War of Terror: Corporatocracy steps up its efforts in elevating economic fears

The War of Terror is well and truly being waged, in a headspace near you.
Do not be under any delusion: you are under siege.

The messages, both direct and subliminal, are persistent, consistent and non-stop.
A multimedia, propaganda campaign hammering you into fiscal and mental submission. When they’re not screwing with your head, they’re taking from your pocket.

Fucking your mind, robbing you blind.

 

Let’s take a snap shot of some ‘news’ [See. propaganda] from the last few days, to highlight the constant barrage of corporate artillery fire that we are being subjected to;

Europe has six weeks to find debt crisis solution, warns Chancellor George Osborne.

Speaking at the IMF meeting on Friday, UK Chancellor George Osborne ratcheted up the pressure on European leaders to solve the crisis by calling on them to bolster the European bail-out fund and declaring they have just six weeks to find solutions.

“Patience is running out in the international community… More needs to be done to avoid a disorderly outcome,” he said, before referring to the next G20 meeting in Cannes on November 3 and 4. “The eurozone has six weeks to resolve its political crisis.”

World Bank chief Zoellick warns ‘world in danger zone’

Robert Zoellick, the World Bank president, warned “the world is in a danger zone” as the economic crisis in the United States, Europe and Japan threatened to ravage the rest of the global economy.

Mr Zoellick said: “Europe, Japan, and the United States must act to address their big economic problems before they become bigger problems for the rest of the world.”

David Cameron warned that failure to act swiftly over Eurozone indebtedness would “lengthen the shadows of uncertainty” looming over the global economy.

“Eurozone countries must act swiftly to resolve the crisis. They must implement what they have agreed. They must demonstrate the have the political will to do what is necessary to ensure the stability of the system. One way or another, they have to find a fundamental and lasting solution to the heart of the problem – the high level of indebtedness in many Euro countries,” the prime minister said.

Letter from David Cameron and other G20 leader to French President Nicolas Sarkozy

Six members of the G20, including Britain, have written to President Nicolas Sarkozy of France urging eurozone countries to act swiftly and decisively to resolve the debt crisis and prevent the world economy slipping into another recession. Here is [a small part of] the letter:

“The priorities are clear.

We must increase global demand without once again creating unsustainable global imbalances. Surplus countries need to increase their expansion of domestic demand, enshrining their policies in clear political commitments within the G20 including on structural reform, to keep markets open, increase exchange rate flexibility and refrain from competitive devaluation. Deficit countries need to find new sources of growth, including making clear commitments now to put in place specific structural reforms necessary. They need to restore competitiveness and improve the underlying performance of their economies. “

Are you getting the picture?
Is the message getting into your mind yet?
Or do you require more bombardment?

Don’t you find comfort in the knowledge that the ‘Leaders’ have pledged undying support for the banks?
Lord knows we are all joined in the rallying cry;

“let’s all take one more up the pooper for the bankers!!”

I don’t know about you, but I never tire of a good ol’ anal fisting from the banking fraternity, preferably without lubrication, and if I’m being honest, in a gang-bang situation; the more, the merrier. All come, all served. Your bonus cheques are good with me.

 

Taxpayers; the bankers’ lender of last resort.

 

G20 leaders pledge to protect banks from Europe’s debt crisis

The world’s major economies have pledged to prevent Europe’s debt crisis from undermining banks and financial markets, and said the eurozone’s rescue fund would be bolstered.

“We commit to take all necessary actions to preserve the stability of banking systems and financial markets as required,” the G20 said in a communique after a dinner meeting.

Phew!
Thank God for that.

“We commit to take all necessary actions to preserve the stability of banking systems and financial markets as required”…

Well that goes without saying, because we can all clearly see the steps the banks and financial markets themselves are taking … it’s only fair and reasonable that we do our bit too … right?

