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may I suggest somewhere away from population centers?
They've traced the MF Global money overseas, I believe it will be Europe. My opinion, the $ went thru Futures market maker exchange 'ICE' which equals Goldman. Ceo MF was ex-Goldman.....
We've about 6 months,imo, before El Chito Hits the El Fano. Flip a coin which way it goes. I don't believe the Banks will survive EVERYONE retail, leaving the market.
Bill 1867 done deal, except for qualifiers. EX Dea head running Carbon Cars, coming out with full bullet proof police cars....
According to Department of Defense training manuals, protest is considered “low-level terrorism”.
http://open.salon.com/blog/dennis_loo/2009/06/14/dod_training_manual_protests_are_low-level_terrorism
The state of Missouri tried to label as terrorists current Congressman Ron Paul and his supporters, former Congressman Bob Barr, libertarians in general, anyone who holds gold, and a host of other people.(Everyone knows Missouri is where all the terrorists want to!(lmao)
http://www.prisonplanet.com/police-trained-nationwide-that-informed-americans-are-domestic-terrorists.html
Government apologists are also eager to label anyone “taking a cynical stance toward politics, mistrusting authority, endorsing democratic practices, … and displaying an inquisitive, imaginative outlook” as worthy of a Stalinist trip to the insane asylum.
http://www.usnews.com/science/articles/2009/05/26/the-inner-worlds-of-conspiracy-believers
'taking a cynical stance toward politics, mistrusting authority, endorsing democratic practices, feeling generally suspicious toward others and displaying an inquisitive, imaginative outlook.'
So if you have a "conspiricy theory"... YOU ARE A CONSPIRATOR!
I know what the Jewish felt in Germany in 1937-1938 now.
I know what Spaniards felt when First Grand Inquisitor was raised up from assistant, Torquemada.
I'm outa here, this Chi* is only gonna get worse,imo.
Good luck Gentlmen
According to Govt track S 1867 has passed 97ayes, 7 nays.
It will now move to the house for a vote. Also the house has it's own bill; H.R. 1540.
http://www.govtrack.us/congress/bill.xpd?bill=s112-1867
few people remember things like Inslaw, Edward Meese, Clinton refusing to move on it, DoJ participation and Dozens "suiciding", Clintons ex-girlfriend "Suiciding", The Miramar Air base "suicides" from c130's and Cia drug pipelines ect ect
Suicide is a very popular 'Sport'.
The idiot Newt strikes again,,
http://news.yahoo.com/blogs/ticket/newt-gingrich-drug-laws-entitlements-campaigning-yahoo-news-152936251.html
say's it all
"Monday after having held secret committee meetings while never holding even one hearing on this bill which authorizes military action against US citizens, right here in the United States.
Since BoA rev flow is 90% dirivitive trading, 10% retail customer, just removing20% of 10% retail should but them way out of balance...if they were ever to follow FASB, lol. Being a Primary dealer.. and on the Advisory comittee for the Fed though..
LOL!! '... without the booze.'
http://blog.norml.org/tag/lawrence-odonnell/
I am astounded.. and awaiting the results of what could be a complete departure for how the TBTF Banks might be dealt with.
http://finance.yahoo.com/news/judge-blocks-citigroup-settlement-e-182017945.html?l=1
WASHINGTON – A federal judge in New York on Monday threw out a settlement between the Securities and Exchange Commission and Citigroup over a 2007 mortgage derivatives deal, saying that the S.E.C.’s policy of settling cases by allowing a company to neither admit nor deny the agency’s allegations did not satisfy the law.
The judge, Jed S. Rakoff of United States District Court in Manhattan, ruled that the S.E.C.’s $285 million settlement, announced last month, is “neither fair, nor reasonable, nor adequate, nor in the public interest” because it does not provide the court with evidence on which to judge the settlement.
