised EU/Troika leaks about bad economic signals in Greece

3. Complaints from Berlin and Brussels about the first Greek Party manifestos to appear

4. Concern being shown by the Troika in relation to ‘hidden’ Greek obligations

5. Last minute constitutional hitches in Athens

6. The Troika bleating about English Law participation in the swap
being “surprisingly low” and thus knocking the 2020 target off course

7. Non-acceptance by March 20th maturity-creditors of the Draghi funny-money which, one assumes, Athens will have to use.

For me, however, the most significant move of the week was the
decision to use that flaky ECB bond issuance in the first place. And as
only about 60% of that has been used thus far, it is tempting to
speculate that – with no real money having been lost – the EU may decide
to keep up the appearance of Greek survival beyond March 23rd.

224 Re: World Economy part 2..rumors!!! on Tue Mar 20, 2012 9:54 am


HAPPY TUESDAY MORNING FOLKS...here is a comment from Bix on the greece deal done last night...I'm sure as I drink my coffee and travel the world..more post for today:

The trillions of dollars worth of Greek CDS's were "valued" yesterday by a mechanism totally and completely removed from the actual legal language in each individual CDS contract. Soon we will begin to hear who the winners and losers are but we know the first (and only) bank to declare so far was an Austrian bank that lost $1.3B. There will be many more to come and given the weakness in the Bank of America stock lately and the fact that they are the second largest CDS player in the world my guess is that "they'll have some esplain' to do" in the very near future.

225 Re: World Economy part 2..rumors!!! on Tue Mar 20, 2012 3:53 pm


Aloooha Ck, thanks once again for the extraordinary infor you put forth,one question though, what does the CDS stand for?, and what is the purpose for it? thank you in advance for your response.
Mahalo bj.

226 Re: World Economy part 2..rumors!!! on Tue Mar 20, 2012 4:50 pm


only thing that comes to mind with me is Cash Deposits.....CD's.....but I'm braindead at the moment, long freakin day.

227 Re: World Economy part 2..rumors!!! on Tue Mar 20, 2012 4:54 pm



228 Re: World Economy part 2..rumors!!! on Tue Mar 20, 2012 6:27 pm


19 Mar 2012 at 3:41 PM

Derivative Surprises Everyone By Accomplishing Purpose and Unwinding at Randomly Generated Market Value
By Matt Levine

Yay, Greek CDS worked. But, as we talked about a bit, it almost didn’t:

By happenstance, some of the new bonds Greece has issued in its restructuring have a market price close to the total value of the package creditors received — about 22 cents on the euro. Those bonds will help set the CDS payout, and trouble will be averted: CDS holders will receive about 78 cents, roughly equivalent to the loss bondholders suffered. …

If the new Greek bonds had different terms — higher or lower interest payments for instance — their prices could be substantially different, changing the amount the default swaps would pay. Ben Heller, a portfolio manager at New York hedge fund Hutchin Hill Capital, which owns both Greek bonds and CDS, said that means the swaps aren’t doing their job. He said that until the problem is fixed, he “will not use CDS as a hedge against credit exposures anymore.”

In fact Heller told Felix Salmon:

When you think about it, it’s a product that, on certain poorly defined credit events, offers a random payout. So if I want to do that, then I could play roulette at a casino.

So, first of all: yes! I think worry about the definition of credit events is a bit overblown, but the randomness of the payout is a real thing and bizarre and terrifying. It bears re-emphasizing that the method of calculating the Greek CDS payout bears no relation whatsoever to the default risk that it was supposedly hedging.

But, also: no! Greek CDS ultimately settled at 21.5. That randomly generated payout number is veeeeery close to the “right” number, i.e. the number that would have hedged that risk it was supposed to be hedging. (And, it’s maybe worth mentioning, the payoff was too big, not too small.) Which is maybe a coincidence except Felix also tells the story of how the new Greek bonds’ maturities got reshuffled so that the 2042 would lead to more or less the correct result in the CDS auction.

One thing to remember that CDS is just a contract between two parties, one or both of whom is generally a securities dealer. ISDA is just a third-party provider of infrastructure that those two parties often like to sign up to. If you don’t like the thing that CDS is, go find someone to sell you a thing that is the thing that you want to have. Heller plans to; he’s got his eye on bond futures.

