February 16, 2010
The Maastricht treaty of 1992 or the Treaty on European Union, was signed on 7 February 1992 in the Netherlands. Soon after euro, the common currency was born. This new currency is the threat to the banking empires. On the surface everything is smooth but old almost invisible animosities lurk just below the surface. For the banking empires this all goes back to the beginning of the last century to the time when both sterling and dollar were still tied to the gold and the financial war of global supremacy between FED and the Bank of England was on. This was the real reason for the great depression of the 1929. FED won this war and took over all gold reserves from the Bank of England and most other European nations who still held gold standard. Since then FED has been the unchallenged financial power house of the western World.
The WW II followed like a clockwork as the seeds planted for this war were prolific as they came from carefully cultivated crops with detailed planting instructions given in the peace treaty of Versailles. This new war would complete the destruction of Europe and would secure an effortless global supremacy to the USA for decades to come.
Germany understood better than anybody else the real problems for the Europeans. They deviced a plan and were soon ready to start implementing it to prevent the further "divide et impera" games on the contienet. The failure to implement would invariably result to yeat another war on the continent within a few decades. The Europe had to be united and it had to have it's own currency to counter the supreme power of the dollar stemming from it's position as the only reserve currency of the world. The already created EFTA and EEC were not enough and these trading groups had to be united to form EU with one currency usable in all countries of the continent. For Germany it was less important how it would be done as long as it was done and in the worst case it would force the Geman Mark to become that currency. The individual countries could adopt the Mark zone or keep their own currencies for internal activities. It was obvious that it would be tough for some countries to stick to the fast development pace of Germany and with passing time they would need to readjustments their local currency rates.
This was totally unacceptable to the banking empires behind FED. Since the signing odf the Maastricht treaty they had done everything to destabilize the most corrupted countries inside the EU: Greece, Spain, Italy, and Portugal. The goal was to get these countries involved to massive public projects to "improve" the living standards of their peoples. The higher the corruption the smaller percentage of money is used in actual projects and the end result becomes deficient in multiple ways. As an example we can use the famous US$ 500 toilet seats for Army when the same could have been bought from Home Depot or Target for US$ 20 each. That is the power of mismanagemnt and corruption. With this kind of financial mismanagement no project can ever pay itself and it becomes a financial burden to the system.
According to the latest revelations last weekend by Kauppalehti, NY Times was indicating that the Wall Street had already for years adviced and financed the Greece government to circumvent the EU debt ceiling rules. It is more than likely that the laws do not even exist that would classify this activity as a crime and the perpetrators will just have a free ride. For us mortals on the ground this all is clearly criminal activity and all those who have assisted are as guilty as those ignorant clerck who actually executed the deeds.
The process was largely the same that created the 2008 financial crisis culminating between September 15th 2008 and March 15th in 2009. Securitising of "air" was done by the same banking empires: Goldman Sachs, JPMorgan Chase, Citi, Deutsche Bank and we can bet that all the FED related banking empires were involved one way or the other. To simplify these banking empires advised the poiliticians how to buy those "US$ 500 toilet seats" with full financing and then record them as official loans at level of "US$ 20" a piece.
Goldman Sachs was already a master of these deeds and during the banking crisis it simply changed it charter from investment company to a bank holding company as soon as FED started giving out interest free loans to troubled banks. No surprise as the laws allowed to make instant changes like that. Bank holding companies are banks and as such Goldman Sachs was instantly able to get free cash to buy some "failing" banks (as per FED rules) and a multiple trainloads of distressed security instruments using the free gift from the FED to which it was one of the major owners - a nice coincidence?
"Why not securitise the Parthenon?" asked Nikos Christodoulakis, the innovative finance minister who was casting round for ways of reducing Greece's large public debt shortly after the country joined the eurozone in May 2001. His "Eureka!" moment involved issuing a securitisation bond backed by a stream of future revenues from annual ticket sales to some 6m tourists who visit the classical temples on the Acropolis, as well as other ancient monuments around Greece. This specific deal fell through, partly because of objections from archaeologists who feared it would quickly lead to the development of Disney-style theme parks on cherished ancient sites.
This loss was not a big deal as the Cambridge educated finance minister was able to put together a multitude of other securitisation projects, with the help of investment banks eager to earn handsome fees and commissions for moving Greek debt off the national balance sheet.
In addition to Greece other southern eurozone countries - mainly Italy but also Portugal - made use of securitisation issues, to help reduce their budget deficit and debt figures to below the 3 per cent of gross domestic product ceiling for eurozone member states. Investment banks, including Goldman Sachs, Morgan Stanley, Deutsche Bank and Citi's investment banking arm, "were keen to tout these deals because of the high fees involved - much higher than if Greece had just gone out to borrow on the international debt market", a Greek banker said yesterday (FT 2/16/10; by Kerin Hope)
June 25, 2010
It was a very clear message - buying stolen goods is no more a crime. The flood gates keeping the robbers at bay are no more there. From now on the loot can be peddled anywhere out from the shadows even on the main streets of Europe, USA and the rest of the world...
This case surfaced when an ex-employee from a Swiss bank stole (stealing was earlier a criminal act) a CD (FT Feb 8, p-4) containing account records with names of a large number of clients from around the world. They are now accused of potential tax evasion crimes in their home countries through their bank accounts in Switzerland. If abank account is needed anywhere and is prudently taken care of it might receive interest for it's cash balance and some of the cash may have been parked to stcocks and bonds. When these instruments are liquidated capital gains and losses are inevitable. Switzerland has no capital gains tax. Instead it taxes heavily (35%) all investement income regardless of the source. Combining these two the account holder will likely not gain too much of anything as 35% tax on dividents and interest is not a small amount by any standard.
This disease is spreading as now several European countries have expressed interest to buying copies of this CD. How is the potential profit to the German Government treated from their sales to third parties and what is the tax base for the gentleman who stole the CD in the first place? We will never hear this part of the story.
Until this declaration all evidence received throuigh any candlestine activity has been thrown out from all courts in the USA regardless of it's potential impact to the case. Turning this around it appears we can start looking for a new wave of "taylor made" evidences to flood the court systems. Those doctoring the evidence are now forever immune against any wrong doing.
The buyers of criminally acquired goods are no more particpants to criminal activity. We must be greatful to Chancellor Merkel: "Mein Leben ist ganz ohne Sinn, wenn ich nicht Bundesganzler bin" Angela Merkel.