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Brezinski admits CFR, Trilateral Groups Write Policy, Manipulate Affairs, Policy & Legislation
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GREENSPAN: "U.S. CAN JUST PRINT MONEY TO PAY IT'S DEBT" 8-7-2011
US credit down graded is no problem !!!!!
Please see following comment.
If so who design all those crisis puposefully
GREENSPAN: "U.S. CAN JUST PRINT MONEY TO PAY IT'S DEBT" 8-7-2011
Also I saw Brzezinski said same things on tv news.
I recorded but Yusuke erased . I searched You tube but could not found.
Zibgniew Brzezinski Denounces Global Awakening - NEWS ALERT
Brezinski admits CFR, Trilateral Groups Write Policy, Manipulate Affairs,
Policy & Legislation
753 回再生
traynickel さんが 2011/08/25 にアップロード
More NEWS at http://www.newzzcafe.com/
Former Federal Reserve Bank Chairman Alan Greenspan (left) came up with a (WTF) way to claim the U.S. government would never default on debt: print the difference.
"This is not an issue of credit rating. The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default."
Analysts ask, Zimbabwe-like inflation of the dollar is not default? They say that Greenspan won't find that argument very persuasive to bond-holders, who won't be able to buy anything
Former Federal Reserve Bank Chairman Alan Greenspan (left) came up with a (WTF) way to claim the U.S. government would never default on debt: print the difference.
"This is not an issue of credit rating. The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default."
Analysts ask, Zimbabwe-like inflation of the dollar is not default? They say that Greenspan won't find that argument very persuasive to bond-holders, who won't be able to buy anything
traynickel さんが 2011/08/25 にアップロード
More NEWS at http://www.newzzcafe.com/
Former Federal Reserve Bank Chairman Alan Greenspan (left) came up with a (WTF) way to claim the U.S. government would never default on debt: print the difference.
"This is not an issue of credit rating. The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default."
Analysts ask, Zimbabwe-like inflation of the dollar is not default? They say that Greenspan won't find that argument very persuasive to bond-holders, who won't be able to buy anything
Former Federal Reserve Bank Chairman Alan Greenspan (left) came up with a (WTF) way to claim the U.S. government would never default on debt: print the difference.
"This is not an issue of credit rating. The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default."
Analysts ask, Zimbabwe-like inflation of the dollar is not default? They say that Greenspan won't find that argument very persuasive to bond-holders, who won't be able to buy anything
すべてのコメント (9)
今すぐチャンネルを追加してコメントを投稿してください
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Sir, you are a giggle.DezimatorGPC 4 日前
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Mr. Greenspans comments should make everyone go out right now and buy gold and silver. drumsmetalheavy11 1 か月前
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Creepy looking fuck.sonyradio2 1 か月前
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This guy is senile!!!prayforworldpeace 1 か月前
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I must get one of those printers!mobilefreek 1 か月前
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That does sound a bit inflationary.slipcurve 1 か月前
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Nice catch Tray...So now they have officially tipped their hand,Even though they stack the deck.I think they have painted themselves into the proverbial corner anyway and this is the only way out...dragonloses 1 か月前
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@tyronebiggums3 - ROTFL...the rich will be just fine as they hurry and invest in Gold and Platinum while we simple mids struggle to afford 1oz. of gold let alone pay our FREAKING bills!mistermassive1 1 か月前
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Print, Bichez, Print!!!
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tyronebiggums3 1 か月前
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Alan Greenspan: US Debt Downgrade
http://www.youtube.com/watch?v=eEKhxdeadk0&feature=related - http://www.youtube.com/watch?v=eEKhxdeadk0&feature=related
Alan Greenspan predicts the US market will close significantly down on Monday, after the US downgrade by S&P.
US rating agency S&P downgraded US Credit rating from AAA status, to AA+ status with a negative outlook and a warning that the rating may be downgraded further in the future.
"The downgrade," S&P said, "reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."
US rating agency S&P downgraded US Credit rating from AAA status, to AA+ status with a negative outlook and a warning that the rating may be downgraded further in the future.
"The downgrade," S&P said, "reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."
- 18 likes, 12 dislikes
see all
All Comments (61)
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How much is his care provider being paid!
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Crack pipe in the house!
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Could you and least buy a belt and pull your pants up!
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AAAA status is GOLD
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paper toilet = usa dlls. in the last 4 and a half months usa debt increase 1 trillion dlls. Ron Paul 2012! competition among currencies is the Ron Paul idea, you choose gold, silver or paper money, depends on what you think to do with your money, savings, bussines, buy stuff, etc. we need free markets, not the fascims we have now in america. Ron Paul 2012!
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Yup,the usa can alwayys print money like the ugly lil man say's but who in the world will take it anymore?
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@Boogini oh no this son of bitch is smart
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just blame it on Italy (weak). "going forward" in the short run of course. but he has a point with printing money. There needs to be a paradigm shift. It all started with the lowering the interest so dramatically.
7,980
Uploaded by uesertest on 7 Aug 2011
Alan Greenspan predicts the US market will close significantly down on Monday, after the US downgrade by S&P.
US rating agency S&P downgraded US Credit rating from AAA status, to AA+ status with a negative outlook and a warning that the rating may be downgraded further in the future.
"The downgrade," S&P said, "reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."
US rating agency S&P downgraded US Credit rating from AAA status, to AA+ status with a negative outlook and a warning that the rating may be downgraded further in the future.
"The downgrade," S&P said, "reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."
- 18 likes, 12 dislikes
-
Top Comments
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Greenspan says we can "just print more money". This folks is what went wrong. OMG, to actually hear him say that is.....beyond words.
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Ron Paul 2012 is not just the hope of the US but the World.
see all
All Comments (61)
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How much is his care provider being paid!
-
Crack pipe in the house!
-
Could you and least buy a belt and pull your pants up!
-
AAAA status is GOLD
-
paper toilet = usa dlls. in the last 4 and a half months usa debt increase 1 trillion dlls. Ron Paul 2012! competition among currencies is the Ron Paul idea, you choose gold, silver or paper money, depends on what you think to do with your money, savings, bussines, buy stuff, etc. we need free markets, not the fascims we have now in america. Ron Paul 2012!
