S&P downgrades Greece to selective default..”selective”..wtf is that?
http://www.reuters.com/article/2012/02/27/us-greece-sp-idUSTRE81Q27U20120227
Standard & Poor’s on Monday cut Greecelong-term ratings to ‘selective default’, the second ratings agency to proceed with a widely expected downgrade after the country announced a bond swap plan to lighten its debt burden.
S&P said that once the debt exchange is concluded, it will likely raise Greece’s sovereign credit rating to the ‘CCC’ category.
“We lowered our sovereign credit ratings on Greece to ‘SD’ following the Greek government’s retroactive insertion of collective action clauses (CACs),” the U.S. ratings agency said.
It said Greece’s retroactive insertion of CACs — which enforce losses on investors who do not voluntarily sign up to the offer — changed the original terms of the affected debt and made the exchange a “distressed debt restructuring”.
Greece formally launched the bond swap on Friday. Under the deal, bondholders are to take losses of 53.5 percent on the nominal value of their Greek bonds, with actual losses put at around 74 percent in real terms.
S&P’s move follows that of Fitch, which last week cut Greece’s long-term ratings to its lowest rating above a default as a result of the bond exchange plan.
———-
a “selective” default now..but not a default..how long does the charade go on?..they have defaulted..its just that they wont allow it to happen in legal terms because the usa banks will be crushed..its over..
401
Officially we have a CREDIT EVENT …
ISDA Determinations Committee Accepts Question Related to a Potential Hellenic Republic Credit Event
http://www.jsmineset.com/2012/02/28/isda-determinations-committee-accepts-question-related-to-a-potential-hellenic-republic-credit-event/
“LONDON, February 28, 2012 – The International Swaps and Derivatives Association, Inc. (ISDA), as secretary to the Determinations Committees (the DCs), today announced that a question relating to a potential credit event with respect to the Hellenic Republic has been submitted to, and subsequently accepted for consideration by, the EMEA Determinations Committee.
In accordance with the Determinations Committee Rules, a meeting will be held at 11AM GMT on Thursday, March 1 to determine whether a credit event has occurred.”
good link rev..we await the next 48 hours..predictions?
http://www.globalresearch.ca/index.php?context=va&aid=29411
CDS are a form of derivative taken out by investors as insurance against default. According to the Comptroller of the Currency, nearly 95% of the banking industry’s total exposure to derivatives contracts is held by the nation’s five largest banks: JPMorgan Chase, Citigroup, Bank of America, HSBC, and Goldman Sachs. The CDS market is unregulated, and there is no requirement that the “insurer” actually have the funds to pay up. CDS are more like bets, and a massive loss at the casino could bring the house down.
It could, at least, unless the casino is rigged. Whether a “credit event” is a “default” triggering a payout is determined by the International Swaps and Derivatives Association (ISDA), and it seems that the ISDA is owned by the world’s largest banks and hedge funds. That means the house determines whether the house has to pay.
The Houses of Morgan, Goldman and the other Big Five are justifiably worried right now, because an “event of default” declared on European sovereign debt could jeopardize their $32 trillion derivatives scheme. According to Rudy Avizius in an article on The Market Oracle (UK) on February 15th, that explains what happened at MF Global, and why the 50% Greek bond write-down was not declared an event of default.
If you paid only 50% of your mortgage every month, these same banks would quickly declare you in default. But the rules are quite different when the banks are the insurers underwriting the deal.
BINGO!
Questions never asked are never answered, unfortunately not all answers answer questions asked.
Issue Number Further Information Provided by Question Submitter
2012022401 Does the announcement of the passage by the Greek parliament of legislation that approves the implementation of an exchange offer and vote providing for collective action clauses (“CACs”) that impose a “haircut amounting to 53.5%” (MINFIN Announcement, 2.21.2012) that “shall bind the entirety of the Bondholders [of eligible instruments]” (First Article, Section 9), constitute a Restructuring Credit Event in accordance with Section 4.7 of the 2003 ISDA Credit Derivatives Definitions (as amended by the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions, published on July 14, 2009) because (i) the European Central Bank and National Central Banks benefitted from “a change in the ranking in priority of payment” as a result of the Hellenic Republic exclusively offering them the ability to exchange out of their “eligible instruments” prior to the exchange and implementation of the CACs, thereby effectively “causing the Subordination” of all remaining holders of eligible instruments, and (ii) this announcement results directly or indirectly from a deterioration in the creditworthiness or financial condition of the Hellenic Republic? Supporting Information: http://www.isda.org/uploadfiles/_docs/PAI_for_Issue_No_2012022401.pdf
check the global research link i left..
