Thursday Thrombosis

Still think letthemfail is wacky to suggest the FED might actually bail out the euro-cluster?

On the verge of tomorrow’s summit during which it is widely expected that the EU’s new president Herman Van Rompuy will announce just what the details of the [US Taxpayer to the rescue] plan will be, the utter cluelessness and confusion is unprecedented. The clusterfuck reaches epic proportions as the European leaders realize that someone has to pay for their stupidity. That someone is gradually emerging to be, gasp, Uncle Sam.

(editor’s note: is that “realize” or “wager” and is it “Uncle Sam” or “Uncle Ben”?)

A couple home runs from Denninger last week, especially this one on the mercenary lunacy of the CDS derivative. We have been saying this for a while, but thought everyone either knew or assumed it to be the case (which has always been the basis of our outrage over credit default swaps). If it’s an AH-HAH moment for Denninger, it’s worth noting:

We do not let “just anyone” buy insurance. You must have an insurable interest. That is, I can’t buy fire insurance on your house. If I could, I might – and so might 20 of my best friends. We might even target those homes we think might have fires. We could even bribe the folks doing a controlled burn nearby to be a little less careful than they ordinarily would. Or, in the extreme case, one of us might just set a fire on purpose!

…and then this one, because we feel the WTO is merely one of many like organizations including the CFR, the Trilateral Commission and the Bilderberger Group (in our minds the ideologies, if not the actual membership is basically synonomous) who are the frontrunners of the globalist agenda–pure corporatism under monetarist rule.

The “globalists” (and scaremongers who believe we have sold out to them) would have you believe that we have somehow obligated ourselves (to the WTO). This is false. We have done no such thing, and whether our government has complied with these wishes (some would say demands) out of a desire to appease those who have bribed legislators with million(s) in campaign contributions the fact remains that when it comes to legal force of law in this regard there is none.

Sorry Karl–I guess I’m one of those “scaremongers who believe we have sold out to them”. I have a feeling that, in time, you will be too.

One final observation on the GLOBAL nature of the derivative swindle can be found in the history and unfolding of the Santander Syndrome (which is a carbon copy of the US central bank bailout) through European Central Bank purchases of toxic MBS debt:

At the end of 2007, Spanish banks including Santander massively created securities which had no markets, largely based on toxic real estate assets they were holding, for the sole purpose of depositing them at the European Central Bank in exchange for fresh loans, after the ECB issued new, looser regulations for collateral.

Sound familiar yet? –just merely a coincidence I’m sure. No conspiracy here folks, nothing scary here to “monger” at all. These aren’t the droids you’re looking for …. move along … move along.