The ruling could throw the S.E.C.’s enforcement efforts into chaos, because a majority of the fraud cases and other actions that the agency brings against Wall Street firms are settled out of court, most often with a condition that the defendant does not admit that it violated the law while also promising not to deny it.
That condition gives a company or individual an advantage in subsequent civil litigation for damages, because cases in which no facts are established cannot be used in evidence in other cases, like shareholder lawsuits seeking recovery of losses or damages.
The S.E.C.’s policy – “hallowed by history, but not by reason,” Mr. Rakoff wrote – creates substantial potential for abuse, the judge said, because “it asks the court to employ its power and assert its authority when it does not know the facts.”
The S.E.C. did not respond immediately to a request for comment on the judge’s decision, which was released Monday morning. A Citigroup spokesman said the company was studying the decision and had no immediate comment.
Citigroup was charged with negligence in its selling to customers a billion-dollar mortgage securities fund, known as Class V Funding III. The S.E.C. alleged that Citigroup picked the securities to be included in the fund without telling investors, claiming that the securities were being chosen by an independent entity. Citigroup then bet against the investments because it believed that they would lose value, the S.E.C. said.
Investors lost $700 million in the fund, according to the S.E.C., while Citigroup gained about $160 million in profits.
The settlement establishes none of those allegations as fact, thereby making it impossible for the court to properly judge whether the settlement meets the required standard of being fair, adequate and in the public interest.
“An application of judicial power that does not rest on facts is worse than mindless, it is inherently dangerous,” Mr. Rakoff wrote in the case, S.E.C. v. Citigroup Global Markets. “In any case like this that touches on the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth.”
The S.E.C. in particular, he added, “has a duty, inherent in its statutory mission, to see that the truth emerges.”
Hence Bill 1867, the 20,000 trained anti insurgent solders now dispersed around America.
'Course geting something "for free/less" is far more powerful/greed, than what will be demonstrated in the slow cooked frog.
The fear factor will modulate the response to understanding that America is definitively a third world now and be happy to not be in jail.
There is a proposal that may may soften 1867, but what's the point..
the frog gets boiled today/tomarro or the first time some nutjob puts a stick of C4 in his shorts(Mr Smith goes to Wa. 2012-new paradigm)
Then the vast Military Industrial complex and Federal Govt. makes another fortune.
Pray for R.Paul.
Oh I,m well schooled on what the premiss of what the "drug war" actually entails. Suffice to say Federal 'crats' having jobs based on the function of actively discerning individual rights.. a buisness is all that it is.
A buisness which would have been eliminated for it's doomed mandate, if Tax dollars did not provide 99.9% of its funding.
Sorry if I seem extreme... But I'm sick and tired of the intrusive Federal policies so D.C. can provide jobs and secure retirements.
S1867 goes to the Senate tomarro or the next day. Another loss of rights and personel freedoms..foorrrreevveerrr. A bill that will change america like no other.
I cringe each and every time main stream media takes hold of this issue.
They show bulk of people with Tiedye, long hair and disheveled appearances. Maybe I'm wrong, maybe this Industry IS about a certain lack nonstandard self awareness in promoting "mainstream" acceptance?
My interest lies with States rights issue, and individual rights and liberties. Simply, Federal involvement is only about Federal Jobs and influence commercially.
I'm not sure the proponents are really using sound technical representation. No one wants or expects "small business" to look like high order corporations, but, imo, if the media is allowed to bias the the exposure as it is literally invited to do/cooperated with, the opposite appearance will continue to plague.
issuing joint eurozone bonds - = Countries(Central Banks each country) buying Debt(Bonds and "Bad dirivitives"?) from each other......
Seems to me, this is creating more debt.so, if a stablility could be achieved, just as a example, a less than 6% would have to be maintained. I think they would be hoping to have something much less. But a standard for massive Bonds(purchases) has been CDS protection.
We've seen the failure with Greek CDS protection. The idea that Central bank to central bank would not need CDS protection as in the case of secondary buyers as a standard today is key, imo, to believing the "joint Bond", would succed.