“Questions never asked are never answered, unfortunately not all answers answer questions asked.”
And again unfortunately, those answered do not demand instead a direct and intelligible answer that answers the question.
The question posed is akin to the question posed in the garden by the original snake …
“ Did God say this is a default? “
This is all very educational, how do we apply this in a practical way to improve our own financial situation?
US credit-card debt nearing toxic levels
“Now more than ever, families need to work at saving and paying off any outstanding debts,” says Howard Dvorkin, a CPA and founder of ConsolidatedCredit.org, a credit counseling service. He says that, after a few months of reducing credit-card debt levels, Americans are starting to return to their reliance on debt.“People made some progress in reducing card debt earlier in the year, but in the last few months, as the stock market started to rise, they started to return to their old ways of charging things,” Dvorkin says.In December, the total consumer debt, which is the combination of non-revolving and revolving debt, rose by some 9.3 percent to $2.498 trillion, according to the latest Federal Reserve Board numbers. Both revolving debt and non-revolving debt increased. Revolving debt, which is credit-card debt, went up by 4.1 percent. Non-revolving debt, which includes loans for cars and education, rose 11.8 percent, the central bank’s report said.
What should people do who were carried away by the holiday spirit?
Advisers say that starting to pay down debt should be the top financial priority, trumping both saving and consumption. And don’t add any new debt, they say.
Take the highest-interest card and pay that one off first.
Read more: http://www.nypost.com/p/news/business/plastic_poisoning_9QWC0EaUyYnXn5ufQ4VNzJ#ixzz1nlgPamSM
I disagree if the ISDA does not declare a default a default, we need to do it for them.
We have been enticed into easy credit and spending money we don’t have in order to pretend we have an economic recovery.
Pro 22:7 The rich rules over the poor, And the borrower is servant to the lender.
The only vote that really counts – DEFAULT !
Now listen, you rich people, weep and wail because of the misery that is coming upon you. Your wealth has rotted, and moths have eaten your clothes. Your gold and silver are corroded. Their corrosion will testify against you and eat your flesh like fire. You have hoarded wealth in the last days. Look! The wages you failed to pay the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord Almighty. You have lived on earth in luxury and self-indulgence. You have fattened yourselves in the day of slaughter. You have condemned and murdered innocent men, who were not opposing you. (James 5:1-6 NIV)
You say, ‘I am rich; I have acquired wealth and do not need a thing.’ But you do not realize that you are wretched, pitiful, poor, blind and naked. I counsel you to buy from me gold refined in the fire, so you can become rich; and white clothes to wear, so you can cover your shameful nakedness; and salve to put on your eyes, so you can see. (Revelation 3:17-18 NIV)
“But woe to you who are rich, for you have already received your comfort. Woe to you who are well fed now, for you will go hungry. Woe to you who laugh now, for you will mourn and weep. (Luke 6:24-25 NIV)
“Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much. So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches? And if you have not been trustworthy with someone else’s property, who will give you property of your own? “No servant can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and Money.” (Luke 16:10-13 NIV)
For we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we will be content with that. People who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge men into ruin and destruction. For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs. (1 Timothy 6:7-10 NIV)
And if you lend to those from whom you expect repayment, what credit is that to you? Even ‘sinners’ lend to ‘sinners,’ expecting to be repaid in full. But love your enemies, do good to them, and lend to them without expecting to get anything back. Then your reward will be great, and you will be sons of the Most High, because he is kind to the ungrateful and wicked. Be merciful, just as your Father is merciful. (Luke 6:34-36 NIV)
If anyone has material possessions and sees his brother in need but has no pity on him, how can the love of God be in him? Dear children, let us not love with words or tongue but with actions and in truth. (1 John 3:17-18 NIV)
I recieved the same memo but apparently the banks have not yet recieved theirs ….
Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress
http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
13 billion..wth
““But woe to you who are rich, for you have already received your comfort. Woe to you who are well fed now, for you will go hungry. Woe to you who laugh now, for you will mourn and weep.”
i like that one..
…if the ISDA does not declare a default a default, we need to do it for them.
We have been enticed into easy credit and spending money we don’t have in order to pretend we have an economic recovery.
