Thread: Thousands to occupy Wall Street in protest

Originally Posted by koman

Originally Posted by misskit

Originally Posted by koman

...or do I have to write another long winded essay to explain that as well?...

NO! Please don't.

The US could use you over at Gitmo as their newest torture technique.

Fair enough. Let's just trade clever one liners then. That seems to be the extent of the left's ability to debate anything... would you like to lead off?....

Not true. We have to work unlike you who disseminates all our posts and spends a rather large amount of his retired day trying and failing for the most part to discredit them.

Koman I have wasted to much time reading your posts. When I do I come to realize that you always say the same thing when your posts are boiled down. I am done wasting my time. You are a very smart and well educated man however you have chosen to take on this movement for personal reasons.

You will be swept away and forgotten. Just like the old wood and the cobwebs you wife fails to clean.

Originally Posted by koman

Originally Posted by HansuMan

I take for granted that there are some $75/hr (~$150K/yr) jobs in the oil/gas industry in Dawson Creek, reserved for degreed/experienced engineers & exec's, as evidenced by my prior question to Minnie before they employed Boxer's Rule 25 (Vanish):

Thank you..... So Minnie's statement was not a lie then. It was simply a statement to the effect that jobs with payscales up to and including $75/hr were available, but nobody wanted to apply for any of them, regardless of the hourly rate. Calling anyone out for telling lies is generally not good form....even for a left wing loon, who, when it comes down to it, does not know what the fuck he's talking about.

^ I went ahead and added the rest of my quote there in yellow for you komen, since you apparently thought that part would be better not quoted, as it undermines your transparently-thin case for how Minnie's not a liar after all...

And I still call Minnie a LIAR- coz as you'll see in Minnie's cited SOURCE, there is no mention of $75/hour jobs whatsoever- that was purely a LIE which Minnie chose to add-on to the story to give it the desired (albeit fraudulent) effect of smearing all Vancouver OWS folks as demonstrably lazy & insincere. WHERE in that source is Dawson Creek Mayor Mike Bernier quoted as having told Vancouver OWS folks anything related to $75/hour jobs??

As to your ongoing effort komen to minimize the significance of Minnie's LIE and your subsequent making propaganda hay of it, & now your feverish attempts to project your conspicuous "making something out of nothing" behavior onto your opponent-- again readers can judge your "honor & integrity" based on your own past replies regarding Minnie's LIE:

Originally Posted by koman

I wonder why none of these defenders of freedom and true democracy would not be prepared to accept $75 an hour to work....(see post by Minnie Maughan a bit back) I suppose moving up to a place like Dawson Creek would interfere with their camping, and fixing the global economy....hardly worth it for a mere $75 an hour. Also, I suppose that the kind of work being offered might not be that suitable for someone with a BA in Byzentine art studies....being as you might have to break a sweat once in a while.... We do live in such an unfair world, don't we?..

Originally Posted by koman

He was making a very valid point that your revolutionaries are (at least in Vancouver) out there, howling about all the things are just not up to their expectations, and how deprived they are, but at the same time not one of them apparently was willing to move to the charming metropolis of Dawson Creek for a $75 an hour job.

Lastly, you can continue trying to pin lefty/righty/yada/yada labels on me, or OWS supporters generally until the cows come home-- I for one don't fit into any of these phony mind-kontrol pigeonholes- and I challenge you to cite a past post of mine anywhere which demonstrates otherwise.

