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Die wichtigsten Ereignisse Mitte September > die neuesten Meldungen sind immer unten! Das Bankensystem vor dem Zusammenbruch Ein schon lange vorausgesagter Bankencrash beginnt sich nun welt-weit auszubreiten. Dieser kann nicht mehr schöngeredet werden und es werden wohl auch die grössten "Finanzspritzen" einen totalen Kollaps nicht mehr aufhalten können. Nun ist NESARA gefragt... <<<<<< O >>>>>>
Hat er etwa gecheckt, dass sich nun der Bankencrash nicht mehr schönreden lässt, weil sich dieser schon über Deutschland und England weltweit auszubreiten beginnt und ein totaler Kollaps wohl nicht mehr aufzuhalten ist, womit ihm und seinen Hintermännern die letzten Felle davon schwimmen werden? (tst) <<<<<< O >>>>>> Samstag, 15. September 2007 18:53 Salü Thyl Du sagst zwar auf Deiner Homepage dass "nichts" geschehen sei, aber was sich börsen- bzw. banken-mässig so tut über dieses Weekende, kann man nicht mehr als Nichts bezeichnen: 15:03 14.09.2007, aktualisiert um 12:18h 15.09.2007 Schlangen besorgter Kunden vor Filialen der Northern Rock In Grossbritannien ist die Sorge gewachsen, dass sich unter weiteren Kunden der von der US-Kreditkrise betroffenen Bank Northern Rock Panik ausbreitet. Schon vor Schalteröffnung bildeten sich lange Schlangen besorgter Kunden. [sda] - Einem Pressebericht zufolge haben die Kunden der britischen Hypothekenbank am Vortag bereits eine Milliarde Pfund abgehoben, was etwa vier Prozent der Einlagen entspreche. Zuvor hatte die Bank of England mitgeteilt hatte, sie habe dem angeschlagenen Baufinanzierer mit einer Finanzspritze unter die Arme gegriffen. Die britische Notenbank hatte die Höhe der Unterstützung nicht genannt und lediglich mitgeteilt, mit der Hilfe solle die Northern Rock über Wasser gehalten werden, "bis ihre Liquiditätsprobleme gelöst sind". Es war das erste Mal seit Jahrzehnten, dass die Bank of England mit einem Notfall-Kredit einspringen musste. Northern Rock ist die erste britische Bank, die infolge der Krise am US-Hypothekenmarkt in Bedrängnis geraten ist. Wegen einer vergleichsweise geringen Höhe an Kundeneinlagen ist die Bank auf Mittel angewiesen, die sich Institute untereinander am Geldmarkt leihen. Dort sind die Zinsen in den vergangenen Wochen aber auf das höchste Niveau seit neun Jahren gestiegen, da die Banken wegen der allgemeinen Unsicherheit nur noch zögerlich Geld verleihen. Dies trieb die Finanzierungskosten für Northern Rock - dem britischen Marktführer bei neuen Hypotheken - enorm in die Höhe und führte letztlich zu dem Engpass. Finanzminister Alistair Darling und die Aufsichtsbehörden versuchten am Freitag nervöse Anleger und Sparer zu beruhigen und versicherten, das britische Bankensystem insgesamt sei gesund. Dennoch bildeten sich wieder Schlangen vor den Northern-Rock-Filialen im ganzen Land. <<<<<< O >>>>>> Und schon geht’s munter weiter: International Herald Tribune:"Dollar's retreat raises fear of collapse"Link: www.iht.com/articles/2007/09/13/news/econ.php?page=1 und die neueste Info: Updated 15 September 2007 at 0626 HRS EDT STOCK DROPS 31%BRITISH BANK STOCK TUMBLES AS CUSTOMERS BEGIN A "RUN"U.S. FINANCIAL ENTITY RECENTLY PLACED "OPTIONS" ON BILLIONS OF DOLLARS WORTH OF STOCKS BETTING THEY WOULD DROP "30 - 50%" BY SEPTEMBER 21. . . . .Here we are on September 15 and the fifth largest Bank in Britain saw its stock plummet 31% in two days! Interesting number 31%; exactly what the U.S. financial entity bet with its option sales! MSNBC etc. have recently reported inordinate purchases of 'put' options , i.e., financial instruments that profit from the expectation of falling stock values. Those contracts equal 1/3 of the US stock market value...and they expire on Sept. 21! In other words, certain wealthy insiders not only *expect* a market crash within two weeks -- they're positioned to *lose* vast sums if it *doesn't* happen! Given the huge drop of the British Bank stock, I think you might want to dump ALL your stocks first thing Monday! Bis bald – komme wieder, sobald ich Neues weiss… Mit herzlichem Gruss, André <<<<<< O >>>>>> Under-Fire Bank Apologises To Customers
