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December 10th, 2012 | #1 |
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Iceland's success story: They nailed the Banksters
Iceland went after the people who caused the crisis — the bankers who created and sold the junk products — and tried to shield the general population. But what Iceland did is not just emotionally satisfying. Iceland is recovering, while the rest of the Western world — which bailed out the bankers and left the general population to pay for the bankers’ excess — is not. Bloomberg reports: Few countries blew up more spectacularly than Iceland in the 2008 financial crisis. The local stock market plunged 90 percent; unemployment rose ninefold; inflation shot to more than 18 percent; the country’s biggest banks all failed. This was no post-Lehman Brothers recession: It was a depression. Since then, Iceland has turned in a pretty impressive performance. It has repaid International Monetary Fund rescue loans ahead of schedule. Growth this year will be about 2.5 percent, better than most developed economies. Unemployment has fallen by half. In February, Fitch Ratings restored the country’s investment-grade status, approvingly citing its “unorthodox crisis policy response.” So what exactly did Iceland do? First, they create an aid package for homeowners: http://libertycrier.com/government/t...m_medium=email |
December 10th, 2012 | #2 |
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Global Banking Under Siege as Nations Tighten Local Rules Global banking, a model promoted for more than 30 years by financial conglomerates cobbled together through cross-border mergers, is colliding with the post-crisis reality of stricter national regulation. Daniel K. Tarullo, the Federal Reserve governor responsible for bank supervision, announced plans last week to impose the same capital and liquidity requirements on the U.S. operations of foreign lenders as on domestic companies. The U.K. and Switzerland also have proposed banking and capital rules designed to protect their national interests. Regulators want to curtail risks exposed after global banks such as New York-based Citigroup Inc. (C), Edinburgh-based Royal Bank of Scotland Group Plc and Zurich-based UBS AG (UBSN) took bailouts in the biggest financial crisis since the Great Depression. Forcing lenders to dedicate capital and liquidity to multiple local subsidiaries, rather than a single parent, may undermine the business logic of a multinational structure. “Being big and spread out all over the world isn’t what it used to be,” said Mayra Rodriguez Valladares, managing principal at New York-based MRV Associates, which trains bank examiners and executives at financial firms. “You’ll see global banks jettison divisions abroad and at home.” UBS, Citigroup and RBS are among banks already doing just that, reversing decades of global expansion. UBS said in October that it plans to cut about 10,000 jobs and retreat from most fixed-income trading after Switzerland set capital rules for its biggest lenders that are almost double international minimums agreed to by the Basel Committee on Banking Supervision. Citigroup and Bank of America Corp., the two U.S. lenders that received the most aid during the financial crisis, have been selling foreign operations and retreating from businesses. Citigroup, whose former Chief Executive Officer Vikram Pandit used to extol the virtues of the bank’s “globality,” said today it plans to cut more than 11,000 jobs and sell or significantly scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay. It will also cut branches in Brazil, Hong Kong, Hungary and Korea, as well as the U.S. RBS, majority owned by the British government since being bailed out in 2008, said it will close or sell its cash- equities, mergers-advisory and equity-capital-markets divisions. The Fed’s plan is part of a trend by national regulators since the crisis to ensure they can protect local depositors and creditors of global financial institutions in the event of a failure. Even organizations such as the International Monetary Fund and the Basel committee, which have sought to foster global finance, have had to adapt their approaches or have been overruled by national and regional interests. “Globalization of financial markets took us decades to build, it doesn’t look like it’s going to take us decades to reverse the trend, does it?” Charles Dallara, managing director of the Institute of International Finance, which represents more than 450 financial institutions, said at a meeting with journalists in New York the day after Tarullo’s speech. Switzerland, whose banking system is five times the size of the nation’s economy, proposed in 2010 to give priority to the domestic units of its two largest lenders if they fail, indicating that overseas businesses might be left on their own. In the U.K., where banks’ assets are also five times gross domestic product, regulators have said they plan to require lenders based in Britain to insulate domestic consumer-banking businesses from investment-banking and foreign operations. “The likelihood that some home-country governments of significant international firms will backstop their banks’ foreign operations in a crisis appears to have diminished,” Tarullo said on Nov. 28 at Yale University in New Haven, Connecticut. “It also