Monday, August 26, 2013

Beauty and the Beast/ Wall Street Edition(updated August 26th/2013))

(A repost was in order after this damning email was leaked, it only confirms what we already knew..Read the shocking link below, and if you like, re-read this viral post..


Those damn lazy Greeks and their destructive socialist ways, overpaid, underworked while living high on the hog, all those exorbitant entitlements, if one only listened to the likes of Michael and Gordon Campbell and or the BC Liberal corporate party that would be the immediate impression one would get on how and why Greece is going bankrupt, actually they aren`t going bankrupt they are bankrupt, debt financing and interest payments have swelled to levels so high that they can`t pay, they can`t pay today, tomorrow or in 5 years.....

I`m not too sure how long this game of musical chairs will be played but, the bankruptcy outcome will be the same, for Greece to keep receiving more and more money they have to inflict harsher and harsher austerity measures(Cuts in pay/reduced hours/reduced services/pensions slashed)...The more they cut the more the Greek people pull back driving GDP lower and lower thus perpetuating the problem....Isn`t that special, Greece is swirling the toilet bowl and the bankers are playing musical chairs in an attempt to avoid paying the price, and what price would that be, the price for fraud on a grand scale, the price should be paid by the lenders, corrupt politicians and bankers indebted the Greek people and sold them out for Tanks, frigates and gold medals.....

Mitchell Anderson had a good story last week in the Tyee, here is a little teaser from his article..

Over the last decade, Greece has been the largest importer of conventional military hardware in the European Union. Greek military spending as a percentage of GDP is more than any other EU member and tops even nations such as Pakistan, which is engaged in a variety of ongoing conflicts.
Greece now has more than 1,200 battle tanks, 1,700 armoured personnel carriers, 300 fighter jets (including 156 F-16s), eight submarines and more than 40 frigates, gunboats and miscellaneous missile carriers. The bloated Greek military now has an air force similar in size to Germany's -- a front line member of NATO with an economy 10 times larger than Greece and eight times as many people.
And what country is so threatening to Greece that could possibly justify this level spending by such a dangerously indebted country? Apparently their NATO partner, Turkey. Richer still is speculation from the CIA that the greatest peril to the Greek government is not a confrontation with Turkey, but a domestic military coup stemming from draconian cuts to the Greek public service and the predictable civic unrest that has ensued


So there you have it, the number 1 reason why Greece is drowning in debt, the corrupt politicians being led by bankers in support of the Arms dealers sold out those fat lazy underworked and overpaid Greeks...Isn`t that the story big media is portraying?..Have you heard any mainstream media point fingers at the arms dealer, or the politicians in Greece who borrowed $billions for a military build up, has any big media even mentioned the $tens of billions that were literally stolen from Greece during their Olympic plunderfest,....In fact the 2004 Olympic games in Greece are directly tied to Greece`s impending demise..
The 2004 Athens Olympics is not the only financial burden on the Greece’s government but it certainly has not helped the Greece’s bottom line. The International Olympic Committee promises the world to host cities and it usually ends up in a bad financial experience for host cities such as Montreal, Sydney, Athens, Turin and the same thing is happening right now in Vancouver, Canada who host of the 2010 Winter Olympics, and in London, England, the host of the 2012 Summer Olympics.

In the United States, General Electric’s NBCUniversal division could lose as much as $200 million (US) because advertiser revenues are not going into the Vancouver Olympics telecasts.

The Olympics experience has become a money pit. Most people going after the Olympics know that the International Olympic Committee is a scourge but cities still throw themselves at the IOC’s feet hoping to get chosen. The lure seems to be nothing more than let’s feel good about hosting the event and that we will get some positive publicity out of the event that might eventually draw tourists to the city

Did the 2004 Athens Olympics contribute to the Greece financial meltdown? - National Business of Sports | _____________________________________________________________________________________________

No, it`s all about those fat lazy overpaid underworked Greek socialists....For it must be true, Michael Campbell said as much, the facts surely must bear out proof that Germans, the Dutch, the English and Italians all outwork their Greek counterparts, the proof must be there...... The below is cut n pasted Straight from Wikipedia...

