Thread: A note of caution for those with deposits in US Banks

^ you and bkka remind me of the religious preachers, always "quoting the bible" (in this case the blogsphere) and not making any sense logically, but only in their "simplistic" view of the world, calling for the end of times and God's revenge on the sinners

so tell me, Panda, were you preacher in a former life

^ Bipolar. Manic stage me thinks.

^ I don't know if you or bkka are bi-polar if that's what you mean

Originally Posted by Butterfly

^ I don't know if you or bkka are bi-polar if that's what you mean

You wouldn't know what I mean. Paranoia is part of the affliction.

^^Paranoia is something I identified in Butterfly in this thread:

https://teakdoor.com/us-domestic-issu...ml#post1067961

Now we see him deliverately missing words out of posts he is quoting in order to turn their meaning on their head. This, I believe, is evidence of a 'Bunker Mentality', where realisation hits that you are wrong and defeated and start to make pointless attacks on a 'scattergun' basis.

Wiki sez this:

A bunker mentality is a slang phrase for a phenomenon that occurs when a group or individual stops taking new, pertinent information into account, and begins viewing outsiders as enemies, due to an isolation resulting from being under attack.

Originally Posted by passengers

you are wrong and defeated

Originally Posted by passengers

Paranoia is something I identified in Butterfly in this thread:

and you seem delusional

bkka will be crushed

BBC NEWS | Business | Iceland to repay £2bn UK savings

^Yes quite the normal way of paying back current accounts:

Under the new deal, the Iceland Compensation Scheme will make payments over 15 years, with an initial 7-year grace period. Some 2.3 billion pounds paid out by the British government will be treated as a loan to the scheme.

Iceland to repay UK for lost savings - Yahoo! News UK

And that's not it:

However, British local authorities and bodies will continue to wait to get their money back, as today's agreement relates only to retail depositors.

(From the BBC article)

So the upshot is the the Icelanders have agreed to pay a little bit of the money they owe in 7-years and then over 15-years. With good luck and no doubt a following wind.

Crushed

Originally Posted by Butterfly

bkka will be crushed

BBC NEWS | Business | Iceland to repay £2bn UK savings

Interesting note here.


"Britain used anti-terrorism laws to freeze the assets of Icelandic banks, which had collapsed in the wake of financial crisis."

Icelands relatitively tiny population of about 300,000 is now going back to actually producing stuff the rest of the world can us to pay off its debt incurred by dabbling in the pool of high finance world banking. Icelands main productive industry is fishing. But recently, their resources of cheap geothermal and hydro capacity to generate cheap electricity has attracted the attention of many international companies interested in using Icelands cheap electricity to refine raw bauxite into Aluminium. Not the least China.

The conversion of the raw material into high grade aluminium requires a lot of electricity. An there is no place it can be done cheaper than in Iceland. So the smelters are going up everywhere, funded by international mining companies.

Their pristine environment will soon become the worlds aluminum smelter, and its causing a lot of debate over the ecological consequences in Iceland at the moment. But they have got to pay back at least part of their debt incurred by entering into the silly money banking boom of the past few years.

^ Good for them, they are lucky to have the option. I did "predict" this is a kind of "bkkandrew" kind of way last October when I said.....

Originally Posted by Spin

You might see a shift in environmental policy there. They have cheap electricity due to geothermal activity and aluminium companies love to put factories where there is reliable cheap lecky. Iceland has resisted expansion of that industry but things could change quickly.

^ I'd be looking at Greenland -- gets self-autonomy from Denmark 21 June and doesn't have the debt probs of Iceland. Has many rivers for hydro-electric. Alcoa may slap up an alum factory there. Also good for computer storage systems and anything that needs low temps and cheap electric. Read that in Biz Week.

^^This was truely the thread of uncanny predictive accuracy.

Oh dear oh dear, what have we here:

Smuggling Or Counterfeit-Printing? - The Market Ticker

And

ASIA – ITALY US government securities seized from Japanese nationals, not clear whether real or fake - Asia News

Milan (AsiaNews) – Italy’s financial police (Guardia italiana di Finanza) has seized US bonds worth US 134.5 billion from two Japanese nationals at Chiasso (40 km from Milan) on the border between Italy and Switzerland. They include 249 US Federal Reserve bonds worth US$ 500 million each, plus ten Kennedy bonds and other US government securities worth a billion dollar each.

Notice, by the way, that the US Media has totally ignored this story - even though the securities in question are allegedly US instruments.
Gee, I wonder why? Might the authorities know they're real and be just a wee bit nervous that disclosure of a sovereign attempting to covertly dump nearly $140 billion in debt could cause a wee bit of panic, given that we're running nearly $200 billion a month in deficits?

^ Eek! Send it to O'Reilly.

^and^^

Ooh errr, Bloomberg seems to have now read my post:

Suitcase With $134 Billion Puts Dollar on Edge: William Pesek

Commentary by William Pesek

June 17 (Bloomberg) -- It’s a plot better suited for a John Le Carre novel.

Two Japanese men are detained in Italy after allegedly attempting to take $134 billion worth of U.S. bonds over the border into Switzerland. Details are maddeningly sketchy, so naturally the global rumor mill is kicking into high gear.

Are these would-be smugglers agents of Kim Jong Il stashing North Korea’s cash in a Swiss vault? Bagmen for Nigerian Internet scammers? Was the money meant for terrorists looking to buy nuclear warheads? Is Japan dumping its dollars secretly? Are the bonds real or counterfeit?

The implications of the securities being legitimate would be bigger than investors may realize. At a minimum, it would suggest that the U.S. risks losing control over its monetary supply on a massive scale.

