The flapping of a butterfly's wings in Europe will provoke a hurricane in USA

As soon as the US banking system feasted for being least exposed to the European debt crisis (15 billions)they realized that actually it was not so.
The amount of CDS is around 250 billions, and that changes the picture.
More so, if you realize that the people (banks) who insured the European debt with CDS do NOT actually own the money they should pay.
That means just one thing: if Europe defaults, they will be finished in a few days...
They were successful with the Greece’s hair cut, 50% was voluntarily agreed...that means Greece didn’t default and Goldman Sachs doesn’t have to pay.
A complete different scenario would happen in the case of Italy and the other European states.
After Greece’s hair cut and the discovery that the CDS are not worth the paper they are written on, it was a game among the European bond owners (except Germany)to be the fastest to dump them.
Papademos and Monti the two Goldman Sachs men are the last hope.
GS would have preferred to be in the shadow, but the risk of Greece and especially Italy going into default was a risk they couldn’t contemplate.
Now the fight is with Germany, who doesn’t want to allow the ECB to print money to bail out the countries in debt, as the FED did with the banks.

But there could be a solution, painful, but effective to save Europe and the Euro.
First they should have forbidden the naked CDS, or the restructuring of the debt which is now too high.
But the hunger for more and more won´ t allow this.
They won´ t stop before we will be left without jobs, without money, without life.
But some say that the goal is to reach 500.000 people on the globe.
So, 6,5 billions will have to die.

Finance: the legal theft

Finance is the cancer of our society.
The real meaning of money IS exchange.
When I sell bread I get money, but I can exchange it with my plumber, or paying the driver of the train or the farmer who produces the milk I drink.
When I make money with the Stock Market I simply steal it from the one or the many who lose it.
When you earn with money, you produce nothing.
Making money with money is STEALING, LEGAL THEFT.
In finance nothing is produced, nothing is destroyed, everything is "transformed“ or better changes hands.

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How NOT to solve the Italian crisis

Simply NOT addressing the real problem, and of course the REAL solution.
The problem is NOT the huge debt, is NOt the corruption, the bad political behavior, these are certainly problems and make it worse.
But the REAL problem is the Euro.
Imagine China decided to leave the Remimbi or Yuan and use the Euro.
How long would their economic boom last?
And so, the solution for the PIIGS is quite clear.
The big mistake was using a strong currency with a weak economy and the ONLY solution is going back to the weak currency.
Just like China, if you mainly compete with the price, the moment you loose your main weapon, your economy is finished.

Knowing where you stand and what is going to cost you

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Very few don’t, and they are the ones (very few)who know how to market their website.
But even among them you can find people who could actually perform MUCH BETTER, if they used some professional SEO reseller to do the right job.
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When I have to choose I usually look for the best, the ones the big companies before me choose.
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Besides having clear goals and means to reach the goals, they also offer clear plans, you will always know where you stand and what is going to cost you.

Freedom always wins

HTC has become the top seller of smartphones in the U.S. with a strategy that’s precisely the opposite of Apple Inc. (AAPL)’s. Where Apple is secretive, HTC is open. Where Apple is exclusive, HTC works with all carriers. Where Apple is proprietary, HTC is collaborative. Where Apple customizes for no one, HTC customizes for everyone. It’s the anti-Apple and, so far, it has worked.

“HTC will make products for you,” “We certainly don’t do design work on Apple products.”

Open source is always the winner.
Why?
Because, like the Internet, leaves open space for developers, and the market teaches, no technological device has any use without content.
It is like discovering electricity and having nothing to use it for.

Who really IS behind Greece and Italy?

November 08, 2011 "Information Clearing House" -- Here's what we're told:Greece's economy blew apart because a bunch of olive-spitting, ouzo-guzzling, lazy-ass Greeks refuse to put in a full day's work, retire while they're still teenagers, pocket pensions fit for a pasha; and they've gone on a social-services spending spree using borrowed money. Now that the bill has come due and the Greeks have to pay with higher taxes and cuts in their big fat welfare state, they run riot, screaming in the streets, busting windows and burning banks.

I don't buy it. I don't buy it because of the document in my hand marked, "RESTRICTED DISTRIBUTION."

I'll cut to the indictment: Greece is a crime scene. The people are victims of a fraud, a scam, a hustle and a flim-flam. And––cover the children's ears when I say this––a bank named Goldman Sachs is holding the smoking gun.

In 2002, Goldman Sachs secretly bought up €2.3 billion in Greek government debt, converted it all into yen and dollars, then immediately sold it back to Greece.

Goldman took a huge loss on the trade.

Is Goldman that stupid?

