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Macro Analytics - 04-10-12 - Financial Repression
1. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
2. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Ty Andros
Tedbits.com
Traderview.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
3. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Gordon T Long
GordonTLong.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
4. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Gordon T Long Ty Andros
GordonTLong.com Tedbits.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
5. THESIS 2012: FINANCIAL REPRESSION
GordonTLong.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
6. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
7. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
8. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
9. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
10. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
11. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
THESIS 2012: FINANCIAL REPRESSION
GordonTLong.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
12. Macro Analytics
April 10th, 2012
“A Dubious Deal for Greece”
• It is both a bad and unworkable deal. This is not just my opinion but in fact the opinion, of the
Sustainability Report commissioned by the EU.
• There is an old adage in the financial world that when you need to solve a mysterious and
complex puzzle: "Always follow the Money". We did this and found unprecedented amounts of
money is flowing from Greece (and the EU peripheral GIIPS) to German Banks or sister banks in
the Global Banking "fraternity",
• We are witnessing EU banks being able to borrow unlimited amounts of money from the ECB (€3
Trillion) through questionable vehicles such as LTRO for 1%. Yet Greece is unable to borrow from
the ECB, even though it would pledge the same Greek Bonds that the Banks are pledging as
collateral for their 1% loans. There was a time where the logic for the ECB not lending directly to
Greece made sense to this writer. Today, based on ECB collateral policy it no longer does. The
obvious is being hidden from view.
• The GIIPS are pledging Assets, Gold and future Taxation income for Euros, which are being
created on computer screens at the ECB and Global banks. The Banks are receiving real assets
while lending out "paper'.
• The Macro Prudential policy of Financial Repression describes the exchange of Money for
Wealth, between a Sovereign government and its people. Presently the same thing is happening in
Europe, but here it is also between the Global Banking cartel and the Sovereigns. Whether
Regulatory Arbitrage (shown left) or Financial Repression (see 2012 Thesis), it is fundamentally
about the exchange of questionable 'paper' assets for guarantees of cash streams through
servitude of labor.
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
13. Macro Analytics
April 10th, 2012
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
14. This chart accompanies the podcast recorded
November 11th, 2011
WHO ARE THESE MEN?
ITALY GREECE
MARIO MONTI LUCAS PAPADEMOS
ECONOMIST ECONOMIST
Education: Yale (Keynesian) Education: MIT (Keynesian)
Professor: Turin, Bocconi (25 years) Professor: Columbia, Athens (20 Years)
Distinction: Klein-Monti Model Distinction: BoG Governor (Drachma)
Technocrat: EC Since 1994 Technocrat: ECB Since 2002
Tri-Lateral Commission Tri-Lateral Commission – Since 1998
European Chair
Bilderberger Steering Committee
Listen to the original podcast for this slide at either www.GordonTLong.com/GlobalInsights or www.TraderView.com/GlobalInsights
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
15. This chart accompanies the podcast recorded
November 11th, 2011
GREECE’S PAPADEMOS
His first task will be to THE Banker’s Banker in
secure a badly needed €8b Charge of Negotiations?
aid tranche from the EU & Its Official : The fox is in
IMF charge of hen house!
Only an INTERIM until Feb 90 Days (No Referendum -
19th, 2010 Elections the dirty work)
Papademos sought a cabinet New Democracy leader Antonis
that included members of the Samaras fought having
top parties (for demonstrate heavyweights from his party
broad support). associated with the unpopular
cuts as elections loomed.
“Though it remains to be seen “the reported concessions
whether the major parties will appear to give him a strong
fully back Mr. Papademos — starting position”. (Yeh, right -
their eyes are cast to the next its all yours baby as politicians
elections, and have little go to the mattresses!)
“Mr. Papademos sought an interim appetite for tough reform”
tenure free of political interference”
Listen to the original podcast for this slide at either www.GordonTLong.com/GlobalInsights or www.TraderView.com/GlobalInsights
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
16. This chart accompanies the podcast recorded
November 11th, 2011
ITLAY’S MONTI
THE Banker’s Banker in
Charge of Negotiations?
Its Official : The fox is in
charge of hen house!
Only an INTERIM until Non-confidence likely as
Elections called –’An soon as dirty work is done.
Emergency Government’
THE SET-UP: THE SPIN (WSJ):
In a highly critical editorial in Il "He doesn't owe anything to any
Corriere, Mr. Monti chastised the political party. He's not there to be a
premier for saying that the euro politician. He's there to do what's
wasn't a convincing currency. necessary" said Gaia Gualtieri, 32,
"Every time [borrowing] rates rise who helps her father run a small
because of scant faith in Italy, you textile manufacturer in Prato. Ms.
impose even more sacrifices upon Gualtieri hopes Mr. Monti will free
Italians." businesses from labor codes that
make it hard to hire and fire.