-
Yup,the usa can alwayys print money like the ugly lil man say's but who in the world will take it anymore?
-
@Boogini oh no this son of bitch is smart
-
just blame it on Italy (weak). "going forward" in the short run of course. but he has a point with printing money. There needs to be a paradigm shift. It all started with the lowering the interest so dramatically.
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Brezinski admits CFR, Trilateral Groups Write Policy, Manipulate Affairs, Policy & Legislation
http://www.youtube.com/watch?v=WzX62zhZjf8
US credit down graded is no problem !!!!!
Please see following comment.
If so who design all those crisis purposefully....!!!!
GREENSPAN: "U.S. CAN JUST PRINT MONEY TO PAY IT'S DEBT" 8-7-2011
Also I saw Brzezinski said same things on tv news.
I recorded but Yusuke erased . I searched You tube but could not found.
Zibgniew Brzezinski Denounces Global Awakening - NEWS ALERT
Brezinski admits CFR, Trilateral Groups Write Policy, Manipulate Affairs, Policy & Legislation
GREENSPAN: "U.S. CAN JUST PRINT MONEY TO PAY IT'S DEBT" 8-7-2011http://www.youtube.com/watch? v=jB0lcX-GtOU&feature=results_ main&playnext=1&list= PLD96289A98E58C190
Also I saw Brzezinski said same things on tv news.
I recorded but Yusuke erased . I searched You tube but could not found.
Zibgniew Brzezinski Denounces Global Awakening - NEWS ALERT
Brezinski admits CFR, Trilateral Groups Write Policy, Manipulate Affairs, Policy & Legislation
Loading...
9,047
Top Comments
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I'd love to punch that fucker in the mouth.
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what a fucking lying bastard, lets kick the fuck out of these guys
see all
All Comments (48)
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hes disgusting..his wordds are full of shit and obvious lies
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THE DEVIL HAS BEEN HERE FOR YEARS AND FINALLY SHOW HIS FACE, S.O.B.
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Demon! Demon!
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visit infowars.com to learn the truth
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insidious influence? Laymens meaning"We run this world" This man and his elk are the reason the world is in the state it is, death to the NWO!
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lying bastard.. advisor's like him and Kissinger have much more power than they show. even more than presidents.
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oh okay, they just make suggestions. it's okay ppl ther'e nothing to worry about!
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Z.B LIES !9/ 11 WAS AN INSIDE JOB. THEY PLOT FOR THE NEW WORLD ORDEEEER AND THE ANTICHRIST.
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@chevelle3429 but even though they may be guilty if u had the jury and judge willing to hear a case , what real proof can you get that these ppl have done everything you you accuse them of? i mean do u really tihnk that a judge cares that a baner finances a country in times of war? or that a smart influential person in business is a a good friend to a president. or that infowars puts out new articles all the time mostly from websites they would deem "uncredable" ?
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@stinkbug2012 ha
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Zbigniew Brzezinski is "Deeply Troubled"
http://www.youtube.com/watch?v=1HFaJohG2vo&feature=related
WeAreChange Confronts Brzezinski 3rd Time
http://www.youtube.com/watch?v=PcHEgyjS9Ws&feature=related53,889
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-- THIS guys created funded and helped Osama Bin Laden in 1000 ways. Bin Laden and this guy are friends.and now his TALIBAN friends are killing USA soldiers in Afganistan.AMERICANS you are dumbest people on EARTH. ARe you ?This guy is SCUM BAG.
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Good questions. Questions, the pant shitting mainstream reporters would never ask in their useless lifetime.
see all
All Comments (221)
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Impeach Obama now, the Fed's are on the run do not want to be audited they have moved their agenda up. They are scared of Ron Paul. I don't think we have to time to wait for an election impeaching Obama might slow them down and yes there is enough evidence to Impeach Obama.
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@aviomaster I agree there are a lot of americans that are following the government propaganda and status quo like sick little sheep, but there are a lot of us that are awake. I spend every waking hour I am not busy trying to get people to see the light, so have some hope for us, i hope and you should hope that the spirit of revolution will spark here and we will have freedom and we will no longer interfere with the soveigrnty of other nations. Have hope.
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Ive noticed that when you listen to Brzezinski speak, in its entirety instead of pulling sound bytes, he sounds pretty sensible and far less demonic. Just my perspective.
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This bastardwas introduced to the world politic by David Rockefeler.Brezezinski's idea of the Islamic green belt on the suthern USSR border meant the overthrow of the progressive modernizer secular pro-western Shah of Iran in1979replacing him with the merciless jihadist anti-US terrorist Mullahs.As aid to Carter&32Yrs on this faggot cock sucker still supports the Mullahs&opposes regime change in Iran.Like Carter he has blood of millions of Iranis on his hands.Visit my UTUBE channel for the truth
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Brzezinski, Whopidoodadey, Your a scum bag... Everything you said at The Sign of The Dove was taped. Even joking about Kissinger's new wife.... Scumbag Brzezinski.
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wooooooo POWW WOW! HEEEE HEEE HEEE BLLAAAAAA BLA BLA BLA BLA BLA BLAAAAAAAA
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wooooooo POWW WOW! HEEEE HEEE HEEE
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Daily Mail
Confidence in UK banking system rocked as agency downgrades 12 bank and building
Confidence in UK banking system rocked as agency downgrades 12 bank and building society credit ratings
- Decision will make it harder for banks to borrow and loan
- Doubts over Government support behind move
- Fears state-controlled RBS will require new bailout
- Osborne says Government has 'credible plan' to weather 'growing global debt storm'
- FTSE boost as U.S. double dip fears eased by employment figures
By Tim Shipman
Last updated at 1:32 AM on 8th October 2011
Beleaguered savers faced a new nightmare yesterday as 12 banks and building societies had their credit ratings downgraded.
Those with large amounts of savings were urged to move their money to safe havens amid fears that some banks could go under.