IMHO "Left vs Right" is a fraudulent, divide & rule paradigm, ditto "OWS vs Teabaggers" - main diff in the latter case being that towards the end the teabaggers were more conspicuously co-opted by zio-stooges like Beck & Palin & the dark side they work for. Teabagger attendees were a diverse lot, same as OWS, and teabaggers were sharply divided over their movement's eventual co-opting by such zio-tools. But alas there's skepticism in OWS now over TPTB's co-opting attempts, to wit:

Elites Launch Another Dystopian Mindbender

Posted on December 18, 2011 by Zen Gardner


How’s that for cognitive dissonance? After outright media blackout, ridicule, and violent police oppression, this mind-bending “honor” arises. Smell anything fishy here? AFP – Time magazine named the collective “protester” around the world as its … Continue reading →

komen, I've noticed you & your "anti-OWS" comrades Boxer & Minnie, have as your most persistent propaganda agenda within this thread, the goal of DIVIDING/POLARIZING PEOPLE, and the viable reform-movements they form, through constantly evoking worn out emotion-tugger "Left vs Right" Divide & Rule propaganda, as you seek to "frame the debate" and pigeonhole diverse people with these silly, fraudulent mind-kontrol labels.

Why is that?

Originally Posted by Boon Mee

^
Snubbles...words fail me for you are thicker than fock about nearly everything that's ever been discussed on this thread.

Very grave doubts re your stability - jing, jing. [...]

See that doctor before it's too late...

Yet another splendid specimen demonstrating Boxer's standard "invert reality & project onto opponent" Chutzpah Maneuvering! Boxer describes his own ahem, "personality" to a tee in that reply, and tries then to project it onto one of his opponents, AGAIN... priceless!

Reminds me of this old Boxer classic,

Originally Posted by Boon Mee

how long you gonna be one of those Useful Idiots, eh?

You keep on keepin' on there, Boxer!

(you'd want to replace "Napoleon" with "O'Reilly" there of course)

9 min MSNBC clip inside, @ 3:40 commentator Chris Hayes speaks in favor of "Occupy our Homes",


The Unnatural Disaster Hitting Americans Where They Live

Originally Posted by bsnub

Koman I have wasted to much time reading your posts. When I do I come to realize that you always say the same thing when your posts are boiled down. I am done wasting my time. You are a very smart and well educated man however you have chosen to take on this movement for personal reasons.

When it comes to debate Koman is one notch above Taxexile, and only then because he writes his own material instead of cutting and pasting, it's just rehashed ideological dogma rather than reasoned or constructive opinion.

Koman...it's virtually useless arguing with these useless idiots. I say useless for that's what they are vs. useful idiots. Haven't achieved that level yet. It's all subjective thinking on their parts...

In a recent Pew Foundation poll, 77 percent of respondents said too much power is in the hands of a few rich people and corporations.

That’s understandable. To take a few examples:

Wall Street got bailed out but homeowners caught in the fierce downdraft caused by the Street’s excesses have got almost nothing.

Big agribusiness continues to rake in hundreds of billions in price supports and ethanol subsidies. Big pharma gets extended patent protection that drives up everyone’s drug prices. Big oil gets its own federal subsidy. But small businesses on the Main Streets of America are barely making it.

American Airlines uses bankruptcy to ward off debtors and renegotiate labor contracts. Donald Trump’s businesses go bankrupt without impinging on Trump’s own personal fortune. But the law won’t allow you to use personal bankruptcy to renegotiate your home mortgage.

If you run a giant bank that defrauds millions of small investors of their life savings, the bank might pay a small fine but you won’t go to prison. Not a single top Wall Street executive has been prosecuted for Wall Street’s mega-fraud. But if you sell an ounce of marijuana you could be put away for a long time.

Not a day goes by without Republicans decrying the budget deficit. But the biggest single reason for the yawning deficit is big money’s corruption of Washington.

One of the deficit’s biggest drivers — Medicare – would be lower if Medicare could use its bargaining leverage to get drug companies to reduce their prices. Why hasn’t it happened? Big Pharma won’t allow it.

Medicare’s administrative costs are only 3 percent, far below the 10 percent average administrative costs of private insurers. So why not tame rising healthcare costs for all Americans by allowing any family to opt in? That was the idea behind the “public option.” Health insurers stopped it in its tracks.