At this point, should it happen,(joint bond sales), again AIMHO, aside from other considerations, a condition will exist where Banks(Central) will have taken debt from interconnected/multinational position holders and closely alaigned
debt to individual countries(Centrals..much moreso than exists now) and is in effect loading the debt from interconnected banks to soveriegn and the populace.
I believe, in a bacward way, this will reverse everything the E.U. attempted to accomplish in "unity", and set the stage for high levels of "Nationalism", quickly followed by a rise in facism
as the people recieve a major haircut and more unemployment.
So, as crazy as it seems, control of national sovereignty will backfire.
The Debt holders must be extinguished, not expanded on.
When this reality is pressed onto the cartels, watchout.
Darth Vadar - money market funds sold off last week, Euro being dumped this week.. by some central banks no less!, topped out money supply(M) in system(I think QE3 around June next year latest).
Unemployment headed higher next year I believe going into Elections.The bad apple is out there"right under our noses".. breath deeply the next six months, keep your eye on R.Paul(the only one who won't print like crazy).
welding bones- be wary... very wary.
Would it not be nice, if there was an American political party?
Would it not be nice, if one political party simply took the the best from each other party. Without invitation,
R.Paul For Americans-not republican,, democrat, liberal, constitutionalist, left wing, right wing, moderate ect ect, but..
maybe it should be called the Common sense party.
Division has always been the tool of choice. There are so many choices now, maybe it's time choice will come into a new direction.
Who controls the past controls the future: who controls the present controls the past. -- George Orwell, author of 1984
Far be it for us to substitute for a deceased injured party. No one to lay claim. A claim with no rights to anyway, since they(the rights were only"rented" and gone now), in as much as benifits). Couldn't have a more perfet scenario,,, if one wanted to "perfect" a patent... who's gonna argue? .. the ghost of christmas past?? Paton???6-7000 miles away? China will be all the market he could handle.
Conmed has utilized this sort of approach before.. and will again, just sayinnnn.
see if you see(on candidate %s) is the same as I see, comes in @ 5 minutes.. for a second there, I could swear that R. Paul as a new name..Undecided,, lolol, what hipocracy!
http://www.msnbc.msn.com/id/21134540/vp/45134915#45134248
As you say, makes no difference, just thought it was note worthy, from the patent "prior" it only leads as far as the Ctgi/Paton work.. and reading the body sure is reminsent of the Ctgi wordind. Also previous to "Paton and "Ctgi" "Prior"s are same as much of the Ctgi Patent. We will never know the true state of the work on the patent or product from said Ctgi Patents, But the review I did, shows Conmeds Patent is a duplication, or nearly.
Have a great evening, MD
I read the patent...it literally is the Ctgi product. The "prior, goes back to the time when Don attempted to sell or sub or whatever...with Conmed. Too bad Don passed, hell of a Lawsuit.Never liked Conmeds methods.
Shoot, we don't need any help screwing things up, we do a fine job! lolol(We being those in charge..on the hill..in the courts ect ect)
No. The Associated Press ("AP") never published such a story. It didn't run in any real newspaper, nor on any real wire service. It can, however, be found posted and reposted on hundreds of anti-Obama blogs and websites
In the summer of 2012, massive anti-capitalist demonstrations in major Italian cities turned into outright rebellion. And when Berlusconi sent in the army to maintain order, the first bombs began exploding in the banks of Rome, Milan and Turin.
Anti-capitalism had caught the imagination of a generation. And the bomb alert at the Bank of England —when the entire City had to be evacuated after warnings from the so-called ‘Guy Fawkes Anti-Cuts Collective’ — was merely the first of many.
In July 2012, three people were killed by a bank bomb in Frankfurt. A month later, 15 people were killed in Dublin. And in September, in tragic events that will never be forgotten, 36 people were killed by explosions across the City of London.