Listen to the original podcast for this slide at either www.GordonTLong.com/GlobalInsights or www.TraderView.com/GlobalInsights
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
17. This chart accompanies the podcast recorded
November 11th, 2011
WHO ARE THESE MEN?
ITALY GREECE
MARIO MONTI LUCAS PAPADEMOS
ECONOMIST ECONOMIST
Education: Yale (Keynesian) Education: MIT (Keynesian)
Professor: Turin, Bocconi (25 years) Professor: Columbia, Athens (20 Years)
Distinction: Klein-Monti Model Distinction: BoG Governor (Drachma)
Technocrat: EC Since 1994 Technocrat: ECB Since 2002
Tri-Lateral Commission Tri-Lateral Commission – Since 1998
European Chair
Bilderberger Steering Committee
Listen to the original podcast for this slide at either www.GordonTLong.com/GlobalInsights or www.TraderView.com/GlobalInsights
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
18. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
THESIS 2012: FINANCIAL REPRESSION
GordonTLong.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
19. Macro Analytics
April 10th, 2012
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
20. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
PROPERLY ADJUSTED for INFLATION The DEVELOPED WORLDS ECONOMIES ARE DECLINING at
a 8 to 10% of GDP annually!
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
21. Macro Analytics
March 29th, 2012
CORPORATOCRACY & STATISM
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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22. Macro Analytics
March 29th, 2012
CORPORATOCRACY & STATISM
Government + Corporations = Fascism
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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23. Macro Analytics
March 29th, 2012
CORPORATOCRACY & STATISM
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
24. Macro Analytics
March 29th, 2012
CORPORATOCRACY & STATISM
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
25. THESIS 2012: FINANCIAL REPRESSION
GordonTLong.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
26. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
PROPERLY ADJUSTED for INFLATION The DEVELOPED WORLDS ECONOMIES ARE DECLINING at
a 8 to 10% of GDP annually!
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
27. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Annual Deficits
While their total DEBTS are COMPOUNDING at about the same RATE!
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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28. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
REAL DEBT to GDP not including UNFUNDED entitlements which are 100’s of percent of GDP
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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29. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
30. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
REAL DEBT to GDP not including UNFUNDED entitlements which are 100’s of percent of GDP
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
31. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
32. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
33. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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34. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Debt to GDP in ALL sectors is over 330 PLUS percent
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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35. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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36. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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37. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Time Bombs…er…Bonds
2.7 Trillion Euros Must Roll in 2012
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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38. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
39. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
40. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
41. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
42. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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43. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
44. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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45. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this
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46. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
EU's Prodi Admits Leaders Knew Euro Would Cause Ruin but Hoped Political Union Would Follow February 20, 2012
Romano Prodi, who in 2002 was President of the European
Commission .... Prodi:
"Well, the difficult moments were predictable. When we created
the euro, my objection, as an economist (and I talked about it
with Kohl and with all the heads of government) was: how can
we have a common currency without shared
financial, economical and political pillars? The wise answer was:
for the moment we've made this leap forward. The rest will
follow ... Then instead came the Europe of fear: fear of
China, fear of immigrants, fear of globalization. So it was clear
that this crisis would arrive. But the euro is so
important, it's so convenient for everyone — especially
Germany — that I've no doubt that the euro won't just
survive, but it will be one of the landmarks for the world
economy." – Euro News
The EU's top politicos knew what was going to happen to the
European Union and in fact, they planned for it. We can see
from this shocking excerpt just how duplicitous these "leaders"
were.
Yes, Romano Prodi has now actually admitted it. Those
running the EU, and those standing behind them, are
trying to create world government and the European
Union was evidently and obviously created as a stepping-
stone.