Just a day after Bank of England Governor Mervyn King said the world was facing its worst ever financial crisis, Moody’s Investor Service slashed the ratings of Lloyds, Santander, RBS, the Co-operative Bank, the Nationwide building society and seven smaller societies.
Save our savings: A protest outside the Bank of England on Thursday
Pensions
Downgrades
The downgrade saw their share prices tumble.
It is also likely to drive up borrowing costs and starve businesses of credit.
That prospect sparked Liberal Democrat calls for RBS to be totally nationalised and forced to lend to small firms.
Whitehall insiders warned that the bank might need another state bailout to pass ‘stress tests’ being conducted by the European Union.
THE BANKS AND BUILDING SOCIETIES HIT BY DOWNGRADE
RBS, Lloyds, Santander, Co-Operative Bank, Nationwide, Newcastle, Norwich & Peterborough, Nottingham, Principality, Skipton, West Bromwich and Yorkshire
To add to the panic, another credit rating agency, Fitch, downgraded the prospects of Italy and Spain, describing the economic outlook for both as ‘negative’.
That increased the chance of Europe’s third and fourth biggest economies needing massive loans.
UK taxpayers have already contributed £12.5billion to a £235billion fund to prop up Greece, Portugal and Ireland.
The Fitch downgrade will pile greater pressure on British banks, which are heavily exposed to other financial institutions in the troubled eurozone.
Moody’s said the downgrades followed the Government telling the banks to stand on their own two feet rather than rely in future on taxpayer bailouts.
The agency said it believes the institutions are now at greater risk of needing financial help.
RBS and Lloyds TSB – which both received handouts – saw their shares drop by more than 3 per cent.
Moody’s said the downgrade was not a sign the banks’ situation had deteriorated.
Storm: Bank of England Governor Sir Mervyn King, left, warned of the biggest financial crisis in history, but Chancellor George Osborne said the Government had a plan for the growing storm
RIGHTMINDS: HOW THE WISE DEPOSITOR CAN RIDE OUT THE STORM
ALEX BRUMMER: 'From the Government’s point of view the most worrying of the UK bank downgrades will be Royal Bank of Scotland and Lloyds Banking Group, in which they hold 82pc and 40pc stakes respectively. Customers on the high street looking for the safest place to deposit their money face hard decisions too, as trusted names such as the Co-operative, Nationwide and Santander are also downgraded. The wise depositor should now seek to spread their savings as widely as possible and not necessarily just chase the best return.'
Read more here
From yesterday's Mail
But the change is likely to drive up the cost of borrowing, hitting small firms already starved of cash.
Last night Lib Dem peer Lord Oakeshott, a close ally of Business Secretary Vince Cable, said: ‘We must now nationalise RBS to do the job our nation needs.
‘Taxpayers own 82 per cent of the shares but we’re getting the worst of all worlds because the Treasury hides behind outside shareholders instead of controlling lending and bonuses.
RBS is the worst culprit, starving viable small businesses of the credit they need to grow.
‘They can’t wait for the Treasury to dream up fancy new financial structures – they just want them to pull the stuck lending levers now right under their noses, starting with RBS.’
George Osborne insisted the Government’s calls for the banks to hold more cash had helped protect them from the worst of the financial whirlwhind.
The Chancellor said Britain was ‘out of the eye of the storm’, adding: ‘I am confident that British banks are well capitalised, they are liquid, they aren’t experiencing the kind of problems that some of the banks in the eurozone are experiencing.’
But experts warned those with savings of more than £85,000 to divide their money between institutions. The sum is the maximum guarantee for each separately-registered bank or building society under a government compensation scheme.
Jason Riddle, founder of campaign group Save our Savers, said: ‘The downgrade of 12 banks and building societies will further undermine savers’ faith in the banking system.
U.S. DOUBLE DIP FEARS EASE
Double-dip recession fears in the U.S. eased today after a better-than-anticipated jobs report for September.
U.S. firms created 103,000 jobs, against economist expectations of 60,000, but the additional hiring was not enough to lift the overall unemployment rate, which stayed at 9.1 per cent for the third month in a row.
The data gave markets across Europe a modest boost with the FTSE 100 Index up more than 70 points soon after the figures were released, though the UK's top flight eased back subsequently.
Andrew Wilkinson, chief economic strategist at Miller Tabak & Co, said: 'In the big picture, today's reading soothes recessionary fears.'
Companies with large U.S. businesses led the rally. Building supplies firm Wolseley, which generates 40 per cent of revenues in the country, topped the FTSE 100 risers while there were also good gains for Holiday Inn and Crowne Plaza hotel group InterContinental.
The US labour department also raised its estimates for the number of jobs created in the previous two months. Non-farm payrolls, or new jobs added, rose by 57,000 in August and by 127,000 in July, according to the revised data.
‘Most people’s savings will be more than adequately covered by the government guarantee.
‘But anyone with more would be well advised to spread their money over several institutions which are separately registered for the compensation scheme.’
Kevin Mountford, of the comparison site Moneysupermarket.com, said: ‘Savers will be nervous on banks and building societies being downgraded.
‘The savings environment is increasingly challenging for savers looking for security and good rates.
‘But they should not panic and take money out of banks and put it under the mattress.
'Their money is protected by the government compensation scheme.’
Established in 1900, Moody’s vies with Standard & Poor’s as the world’s biggest credit ratings agency.
'It is a public company listed on the New York Stock Exchange and legendary investor Warren Buffett is the biggest shareholder with a stake of 13 per cent.
Moody’s failed to raise the alarm in the run-up to the financial crash.
Lehman Brothers and AIG both enjoyed top-notch ratings from the agency before they nosedived in 2008.
Fitch, which was set up in New York in 1913, is the smallest of the big three credit ratings agencies.
It merged with UK-based rival IBCA in 1997.
It merged with UK-based rival IBCA in 1997.
Q AND A: HOW WILL THE DOWNGRADES AFFECT MY DEPOSITS?
What are bank credit ratings?
Three big agencies – Moody’s, Standard & Poor’s and Fitch – analyse the balance sheets and trading environments of financial institutions on a regular basis so that investors, depositors, and the Government can make a judgements as to their stability. The top-notch rating is AAA.