The other big budgetary expense is national defense. America spends more on our military than do China, Russia, Britain, France, Japan, and Germany combined. The basic defense budget (the portion unrelated to the costs of fighting wars) keeps growing, now about 25 percent higher than it was a decade ago, adjusted for inflation.

That’s because defense contractors have cultivated sponsors on Capitol Hill and located their plants and facilities in politically important congressional districts.

So we keep spending billions on Cold War weapons systems like nuclear attack submarines, aircraft carriers, and manned combat fighters that pump up the bottom lines of Bechtel, Martin-Marietta, and their ilk, but have nothing to do with 21st-century combat.

Declining tax receipts are also driving the deficit. That’s partly because most Americans have less income to tax these days.
Yet the richest Americans are taking home a bigger share of total income than at any time since the 1920s. Their tax payments are down because the Bush tax cuts reduced their top rates to the lowest level in more than half a century, and cut capital gains taxes to 15 percent.

Congress hasn’t even closed a loophole that allows mutual-fund and private-equity managers to treat their incomes as capital gains.
So the four hundred richest Americans, whose total wealth exceeds the combined wealth of the bottom 150 million Americans put together, pay an average of 17 percent of their income in taxes. That’s lower than the tax rates of most day laborers and child-care workers.

Meanwhile, Social Security payroll taxes continue to climb as a share of total tax revenues. Yet the payroll tax is regressive, applying only to yearly income under $106,800.

And the share of revenues coming from corporations has been dropping. The biggest, like GE, find ways to pay no federal taxes at all. Many shelter their income abroad, and every few years Congress grants them a tax amnesty to bring the money home.
**


Get it? “Big government” isn’t the problem. The problem is big money is taking over government.


Robert Reich

Originally Posted by Boon Mee

Koman...it's virtually useless arguing with these useless idiots. I say useless for that's what they are vs. useful idiots. Haven't achieved that level yet. It's all subjective thinking on their parts...

ahh see, Boxer got us with his Chutzpah Maneuver again: invert & project... we've gotta watch that one!

koman your comrade Boxer is right of course - achieving his level of useful idiocy is not an achievement we get to see very often. He's surely his NWO bosses' most productive worker, unwittingly helping them usher in their fantastic plans,

This is from an Occupy group in Iowa. I hope this campaign gets some traction. It would show both Democrats and Republicans how dissatisfied voters are with the Republican presidential candidates and Obama.



Fellow 99 percenters:


Every four years, both major parties begin their Presidential nominating season in Iowa. On the evening of January 3rd, Republicans will go to their local precinct locations to caucus. Democrats will also go to precinct locations to caucus that night. It is a chance for Iowans to have their voices heard on the Presidential candidates and to begin the process that will select delegates to both national party conventions.


Every Iowan who identifies with the 99 percent should caucus on the evening of January 3rd. But after years of foreclosure, bailouts, corruption, warfare, corporate welfare and the erosion of our freedoms we cannot support any of the Presidential candidates. We cannot consent to this broken system any longer. We will join with our neighbors and caucus for “uncommitted.” Uncommitted means we support no candidates and sends a strong message to the leaders of both parties. Link on how to caucus.

After caucusing for “uncommitted” we will select delegates to the county conventions that also reflect our uncommitted views. In turn, those county delegates will select uncommitted delegates to go to the District conventions and to both state Democratic and Republican conventions. At the state conventions, we will select uncommitted delegates to go to both national party conventions.
Find your caucus location, and on January 3rd caucus for “UNCOMMITTED”


Occupy IA Caucus | Just another WordPress site

Originally Posted by Neo

Originally Posted by bsnub

Koman I have wasted to much time reading your posts. When I do I come to realize that you always say the same thing when your posts are boiled down. I am done wasting my time. You are a very smart and well educated man however you have chosen to take on this movement for personal reasons.

