Canada Includes Depositor Haircut Bail-In Provision For Systemically Important Banks in 2013 Budget!

March 28, 2013 By 129 Comments

*BREAKING SD ALERT

Just as DieselBOOM accidentally admitted Monday, it appears that the Cypriot bail-in is anything but a one-off event, and is in fact the new collapse template for the entire Western banking system, and not just the ECB/ Eurozone!

SD has been alerted to an alarming provision that has been buried deep inside the official 2013 Canadian Budget that will result in depositor haircut bail-ins jumping to this side of the pond during the next bank crisis!

Titled ECONOMIC ACTION PLAN 2013 and tabled in the House of Commons by Minster of Finance James Flaherty on March 21st, the official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures! [Read more...]

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THE LAST SAMURAI- JAPAN INITIATES HARI KARI-FINANCIAL DIS-EMBOWELMENT

March 14, 2013 By 12 Comments

hari kari derivativesJapan is falling on their sword for the good of the NY & London criminal banksters by purchasing their worthless derivatives.

The Japanese have decided to perform Hari-kari on themselves and disembowel their economy on a global stage. In what can only be described as willful suicide, the BOJ has decided to begin buying derivatives. The most volatile financial weapon of mass destruction will be purchased by the Japanese, the question is why?
As the US economy continues its death spiral, Japan has been ordered to jump on the grenade and keep the dollar charade going for just a little bit longer.
Japan is finished, energy and food prices are through the roof and they are moving from the lost decades to being the lost civilization.
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So God Made a Banker

February 10, 2013 By 5 Comments

God made a bankerA little comedic relief for our readers this weekend as we contemplate what America once was, and what it has become.

And on the 8th day, God looked down on his planned paradise, and said I need a lender.  So God made a banker.
God said I need somebody to make a synthetic derivative, write zero down loans, make interest out of nothing and dollars out of thin air.  Foreclose on homes, accept bailouts from the poor, come up with TWIST & easing lowering interest rates, finish his 40 hour week Tuesday at noon and then foreclose again…
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Iceland’s President: Why Are the Banks Considered the Holy Churches of the Economy? Let Them Fail!

January 27, 2013 By 26 Comments

Iceland banks failIceland’s President Olafur Ragnar Grimsson was interviewed over the weekend at the World Economic Forum in Davos on why Iceland has enjoyed such a strong recovery after it’s complete financial collapse in 2008, while the rest of the Western world struggles with a recovery that has no clothes.
Grimsson gave an EPIC reply to the financial MSM reporter, stating that Iceland’s recovery was due to the primary reason that
‘We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years.  We introduced currency controls, we let the banks fail, we provided support for the poor, and we didn’t introduce austerity measures like you’re seeing here in Europe.

When asked whether Iceland’s policy of letting the banks fail would have worked in the rest of Europe, Grimsson replied,
Why are the banks considered to be the holy churches of the modern economy?  Why are private banks not like airlines and tele-communication companies and allowed to go bankrupt if they have been run in an irresponsible way?  The theory that you have to bail-out banks is a theory that you allow bankers enjoy for their own profit their success, and then let ordinary people bear their failure through taxes and austerity. 
People in enlightened democracies are not going to accept that in the long run!

Grimsson’s full EPIC interview is below:
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Matt Taibbi & William Black: Bailout Secrets & How the Foreclosure Deal Spares Banks from Any Justice

January 14, 2013 By 8 Comments

Rolling Stone’s Matt Taibbi & former financial regulator William Black discuss the government’s recent $8.5 billion settlement with TBTF banks including Bank of America and JP Morgan over foreclosure fraud and robo-signing.

Taibbi argues the government did not just bail out Wall Street, but also lied on the financial sector’s behalf, calling unhealthy banks healthy and helping banks cover up how much aid they were getting. The settlement will end an independent review of all foreclosures, meaning the banks could be avoiding billions of dollars in further penalties, in addition to criminal prosecution. [Read more...]

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GAO Audit Reveals Fed Gave $16 TRILLION to TBTF Banks From 2007-2010

September 1, 2012 By 14 Comments

In 2008, the American public was enraged as Hank Paulson shoved an $800 billion bankster handout named TARP down the throats of American taxpayers.
The recently completed GAO audit of the Federal Reserve as required under the Frank/Dodd legislation has revealed that the true number given to TBTF banks during the financial crisis was nearly 20 FOLD LARGER AT $16.115 TRILLION!!

In fact, 7 individual TBTF financial institutions each received bailouts in excess of $800 billion through various 4-letter acronym lending facilities!

The GAO report reveals that Citigroup received an astonishing $2.5 TRILLION, Morgan Stanley (who again may be on the verge of collapse) was bailed out to the tune of $2.04 TRILLION, and Goldman Sachs & JP Morgan received over $1.1 TRILLION combined! [Read more...]

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