Why are they important?
Why are they important?
They determine how easily the bank or building society can obtain loans on the money markets and therefore maintain cash-flow, or liquidity. But almost as importantly they affect the general perception of how safe an institution is.
So Moody’s is saying these banks and building societies are now less safe?
So Moody’s is saying these banks and building societies are now less safe?
Well, sort-of: it is saying that they are less likely to receive capital injections from the public purse in a crisis. Smaller building societies are likely to come out of this analysis badly because they are small enough for the Government to allow them to fail if they get into financial difficulties.
But the report also implies that now – unlike during the financial crisis when the Government came to the rescue of stricken banking giants like Lloyds and RBS – no bank is too big to fail. The Nationwide, which has been downgraded, is the biggest mutual in the UK.
But by saying this Moody’s is in itself making them less safe?
But by saying this Moody’s is in itself making them less safe?
Yes, there’s a perverse logic at work. Governments might be less willing to jump in to help an institution with a poorer credit rating, and depositors and investors may start to avoid them.
Can we trust these agencies?
Can we trust these agencies?
Many people think not. They did not come particularly well out of the financial crisis, when they failed to spot the massive weaknesses in big world banks’ balanced sheets caused by the trading in sub-prime mortgage debt.
Perhaps chastened by that experience, some suspect now that they are too trigger happy in their judgements on banks.
What will be the immediate impact?
Perhaps chastened by that experience, some suspect now that they are too trigger happy in their judgements on banks.
What will be the immediate impact?
The direct impact may be minimal. Banks obtain their funding from a variety of sources including long-term bonds which will now be more expensive. Moreover, the new round of quantitative easing announced by the Bank of England, which could reach a total of £300bn in fresh cash, should ensure that the high street banks can sell securities to the Bank for cash.
So mortgage, loan and card borrowers should hopefully not see rates rise or credit harder to come by.
So what does it mean for savers?
So mortgage, loan and card borrowers should hopefully not see rates rise or credit harder to come by.
So what does it mean for savers?
Customers on the high street looking for the safest placed to deposit their money have traditionally faced tricky choices, and many were caught out by the collapse of Northern Rock in September 2007.
But Government guarantees mean ordinary depositors are protected up to £85,000 (£170,000 for joint accounts) at each separate institution where they hold deposits.
Those worried about private sector banks might consider National Savings bonds, savings accounts or Premium Bonds – which are directly guaranteed by the government – as possible homes for spare cash.
But Government guarantees mean ordinary depositors are protected up to £85,000 (£170,000 for joint accounts) at each separate institution where they hold deposits.
Those worried about private sector banks might consider National Savings bonds, savings accounts or Premium Bonds – which are directly guaranteed by the government – as possible homes for spare cash.
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Talking the economy deeper into the mire
Last updated at 11:38 PM on 7th October 2011
Yesterday Britain awoke to the apparently worrying news that the credit worthiness of 12 of our financial institutions – including Lloyds TSB, RBS, Nationwide and Santander UK – had been downgraded.
The announcement by the credit rating agency Moody’s capped a week of unrelenting bad news for the economy.
The markets have been in tumult amid a continued lack of leadership over the eurozone sovereign debt crisis.
Meanwhile, the Office for National Statistics downgraded its figures for GDP output, putting growth in the UK at a virtual standstill.
Bank Of England Governor Sir Mervyn King, unveiling plans to pump £75billion into the flat-lining economy through quantitative easing (effectively printing money), warned the country was facing its worst financial crisis since the 1930s.
People eating lunch outside The Bank of England: are we about to face the worse financial crisis ever?
With a flourish guaranteed to dominate the news bulletins, Sir Mervyn added that it may even be the worst crisis ‘ever’.
Of course, as this paper has warned already this week, these are deeply dangerous times.
As Sir Mervyn himself conceded, there can be no guarantees that printing more money will translate into increased lending to businesses or improved growth.
Indeed, flooding the economy with money too quickly could lead to a lethal combination of low interest rates, which punish savers, and even higher inflation.
But what is unclear is why Moody’s – one of a number of credit agencies to abysmally fail to predict the great crash of 2008 – should choose now to inflict a further blow upon our economy.
Mervyn King, Governor of the Bank of England himself conceded, there can be no guarantees that printing more money will translate into increased lending to businesses or improved growth.
Seemingly, the agency is reacting to the Government’s decision to separate the banks’ retail arms from their casino investment divisions – a policy designed to ensure they are no longer ‘too big to fail’, and therefore less likely to be bailed-out by a future government.
But this change is not due to come into effect until 2019, so why act with undue haste in downgrading the banks now?
After all, Moody’s admits its judgment does not ‘reflect a deterioration in the financial strength of the banking system’.
The suspicion is that, as with Standard & Poor’s decision to downgrade the rating of the U.S. government, the credit agencies are seeking to bolster their own power and reputations.
In doing so, they create unnecessary fear in the minds of bank customers and investors who have quite enough to contend with already.
Nobody should be blind to the grim economic realities we face today. But credit agencies and even Sir Mervyn should be careful of talking the world into ever deeper trouble.
Cruelty on the wards
It's hard to imagine a more unnecessary act of cruelty than allowing an elderly patient to become so dehydrated from not having been given a drink of water that they have to be placed on a drip.
Equally, how disgraceful to discover that old people are being chastised by NHS staff simply for ringing a bell to ask for help.
Yet, as we report today, this is the shocking reality of life – and sometimes death – inside some of Britain’s hospitals.
The findings by the Care Quality Commission are yet more proof that – despite devouring £2billion of public money every week – the health service remains unforgivably incapable of fulfilling its most basic functions.
Indeed, with nurses’ leaders now arguing that family members should be responsible for feeding aged parents in hospital, staff do not even appear to think it is their job to care for their patients any more.
Enough. It’s time for NHS managers to stop complaining about spending cuts (even though their budgets are guaranteed to increase in real terms) and tell their staff to do the job expected of them.
That means providing the compassionate, dignified healthcare that is the hallmark of a civilised society.