Somehow this got me thinking of our friend Greg Smith. Here is some sensible stuff from one Jacki Zehner, who also left Goldman but not in a huff and in fact as a partner, a title she got at age 32, which she points out in passing, leaving it unmentioned that at that age Greg Smith was still a VP* so SUCK IT GREG, but anyway, where were we:

Though I left my trading position 12 years ago, I will tell you from personal experience that the vast majority of people I worked with cared deeply about our customers, and, if you were heard calling customers any of the things Mr. Smith mentioned, you would be in big trouble. BIG.

More relevant is that if you continuously ‘ripped your customers eyeballs out’, they would cease to be your customers. The behavior that Mr. Smith so graphically describes was, at the time, the exception and not the norm in my opinion. Were we supposed to make money? Yes. If you promoted that this came at the customer’s expense, that was a bad thing.

There was a period of time in the distant past where, by accident, my desk wrote contracts that allowed us to terminate them immediately.** This really was a pure accident – we’d been writing the contracts the same way for years, but market conditions had moved such that a trigger that you’d never expect to be hit was hit at inception of the trade. Terminating would be a good thing for us, since it would in theory let us take our entire profit on the trade without any more risk or balance-sheet usage. Our customers, who were sophisticated large companies advised by fancy law firms, had read the contracts and signed on for this, although of course they didn’t know that – to be fair, neither did we, and we read a lot more of these than they did. Then we discovered the glitch, and … well, we eventually fixed it in future documents. But for the contracts we’d already signed up, we had discovered a free termination right that was valuable to us. So we basked, briefly, in our newfound ability to terminate trades like assholes and generate millions of dollars in risk-free profits. Then we went back to work. Guess how many we terminated?

If your business is dealing CDS or equity derivatives or used cars or whatever, repeatedly ripping eyeballs out is … well, bad business. Customers often use their eyeballs for things, like seeing, so they tend to notice when they’ve been ripped out and have hard feelings about the operation. They go elsewhere. So even if you’ve got their eyeballs in your grasp and could, with one quick tug, acquire those eyeballs and also probably money because who wants eyeballs, you might well forebear and let them see the next deal you’ve got cooking for them.

But even if you’re the nicest guy in the world, it is nice to have optionality. If you’re a derivatives dealer, you’re particularly attuned to free options, even if all they’re realistically good for is some gentle basking. If you’re ISDA, or the dealer banks that make up the majority of its membership (and also maybe have some input into the Greek restructuring), a thing that you probably don’t want to do is blow up the CDS market for ever and aye by just picking a wildly wrong random number. But you probably like having the (partial, constrained, of-uncertain-legality) option to do so – constructed with, say, ambiguous documentation or determinations committees that decide whether there’s been a credit event and what obligations are eligible for auction. Because it turned out that banks’ Greek CDS exposure was pretty small – but if it had been, I dunno, Italy, ripping out some client eyeballs might have been necessary for the banks to save their own.

ISDA is doing some entertaining throat-clearing about fixing the screwy CDS settlement provisions that were invoked here, and the Ben Hellers of the world are pushing them to do that. Maybe they will, especially since the next default could go against dealers. Or maybe, by accidentally or accidentally-on-purpose alighting on an attractive – reasonable but slightly protection-buyer-favoring – random number for the Greek auction, they’ll avert calls for reform and get to keep a bit of optionality for the next, scarier default.

Greek Deal Highlights Flaws in Default Swaps [WSJ]
A top CDS trader quits the CDS market [Felix Salmon / Reuters]
[Greece CDS] Final auction results [FTAV]

* As was I! Ah, misspent youth.

** Look, I’m not really giving anything away here because these contracts are publicly filed. Go find them. If you can figure out the problem, then, well, good for you, go sell equity derivatives, I HEAR THEY’RE HIRING.

Also, like, this happens all the time everywhere. Who reads documents?

229 Re: World Economy part 2..rumors!!! on Wed Mar 21, 2012 4:56 pm


From Bix today...short and sweet:

The propaganda machine that surrounds the Greek CDS default continues to amaze most who are looking for winners and losers. The next shoe to drop is this Friday, March 23rd after the markets close when the Greek Foreign Law Bonds are settled. These are the bonds that there is no legal authority to force compliance on the hold outs.