    • Banks bashed in stocks rout as world economic crisis deepens: Bank shares were hammered in a global stock market rout as the crisis in the world economy deepened. The FTSE 100 index tumbled 246.8 points to a five-week low of 5014.61 in one of the most brutal sell-offs since the height of the banking crisis three years ago.
    •  

    • Downgrade tells big banks youre not too big any more: The number of American banks deemed too big to fail was dramatically reduced when Moodys downgraded Bank of America, Citigroup and Wells Fargo. The agency lowered its credit ratings on all three banks, saying: Moodys believes the Government is likely to continue to provide some level of support to systemically important financial institutions.
    •  

    • IMF fears dangers of 200 billion hole in European banking system: The global financial system is back in the danger zone and there is potentially a 200 billion (175 billion) hole in the European banking system, according to the International Monetary Fund.
    •  

    • Osborne could miss targets as borrowing soars: The public finances deteriorated over August, with higher spending pushing borrowing to record levels, according to official figures. The Office for National Statistics said the public sector net borrowing requirement, excluding financial interventions, had climbed to 15.9 billion in August, the highest for the month since records began in the early 1990s, and well ahead of forecasts of just over 13 billion.
    •  

    • Time for Osborne to address our grim new reality: International Monetary Fund forecasts on Tuesday laid bare the emptiness of the political debate about Britains economy. Rather than deal with the sad truth that economic recovery is becoming more difficult by the day, George Osborne and Ed Balls preferred playground politics.
    •  

    • Accountants flustered by Greek inconsistency: The Greek financial crisis has caused an outbreak of sheepishness within the accounting profession. The embarrassment stems from the way that some European banks and insurers reported losses of 21% on Greek government bonds, while others slashed their value by 50% or so.
    •  

    • Lehman estate drops $11 billion Barclays suit: Lehman Brothers estate has abandoned an $11 billion lawsuit against Barclays, providing a boost for the U.K. bank and bringing the most expensive U.S. bankruptcy of all time closer to resolution.
    •  

    • Federal Reserve: twist and rout: Given the hullabaloo leading up to the Feds plan to buy $400 billion of longer-duration bonds, many would say the former. But the reality is that the plight of Americas lenders says more about the state of the economy than the Fed ever does. Investors only need to read the first paragraph of the Fed statement to conclude that its latest move is unlikely to matter much. Growth remains slow, unemployment elevated and spending is modest. In other words, 33 months of near-zero interest rates and $2,300 billion of debt purchases over two rounds of quantitative easing have not helped. Only die-hard optimists can believe, therefore, that tinkering with the duration of the assets the Fed holds on its books will suddenly kick the U.S. economy back to life.
    •  

    • Former Goldman Sachs trader and his father charged with insider trading: The SEC claims that Spencer Mindlin, who used to work on the investment banks exchange-traded funds (ETF) desk, discovered non-public information via internal emails about Goldmans plan to buy and sell large amounts of securities in ETFs.
    •  

    • Bank of England minutes indicate more quantitative easing on the cards: The Bank of England appears almost certain to expand its economic stimulus programme before Christmas, in an attempt to prevent the U.K. economy worsening. Minutes from this months meeting of the Banks monetary policy committee, published on Wednesday, showed that the MPC moved closer to extending its 200 billion quantitative easing programme.
    •  

    • U.S. Federal Reserve launches $400 billion programme to bolster confidence in America: Central bankers battled to jump-start the flagging recovery amid fears the world is on the brink of a new recession. The U.S. Federal Reserve launched a $400 billion programme dubbed Operation Twist to lower long-term borrowing costs and bolster confidence in America.
    •  

    • Additional loosening in prospect: Bank of England Chief Economist Spencer Dale, who was until recently pushing unsuccessfully for a rise in U.K. base rates, declared that additional loosening of monetary policy might be needed if the economic situation continues to deteriorate, writes Ian McConnell.
    •  