But he assured customers that reports claiming branches had run out of cash or cheques were false, adding that whilst the company's website is slow, it had not been taken down. Huge queues continued to form today and yesterday, with billions of pounds taken out on Friday. Police officers were called out to one branch to deal with "boisterous customers". Savers in Manchester were handed chocolates and fruit juice to reduce tension and some branches extended their closing time from 2pm to help cope with demand. One man queuing in Sheffield said: "I don't care if the risk is small, there's plenty of other places to put my money and I just don't believe what they are telling me." That branch closed at 2pm and the details of customers who could not be served were taken. The Glasgow branch closed at 12pm and plain clothed officers called out as struggled to keep customers under control. "The manager was spoken to and police advised the store to close," said a spokesman for Strathclyde Police. The UK's fifth biggest mortgage lender has been hit by soaring costs in wholesale lending markets, where it borrows cash to fund its mortgage business. Alongside the emergency funding, the Newcastle-based bank warned it could take a profits hit of nearly £150m due to the money market turmoil. The British Bankers' Association urged worried customers to "calm down". It said: "Northern Rock is a sound and safe bank and there is absolutely no reason for either mortgage customers or savers to worry." <<<<<< O >>>>>>
Am
17.September:
"Seit
Freitag waren dem Institut nach Medienangaben rund 2 Milliarden Pfund
(2,9 Mrd Euro) entzogen worden, weil es zu Panik unter den Kunden
kam." (....) "Der Kapitän der Titanic hat auch gesagt, es gibt keinen Grund zur Panik und man hat ja gesehen, was passiert ist." - Northern Rock Kundin (aus Welt) Ausführlich: http://de.news.yahoo.com/dpa/20070917/tbs-wieder-lange-schlangen-bei-northern-e9016ed.html und: www.hartgeld.com/ <<<<<< O >>>>>> Salü Thyl Habe soeben einen interessanten Artikel gesehen – habe aber diese Woche leider keine Zeit für Übersetzungen – Gruss André US Banks Brace For Storm Surge As Dollar & Credit System Reel
By Mike Whitney By now, you've probably seen the photos of the angry customers queued up outside of Northern Rock Bank waiting to withdraw their money. This is the first big run on a British bank in over a century. It's lost an eighth of its deposits in three days. The pictures are headline news in the U.K. but have been stuck on the back pages of U.S.newspapers. The reason for this is obvious. The same Force 5 economic-hurricane that just touched ground in Great Britain is headed for America and gaining strength on the way. On Monday night, desperately trying to stave off a wider panic, the British government issued an emergency pledge to Northern Rock savers that their money was safe. The government is trying to find a buyer for Northern Rock. This is what a good old fashioned bank run looks like. And, as in 1929, the bank owners and the government are frantically trying to calm down their customers by reassuring them that their money is safe. But human nature being what it is, people are not so easily pacified when they think their savings are at risk. The bottom line is this: The people want their money, not excuses. But Northern Rock doesn't have their money and, surprisingly, it is not because the bank was dabbling in riskysubprime loans. Rather, NR had unwisely adopted the model of "borrowing short to go long" in financing their mortgages just like many of the major banks in the U.S. In other words, they depended on wholesale financing of their mortgages from eager investors in the market, instead of the traditional method of maintaining sufficient capital to back up the loans on their books. It seemed like a nifty idea at the time and most of the big banks in the US were doing the same thing. It was a great way to avoid bothersome reserve requirements and the loan origination fees were profitable as well. Northern Rock's business soared. Now they carry a mortgage book totaling $200 billion dollars. $200 billion! So why can't they pay out a paltry $4 or $5 billion to their customers without a government bailout? It's because they don't have the reserves and because the bank's business model is hopelessly flawed and no longer viable. Their assets are illiquid and (presumably) "marked to model", which means they have no discernible market value. They might as well have been "marked to fantasy",it amounts to the same thing. Investors don't want them. So Northern Rock is stuck with a $200 billion albatross that's dragging them under.
