1917 The United States enters World War I, and the federal budget explodes to nearly $19 billion.
1944 Congress approves $49 billion in Army funding for fiscal 1945, bringing cumulative spending on World War II and defense activities to $390 billion since June 1940. A 2008 Congressional Research Service report pegs the direct military costs of World War II at $296 billion ($4.1 trillion adjusted for inflation).
The devaluation of the dollar is how the committee taxes the world the tribute for the Empire
the faster the devaluation or slower velocity the larger the tax on the commodity
One trillion seconds equals 32,000 years. One trillion dollars in ones stacked will go to the moon and back 6 times. 23.7 trillion has been looted in the last 6 months.
"According to the Bank for International Settlements [BIS], the global Over the Counter [OTC] derivatives market has grown almost 65% from $414.8 trillion in December, 2006 to $683.7 trillion in June of 2008. On the BIS’s own website, there are no updated figures for the notional derivatives market since June 2008, so we can likely assume, with some margin of safety, that this market has now grown to more than $700 trillion. Comparatively speaking, the total market cap of all major global stock markets is approximately $30 trillion."
According to a source familiar with AIG's internal operations, Cassano basically told senior management, "You know insurance, I know investments, so you do what you do, and I'll do what I do — leave me alone." Given a free hand within the company, Cassano set out from his offices in London to sell a lucrative form of "insurance" to all those investors holding lots of CDOs. His tool of choice was another new financial instrument known as a credit-default swap, or CDS.
The CDS was popularized by J.P. Morgan, in particular by a group of young, creative bankers who would later become known as the "Morgan Mafia," as many of them would go on to assume influential positions in the finance world. In 1994, in between booze and games of tennis at a resort in Boca Raton, Florida, the Morgan gang plotted a way to help boost the bank's returns. One of their goals was to find a way to lend more money, while working around regulations that required them to keep a set amount of cash in reserve to back those loans. What they came up with was an early version of the credit-default swap.
John Lipsky is the First Deputy Managing Director of the International Monetary Fund.
Before coming to the Fund, Lipsky was Vice Chairman of the JPMorgan Investment Bank. Previously, Lipsky served as JPMorgan’s Chief Economist, and as Chase Manhattan Bank’s Chief Economist and Director of Research. He served as Chief Economist of Salomon Brothers, Inc. from 1992 until 1997. From 1989 to 1992, Lipsky was based in London, where he directed Salomon Brothers’ European Economic and Market Analysis Group.
Yes, that was the day before 9-11.
1917
ReplyDeleteThe United States enters World War I, and the federal budget explodes to nearly $19 billion.
1944
Congress approves $49 billion in Army funding for fiscal 1945, bringing cumulative spending on World War II and defense activities to $390 billion since June 1940. A 2008 Congressional Research Service report pegs the direct military costs of World War II at $296 billion ($4.1 trillion adjusted for inflation).
The devaluation of the dollar
is how the committee taxes the world
the tribute for the Empire
the faster the devaluation
or slower velocity
the larger the tax
on the commodity
One trillion seconds equals 32,000 years. One trillion dollars in ones stacked will go to the moon and back 6 times. 23.7 trillion has been looted in the last 6 months.
ReplyDelete"According to the Bank for International Settlements [BIS], the global Over the Counter [OTC] derivatives market has grown almost 65% from $414.8 trillion in December, 2006 to $683.7 trillion in June of 2008. On the BIS’s own website, there are no updated figures for the notional derivatives market since June 2008, so we can likely assume, with some margin of safety, that this market has now grown to more than $700 trillion. Comparatively speaking, the total market cap of all major global stock markets is approximately $30 trillion."
ReplyDeletehttp://seekingalpha.com/article/131597-derivatives-a-700-trillion-bubble-waiting-to-burst
Are you saying:
ReplyDeletethe value of all the horses in the race is X
and the value of all the $$ bet on the horses is 200X?
"AIG recorded more than $99 billion in losses in 2008."
ReplyDeletethey lost their bets
yet they got paid
100 cents on the dollar
http://www.domain-b.com/companies/companies_a/aig/20090912_investigation_oneView.html
Purrrrrrrrrrrrrrr ..............
ReplyDeleteAccording to a source familiar with AIG's internal operations, Cassano basically told senior management, "You know insurance, I know investments, so you do what you do, and I'll do what I do — leave me alone." Given a free hand within the company, Cassano set out from his offices in London to sell a lucrative form of "insurance" to all those investors holding lots of CDOs. His tool of choice was another new financial instrument known as a credit-default swap, or CDS.
The CDS was popularized by J.P. Morgan, in particular by a group of young, creative bankers who would later become known as the "Morgan Mafia," as many of them would go on to assume influential positions in the finance world. In 1994, in between booze and games of tennis at a resort in Boca Raton, Florida, the Morgan gang plotted a way to help boost the bank's returns. One of their goals was to find a way to lend more money, while working around regulations that required them to keep a set amount of cash in reserve to back those loans. What they came up with was an early version of the credit-default swap.
http://www.rollingstone.com/politics/story/26793903/the_big_takeover/print
John Lipsky is the First Deputy Managing Director of the International Monetary Fund.
Before coming to the Fund, Lipsky was Vice Chairman of the JPMorgan Investment Bank. Previously, Lipsky served as JPMorgan’s Chief Economist, and as Chase Manhattan Bank’s Chief Economist and Director of Research. He served as Chief Economist of Salomon Brothers, Inc. from 1992 until 1997. From 1989 to 1992, Lipsky was based in London, where he directed Salomon Brothers’ European Economic and Market Analysis Group.
http://in.reuters.com/article/economicNews/idINIndia-42471620090915