'Twas said: ''The greatest blessing of democracy is freedom. But in the last analysis, our only freedom is the freedom to discipline ourselves''.........Yet still we demonstrate no inclination to adopt such mantra, but merely ''lip-service'', whilst others continue to feed from the trough!
My sentiments entirely. If you talk negatively and act negatively the country and world economny will end up in a double-dip recession! My husband and I were out today in DFS and a salesman mentioned they had been very busy today, so people are out spending. In fact, all the shops we visited were full of customers and many of them were buying. Moodys need to get a grip and stop talking the economy down.
King should go and Andrew Sentance replace him. . . . We need new blood and new ideas, . . . ., . King is past his use by date.
OK try this, The World Banking system no longer works, it is broken, kaput. etc. etc. ( I love "The King and I"!) Without a banking system, Capitalism does not work because there is no capital, yes? How do they fix it? well they don't know how because there is no troubleshooting guide for something that is not supposed to happen. So around the world, the people who broke it are experimenting, hoping that one of their experiments will work. QE and Credit Easing (also an experiment) just show how desperate it all is.
Despite today's short "respite" for profit taking, the mood on the markets continues to be one of grim panic as even the dimmest trader realises that the world is caught in a 1923-style hyperinflationary spiral straight to hell. So, if QE has failed over the last four years, why is it the only solution to the problem that the Bank proposes? It becomes difficult to see any other reason than that the present collapse of the financial system is intentional. If that is the case, it should cross the minds of everyone working in the City of London that they are being used.
It's simple maths - every pound in is split in two. Half a century ago the ratio between what cleared the debt and the profit on it I.E. the interest, was a reasonable ratio. People were given credit based on repaying an affordable amount of the capital back within a reasonable timescale with interest added in at the same time. The we changed the rules and allowed interest to be taken first before the principle was repaid. So Lenders derive maximum profits (which they always spend just as quickly) leaving the borrower with most of the original debt and, consequently, leaving the lender with large liability of unpaid debt on their balance sheets. In a growth market this is not a problem, in stagnant or decline market it is the whole problem, since 90% of the balance sheet is debt and only 10% is representative of wealth to create investment. The markets have run out of capital and will stay that way until a healthy capital/interest ratio over time is restored.
More from Daily Mail Comment...
Confidence in UK banking system rocked as agency downgrades 12 bank and building society credit ratings
- Decision will make it harder for banks to borrow and loan
- Doubts over Government support behind move
- Fears state-controlled RBS will require new bailout
- Osborne says Government has 'credible plan' to weather 'growing global debt storm'
- FTSE boost as U.S. double dip fears eased by employment figures
By Tim Shipman
Last updated at 1:32 AM on 8th October 2011
Beleaguered savers faced a new nightmare yesterday as 12 banks and building societies had their credit ratings downgraded.
Those with large amounts of savings were urged to move their money to safe havens amid fears that some banks could go under.
Just a day after Bank of England Governor Mervyn King said the world was facing its worst ever financial crisis, Moody’s Investor Service slashed the ratings of Lloyds, Santander, RBS, the Co-operative Bank, the Nationwide building society and seven smaller societies.
Save our savings: A protest outside the Bank of England on Thursday
Pensions
Downgrades
The downgrade saw their share prices tumble.
It is also likely to drive up borrowing costs and starve businesses of credit.
That prospect sparked Liberal Democrat calls for RBS to be totally nationalised and forced to lend to small firms.
Whitehall insiders warned that the bank might need another state bailout to pass ‘stress tests’ being conducted by the European Union.
THE BANKS AND BUILDING SOCIETIES HIT BY DOWNGRADE
RBS, Lloyds, Santander, Co-Operative Bank, Nationwide, Newcastle, Norwich & Peterborough, Nottingham, Principality, Skipton, West Bromwich and Yorkshire
To add to the panic, another credit rating agency, Fitch, downgraded the prospects of Italy and Spain, describing the economic outlook for both as ‘negative’.
That increased the chance of Europe’s third and fourth biggest economies needing massive loans.
UK taxpayers have already contributed £12.5billion to a £235billion fund to prop up Greece, Portugal and Ireland.
The Fitch downgrade will pile greater pressure on British banks, which are heavily exposed to other financial institutions in the troubled eurozone.
Moody’s said the downgrades followed the Government telling the banks to stand on their own two feet rather than rely in future on taxpayer bailouts.
The agency said it believes the institutions are now at greater risk of needing financial help.
RBS and Lloyds TSB – which both received handouts – saw their shares drop by more than 3 per cent.
Moody’s said the downgrade was not a sign the banks’ situation had deteriorated.
Storm: Bank of England Governor Sir Mervyn King, left, warned of the biggest financial crisis in history, but Chancellor George Osborne said the Government had a plan for the growing storm
RIGHTMINDS: HOW THE WISE DEPOSITOR CAN RIDE OUT THE STORM
ALEX BRUMMER: 'From the Government’s point of view the most worrying of the UK bank downgrades will be Royal Bank of Scotland and Lloyds Banking Group, in which they hold 82pc and 40pc stakes respectively. Customers on the high street looking for the safest place to deposit their money face hard decisions too, as trusted names such as the Co-operative, Nationwide and Santander are also downgraded. The wise depositor should now seek to spread their savings as widely as possible and not necessarily just chase the best return.'
Read more here
From yesterday's Mail
But the change is likely to drive up the cost of borrowing, hitting small firms already starved of cash.
Last night Lib Dem peer Lord Oakeshott, a close ally of Business Secretary Vince Cable, said: ‘We must now nationalise RBS to do the job our nation needs.
‘Taxpayers own 82 per cent of the shares but we’re getting the worst of all worlds because the Treasury hides behind outside shareholders instead of controlling lending and bonuses.
RBS is the worst culprit, starving viable small businesses of the credit they need to grow.
‘They can’t wait for the Treasury to dream up fancy new financial structures – they just want them to pull the stuck lending levers now right under their noses, starting with RBS.’
George Osborne insisted the Government’s calls for the banks to hold more cash had helped protect them from the worst of the financial whirlwhind.