230 Re: World Economy part 2..rumors!!! on Wed Mar 21, 2012 6:44 pm


kinda answers some questions Gente and I was discussing yesterday....thnx CK

231 Re: World Economy part 2..rumors!!! on Wed Mar 21, 2012 7:04 pm


Sure does..thx too CK

232 Re: World Economy part 2..rumors!!! on Fri Mar 30, 2012 7:01 am


OK Today should be fun to watch...

GoldMoney founder and GATA consultant James Turk tells King World News tonight that gold has bottomed at $1,650 and silver at $32. Turk adds: "Sentiment is near rock-bottom as everyone's patience is being severely tested, even the old-timers'. That is another reliable sign that we are near an end of this correction. The longer the correction, the bigger the base that is formed. The bigger the base, the more prices will soar when they finally start heading higher." From Turk's lips and the King World News blog to the Great Market Manipulator's ear, and we don't mean Bernanke:


233 Re: World Economy part 2..rumors!!! on Fri Mar 30, 2012 7:13 am


What happened at the BRIC summit yesterday, not many people was WATCHING this summit which was way more important then the iraq summit! The BRIC's agreement just dumped using USD!!!!


Here is a heads up that I got in a email yesterday for WARNING of today:

Is tomorrow March 30th, 2012 as mentioned in the gameplan to start dumping the U. S. Dollar?

happening tomorrow in those...BRIC Countries. Best guess some 20 to 30 Countries plan to do so at the same time.

234 Re: World Economy part 2..rumors!!! on Mon Apr 02, 2012 12:24 pm


FINALLY after another break! World Economy is back on the move again!!!! Hope they can finally throw the dang switch this time...I don't want another break!!!

[15:00] reader comment: "But the sentiment for gold / silver has damaged the cartel, at least in Europe, a massive":

The cartel has just revealed that sheep has disguised himself as an investor.
As can be seen now an investor from a sheep? A sheep will flock back to again and again, the herd is above everything and everyone. The investor examines the costs and benefits, then he shall make its decision - often against the wishes of the masses.

Whenever Europe is a risk of loss of nominal value (crash, etc.), stormed a small part of the sheep flock, the EM-dealers - about May 2010, December 2011. Then returns again as an apparent calm, the rebels are returning to the herd - until the next crisis attack. The massive inflation noticed the herd apparently not (yet) - as Keynes put it. Anders can not be explained, the massive decline in demand. Not even with the price suppression, the gold price in December was lower by $ 100.

[15:15] reader comment - Yes, so and so like the wind blows the mega papiermanipuliertem silver market.

Large physical deliveries are required, there are long waiting times, because the silver has to be fetched from the earth. The silver warehouses are empty, the price goes up but not quite, because the cartel pushes paper with a long lever and paper around to make the silver monkey with loss-making certificates. The sheep only buy if the price rises again nicely. The ETFs are almost empty. The price explosion will not be long in coming. Physical large investors such as the price of silver hochzuhebeln Sprott assets quickly to $ 80. If there are also bad news in the euro, USDS od the cartel is finally seen through a large area, so it can go up and right again to $ 200 - and the paper tiger again bruised really, because the paper certificates lever of the cartel through their own stupidity are attached. Who does not want the next silver price explosion to be there, because he no longer came in cheap?

The whole cartel is broken only when required in a big panic deliveries and now enormous surcharges to be paid for physical gold / silver.

235 Re: World Economy part 2..rumors!!! on Mon Apr 02, 2012 6:33 pm


sorry, but my only response is: HUH? confused
but kudos to you CK...for giving us info [not that I understand the damn stuff!]

236 he he on Mon Apr 02, 2012 8:25 pm


w8tin wrote:sorry, but my only response is: HUH? confused
but kudos to you CK...for giving us info [not that I understand the damn stuff!]

just sit there and look pretty ....he he......CK get's frustrated at time trying to articulate things.....lol

237 Re: World Economy part 2..rumors!!! on Fri Apr 13, 2012 9:36 am


I do not agree the euro or dollar is set for end of 2012...but as long as
we are on the UST currency like starting NOW would be good for us!...then who really cares when the euro or FED
dollar crash's...both will only be around for trade until it is totally
gone. I'm sure germany people will love to be back on DM2 and would not
care what happens or when the euro will get deleted for good.