Pro 22:7 The rich rules over the poor, And the borrower is servant to the lender.
The only vote that really counts – DEFAULT !”
And after the default, a restructuring under a system based on equilibrium and not growth. We need an end to usury, commodity speculation, & derivatives of any sort.
“based on equilibrium and not growth” thats the key..and no usury
i am refinancing tomorrow..hope to clear all consumer debt..still with mortgage of course..
Credit Bailout: Issuers Slashing Card Balances
http://www.nytimes.com/2009/06/16/your-money/credit-and-debit-cards/16credit.html
After Citibank raised the rate on my credit card we had a friendly discussion.
“If you don’t change the rate back, you won’t get another dollar.”
“Mr … do you know what that will do to your credit score?
“Are you kidding me, how’s your credit score? Yesterday you were trading for $1.00.”
Result – settled debt for 30% reduction.
I accepted an offer to transfer a balance to JP Morgan Chase at a fixed rate of 3% until it was paid off then JP raised the rate to 5%. I never made another payment because they violated the agreement. Eventually they offered to settle for 10% of the debt.
How can they do this? It’s simple, all debts are sold to investors, your debt no longer exists, it has been paid in full by a risk taker.
Chase Minimum Payment Class Action Lawsuit
http://www.girardgibbs.com/chase.asp
thats what the cds’s are…bundles of debt sold and then gambled on..good story rev..i like your reply to him on how are YOU trading lately
The only thing they really understand is DEFAULT and the only weapon we have, if only everyone was of the same mind and purpose we could turn the tables over on the moneylenders.
see this?
http://silverdoctors.blogspot.com.au/2012/02/cartel-dumps-225-million-ounces-of.html
225 MILLION OUNCES OF PAPER SILVER OVER 30 MINUTES
‘TOILET PAPER’
Major buyers of PHYSICAL were waiting for this.
yep your correct..just posted it..if you got a CFD going long silver you just got pantsed..
testing…comments are not posting
http://rt.com/usa/news/348-act-tresspass-buildings-437/
so much for freedom of speech and assembly.
Problems posting since early am ny … someone does not like this topic, we need to stay on it.
any i find in spam i will unlock.. thanks rev
few comments got spammed..i unspammed them..got that story down for today thanks nom
Take note of the date of this articles release by truth seekers at Bloomberg News
By Bob Ivry, Bradley Keoun and Phil Kuntz – Nov 27, 2011 7:01 PM ET
It was released on Thanksgiving weekend as Americans were celebrating being turkeys getting stuffed.
exactly..thats the game..its called dirty laundry..and you air it when its most likely to be suffocated underneath some other distraction..
http://seeker401.wordpress.com/2011/12/26/westpac-nab-survive-on-us-federal-reserve-life-support-we-told-you-that-in-september/
“Maybe a little bit of a conflict of interest ” ….. really
The Real Deal: Europe Not in the Clear Yet
http://www.bloomberg.com/video/87476870/
COF is an understatement
The Two Economic Clutch Type Events Of This Period
March 2, 2012, at 12:20 pm
by Jim Sinclair in the category General Editorial | Print This Post | Email This Post
My Dear Extended Family,
The history of this period will focus attention on two economic clutch type events. These events will have mandated the need for the construction of a new monetary system utilizing a virtual reserve currency traded only by central banks. This reserve currency will be related to gold via a global Western world M3.
An economic clutch type event is one that by its occurrence allows the world to shift gears and change into a new economic velocity and direction.
The first economic clutch event took place when the decision was made that the US Federal Reserve and US Treasury would not support a rescue of the prestigious investment firm of Lehman Brothers. By doing this, they threw that institution and all of its transactions in which it was the deficit other party into default via bankruptcy.
Before then the entire OTC derivative debacle had a simple but extremely controversial solution. The tactic would have been similar to the means of nullifying the effect of the historic failure of the Savings and Loan Institutions during the last great housing recession. This at hand solution was to net the entire global derivative problem into a singular institutions named the Derivative Bank. At that time all OTC derivatives which were established would be returned to the instance of establishment when obligations netted almost zero. It was the institution of Lehman as a bankruptcy that removed the ability to net out to near zero from the daisy chain of global derivatives. To bring the daisy chain of OTC derivatives to net the winner would have to place their paper winnings into the pool and the paper losers would have placed their paper losses back into the pool. This would have reduced the entire loss to only part of the earnings on the banking institution from 1991 (the birth of the derivative use globally) rather than the more than now 20 trillion dollars worth of liquidity required to fund the winners who have benefited mightily from that windfall we financed.