The Greek labor force, which totals approximately 5 million, works the second highest number of hours per year on average among OECD countries, after South Korea.[34] The Groningen Growth & Development Centre has published a poll revealing that between 1995 and 2005, Greece was the country whose workers worked the most hours/year among European nations; Greeks worked an average of 1,900 hours per year, followed by Spaniards (average of 1,800 hours/year)

Isn`t that interesting, it appears that the Greeks work more than the rest of Europe, more than the Germans yet all I hear on the TV news is how the Greeks are lazy do-nothing spenders, a continual flow of ad nauseum, what you had/have is corrupt Greek politicians working with corrupt bankers and Arms Dealers, the loans to Greece that are driving them headlong into bankruptcy was for military arms, the Greek politicians deliberately lied about the loans, the debt, the deficit, hidden contracts and secret deals and to this day no one is being held accountable, here are some quotes from Greece`s 2004 pre-Olympics election winner...


Over the limit
The expected 5.3% budget shortfall is almost twice the 3% allowed by the European Union.
Total cumulative debt, Mr Karamanlis said, was as high as 112% of GDP or 184bn euros - or 50,000 euros for each Greek household.
Before March's election, the previous Socialist government had predicted a 1.2% deficit, with total debt of under 100% of GDP.
That was nothing short of deliberately misleading, he said.
"Social policy was done with borrowed cash, military spending did not show up on the budget, debts were created in secret,"
BBC NEWS | Business | Greek debt spirals after Olympics

Here is the Greek national debt from 1999 through 2010 ...Numbers in Billions/Euro dollars

Gross external debt $532.9 billion (30 June 2010)...Source Wikipedia

So let`s run through the lazy Greek propaganda spin machine one more time.....The Greek Government borrowed untold $billions for military build up, the Greek Government hid Olympic debt and military spending, the banks in France and Germany and the USA were all complicit with corrupt Greek politicians, the bank loans facilitated by French and German banks were tied to the world`s arm dealers, corrupt Greek politicians allowed the IOC scourge to thieve from the public purse while secret arms deals were made in the back rooms and now comes austerity measures, austerity measures being inflicted upon those same lazy Greeks, the ones whom have been lied to by corrupt Greek politicians for the last decade.....

Greece`s economy is shrinking, 20% unemployment, services cut, pensions cut, wages cuts and layoffs galore, Greece`s economy will continue to shrink making any chance of debt repayment a pipedream, this is an exercise in futility, actually the game of musical debt chairs is about saving the bankers on the backs of the poor!

Occupy Wall Street, this revolution is growing, these rich billionaires must be getting nervous when the masses are marching out in front of their upscale homes in gated communities...

Hundreds of people marched up Manhattan on Tuesday to take the Occupy Wall Street protest literally to the doorsteps of some of the richest tycoons in the United States.
Galvanized by an overnight crackdown on protesters in Boston, the marchers traversed the Upper East Side along a route that took them past the homes of media mogul Rupert Murdoch and conservative industrialist David Koch.
"JP Morgan, you're no good! People need a Robin Hood!" some chanted outside the luxury apartment block that is home to JP Morgan Chase chief executive Jamie Dimon

Read more:


Pitchforks in the hands of the masses, the sleeping giant has woken from its long blind slumber, Wall Street criminals, they walk among us, multi-millionaire/billionaire criminals who have stolen, cheated, lied and got caught only to dare any entity to stop them...For yes, Goldman Sachs, JP Morgan and other Wall Street firms had their fingers all over the Greek tragedy.......Here is a little cut n paste from the NY Times


Published: February 13, 2010
Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.

