Tag Archives: debt

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

What Economic Recovery? GE outsources innovation, spends millions building new China Innovation Center!

“These facilities…will play an instrumental role in building out much needed local innovation capabilities in the critical industries that are key to the region’s long term growth.”-Mark Hutchinson, president and CEO of GE Greater China

On 18 July 2012, unAmerican Corporate America giant, General Electric (GE), announced they’ve opened the China Innovation Center.

This as the Obama administration has been calling for more spending on innovation, but I thought he meant in the United States!  Here’s what he said: “We now live in a world where technology has made it possible for companies to take their business anywhere. If we want them to start here and stay here and hire here, we have to be able to out build and out educate and out innovate every other country on Earth.”-Barack Obama, September 2011

How can you “out innovate every other country on Earth”, when your own corporations are outsourcing the innovation?

The GE China Innovation Center in Xi’an cost $60 million USD to build.  I wounder if GE somehow got any U.S. taxpayer money, or some kind’o U.S. tax break, for their China project?

Business/Economics, International, U.S.

What Economic Recovery? IMF declares European economy in “Critical” condition, calls for Trilateral Commission style single banking system!

“Despite major policy actions, financial markets in parts of the region remain under acute stress, raising questions about the viability of the monetary union itself.”-IMF statement

18 July 2012, the International Monetary Fund has declared the European Union (EU) economy as “critical”.

The IMF is also pushing for the creation of a single banking union for the EU.  Germany is so far opposed to such an idea.

IMF officials say one of the reasons for the critical economic situation in the EU, is that people are pulling their money out of banks.  Example: Some wealthy Greeks pulled their money out of Greek banks and put it into banks of other European countries that were more financially sound.  By creating a single EU banking system it would prevent that.

Despite being “critical” the economy of the EU is still bigger than that of the United States, and directly affects U.S. business, which is why so many U.S. investors are glued to news from Europe.

Business/Economics, International, U.S.

Corporate & Government Hypocrisy: Too Big to Fail U.K. bank caught violating U.S. sanctions against Iran! It happened under Bush Jr’s watch!!!

“The vast majority of the Iranian transactions, ranging from 75-90% over the years, were sent through HBUS [HSBC’s U.S. operation] and other U.S. dollar accounts without disclosing any connection to Iran.”-Department of Homeland Security report to U.S. Senate

17 July 2012, testimony in front of a U.S. Senate panel, by Homeland Security officials, revealed that HBUS (the U.S. division of United Kingdom’s HSBC) “concealed Iranian transactions” between 2001 and 2007 (gee that’s during the Bush Jr administration!).

$19.4 billion USD are involved in the “u-turn” transactions (a type of money laundering by Too Big to Fail banks): “From at least 2001 to 2007, two HSBC affiliates, HSBC Europe (HBEU) and later HSBC Middle East (HBME), repeatedly conducted U-turn transactions involving Iran through HBUS, many of which were not disclosed to the bank, even though they knew HBUS required full transparency to process U-turns.”-report to U.S. Senate

U.S. Senator, Carl Levin, said “HSBC’s chief compliance officer and other senior executive in London knew what was going on, but allowed the deceptive conduct to continue.”

Levin also pointed out that the U.S. Department of the Treasury, under George W. Bush, did nothing to stop HSBC.

This is the latest accusation against HSBC. The Too Big to Fail bank has also been accused of helping Mexican drug lords and Saudi Arabian terrorists, among other crimes.  Read about it in the 335 page report at www.hsgac.senate.gov/reports

Business/Economics, International, U.S.

World War 3: Russia about to pay off debts to Iran, announces financing deal to help Iran avoid U.S. & EU sanctions!

“The problem of the Iranian LCs [Letters of Credit] created by the U.S. and western states’ sanctions against the banking system (of Iran) can be solved by using the banks operating in the Russian regions.”-Alexander Vitalivic, Russian Head of the Iran-Russia Regional Cooperation Workgroup

17 July 2012, Russian officials announced, at the Iran-Russia Regional Cooperation Workgroup meeting, that Russia is willing and able to help Iran avoid any bad economic effects from U.S. and European Union sanctions!

“The presence of small and medium size banks and financial institutions of the (Russian) regions (on the scene of transactions with Iran) will be useful for motivating an increase in exchanges and preventing decrease in exports.”-Alexander Vitalivic

Also, Russian Head of Iran-Russia Joint Trade Council, Yuri Papoyev, announced that Central Bank of Russia (CBR) is ready to make due payments to Iranian parties: “After meetings with the Russian Central Bank officials, they agreed to make due payments and open LCs [Letters of Credit] for Iran in the least time possible.”

