43 thoughts on “Max Keiser picks up on “Plunderball””

  2. Pat Flannery

    David you say in your Plunderball article: “The principle was flushed when the Troika backed the Cypriot plan to seize money from ALL depositors.” I don’t think the Troika actually did “back” the Cypriot plan.

    I personally think the “ALL depositors” plan was a parliamentary trick by the Cypriot government to discredit and defeat the real Troika plan, which was to hit the uninsured depositors ONLY. Fortunately it failed and the Cypriots an their uninsured depositors ended up getting a much worse deal.

    In the long run bank depositors will be much more discerning about where they bank. We are now entering the era of depositor risk management. Up until now all the science was aimed at banker risk management.

    Caveat depositor.

    Reply
    1. steviefinn

      David

      It would be good to see you on the Keiser Report in the flesh again

      Max

      Hint.

      Pat

      Hope you don’t mind me asking, but how have you found Ireland since you got back ?

      Reply
      1. Pat Flannery

        Stevie,

        Actually I’m in Sun Diego until May. Got here in February. I needed to dry out.

        As for Ireland, don’t get me started. It’s a mess. There are really two Irelands: rural Ireland and urban Ireland. The latter is doing OK while the former is dying.

        My biggest criticism is the almost total dominance of government policy on people’s lives. Private initiative is virtually non-existent, at least as compared to the U.S.

        The Irish Government is herding its population into large government-controlled industrial parks where they are more controllable and held within a tight tax net. SMEs are actively discouraged, perhaps because they are harder to tax.

        From an American perspective what I see is a “command economy”. Life-style choices are very restricted. Irish economic progress has come at a very heavy cost in human freedom. What the church lost in terms of control the government has gained.

        Pat

        Reply
        1. steviefinn

          Interesting to get your view from a American perspective, as an Englishman moving over 14 yrs ago I found Ireland to be a much more easy going place than what I had experienced in England. The town / country split was also very apparent, as was the fact that the further travelled outside of ‘ The Pale ‘ the more Irish Ireland became.

          I hit a brick wall when trying to get my little business going, which would tally with your words on SME’s. I felt that I was insufficient in my knowledge of brown envelope etiquette. The Irish it seemed to me accepted corruption as a fact of life – I put this down to the fact that for the majority of the states existence the country had been impoverished. This to me also explained the obsession with land & the often hard relationship between employers & those they employed, although unlike class ridden England, all & sundry would drink together on a Friday night when the banter would be hilarious & just slightly on the safe side of on edge.

          My experience is derived from living in 2 small towns where compared with England there was, & hopefully still is, a sense of community. Unfortunately I noticed during the tiger years that this aspect was slowly being eroded. The North is more hard edged for obvious reasons, kind of Irish with English or Scots copy & pasted over some of it. It’s cheaper to live here though & within the Catholic community in which I live, there is plenty of opportunity to hustle.

          I miss the wonderful times I experienced in the Republic, warm hearted smiling people ignoring midges on humid summer nights, wet grass staggering till dawn, smoke filled sardine packed shout filled bars with synchronised grins splintered by a revolving ribbon of constant laughter, distant Dingle fiddles & many more incidents which comprise of a good few of the lights in my memory. It really hurts to witness the perpetrations of the joyless on such as this.

          Slainte Pat.

          Reply
          1. Pat Flannery

            Stevie, as Frank McCourt would say: “you have a good fist” – you can write. A lovely description of the seductions of Irish life.

            You are right, after 36 years in the States the Old Sod is still like a seductresses. Much as I love sunny So Cal the first thing I will do in May is go down to my local and wallow in the friendly banter. I am fortunate in that I can look forward to Sun Diego again in November or December.

            As for the brown envelope culture, it is hard to excuse. It seems there was much less corruption when we were poor. I notice a marked deterioration in public morality from when I left in 1976. Maybe I was just naïve then.

            I think reestablishing a sense of community as a nation, is even more urgent for the Irish than righting the fiscal or financial ship. People everywhere need a sense of common pride in who they are.

            I never cease to marvel at the intensity and pride of Americans at every public event when they all put their hands on their hearts and proudly belt out “The Star Spangled Banner”. Their shared respect for the flag “and the Republic for which it stands” is beautiful and deeply moving no matter how many times one stands and does it.

            I miss that feeling in my native country. If I were to express the same pride and intensity of feeling for Ireland as I do for America every day I would probably become a marked man by the Garda.

            That is a measure of what we have lost. It is no longer cool to be a proud Irishman. Without that pride there can be no moral core.

