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New World Order – The endgame has begun
The nature of power in today’s world
The central bank system
“Let me issue and control a nation‘s money and I care not who writes the laws.”
– Amschel Rothschild
Perhaps the single most important thing to know about power in the world today is that most nations do not have control over their own currencies. Instead privately owned, for-profit central banks – such as the Federal Reserve Bank in the US – create money out of nothing and then loan it at interest to their respective governments. This is an incredibly profitable scam, but that’s not the worst of it.
Not only do the central banks have the power to create money for free, they also have the power to set interest rates, to decide how much credit is issued, and to decide how much money is put into circulation. With this power central banks can – and do – orchestrate boom and bust cycles, enabling the super-wealthy owners of the banks to profit from investments during the booms, and buy up assets at bargain prices during the busts. And that still isn’t the whole story.
The most profitable of all central bank activities has been the financing of major wars, particularly the two World Wars. When nations are engaged in warfare, with their very survival at stake, the governments stretch their resources to the limit in the competition to prevail. The struggle to get more financing becomes as important as the competition on the battlefield. Moneylenders love a desperate borrower, and vast fortunes have been made by extending credit to both sides in conflicts: the longer a war continues, the more Full Article Here
Japanese ATMs to Use Palm Readers in Place of Cash Cards
A Japanese bank will introduce ATMs that use palm scanners in place of cash cards, it said Wednesday.
on an ATM (Credit: Fujitsu)
Ogaki Kyoristu Bank said the new machines will allow customers to withdraw or deposit cash and check their balances by placing their hand on a scanner and entering their birthday plus a pin number. The ATMs will initially be installed at 10 banks, as well as a drive-through ATM and two mobile banks, from September.
Ogaiki announced the new ATMs with the slogan “You are your cash card.”
One reason the bank decided to use the new technology was the massive earthquake and tsunami that ravaged the country’s northeast coast last year, it said. Many who escaped the tsunami lost their homes, personal possessions and all forms of identification, and so were unable to access their bank accounts until weeks or months later.
Finger and palm scanners are currently used by many large Japanese banks along with cash cards as an additional safety feature, but Ogaki said it will be the first bank in the country to do away with cards Read more…
BRIC countries consider their own multilateral development bank
India is proposing the creation of a multilateral bank to exclusively finance projects in BRIC countries, Bloomberg reported.
Bloomberg cited an Indian official who told the news service the plan is likely to be discussed at this weekend’s Group of 20 finance ministers meeting in Mexico City. The official said the plan was in an early, exploratory phase but had been circulated among the BRICs and shared with South African officials, Bloomberg noted.
The BRIC countries are Brazil, Russia, India and China. As it’s described now, the proposed bank would be funded exclusively by developing nations and finance projects in only those nations.
Reuters reported that Brazilian finance minister Guido Mantega is sympathetic to the idea.
Emerging market economies have in recent years become a larger driver of global growth than more established markets. They have been pushing for greater representation at the World Bank and IMF as their clout in the global economy has grown.
IMF sees 200 billion euro capital gap at European banks
BRUSSELS — The International Monetary Fund has estimated European banks could face a capital shortfall of 200 billion euros (US$287 billion), a European source said on Wednesday.
The figure has prompted a fierce response from European officials who said the analysis was misleading, according to the Financial Times.
The newspaper, citing two officials, said the 200 billion euro figure was one estimate of the impact of marking sovereign bonds to market.
The IMF will Read more…
Why Debt Crises Destroy Banks
After the U.S. downgrade by S&P, many pundits simply guffawed that the downgrade was a sideshow—a simple distraction from the true issues of debt and default. And that’s true to a certain extent—but if people actually think the downgrade is an issue—it may actually become one. A nation’s debt and the state of its banking system are intimately related. When there is a problem in one, you can be pretty sure there is a problem in the other. Any old notion of a “risk-free” government bond has quickly been laid to rest.
In the wake of Standard & Poor’s downgrade, the stability of other “AAA” sovereigns like the United Kingdom and France has been called into question. This, of course, has repercussions in the financial markets, where countries may suddenly find that their costs have gone skyward.