When it comes to debate Koman is one notch above Taxexile, and only then because he writes his own material instead of cutting and pasting, it's just rehashed ideological dogma rather than reasoned or constructive opinion.

I can't possibly address all of the posts with their diverse angles of attack, so I will just start with the one above....

First for bsnub. I'm sorry you have wasted so much of your valuable time reading.... It's much better not to read. Reading can really confuse an undeveloped mind at times, so best not take any more risk.....
Shutting out any alternative view or opinion is definitely the way forward in saving the world. Good luck with that...

and Neo; Thanks for placing me above Taxexile....very civil of you....
It's true; I do write all of my own posts. Not a cut n' paste to be found anywhere in my portfolio. As to the ideological dogma bit....well that's a bit of a stretch coming from a guy who posts half the content of Russian TV, and fringe element internet sites..... There does seem to be a certain ambivilance towards anyone who can think independently and write their own stuff on this thread. Thank goodness for Google and on-line dictionaries....the whole thread would be comprised of five word posts without such resources.
Still; being ahead of Taxile is very flattering.....

Oh and HS... I do understand your obsession with falling buildings and $75/hr job rates...and I'm sorry Minnie has done a runner on you. I'm sure things will get better for you if we can bring Minnie back to the table....

Misskitty has raised her game and is now posting some OWS stuff that actually makes a bit of sense...and she has stopped calling me a fascist; at least for the last 24 hrs... happy days are here again..

My apologies to anyone I've missed.......

NOW.....believe it or not, some changes in bank supervision and regulation is in the wind. The Wall St guys are horrified of course, but it is coming as a result of recommendations being developed by the Basel Committee on Bank Supervision....headed up by one Mark Carney...who is also the Gosvenor of the Bank of Canada. Carney is despised by the Wall St CEO's because he is a real banker and a man of the highest integrity and intelligence. He is highly regarded by just about everybody...except for the CEO's of Goldman Sachs, Morgan Case etc.
Sorry if this little bit of news distracts from the petty sniping and name calling, but I thought somebody might be interested. Oh...Mark Carney does not occupy anywhere except for his own house and office.....but somehow he gets things done.

and this is what he has to say about the OWS:
.
In an interview with CBC's Peter Mansbridge, Bank of Canada Governor Mark Carney called the demonstrations, "entirely constructive."

"I understand the frustration of many people, particularly in the United States," he said. "You've had increase in inequality because of ... globalization, because of technology. You've had a big increase in the ratio of CEO earnings to workers on the shop floor."

The financial crisis, he says, has only exacerbated those feelings.
"There's a frustration with policy, that is understandable, and a frustration that, ‘Are things going back to business as usual … in the way the financial system functions?’" he said. "Now if I may say, that is not what's going to happen, but I can understand the frustrations that are there."
As for the Canadian financial system, Carney says that further reform is coming soon.
"We are, in the next few weeks, going to take some very important measures that are going to help end 'too big to fail.' It's not going to absolutely end it, but it's a big, big step," he said. "From my part of the world, what we can do is those reforms that are going to change the game for Wall Street, for Bay Street, for the way that the financial system functions."

Now I'm not quite in the Mark Carney league....but I've been saying right from the get-go that changes will come...and that they will be driven by people inside the system...and not some rabble chanting slogans in a city park. I think he was being very kind when he used a term like entirely constructive but he's a very diplomatic guy... and a civil servant.... Still I'm sure such a nice gesture will give bsnub, pussy and a few others goose bumps..... ....me too, because this branded fascist is a big fan of Mark Carney and his way of thinking.....shocking huh?

^Just gotta wonder why he even bothered to mention OWS if they are such a worthless bunch of riff-raff.

The Occupy groups have a long way to go before they let up.

Though the media have declared them dead, there are now 61 Occupy encampments in the US now.

List of Active Occupy Encampments Across the Country – Now at 61 - FDL - Democratic Underground


Denver cops clear Occupy Denver; protesters set shelters aflame, then take to streets

At midnight today, they Tebowed.

