Tag Archives: banks

Business/Economics, International, U.S.

Black Horse & What Economic Recovery? Bail out delays; Greece needs loans equal to its total GDP! Greece warned of Third World status. Greeks believe the World is against them, sinister plots

February 20, 2012, European Union finance minister, Johan van Overtveldt, said one of the reasons bail out loans keep getting put on hold is because everyday new problems are revealed.

He says Greece now needs loans at least equal to its GDP, in order to get through the next few years: “So we are talking now about a package that in reality is about 200 billion euros, which happens to be exactly the amount equal to Greek gross domestic product.”

Overtveldt also said what many independent, and traditional economists have been saying; that cuts to Greek government spending will only make things worse: “The negative spiral in which the Greek economy and Greek society have been imprisoned for almost two years will only get worse. The austerity program that is imposed on the country will worsen the recession, which in its turn will worsen the budget outlook.”

He added that it was probably a good thing for Greece to leave the European Union: “It will lead, of course, to a devaluation of the new drachma but that is exactly what is needed to get the economy growing again through international trade.”

In fact many Greeks have been wanting their government to leave the EU, because they think it’s all part of a sinister plot.

Greek author, politician and songwriter, Mikis Theodorakis, says there is a conspiracy to destroy his country: “Germans, for instance, as well as the French, English and Americans, earned billions of Euros from annual sales of war materials, to the detriment of our national wealth….Siemens, for instance, maintained a special department for buying off the influential Greeks in order to sell its products in the Greece market.”

Theodorakis might be right about his beloved Greece being destroyed.  Economist Harlan Green, said the Mediterranean country is on its way to Third World status, and implied that the International Monetary Fund (IMF) was behind it: “Greece is sliding very quickly into being a third world country, and the IMF knows how to deal with third world countries.”

As far as sinister plots go; don’t forget that the new unelected Prime Minister of Greece is a member of the Trilateral Commission!

…there before me was a black horse! Its rider was holding a pair of scales in his hand. Then I heard what sounded like a voice among the four living creatures, saying, “A quart of wheat for a day’s wages, and three quarts of barley for a day’s wages, and do not damage the oil and the wine!”

Business/Economics, Idaho, U.S.

Black Horse & Government Incompetence: Mortgage Settlement money to be used to destroy homes, not keep people in their homes! No protection against MERS! Scams already taking place

Recently the Obama administration announced a victory against the too big to fail banks which are causing the home foreclosure nightmare.  Basically the banks admitted they screwed up, and agreed to pay a huge settlement to help people (lucky enough to still be in their homes) refinance their loans.

But now it’s been revealed that money going directly to state governments can be used for anything, and some local governments will use that settlement money to tear down vacant homes!

The Huffington Post is also reporting that Cleveland, Ohio, has already spent $60 million tearing down homes repossessed by the too big to fail banks.  And that money came from city social programs meant to help the poor!

“We would have much rather spent that money helping families and creating homes rather than knocking houses down that we believe are owned by some very well resourced banks.”-Chris Warren, Cleveland, Ohio’s chief of Regional Development

Now, Ohio is set to get $335 million from the National Mortgage Settlement, and $75 million will be used to tear down homes, rather than get people back into them!

Ohio is getting a big chunk of the settlement money, while New Hampshire is getting a smaller share.  In an opinion piece out of New Hampshire, the SentinelSource says “…investigations have turned up enough reckless and unprofessional behavior on the part of big mortgage loan servicers to justify their paying penalties and granting relief — and in sums far larger than the settlement calls for.”

One aspect of this “settlement” is that states get a large amount of money that has apparently no strings attached. In other words they can do whatever they want with it.

In the case of Idaho, Attorney General Lawrence Wasden said on top of the money going to help keep Idahoans from losing their homes (and the piddly, and I mean piddly!, amounts of money being paid to people who already lost their homes), the state of Idaho gets more than $13 million!

  • Eligible Idaho borrowers will receive an estimated $74,686,493 in benefits from loan modifications and other direct relief.
  • Approximately 5,000 Idaho borrowers who lost their home to foreclosure between January 1, 2008, and December 31, 2011, because of substandard servicing practices, will receive $9,998,041 in cash payments averaging $1,500 to $2,000 for each affected borrower. These borrowers have been identified by their servicers and will be contacted by the settlement administrator.
  • The settling servicers will pay $15,172,779 to fund a program that allows underwater borrowers to refinance their loans.
  • The state will receive $13,932,238.