appears that constraints have been placed on the ability of the home offices of some large international banks to provide support to their foreign operations.” Banks with large trading operations in the U.S., such as Barclays Plc (BARC), Credit Suisse Group AG (CSGN) and Deutsche Bank AG (DBK), probably would be subject to the Fed’s proposed requirements. Tarullo’s plan follows moves by Frankfurt-based Deutsche Bank and London-based Barclays to discard their status as U.S. bank holding companies, thereby evading local capital rules. The role that foreign banks play in the U.S. has changed in recent years. Through the 1990s, most borrowed from their parent companies to lend in the U.S. and had excess cash reserves to meet local requirements. The trend reversed early last decade, when foreign firms started borrowing in the U.S. to lend overseas. Their trading in the U.S. surged to 50 percent of assets in 2011 from 13 percent in 1995, Tarullo said. Meeting multiple local requirements could mean global banks will have to maintain more capital than currently dictated by their home countries or international capital minimums established by Basel, according to Kim Olson, a principal at Deloitte & Touche LLP in New York and a former bank supervisor. “This new standard is going to be very costly for foreign banks,” Olson said. “Some will have to raise additional capital just to comply with U.S. rules. Moving it around from the parent company won’t be enough because they’ll discover they need more than what Basel requires overall.” Jean-Yves Fillion, the New York-based CEO of BNP Paribas SA (BNP)’s North American corporate and investment bank, said “trends toward Balkanization” make it harder to be a global firm. “Is the cost of doing business in three or four continents going to go higher?” said Fillion, whose Paris-based bank is the largest in France. “Absolutely.” The U.K.’s Financial Services Authority published a consultation paper in September that proposes requiring foreign bank branches in the U.K. be organized as subsidiaries under British regulation if the home country has rules giving local depositors priority when a lender becomes insolvent. The move, known as subsidiarization, was a response to banking regulations in the U.S. and other nations providing such preferences. “For a lot of these banks, business outside of the U.S. is conducted from a booking center, which is their London branch,” said Azad Ali, a financial-regulation attorney at Shearman & Sterling LLP in London. “These London branches are not subject to full-scale U.K. regulatory supervision, it’s shared between the U.K. and the U.S., so I think the way things are developing it is leaning toward subsidiarization.” Lenders also have to contend with efforts by countries from Brazil to the Philippines that have sought to manage capital inflows inflating their currencies and threatening to create asset bubbles. Brazil, blaming the U.S. for sparking a global “currency war” by keeping interest rates near zero, last year imposed a 6 percent tax on firms that borrowed overseas in an attempt to reduce capital inflows that were causing a jump in the real. Brazil started rolling back the curbs in June. Organizations such as the IMF have fostered the global banking system by encouraging the elimination of exchange-rate restrictions that hindered trade. This week, the organization reversed its historic support for unrestricted flows of money across borders, saying it would favor the use of capital controls in certain circumstances. The failure or near-failure of banks in nations such as the U.S., U.K. and Switzerland, as well as smaller countries such as Iceland and Ireland, taught regulators that companies once seen as a source of national pride can lead to hand-wringing over how to protect taxpayers. “For the foreseeable future, then, our regulatory system must recognize that while internationally active banks live globally, they may well die locally,” Tarullo said. When Lehman Brothers Holdings Inc. collapsed in 2008, European creditors alleged that $8 billion of cash had been transferred to the firm’s New York headquarters days before the bankruptcy. When Iceland’s banks failed that same year, the government agreed to pay local customers while leaving British and Dutch depositors trying to recoup more than $5 billion. “When the system blows up, every country ring-fences the assets and liabilities in their jurisdiction anyway,” said Sheila Bair, a former chairman of the Federal Deposit Insurance Corp. who helped stabilize the U.S. financial system. “The Fed’s move is in a way doing that ring-fencing structurally.” Bank managements probably will fight the moves. Ernest Patrikis, a former Fed official who’s now a partner at White & Case LLP in New York, said he remembers doing just that when he served as general counsel of American International Group Inc. (AIG) before the crisis. Two years after Patrikis left in 2006, AIG, once the world’s biggest insurer, was bailed out by the Fed. “When I worked for AIG, we fought countries trying to force subsidiary structure on us,” Patrikis said. “Capital gets stuck in each country when you do that. You can’t move it around easily. Liquidity is even harsher. If the local unit has to abide by liquidity rules, it can only take a limited portion of the funds it raises in the U.S. outside.” Shearman & Sterling’s Ali said that such structures probably will be favored by regulators, who are warier of the risks posed by branches not under local oversight. “It depends upon how strongly the banks can demonstrate that if subsidiarization was forced upon them that their business model would be decimated and they would not be able to conduct the same amount of business and there would be an adverse consequence upon the markets or the economy and the provision of credit to the economy,” he said. “That’s an argument that needs to be backed up by empirical evidence.” Research has shown that stricter capital requirements can help banks by giving creditors and customers more confidence in their stability, Ali said. Ali’s own firm published a Nov. 29 warning that the Fed’s plan could lead to “significantly increased costs of doing U.S. business and threatening the attractiveness of the U.S. dollar as a reserve currency.” Lawyers at Davis Polk & Wardwell LLP in New York wrote in a Dec. 2 memo that it could lead to “higher unemployment, lower output and more political instability.” The British Empire and the gold standard supported an earlier version of global finance that ended with World War II, said Margaret Tahyar, a partner at Davis Polk who specializes in advising on international transactions and regulation. “We don’t want to go back to national silos like post- World War II,” Tahyar said. “But there was, in recent years, over-enthusiasm for global finance without having thought through the institutional structures. So faith in that has been shaken.” http://mobile.bloomberg.com/news/201...cal-rules.html |
December 10th, 2012 | #3 |
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With the destruction of the American working and middle classes since 2008, just what will it take for the Kwans to grab the pitchforks and hang the judeo scum from the lamposts of Wall Street?
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December 10th, 2012 | #4 |
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There's something up about this Iceland story. Almost every nation that has attempted or even remotely defies bankers (like Russia, Iran, Venezuela , North Korea, who prefer to barter rather than go through Jewish creditor middlemen) is in ZOG's line of sight, yet a bunch of limp-wristed EU sanctioned social-democrats broke their people out of the compound interest system without even raising their voices?
These bloggers are missing something. World Jewry wouldn't allow any nation, no matter how small and insignificant, get away with this stuff, not at least without threats or a fight. Germany had to fight a world war over their abolishment of usury and the Jewish credit system (a policy that spread throughout Europe like a wild fire once they saw how successful Germany's economy was), Iceland's going to back where it was in no-time. |
December 10th, 2012 | #5 |
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how iceland became infected with joos
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December 12th, 2012 | #6 |
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Over the past 40 years, the elites have carried off the biggest heist in world history, sucking the blood of European nations (yes, including Meds).
.It took them decades of pushing "free enterprise" propaganda (nearly all of it invented by jews in self-styled think tanks) to soften up the host. Then, during Clinton, all the key regulations on the financial industry came off - all the "world trade agreements" and the "big sucking sound" of good jobs going away happened (why? because "we" just "had" to compete with coolies the globe over for the benefit of corporate kikes) - and trillions were robbed from labor, from the majority of working middle-class regular people, putting Western countries on a slide to Third-World levels of debt, inequality, and squalor, while transnational billionaires, mostly jews, danced the Hora in celebration of their new, historically large loot. Aiiiiiii! The nations had been cleaned out again! It's an old pattern. It's a big reason why jews have been kicked out of country after country after country over the past 2000 years, or else quarantined in some little area of the country. Although he doesn't mention the jew connection, C. Ferguson has a more or less useful book tracing the crimes (a word he uses advisedly) of the genuine parasites at the top in America. It's Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America The descriptor blurb is interesting: "[Predator Nation] explains how a predator elite took over the country, step by step, and [...] exposes the networks of academic, financial, and political influence, in all recent [presidential] administrations, that prepared the predators’ path to conquest." There are some problems with this book, though. 1. No mention that the predators are basically a nest of jews with some WASP enablers. 2. A phony last chapter - the obligatory and tiresome "here are the solutions for a brighter day" chapter - that trots out some tired old hopeless shit about increasing access to broadband etc., then basically urges, "Go vote for Obungo." If you can skip the dreadful last chapter, and fill in the blanks about the jews, you have in this book a good resource for getting a grip on most of what happened to America financially.