Originally Posted by misskit

^Just gotta wonder why he even bothered to mention OWS if they are such a worthless bunch of riff-raff.

The Occupy groups have a long way to go before they let up.

He mentioned them because he was asked a question about them on national TV. His response was polite and very diplomatic....befitting someone in his position. Why do I have to keep repeating over and over that nobody (or at least not many) are against the call for changes to the system.

We all know the system is damaged and needs fixing. It is a question of how to fix it, and who will do it. There are many good people working in the financial sector who were sickened by the goings on in NYC and London in much the same way that good soldiers are sickened by the few who commit atorcities. The people inside the system will make the necessary changes with or without a bunch of anarchists messing up city parks and trying to shut down ports etc. How does wrecking damage to the system help to fix it? Is it like destroying the village to save it from the enemy??

In the end, it will always be cool rational thinkers and doers working quietly behind the glare of publicity who fix things.....not hyper-ventilating attention seekers.

Is there any glimmer of understaning out there in the fogbound world of liberalism yet?........

Originally Posted by koman

The people inside the system will make the necessary changes with or without a bunch of anarchists messing up city parks and trying to shut down ports etc. How does wrecking damage to the system help to fix it? Is it like destroying the village to save it from the enemy??

Tell me more about these inside people working to fix the problem in America. Let's see some links.

I don't think for one damn minute the politicians in Washington will give up their gravy train without being pushed to by their constituents.

Originally Posted by Boon Mee

^
Snubbles...words fail me for you are thicker than fock about nearly everything that's ever been discussed on this thread.

Very grave doubts re your stability - jing, jing. All those guns you have and your propensity to 'splash douche' - heck, we'll be reading about you any day now having shot up some innocent folks.

See that doctor before it's too late...

First let me say that you have never discussed anything on this thread. You have been nothing more than a useless spammer. You have brought not one valid point to this conversation. You are without a doubt the village idiot. Do yourself a favor and go back to your cartoon thread.

[QUOTE="misskit"]Tell me more about these inside people working to fix the problem in America. Let's see some links.[/QUOTE

The banking crisis was not just an American problem, and the solution will not be just made in America. Banking is global and very inter-connected. The Basel Commitee on Bank Supervision has and continues to develop new rules and regulations to oversee and secure the core of world banking systems.

It remains to be seen how much your Washington politicians try to stall the process, but much of the proposed reform is driven by political pressure from the financial industry itself, both inside and outside the US.....with the usual suspects opposing of course.

The first round is under way shortly........

A short press release from the Fed today gives some indication of the direction things are beginning to move in. I'm sure the comrades will be very cynical and disbelieving....they always have much better solutions.... Much better to squat in a city park or block a port gate...

Press Release
Release Date: December 20, 2011
For immediate release


The Federal Reserve Board on Tuesday proposed steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms. The proposal, which includes a wide range of measures addressing issues such as capital, liquidity, credit exposure, stress testing, risk management, and early remediation requirements, is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal generally may be designated applies to all U.S. bank holding companies with consolidated assets of $50 billion or more and any nonbank financial firms that by the Financial Stability Oversight Council as systemically important companies. The Board will issue a proposal regarding foreign banking organizations shortly. In general, savings and loan holding companies (SLHCs) would not be subject to the requirements in this proposal, except certain stress test requirements. The Board plans to issue a separate proposal later to address the applicability of the enhanced standards to SLHCs.
The Board is proposing a number of measures, including:

