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mathematically perfected economy™ (MPE™)    1  :   the singular integral solution of  1) inflation and deflation,  2) systemic manipulation of the cost or value of money or property, and  3) inherent, artificial multiplication of debt into terminal systemic failure;    2  :  every prospective debtor's right to issue legitimate promises to pay, free of extrinsic manipulation, adulteration, or exploitation of those promises, or the natural opportunity to make good on them;    3  :  our right to certify, to enforce, and to monetize industry and commerce by this one sustaining and truly economic process.

MORPHALLAXIS, January 14, 1979.

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 Post subject: US Banking Post Losses - UK Banking Techically Insolvent
PostPosted: 18 Jan 2009, 9:37 am 
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Joined: 29 Jan 2008, 6:06 pm
Posts: 731
Bank crisis reignites as US giants post massive losses

Sean Farrell, Financial Editor wrote:
Bank of America needs $20bn bailout while Citigroup forced to unveil break-up. Barclays Bank shares plummet 25 per cent as turmoil spreads to Europe
Saturday, 17 January 2009


Quote:
Hopes that the global banking crisis was past its worst were dashed yesterday when Bank of America was forced to accept $138bn (£94bn) of government support and Citigroup unveiled new losses of $8.3bn.

The US announcements led another day of turmoil in the international financial sector, with Barclays' shares plunging 25 per cent in the last hour of trading on the London Stock Exchange.

Bank of America, the biggest US lender by assets, posted a $1.79bn loss for the last three months of 2008 – its first quarterly loss since 1991 – and slashed its dividend to one cent. The bank was forced to seek government support to prop up its acquisition of Merrill Lynch, which suffered a record $15.3bn quarterly loss.

The federal government will inject $20bn into Bank of America in return for preferred stock paying a coupon of 8 per cent. The government will also guarantee $118bn of assets to ease the strain of absorbing Merrill's battered balance sheet.


Full Text Source:
http://www.independent.co.uk/news/business/news/bank-crisis-reignites-as-us-giants-post-massive-losses-1418310.html

British Banks Techically Kaput-Dead-Insolvent
http://www.independent.co.uk/news/business/news/british-banks-are-technically-insolvent-1418229.html

The Independent by By Ben Russell & David Prosser wrote:
Saturday, 17 January 2009
Britains biggest banks are "technically insolvent", Royal Bank of Scotland said yesterday, as the global banking industry was rocked by another day of turmoil, including the announcement of $23bn (£16bn) of new losses from Merrill Lynch & Citigroup, the giant US institutions.

Source:http://www.inteldaily.com/news/140/ARTICLE/9311/2009-01-17.html

The Independent by By Ben Russell & David Prosser wrote:
Analysts working for RBS, one of several British banks to have received emergency funding from the UK Government last year, told the City that "the domestic UK banks are technically insolvent on a fully marked-to-market basis".

The warning does not mean British banks are about to go bust, because the assessment is purely theoretical, & RBS said the position was "not unusual at this stage in the economic cycle".

However, it will add to pressure on the Government to provide more support for the country's banks. Treasury officials are now set to spend this weekend in talks about a fresh round of measures, which could be unveiled as early as next week, to free up lending to households & major corporations hit by the credit crunch.

The value of Barclays fell by a quarter in stock market trading yesterday, amid a series of wild rumours about its finances, although the bank said it saw no need to comment on the drop.

City analysts said the bank had been targeted by traders after regulators lifted a ban yesterday on the short selling of financial stocks. Barclays' share price, along with the value of other British banks, was also hit by dismal news from the international markets, including the announcement on Thursday night that the Irish government was nationalising Allied Irish Banks. In the US, Bank of America announced yesterday that it was taking a $20bn injection of emergency funding from the US government, subsequently revealing that Merrill Lynch, the investment bank it rescued last year, had lost more than £15bn in the final three months of last year.

Citigroup, once the world's largest bank, announced more than $8bn of losses for the final quarter of last year, & revealed plans to split itself in two.

http://www.independent.co.uk/news/busin ... 18229.html
_________________
"Deep, very deep. You should send that into the Readers Digest, they've got a page for people like you."