By now demonstrations and riots were fixtures on the evening news. And as Germany and France struggled to keep the eurozone alive, there were the first signs of a disturbing new authoritarianism.
In Italy, where the Berlusconi government had declared a permanent state of emergency, some cities had degenerated into virtual civil war.
...
At another time, the terrible Spanish riots in the spring of 2014, when 63 people were killed in a shocking outbreak of arson and looting, would have dominated the headlines.
But most people’s attention was focused further east. No country had been hit harder by the financial crisis than little Latvia, which by 2014 had an unemployment rate of more than 35??per cent. And with almost one in three of its citizens being ethnic Russians, economic frustration soon turned into nationalist confrontation.
On August 12, 2015, after days of fighting on the streets of Riga, the Russian army rumbled across the border. The Russians had come to ‘restore order’, Vladimir Putin assured the world.
But his statement to the Russian people told a different story.
‘Europe’s crisis is Russia’s opportunity,’ Putin announced. ‘The days of humiliation are over; our empire will be restored.’
Once, the West would have come to Latvia’s aid. It was, after all, a member of both the European Union and of Nato — though the new American isolationism meant that Nato membership was effectively worthless.
But since French troops were already committed to Greece and Italy, Paris refused to intervene
Article Should be named-The final Gasp
Typical fraudulent behaviour, where no single entity is responsible.
Another Eurozone Country Bites the Dust
Submitted by testosteronepit on 10/29/2011 15:32 -0400
Real estate in the Republic of Cyprus has been popular with foreigners who own about 100,000 homes—in a country with 803,000 people. The British alone, whose colony this was until 1960, own more than 60,000 homes. Turns out, real estate is Cyprus' national sport sponsored by dumb money. But now it has become a nightmare that is unraveling the finances not only of expat home owners, but also of developers, banks, and the government. Yet it's hushed up. By comparison, the banks' impending losses on Greek sovereign debt, significant as they are, seem outright manageable.
"The most common mistake people make when buying property in Cyprus is to use a lawyer who has been introduced or recommended to them by a property developer," says Nigel Howarth who has helped foreign property buyers in Cyprus for more than 10 years. Foreign buyers are sitting ducks. They're unaware of the local business culture and don't suspect that their lawyers are in cahoots with developers--aided and abetted by the banks.
The country acceded to the Eurozone in 2008, but it's already in a heap of trouble. A recent loan agreement with Russia of €2.5 billion will keep it afloat for a few months into 2012. Then it's bailout and haircut time. On October 27, Standard & Poor's cut Cyprus to BBB. The big problem: exposure of its banks to Greek sovereign, corporate, and bank debt. But not a word about the title-deed scandal and the billions that evaporated with it.
As in the U.S., after years of speculative overbuilding, the real estate market is collapsing. Building permits are down 40.2% for the first eight months of the year and 49.4% for August. Home prices have dropped for six consecutive quarters, according to the Central Bank. The steepest declines were in the coastal regions favored by foreigners. Of the 45,000 unsold properties, many are unfinished, and some are essentially abandoned. The Cyprus Property News points out that they "were built for buy-to-flip investors and are unsuitable for permanent living."
Prices would have dropped even more steeply if the banks had dealt with their non-performing loans. But instead of pressuring developers to sell properties to service their loans, they're pressuring appraisers not to reduce values so that loans appear to be adequately secured.
These kinds of issues have cropped up in the U.S. as well. What's unique in the collapsing housing bubble in Cyprus is a title-deed scandal of unimaginable proportions. And it has embroiled waves of foreign buyers.
"The bulk of the problems stem from the archaic Ottoman land law still in existence in Cyprus which allows these dubious practices," writes the Cyprus Property Action Group. Insufficient industry regulation and lacking enforcement of consumer protection laws also play a role.