Notice there’s nothing specific about what the more than $13 million going directly to the government of Idaho is to be used for.

Also, the settlement does nothing to protect homebuyers from MERS (Mortgage Electronic Registry System).  Recently the Attorney General of New York filed suit against the too big to fail banks on the grounds that MERS was causing many of the foreclosures, illegally: “…brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions, seeking to take homes away from people with little regard for basic legal requirements or the rule of law.”-Eric Schneiderman, New York Attorney General

To make matters worse, several states, like Alabama and Virginia, are reporting scams: “The caller requests the consumer’s bank account number and alleges that he will direct deposit settlement money into the consumer’s bank account…  Mortgage borrowers should contact their mortgage servicers directly…”-Kenneth T. Cuccinelli II, Virginia Attorney General

…there before me was a black horse! Its rider was holding a pair of scales in his hand. Then I heard what sounded like a voice among the four living creatures, saying, “A quart of wheat for a day’s wages, and three quarts of barley for a day’s wages, and do not damage the oil and the wine!”

 

Business/Economics, International, U.S.

Government Incompetence & World War 3: United States increasingly isolated over Sanctions against Iran. India and Japan still buying Iranian oil. South Korea gets exemption

“India’s decision to walk out of step with the international community on Iran isn’t just a slap in the face for the U.S. – it raises questions about its ability to lead. The Indian government’s ill-advised statement last week that it will continue to purchase oil from Iran is a major setback for the U.S. attempt to isolate the Iranian government…”-Nicholas Burns, former U.S. Undersecretary of State for Political Affairs

India joins a growing list of countries basically telling the U.S., and U.K., to go stuff themselves.  Indian government officials are working with Indian companies to create a system that will let them pay for Iranian oil with Indian rupees.

In Japan, an affiliate of Royal Dutch Shell, says they will continue buying Iranian oil despite pressure from the U.S. government. Showa Shell Sekiyu KK is Japan’s 5th largest refinery, and uses 100,000 barrels per day of Iranian oil.  Officials say they are affiliated with Royal Dutch Shell, but they operate independently and have their own contracts with Iran.  This is also why Iran has not stopped oil shipments to Japan (Royal Dutch Shell is a British/U.S./Dutch controlled company).

Then there’s South Korea, which has managed to convince U.S. lawmakers to exempt more than 2,000 Korean companies from the sanctions.  Not only that, but South Korea’s Woori Bank, and the Industrial Bank of Korea, do business directly with Iran Central Bank.  Their transactions are done in Korean money, thus avoiding the U.S. petro-dollar.

Fukushima

Pale Green Horse & Fukushima: Damaged GE reactors still spewing radiation almost a year later!

On 20 February 2012, the Japanese media was given a short tour of the Fukushima Daiichi nuclear power plant.

The tour was quick because the disaster reactors are still emitting high levels of radiation.

To give you an example; just at reactor 4, daily radiation levels are higher than the yearly safe limit for the civilian population!

The safe limit is one millisievert per year.  Reactor 4 is still pumping out 50 microsieverts per hour!  That’s 1,200 microsieverts, or 1.2 millisieverts per day!

Remember, that’s just from one of the four damaged reactors.

I looked and there before me was a pale horse! Its rider was named Death, and Hades was following close behind him.  They were given power over a fourth of the earth to kill by sword, famine and plague, and by the wild beasts of the earth.

Fukushima

Pale Green Horse & Fukushima: Almost half of population exposed to execesive radiation levels! Woman contaminated with 23 years worth of radiation in just 1 year!

20 February 2012, Japan’s Fukushima Prefecture released the results of their own radiation contamination study.  The study did not include people working at nuclear plants, or other employment where contact with radiation is part of the job.

42% of the people living in Fukushima Prefecture have been exposed to more radiation than the official safe limit. The safe limit is one millisievert per year.

The radiation is coming from the damaged General Electric designed Fukushima Daiichi nuclear plant.