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No jews, just right Less talk, more action Last edited by Sean Gruber; December 12th, 2012 at 09:33 PM. |
April 28th, 2013 | #7 | |
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By Balazs Koranyi and Robert Robertson | Reuters – 7 hrs ago REYKJAVIK (Reuters) - Fatigued by years of austerity and swayed by promises of debt relief, Icelandic voters dumped the Social Democrats from power on Saturday, returning a center-right government that ruled over its stunning financial collapse just five years ago. Once a European financial hub, this windswept north Atlantic island of glaciers, geysers and volcanoes has been limping along for years, still crippled from a crash that brought it to its knees in just a matter of days. "We are offering a different road, a road to growth, protecting social security, better welfare and job creation," Independence Party leader Bjarni Benediktsson, the favorite to become the next prime minister after his party took first place in the vote, told Reuters as the results were coming in. "What we won't compromise about is cutting taxes and lifting the living standards of people," said Benediktsson, 43, a former professional soccer player. The victory caps a remarkable comeback for Benediktsson. Just two weeks ago he considered resigning after record low poll ratings prompted calls for him to hand over his party's leadership to his deputy. Hailing from a wealthy family with extensive business interests, Benediktsson, an avid trout and salmon fisher, was considered out of touch and tainted by the financial collapse. Instead of stepping aside, he fought back with a rare personal television interview, giving voters a glimpse of his human side and propping up his party's ratings. His Independence party took 26.5 percent of the vote, giving it 19 seats in the 63-seat parliament. The Progressive Party collected 22 percent, winning 18 seats, while the ruling Social Democrats got 13.5 percent and 9 seats, according to results with over two-thirds of the vote counted. Benediktsson's first task will be to form a coalition, although a tie-up with Sigmundur Gunnlaugsson's Progressive Party, an ally in several governments over the past three decades, is a widely expected outcome. In a country where Nordic civility prevails, the president walks without security and members of parliament are listed in the phone book, coalitions are usually formed in just days. "Historically two-party coalitions are the strongest and ... if you look at the (results board) the choice seems to be clear," Benediktsson said. "We'll go into coalition with whoever we can govern with." The Independence Party has been part of every government between 1980 and 2009, presiding over the privatization of the banks, the financial sector's liberalization and its eventual demise. Campaigning on a platform of tax cuts, it promised relief to households whose inflation-indexed mortgages have kept growing, despite several write-offs since the crash. It also argued that foreign creditors of its failed banks, now locked into the country because of capital controls, will have to accept a massive write-off, perhaps as much as 75 percent, before they would be let out. The write-off and the refinancing of other corporate debt, for example to Landsbanki and Reykjavik Energy, could let Iceland ease capital controls within 12 to 18 months, Benediktsson predicted. Still, Gunnlaugsson was not yet ready to concede the premiership: "Sometimes the biggest party delegates the prime minister, sometimes not. We've seen all sort of governments." DEMISE The vote was also a de facto rejection of EU membership as staunchly independent-minded voters rejected the Social Democrats' argument that joining the block was the only way for long-term security. With a population of just 320,000, Iceland became a European financial center 10 years ago when its liberalized banks borrowed heavily on ultra cheap overseas markets and lured British and Dutch savers with high returns. Amassing assets worth more than ten times Iceland's GDP, Landsbanki, Kaupthing and Glitnir collapsed in quick succession, dragging the entire country into a financial abyss in October 2008. The shiny Land Rovers that some Icelanders purchased, jokingly renamed 'Game Over,' were collected and taken offshore by enterprising Europeans, property prices tumbled, unemployment soared and the currency was only saved by capital controls that locked in foreign investors indefinitely. The Social Democrats stabilized the economy with a bailout package hailed as exemplary by the IMF, but a series of policy blunders, tax