The impending undeclared default of 5 major US banks
The following interview with Ellis Martin of www.EllisMartinReport.com covers in detail the impending undeclared default of 5 major US banks this week by the International Swaps and Derivatives Association.
This even has the potential to cause a second financial crisis that would require significant financial intervention. If you have time to spare, listen to this interview. If you don’t have time to spare, listen to it anyway.
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make your own minds up..and keep in mind..legatus pilgrimage starts Feb 2nd:
http://www.legatusmagazine.org/?page_id=117
the ISDA..they make the calls..the CDS bombs are still the most destructive and important pieces in the whole system of finance..
default..the word they cannot say..the ones who run the ISDA also own the banks on who they should make calls on!! get it?
97% of outstanding CDS are with the 5 banks..get that?
401
http://www.youtube.com/watch?v=X5L_x6RHE4s
covered that one at the time..
more financial doom.. its bad already..
http://endoftheamericandream.com/archives/20-signs-that-europe-is-plunging-into-a-full-blown-economic-depression
I know is’nt he a hoot!
Interesting the way evil gluttons are emotionless when speaking or listening.
The only expression they show is mirth… when haranguing the intentional doom of their victims.
Be blessed!
One might add that February 2 is the ancient holiday of Imbolc. A lot seems to happen on these sorts of days: signing of significant military treaties, dedications of skyscrapers, world trade exhibitions, trade agreement signings, historic battles, founding of secret societies, false flag terror attacks, suicide deaths of significant figure…
imbolc..never heard of it..these are are very important days right now i believe..the next week
http://isda.derivativiews.org/2012/01/31/honey-i-shrunk-the-market/
And while all this is happening, the end-2012 deadline is casting its shadow. There is increasing realization that there is simply not enough time to deal with all these issues. And if things are rushed so that deadlines are met, the likelihood increases substantially that mistakes will be made, risks will be overlooked, or simply that ill-conceived rules will be put in place with unintended consequences.
february = juno februata= femal pagan deity
2/14&15/2012 Don’t forget the”lupercalia” feast/festival of “lupercus”
http://www.youtube.com/watch?v=zbcFitQ54iI&list=PL9D1AB5F71AA39194&index=3&feature=plpp_video
http://www.youtube.com/watch?v=XAPPFdf-aEY&feature=bf_next&list=PL9D1AB5F71AA39194&lf=plpp_video
The luciferian cabal named “2011 THE YEAR OF DISCLOSURE”
Wheel of theb Year
http://en.wikipedia.org/wiki/Wheel_of_the_year
SRA
http://www.angelfire.com/my/sherbear/SRAcalendar.html
Empirically Yes!!!!
I wonder what blood sacrifice will be carried out to honor it ?
Tune in next time… same bat time, same bat channel.
& same bat shit.
MONSANTO – BEHIND ASSINATION OF OUR HONEY BEES SAYS WISTLEBLOWER
http://bbs.chinadaily.com.cn/thread-729706-1-1.html
thanks will take a look mate..
thx for posting, people just do not get that there are already pollination machines: no bees = very limited organic and home gardening–> just what these pos want
post on bees tomorrow coincidentally..
Simply this…if it is a default and it’s our banks, they it is not a default,,,it is a credit event…I would call it a debt event. So much more passing the buck down the line, some where the buck is going to stop, it’s just a matter of time.
basically..they wont allow a default to happen on their watch..you just get 0% return but thats not a default.. LOL?
The talmudic Kol Nidre prayer is their code. That is why they claim are not responsible for any debt, obligation, promise,contract etc… past, present or future.
ZioNazi Quotes~Lies & Deceit
http://preciseinfo.org/Convert/search.php?q=kol+nidre&area=All&col=All&cat=ZioNazi+Quotes+Categorized
It’s not default, it’s capitulation.
Betrayers from the get go.
All stock markets are giant ponzi schemes.
“It’s not default, it’s capitulation.”
about right..
“…All stock markets are giant ponzi schemes.”
I couldn’t agree more. It is hard to fathom why anyone would support usury. Dante put usurers in the 7th hell; personally I’d go a bit lower.
werd..
Usury is srictly forbidden throughout THE SCRIPTURES.
and in islam..
Pravda!
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Breaking News : 5 Major US Banks to Default — Ellis Martin Report With Jim Sinclair « YourDaddy's Politics said this on February 3, 2012 at 2:15 pm |
This story is wrong – a default by Greece will not bankrupt the 5 banks, it may mean a payout on the CDS contracts the net value of which is minor.
See this: http://isda.mediacomment.org/2012/01/03/ignorance-is-not-strength/
page was blocked for me..the article says they wont be bankrupted.. because of the ISDA..thats the crux of the article..that defaults wont happen because they will be protected from it..but they are defaults by any other name..imo
I agree there will probably be a default – in that the buyers of protection on greek debt will be entitled to a payout on the CDS contracts. The ISDA article points out that the amounts in question and in the millions, not billions or trillions. At no point does this cause a default of the 5 banks in any way. The default refers to the CDS contracts, the determination of whether a default has occurred according to the technical and legal rules of the CDS contracts, is done by a committee, which is also described in public on the ISDA website – it’s called the determinations committee, it’s all on this page: http://www.isda.org/credit/
By using a committee with representation from the market, it’s not a decision ISDA make to suit their political ends – it involves both buys and sellers of protection from the sell and buy-sides of the market, all public and open.
None of this is a default on the 5 banks themselves – which is why this article is a misunderstanding of the situation in Greece, and why no-one else is reporting the story as it is here.
I mean to help explain, and not lecture or be annoying, just want to clear up how the handling of a default happens.
Best wishes, Bill
more than welcome bill..i dont profess to be any sort of expert on these things..just a punter trying to see through the haze..ive been interested in the CDS bombs for a long time..i still believe they hold the key to the ecomony exploding or not
do you agree that if private investors take a 70% haircut on a 40% hair cut..its technically a default because they will never get that money back..its gone..but it wont be declared one for fear of triggering some CDS payoyuts? or am i reading this wrong?
There’s two sorts of losses:
A) Holders of Greek debt
B) Buyers of protection on greek debt
For category a) here’s the list: http://www.polycapitalist.com/2011/06/top-holders-of-greek-government-debt.html
Not much sign of US banks
For category B: The payout is like this:
1) I bought protection on a greek bond worth $100
2) Greek decides to default on 70% of the value of each Bond
3) Assuming the ISDA DC agrees this meets the default criteria then
4) The seller of protection pays me the $70
So the seller of protection pays out $70. The web page I referred to above, shows that if you add up all the payouts on CDS on Greek debt, it adds up to something like $100m, a relatively small amount in world terms.
Category A firms will suffer much bigger losses, of which French banks will suffer the worst.
Bill.
excellent info bill..i am staggered at the perceived small amounts of greek debt by group A..group B might hold the dynamite..if they bought protection and there was declared default..then they win big? and who loses and has to hand over the money?
Group A as you can see from the table stand to lose billions of EURs.
Group B is banks and professional parties who know how to trade CDS – not people like you and me. If you add up all the payouts of firms who sold protection and net off the payouts where the same firms bought protection – as few firms want to be in a one-sided trading position, the answer is a few hundred million.
Group A is the scary group, which is what the table shows. It’s late here in the UK for blogging on derivatives, so I’m going to read and sleep now.
no worries..looks like i have it back to front..tough morning here in OZ