At least 71 people have been exposed to 10 millisieverts (or ten years worth of radiation), and one woman has been exposed to 23 millisieverts (or 23 years worth of radiation)!

The study is still ongoing as Fukushima prefectural officials have not been able to screen everyone, and the Fukushima Daiichi reactors are still spewing radiation.

I looked and there before me was a pale horse! Its rider was named Death, and Hades was following close behind him.  They were given power over a fourth of the earth to kill by sword, famine and plague, and by the wild beasts of the earth.

Business/Economics, International, U.S.

What Economic Recovery? China tells U.S. to back off trade war, dumps more U.S. government Bonds! More proof that China does not need the U.S. market!

Despite rosy depictions, by the U.S. mainstream media, of the Vice President of China’s visit to the United States, things are not warm and fuzzy!

Vice President Xi Jinping, recently restated demands from China, that the United States end economic restrictions against China: “It is very important when addressing the China-U.S. trade imbalance that the United States adjusts its economic policies and structure, including removing various restrictions on exports to China, in particular, (and) easing controls on civilian high-tech exports to China as soon as possible.”

China’s restatement of such demands comes as reports revealed that China dumped another $3.19 billion in U.S. Treasury bonds, back in December 2011.

In total, for all of 2011 China sold off $59.4 billion in U.S. Treasuries.  But China still holds a lot of U.S. bonds; $1.10 trillion as of December 2011.

This means China has a lot of room to maneuver, when it comes to monetary action.  Some analysts say China is dumping U.S. bonds in order to provide cash to help the European economy, and because the U.S. dollar just isn’t a safe haven anymore: “The overall movement away from the U.S. dollar indicates that people are not looking for a ‘safe haven’ as much as they were in late 2011, when the markets globally fell hard on concerns about the situation in Europe. The Chinese are boosting their purchases of European and other bonds because of the need to help stabilize those economies around the world that are major markets for Chinese goods [this also indicates that the U.S. is no longer a major market for the Chinese].”-David Riedel, Riedel Research Group

Business/Economics, International, U.S.

World War 3 & Government Incompetence: Iran shuts down global Steel industries, blame the United States, Russians pissed off. “Iran is King”

“Iran is the only market in the world that can move billet prices and now trading has basically come to a halt.”-unnamed British steel trader

Not only is the U.S. oil sanctions on Iran backfiring, but so are U.S. sanctions on steel sold to Iran!

“Now you can really feel the effects of the sanctions imposed by the U.S. and Europe…It is very difficult to do any business with Iran at the moment.”-unnamed Swiss steel trader

U.S. and European sanctions might have stopped the sale of steel to Iran, but it’s also shutting down U.S. and European steel makers!  Why?  Iran is the biggest buyer of steel billet, and with the biggest buyer of steel out of the game steel prices are dropping like a rock!!!   (unlike oil, where everyone is trying to get their hands on it, thus causing oil prices to go up)

Russia is upset because they supply much of the steel Iran uses (Iran buys 15% of the steel exported by Russia): “Russian producers are not selling to Iran as they need pre-payments and won’t accept letters of credit. If I find a way to do that I won’t tell you. Iran is the king market in steel and if we can find a way to trade with them again we certainly would not share the know-how.”-unnamed Swiss steel trader dealing in Russian steel

Unlike the oil market, where Iran has established a successful trade system that avoids the U.S. dollar and U.S. & U.K. banks, the global steel market is still dominated by U.S. & British banks.  But some Russian’s are hopeful they’ll find a way ’round it: “Steel demand is pretty strong, the problem is the banking system. Russian banks do not have trading lines with Iranian banks to facilitate ruble transactions.”-Dmitry Smolin, URALSIB Capital

 

Business/Economics, Idaho, International, U.S.

Ron Paul says the United States becoming the Italo-Fascist state of the 21st Century, would make Mussolini proud. Paul gains yet another victory.

“We’ve slipped away from a true republic. Now we’re slipping into a fascist system where it’s a combination of government, big business and authoritarian rule, and the suppression of the individual rights of each and every American citizen.”-Ron Paul, congressman from Texas

While speaking in Kansas City, Missouri, Ron Paul renewed a warning issued by President Dwight Eisenhower, who said “This conjunction of an immense military establishment and a large arms industry is new in the American experience. The total influence — economic, political, even spiritual — is felt in every city, every State house, every office of the Federal government. We recognize the imperative need for this development. Yet we must not fail to comprehend its grave implications. Our toil, resources and livelihood are all involved; so is the very structure of our society. ”  Eisenhower’s 1961 speech warned about Italo-style Fascism taking over all aspects of U.S. civilization (you should read the prophetic speech).

