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hepcat
Joined: 07 Mar 2005
Location: Daegu
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 Posted: Tue May 18, 2010 10:24 pm Post subject: The Great Financial War Begins? Germ. Gov. vs Banksters |
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Is this the first counter attack in the global financial war?
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Merkel to announce short-selling ban -coalition source
Tue, May 18 2010
BERLIN, May 18 (Reuters) - Chancellor Angela Merkel plans to announce Germany's ban on short-selling on Wednesday, a coalition source told Reuters on Tuesday.
Another source said earlier that Germany would ban naked short-selling on certain stocks and euro government bonds from midnight. |
http://www.reuters.com/assets/print?aid=USBAT00546620100518
and
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The German Government Has Had Enough
If you thought the German government was going to be a lapdog for Sarcozy, or worse, was going to fellate Brussels and the ECB, you got a rude shock today.
It appears that the German Government has just plain had enough of the crap that the banksters have tried to pull, and has decided to do what Barack Obama should have done in early 2009.
That is:
No more naked credit crap, especially against sovereigns but not only against sovereigns. No insurable interest, no CDS - period.
Naked shorting will now be actually stopped in 10 leading financial institutions.
Germany has had it with naked shorting of Gold, and specifically noted bank manipulation of gold prices via naked shorts beyond intent or ability to deliver.
Germany has also said that they're not going to permit Euro derivatives that are not a "bonafide" FX hedge. That is, no more naked bets on Euro movements either.
Hedge funds are going to be regulated, position size limits mandated and enforced, reporting enhanced and a transaction tax is coming.... |
entire article here: http://market-ticker.denninger.net/
It's existence long denied or discounted by corrupt moneymen benefitting from the black art, naked short selling is apparently to be banned by the German government.
Why is this so important? It seems to me that Merkel's move is one of the first genuine attacks on the formidable arsenal of financial weapons of mass destruction speculative concerns, large and small, have been using to game the system, get filthy rich, siphon wealth away from the productive economy, and force governments to heel and taxpayers to shoulder the risk.
Other WMDs in the hands of the financial terrorists include exotic instruments like CDOs, corrupted ratings agencies, computerized front-running and high-frequency trading, black markets, penetration of governments, central banks and media, suppression of the gold price (real money) and the Great Mother of Deceit, debt-based, fiat currency. Proof of the strength of the global economy is that it has withstood such erosive forces for so long.
One symptom of the criminally insane is that they can't stop, they go too far, and they destroy themselves, usually with dire consequences for those around them. Recent upheavals indicate things have come to a head.
We can only hope that Germany is not alone, and not too late, in the fight. Expect the unexpected in the days to follow.
ps. "President Obama", like other recent presidents, is a brand developed and owned by the bad guys. If Obama, the man, steps away from the brand's design guidelines to threaten the money power (not that likely) a period of extreme danger will ensue: depression, war, plague, mysterious industrial disasters, false flag terrorism... To take down the banksters, Obama would need massive popular and State support, and fantastic, personal security protection, not to mention a soul and a pair of balls.
WAKE UP! The bad guys play HARD BALL.
Or, go back to sleep in front of your t.v., Facebook page and or game player. Chances are, though, that if you've read this far, you are already aware that something big is going down on the world stage.
more here:
http://www.zerohedge.com/
http://maxkeiser.com/
http://www.marketoracle.co.uk/
http://ampedstatus.com/
http://www.globalresearch.ca/ |
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hepcat
Joined: 07 Mar 2005
Location: Daegu
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| Posted: Thu May 20, 2010 9:29 am Post subject: |
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Beleaguered (not really) Wall Street foot soldier pens speculator manifesto:
"We Are Wall Street! Smarter, More Vicious than Dinosaurs, We Will Survive"
The Financial Times asks, who wrote this?
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| We are Wall Street. It�s our job to make money. Whether it�s a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn�t matter....Go ahead and continue to take us down, but you�re only going to hurt yourselves. What�s going to happen when we can�t find jobs on the Street anymore? Guess what: We�re going to take yours....We eat what we kill, and when the only thing left to eat is on your dinner plates, we�ll eat that....We aren�t dinosaurs. We are smarter and more vicious than that, and we are going to survive. |
http://ftalphaville.ft.com/blog/2010/04/30/217381/we-are-wall-street-we-are-smarter-and-more-vicious-than-dinosaurs/ |
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Koveras
Joined: 09 Oct 2008
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| Posted: Thu May 20, 2010 7:00 pm Post subject: |
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| hepcat wrote: |
Beleaguered (not really) Wall Street foot soldier pens speculator manifesto:
"We Are Wall Street! Smarter, More Vicious than Dinosaurs, We Will Survive"
The Financial Times asks, who wrote this?