Chris Ratcliffe/Bloomberg News
Gary D. Cohn, president of Goldman Sachs, went to Athens to pitch complex products to defer debt. Such deals let Greece continue deficit spending, like a consumer with a second mortgage.
As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in a decade-long effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels

Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting.
The bankers, led by Goldman’s president, Gary D. Cohn, held out a financing instrument that would have pushed debt from Greece’s health care system far into the future, much as when strapped homeowners take out second mortgages to pay off their credit cards

It had worked before. In 2001, just after Greece was admitted to Europe’s monetary union, Goldman helped the government quietly borrow billions, people familiar with the transaction said. That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europe’s deficit rules while continuing to spend beyond its means.
Athens did not pursue the latest Goldman proposal, but with Greece groaning under the weight of its debts and with its richer neighbors vowing to come to its aid, the deals over the last decade are raising questions about Wall Street’s role in the world’s latest financial drama.
As in the American subprime crisis and the implosion of the American International Group, financial derivatives played a role in the run-up of Greek debt. Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere.
In dozens of deals across the Continent, banks provided cash upfront in return for government payments in the future, with those liabilities then left off the books. Greece, for example, traded away the rights to airport fees and lottery proceeds in years to come.
Critics say that such deals, because they are not recorded as loans, mislead investors and regulators about the depth of a country’s liabilities.
Some of the Greek deals were named after figures in Greek mythology. One of them, for instance, was called Aeolos, after the god of the winds.

Wall St. Helped Greece to Mask Debt Fueling Europe’s Crisis -


And Wall Street`s crime spree continues....For back in 2008 when Wall Street`s fraudulent banking practices started to show some of their multi-headed financial instruments both Goldman Sachs and JP Morgan became banks, they changed their classification from investment firms to banks, and they did this for one reason, so they could access TARP funds and bailout monies and now?????...And now because of new proposed legislation called the Volker rule these so-called banks Goldman Sachs and JP Morgan want to return to their previous designation!!!!

Goldman Sachs [GS  99.11    2.41  (+2.49%)   ] and Morgan Stanley [MS  15.84    0.45  (+2.92%)   ] may shed the "bank holding company" classification in order to skirt the Volcker rule banning propriety trading with the firm’s own capital, according to Susquehanna Financial Group analyst David Hilder.
The Goldman Sachs booth on the floor of the New York Stock Exchange
Getty Images
The Goldman Sachs booth on the floor of the New York Stock Exchange

Goldman and Morgan Stanley both became bank-holding companies during the 2008 financial crisis in order to be eligible for emergency Fed lending. But the new rule, which would limit trading when the bank's own money is a risk, would deal a major blow to one of Wall Street's most profitable businesses.
The regulators have proposed a massive new compliance burden on banks to prove that their market-making activities are just that and not proprietary trading in disguise,” wrote Hilder in a note to clients. “There will be large additional costs imposed on banks as market-makers that will not apply to market-makers not owned by banks. We would expect that to draw capital to non-bank market-makers, and cause Goldman Sachs and Morgan Stanley to examine whether it makes sense for them to exit the banking system.”


The banking frauds continue, countries drowning in debt can`t get out of debt by borrowing more money at credit card usury rates, these lenders, the private bankers, the world`s elite investors must take a huge loss, Greece is bankrupt and you can shuffle the cards and re-deal but the outcome remains the same, and every European leader is drinking the Kool-Aid and is only concerned with surviving the near-term, in-fact the only person in Europe with the balls to tell it the way it is....Is little old Slovakia, a tiny country being asked to take on $billions in debt to bailout corrupt bankers and politicians in another country!...Good for you Slovakia!, here was a good interview with the Spiegel..

Yesterday we reported that tiny Slovakia's refusal to ratify the expansion of the EFSF 2.0 (even though a 4.0 version will be required this week after the "Dexia-event"), may throw the Eurozone into a tailspin as all 17 countries have to agree to agree to kick the can down the road: even one defector kills the entire Swiss Watch plan. 