The Chancellor said Britain was ‘out of the eye of the storm’, adding: ‘I am confident that British banks are well capitalised, they are liquid, they aren’t experiencing the kind of problems that some of the banks in the eurozone are experiencing.’
But experts warned those with savings of more than £85,000 to divide their money between institutions. The sum is the maximum guarantee for each separately-registered bank or building society under a government compensation scheme.
Jason Riddle, founder of campaign group Save our Savers, said: ‘The downgrade of 12 banks and building societies will further undermine savers’ faith in the banking system.
U.S. DOUBLE DIP FEARS EASE
Double-dip recession fears in the U.S. eased today after a better-than-anticipated jobs report for September.
U.S. firms created 103,000 jobs, against economist expectations of 60,000, but the additional hiring was not enough to lift the overall unemployment rate, which stayed at 9.1 per cent for the third month in a row.
The data gave markets across Europe a modest boost with the FTSE 100 Index up more than 70 points soon after the figures were released, though the UK's top flight eased back subsequently.
Andrew Wilkinson, chief economic strategist at Miller Tabak & Co, said: 'In the big picture, today's reading soothes recessionary fears.'
Companies with large U.S. businesses led the rally. Building supplies firm Wolseley, which generates 40 per cent of revenues in the country, topped the FTSE 100 risers while there were also good gains for Holiday Inn and Crowne Plaza hotel group InterContinental.
The US labour department also raised its estimates for the number of jobs created in the previous two months. Non-farm payrolls, or new jobs added, rose by 57,000 in August and by 127,000 in July, according to the revised data.
‘Most people’s savings will be more than adequately covered by the government guarantee.
‘But anyone with more would be well advised to spread their money over several institutions which are separately registered for the compensation scheme.’
Kevin Mountford, of the comparison site Moneysupermarket.com, said: ‘Savers will be nervous on banks and building societies being downgraded.
‘The savings environment is increasingly challenging for savers looking for security and good rates.
‘But they should not panic and take money out of banks and put it under the mattress.
'Their money is protected by the government compensation scheme.’
Established in 1900, Moody’s vies with Standard & Poor’s as the world’s biggest credit ratings agency.
'It is a public company listed on the New York Stock Exchange and legendary investor Warren Buffett is the biggest shareholder with a stake of 13 per cent.
Moody’s failed to raise the alarm in the run-up to the financial crash.
Lehman Brothers and AIG both enjoyed top-notch ratings from the agency before they nosedived in 2008.
Fitch, which was set up in New York in 1913, is the smallest of the big three credit ratings agencies.
It merged with UK-based rival IBCA in 1997.
It merged with UK-based rival IBCA in 1997.
- MAIL COMMENT: The euro is their problem, not ours 11/10/11
- MAIL COMMENT: The blurred judgment of Dr Fox 10/10/11
- MAIL COMMENT: Golden chance to win power back from EU 10/10/11
- MAIL COMMENT: Apologise and get on with the job, Dr Fox 09/10/11
- Austerity alone won't get us out of the mire, we must also have growth 06/10/11
- Fighting talk... but Britain needs action 05/10/11
- If they really are the 'can do' Coalition then where are the results? 04/10/11
- MAIL COMMENT: A bold gamble that gives firms a chance 03/10/11
- VIEW FULL ARCHIVE
Read more: http://www.dailymail.co.uk/debate/article-2046626/Credit-ratings-downgraded-Talking-British-economy-deeper-mire.html#ixzz1aTcHIgis
Read more: http://www.dailymail.co.uk/debate/article-2046626/Credit-ratings-downgraded-Talking-British-economy-deeper-mire.html#ixzz1aTcBzXRb
Is your money safe? What it all means to you
Last updated at 4:40 PM on 8th October 2011
Confidence in some banks and building societies took a dent yesterday when their debt ratings were downgraded by Moody’s. Here we explain what it means for you...
SAVERS
If you have no more than £85,000 with a bank or building society your savings are protected if the institution goes bust. This guarantee covers an estimated 98 per cent of all savers’ money.
If you have no more than £85,000 with a bank or building society your savings are protected if the institution goes bust. This guarantee covers an estimated 98 per cent of all savers’ money.
However, the limit for the Financial Services Compensation scheme relates to a single banking licence and institutions within the same banking group often share one.
Norwich & Peterborough and Yorkshire BS – both downgraded yesterday – are merging at the end of this month and will have one licence from this date.
Downgraded: Government-owned RBS was among 12 banks to have its debt rating lowered by Moody's
Savers with more than £85,000 across these two societies should follow expert advice and move their money to below the compensation limit.
Joint account holders get £85,000 each – so a combined pot of £170,000.
When Icelandic bank Icesave went bust in 2008, British savers had to wait months to get their money back. Today, compensation should be paid out within 20 days – with the aim of returning it back to savers within seven working days.
Although the debt was downgraded at some banks, the actual overall financial strength of Nationwide, Co-op, Santander, Yorkshire BS and Principality had only recently been upgraded.
Money woes: Bank of England Governor Mervyn King has warned that the world is facing its worst-ever financial crisis
Many offer leading rates. Nationwide has one of the leading bonus accounts and easy-access accounts, Newcastle Building Society has the top high street and internet accounts, Yorkshire BS has a good high street account, Principality has an excellent cash Isa rate and Skipton BS has a leading internet account.
BORROWERS
Those with most types of mortgages or a loan are largely unaffected if their lender goes bust. Their loans would not be written off – the repayments would simply be passed on to creditors.
Those with most types of mortgages or a loan are largely unaffected if their lender goes bust. Their loans would not be written off – the repayments would simply be passed on to creditors.
The only complication comes with certain types of offset mortgage, where savings are used to counterbalance what a person owes on their mortgage.
In some cases of a bank failing, the borrowers would lose their savings and have this amount deducted from what they owe on the loan. They wouldn’t essentially be any worse off, but they would have lost easy access to a pot of money they once had.
In most cases, however, borrowers would get back up to £85,000 in savings.