Also, while attending a rally in Boise, Idaho, on February 18, Ron Paul won a county caucus, in Maine.  Washington County, Maine, selected Paul over Mitt Romney and Rick Santorum.  The caucus had been delayed by weather.

But Ron Paul is actually winning big despite being ignored by the main stream media.  Paul has gained more delegates than Romney or Santorum: “The bottom line is who is going to get the delegates and we think we’re doing pretty good, and it seems like our momentum is picking up. I’m actually shocked at the tremendous turnouts that we’ve had. We’ve been out on the road and we’ve had eight functions here in the last three days. We’ve had 14,000 people turn out. And the enthusiasm seems to be growing.”-Ron Paul on State of the Union with Candy Crowley.

Business/Economics, International, U.S.

World War 3: Iran cuts off oil supplies for two European countries, oil already more than $120 per barrel

February 19, 2012, Iran has officially shut off oil supplies to oil companies from United Kingdom and France!

“We have our own oil customers and replacements for these companies have already been chosen, and we will sell the crude oil to new customers instead of the British and French companies.”-Alireza Nikzad-Rahbar, Iranian Oil Ministry

However, Britain and France are not major European buyers of Iranian oil (Italy is).  About 3% of oil bought by France comes from Iran, and only 1% makes up Britain’s oil use.

Iran’s move to block oil shipments to Europe came after Europe joined the U.S. in imposing an oil embargo.  Iranian officials have repeatedly said that it’s Western countries that will be hurt most from a loss of Iranian oil.

In some countries the price of a barrel of oil has already gone over $120.00.

Business/Economics, Idaho, U.S.

U.S. Media & Politicians mislead when they call unemployment help “benefits”! Congress reduces unemployment help. It’s a joke anyway ’cause each state handles unemployment their own way! Employers using tricks to get out of unemployment pay outs!

First off, having had to deal with so called unemployment “benefits” myself, I can say without a doubt that they are no “benefit”.  You get piddly squat compared to what you were making when you had a job, and, as in the state of Idaho, they impose unrealistic “qualifications” and “standards” for you to continue getting them!!!

Now the Republican dominated U.S. Congress has agreed to reduce what people lucky enough, or who can put up with the qualification game, will get.

Congress had extended unemployment help to a maximum of 99 weeks (and by the way many states did not adopt that policy), now beginning September 2012 that help will be cut back to 73 weeks.

Idaho Department of Labor office, Pocatello, Southeastern region of Idaho

By the way, in the state of Idaho employers pay into the unemployment fund, not employees and not individual taxpayers.  But, Idaho kicks back a refund to employers for having little or no unemployment claims made against them.  The employees who handle unemployment claims are actually paid by the employers who pay into the fund.  A now retired Idaho Job Service (aka Idaho Department of Labor) employee, who worked the Pocatello office handling veterans affairs, and the accounting for kicking back money to employers, once confessed to me (in 2000) that it was in their interest to deny as many claims as possible, since their true employer was not the state but big businesses operating in Idaho!!!

Here’s a trick employers in Idaho use to get out of paying unemployment (it’s happened to me and several other people I know).  Employers will tell you there is no work today, or that work is being cut back and they will call you when they need you.  Of course, after weeks of no work you start looking for new work.  When you apply for unemployment the company you were working for claims you are still employed, but that you hadn’t shown up and they assumed you quit!

In another case I heard about, an guy was working for a national chain home improvement store, and he was told that work schedules were being changed and not to come in until they called with his new schedule.  A week went by, he called and they told him the same thing.  Several weeks went by and he was told the same thing again.  Turns out there wasn’t any actual work schedule change, but if he tried to apply for unemployment the company could legitimately say that the guy “just stopped coming to work”, it would be his word against theirs.

And since the Idaho unemployment system is actually run by employers, guess who wins (unless your wealthy enough to hire a lawyer, which most people aren’t).