The trillions of dollars of debt the U.S. will issue in the next couple of years needs buyers. Attracting them will require making sure that existing ones aren’t losing faith in the U.S.’s ability to control the dollar.

The dollar is, for better or worse, the core of our world economy and it’s best to keep it stable. News that’s more fitting for international spy novels than the financial pages won’t help that effort. It is incumbent upon the U.S. Treasury to get to the bottom of this tale and keep markets informed.

GDP Carriers

Think about it: These two guys were carrying the gross domestic product of New Zealand or enough for three Beijing Olympics. If economies were for sale, the men could buy Slovakia and Croatia and have plenty left over for Mongolia or Cambodia. Yes, they could have built vacation homes amidst Genghis Khan’s Gobi Desert or the famed Temples of Angkor. Bernard Madoff who?

These men carrying bonds concealed in the bottom of their luggage also would be the fourth-largest U.S. creditors. It makes you wonder if some of the time Treasury Secretary Timothy Geithner spends keeping the Chinese and Japanese invested in dollars should be devoted to well-financed men crossing the Italian-Swiss border.

This tale has gotten little attention in markets, perhaps because of the absurdity of our times. The last year has been a decidedly disorienting one for capitalists who once knew up from down, red from black and risk from reward. It almost fits with the surreal nature of today that a couple of travelers have more U.S. debt than Brazil in a suitcase and, well, that’s life.

Clancy Bestseller

You can almost picture Tom Clancy sitting in his study thinking: “Damn! Why didn’t I think of this yarn and novelize it years ago?” He could have sprinkled in a Chinese angle, a pinch of Russian intrigue, a dose of Pyongyang and a bit of Taiwan-Strait tension into the mix. Presto, a sure bestseller.

Daniel Craig may be thinking this is a great story on which to base the next James Bond flick. Perhaps Don Johnson could buy the rights to this tale. In 2002, the “Miami Vice” star was stopped by German customs officers as he was traveling in a car carrying credit notes and other securities worth as much as $8 billion. Now he could claim it was all, uh, research.

When I first heard of the $134 billion story, I was tempted to glance at my calendar to make sure it didn’t read April 1.

Let’s assume for a moment that these U.S. bonds are real. That would make a mockery of Japanese Finance Minister Kaoru Yosano’s “absolutely unshakable” confidence in the credibility of the U.S. dollar. Yosano would have some explaining to do about Japan’s $686 billion of U.S. debt if more of these suitcase capers come to light.

‘Kennedy Bonds’

Counterfeit $100 bills are one thing; two guys with undeclared bonds including 249 certificates worth $500 million and 10 “Kennedy bonds” of $1 billion each is quite another.

The bust could be a boon for Italy. If the securities are found to be genuine, the smugglers could be fined 40 percent of the total value for attempting to take them out of the country. Not a bad payday for a government grappling with a widening budget deficit and rebuilding the town of L’Aquila, which was destroyed by an earthquake in April.

It would be terrible news for the White House. Other than the U.S., China or Japan, no other nation could theoretically move those amounts. In the absence of clear explanations coming from the Treasury, conspiracy theories are filling the void.

On his blog, the Market Ticker, Karl Denninger wonders if the Treasury “has been surreptitiously issuing bonds to, say, Japan, as a means of financing deficits that someone didn’t want reported over the last, oh, say 10 or 20 years.” Adds Denninger: “Let’s hope we get those answers, and this isn’t one of those ‘funny things’ that just disappears into the night.”

This is still a story with far more questions than answers. It’s odd, though, that it’s not garnering more media attention. Interest is likely to grow. The last thing Geithner and Federal Reserve Chairman Ben Bernanke need right now is tens of billions more of U.S. bonds -- or even high-quality fake ones -- suddenly popping up around the globe.

Suitcase With $134 Billion Puts Dollar on Edge: William Pesek - Bloomberg.com

The complete US collapse is but days away..............................

to even think that those bonds are real is beyond lala land fantasy,

not surprised that bkka is jumping on this with his head first, he is very gullible

If it is forgery it will go down in history as the biggest ever by far, if it is not then something very fishy is going down, at any rate there is book and film material in this one, even if they are found to be real the US might force some funny storie to be released, this thing has the potential for real cloak and dagger stuff.

Lets all hope you are right Butterfly we would not like to end in "lala land fantasy"

Originally Posted by Butterfly

to even think that those bonds are real is beyond lala land fantasy,

Further reading for those interested, here

In my experience, forgeries could be identified with a few phone calls and a day or two of waiting at the most. This has been nearly a week. No comment from anyone. Its either the biggest forgery and attempted heist in history, or....

And - why would any forger try and create an instrument that could never, ever be cashed? You are either so crap at forgery that your fakes look shit or you are good enough to realise that $500m bearer bonds are unrealisable without being fully investigated.

I am told that these are indeed Japanese Soverign owned and were being attempted to liquidate with a substantial haircut prior to the implementation of whatever was agreed at the BRIC summit.

Doubtful they are real as the owners would find a more creative means to get them into Switzerland... Hiding them in a false-bottom of a suitcase while accompanied by 2 lone Japs is stretching it a bit...

Originally Posted by passengers

In my experience, forgeries could be identified with a few phone calls and a day or two of waiting at the most.

in your experience ? I have no doubt you have a long experience in the domain of forgery

The lack of news reports on this subject is astounding.
The men were apprehended over a week ago and the Italian authorities are still waiting for the USA to tell them if the bonds are counterfeit or not.

^ it's a big fucking joke, not surprised nobody is following or the US Treasury is not even answering (on the top of having to lookup for very old records)

maybe if it was alien artifacts they were carrying in that suitcase, it would be more news worthy