Greece in Receivership – Planned Financial Crash Date From Bank Insider

April 12, 2012


I write to you today to let you in on what some of the insiders at RBS, UBS, and Goldman Sachs already know. Greece has defaulted in secret. The strip mining of it's lands, wares, resources, and infrastructure has begun and is in fact final stages.

That is the reason that the current technocrat in power is a former operative at Goldman Sachs. Same goes for Italy. We have already begun the proceedings in secret to absorb more of Greek banking, along with PNB Paribas, SAG, and Satander. They will keep the Euro afloat as long as possible. Next action will be Italy and Spain before the full "public" MSM announcement of Greek default will be official. By then the same strip mining pillage/programs will have already begun finishing their work on the rest of PIIGS. Look for a Euro crash end of 2012 followed by Dollar Collapse two weeks later.

Look to see market slowdown the next few weeks. Plunge Protection team working overtime.



238 Re: World Economy part 2..rumors!!! on Fri Apr 13, 2012 11:35 am


thx Ck, guess I'll keep twiddlin' my thums till somethin happens...

239 Re: World Economy part 2..rumors!!! on Wed Apr 25, 2012 6:27 am


Hi ya'll sorry I haven't posted anything in a while but the world went DEAD again, so it was back to another waiting period, hope this one will not continue to June! agggg I'm hoping we have a dejavu of 2010 again and we will all be off this ride shortly...I normally don't like post FULL articles in my notes thread but this had to much to break down to just a few quotes from something else I was sent by email in the next post:

Did Greece Resort to Gold Swaps? - 25 April 2012

Another sign that gold could be making a monetary comeback...

LAST YEAR saw central banks pull 635 tonnes of gold from the Bank for International Settlements, according to the BIS annual report. This was the largest withdrawal in more than a decade, writes Julian Phillips of GoldForecaster.

The questions is: why? To answer it, let's first let's look at what Swaps are.

Swaps are financial instruments that allow for the exchange of one asset for another –in this case, gold for currency. They're not gold leasing, futures or options (which the 1999 and 2004 Central Bank Gold Agreement states would not be increased; the 2009 did not contain the statement).

Swaps could be undertaken by the signatories of the CBGA as these were not included in any of the three Agreements.

Gold swaps are usually undertaken between central banks: One central bank exchanges foreign exchange deposits –or other reserve assets— for gold with an agreement that the transaction be unwound at an agreed future date, at an agreed price.

The monetary authority acquiring the foreign exchange will pay interest on the foreign exchange received, the rate of which is currently very low. Gold swaps are usually undertaken when the cash-taking central bank may want foreign exchange but does not wish to sell outright its gold holdings.

The Wall Street Journal informs us that the BIS did these swaps with commercial banks. We know of no commercial bank that has such tonnages of gold on its books. It's likely then that should these commercial banks have been in the deal, they would have been acting for a central bank – or several over time— who wished to remain anonymous.

The BIS received the gold into its safekeeping for the nation that required the foreign exchange for the swap period. Swaps of this nature are renewable once the time runs out, so it is impossible to say for how long a swap will last. The central bank that undertook the swap would have to be certain that it could return the currencies to get the gold back at some point in the future.

If that country defaulted, then and only then could the BIS go ahead and sell this gold. Any sale in the open market would be trumpeted loudly to all as well as reported in the press or by the World Gold Council, BIS or IMF. As the gold has already been withdrawn from the BIS the swapping central banks has achieved its objectives, which we speculate on below.

The Bank for International Settlements did not disclose the reasons why the gold/currency swaps were initiated in the first place, nor have they disclosed why these transactions were reversed...

  • Some have speculated that they did not earn enough on the gold they lent out. Lending gold for six months earned a rate of 0.1% recently, according to benchmark market assessments published by the London Bullion Market Association. This is certainly not worth any risk at all.

  • Some say that it was central bank desires to keep their gold inside their vaults and not loaned outside it.

  • Some say that the gold is now being lent to the private sector for a better yield. This may well be true, but note that the risks have heightened well beyond the rewards they may earn.

