Unsinkable or Unthinkable

Ten Minutes After the Titanic Struck the Iceberg

We are like passengers on the Titanic ten minutes after its fatal encounter with the iceberg: the idea that the ship will sink is beyond belief.

As we all know, the "unsinkable" Titanic suffered a glancing collision with an iceberg on the night of April 14, 1912. Ten minutes after the iceberg had opened six of the ship's 16 watertight compartments, it was not at all apparent that the mighty vessel had been fatally wounded, as there was no evidence of damage topside. Indeed, some eyewitnesses reported that passengers playfully scattered the ice left on the foredeck by the encounter.

But some rudimentary calculations soon revealed the truth to the officers: the ship was designed to survive four watertight compartments being compromised, and could likely stay afloat if five were opened to the sea, but not if six compartments were flooded. Water would inevitably spill over into adjacent compartments in a domino-like fashion until the ship sank.

We can sympathize with the disbelief of the officers, and with their confused reaction, simultaneously reassuring passengers and attempting to goad them into the lifeboats. With the interior still warm and bright with lights, it seemed far more dangerous to clamber into an open lifeboat and drift off into the cold Atlantic than it did to stay onboard.

As a result, the first lifeboats left the ship only partially full. Only when it became undeniable that the ship was doomed did people attempt to "make other arangements," but by then it was too late.

The tragedy was a cruel mix of human error (entering an ice field at nearly top speed, 23-25 knots), hubris-soaked planning (only enough lifeboats for half the passengers and crew) and design flaws: the high-sulfur iron hull plating did not bend when struck by the ice, it shattered like china.

As noted above, the watertight compartment design was also flawed; indeed, some studies have found that the ship would have stayed afloat an additional six hours had there been no watertight compartments, as water would have sloshed evenly along the entire length of the vessel.

QR CODE FOR SOS

I think this perfectly describes the present. Our financial system seems "unsinkable," yet the reliance on debt and financialization has already doomed it, whether we are willing to believe it or not.

Maybe the illusion that the ship is unsinkable can be maintained for another year or two; the Status Quo's success in masking the ultimate fate of the financial system for the past four years supports the belief that there is literally no limit to the Federal Reserve and Treasury's power to keep the ship afloat, regardless of the cost. In other words, the Fed and Treasury are perceived as "unsinkable."

That illusion has cost trillions of dollars, trillions of dollars of new debt that now burden the taxpayers: $2 trillion added to the Fed balance sheet, $1.2 trillion in secret giveaways to the banking cartel, and $6 trillion in additional Federal debt/spending.

Yet few of us are willing to entertain an exit from the belief system that supports the Status Quo. We are like passengers on the Titanic ten minutes after its fatal encounter with the iceberg: we can't believe this grand ship could sink, so we do nothing while it is still possible to influence our fate.

Structural flaws doom the financial system and government finances alike to either default or destruction of the nation’s currency. There are no other end-points.

We could insist on changes to these doomed policies, but we do not; why?

Some of our reluctance can be attributed to disbelief, as the gap between what we know is inevitable--the ship will sink beneath the waves--and what we currently see--a proud, mighty ship, apparently only lightly damaged--is so wide.

But if we delve deeper, we discern how calculations of risk and gain yield faulty assessments of self-interest. While the ship appears structurally sound, it seems risky to clamber into an open lifeboat and drift away into the freezing night, while the supposed gain (saving our life) is questionable: from the warm deck of the ship, it seems that climbing into a small lifeboat would place our life far more at risk than staying on board the mighty ship.

This assessment of self-interest was tragically flawed, and by the time the impossible (sinking) had become the inevitable, it was too late to change the fate we’d selected back when all seemed permanent and secure.

The point of this exercise is to reveal just how illusory our assessment of self-interest and security can be, and how prone we are to making decisions based on the present even when our rational minds are well aware that it is unsustainable.

The financial system of the United States of America is like the Titanic. Hubris led many to declare it financially unsinkable even as its fundamental design was riddled with fatal flaws and the human pilots in charge ran it straight into the ice field at top speed.

We have some time left before the ultimate fate is visible to all. Ten minutes after the collision, the Titanic's passengers had 2 hours and 30 minutes before the "unsinkable" ship sank. How much time we have left is unknown, but the bow of the ship will be visibly settling into the icy water within a year or two--and perhaps much sooner.

Resistance, Revolution, Liberation: A Model for Positive Change

Libor : Analyse de Myret Zaki

Tous les taux sont manipulés

Ces points méritaient d'être soulignés (voir nos précédents commentaires et "Is Gold Manipulated?".

Analyse de Myret Zaki :


Pour notre part nous sommes convaincus de la fuite en avant orchestrée par les dirigeants sans retour possible, avec les conséquences inéluctables :  inflation, baisse du dollar, crise monétaire, hausse de l'or, crise pour l'accès aux ressources naturelles, conflits.