    • Bank hints at pumping further cash into economy: Central bank policymakers opened the door to a further bout of money printing, possibly as early as next month, as the U.K. economy continues to wobble. Minutes from the Bank of England’s latest rate-setting meeting showed most members believed the stresses of the past month had strengthened the case for an “immediate” return to quantitative easing.
    •  

    • Taxpayers face rising bill for firm’s pension scheme: More than 200 members of the old Motherwell Bridge pension plan are now getting their retirement incomes topped up by taxpayers, who face a multi-million pound bill for the scheme. Figures obtained by The Herald show that 216 former employees of the Lanarkshire engineering stalwart are getting payments under a U.K. Government funded assistance scheme that helps pension funds of firms that foundered.

However, amongst all the doom and gloom, it’s reassuring to see the privileged folk at Lloyd’s obviously have their finger on the pulse …

Disastrous year: Lloyd’s of London plunges 697 million into red: The most expensive six months on record for the insurance industry has seen Lloyd’s of London crash to a 697 million loss. The specialist insurance market, which is made up of 88 underwriting syndicates, incurred 6.7 billion in claims after major natural disasters in Australia, Japan, New Zealand and the United States.

Online bank customers still locked out: Internet glitches are still locking Bank of Scotland customers out of their accounts a week after the group claimed the problems had been resolved. Millions of Lloyds Banking Group customers were unable to view transactions online last week following a merger of the Bank of Scotland and Halifax internet banking systems, with many business customers locked out of their accounts entirely.

Lloyds Finance Director set to resign: Tim Tookey is to resign from Britain’s biggest high-street lender to become Chief Financial Officer at Friends Life. The appointment will be announced on Monday. Mr Tookey denied the move was due to any falling out with the bank’s new Chief Executive, António Horta-Osório, who joined the bank from Santander U.K. and took over as CEO in February.

Maybe UBS is a better example …

UBS Boss Oswald Gruebel says he won’t resign as rogue trader loss hits £1.5 billion: UBS Boss Oswald Gruebel said he would not be resigning, as the bank raised its estimate of losses racked up by London-based rogue trader Kweku Adoboli to £1.5 billion.

Fictitious’ hedges see UBS rogue trader losses climb to $2.3 billion: UBS’s alleged rogue trader created “fictitious” hedges using opaque market instruments to hide losses, the investment bank confirmed on Sunday, as it revealed that closing the positions has cost $300 million (£175 million) more than originally thought. The final tally of losses caused by unwinding Kweku Adoboli’s trading activities totalled $2.3 billion, compared with the $2 billion estimated at the end of last week.

 

But at least our politicians know what they’re doing …

EU Ministers: fiddling while zone burns: The ability of Eurozone politicians to disappoint knows no bounds. While it was over-optimistic to expect a pre-planned informal gathering of European Union Finance Ministers to deliver hard solutions to the region’s debt crisis, a new sense of urgency would have been welcome. But as Ministers came and went in Poland, they left behind a strong sense of disunity. Peripheral bond yields, which had been falling ahead of the meeting in response to the pledge by global central banks to provide dollar liquidity, duly rose again. A decision on whether to release the latest €8 billion tranche of the first Greek bail-out has been put off until early October. Work on solutions to Finland’s demand for collateral in return for fresh loans to Greece – a significant obstacle to the second €109 billion rescue package for Athens – is progressing, but still needs more time. All of that pales beside the lack of progress on bigger issues, such as the funding needs of Spain and Italy. Both Madrid and Rome succeeded in placing bonds at auction last week, but their cost of funding keeps creeping up. The European Commission is promising a Eurobond feasibility study this autumn but any political progress on that front looks likely to be glacial. That leaves the onus on the European Central Bank.

 

Are you scared yet?
Has the fear factor started to impact on your views?
Good; that was the intention.
Problem – Reaction – Solution.

 

The solution is coming soon.
Corporatocracy guarantees it.

 

Stock Market Tip Of The Week:
anal lube will be your next best friend.

 
 
 

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