Yet an interview conducted between German Spiegel and Slovakia party head Richard Sulik confirms that tiny does not mean irrelevant, and certainly not stupid. In fact, just the opposite: his words are precisely what the heads at the bigger and far less credible countries should be saying. Alas they are not. Which is precisely why the euro is doomed.
From Spiegel:
Only two countries, Malta and Slovakia, have yet to ratify the expansion of the euro bailout fund. Its fate may be in the hands of a minor Slovak party headed by Richard Sulik. In an interview, the politician explains why he hopes the fund will fail and what he sees as the only way to save the euro.
SPIEGEL ONLINE: Mr. Sulik, do you want to go down in European Union history as the man who destroyed the euro?
Richard Sulik : No. Where did you get that idea?
SPIEGEL ONLINE: Slovakia has yet to approve the expansion of the euro backstop fund, the European Financial Stability Facility (EFSF), because your Freedom and Solidarity (SaS) party is blocking the reform. If a majority of Slovak parliamentarians don't support the EFSF expansion, it could ultimately mean the end of the common currency.
Sulik: The opposite is actually the case. The greatest threat to the euro is the bailout fund itself.
Sulik: It's an attempt to use fresh debt to solve the debt crisis. That will never work. But, for me, the main issue is protecting the money of Slovak taxpayers. We're supposed to contribute the largest share of the bailout fund measured in terms of economic strength. That's unacceptable.
SPIEGEL ONLINE: That sounds almost nationalist. But, at the same time, you've had what might be considered an ideal European career. When you were 12, you came to Germany and attended school and university here. After the Cold War ended, you returned home to help build up your homeland. Do you care nothing about European solidarity?
Sulik: If we now choose to follow our own path, the solidarity of the others will also crumble. And that would be for the best. Once that happens, we would finally stop with all this debt nonsense. Continuously taking on more debts hurts the euro. Every country has to help itself. That's very easy; one just has to make it happen.
SPIEGEL ONLINE: Slovakia's parliament is scheduled to vote on the bailout fund expansion on Oct. 11. How do you predict the vote will turn out?
Sulik: It's still open. The ruling coalition is composed of four parties. My party will vote "no"; the other three coalition parties intend to say "yes." What the opposition says is decisive.
SPIEGEL ONLINE: The Social Democrats have offered your coalition partners to support the reform in return for new elections. Do you think the coalition is in danger of collapse?
Sulik: I don't see any reason why it would.
SPIEGEL ONLINE: What will you do should the EFSF reform pass despite your opposition?
Sulik: For Slovakia, it would be best not to join the bailout fund. Our membership in the euro zone, after all, was not conditional on us becoming members of strange associations like the EFSF, which damage the currency.
SPIEGEL ONLINE: If the euro only causes problems, why doesn't Slovakia's government just pull the country out of the euro zone?
Sulik: I don't see the euro as the problem. It's a good project. Everyone involved can benefit from it -- but only if they stick to the ground rules. And that's exactly what we're demanding.
SPIEGEL ONLINE: Which ground rules should we be following?

Sulik: We have to observe three points: First, we have to strictly adhere to the existing rules, such as not being liable for others' debts, just as it's spelled out in Article 125 of the Lisbon Treaty. Second, we have to let Greece go bankrupt and have the banks involved in the debt-restructuring. The creditors will have to relinquish 50 to perhaps 70 percent of their claims. So far, the agreements on that have been a joke. Third, we have to be adamant about cost-cutting and manage budgets in a responsible way.

SPIEGEL ONLINE: Many experts fear that a conflagration would break out across Europe should Greece go bankrupt and that the crisis will spill over into other countries, including Portugal, Spain and Italy.

Sulik: Politicians can't allow themselves to be pressured by the financial markets. Just because equity prices fall and the euro loses value against the dollar is no reason for giving in to panic.
SPIEGEL ONLINE: But do you really believe that politicians can calm the financial markets by stubbornly sticking to their principles?
Sulik: Let's just ignore the markets. It's ridiculous how politicians orient themselves based on whether stock prices rise or fall a few percentage points.
SPIEGEL ONLINE: You're not afraid that a Greek insolvency could mark the beginning of the crisis instead of the end?
Sulik: No. There's not going to be a domino effect along the lines of "first Greece, then Portugal and finally Italy." Just because one country goes broke doesn't mean the other ones automatically will.
SPIEGEL ONLINE: Nevertheless, banks could run into significant problems should they be forced to write down billions in sovereign bond holdings.
Sulik: So what? They took on too much risk. That one might go broke as a consequence of bad decisions is just part of the market economy. Of course, states have to protect the savings of their populations. But that's much cheaper than bailing banks out. And that, in turn, is much cheaper than bailing entire states out.
SPIEGEL ONLINE: Does one of your reasons for not wanting to help Greece have to do with the fact that Slovakia itself is one of the poorest countries in the EU?
Sulík: A few years back, we survived an economic crisis. With great effort and tough reforms, we put it behind us. Today, Slovakia has the lowest average salaries in the euro zone. How am I supposed to explain to people that they are going to have to pay a higher value-added tax (VAT) so that Greeks can get pensions three times as high as the ones in Slovakia?
SPIEGEL ONLINE: What can the Greeks learn from the reforms carried out in Slovakia?
Sulik: They have to make cuts in the state apparatus. The Slovaks could also give them a few good ideas about the tax system. We have a flat tax when it comes to income taxes. Our tax system is simple and clear.
SPIEGEL ONLINE: One last time: Do you honestly believe the euro has any future at all?
Sulík: I believe the euro has a future. But only if the rules are followed.
Interview conducted by Maria Marquart