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
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47. THESIS 2012: FINANCIAL REPRESSION
GordonTLong.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
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48. THESIS 2012: FINANCIAL REPRESSION
GordonTLong.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
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49. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
THESIS 2012: FINANCIAL REPRESSION
GordonTLong.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
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50. Macro Analytics
April 10th, 2012
FINANCIAL REPRESSION in EUROPE
Ty Andros
Tedbits.com
Traderview.com
Listen to the original podcast for this slide at www.GordonTLong.com/Macro_Analytics
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51. DISCLOSURE STATEMENT AND TERMS OF USE
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Editor's Notes
As you recall when Christina Lagarde was appointed I always research who these people are - not the carefully crafted images presented to the media- for what ever reason and by whoever – but the reality.MARIO MONTI He is European Chairman of the Trilateral Commission, a think tank founded in 1973 by David Rockefeller[3] and is also importantly a member of the Bilderberg GroupHe completed graduate studies at Yale University, where he studied under James Tobin, the Nobel prize-winning economist => Proven Keynesian His research has helped to create the Klein-Monti model, aimed at describing the behaviour of banks operating under monopoly circumstances. In 2010, Monti produced a Report on the future of the Single Market proposing further measures towards the completion of the EU single market On 15 September 2010 Monti supported the new initiative Spinelli Group, which was founded to reinvigorate the strive for Federalisation of the European Union (EU). A BANKER WITHIN THE INNER CIRCLE – A BUREAUCRAT – Never elected, always “appointed” by the powers to be.LUCAS PAPADEMOS Member of the Tri-Lateral Commission Taught at Columbia and Athens for close to 20 years Bank of Greece in 1985 and rose to Governor in 2002. During his time as Governor of the national bank, Papadimos was involved in Greece's transition from the drachma to the euro as its national currency. Moved to ECB in 2002 as VP under Jean-Claude Trichet.A BANKER WITHIN THE INNER CIRCLE – A BUREAUCRAT – Never elected, always “appointed” by the powers to be.MY VIEWS ON ACADEMICS : Needy for Recognition more than anything – Collectors of Gold Stars (not money -> Titles mixed with altruism = They can be manipulated by those who can flatter and have more sinister motivations and
A SHAM – PUBLIC MONEY PUMPING Greece is about to get another installment of 8b Euro which has been coming more or less on a quarterly installment basis. Greece is running a primary deficit of approximately 6b Euro. So that is 1.5 billion per quarter. So about 19 cents of every Euro of bailout money makes it way to fund Greece's current overspending.Greek banks hold about 75 billion of debt and other Greek entities hold about 25 billion, bringing the total to 100 billion. Assuming about 350 billion in total debt that means about 23 cents go to Greek entities as debt service. That number is a bit misleading, as much of this has been pledged to the ECB for funding, so although it supports the Greek banks, it also goes to the ECB. The ECB holds 55 billion of Greek bonds directly. So 18 cents of every Euro of the bailout goes to the ECB. The "market" and "bilateral loans" total about 175 billion from what we could find. This is a bit lower than the 205 billion the IIF is talking about, but seems in the right ballpark. So about 40 cents of every Euro of the bailout is used to service debt held by non Greek banks and financial institutions.We didn't look at the specific maturities, and just used averages. To the extent Greek pension funds for example, hold longer dated maturities, less of the money is really going to them, but for now lets assume that each group holds a similarly balanced portfolio. We also haven't figured out about the 90 billion of derivative exposures Greece has and whether any bailout money is being used to pay on those. In the end less than 19 cents of the bailout are going to allow Greece to continue its overspending. About 23 cents goes to Greek institutions, though at this point, all of that is held by the ECB, so it is not fully benefiting Greece.18 cents are going to the ECB directly and 40 cents are going to banks and insurance companies outside of Greece. So at least 58 cents of every bailout Euro is going outside of Greece, and depending on how you treat the repo agreements, that number could easily be 70 cents.THE PATIENT IS DEAD!!!!! IT IS THE HOST THE PARAPSITES ARE LIVING OFF!!!
It is hard to see how the resignation of Silvio Berlusconi makes any difference. He has run one of Italy's most stable post-war governments. Elections are likely to throw up a splintered political mix, with gains for the Left but no one bloc able to put together a strong coalition. The nation remains bitterly divided on redundancy law and "firm-level" wage bargaining. The trade unions remain militant.
As you recall when Christina Lagarde was appointed I always research who these people are - not the carefully crafted images presented to the media- for what ever reason and by whoever – but the reality.MARIO MONTI He is European Chairman of the Trilateral Commission, a think tank founded in 1973 by David Rockefeller[3] and is also importantly a member of the Bilderberg GroupHe completed graduate studies at Yale University, where he studied under James Tobin, the Nobel prize-winning economist => Proven Keynesian His research has helped to create the Klein-Monti model, aimed at describing the behaviour of banks operating under monopoly circumstances. In 2010, Monti produced a Report on the future of the Single Market proposing further measures towards the completion of the EU single market On 15 September 2010 Monti supported the new initiative Spinelli Group, which was founded to reinvigorate the strive for Federalisation of the European Union (EU). A BANKER WITHIN THE INNER CIRCLE – A BUREAUCRAT – Never elected, always “appointed” by the powers to be.LUCAS PAPADEMOS Member of the Tri-Lateral Commission Taught at Columbia and Athens for close to 20 years Bank of Greece in 1985 and rose to Governor in 2002. During his time as Governor of the national bank, Papadimos was involved in Greece's transition from the drachma to the euro as its national currency. Moved to ECB in 2002 as VP under Jean-Claude Trichet.A BANKER WITHIN THE INNER CIRCLE – A BUREAUCRAT – Never elected, always “appointed” by the powers to be.MY VIEWS ON ACADEMICS : Needy for Recognition more than anything – Collectors of Gold Stars (not money -> Titles mixed with altruism = They can be manipulated by those who can flatter and have more sinister motivations and