The BIS confirmed that the fall in the value of gold deposits disclosed in its annual report represented, 'a shift in customer gold holdings away from the BIS'. Comparisons with previous annual reports showed the withdrawal was the largest in at least 10 years. This implies that more than improved yields were involved. In our opinion, the return of gold to its original owners reflected the use of gold "in extremis".

It would be prudent for all such guardians of national reserves to have their assets in house. To us, this seems the most plausible reason and one all central banks would never dare express! Venezuela's example of repatriating its gold may well be followed shortly.

The financial crisis has led to a decline in the number of creditworthy counterparties and a reduction in credit lines that counterparties can offer. This is significant in a world where credit risk and debt problems have been the subject of bankers' fears since the appearance of the Credit Crunch.

Recently, for someone in the trouble Greece is, gold swaps allow a central bank's reserves to be lent in a credit-secure fashion. In other words, a gold swap allows the lender of currency to benefit from greatly reduced credit risk, as the gold can be held in an allocated account, usually at the Bank of England via the BIS. The currency deposit is secured with this gold throughout the life of the deposit. The all-important question, "When should a swap be undertaken and when closed down?"

To answer this question we have to look at what Alan Greenspan meant when he described "Gold is money, in extremis". What are extreme times?

  1. At worst, they are when a nation has lost all credibility in financial markets and amongst the global community of nations.
  2. At best, it is when a nation is in need of help from the global community of nations.
  3. In between, it is when it has lost all credibility in financial markets, but looks likely to get help from the global community of nations.

Let's go back to 2009 and 2010. What made these years so different to others. Can they be considered extreme times?

Yes, they can. Greece in particular looked awful and could well have fallen into the first category but because it was a member of the Eurozone – into which it never should have been allowed— the Eurozone looked as though it would bail out the country. We are not saying it was Greece that entered into the swaps, but could have been alongside Spain and Portugal.

In the short term, Greece needed funding immediately and could not wait until it received assurances of help that would convince creditors. That was a perfect time for the use of the county's 111 tonnes of gold. Its use then would prevent a financial collapse of the country and the devastating impact on the Eurozone.

A judicious use of the nation's gold then would – and we are sure did— allow the country to raise loans at bearable rates. It acted as a facilitator that went far beyond the Dollar value of the gold involved which was around $4 billion then. With debts considerably greater [$150 billion+] than this, you may say we are being disproportionate in our conjecture.

We respond: the use of gold was not to place a certain Dollar value on the gold, but to raise immediately needed funding to cover the portion of
the debt that was due. Further to this, creditors were fully aware of the damage to Greece that losing this gold would do to its future financial credibility.

Greece's gold was an asset whose value was that it averted a crisis that just could not be measured in Dollar terms. The Dollar value of that catastrophe would have had to have been measured in terms of the Dollar value of its impact on the Eurozone, i.e. inestimable, plus the loss of the value of Greece's entire debt. That's why to value the gold at $4 to $5 billion is just ridiculous.
Its value lay in the ability to avert the catastrophe.

The breakup of the Eurozone would have been littered with currency confidence crashes, bank collapses and tsunamis of capital flow, unless halted by exchange controls. In such an environment, in a decaying developed world, gold certainly helped to avert that by being used in the swaps. Gold, therefore, is a tremendous counter to these disasters.

By swapping the gold for currencies to cover the immediate needs, time was given for debt-distressed nations to raise funds from the EU to contain the crisis.

What's clear too is that the swaps lasted only a year before they were unwound. In that time, it must have been possible to garner sufficient undertakings from lenders for creditors to hold off on collapsing Greece, Portugal and Spain. (This is an assumption and we cannot validate this as such information is not available outside the BIS)
Any country such including Portugal, Spain, Italy, the UK and the USA, et al, can follow this route. Please note that the Eurozone members are not allowed to sell their gold for fiscal reasons under Eurosystem rules; however, these are not sales, but swaps. So, of the utmost importance is just who swapped this gold? Could it be one or more of the countries we mentioned?

The implications are that the collateral they were able to offer outside of gold just wasn't good enough, so they had to use their gold. This was major news for gold in the monetary system!

What is significant about these transactions is that gold was used in international settlements after so many decades of being sidelined in the monetary system!

The transaction itself confirms that gold is being used in international settlements, which is a dynamic confirmation of gold's return to the monetary system.