Slovakia On Why It Votes "No" To EFSF Expansion: "The Greatest Threat To The Euro Is The Bailout Fund Itself" | ZeroHedge
What we are witnessing friends is a revolution, actually it`s more of an awakening, people around the world are opening their eyes to the crimes these elite bankers have committed, corrupt politicians like Gordon and Michael Campbell, religious zealots like Stephen Harper waiting for the space ship to take him and his fellow Christian fundamentalists away to the sacred land, it angers me how these criminals have hijacked religion and used it as a wedge issue, the right left divide, we, we the 99% are neither Liberal nor Conservative, we are victims of slavery, slaves to the bankers, enslaved by shallow selfish politicians like Gordon Campbell and Christy Clark, politicians like George W Bush, Bill Clinton and Barrack Obama, politicians with no morale fiber, gutless cowards who knelt down on bended knee in front of Hank Paulson and Alan Greenspan and gave away your freedom, and the voices who alerted and warned the heads of state were vilified and sent to the woodshed, ....

Meanwhile history is changed and re-written before your eyes, main stream media shills for the bandits and the likes of Brooksley Born are all but forgotten.

Frontline did an excellent interview and show about Brooksley Born, Alan Greenspan and the "Old Boy`s network" shooed Brooksley Born away, ....She was the only one who rang the alarm bell about the investment banks and derivatives, credit default swaps and other space-odyssey financial instruments, but then Alan Greenspan laid down the law of the rich, he had her removed and shut her up, and what did Bill Clinton do, he backed the old boy`s club And to this day both the Republican party and the Democratic party protect the same criminal bankers, a footnote in history, Brooksley who? perhaps that explains why Bill Clinton and George Bush are traveling together on the latest talking tour!.....

Presidents Clinton and Bush at 2011 Surrey Regional Economic Summit

February 01, 2011
Surrey – Surrey Mayor Dianne Watts today announced that Presidents Bill Clinton and George W. Bush will be the featured speakers at the fourth annual Surrey Regional Economic Summit on October 20, 2011.
I don`t expect either Ex-President to point fingers at each other, dumb and dumber, you decide who.

Perhaps today`s politicians need to watch and read the Brooksley Born files....Again 

"Occupy Wall Street is not a movement, Occupy Wall Street is an Awakening"..Grant G 

Watch an amazing show on Brooksley Born here

The Straight Goods

Cheers Eyes Wide Open


BC Mary said...


This is an amazing piece of work you've just posted. Wow.

I'm still bogged down, actually, in the Greek military situation. The insanity of it. The Olympics -- and there's our Gord in London guiding the Brits into their Olympics money-pit. The breath-taking attitude that profit-taking is OK regardless of consequences.

It's going to take me about a dozen re-reads to get my head around all of what you've told us. Very impressive indeed.

I hope you're well, Grant. How is your Mom doing?

Grant G said...

Hi Mary, Mom is strong, I`m well, lonely though..

Good Day

Anonymous said...