The scheme works this way: A developer takes out a mortgage on the land but hides it from foreign buyers. The bank retains the title deed as collateral. When the developer sells the property, the buyers' lawyer, who is in cahoots with the developer, doesn't perform a title search and doesn't "discover" the original mortgage. Buyers, assuming that their part of the property is free an clear, either pay cash or take out a mortgage. The developer pockets the money instead of paying off the original mortgage. The bank goes along because it can collect interest on one or two mortgages. But it retains the title deed as collateral for the original mortgage, and the buyer never sees it.
Throughout, buyers are told by everyone, including the government, that a buyer of immovable property is absolutely protected once the sales contract is lodged with the Cyprus Land Registry, and that they don't need the title deed.
Meanwhile, as the property is still under construction and buyers are overseas, the developer strikes again. Alan Waring, an international risk management consultant, explains:
"Some cases have also involved alleged 'double selling' fraud whereby the developer sells a property to Party A, fails to lodge the contract with the Land Registry, and then sells it again to Party B (possibly for a higher price) but fails to reimburse Party A."
Proving fraud in court seems to be impossible. In a recent double-selling case, the judge ruled against the plaintiff: lodging of a sales contract at the Land Registry does not mean that buyers "automatically and in perpetuity have become the ‘owners’ (as they mean it) of the residence," she wrote. Hence, only possession of a title deed confers protection against double selling.
But the bank still holds the title deed as collateral for the original developer mortgage, and it has the right to foreclose on the property. Under normal circumstances, it takes a bank between 9 to 12 years to obtain control over the property. So banks extend and pretend until the developer goes broke. Then they move to recuperate a property that one or two other "owners" have paid for.... A nightmare. And no legal resolutions are in sight.
The numbers are stunning. In this tiny speck of a country with 803,000 people, about 130,000 properties are still awaiting their title deeds. If the average value of these homes is €150,000, then nearly €20 billion worth of properties might be in dispute, many of them with more than one mortgage and more than one owner.
The banks aren't talking. And they aren't writing down their assets to reflect the layers of mortgages that are worthless. Developers are going bust. The money they pocketed has disappeared. Expat homeowners who don't hold title deeds are terrified of losing their homes, even if they paid cash. There are no legal processes in place to resolve this. Estimates of the missing money range from €3 to €6 billion—enough to take down all Cypriot banks. By comparison, the banks' exposure to Greek sovereign debt is estimated to be €4.2 billion, of which only half will have to be written off.
In response to the impending haircuts on Greek debt—and not to the title-deed scandal, which continues to get hushed up in the hope that it will somehow go away—the Cabinet approved draft bills to recapitalize its banks and create a fund to stabilize the banking system. But there is no money to put into the fund (see EFSF, so leverage it?). A package of austerity measures has been approved. It includes such stalwarts as cutting 1,100 already vacant positions in the civil service and reducing entry-level salaries for civil servants by 10%. However, the government did blink in the title-deed scandal and revised some of the Ottoman property laws—a great example of too little too late.
"It wouldn't surprise me that all those who bought properties in Cyprus might in the end be forced to pay additional money if they want to keep what they already paid for," said my source in Cyprus.
And in Greece? "Tax fraud is a national plague," said Greece's finance minister after he found that Greeks owed $50 billion in back taxes. But it's complicated.... Greece's Extortion Game.
Our entire system could be hinged on one party being held accountable, imo. Any single party.
My preffered is the Lawyer whom signs off on the original "211". It would require a lot of specialization, self insurance, yearly checkups, ongoing monitoring and finally Judical exposure to prosecution for malfecense on the Federal level. Then each issue would have a monitor, each issue someone responsible, subject to jail time.
When Lawyers would be sent to prison in relative volumes, we would see substantial change in the Industry as a whole I think.
(And Justice built on the backs of Bar members would be reason for celebration, heh hehheheeee!)