You may say that a "Swap" might be the first desperate step in such a transaction with the swapping bank hoping to repay the foreign exchange, but should it fail, the BIS would have to decide either to keep the gold on its books or to sell it.

This puts the transactions into an entirely different category. One or more of the developed world's central bank's credit was not good enough for other governmental institutions. If word got out as to which this country is, then the financial markets would go into a downward spiral, shaking the global financial system to its core. No wonder the BIS is keeping such a low profile!

240 Re: World Economy part 2..rumors!!! on Wed Apr 25, 2012 7:17 am


a German banker contact informs that as a result of a high level meeting in Germany (not in the news), a decision has been made for France to exit the Euro currency first. They are ordered out. Regardless of whether Hollande displaces Sarkozy for the president post, the French have been instructed as to how business will be conducted. No other information, like whether France will revert to the Franc currency and not risk a severe Latin Euro devaluation after Germany and Netherlands depart. My impression is that Germany will launch a new currency very soon. Perhaps they wished for France to take some of the attention and to begin the chaotic process. The contact has consistently stated that
France would not be included from the new Nordic Euro, an exlusive core group of Central European nations that qualify by having a current account surplus. French debt is too great, and likely to soon expand much worse. He said France
would become a ward of the German state, with dictated policy and direction. Bear in mind that Germany owns of 90% of the French Govt debt. It
remains to be seen whether France will assume the lead position among the PIGS, whose nations will all go adrift. Rumors of a Latin Euro Central Bank located in Marseilles were once spun.


Independent analyst Bill Holter has broken a story about Russia and Gold. Mother Russia has been rumored to be depositing Gold bullion into Switzerland at Basel which may be used as reserves for a new currency bloc. The gold world is in a grand swirl of confusion, disruption, and rethinking on gold as money.

Germany might contemplate the assignment of Gold bullion in a new currency to be launched, as they take the Euro away from its abusive neighbors to the South. The emerging giant China does not permit a single ounce of mined metal to be exported from their borders. They have been stockpiling Gold as monetary reserves in secrecy, as has Russia .

Coincidentally, China, Russia, Brazil, India and South Africa (BRICS) have been busy making trade deals that no longer require USDollars in settlement. They have many bilateral deals, some involving gold in payment. Germany and Switzerland have made efforts to repatriate their Gold from the criminal corners of New York managed and raided routinely by the US Federal Reserve, replaced by gold paper certificates.

Time for ripe speculation. The Jackass smells a strange deal made with the devil, to earn a favor that Putin will call for at a later date. The Russians might be supplying a vast hoard for backing the New Nordic Euro (aka Euro Mark) currency, in an historical accord with Germany.

Think a Swiss double cross against Americans and the British, who find themselves very isolated on the global table. The Eastern Alliance has Germany as its brain trust, engineering corps, and director on strategy. It has China as its deep funded pockets, new industrial capacity, and motivator to unseat the Anglos who brandish the USDollar weapon of mass destruction. It has Russia as its vast commodity and energy resource land, with vast treasures stored under the Kremlin that rivals the Vatican . It has the Persian Gulf, always willing to side with the next winner, who can protect them from their own rogue extreme element. Then consider the Swiss, who watch from outside the Euro currency fence. They observe developments. They witness the crumbling Euro sovereign bonds and the diverse European banking system in meltdown.

The Swiss bankers have the Basel Bunch in their corner, although an independent gang wielding power of a higher order. The nation of Switzerland has already curried favor to the European currency merchant crowd by pushing down their Swiss Franc currency last summer, in a cooperative practical maneuver. The Swiss have lost their prestige during the United States raids of the lost ark, in foreign hidden accounts. They bent over hard and permitting deep probes in gold leasing with the Rubin gang. The Swiss have a history to always side with the next winner. Just a guess. But be on the lookout for a deal cut between Switzerland and Russia, as it pertains to the ring leader strategist Germany, which is organizating the global revolt against the USDollar. The Eastern Alliance must contend with the Swiss, who will not be left out. The Swiss might be doing the Russians a favor, with a wink to Germany , their old friend, but flipping the bird to the US/UK bond fraud kings.