Business/Economics, Opinion, U.S.

What Economic Recovery? More proof the Elites are out of touch: Continue to be shocked over reduced consumer spending!

“The retail sales numbers were terrible, especially if you factor in that gas prices were lower than what we had been experiencing. It’s disappointing to see that even though (consumers) weren’t spending more on filling up their gas tanks, they weren’t turning around and spending that money elsewhere.”-Kim Forrest, Fort Pitt Capital Group

Can you say: No Shit Sherlock!

16 July 2012, for the third month in a row the average person in the United States has cut back on spending.  The oblivious elites are shocked because, gee, gas prices are down.

What the out of touch priests and money changers of the great crony capitalist Temple don’t realize, is that they’ve squeezed so much money out of the system that the average “consumer” doesn’t have any more disposable income to spend, even with reduced gas prices!!!

Business/Economics, International, U.S.

Class Warfare & What Economic Recovery? Israeli protestors set government building on fire

“I hope this helps. There are protests all the time, and nothing ever happens.”- Inbar Paz, frustrated protester

15 July 2012, in retaliation for conditions which led to an Israeli army reserve veteran setting himself on fire, Israeli Social Justice movement demonstrators attacked a government building.

It’s being reported that more than 2,000 Israelis attacked the Israeli National Insurance Institute, trying to set it on fire, and painting the slogan, Price tag Moshe Silman, around the entrance.

57 year old Silman is in critical condition with 94% of his body burned, after he set himself on fire on 14 July 2012.  He was protesting his life long hard work and tax paying in Israel, only to get no help when he became unemployed after having a stroke.

Before burning himself Silman said that Israel “…..robbed me of everything and left me with nothing.”

Protests are taking place in Tel Aviv, Jerusalem, Haifa and Beershaba.

Since the 1970s Israel has become the top receiver of U.S. taxpayer funded grants, most of which goes to buying weapons. Under the Bush Jr administration it jumped to $3 billion USD per year, and the current Obama administration is continuing that trend!

Business/Economics, International, U.S.

Class Warfare & What Economic Recovery? Israeli Zionist Elites make life hell for average Israeli; one man sets himself on fire to prove it!

“I can’t afford medication or rent. I paid millions in taxes, I served in the army and in the reserves until I was 46. I won’t be homeless and that is why I am protesting against all the wrongs Israel imposes on people like me.”-Moshe Silman, set self on fire

This statement against the Israeli government is not from an Arab, but an Israeli!

Silman is now in critical condition with 90% of his body burned.  He set himself on fire in Tel Aviv, at one of the many anti-elitists protests, which are rapidly spreading throughout Israel.

“He was a completely normative person, who lived in Tel Aviv, but then his business went under. He became a cab driver and suffered a stroke, which left him unemployed.”-Ofer Barkan, Israeli Social Justice movement

14 July 2012 was the first anniversary of the Israeli Social Justice demonstrations.   At least 10,000 people took part in the anniversary demonstrations.

By the way, all those taxpayers in the United States should remember that every year their government gives away hundreds of billions of their money to the Zionist Elitist government of Israel, and it all goes to weapons and in the pockets of the zionist elites.

Business/Economics, International, U.S.

LIBOR: Geitner & Paulson knew of rate fixing! British banks confirm. More proof the Too Big to Fails destroyed the economy, and regulating officials went along with it!

“As much as $800 trillion in financial products are pegged to LIBOR, so any manipulation of this rate is of serious concern!”-U.S. Representative Randy Neugebauer, House Financial Services Subcommittee on Oversight and Investigations

14 July 2012, current United States Secretary of the Treasury, Timothy Franz Geithner, knew of illegal interest and currency manipulation by LIBOR while he was chairman of the Federal Reserve Bank of New York (a privately run bank).

According to recent reports, in 2008 a Barclays employee told Geitner “…we know that we’re not posting um, an honest…” rate. The unnamed employee then went on to explain that Barclays just wanted to “…fit in with the rest of the crowd.”

An interesting statement since Barclays is actually an international banking leader!