        2. yakima canutt

          “herding its (workers) into govt.-controlled industrial parks”

          this is very interesting, can you write more about this.
          It is bizarre to people in UK that there is not wholesale and vociferous dissent on the streets of Ireland, or at least none reported on mainstream media.
          It is very clear that if the Euomasters want to retain control, they want everyone working inside corporate slavery, and with capital controls, no cash (no black economy) and comprehensive taxation at source or from bank accounts. Therefore no SME empoyment, everyone working either for the state or the corporate special malleable friends.

          We just don’t understand why the Irish have tolerated yet another captive government, and no protest upswell…………… ??

          Reply
          1. Pat Flannery

            Thanks for your interest jakima. I intend to look into this phenomenon a little more during the summer while I am there and perhaps write about it.

            I am not sure if it is only attributable to EU membership though.

            Since the opening up of the economy by Sean Lemas in the ’60s there are many big international interests embedded in Ireland. FDI has been enormous in Ireland during the last few decades and continues at world record levels. The Americans are an even bigger investor in Ireland than the Europeans and were there first.

            In any case it seems to have become an economic laboratory for faceless multinationals. The Big Four accounting firms, particularly Ernst & Young and its clients, control the Dept. of Finance and through it the Irish Government. Like the Vikings in the two centuries before 1014 AD, when they were expelled by Brian Boru, they have colonized Dublin and made it their own.

            As for the silence of the Irish people, it is hard to explain. Perhaps they fear going back to the days of church domination and economic isolation. But there are stirrings. A tipping point may come. And as with all tipping points it will probably be totally unpredictable.

          2. steviefinn

            Pat

            A sorry state, just hoping that my time there does not turn out to be the countries highest point, never to be realised again.

  3. backwardsevolution

    Just me – good link. I showed my son the 1999 boundary (the red line). His teenage response was: “How do they do that with a straight face?”

    When the weak come up against the strong, and always when there’s something of value to be had, out come the striped-suited clowns with their red crayons attempting to get “something for nothing” yet again.

    Reply
  5. deepgreenpuddock

    The dewar/blair deal seems a very simple anti-nat ploy-probably part of the deal for devolution. Some kind of attempt to place a full stop on further developments.

    Reply
  6. backwardsevolution

    That was a great Max Keiser video, and should give your blog some well-deserved exposure. Congratulations!

    Here’s some more information re Bitcoin from Karl Denninger. I don’t always agree with his views on things, but when it comes to technology, he usually knows what he’s talking about (he used to own his own Internet company). An interesting read.

    http://market-ticker.org/akcs-www?post=219284

    “Bitcoins are basically cryptographic “solutions.” The design is such that when the system was initialized it was reasonably easy to compute a new solution, and thus “mine” a coin. As each coin is “mined” the next solution becomes more difficult. The scale of difficulty was set up in such a fashion that it is computationally infeasable using known technology and that expected to be able to be developed in the foreseeable future to reach the maximum number of coins that can be in circulation. Since each cryptographic solution is finite and singular, and each one gets progressively harder to discern, those who first initiated Bitcoin were rewarded with a large number of easily-mined coins for a very cheap “investment” while the computational difficulty of “extracting” each additional one goes up. […]

    Bitcoin and other digital currencies are different — they’re just a string of bits. To validate a coin, therefore, I must know that the one you are presenting to me is unique, that it wasn’t just made up by you at random but in fact is a valid coin (you were either transferred it and the chain is intact or you personally “mined” it, a computationally-expensive thing to do), and has not been spent by you somewhere else first.

    In order to do this the system that implements the currency must maintain and expose a full and complete record of each and every transfer from the origin of that particular coin forward!

    This is the only way I can know that nobody else was presented the same token before I was, and that the last transfer made of that token was to you. I must know with certainty that both of these conditions are true, and then to be able to spend that coin I must make the fact that I hold it and you transferred it to me known to everyone as well.”

    Reply
  7. bill40

    Golem,

    I have seen your Plunderball article repeated in at least a dozen blogs, although sadly, not all are like the excellent John Ward (the slog) and Max Keiser who have rightly credited you.

    Plunderball is the scoop of the year so far and the mere mention of bank failure or bail ins in China is enough to get you jailed. In your last few blogs you have excelled yourself which leads to to the question…

    Why isn’t a programme like Panorama following these things up?As those scallywags at Private Eye would say “I think we should be told”.

    Reply
  8. backwardsevolution

    Cypriot Politicians’ Loans Written Off:

    “With banks confiscating up to 80 percent of uninsured deposits over 100,000 euros ($130,000) and the country facing a deep economic crisis, Cyprus has forgiven loans to politicians and companies while others are generally being required to pay in full, media reports said, setting off fury on the island country.

