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roman
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August 15, 2007 - Bloomberg: The reality is an entire market in default.

Global banks may have a capital deficit of more than $1.5 trillion by the end of next year and some may require state support, according to a study by Independent Credit View, a Swiss rating company.

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roman
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What makes yesterday different from today? Size is a key factor in response to this question. Who's next in line for a bailout? How to talk to the dead? Illuminated leaders tend to talk with them in millions, billions, trillions, quadrillions and most recently, in zillions. The latest in a series of attempts to hide the fact that the whole wide world is financially, politically and morally bankrupt comes from the old continent, Europe. Consider this headline: "Europe Prepares Nuclear Response To Save Monetary Union". After a frantic weekend of negotiations in Brussels, the Eurozone's 16 finance ministers unveiled a package that pledges to guarantee the debt of any of the countries that use the euro. The unprecedented measures include: €440bn in loans or guarantees from Eurozone countries, €60bn from the European Union's Budget and up to €250bn from the International Monetary Fund. The European Central Bank said it will intervene in bond market and buy euro zone government and private bonds as a part of an historic bid to stave off a sovereign-debt crisis that threatens to destroy the euro. The Frankfurt-based ECB also reversed its withdrawal of emergency steps taken to tackle the global credit crisis, saying it will again offer banks as much cash as they want for terms of three and six months. It will also reactivate a swap line with the Federal Reserve and sell unlimited amounts of U.S. currency for seven and 84 days. The first operations will take place this week.



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Here's the big secret, banks loan money they don't really have, with interest. Brian Williams on the late show with Letterman admits the truth, financial collapse is imminent. The world has no money, the emperor has no clothes.

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marc
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Do you remember Bloomberg News for August 15, 2007? In case you missed it, here's why it's so important: "The reality is an entire market in default"! The reality of what we, our children, our grand children and their children truly owe is a debt into infinity. It did not take too long for Greece contagion to spread (one day), smack in the face of EU statements that contagion was no risk. Greece government bond market panic crash, yields hit 18%, who's next? Portugal, Spain, United States, or we're all Greek now?

We're All In The Same Boat: Bohemian Bankruptcy - A Tragedy

 

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The Age Of Ignorance And The Great Con Job - There Is No Money!
In America today we are getting closer to fully exposing the greatest con and cover-up in this history, it involves our banks, the federal reserve, our congress, and, of course, you and me.

 

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The banks that control the world’s supply of money are no better than counterfeiters – and their system of juggling debt has left the global economy teetering on the brink of ruin.

Daily Telegraph, 20 Feb 2010 By Darius Guppy

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July 20. 2009, Bloomberg

U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.

The Treasury’s $700 billion bank-investment program represents a fraction of all federal support to resuscitate the U.S. financial system, including $6.8 trillion in aid offered by the Federal Reserve, Barofsky said in a report released today.

“TARP has evolved into a program of unprecedented scope, scale and complexity,” Barofsky said in testimony prepared for a hearing tomorrow before the House Committee on Oversight and Government Reform.

Costs include $2.3 trillion in programs offered by the Federal Deposit Insurance Corp., $7.4 trillion in TARP and other aid from the Treasury and $7.2 trillion in federal money for Fannie Mae, Freddie Mac, credit unions, Veterans Affairs and other federal programs, he said.

Barofsky offered criticism in a separate quarterly report of Treasury’s implementation of TARP, saying the department has “repeatedly failed to adopt recommendations” needed to provide transparency and fulfill the administration’s goal to implement TARP “with the highest degree of accountability.”

As a result, taxpayers don’t know how TARP recipients are using the money or the value of the investments, he said in the report.

The Treasury has spent $441 billion of TARP funds so far and has allocated $202.1 billion more for other spending.

In the nine months since Congress authorized TARP, Treasury has created 12 programs involving funds that may reach almost $3 trillion, Barofsky said.

US National Debt Clock