So many potential curves in this picture. Maybe the Russians are storing their salted tungsten gold bars in Switzerland , in some kind of redemption and reclamation. In return they shut up and earn credits. My guess is that Russia is playing Switzerland in the middle in order to gain some advantage. Yet the Swiss in the past few years have ransacked the Allocated Gold accounts for its depositors. Several huge lawsuits in the $billions are in progress in Switzerland , kept out of the news by the subservient press. The Swiss would not dare betray Putin, who would deliver a swift retribution in some form or another, like cutting off their natural gas supply. The gold arena is a big battle zone with five different sides, not just a couple. The simplest explanation might be that Russia is planning to launch a simultaneous gold/oil backed currency, the New Ruble, alongside the New Euro Mark from Germany . The Russians might wish to gain some legitimacy with a Swiss stamp of approval in certification, in markets that the Swiss are major players in Europe.

Back to reality and a quick input from a unique European man with consultancy experience in the Russian Yeltsin era. He has had many intrigue filled projects over the years, is fluent in Russian, and offers information from time to time. He wrote, "There has been a Russian depository in Switzerland since the days of the Czar. Whatever the Russians might hold at that depository (500 metric tons or 100 MT) is petty cash for them. Like you asking me for a $100 loan. I have been working with Russia, even inside Russia since 1990. The Russian precious metal reserves pale all and everything you can imagine. Their mining output and their vaulted quantities are kept under very tight wraps. Their depository Gochran is the best and most professionally that I have ever seen." In the past, he has described vast underground networks in Moscow of old vintage art works, extensive gold artifacts, dating back centuries, and vast bullion storage several times what the official government reserves admit in public statements. He said the chambers extend for several kilometers. He has also mentioned Gochran as soon to emerge as a bonafide gold vault location for the global investment crowd to rival Zurich, London, and Hong Kong.

241 Re: World Economy part 2..rumors!!! on Wed Apr 25, 2012 8:33 am


wow! thanks ck..very interesting stuff!

242 Re: World Economy part 2..rumors!!! on Wed Apr 25, 2012 2:59 pm


thx for the update Ck...wish the hell the would just do it already...

243 Re: World Economy part 2..rumors!!! on Thu Apr 26, 2012 1:45 pm


I've been following this Herzog stuff in Germany came across a couple of comments on it...LOVE IT! Now remember Russian Putin is helping out on the Falcone trust....veryyyyyyyy interesting

johnApr 25, 2012 11:25 AM

Place all your associates on standby. Herzog and parties were all raided. Major German Police and Agency action is now under way which DC can't cover up. Vast tentacles will now reach right back into Texas and DC with deeply incriminating records all now seized. Major articles will no doubt appear soon via the White Hats and every good Patriot will be needed to expose them so you can bring them down. Round up the Grannies as Congress is neutered! Romney has to be faced down with Herzog now and Sr has a world of explaining to do. If Texas hangs Horse Thieves, what do you do with the Bushes?

johnApr 25, 2012 11:11 PM

Watch for the next few days. CNN started releasing info on Herzogs arrest last night. A major Global crime file is coming together on all of them and their past disgusting history. The master contracts seized in a Police raid will now lead to jail sentences for Herzog and his criminal associates. The Edward Falcone sting was set up by the Lt Governor of Texas working for Bush Sr. The bribes to Biden ,Clinton, Romney and the whole stinking bunch will all come out. Herzog is already plea bargaining to hand over evidence on Bush and his many, many crimes and scams, for a lesser sentence. The White Hats soon will help a lot.

244 Re: World Economy part 2..rumors!!! on Thu Apr 26, 2012 1:50 pm


WOW long time since Germany was talking...!

New 2012-04-25:
[21:15] comment on monetary reform:

I think it is excluded that the German government just like me no never
mind the political daily published and without any black swan event
decides that Germany, the European Monetary Union should leave now, to
ward off worse.
Then, the media reports increasingly bandied vast sums of growing
financial threat (currently around 2 trillion euros by Target2,
parachutes, etc. LTRO's) rise for German taxpayers and savers still so
Because of the withdrawal of Germany from then triggered meltdown in
financial markets following the currency reform with the haircut would
Bundersregierung then before the whole world and leave even before the
German population, AS POLLUTERS stand of the crash.