De manière cynique, on peut se demander si les États ne sont pas en train de corrompre leur monnaie et leur crédibilité à l'insu de leur plein gré sachant qu'il n'y a pas d'issue -voir Ten Minutes After the Titanic Struck the Iceberg-. Ne font ils pas fait un calcul en deux, voire trois temps, qui consiste à baisser les taux d’intérêt au plus bas (Libor scandal), afin de refinancer leurs dettes à des conditions exorbitantes tout en pouvant les escompter auprès des banques centrales, avant de voir l’inflation déprécier ces mêmes dettes (draghi monétisation) et/ou permettre leur rachat à des conditions avantageuses, et d’appauvrir ses citoyens par un impôt inflationniste lancinant (démantèlement social. Est-ce un scénario improbable ? Il ne faut pas l’exclure, d’un point de vue strictement théorique.

A méditer…

« Pour détruire le régime bourgeois, il suffit de corrompre sa monnaie ». Lénine
(Pic : Window in Museum of Political History, St Petersburg)

Mongolia Flash

La Mongolie, futur émirat des steppes

C’est le futur «émirat des steppes». La Mongolie est au seuil d’une des plus fulgurantes transformations qu’un pays ait jamais connues, avec un incroyable «boom minier» attendu dès 2013. Dans ce pays grand comme trois fois la France, moins de trois millions d’habitants sont assis sur un tas d’or. La Mongolie sera peut-être un émirat est-asiatique, mais un émirat sans émir. Dans un environnement régional où la démocratie peine à fleurir, le pays a un régime parlementaire dont il n’est pas peu fier. «Cela ne fait que 22 ans que notre démocratie existe, et elle a ses insuffisances comme la corruption, mais elle progresse et la tendance est irréversible», assure Jargalsaikhan Dambadarjaa, l’analyste économique vedette du pays.

Si l'image de la Mongolie est celle d'une terre d'éleveurs et d'agriculteurs, les ressources du pays résident en réalité davantage dans son sous-sol. Au sein d'immenses mines à ciel ouvert qui creusent le désert de Gobi, ce pays, grand comme trois fois la France, dispose non seulement d'assez de charbon pour alimenter l'énorme demande de la Chine dans les cinquante prochaines années, mais aussi de vastes trésors de cuivre, d'or, d'uranium et autres minéraux que le monde entier convoite. Au point d'attirer massivement les investisseurs étrangers, sous la pression de ses deux puissants voisins, Pékin et Moscou.

Un pays en tenaille entre la Chine et la Russie

Gâtée par la géologie, la Mongolie l’est un peu moins par la géographie, puisque totalement enclavée. Entre deux poids lourds, la Russie et surtout la Chine, qui fait porter une ombre immense sur Oulan-Bator. Quelque 90 % des exportations mongoles se font à destination de la Chine. L’an dernier, la Mongolie est devenue le 1er fournisseur de charbon de la Chine, passant devant l’Australie. Il faut dire que Pékin achète aux Mongols entre 30 et 40 % en dessous des prix du marché. Le ressentiment populaire monte aussi contre l’afflux d’ouvriers chinois sur les chantiers de construction.

Au printemps, la tentative de rachat par le chinois Chalco des houillères de SouthGobi a été un choc national. Toutefois, la marge de manœuvre du gouvernement reste faible. Sans l'aide étrangère, qui se chiffre en milliards de dollars, les mines resteraient en effet inexploitées. La Mongolie se sait en outre vulnérable au quasi-monopole de Pékin sur ses exportations (90 %), au point d'avoir accepté une réduction de 30 % sur ses produits miniers par rapport aux prix du marché. Et si Oulan-Bator s'est récemment tourné vers les Etats-Unis pour diversifier ses clients, l'enjeu de la protection de ses ressources et de sa souveraineté reste le même tant les Américains, à l'instar des Russes ou des Chinois, sont d'intenses consommateurs d'énergie.

Jeunesse dorée et bidonvilles

Ce qui se passe en Mongolie est unique dans l’Histoire, confie Jan Hansen,chef économiste de l’Asian Development Bank, on n’a jamais vu un pays connaître un tel bouleversement en aussi peu de temps. La croissance a bondi à 17,5 % l’an dernier, et devrait grimper à 20 % l’an prochain. En 2005, le PIB par habitant était de 700 dollars, et il est déjà monté à 3 000 dollars. Il devrait doubler tous les deux ans. Les grandes enseignes de luxe, de Louis Vuitton à Ermenegildo Zegna, ont fait leur apparition dans la capitale aux rues encore défoncées et boueuses. Mais cette folie a aussi apporté avec elle une inflation galopante, qui a atteint 16 % en avril, et creuse un abyssal fossé social. Le grand risque vient de la dépendance à l’excès de la ressource minière, qui représente 90 % des exportations et 30 % des revenus du pays. On sait que les pays ainsi dépendants progressent moins vite que les autres. Et le secteur est peu créateur d’emplois, avec seulement 1,6 % de la population y travaillant.