Goldman is stupid—like a fox. The deal was a con, with Goldman making up a phony-baloney exchange rate for the transaction. Why?

Goldman had cut a secret deal with the Greek government in power then. Their game: to conceal a massive budget deficit. Goldman's fake loss was the Greek government's fake gain.

Goldman would get repayment of its “loss” from the government at loan-shark rates.

The point is, through this crazy and costly legerdemain, Greece's right-wing free-market government was able to pretend its deficits never exceeded 3 percent of GDP.

Cool. Fraudulent but cool.

But flim-flam isn’t cheap these days: On top of murderous interest payments, Goldman charged the Greeks over a quarter billion dollars in fees.

When the new Socialist government of George Papandreou came into office, they opened up the books and Goldman's bats flew out. Investors' went berserk, demanding monster interest rates to lend more money to roll over this debt.

Greece's panicked bondholders rushed to buy insurance against the nation going bankrupt. The price of the bond-bust insurance, called a credit default swap (or CDS), also shot through the roof. Who made a big pile selling the CDS insurance? Goldman.

And those rotting bags of CDS's sold by Goldman and others? Didn't they know they were handing their customers gold-painted turds?

That's Goldman's specialty. In 2007, at the same time banks were selling suspect CDS's and CDOs (packaged sub-prime mortgage securities), Goldman held a “net short” position against these securities. That is, Goldman was betting their financial "products" would end up in the toilet. Goldman picked up another half a billion dollars on their "net short" scam.

But, instead of cuffing Goldman's CEO Lloyd Blankfein and parading him in a cage through the streets of Athens, we have the victims of the frauds, the Greek people, blamed. Blamed and soaked for the cost of it. The "spread" on Greek bonds (the term used for the risk premium paid on Greece's corrupted debt) has now risen to — get ready for this––$14,000 per family per year.

We were like you, you will be like us

Some time ago I read a very interesting book: Confessions of an economic hit man.
It was clearly explained the behavior of the big corporations and the IMF.
What they usually do to grab ALL the raw materials and the richness of a country of the third world.
First they reduce the country in heavy debts, lending money to build "infrastructures" that have very little to do with the name, or with the growth of the economy of the country.
They are exclusively on the interest of the big corporations which plan to be there.
This was John Perkin’s job (the economic hit man).
Second step is making the country insolvent, third step is Stealing all what they can, reducing the population in misery and so having people working for the big corporations for 30 dollars a month.
This allows the big managers to have a few private jets, the high class whores and similia, while people starve even working 12 hours a day, seven days a week...

Well , at that time I didn’t understand.
I didn’t understand that, after the third world it was the time for us.
Just as the written phrase I read when I was little, in the cemetery where my grandparents were buried: We were like you, you will be like us.

And people still do not understand.
First was Greece, now is Italy.
And France and Germany laugh.

We were like you, YOU will be like us.

The pattern is the same:
First putting the country in debts, then giving more money to pay the interests of the debts.
Then increasing the interests and obliging to more debts to pay the interests.
Finally stealing all what they can, making the population in misery, working for less and less, more and more.

IMF, International Mafia Federation, nobody sees that you are but a copy of the Italian Mafia.
Same breed, same ways, but you were smart enough to legalize yourself.
Nevertheless you are as criminal as the “unlegalized” Mafia.

One comment:

Patrizia,
I don't know whether you checked out my comment Mon am. I discussed the whole mafia thing there. "Confessions of an Economic Hitman","Shock Doctrine" and "Griftopia" are books that should be a required reading for anyone who wants to understand what this obscenity we call global capitalism is. They describe the same process in different ways.This thing is so out of control I can't imagine how it can possibly continue.

I know Obama has been an abject failure to get us going in any direction that would be different from the administration before, but just remember, it's a global disaster and the power elite can't change the direction. O is a globalist and neoliberal just like the Republicans and most of the Democrats are, so just understand that this is the system.

Good luck finding anyone that can change this--it has to break before it can change.

Whose fault is it?

Read somewhere:
"In the meantime, looks like Europe is in big trouble and it will affect us as well. If they throw us into another recession--that is if the financial sector gets hurt again"

Funny, in Europe they say exactly the opposite that the economic crisis was the America´s fault.
But there are also the ones who say that in reality it is a Chinese´s fault.
I guess it is just the mathematic´s fault.
If you spend much more than what you earn, sooner or later the minus creates problems, especially if you borrow the money...

Collapsing

Collapsing is not so important.
The important is having somebody to collapse with.
Or it is not important to collapse, the important is to participate.
If Italy defaults on Monday, France follows on tuesday, Germany a few days later.
Ironically Italian banks are much more reliable than French banks, they have many less Italian bonds
(and Greek bonds).