• Risk-based capital and leverage requirements. These requirements would be implemented in two phases. In the first phase, the institutions would be subject to the Board's capital plan rule, which was issued in November 2011. That rule requires firms to develop annual capital plans, conduct stress tests, and maintain adequate capital, including a tier one common risk-based capital ratio greater than 5 percent, under both expected and stressed conditions. In the second phase, the Board would issue a proposal to implement a risk-based capital surcharge based on the framework and methodology developed by the Basel Committee on Banking Supervision.
• Liquidity requirements. These measures would also be implemented in multiple phases. First, institutions would be subject to qualitative liquidity risk-management standards generally based on the interagency liquidity risk-management guidance issued in March 2010. These standards would require companies to conduct internal liquidity stress tests and set internal quantitative limits to manage liquidity risk. In the second phase, the Board would issue one or more proposals to implement quantitative liquidity requirements based on the Basel III liquidity rules.
• Stress tests. Stress tests of the companies would be conducted annually by the Board using three economic and financial market scenarios. A summary of the results, including company-specific information, would be made public. In addition, the proposal requires companies to conduct one or more company-run stress tests each year and to make a summary of their results public.
• Single-counterparty credit limits. These requirements would limit credit exposure of a covered financial firm to a single counterparty as a percentage of the firm's regulatory capital. Credit exposure between the largest financial companies would be subject to a tighter limit.
• Early remediation requirements. These measures would be put in place for all firms subject to the proposal so that financial weaknesses are addressed at an early stage. The Board is proposing a number of triggers for remediation--such as capital levels, stress test results, and risk-management weaknesses--in some cases calibrated to be forward-looking. Required actions would vary based on the severity of the situation, but could include restrictions on growth, capital distributions, and executive compensation, as well as capital raising or asset sales.

The Board is proposing that firms would need to comply with many of the enhanced standards a year after they are finalized. The requirements related to stress testing for bank holding companies, however, would take effect shortly after

Personally, I don't think this has gone nearly far enough, but it's a good start. Best to fight the battles that can be won first.....

^ On that note...This is why the federal reserve must go...

As first reported here, two weeks ago European banks saw the amount of USD-loans from the Fed, via the ECB's revised swap line, surge to over $50 billion - a total first hit in the aftermath of the Bear Stearns failure prompting us to ask "When is Lehman coming?" However, according to little noted prepared remarks by Anthony Sanders in his Friday testimony to the Congress Oversight Committee, "What the Euro Crisis Means for Taxpayers and the U.S. Economy, Pt. 1", we may have been optimistic, because the end result will be not when is Lehman coming, but when are the next two Lehmans coming, as according to Sanders, the relaunch of the Fed's swaps program may "get to the $1 trillion level, or perhaps even higher." As a reference, FX swap line usage peaked at $583 billion in the Lehman aftermath (see chart). Needless to say, this estimate is rather ironic because as Bloomberg's Bradely Keoun reports, "Fed Chairman Ben S. Bernanke yesterday told a closed-door gathering of Republican senators that the Fed won’t provide more aid to European banks beyond the swap lines and the discount window -- another Fed program that provides emergency funds to U.S. banks, including U.S. branches of foreign banks." Well, between a trillion plus in FX swap lines, and a surge in discount window usage which only Zero Hedge has noted so far, there really is nothing else that the Fed can possibly do, as these actions along amount to a QE equivalent liquidity injection, only denominated in US Dollars. Aside of course to shower Europe with dollars from the ChairsatanCopter. Then again, before this is all over, we are certain that paradollardop will be part of the vernacular.

Historical ECB swap line usage with the Fed, and projected assuming $1+ trillion in use. Just to put it all into perspective.



For all those lamenting the ECB's lack of willingness to print, fear not: the almighty Chairsatan has vowed to valiantly take his place when needed. As in 2 weeks ago. From Bloomberg:

"European financial companies led by Royal Bank of Scotland Plc were borrowing about $538 billion directly from the Fed when the central bank’s emergency loans to all banks peaked at $1.2 trillion on December 2008, according to a Bloomberg News examination of data released by the Fed under last year’s Dodd- Frank Act and earlier this year under court-upheld Freedom of Information Act requests.