hikes, leniency toward foreign creditors and their inability to deal with soaring household debt cost them popularity. Leaden skies and driving sleet were a fair reflection of the mood of voters who have seen promises of a quick recovery fade, while mortgage debts rise, prices soar and capital controls keep investment at a record low. Turnout of 83.3 percent was the lowest since Iceland gained independence from Denmark in 1944. "People seem to have a very short memory," Halldor Gudmundsson, 44, said after casting his ballot on Reykjavik's outskirts. "These are the parties that got us into the mess in the first place." Like many voters, he has little faith in the ability of politicians to make a difference. A recent Gallup poll showed that only 15 percent trust parliament, making it the second least-trusted institution after banks. "There's so little room to maneuver and they promised so much, their popularity will be gone in three months," said Egill Helgason, a political commentator for the Icelandic national broadcaster RUV. http://news.yahoo.com/icelanders-ous...040554830.html
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April 28th, 2013 | #8 |
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Probably why it was allowed to be published.
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Vladimir Putin's Russia is being attacked by the very same forces that attacked Hitler's Germany, namely the Jews. The fate of the world hangs on Putin defeating the Jews. |
April 28th, 2013 | #9 |
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Good for Iceland.
What I want to know is did they hang the bankers or lawyers first? |
April 28th, 2013 | #10 |
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Me too - I'm waiting for Obongo's super- duper judicial panel to start putting these Wall Streets jews in the big house. However I will not be holding my breath.
Watch "Inside Job" and see how they screwed you. http://vimeo.com/m/30260549 Last edited by James Hawthorne; April 28th, 2013 at 06:45 PM. |
April 28th, 2013 | #11 | |
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Thanks for the link to the vid I'll check it out. |
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April 28th, 2013 | #12 | |
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Not saying it can't happen, and even if it means death by the hands of assasins sent by the Jews any leader with true honor and principle would attempt to seize power from the Jew bankers, but what I see is a political opportunist who is talking like he has done something groundbreaking when in fact something else undetermined at the present has occured. You know when the people are moved to act against traitors and aliens in their own government the Jews go about a process of retrenching and setting up another puppet. Here you have a population that does not have it in them to stand up and actively revolt, instead continuing to go back and vote for another Jewish puppet. This country makes it easy for the Jew. These nations where you have revolts make it tougher (yes Iceland is a Democracy but there was a somewhat real upheaval that took place there a few years ago) for the Jew stringpullers and it is necessary that you make the people comfortable and safe and happy again until they are lulled asleep. That is what confuses me about the situation in Egypt. I figured aid would be pumped in there immediatly so the people would be tricked into being loyal to the new puppet. And surely money was sent in there. Perhaps the degeneration of the corrupt puppets they always find has gotten so bad that the leaders like Morsi are so motivated by self interest (no nationalist will ever be a toady for the Jew right?) that they are keeping all the money from helping the whole of Egypt's population. At any rate the people there are not happy as people are in Iceland - not sure what has held them up but I really thought they would try to build up Egypt, actually Libya too, back up to a certain level so their puppet regimes could hold traction. Maybe I am in my own world on this one, just the way I have accessed things, always tough when you are trying to read between the lines of Jewish media reporting of current events and foreign affairs. |
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April 28th, 2013 | #13 | |
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The only way I see this cycle being broken is when every jew and jew half breed and their meat puppets in out goverments, enconomic instutions and education system and every facit of our lives are hung in the streets. |
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