    The Greek newspaper Ethnos and the website 24h.com.cy said that loans to Members of Parliament from the three major political parties and other officials in the public administration from the Bank of Cyprus and Cyprus Popular Bank (Laiki) will be written down or off.”

    http://greece.greekreporter.com/2013/03/29/cypriot-politicians-loans-written-off/

    Reply
  9. backwardsevolution

    A comment re high frequency trading:

    “A friend of mine, a retired trader in commodities market, says that due to the increased power of computers, a strategy that combines mean reversion and programs that create heightened volatility (he says this was pioneered for commodity trading 15 years ago, but only in the past several years have computers powerful enough become available for application in equities) operate like a cartel with several linked computers programmed to make primary, secondary, and sometimes even third trading moves before the exchange’s computers can react. He says this strategy creates an unfair advantage and is particularly efficient at extracting profits during a bull market.”

    Another “straight face” moment.

    Reply
  10. GoodLuckWithDat

    @backwardsevolution

    With all due respect, a couple of issues with Denninger. He does not fully appreciate the difficulty in pinning a particular Bitcoin transaction to a flesh and blood user. Will TBTB go to extraordinary lengths to prosecute potential tax evaders, drug dealers and money launderers? Doubtful. The great & powerful Oz Denninger is so afraid of has clay feet. As the immorality & un-sustainability of the current financial system is stripped bare for all to see, there will be bigger problems to deal with than a few illicit Bitcoin users.

    Reply
    1. backwardsevolution

      GoodLuckWithDat – but he does bring up some good points (I’m not worried about drug dealers and money launderers) i.e. how can you be sure that the money you got hasn’t already been given to someone else.

      There have always been counterfeiters and people who are willing to get around rules (those who always want something for nothing). At the present time these crooks are joined by the bankers, who also want something for nothing. And these people are always the first to get in line whenever there is a loophole or a good old-fashioned ponzi that’s gearing up (first ones in are the ones who make the money).

      Given the current corruption taking place and the loss of trust, am I an idiot not to wonder how many of the above people are not pushing Bitcoin for their own gain? Or as a way to loot even more without being seen? How many of the above types are already into Bitcoin, not for an alternate currency, but to benefit from it?

      Denninger’s point was shouldn’t we try to gain control of the current system, which would be a good one if not for the crooks, instead of coming up with another that the crooks will destroy too? And they will.

      And his question about following the chain is an important one, I think. Because if it’s a system where you can’t follow the chain, the crooks are sure to be there.

      I don’t think Denninger is the “great and powerful Oz”; he’s trying to fight and uncover the men behind the curtain. Don’t agree with everything he says, by any means, but he does raise some legitimate points.

      Reply
      2. steviefinn

        Backwardsevolution & Dave

        Doesn’t work unfortunately, probably get to see it one day – Doubt it will be as candid as the above clip 🙂 but thanks anyway.

        Reply
        1. Roger Lewis

          Hi Stevie if its a blocked in your territory thing download Mozilla Firefox and add on Foxy proxy, then go to hide my ass and get a proxy for the US. the user interface is very straight forward and you just use one of the countless free IP’s on hide my ass which are usually ranked for speed and quality.
          I use this to watch I player5 and BBC live in Sweden and it works anywhere for anything.
          If i’m teaching a nanny to suck eggs , I apologise, still its handy to know for others suffering web censorship.

          http://getfoxyproxy.org/

          http://hidemyass.com/vpn/?gclid=CISiuLr9rbYCFYOXcAodVR8Adw

          don’t buy anything all the free proxy servers work sometimes you need to click about but that’s part of the fun beating the Man..

          Reply
          1. steviefinn

            Thanks Roger

            This Grandaddy needs all the help he can get when it comes to sucking PC related eggs.

          2. Roger

            Sent this to a philosopher freind on Linked in a while back more details for those that want to watch what they like.

            On 10/27/12 11:50 PM, Roger Lewis wrote:
            ——————–
            Hi Jud,

            The Video works fine here. TO circumvent licensing using Foxy Proxy in the Firefox browser is the easiest and cheapest way ( its free)

            Install foxy proxy and a little fox icon appears in the search bar at the enbd of the search window.

            Click the little fox and a menu appears with the option to add proxy.

            You place a free public proxy for a UK I. address in that box and also tell it which port on your router to use, this is specified with the I.P address.

            This makes the content provided identify you as being in the country of the proxy IP address.
            It is how I watch British TV live here in Sweden, The Rugby and such.

            1. http://getfoxyproxy.org/downloads.html

            2. http://www.freeproxylists.com/uk/d1351375889.html

            different proxys have varying speed and reliability but five minutes of testing out a few usually gets me home. There are paid proxy services but I have never bothered as I have usually always found a good proxy for the content I have been wanting to look at.