The Fed hasn’t provided any estimates of how large the swap lines might get, said David Skidmore, a Fed spokesman. He declined to elaborate.

“To get above $600 billion wouldn’t be a stretch,” said Desmond Lachman, a former International Monetary Fund deputy director who’s now a resident fellow at the American Enterprise Institute, a conservative public-policy center in Washington. “You’re talking about a European banking system that is huge in relation to that of the United States.”

Josh Rosner, a banking analyst with New York-based Graham Fisher & Co., said the Fed’s swap lines may end up helping Europe support banks that might not deserve emergency loans.

“As a result of this commitment of financial support, we’re now supporting undemocratic approaches implemented largely by authorities who have demonstrated an ongoing inability to either recognize the scope and scale of the problems or come to a consensus on the proper approach,” Rosner said.

The ultimate size of the swap lines is “unknowable at this point,” he said."

For those wondering what all this means, we remind you that there was a roughly $6.5 trillion synthetic (duration mismatch) USD short as of 4 years ago, as we reported at the time. That short has gotten substantially larger following a 4 year regime of the USD as a funding currency courtesy of ZIRP. Which means that any time the liquidity shortage threatens to collapse the system, the first thing to go stratospheric will be the USD as the global financial system scrambles to cover its short. It also means that anything the Fe and/or ECB can do from a pure printing standpoint will be peanuts compared to the utter carnage unless the dollar short is not preserved. Which naturally means that it is up to the Fed to continue drowning the world in either nominal dollars, or swapped ones, such as under the form of a USD-EUR swap, which is nothing but a forward operations. In essence, with the FX swap lines, the Fed engages in the ultimate currency warfare tool: it sells dollars to the entities most needy. And it does so, because if it doesn't, said needy entities will implode, and the hollow financial dominoes will topple, leading to a mess that not even infinite synthetic or real printing of binary of paper dollars, euros, or anything else will do to fix.

Which is why all those wondering if gold should be bought now or the second after the ECB starts printing, we have one piece of advice: just look at the chart above. It says all one needs to know.

Lastly, since the Sanders testimony is worth a read in and of itself, we recreate it below. Some of the choice selections:

The Eurozone is teetering on collapse and it has been decades in the making. The cause of their problems is 1) excessive government spending leading to 2) excessive government debt coupled with 3) slow GDP growth.

If we look at Household and Financial Debt in addition to Government Debt, the UK’s Debt to GDP ratio exceeds 900%. Japan is over 600% and Europe is almost 500% Debt to GDP. The U.S. is over 300%. In summary, Euro, Japan and the U.S. are drowning in debt. And a recent article from economists at the ECB that finds:

The European Union will unify, break up or downsize. But regardless of what option they choose, they still have too much spending and debt relative to the ability to pay for it: GDP growth. But additional debt is not the answer. It is the problem.

The obvious solution is austerity (reduction in government spending). But making loans to the European Central Bank or individual countries doesn’t solve the underlying structural problems; it only makes the Debt to GDP problem even worse. It is simply a short-term solution and actually encourages the Eurozone to delay making the hard decisions.

http://www.zerohedge.com/news/fed-ma...ail-out-europe

Originally Posted by koman

Banking is global and very inter-connected. The Basel Commitee on Bank Supervision has and continues to develop new rules and regulations to oversee and secure the core of world banking systems.

Originally Posted by bsnub

The European Union will unify, break up or downsize. But regardless of what option they choose, they still have too much spending and debt relative to the ability to pay for it: GDP growth. But additional debt is not the answer. It is the problem.

Totally agree. The result of widespread socialist government, elected by populations intoxicated by entitlements. So is this the brave new world you want for Merica?.... Your US debt/GDP ratio looks remarkably good compared to those worker's paradises across the pond.....

What would you use to replace the Federal reserve? ...an OWS owned Credit Union?
So easy to talk...so hard to deliver......you have to have a central bank, you just have to be careful about who owns/runs it....