A more
powerful tsunami is about to descend on the United States where many of
the banks have been engaged in the same practices and are using the same
business model as Northern Rock. Investors are no longer buying CDOs,MBSs,
or anything else related to real estate. No one wants them, whether
they're subprime or not. That means that US banks will soon undergo the
same type of economic gale that is battering the U.K right now. The only
difference is that the U.S. economy is already listing from the downturn
in housing and an increasingly jittery stock market. Good luck, Hank. It would interesting to know if Paulson still believes that "This is far and away the strongest global economy I've seen in my business lifetime", or if he has adjusted his thinking as troubles in subprime, commercial paper, private equity, and credit continue to mount? For weeks we've been saying that the banks are in trouble and do not have the reserves to cover their losses. This notion was originally pooh-poohed by nearly everyone. But it's becoming more and more apparent that it is true. We expect to see many bank failures in the months to come. Prepare yourself. The banking system is mired in fraud and chicanery. Now the schemes and swindles are unwinding and the bodies will soon be floating to the surface.
"Structured
finance" is touted as the "new architecture of financial markets". It is
designed to distribute capital more efficiently by allowing other market
participants to fill a role which used to be left exclusively to the
banks. In practice, however, structured finance is a hoax; and undoubtedly
the most expensive hoax of all time. The transformation of liabilities
(dodgy mortgage loans) into assets (securities) through the magic of
securitization is the biggest boondoggle of all time. It is the moral
equivalent of mortgage laundering. The system relies on the variable
support of investors to provide the funding for pools of mortgage loans
that are chopped-up into tranches and duct-taped together as CDOs
(collateralized debt obligations). It's madness; but no one seemed to
realize how crazy it was until Bear Stearns blew up and they couldn't find
bidders for their remaining CDOs. It's been downhill ever since. John R. Ing provides a great synopsis of structured finance in his article, "Gold: The Collapse of the Vanities": "The origin of the debt crisis lies with the evolution of America's financial markets using financial engineering and leverage to finance the credit expansion. Financial institutions created a Frankenstein with the change from simply lending money and taking fees to securitizing and selling trillions of loans in every market from Iowa to Germany. Credit risk was replaced by the "slicing and dicing" of risk, enabling the banks to act as principals, spreading that risk among various financial institutions.. Securitization allowed a vast array of long term liabilities once parked away with collateral to be resold along side more traditional forms of short term assets. Wall Street created an illusion that risk was somehow disseminated among the masses. Private equity too used piles of this debt to launch ever bigger buyouts. And, awash in liquidity and very sophisticated algorithms, investment bankers found willing hedge funds around the world seeking higher yielding assets. Risk was piled upon risk. We believe that the subprimecrisis is not a one off event but the beginning of a significant sea change in the modern-day financial markets." The investment sharks who conjured up "structured finance" knew exactly what they were doing. They were in bed with the ratings agencies----off-loading trillions of dollars of garbage-bonds to pension funds, hedge funds, insurance companies and foreign financial giants. It's a swindle of epic proportions and it never would have taken place in a sufficiently regulated market. When crowds of angry people are huddled outside the banks to get their money, the system is in real peril. Credibility must be restored quickly. This is no time for Bush's "free market" nostrums or Paulson's soothing bromides (he thinks the problem is "contained") or Bernanke's feeble rate cuts. This requires real leadership.