“I wish I could say I’m shocked, because it is shocking. But regulators have not been particularly effective or aggressive in the past two decades of finance.”-Frank Partnoy, University of San Diego School of Law

The latest reports say officials with the U.S. Federal Reserve Bank knew of such rate fixing back in 2007: “In the context of our market monitoring following the onset of the financial crisis in late 2007, involving thousands of calls and e-mails with market participants over a period of many months, we received occasional anecdotal reports from Barclays of problems with LIBOR.”-New York Federal Reserve Bank statement

In April 2008, a Barclays employee told the New York Federal Reserve: “…where I would be able to borrow without question it would be higher than the rate that I’m actually putting in.”

Geitner notified government officials, including the U.S. Department of the Treasury (then run by Hank Merritt “Hank” Paulson Jr under President George Bush Jr). Seemingly no one was concerned, because nothing was done to stop it.

On 13 July 2012, the Bank of England (BoE) admitted to getting a letter from Geitner, back in June 2008. The letter kindly asks the British controlled LIBOR to “…eliminate incentive to misreport.”

BoE responded simply by saying Geitner’s request “seem sensible”.

Since last year, the number of Too Big to Fail banks being investigated has grown to several dozen! The scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).

 

Business/Economics, International, U.S.

LIBOR: Too Big to Fail interest rate fixing investigation focusing on Japan’s TIBOR. EU officials been investigating quitely since last year! Bigger than first told, ever hear of EURIBOR? More proof the bad economy is the fault of the Too Big to Fails!

 “The story is quite shocking and brings us back to the banking industry’s most irresponsible behavior of the past!”– Joaquin Almunia, Vice-President of the European Commission, and Commissioner responsible for competition

14 July 2012, a top European Union official has admitted that the recent LIBOR scandal involving top British & U.S. banks, also involves top Japaneses and European banks, and government officials knew about it.

LIBOR, or London Interbank Offered Rate, is an interest rate charged to other banks, and is done on behalf of the British Bankers’ Association in London, England, U.K.

As of 2008 there were 60 international banks, including U.S. banks, beholden to the LIBOR.

Japan has their own version called TIBOR (Tokyo Interbank Offered Rate). The European Union has their version called EURIBOR (Euro Interbank Offered Rate).

EURIBOR is based in Belgium and involves at least 43 international banks.

EU Vice President, Joaquin Almunia, says his investigation into international interest rate fixing, as well as currency value fixing, began last year. It’s starting to look like the Too Big to Fails formed illegal cartels to favor a few and screw over the rest of us: “The alleged rate rigging is a major competition concern. This is why we started investigating a number of banks last year for their possible concerted manipulation of (interest rate) benchmarks such as LIBOR, EURIBOR and TIBOR, the Tokyo rate, for several currencies. The investigations have top priority because this sort of collusion can seriously harm competition worldwide and on our continent, in particular.”

In Japan the TIBOR scandal is making waves.  On 06 July 2012, it was revealed that in June the Royal Bank of Scotland (RBS) pulled out of TIBOR.  RBS is one of the banks under investigation.

UBS and Citigroup also withdrew from TIBOR earlier this year. They are also suspects.  As of 06 July there were three non-Japanese banks still involved with TIBOR; JP Morgan, BNP Paribas and Deutsche Bank.

On 13 July, it was reported in the Japanese news media that the Japanese Bankers Association began investigating how interest rates and currency manipulations are arrived at by TIBOR.

It was also revealed that Japan’s Financial Services Agency fined Citigroup and UBS for such manipulations, last year!  Japanese officials are saying that there’s no proof (so far) that Japanese banks were directly involved in illegal activities.

However, a top Japanese bank has put their London, U.K., employees on notice.  Bank of Tokyo-Mitsubishi UFJ has essentially put its two currency traders in London under house arrest!  The reason is that they are suspected of involvement in the British based LIBOR scandal.

Since last year, the number of Too Big to Fail banks being investigated has grown to several dozen! The scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).

Check my blog for other LIBOR reports.

 

 

Business/Economics, International

What Economic Recovery? Mitsubishi desperate to sell off European factory, for only one Euro!!!

11 July 2012, NHK (nippon housou kyoukai/Japan Broadcasting Corporation) reporting that Mitsubishi Motors is so desperate to dump its factory in Netherlands, that it’s willing to take only one euro (currently equal to $1.22 USD)!

A Dutch company, VDL, wants to buy it and build licensed BMWs. The factory employes 1,500 people, and Mitsubishi wants to make sure they all keep their jobs with the new owners, so, they’ve made a deal to sell the factory for only one euro with a guarantee from VDL that no one loses their job.