The forced flushing of Lehman Brothers is therefore the economic clutch event that brought quantitative easing to provide the rescue funds to finance the winnings of the global Western world financial system. The downshift was from 5th gear to 1st gear that nearly blew up the world economic engine.
We now have had the 2nd Western world economic clutch event that will shift the gears directly from the plodding along in 1st gear economically into reverse gear, therein blowing the transmission and engine simultaneously. This event is the ISDA blessing of the credit event which reduced the value of Greek debt to its holders by 70% without triggering a default. They have now made it virtuous to walk away from the once lest risk loans, loans to Western governments. Such a walk away is now deemed a credit event, not the dirty D word, default.
A pattern of action has been set in place now which takes QE, the gift from Lehman’s economic clutch event, to QE to infinity, the direct result of the Greek economic clutch event that was declared via the International Swaps and Derivative Association. These Gods of Mammon declared 70% of the Greek sovereign debt to be valueless without guilt, sin or consequences.
Replacing the lost value from the sovereign credit event (non-default) in this paper selectively to the banking system makes unlimited creation of liquidity an act of virtue and blessedness.
To assume that other nations facing the same problems will not wish the same treatment is madness. To assume the private sector facing the same problems will not demand the same treatment is madness. Therefore QE to infinity is now deemed an act of virtue and blessedness.
A 70% haircut in the value of the Greek sovereign debt does not constitute a credit event defined as a credit default according to the most powerful financial entity on the planet, the ISDA. This group is more financially influential than governments today. This decision by the revered members of the Association’s Determinations Committee has acted to prevent the notional value of all the credit default swaps, an OTC derivative, from becoming real value as would occur if the CDSs were called upon to function.
The ISDA has, according to MSM, taken offense to being described as secretive in its proceedings. The ISDA said minutes of the meeting of the committee would not be publicly distributed as the decision was unanimous.
What has occurred in what is now described as “the successful handling of the Greek problem” by the ECB is in fact a total disaster for mankind in its introduction of QE to Infinity as the blessed settlement to a problem that now is more severe than it was prior to the Lehman event. That problem is that the mountain of OTC derivative has not been attended to, but rather has grown to include the size of all Western world sovereign debt as it is all western sovereign debt that is now threatened by an event of default on a national level. That will simply occur regardless of whatever the ISDA says. Much of it will not be paid, period.
This enfranchised QE to infinity sets a floor via Chinese gold acquisitions to any reaction in price. Alf Field’s price objective of gold at $4500 is by this 2nd economic clutch event now in the crosshairs of the gold price.
Gold prices staying high have now been guaranteed. Further to that, those intelligently managed gold producers internationally will shift to dividend payers of note, transforming the gold industry into the utility type equity of the future. Opinions expressed to the opposite are simple exercises in economic ignorance.
Gold’s price reactions, when they do occur, will be violent and very short lived. This is fact.
Respectfully,
James Sinclair
http://www.jsmineset.com/2012/03/02/the-two-economic-clutch-type-events-of-this-period/
“We now have had the 2nd Western world economic clutch event that will shift the gears directly from the plodding along in 1st gear economically into reverse gear, therein blowing the transmission and engine simultaneously. This event is the ISDA blessing of the credit event which reduced the value of Greek debt to its holders by 70% without triggering a default. They have now made it virtuous to walk away from the once lest risk loans, loans to Western governments. Such a walk away is now deemed a credit event, not the dirty D word, default.
A pattern of action has been set in place now which takes QE, the gift from Lehman’s economic clutch event, to QE to infinity, the direct result of the Greek economic clutch event that was declared via the International Swaps and Derivative Association. These Gods of Mammon declared 70% of the Greek sovereign debt to be valueless without guilt, sin or consequences.
Replacing the lost value from the sovereign credit event (non-default) in this paper selectively to the banking system makes unlimited creation of liquidity an act of virtue and blessedness.”
Jim Sinclair’s Commentary
In the spirit of embarrassing transparency…
Determinations Committee Decision
Date: March 1, 2012
Determinations Committee: EMEA
Meeting Date: March 1, 2012
Issue Number: 2012022401 Has a Restructuring Credit Event occurred with respect to Hellenic Republic?
Question 1. for vote: Has a Restructuring Credit Event occurred with respect to Hellenic Republic?