The first
thing to do is take charge, alert the public to what is going on and get
Congress to work on substantive changes to the system. Concrete steps must
be taken to build public confidence in the markets. And there must be a
presidential announcement that all bank deposits will be fully covered by
government insurance. Traditionally, the "Discount Window" has only been used by banks in distress, but the Fed is trying to convince people that it's really not a sign of distress at all. It's "a sign of strength". Baloney. Banks don't borrow $3 billiounless they need it. They don't have the reserves. Period. The real condition of the banks will be revealed sometime in the next few weeks when they report earnings and account for their massive losses in "down-graded" CDOs and MBSs. Market analyst Jon Markman offered these words of advice to the financial giants "Before they (the financial industry) take down the entire market this fall by shocking Wall Street with unexpected losses, I suggest that they brush aside their attorneys and media handlers and come clean. They need to tell the world about the reality of their home lending and loan securitization teams' failures of the past four years -- and the truth about the toxic paper that they've flushed into the world economic system, or stuffed into Enron-like off-balance sheet entities -- before the markets make them walk the plank."." Since government regulators and Congress have flinched from their responsibility to administer "tough love" with rules forcing financial institutions to detail the creation, securitization and disposition of every ill-conceived subprime loan, off-balance sheet "structured investment vehicle," secretive money-market "conduit" and commercial-paper-financing vehicle, the market will do it with a vengeance." Good advice. We'll have to wait and see if anyone is listening. The investment banks may be waiting until Tuesday hoping that Fed-chief Ken Bernanke announces a cut to the Fed's fund rate that could send the stock market roaring back into positive territory. But interest rate cuts do not address the underlying problems of insolvency among homeowners, mortgage lenders, hedge funds and (potentially) banks. As market-analyst John R. Ing said, "A cut in rates will not solve the problem. This crisis was caused by excess liquidity and a deterioration of credit standards.A cut in the Fed Fund rate is simply heroin for credit junkies." The cuts merely add more cheap credit to a market that that is already over-inflated from the ocean of liquidity produced by former-Fed chief Alan Greenspan. The housing bubble and the credit bubble are largely the result of Greenspan's misguided monetary policies. (For which he now blames Bush!) The Fed's job is to ensure price stability and the smooth operation of the markets, not to reflate equity bubbles and reward over-exposed market participants. It's better to let cash-strapped borrowers default than slash interest rates and trigger a global run on the dollar. Financial analyst Richard Bove says that lower interest rates will do nothing to bring money back into the markets. Instead, lower interest rates will send the dollar into a tailspin and wreak havoc on the job market. "There is no liquidity problem, but a serious crisis of confidence," Bove said: "In a financial system where there is ample liquidity and a desire for higher rates to compensate for risk, the solution is not to create more liquidity and lower the rates that are available to compensate for risk. ..... (The Fed) cannot reduce fear by stimulating inflation . "It is illogical to assume that holders of cash will have a strong desire to lend money at low rates in a currency that is declining in value when they can take these same funds and lend them at high rates in a currency that is gaining in value. By lowering interest rates the Federal Reserve will not stimulate economic growth or create jobs. It will crash the currency, stimulate inflation, and weaken the economy and the job markets". Bove is right. The people and businesses that cannot repay their debts should be allowed to fail. Further weakening the dollar only adds to our collective risk by feeding inflation and increasing the likelihood of capital flight from American markets. If that happens; we're toast. Consider this: In 2000, when Bush took office, gold was $273 per ounce, oil was $22 per barrel and the euro was worth $.87 per dollar. Currently, gold is over $700 per ounce, oil is over $80 per barrel, and the euro is nearly $1.40 per dollar. If Bernanke cuts rates, we're likely to see oil at $125 per barrel by next spring. Inflation is soaring. The government statistics are thoroughly bogus. Gold, oil and the euro don't lie. According to economist Martin Feldstein, "The falling dollar and rising food prices caused market-based consumer prices to rise by 4.6 per cent in the most recent quarter." (WSJ) That's 18.4 per cent a year, and yet Bernanke is still considering cutting interest rates and further fueling inflation. What about the American worker whose wages have stagnated for the last six years? Inflation is the same as a pay-cut for him. And how about the pensioner on a fixed income? Same thing. Inflation is just a hidden tax progressively eroding his standard of living. . Bernanke's rate cut may be boon to the "cheap credit" addicts on Wall Street, but it's the death-knell for the average worker who is already struggling just to make ends meet. No bailouts. No rate cuts. Let the banks and hedge funds sink or swim like everyone else. The message to Bernanke is simple: "It's time to take away the punch bowl". The inflation in the stock market is just as evident as it is in the price of gold, oil or real estate. Economist and author Henry Liu demonstrates this in his article "Liquidity Boom and the Looming Crisis":
"The
conventional value paradigm is unable to explain why the market
capitalization of all US stocks grew from $5.3 trillion at the end of 1994
to $17.7 trillion at the end of 1999 to $35 trillion at the end of 2006,
generating a geometric increase in price earnings ratios and the like.