| Quote: |
| We are Wall Street. It�s our job to make money. Whether it�s a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn�t matter....Go ahead and continue to take us down, but you�re only going to hurt yourselves. What�s going to happen when we can�t find jobs on the Street anymore? Guess what: We�re going to take yours....We eat what we kill, and when the only thing left to eat is on your dinner plates, we�ll eat that....We aren�t dinosaurs. We are smarter and more vicious than that, and we are going to survive. |
http://ftalphaville.ft.com/blog/2010/04/30/217381/we-are-wall-street-we-are-smarter-and-more-vicious-than-dinosaurs/ |
He seems to be saying that if Wall St. were 'taken down', individual Wall St. workers would survive, in a biological sense, and take jobs in other places [as one comment observed, all 30,000 of them]. There's nothing to contest there. I truly would like to see their work ethic applied to something creative, for their own sake as much as society's. Sadly their vaunted work ethic is more likely a chimera of greed, vanity, and nihilism, and they would probably never be content as farmers or whatever, which is why they gravitated to Wall St. in the first place. The fact that many of these men and women will never learn is amply proved by the rhetoric of the letter and the numerous commenters rallying around it. |
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Fox
Joined: 04 Mar 2009
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| Posted: Thu May 20, 2010 7:09 pm Post subject: |
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| hepcat wrote: |
Beleaguered (not really) Wall Street foot soldier pens speculator manifesto:
"We Are Wall Street! Smarter, More Vicious than Dinosaurs, We Will Survive"
The Financial Times asks, who wrote this?
| Quote: |
| We are Wall Street. It�s our job to make money. Whether it�s a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn�t matter....Go ahead and continue to take us down, but you�re only going to hurt yourselves. What�s going to happen when we can�t find jobs on the Street anymore? Guess what: We�re going to take yours....We eat what we kill, and when the only thing left to eat is on your dinner plates, we�ll eat that....We aren�t dinosaurs. We are smarter and more vicious than that, and we are going to survive. |
http://ftalphaville.ft.com/blog/2010/04/30/217381/we-are-wall-street-we-are-smarter-and-more-vicious-than-dinosaurs/ |
If this guy really thinks Wall Street financiers are smarter and more vicious than dinosaurs, he's sorely underestimating the noble velociraptor.
Seriously, though, what kind of threat is this? "If you stop letting us leech wealth out of the economy in a parasitic fashion, then we'll actually get real, productive jobs!" Okay big guy, go for it. I'm sure we'll all be better off for it.
Even more seriously, though, this could easily be something designed as anti-Wall Street propaganda. It looks like something deliberately written to anger people. |
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hepcat
Joined: 07 Mar 2005
Location: Daegu
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| Posted: Thu May 20, 2010 7:22 pm Post subject: |
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| Fox wrote: |
| Even more seriously, though, this could easily be something designed as anti-Wall Street propaganda. It looks like something deliberately written to anger people. |
I agree. I wish I'd thought of it. Then again, it harmonizes perfectly with the outrageous, unrepentant words and deeds of Goldman Sachs and, more quietly, JP Morgan, Deutsche Bank etc.
@ Koveras: True. To paraphrase Batman of the old tv series, "If only they used their power for good, not evil."
I think a lot of people that gravitate to the power professions and positions actually need help, psychologically, and the world needs protection from their mental illnesses.
Last edited by hepcat on Thu May 20, 2010 8:26 pm; edited 2 times in total |
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Koveras
Joined: 09 Oct 2008
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| Posted: Thu May 20, 2010 7:26 pm Post subject: |
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| As for Greece, time for it to dust off an old play from Germany's book [funny how its always Germany] and repudiate its debts. |
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hepcat
Joined: 07 Mar 2005
Location: Daegu
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| Posted: Thu May 20, 2010 8:06 pm Post subject: |
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| Koveras wrote: |
| As for Greece, time for it to dust off an old play from Germany's book [funny how its always Germany] and repudiate its debts. |
Yep.
Trouble is, the One Worlders are gaming for a systemic collapse to further centralize institutional power and thereby social control. Greece's default could be used to accelerate this process.
Also, resource poor dissenting nations like Greece, if going it alone, will be isolated from capital and technological flows, such as Cuba. Resource rich dissenters, like Iraq, Venezuela and Iran, experience this isolation, plus "regime change" pressures to bring the resources into the system.
