Bank secrecy masks a world of
crime and destructionBanks seem willing to exploit the loopholes found in tax
havens and it's costing the British taxpayer dear" (source: the guardian)…If
anybody has actually read any of my postings and comments, which is not at all
certain since I do not read other blogs, posts and comments, they will have
seen how I have been advocating the end of Tax Havens and fancy avoidance
schemes for years. I have been saying we are in a world war: the 1% against the
99%. It was in my report sent to Governments in 2009: A MORAL PATH TO RECOVERY,
which can still be read on my blog's archived posts, I maintain that Wealth Management, offered by
the big banks, is code word for tax evasion on a massive scale. It has grown
into a major industry of the rich for the rich, by the rich actually sponsored
by Governments which have allowed the privileged elite to avoid paying taxes.
And we wonder why our countries are in debt and the economies stagnating. The
banks have been exposed as virtually corrupt, fraudulent, criminal
organizations and yet not one single banker has been brought to justice. The 13
trillion dollars hidden away as calculated by the Tax Justice Network simply
must be recovered if Europe and America are to survive as democracies. The 99%
just cannot support any more austerity measures, cut backs and increased taxes.
That is the simple choice we face. The 1% know they cannot hold out for ever
but they seem too shortsighted to understand that if the majority sinks they
will go down too....Well, as long as we allow banks to hold a license to create
money as debt, there will be no solution to this or any of the other corrupt
activities of banks. Take away their power to do something and they will buy it
back with the stroke of a pen. Banks are masters of our universe - but ONLY
because we allow them to create 97% of our money supply when they extend loans.
Until we restore the utility of money to a public accountable body in the
national interest the bankers (in collusion with the political power they can
buy so easily) will do as they please.
Access Investments-Building Awareness - European Union-ROMANIA
Tuesday, July 24, 2012
Bank secrecy masks a world of
crime and destructionBanks seem willing to exploit the loopholes found in tax
havens and it's costing the British taxpayer dear" (source: the guardian)…If
anybody has actually read any of my postings and comments, which is not at all
certain since I do not read other blogs, posts and comments, they will have
seen how I have been advocating the end of Tax Havens and fancy avoidance
schemes for years. I have been saying we are in a world war: the 1% against the
99%. It was in my report sent to Governments in 2009: A MORAL PATH TO RECOVERY,
which can still be read on my blog's archived posts, I maintain that Wealth Management, offered by
the big banks, is code word for tax evasion on a massive scale. It has grown
into a major industry of the rich for the rich, by the rich actually sponsored
by Governments which have allowed the privileged elite to avoid paying taxes.
And we wonder why our countries are in debt and the economies stagnating. The
banks have been exposed as virtually corrupt, fraudulent, criminal
organizations and yet not one single banker has been brought to justice. The 13
trillion dollars hidden away as calculated by the Tax Justice Network simply
must be recovered if Europe and America are to survive as democracies. The 99%
just cannot support any more austerity measures, cut backs and increased taxes.
That is the simple choice we face. The 1% know they cannot hold out for ever
but they seem too shortsighted to understand that if the majority sinks they
will go down too....Well, as long as we allow banks to hold a license to create
money as debt, there will be no solution to this or any of the other corrupt
activities of banks. Take away their power to do something and they will buy it
back with the stroke of a pen. Banks are masters of our universe - but ONLY
because we allow them to create 97% of our money supply when they extend loans.
Until we restore the utility of money to a public accountable body in the
national interest the bankers (in collusion with the political power they can
buy so easily) will do as they please.
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7 comments:
Manufacturing production in Germany fell to a 37 month low in June, according to a respected survey.
Markit's 'flash PMI' for Germany's manufacturing sector fell to 43.3, from 45 in June. Any reading below 50 reflects a contraction.
The country's services sector also contracted slightly, with a reading of 49.7 (vs. 49.9). Tim Moore, senior economist at Markit, said that the data pointed to a contraction in the German economy in the second quarter. He said:
July’s survey highlights that German business conditions are far less healthy than those seen during the first half of 2012, especially across the manufacturing sector where new export orders fell at the fastest pace for over three years. A solid overall drop in output during July represents the worst start to any quarter since Q2 2009. Moreover, an accelerated decline in new work means that the stage could well be set for a steeper drop in GDP than the 0.2% fall recorded at the end of 2011.
After opening broadly flat, stock markets are heading south. The IBEX 35 in Madrid has fallen 1pc, while the FTSE Mib in Milan has dropped 0.7pc.
London's benchmark FTSE 100 index is flat, at 5,524.65.
09.00 I spoke too soon about falling borrowing costs in Europe. Ten year yields in Spain are now at fresh euro-era highs of 7.569pc, while Italian yields have just soared to 6.46pc.
08.56 Germany has avoided recession this year, after posting growth of 0.5pc in the first three months of the year.
The country will announce an inital estimate of GDP growth for the second quarter next month
Why, when the credit ratings agencies have announced to a US Senate enquiry that they just "give opinions", do we insist on listening to them?
Because they tend to be rather well informed opinions, and it is generally to our advantage to listen to them, rather like when a doctor states his opinion that smoking is bad for you. Of course we don't have to listen, but we are well advised to do so
I think you're looking at the wrong part. If the unwinding of the eurozone was the reason, Finland would have lost its stable rating.
Here's, what Moodys say about Finland (With a very interesting comment bolded):
Finland, with its stable outlook, is now the sole exception among the Aaa-rated euro area sovereigns. Although Finland would not be expected to be unaffected by the euro crisis, its net assets (Finland has no debt on a net basis), its small and domestically oriented banking system, its limited exposure to, and therefore relative insulation from, the euro area in terms of trade, and its attempts to collateralise its euro area sovereign support together provide strong buffers which differentiate it from the other Aaas.
"The overall picture of stabilisation is masking an increasing problem in Germany and the core is being increasingly affected by the debt crisis."
Data from Germany showed that the private sector had experienced its fastest falls in output and new business since June 2009.
Factory output fell to a 37-month low of 42.8 in July from 44.8 in June and services activity shrank to 49.7 from 49.9 in June.
In France, private sector output fell at its slowest rate in four months. A stabilisation in the services sector offset a weaker manufacturing performance.
Factory activity fell at its fastest pace in over three years, while the services sector confounded expectations by rising to a six-month high of 50.2 from 47.9 in June.
Markit said that upturn was likely temporary, citing a return to business as usual after a presidential election.
More alarming signs for Spain.
1) The cost of insuring its government debt against default has hit a new record high.
The Spanish credit default swap contract has jumped by 16 basis points to 640bp (so it would cost €640,000 a year to insure €10m of Spanish five-year bonds).
Gavan Nolan of Markit points out that a Spanish CDS is now 65 basis points HIGHER than the Irish equivalent, even though Ireland has already been forced out of the money markets and into a bailout.
2) The Spanish 10-year bond yield has nudged even higher, to a new euro-era record of 7.601%. There's no respite for Spain in the bond markets.
More alarming signs for Spain.
1) The cost of insuring its government debt against default has hit a new record high.
The Spanish credit default swap contract has jumped by 16 basis points to 640bp (so it would cost €640,000 a year to insure €10m of Spanish five-year bonds).
Gavan Nolan of Markit points out that a Spanish CDS is now 65 basis points HIGHER than the Irish equivalent, even though Ireland has already been forced out of the money markets and into a bailout.
2) The Spanish 10-year bond yield has nudged even higher, to a new euro-era record of 7.601%. There's no respite for Spain in the bond markets.
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