SHAREHOLDERS
Bank shares fell heavily yesterday following the announcement of the downgrade – and the recent stock market turmoil has left shareholders particularly jittery.
The debt downgrade could mean the borrowing costs for these banks increase.
However, commercial lenders already know the risks of these banks, and the downgrade is likely to have little impact.
One fear is that the big banks might need extra capital to keep lending, which could mean existing shareholders have their shares diluted further.
And the growing eurozone crisis is likely to have a bigger impact on investor confidence.
Action: George Osborne denies the Government is taking desperate steps
Fears over Britain's big banks hit by credit rating downgrade
Nicholas Cecil and Jonathan Prynn7 Oct 2011
Britain's financial system was today hit by a shock credit rating downgrade of 12 major banks and building societies - raising new fears about the stability of banks.
Credit rating agency Moody's said it made the move because banks including Lloyds TSB and RBS are now less likely to be bailed out by the taxpayer if they get into difficulties.
The downgrade came after Bank of England Governor Mervyn King warned that the world faced potentially the most dangerous financial crisis in history.
George Osborne immediately took to the airways to reassure bank customers that their savings are not at risk.
The Chancellor said: "I'm confident that British banks are well capitalised, they are liquid, they are not experiencing the kinds of problems that some of the banks in the eurozone are experiencing at the moment."
But the move immediately sent the share prices of the banks involved tumbling, with RBS down 0.84p, or around 3.5 per cent, to 23.51p, and Lloyds by 1.17p or 3 per cent, to 34.71p.
Financial experts said the downgrade would still shake confidence in the banking systems. Paul Richardson, of Concept Financial Planning, said: "Consumer confidence is already weak but what Moody's has done could make things even worse.
"The Chancellor has done his best to reassure savers, saying he is confident that British banks are well capitalised. But many savers will immediately feel more exposed on the back of this news.
"That Moody's insists that these downgrades do not reflect a deterioration in the strength of the banking system is irrelevant. This is all about perception and the perception will only be bad.
"People can take comfort from the government-backed Financial Services Compensation Scheme, which protects £85,000 of a person's savings per financial institution."
Moody's, which analyses the ability of borrowers to repay their debts, said the downgrades did not "reflect a deterioration in the financial strength of the banking system".
Mr Osborne added: "One of the reasons they [Moody's] are doing this is because they think the British government is actually moving in the direction of trying to get away from guaranteeing all the largest banks in Britain. In other words, trying to deal with the too-big- to-fail problem.
"Therefore credit rating agencies and others will say well actually these banks have got to show that they can pay their way in the world."
In its statement this morning Moody's said: "The downgrades have been caused by Moody's reassessment of the support environment in the UK which has resulted in the removal of systemic support for seven smaller institutions and the reduction of systemic support ... for five larger, more systemically important financial institutions."
The Bank of England announced yesterday that it was pumping £75 billion more into the economy through quantitative easing (the modern equivalent of printing money) to kick-start growth.
But Mr Osborne denied that the Government was taking "desperate" steps to deal with the economic crisis - having said in 2009 that quantitative easing was the last resort of a desperate government.
"We inherited as a government a pretty desperate fiscal position and we had to take action," he said.
Analysts also warned against over-reacting to the downgrades. Max King, a portfolio manager at Investec Asset Management, said: "People are getting a little paranoid about the UK banking sector.
"It doesn't have the same exposure to sovereign default and devaluation risk as the rest of Europe. It does have exposure to Ireland, but that is a eurozone country which appears to be doing best in the crisis," he said.
And Ralph Silva, banking analyst at SRN, said the downgrades were "an over-reaction", but added that the Government will probably have to provide further support for RBS by the end of the year.
Reader views (27)
Franklin,
Georgie just doesn't want another run on the banks, otherwise the whole house of cards would collapse in the blink of an eye. I trust this bunch as much as I did Labour, which isn't at all.
desperate measures - desperate man - toally out of his depth, there are some very sound advisors out there and the Government is not listening.... when it all tumbles and they are out of power they will ride off into the sunset with their personal wealth, consulancy jobs etc. and leave us ordinary people to suffer the consequences, just as Blair and Brown have down. A Housewife has to budget the books and feed a family - simple - if she can do it how come these educated twits can't! Put a housewife into the Treasury or create Minister for Households - I would apply! and do it for a fraction of what they get paid as I am out of work!
Recapitalising the banks....!!!
- Anglo, The Heart of England
Why on earth are Nicholas Cecil and Jonathan Prynn writing about financial matters? They seem out of their depth and are talking utter nonsense. The “shock credit rating downgrade" is only a shock to Nicholas Cecil and Jonathan Prynn: everyone else was aware of it and why it happened.
Franklin, Thornton Heath,
These people are charlatans. They must bear much of the blame for the mess we and most of the rest of the world are currently in. Why? They were directly responsible for the 2008 financial crisis. The mortgage related debts which they gave high rating to subsequently turned out to be worst than junk. This significantly contributed to the financial crisis we have yet to recover from. So what do we do? Instead of ignoring these false prophets, we continue to follow and believe in them. We never learn.
They have robbed the bank vaults...used the money to gamble in the global marketplace and now...
Davey_Buoy,
Millions unemployed,98% of people skint,hundreds of companies (T)axed out of existance,soup kitchens to be set up even in Kensington,our elderly will die in their thousands from cold this coming winter,and the answer from CALL ME DAVE is stop useing plastic bags.
There is wonder that there is concern over banks.
At what point will the Evening Standard realise the Chancellor really hasn't a clue and say what needs to be said about his performance.
8 a.m. Boy George says on Radio 4; "British banking sector is sound and is not facing the problems of some banks in the Eurozone".
Yahoo... here we go!
Who are the "markets".Bunches of greedy,greasy spiv scum who at the touch of a mouse can ruin the lives of ordinary people in a country.
MR Anglo the Heart of England: your implication that the agencies are corrupt and give false ratings for bribes is I think misguided. The fact is that they are incompetent. The US mortgage derivitives scam is a case in point-they got AAA ratings because the agencies (like most investors, including many banks ) simply could not understand them but would not admit it. Only a few very clever and unscupulous insiders knew the truth and they were usually graduates in mathematics.
len moss,
I would personally recommend that some, if not all, close their doors to the outside world and the media and draw the blinds and stay in isolation until the storm passes. What ever the news the media will make mountains out of molehills.