Posted by: UKLibDem on Fri 1.16 10:23pm


Quote:
RBS is currently being run (as on Monday morning!)
By the Chairman of a chain of supermarkets "Sainsburys"

http://news.bbc.co.uk/1/hi/business/7834126.stm


Quote:
Funniest thing is the US DOW was up today.

I think the timing of this anouncment to the public is a response by the international banking groups to pressure the US congress to send out the rest of the bank bailout money.


Quote:
Dow' getting ready for Obama, short rally expected - no one wants to miss it, but whoooooooo knows how long it will last.

"Bank regulators closed two small banks on Friday, the first U.S. banks to fail this year but the latest in an upsurge that began last year as the struggling economy and falling home prices took their toll on financial institutions.

The Federal Deposit Insurance Corp said National Bank of Commerce of Berkeley, Illinois and Bank of Clark County of Vancouver, Washington were closing with other banks taking over their insured deposits."

http://www.reuters.com/article/business ... sinessNews
_________________
Yours Truly,
Anisha PbD,

Bertrand Russell wrote:
The trouble with the world is
that the stupid are cocksure & the intelligent are full of doubt
.


Posted by: Anisha PbD on Sat 1.17 9:06am


Posted by: theroachman on Sat 1.17 10:33am wrote:
Do you think the Citibank could also be clasified as a bank failure?

I think in the end the Feds we try and seporate all the bad [bad word] from the bank and desolve those parts. A nice little government approve pyramid sceem. Enron has given the banks great ideas to pass failures directly to the taxpayers of the world.


Sources:
http://forum.newshounds.us/viewtopic.php?t=25876&sid=39b92c7b91c0276820b5df389b1a59a6
http://www.globaleconomiccrisis.com/blog/archives/92

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 Post subject: Re: US Banking Post Losses - UK Banking Techically Insolvent
PostPosted: 19 Jan 2009, 10:38 am 
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Joined: 08 Nov 2008, 8:21 pm
Posts: 248
I am shocked that this information is mostly hidden from the view of most people and few seem to care. Our financial situation is deadly serious from the stench of usury.

Quote:
Bertrand Russell wrote:
The trouble with the world is that the stupid are cocksure & the intelligent are full of doubt.


Hopefully people will begin to wake up and become "cocksure" that the economy is ours - not the banksters.




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 Post subject: Re: US Banking Post Losses - UK Banking Techically Insolvent
PostPosted: 20 Jan 2009, 10:49 am 
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Joined: 24 Jan 2008, 8:33 pm
Posts: 492
Yes, and the rest of the story is that the "solvent" "banks" (peddlers of our own promises to pay to us) are right behind them. In a system which can only multiply debt into terminal debt, the peddlers of our debts to us can only fail themselves when they succeed in multiplying our debts into a terminal sum of debt. No, of course the end isn't planned; it's merely an inevitable consequence of two properties: 1) that the process of exploitation is irreversible so long as the basis of the system is to subject debt to interest (collected by a pretend creditor no less); and 2) that the multiplication of debt is in proportion to the obligated circulation.

As the most elementary mathematician can tell you, one thing increasing irreversibly in proportion to another eventually exceeds the latter. As the costs of servicing debt are proportional to the sum of debt then, the costs of servicing debt eventually exceed the capacity of the circulation to do so.




mike


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"When the freedom they wished for most was the freedom from responsibility, then Athens ceased to be free, and never was free again."



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While 12,000 homes a day continue to go into foreclosure, mathematically perfected economy™ would re-finance a $100,000 home with a hundred-year lifespan at the overall rate of $1,000 per year or $83.33 per month. Without costing us anything, we would immediately become as much as 12 times as liquid on present revenue. Transitioning to MPE™ would apply all payments already made against existent debt toward principal. Many of us would be debt free. There would be no housing crisis, no credit crisis. Unlimited funding would immediately be available to sustain all the industry we are capable of.

There is no other solution. Regulation can only temper an inherently terminal process.

If you are not promoting mathematically perfected economy™, then you condemn us to monetary failure.



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