Obama Met With San Francisco Medical Marijuana Protest [FEATURE]
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by Phillip Smith, October 26, 2011, 10:40am, (Issue #706)
Posted in: Budgets/Taxes/Economics,
DEA,
Executive Branch,
Marijuana Industry,
Medical Marijuana,
News Feature
Hundreds of angry medical marijuana patients and supporters gathered in San Francisco's South of Market Tuesday to greet President Obama as he appeared at a $5,000 a head fundraiser at the W Hotel. They were joined by hundreds of other protestors, mainly Occupy San Francisco members and environmentalists upset with the Keystone pipeline.
Boisterous crowds tried to send the president a message in San Francisco (Image: Phil Smith)
The president never saw the demonstrators -- he entered the building through a back entrance a block away from where protestors had gathered -- but boisterous chants of "DEA, Go Away!" and "Whose State? Our State! Whose Medicine? Our medicine!" echoed through the streets as police watched impassively.
It was the second straight day of medical marijuana protests aimed at the president. He got similar treatment Monday in Los Angeles.
The California medical marijuana community is upset with the president over what it sees as a multi-pronged attack on medical marijuana production and distribution by agencies of the federal government (sometimes in cahoots with recalcitrant local officials). Despite Obama's campaign pledges and the Department of Justice's October 2009 memo directing federal prosecutors to back off from medical marijuana businesses operating in compliance with state law, the pace of DEA raids has only accelerated since he took office in January 2009.
It's not just the DEA. The Department of the Treasury has been going after financial institutions that do business with the medical marijuana industry, forcing banks to submit to onerous record-keeping of their dealings and persuading some of them to drop their medical marijuana customers. Similarly, the IRS has joined the attack, refusing to allow dispensaries to deduct standard business expenses and hitting them with whopping past due tax bills.
Most recently, the four US Attorneys who cover California held a much ballyhooed press conference in Sacramento announcing that they were going after what they described as an industry out of control. They announced a campaign aimed at dispensary and grow operations landlords, sending out a wave of letters threatening property owners with asset forfeiture and even stiff criminal charges if they don't throw out their clients.
But while the feds say they are targeting people who abuse the system for profit, they have recently gone after some of the most respected, regulated and compliant operations in the state. Steve De Angelo's Harborside Health Center in Oakland is the biggest target of the IRS and was recently handed a $2 million tax bill after its expenses were disallowed; Lynette Shaw's Marin Alliance for Medical Marijuana is the longest-licensed dispensary in the state and enjoys impeccable relations with local officials, but its landlord was hit with a threat letter; and Matt Cohen's Northstone Organics Cooperative is the first licensed grow -- with every plant tagged -- under Mendocino County's cutting edge regulatory scheme, but was raided by the DEA earlier this month.
Occupy San Francisco makes an appearance. (Image: Phil Smith)
The effects of the renewed federal campaign of raids and intimidation couldn't be any clearer than the message that now greets visitors to Northstone's web page. "We are closed due to a federal raid on our farm," the message reads. "The entire crop was eradicated. We are closed until further notice. We will be sending out an e-letter informing memberships of what they can do as well as upcoming protests. We apologize for the inconvenience."
"Contrary to DOJ claims that they are targeting abusive profiteers, their list of targets includes some of the most respected and best regulated facilities in the state," said California NORML director Dale Gieringer.
Federal prosecutors are also targeting a trio of San Francisco dispensaries for being within a thousand feet of a school or playground, citing a federal drug-free school zone statute that enhances penalties for drug crimes committed within that forbidden zone. But California law allows dispensaries within 600 feet of schools and playgrounds.
In the case of the two Mission area dispensaries within a thousand feet of a school, the dispensaries operated there before the school arrived, and the school has made it known that it has no problems with them. In the case of the dispensary located near a playground, advocates point out that several bars and sex clubs nearby are in closer proximity to the kids.
"The DOJ's complaints represent a frivolous and cynical attack on land use decisions that properly belong to local government," said Gieringer. "This is a blatant example of federal government over-regulation run amok."