Liquidity analysis provides a ready answer".(Asia Times) No. It was because there were more dollars chasing the same number of securities; hence, inflation. If that is the case, then we can expect the stock market to fall sharply before it reaches a sustainable level. As Liu says, "It is not possible to preserve the abnormal market prices of assets driven up by a liquidity boom if normal liquidity is to be restored." Eventually, stock prices will return to a normal range. Bernanke should not even be contemplating a rate cut. The market needs more discipline not less. And workers need a stable dollar. Besides, another rate cut would further jeopardize the greenback's increasingly shaky position as the world's "reserve currency". That could destabilize the global economy by rapidly unwinding the U.S. massive current account deficit. The International Herald Tribune summed up the dollar's problems in a recent article, "Dollar's Retreat Raises Fear of Collapse."
"Finance
ministers and central bankers have long fretted that at some point, the
rest of the world would lose its willingness to finance the United States'
proclivity to consume far more than it produces - and that a potentially
disastrous free-fall in the dollar's value would result. "This is all pointing to a greatly increased risk of a fast unwinding of the U.S. current account deficit and a serious decline of the dollar". Other experts and currency traders have expressed similar sentiments. The dollar is at historic lows in relation to the basket of currencies against which it is weighted. Bernanke can't take a chance that his effort to rescue the markets will cause a sudden sell-off of the dollar. The Fed chief's hands are tied. Bernanke simply doesn't have the tools to fix the problems before him. Insolvency cannot be fixed with liquidity injections nor can the deeply-rooted "systemic" problems in "structured finance" be corrected by slashing interest rates. These require fiscal solutions, congressional involvement, and fundamental economic policy changes. Rate cuts won't help to rekindle the spending spree in the housing market either. That charade is over. The banks have already tightened lending standards and inventory is larger than anytime since they began keeping records. The slowdown in housing is irreversible as is the steady decline in real estate prices. Trillions in market capitalization will be wiped out. Home equity is already shrinking as is consumer spending connected to home-equity withdrawals. The bubble has popped regardless of what Bernanke does. The same is true in the clogged Commercial Paper market where hundreds of billions of dollars in short-term debt is due to expire in the next few weeks. The banks and corporate borrowers are expected to struggle to refinance their debts but, of course, much of the debt will not roll over. There will be substantial losses and, very likely, more defaults. Bernanke can either be a statesman --- and tell the country the truth about our dysfunctional financial system which is breaking down from years of corruption, deregulation and manipulation --- or he can take the cowards-route and buy some time by flooding the system with liquidity, stimulating more destructive consumerism, and condemning the nation to an avoidable cycle of double-digit inflation. We'll know his decision soon enough. <<<<<< O >>>>>> Wer mehr über die neue nordamerikanische Währung, den "AMERO" wissen möchte: www.halturnershow.com/AmeroCoinArrives.html
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