Vote result: No
Votes: 15 “NO” votes – Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 “YES” votes
Question 2. for vote: Does this DC agree to publish the statement as set out in Annex A hereto?
Vote result: YES
Votes: 15 “YES” votes – Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 “NO” votes
http://www.isda.org/dc/docs/EMEA_Determinations_Committee_Decision_01032012Q1.pdf
that is some funny shit rev..and almost sobering to the point they are in denial..no..not denial.. flagrant breaking of the rules of the game..watch out thursday as the investors give greece the finger..
[...] S&P downgrades Greece to selective default..”selective”..wtf is that? (seeker401.wordpress.com) [...]
Fitch Downgrades Greece to Default - I Love London Ontario / Love Local / Buy Local said this on March 10, 2012 at 1:56 am |
The dog ate the Credit Default Swaps …
http://www.jsmineset.com/2012/03/09/in-the-news-today-1126/
Did you catch the bit on the Vatican being a money launderer now?
Yeah …. who watches the watchers ??????
High Tide: From The Killing Of A Cooperator’s Father To A Vatican ‘Money-Laundering Concern’
http://blogs.wsj.com/corruption-currents/2012/03/08/high-tide-from-the-killing-of-a-cooperators-father-to-a-vatican-money-laundering-concern/
Four Priests Charged In Vatican Banking Scandal
http://articles.businessinsider.com/2012-02-09/europe/31040509_1_anti-money-laundering-law-vatican-finances-italian-tv
Extensive research on the assets of the Catholic Church including gold holdings.
http://one-evil.org/acts_global_depression/acts_global_depression.htm
What is the true picture of wealth of the church?
The single largest asset class owned by the Vatican is also the easiest to see, as it cannot be hidden.
The Vatican is the largest holder of land titles for any organization or government in the world with visible title to around US $316 Billion of property (churches, schools, hospitals etc) and around US $2,623 Billion of investment property hidden in extremely complex networks of hundreds of thousands of trusts and front companies.
The current market property value of Vatican City, in the heart of Rome alone is worth between US $1 Billion and $3 Billion. This excludes the value of the priceless artworks and valuables stored within its walls.
The most valuable property holdings of the Catholic Church by nation is the United States with around $50 Billion in visible property holdings and around $507 Billion in hidden property holdings through a massively complex network of front companies and trusts.
The next most valuable property holdings are Germany (US $297 Billion of which only $29 Billion is visible property), France (US $282 Billion of which only $28 Billion is visible), Italy (US $230 Billion of which around $23 Billion is visible), Brazil (US $194 Billion of which around $26 Billion is visible) and Spain (US $158 Billion of which around $15 Billion is visible).
What are the major property portfolio holdings by key nations? How then did the Catholic Church accumulate such a historic and massive property portfolio? How is the Catholic Church still able to hide such massive property investments while still successfully claiming to be “poor”? How reliable are these numbers to the truth?
The Major property holdings estimated to be owned by the Catholic Church are listed in the following table. They are researched from years of private research. If you are unsure, you can test the validity of these numbers yourself by researching published reports by various Catholic subsidiaries and do a property valuation on stated land holdings then extend this globally. The property investments are divided into visible property holdings and hidden property holdings.
Nation Catholics Visible Hidden
(m) (US millions) (US millions)
United States 83.2 $ 50,179 $ 507,363
Germany 27.9 $ 29,783 $ 268,046
France 54.7 $ 28,245 $ 254,209
Italy 49.2 $ 23,096 $ 207,866
Brazil 150.3 $ 26,260 $ 168,260
Spain 37.1 $ 15,827 $ 142,440
Mexico 93.7 $ 21,147 $ 135,499
Belgium 7.8 $ 9,558 $ 96,643
Canada 12.8 $ 8,393 $ 84,864
Austria 6.0 $ 7,514 $ 75,979
Argentina 35.9 $ 9,550 $ 70,031
Poland 34.5 $ 8,906 $ 65,308
Colombia 38.9 $ 9,319 $ 59,710
Philippines 73.3 $ 8,999 $ 50,993
Ireland 3.5 $ 4,241 $ 42,879
Chile 14.8 $ 5,203 $ 38,153
Peru 25.4 $ 5,800 $ 32,866
Hungary 6.7 $ 4,033 $ 29,577
Netherlands 5.6 $ 3,343 $ 30,091
Portugal 9.9 $ 3,984 $ 29,220
Venezuela 24.6 $ 4,105 $ 23,263
Switzerland 3.4 $ 2,355 $ 23,808
United Kingdom 9.0 $ 2,395 $ 21,556
Australia 5.2 $ 1,871 $ 18,923
Visible property holdings are those property holdings clearly visible as being owned by the Catholic Church, while hidden property holdings represents between 85% and 90% of the total property holdings of the church.