Consequently, in the large print money against all the lip service of
the Bundesbank and the policy as long participated, to some black swan
event like Bond-/Euro-/Derivate-Crash, Gold-/Silber-Preisausbruch, major
banks, bankruptcy, bankruptcy of a registered State PIIGS or there is a
false flag attack in the United States.
Just as others have commented in the last time ever.

[19:15] Another DM2 article: In the Eye of the Storm
The idea of ​​an exit from the euro gaining support in Germany. According to a study by the Emnid Institute, 56 percent of Germans favor a return to the D-Mark.
The Great writers: THE MONKEY do not get it, THEN THAT WAY IS EVERYTHING
The main thing we know it.

[13:30] When WiWo you have not heard of the DM2: What to do if the North is €
If the federal bench ready for the "North €"? Yes. Thanks to their high reputation she could do with negative equity and in any currency their jobs.
At least the issue is addressed currency reform, without realizing what that means: the loss of almost all financial assets.

245 Re: World Economy part 2..rumors!!! on Thu Apr 26, 2012 6:41 pm



ANNOUNCE IT....TIC TOC....COME ON YOU CAN DO IT.......ANNOUNCE IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

NOW PLEASE!!!!!!!!!!!

246 Re: World Economy part 2..rumors!!! on Mon May 07, 2012 4:46 pm


Wanta funds...very detail report on how it all happened...way to long to post it all so just click the link:


247 Re: World Economy part 2..rumors!!! on Tue May 08, 2012 12:19 pm


Will I ever stop finding "funds or trusts" that is tied up in all this....aggg parking the quotes to research into:

Pureheart is an unregulated and covert operation of the US Government, with possible links to the Revenue Sustainability Fund (RSF), which funds should have been utilized by the Fed /Treasury to prepare the way for the imminent Global Settlements, which continue to be blocked by the self-interests of the Rothschild’s, Bush’s, and the Heritage Funds. These funds, once released, would help prepare the way for the critical and necessary re alignment of all major global trading currencies, but most importantly, the consolidation of substantial sovereign debts owed. The world’s biggest problem is lack of economic stability, which we can begin to solve by taking this money and paying the Settlements.

We call for a joint Congressional, UK Lords, and Treasury Task Force to go after it all. In one swoop, we stabilize the EU, UK and US economies. Once released, the Global Settlement money will go towards funding infrastructure projects, creating jobs, increasing revenues, and reducing crime, thus reducing despair, creating hope and providing opportunity. Wilfredo Saurin and Sandip Goyal are flagged on many sites. Why do they have HSBC and Credit Suisse Bank accounts? Who cleared them?

248 Re: World Economy part 2..rumors!!! on Tue May 08, 2012 1:38 pm


From CMKX land on May 6th, sorry haven't been over there in a long time but thought this was way cool!:

Here is the bizzarest thing. I went where I do banking here in the Philippines and went to 3 different Major Banks here. May 4 2012 I went in and want to make a deposit, and was told the entire banking system in the Philippines would be down including international banks. I questioned them 3 times to make sure I heard correct and I was with another shareholder who was there with me, heard the same thing. A NEW International System is being installed and no transactions could be made till Monday May 7 including any credit cards debit cards withdrawals etc. They handed me a pamphlet stating a all banks were updating to a NEW International System.

249 Re: World Economy part 2..rumors!!! on Tue May 08, 2012 5:41 pm


OK is it just me but do we have a DEJAVU of May 2010 all over again? For those that have been keeping up with World Economy rumors, back in the Part 1 what a Germany Plan that explained at in May 2010 germany was suppose to jump back to the DMark...refresher of the plan, it has never gone away...just waiting like the rest of us.

Also some dinar guru intel told the in Feb 2012 that germany was printing their own currency...ROFL! What a idiot, we here at outcasts knew germany had theirs ready to go and PRINT IN APRIL 2010!!!!! Sheesh they never get the FACTS RIGHT!:


250 Re: World Economy part 2..rumors!!! on Tue May 08, 2012 5:59 pm


CK...we discussed this when Okie and his braindead crew finally got a clue that this was a global situation and started thinking that global settlements was tied to the Dinar.....we've been saying the same thing since before this site was started.....the rest are just schills.!
(evem Ranger77 aka Phoenix revesrsed his thinking....2007 he adamantly said it was not but look at him now)

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