"It feels a little Kafkaesque," said medical marijuana and legalization proponent state Rep. Tom Ammiano (D-San Francisco) at a press conference preceding the protest. "We've been sandbagged by US Attorneys acting like thugs. I almost expect a drone to come down on a dispensary in Fresno one of these days," he said, barely cracking a smile.
Ammiano wants a meeting with Department of Justice officials on the issue, he said. "Why don't they lean on the banks for the foreclosures, instead of medical marijuana?" he asked. "I'll be damned if I know what Justice, IRS, and the rest are thinking right now."
What a difference a couple of years makes. (Image: Phil Smith)
Lynette Shaw, whose Marin Alliance dispensary is being threatened, called out the president. "After we helped put Obama in office, I thought we were in the clear," she said. "Obama, you have the power to issue an executive order and stop this," she challenged.
"The US Attorneys said they were going after the criminals, but that's not true," said Harborside's DeAngelo. "Northstone Organics, the Marin Alliance, and Harborside are all 100% compliant. The targeting by US Attorneys suggests they either need to learn how to aim or to learn how to tell the truth," he said.
It's not just about patients and dispensaries, but also about jobs and the economy, said several speakers. "If the federal government closes down the dispensaries, thousands of hard-working Californians stand to lose their jobs," said United Food and Commercial Workers Local 5 Cannabis Division Coordinator Mike Witemeyer, whose union has organized dispensary workers. "We stand with the patients."
"With the federal budget on empty, the economy in disarray, our prisons overflowing, and prohibition-related violence raging across the border, it's an outrageous misuse of federal resources to wage war on medical marijuana," said California NORML's Gieringer. "Federal anti-drug bureaucrats are afraid because the dispensaries are proving that it's possible for marijuana to become a safe, legal, tax-paying industry and so expose their own last-century policies as bankrupt and obsolete."
It's unclear what the Obama administration thinks it is gaining with its ever more hostile policies toward medical marijuana production and distribution in California. What is clear is that it is alienating many people in California who voted for Obama in 2008.
San Francisco, CA
United States
Foreigners Sell Second Largest Amount Of US Bonds Ever In Past Week, Record $93 Billion In US Paper Sold In Past 2 Months
Submitted by Tyler Durden on 10/27/2011 - 20:56 CDS China Commercial Paper Germany LIBOR
Two weeks ago when we reported that there had been a record consecutive week dump of US Treasury paper in the Fed's custodial account, as reported by the weekly H.4.1, we made the assumption that this was China preemptively selling US paper. Well, that may or may not have been the case, but it was only part of the full story. We have now learned that Europe, and especially Germany has been just an active seller of sovereign bonds, most certainly including US paper, in recent weeks. As FAZ reports, the head of Commerzbank Martin Blessing has been dumping all bonds in his possession, primarily PIIGS paper, but also US and German ones. He does add the clarification that this has been a complicated project as there has been a buyer's strike (and with the CDS extinction it will only get more difficult as there is no natural hedge remaining), and his dumping has certainly not made things easier. Now as we all know by now, when starting a panic exodus, one has to be first, be smarter, or cheat. Here we will add a fourth one: or sell US paper. After all the demand for this is nearly insatiable, or so the neo-Keynesians out there will have us believe. Well, in the last week, someone used our definition. According to today's update in the H.4.1, the total amount of securities held in the custodial account for foreign official and international accounts just plunged by $20 billion, of which $19 billion was attributable solely to Treasurys: the second largest weekly dumb ever. And since this total number includes both Treasurys, which are used for political purposes, as well as Agency securities, which don't really serve much in terms of a diplomatic statement but are great at shoring up liquidity, one can assume that the relentless selling in all types of US paper has had one purpose only: to generate capital. As the third chart shows, that amount is substantial: in the last 8 weeks foreigners have sold a unprecedented $93 billion across the custodial account bringing it to $3.392 trillion, the lowest since March 2011! So the next time someone asks where European banks are finding emergency liquidity now that commercial paper, money market and Libor Markets are all dead, you will have the answer.