As outlined, there are principally two types of property holdings of the Catholic Church determined largely by the degree to which their ownership and value can be hidden.
Visible property holdings- schools, churches, hospitals etc Hidden property holdings- golf courses, office high rise, industrial parks, residential apartments etc.
While the total global value of visible property holdings of the Catholic Church are around US $316 Billion, the Vatican has developed an ingenious strategy over the past forty years to change the public mind set on the extent of its wealth.
History of property ownership of the Catholic Church
The Catholic Church has deliberately degraded its most emotional and valuable front lines assets for the most disadvantaged to support its false claim of having no money. In fact, the Catholic Church has gone to the outrageous step of actually closing front line services for homeless and disadvantaged people often in response to attacks and claims of being a wealthy organization.
This innovative and unique behaviour of sacrificing assets to protect the impression of being poor is best described as the “service hostage method”.
The service hostage method invented by the Vatican is a brilliant and very successful strategy of deliberately sacrificing key services for the most disadvantaged and poor of western communities in order to emphasize the false claim of having no money.
In effect, the church uses the asset as a “hostage” against politicians and social leaders calling upon greater accountability or response to the behaviour of the church.
Rather than the church being on the defensive, the wealthiest nation of the Catholic Church, with total property interests of over $557 Billion simply has deliberately run many of its front line services into the ground, causing great pain anguish and in some cases deaths of individuals.
Any claim then that the church has hidden “millions” is simply responded with the line “so you really think a church dedicated to Christian charity would be so heartless or evil to deliberate close important services if it had the money?”
i think i might repost that..its got some information that is not often exposed..
More here …
DOES THE VATICAN HOLD YOUR MORTGAGE?
Part I of 2
THE GREATEST STORY NEVER TOLD
By William Thomas
http://willthomasonline.net/The_Greatest_Story_Never_Told.html
DOES THE VATICAN OWN YOUR MORTGAGE?
by William Thomas
PART II
http://uncensored.co.nz/2009/12/26/sell-the-vatican-feed-the-world-part-ii/
cheers rev
Better link for Part One ..
DOES THE VATICAN HOLD YOUR MORTGAGE?
http://www.truedemocracy.net/td-29/16.html
Sinclair – Greek Tragedy Part of $37 Trillion, Not $3.5 Billion
March 9, 2012, at 6:33 pm
by Jim Sinclair in the category Jim’s Mailbox | Print This Post | Email This Post
Dear CIGAs,
Today legendary trader and investor Jim Sinclair told King World News the “credit event” in Greece totals much more than the $3.5 billion which is being reported by the mainstream media. Sinclair also said if the CDS’s are in fact made to pay, this could require the rescuing of eight international banks, through Fed swaps that could total in the trillions of dollars. Here is what Sinclair had to say about what is happening : “The release made by the International Swaps & Derivatives Association (ISDA), for the average Mensa member or genius, is totally incomprehensible. The press is using the word default, but the ISDA is using the word ‘auction.’ Clearly, the amount of CDS’s outstanding is infinitely more than the $3.5 billion that is being quoted.”
Jim Sinclair continues:
“The BIS confirms, in the area of CDS’s the total outstanding is approximately $37 trillion. So I believe the reports being given about this just being a small and modest market event is false. As a market observer and having more than 50 years in the business, the real number is at least 50% or more of the existing $37 trillion that is related to Greece.
The $3.5 billion figure being quoted in the press could easily be the reporting to the US Comptroller of the Currency. For example, a foreign, non-consolidated subsidiary of a US bank, operating out of London, reports the size and kind of the over the counter derivatives to the BIS, not the Comptroller of the US…..
Click here to read the rest of the interview on KingWorldNews.com
http://www.jsmineset.com/2012/03/09/sinclair-greek-tragedy-part-of-37-trillion-not-3-5-billion/
i think we are mushrooms
“we are being programmed and directed into an evolving end time scenario all choreographed including the intentional, engineered collapse of the global economy and complete destruction of the entire monetary system ushering us towards a new one world”
i believe that..