We have to stop helping these loan sharks out of the mire,it is their own faults for being so exceedingly greedy,they have been allowed to grow too big and wll soon be beyond control,rein them in now.!!!!
My faith in rating agencies was lost years ago when Iceland went bust. I queried with the council why they had deposited £3 million to a bank in a country with a population the size of Coventry's and whose main industry was catching herrings and codfish. The council said they did it because the rating agencies said the Icelandic bank was first class and undoubted for its obligations. So that was alright then.
Bobby Smith,
Evening Standard...
Relying on the ratings agencies opinions is like relying on Michael Fish for weather forecasts, Fernando Torres to score goals or Tony Blair to tell us where the WMD's are!
It looks like Moody’s have decided that the British Government will now let any of these banks fail rather than bailing them out .... I think that bailing out these banks before was a mistake.
When you have the chief of the BOE constantly talking down the economy then who can blame Moody's.
| Royal Bank of Scotland Group plc "disappointed" after Moodys downgrade, shares drop |
News round up: RBS, Lloyds, Pound, Steve Jobs, European Central Bank and James Murdoch.
Pound
The pound crashed to a 15-month low yesterday after the Bank of England launched a second round of money-printing to avert a double- dip recession. Sterling tumbled against the US dollar and the euro, and gilt yields – UK Government borrowing costs – hovered around historic lows. It came after the Bank said it will pump another £75billion into the British economy through quantitative easing on top of the £200billion it printed during the depths of recession, writes the Daily Mail.
Steve Jobs
The Apple visionary Steve Jobs has left a legacy of innovation and ideas that promise to shape technology for years to come. Jobs, who died on Wednesday after a long battle with pancreatic cancer, told colleagues that there were at least four years’ worth of products in the pipeline.
European Central Bank
The European Central Bank agreed on Thursday to pump limitless fresh credit into Europe's ailing banking system at least until the end of next year – but is facing criticism for rejecting an immediate cut in borrowing costs. The injection of liquidity into credit-starved banks helped buoy up global stock markets, bolster the euro and lift the price of oil. It also came amid mounting hopes that the EU was preparing a recapitalisation of Europe's banks to ensure they can withstand the sovereign debt crisis, says the Guardian.
James Murdoch
James Murdoch faced further calls to quit News Corporation's board yesterday after a shareholder activist group representing £100bn in assets said he was causing the company "significant reputational damage". The Local Authority Pension Fund Forum (LAPFF), the majority of whose 54 members own shares in the US-based News Corp, called for an overhaul of the board, and added that Mr Murdoch's continued presence on the board was "no longer in shareholders' interest". News Corp declined to comment yesterday, the Independent writes.
News round up: RBS, Shell, HSBC, Autonomy, North Sea gas, Germany's Bundestag, Santander, Dow Jones Industrial Average, The Daily and Lord Adair Turner.
Autonomy
Britain’s most successful technology entrepreneur was accused yesterday of telling “whoppers” in a bitter war of words with one of the giants of Silicon Valley. Mike Lynch, founder and chief executive of Autonomy, was named personally in two damaging statements released by the American Oracle software company, which said that he had touted his business as being up for sale at a meeting with the Oracle president in April — four months before it was sold to Hewlett-Packard for £7.1bn, the Times reports.
North Sea gas
North Sea gas production has slumped by 25% in the second quarter of the year, an alarming increase in the rate of decline that will cut tax revenues and could put more pressure on government to agree controversial shale gas developments. Figures from the Department of Energy and Climate Change (DECC) also show a 36% rise in coal imports, but a leap from 6.3% to 9.6% for the amount of electricity generated by wind and other renewable, according to the Guardian.
Germany's Bundestag
Germany's Bundestag has voted overwhelmingly to boost the scope of the EU's rescue fund but implicitly capped its firepower at €440bn, leaving it no clearer whether Europe has the means to halt debt contagion to Italy and Spain. Chancellor Angela Merkel won her "own majority" for the bill, narrowly averting the collapse of her government, but only after pledging that there was no grand plan committing Germany to vast and unlimited liabilities, the Telegraph reports.
Santander UK
Ana Botín, the chief executive of Santander's UK business, issued a severe profits warning as the lender faces rising costs and difficult market conditions. After an investor presentation in London, analysts believe the bank is likely to lose out on £750m of profits over the next three years, the Telegraph says.
Dow Jones Industrial Average
Talks are taking place that could see the Dow Jones Industrial Average come under the same umbrella as the S&P 500 index, uniting two of the world’s most-watched market measures in a joint venture, according to three people familiar with the discussions. Spokespeople for McGraw-Hill, owner of Standard & Poor’s, and CME, the Chicago derivatives exchange owner which bought 90% of Dow Jones Indexes in 2010, declined to comment. Dow Jones, the News Corp subsidiary that owns 10 per cent of Dow Jones Indexes, and Dow Jones Indexes itself also declined to comment, according to the Financial Times.
The Daily
Meanwhile, more than seven months after Rupert Murdoch promised that News Corp's Apple iPad-only publication The Daily would transform the news industry, it can only boast a circulation equal to that of local Ohio paper the Toledo Blade. Those with access to News Corp's data have revealed that The Daily is attracting just 120,000 readers a week. At its launch at the Guggenheim Museum in New York in February, Mr Murdoch, News Corp's chief executive, claimed it would "make the business of news gathering viable again” says the Independent.
Lord Adair Turner
Lord Adair Turner, the head of the Financial Services Authority, last night launched an outspoken broadside at the banks, claiming their ability to create credit and money is ‘potentially dangerous’ and calling for unprecedented new powers for regulators to intervene in their lending. Turner, who is a member of the interim Financial Policy Committee, which oversees the stability of the banking system, said we cannot rely on free markets to ensure bank lending goes to ‘socially optimal’ borrowers such as small firms, the Daily Mail reports.
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