Recent actions and statements of medium powers like Germany, Turkey and Brazil may be showing signs of a positive shift towards a healthy multi-lateralism, however. |
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Reggie
Joined: 21 Sep 2009
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| Posted: Fri May 21, 2010 11:52 am Post subject: |
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| We are Wall Street. It�s our job to make money. Whether it�s a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn�t matter....Go ahead and continue to take us down, but you�re only going to hurt yourselves. What�s going to happen when we can�t find jobs on the Street anymore? Guess what: We�re going to take yours....We eat what we kill, and when the only thing left to eat is on your dinner plates, we�ll eat that....We aren�t dinosaurs. We are smarter and more vicious than that, and we are going to survive. |
Oh no, he's going to steal the kindy job at Wonderland, eat what he kills, and then eat something off a plate.  |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Fri May 21, 2010 11:54 am Post subject: |
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| Banning short selling is just dumb. |
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.38 Special
Joined: 08 Jul 2009
Location: Pennsylvania
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| Posted: Fri May 21, 2010 1:25 pm Post subject: |
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| Reggie wrote: |
| Quote: |
| We are Wall Street. It�s our job to make money. Whether it�s a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn�t matter....Go ahead and continue to take us down, but you�re only going to hurt yourselves. What�s going to happen when we can�t find jobs on the Street anymore? Guess what: We�re going to take yours....We eat what we kill, and when the only thing left to eat is on your dinner plates, we�ll eat that....We aren�t dinosaurs. We are smarter and more vicious than that, and we are going to survive. |
Oh no, he's going to steal the kindy job at Wonderland, eat what he kills, and then eat something off a plate. |
In the context of a kindergarten, that series of events actually does sound a little terrifying  |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Fri May 21, 2010 1:46 pm Post subject: |
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| bucheon bum wrote: |
| Banning short selling is just dumb. |
As I understand it, it is a ban on naked short selling. Which is already illegal everywhere though the law not enforced. Naked short selling is fraud in equities. Naked shorts on sovereign (ie CDS on sovereign debt) is extremely dangerous. Look into "undelivered shares" in the hours before Bear and Lehman blew up.
If you buy CDS against a bond you must be required to hold a position in that bond. The whole position. It is like life insurance. You can insure yourself but not your neighbor. The incentives don't work otherwise. |
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The Happy Warrior
Joined: 10 Feb 2010
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| Posted: Fri May 21, 2010 9:46 pm Post subject: |
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| mises wrote: |
| bucheon bum wrote: |
| Banning short selling is just dumb. |
As I understand it, it is a ban on naked short selling. Which is already illegal everywhere though the law not enforced. Naked short selling is fraud in equities. Naked shorts on sovereign (ie CDS on sovereign debt) is extremely dangerous. Look into "undelivered shares" in the hours before Bear and Lehman blew up.
If you buy CDS against a bond you must be required to hold a position in that bond. The whole position. It is like life insurance. You can insure yourself but not your neighbor. The incentives don't work otherwise. |
Naked shorting just seems wrong. It allows you to bet on margin against an institution employing people and funding other peoples' pensions. I remember from American history class that one of the classic causes of the '29 stock crash was the proliferation of buying stocks on margin. How can shorting stocks on margin be less dangerous? |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Sat May 22, 2010 8:26 am Post subject: |
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| mises wrote: |
| bucheon bum wrote: |
| Banning short selling is just dumb. |
As I understand it, it is a ban on naked short selling. Which is already illegal everywhere though the law not enforced. Naked short selling is fraud in equities. Naked shorts on sovereign (ie CDS on sovereign debt) is extremely dangerous. Look into "undelivered shares" in the hours before Bear and Lehman blew up.
If you buy CDS against a bond you must be required to hold a position in that bond. The whole position. It is like life insurance. You can insure yourself but not your neighbor. The incentives don't work otherwise. |
Thank you for pointing that out. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sat May 22, 2010 1:03 pm Post subject: |
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| bucheon bum wrote: |
| mises wrote: |
| bucheon bum wrote: |
| Banning short selling is just dumb. |
As I understand it, it is a ban on naked short selling. Which is already illegal everywhere though the law not enforced. Naked short selling is fraud in equities. Naked shorts on sovereign (ie CDS on sovereign debt) is extremely dangerous. Look into "undelivered shares" in the hours before Bear and Lehman blew up.
If you buy CDS against a bond you must be required to hold a position in that bond. The whole position. It is like life insurance. You can insure yourself but not your neighbor. The incentives don't work otherwise. |
Thank you for pointing that out. |
Yeah, it's not your fault that you thought it was a ban on short selling. The financial propaganda machine went into overdrive to push public opinion against a similar move in the US. We all know that shorting is an important part of price discovery and as such framing fraud as a legitimate action serves the banks who can take down a country.
Goldman can issue as much naked exposure to a sovereign as it can find counter-parties to (and it can be a counter-party to itself). So the EU throws a trillion at Greece and the PIIGS and Goldman can turn around and create a couple trillion in naked CDS at the same time.
The question then becomes one of power. How many divisions has Goldman? In the US, apparently all of them. In Germany, none. |
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