France, with the worst financial Read more…
Report: Global smart card shipments will overtake mag-stripe by 2015
Smart card shipments, which include contactless payment cards, EMV and non-EMV payment cards, will reach one billion during 2011, according to a recently released report from ABI Research, a market intelligence company specializing in global connectivity and emerging technology.SBI Cards, a joint venture between State Bank of India and GE Capital, has announced that is has migrated to the EMV platform for the majority of its new customers and cards. It is the first credit card company in India to do so.
“The launch of the EMV chip-based cards for over 85 percent of our new cards will help our customers with greater security features and also help us launch more relevant offers for our customers. We will move to EMV for 100 percent of all new customers and cards within a few weeks,” said Kadambi Narahari, CEO, SBI Cards.
ABI Research forecasts that smart card shipments will overtake mag-stripe card shipments by 2015. Smart cards are being endorsed over mag-stripe cards, especially in developing countries, because of the enhanced security and widespread adoption.
“The entire banking population worldwide is Read more…
Economist Charles Gave: The Euro Will Not Exist In One Year!
Charles Gave is the French economist whose research firm GaveKal is fairly well known, and read in some hedge fund circles.
In his latest note, John Mauldin reports on a dinner he attended with several investors and experts, of which Gave was one. At the dinner, he predicted the Euro’s imminent demise.
The section of the note is below.
——–
Will the Euro Survive?
We had dinner on Monday night at the home of Hervig von Hove of Notz-Stucki Bank, where I was speaking the next morning. There were 16 of us at the table, and these people represented a great deal of money as managers and investors. All very well-informed. We sat outside in perfect weather in the Swiss countryside. Charles Gave sat across from me at the middle of the table, and we talked and debated as the rest asked questions and offered opinions for 3-4 hours. The wine was flowing, and it was a most interesting evening. Now, with that set-up…
I was asked if I still thought the euro was going to parity with the dollar, and I said I did, although I was not sure what the euro would look like in three years, or who would be in it. There was some pushback from people who thought the dollar would be the weaker currency. So I asked for a show of hands as to how many people thought the euro would be higher in one year’s time. There were 6 hands raised, but one gentleman said he was actually abstaining. So I asked how many thought the euro Read more…
Setbacks in Portugal and Ireland Renew Worry on Debt Crisis
Allied Irish Bank is one of several prominent financial institutions in Ireland in need of a rescue.
LONDON — A higher-than-expected budget deficit in Portugal and the need for more money to rescue Ireland’s failing banks have renewed fears that Europe’s debt crisis is worsening despite its sizable bailout fund.
Officials in Lisbon said Thursday that the country’s budget deficit last year was 8.6 percent of its gross domestic product, well above the goal of 7.3 percent. Although officials said the revision would not affect the government’s goal of reaching a deficit of 4.6 percent of domestic product in 2011, the news was a reminder that, even after the problems from Greece’s fraudulent deficit statistics, some numbers from the euro zone remain unreliable.
Also Thursday, Ireland’s central bank announced that four of the country’s most prominent financial institutions would need an additional 24 billion euros to cover sour real estate loans, a move that pushes the Read more…
US Fed to release crisis bailout data
AFP/File – A view of the US Federal Reserve in Washington, DC. The US Federal Reserve said Monday it would release … WASHINGTON (AFP) – The US Federal Reserve said Monday it would release data on its emergency aid to banks after the Supreme Court rejected arguments to keep it secret.
The Supreme Court declined to review a ruling that forces the Fed to publish the names of banks that borrowed from its discount window in April and May 2008, months before the industry fell into a panic.
The discount window is a Fed facility banks can tap for short-term financing when they experience liquidity shortages, as some did when financial markets began to crumble with the housing market crash.
The Supreme Court’s decision effectively backed a request by the Read more…
Currency Meltdown Coming
By Greg Hunter’s USAWatchdog.com
The situation in Japan is getting worse, not better. There are shortages in food, fuel and warm dry shelter. To make matters exponentially worse, nuclear power plants there continue to burn out of control and emit high levels of radiation. Japan is a stark reminder of how fast a modern technologically advanced society can be brought to its knees by an unforeseen calamity.
On the other side of the Pacific, the devastating pictures from that island nation are taking the attention away from our own, much more predictable, calamity coming from a tsunami of debt. As the U.S. and other world governments continue to print money to keep the banks and system solvent, a ball of debt is growing. It is on course to Read more…
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