Michael Campbell ranted on CKNW on Saturday about how he could not understand how the Wallstreet protesters could be morning the passing of Steve Jobs, while protesting against the banks. Of course, he forgot to mention the criminality of said banks and how they own the US government. The thing is though that the Michael Campbells of the world are looking like complete idiots as they really have no reasonable arguments to discredit the protesters, since they are right in exposing the crimes of Wallstreet.
The CBC had Kevin O'Leary interviewing the acclaimed journalist Chris Hedges and O'Leary called him a "leftwing nutbar". Fortunately, Hedges laid out the case of the 99% eloquently and exposed O'Leary as an ignorant buffoon, which was a thing of beauty. O'Leary looked like he had been whacked in the head with a 30 pound salmon.

Danneau said...

Nicely done! I found out last night that some very dear people are off to Victoria to do a little occupying this weekend. It seems that people are starting to get a sense, despite the cover-ups, of the extent of the rot and the consequent damage to society and to the idea of civilization. I was gobsmacked by the item this morning about Berlusconi, following the Greek model, has said that he is the only way through the crisis ( It's right in the vein of the Missing Women Inquiry, where Wally gets another gig, and there is no reasonable way to hold anyone responsible for the mess because the individuals who created the mess were just part of a mass of swirling greed, corruption and racism. As usual, thanks for a great piece.

Anonymous said...

Canada is just as corrupt as the other country's, because of Harper. He and his favorite henchman Campbell who has the dirtiest record in history, worked as fast as they could to dismantle and thieve this province of all the assets and our natural resources.

The dirty thirties was a depression. Recessions just don't happen, they are engineered. How does money just vanish? Someone has it. The giant corporations are sitting on all of the money. They want the globe to crash.

There are very few politicians in this world, that are worth the powder to blow them to hell. They are corrupt bottomless pits of greed. Most of them will steal your eyes, and then come back for the sockets. That includes Harper and Campbell.

RonS said...

I read AG's column today and then your's. Sometimes AG is just as loony as the right wing nuts in the states driving the US and the world into slavery. What a great post you have here and it should be required reading for all.

Anonymous said...

AGT isn`t alive, he died a decade ago, Rush Limbaug, Glenn Beck, voices of hate, AGT is the voice of the rightfully ignored and his dismal hate-filled childish posts are very apt for a child mind!

Page after page of greasy private school commercial ground round writing, Boring and predictable, thanks for the original thought-provoking enlightenment.

Anonymous said...

There was a good show on last night that brought this to light yet again. No, the Greek people are not lazy.
It's all about the big banks, the policiticans. The payoffs and outs. Average joe/jane isn't allowed to earn a decent wage, have time off, have large families. Disgusting.
And our last Bank of Canada - Carney, he's gone to London too. He and Gord attended Bilderberg also.
DISGUSTED ! Wake Up People, we're all being taken. Get your money out of the "banks".

Anonymous said...

Governments are not looking after their citizens, but only the corporations.

Anonymous said...

Thanks for the re-post Grant. Makes me wonder when this will all blow up. What are we talking about these days? Pot and Syria.

Now the executive at BC Ferries are able to thieve from us out in the open as the election is over and the rats are in charge for another four years. As long as BC can be put into more debt, there will be continuous thieving until it all blows up like Greece. Fucking Christy holds the door open for them.

kootcoot said...

"There was a good show on last night that brought this to light yet again"

It was on Knowledge and was called "Goldman Sachs - the Bank that runs the world." If you haven't been to the University of Goldman Sachs (been trained and worked there) you are hardly likely to be involved in financial policy making in the USA, Canada or Europe. They have insinuated themselves into all the governments and do what they want, ethics be damned and are completely blind (purposely) to the very idea of "conflict of interest."

Only one GS major domo would even speak to the producers of the film and he went silent when asked an actual question, demanding to stop the tape and quickly ending the interview.

Jailing these bastards would be a good start on improving the world!

It is a show worth watching, even though it is depressing, or likely to incite violence against the assholes who feel entitled to rob the rest of the world of pretty much everything.

Lehman Bros was allowed to go under, due to lack of their people in government, but GS negotiated with their own people to make the fact that Obama had declared they would be held accountable irrelevant as the AIG crisis was resolved in the interests of Goldman Sachs who was holding billions of AIG debt.

Anonymous said...

But Greek officials have rejected moving control of its state property abroad, saying it would not solve the problems.

What country is next?