            Jud, just to say I have greatly enjoyed reading your comments and have been learning a lot.
            all the best

            Roger

          3. Adele

            I decided to enlist a teenager to assist me in downloading the Untouchables. Thank you for the links.
            Frontline do some excellent docs.

  13. Dave (aka Frog2)

    Waverider — I managed to see it all, it took far longer than 53 mins at the ‘end of the line’ here in Lower Normandy , but was WELL worth it !

    Now off to share with a few of me mates, together with Stevie’s spoof-links .

    Reply
    1. GeoWaveRider

      Mr Frog2

      Me suspects it has to do where you reside.

      I’m in sunny Yorkshire, well sunny but cold!

      I tried viewing through a USA proxy and was still blocked.

      Maybe I’ll have another go later :-).

      Reply
  14. backwardsevolution

    Cyprus President’s Family Transferred Tens Of Millions To London Days Before Deposit Haircuts

    http://www.zerohedge.com/news/2013-03-31/cyprus-presidents-family-transferred-tens-millions-london-days-deposit-haircuts

    “A day after former Cypriot President Vassilou was found to be among many elite Cypriot (politicians and businessmen) who had loans written-off by the major (now insolvent) banks; it appears the rot is far fouler than expected. In a somewhat stunning (or purely coincidental) revelation, ENETEnglish reports that Cypriot newspaper Haravgi claims that current President Nicos Anastasiades’ family businesses transferred ‘dozens of millions’ from their Laiki Bank accounts to London just a week before the devastating depositor haircuts were unleashed upon his people. Of course, the denials are loud and Anastasiades has demanded an investigation into the claims; we are sure the government-selected ‘independent’ committee will be as thorough as the Libor anti-trust investigators.”

    Reply
  15. backwardsevolution

    How the Fed Fueled an Explosion in Subprime Auto Loans:

    “Money was tight last year for the school-bus driver and neighborhood constable in Jasper, Alabama, a beaten-down town of 14,000 people. One car had already been repossessed. Medical bills were piling up.

    And still, though Nelson’s credit history was an unhappy one, local car dealer Maloy Chrysler Dodge Jeep had no problem arranging a $10,294 loan from Wall Street-backed subprime lender Exeter Finance Corp so Nelson and his wife could buy a charcoal gray 2007 Suzuki Grand Vitara.

    All the Nelsons had to do was cover the $1,000 down payment. For most of that amount, Maloy accepted Jeffrey’s 12-gauge Mossberg & Sons shotgun, valued at about $700 online.

    In the ensuing months, Nelson and his wife divorced, he moved into a mobile home, and, unable to cover mounting debts, he filed for personal bankruptcy. His ex-wife, who assumed responsibility for the $324-a-month car payment, said she will probably file for bankruptcy in a couple of months.

    When they got the Exeter loan, Jeffrey, 44 years old, was happy “someone took a chance on us.” Now, he sees it as a contributor to his financial downfall. “Was it feasible? No,” he said.”

    http://www.reuters.com/article/2013/04/03/us-usa-qe3-subprimeauto-special-report-idUSBRE9320ES20130403

    Instead of letting prices correct, as they will do eventually, the Fed insists on trying to prop up the bubble. Big headlines: “Auto Sales Are Up” – but at what price? Who pays in the end?

    Reply
  17. backwardsevolution

    “[The U.S. Federal Reserve] was founded in 1913 specifically as a lender of last resort for Wall Street. Its purpose was not to restrict credit growth and the balance-sheet expansion of Wall Street banks but to encourage and support them.

    The Federal Reserve was instrumental in extending the credit-driven boom of the 1920s that set up the economy for the Great Depression. Many modern supporters of paper money and central banking [Keynesians/Monetarists] consider the Fed’s response to the crisis inadequate, as they would have liked to see a more aggressive injection of additional money.

    They focus their criticism on the Fed’s role in the crisis management, but not on the FED’S ROLE IN THE FORMATION OF THE EXCESSES THAT MADE A MAJOR CRISIS INEVITABLE IN THE FIRST PLACE. […]

    …..it is evident that the monetary authorities simply managed to repeatedly prolong the paper credit expansion through timely rate cuts and additional money injections whenever a recession began to unfold.” Detlev Schlichter

    A few examples are after the collapse of Long Term Capital Management in 1998; huge amounts of money injected in 1999 re concern over Y2K (but probably just to keep the stock bubble climbing higher); between 2001 and 2004, after Enron and Worldcom corporate failures and the NASDAQ bubble bursting, when interest rates were left at 1% for three years; and then our current QE’ing to death.

    Don’t just look at what happens AFTER the crisis.

    Look at who sets up and allows the crisis to form in the first place. The Fed, along with other central banks.

    I’d be interested to know who here agrees with this behavior and who doesn’t.

    Reply

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