Néanmoins, cette course à l'exploitation du sous-sol n'est pas sans poser de problèmes. Au-delà de la question de la pollution liée à l'intense extraction minière, cadet des soucis d'un pays qui cherche à se développer économiquement, le principal enjeu se révèle être  la répartition des richesses produites. Car si la Mongolie est assise sur cette manne fantastique qui représente un tiers de son PIB, 30 % de sa population vit en-dessous du seuil de pauvreté. L'an dernier, l'investissement étranger n'a profité qu'à une faible minorité des 2,8 millions de Mongols tandis que des fortunes colossales s'édifiaient. La frustration et l'irritation se sont alors fait sentir au sein de la population. Et face à l'appétit croissant des entreprises étrangères, le gouvernement a dû adopter en urgence une loi qui limite à 49 % l'investissement étranger dans trois secteurs stratégiques, les mines, les banques et les télécommunications.

Les immenses ressources minières  âprement convoitées

Deux sites géants devraient à eux seuls assurer la fortune du pays pendant des décennies. Le premier, Talvan Tolgoi (littéralement "les cinq collines"), est le plus grand gisement de charbon de haute qualité au monde avec plus de 7 milliards de tonnes de réserves. Cette mine, située à seulement 200 km de la frontière chinoise, doit pouvoir alimenter les sidérurgistes – chinois essentiellement – pendant deux siècles, selon le quotidien français. L’an dernier, la Mongolie est ainsi devenue le premier fournisseur de charbon de la Chine, passant devant l’Australie. Trois groupes sont sur la brèche pour exploiter Talvan Tolgoi : l'entreprise d'Etat chinoise Shenhua Energy, le géant minier américain Peabody Energy et un consortium russo-mongol.

Avec plus de 7 milliards de tonnes de réserves, cette mine est le plus grand gisement de charbon de haute qualité au monde. Elle devrait pouvoir alimenter les sidérurgistes - chinois essentiellement - pendant deux siècles. Le gouvernement prévoit d’en introduire 30 % en Bourse, à Londres ou Hongkong.

Le second, Oyu Tolgoi ("la colline turquoise"), est une immense mine renfermant les plus grandes réserves au monde de cuivre et d'or : 36 millions de tonnes de cuivre et 1 275 tonnes d'or selon les estimations. La production sur le site, détenu à 66 % par le groupe canadien Ivanhoe (contrôlé par le mastodonte anglo-australien Rio Tinto) et à 34 % par le gouvernement mongol, doit démarrer début 2013, avec un objectif de 450 000 tonnes de cuivre par an et 10 000 kg d'or.

L'exploitation de ces colossales réserves devrait être à l'origine du grand "boom minier" attendu pour 2013, qui pourrait changer la face du pays. Déjà l'an dernier, l'investissement étranger a quadruplé à 4 milliards d'euros, faisant bondir la croissance à 17,3 % contre 6,4 % en 2010. Et la tendance devrait se poursuivre, avec des prévisions de 20 % de croissance pour l'an prochain et un PIB qui doublerait tous les deux ans.

Marc Faber Forecasts : Video

 Massive Market Crash in the Fall

The editor of the Gloom, Boom, and Doom Report got fired up in an interview with Fox Business News. After another day of lows in the market, and record lows in U.S Treasuries, Marc Faber expressed his concern with the stock market, gold, and more money printing.

Here are some quotes from his interview found below:

“We could easily drop below 1000 on the S&P.”

“If you print as has been printed in the U.S. over the last 2, 5, 10, 20 years, it's very beneficial for corporate profits because it flows mostly into the comforts of companies but eventually the money printing stops and corporate profits don't grow anymore.”

“I like physical gold but I think we are still in a correctional period but like the stock market, I think gold has been oversold.”

Go Gold

Since the record high in gold price hit in August at 1,889.70, prices have slowly dipped, especially over the past few months. Investors looking to cash in on the gold market could jump in now and wait out the prices. Faber points out that gold is not in a bear market but rather, is “still in a correction phase.”

“Individual investors should gradually accumulate gold,” Faber explained. “Hold some cash, hold some precious metals, hold some equities, and hold some real estate. If one asset class or the other declines substantially move money into that asset class.”

It sounds much easier said than done. But with the recent spike in gold prices coming off of the U.S. government's lousy jobs reports, the correction phase looks to be the time to get on board.

Many felt – and still feel – that if the Fed moves forward with quantitative easing that the gold prices will most definitely rise against the dropping price of the dollar. We have seen it before and it looks to happen again.

Even the big investment banks are still riding the precious metal train amid all of this uncertainty. In one Goldman Sachs' analyst's research note to Reuters, they explained, “We still prefer gold despite an extended period of profit taking in 4Q11 and renewed volatility in 1Q12.”

Don't let the price correction of gold impact your long term outlook on your investments. Follow Faber and Goldmans' lead and gradually add to your gold portfolio.

The Death March : Thunder Road Report

Approaching a New Financial System

This is an excellent report by Paul Mylchreest, Thunder Road Report. He is of the opinion that the current financial system will implode within 6-12 months, to be replaced by a new system backed by gold. At bottom my  excerpts  (emphasis mine):

In this Thunder Road Report (below) and going forward, I will discuss this middle class theme and highlight positions I have in individual stocks, etc. The only good thing that can  come out of this is a rise in awareness. It’s just awful

A bit  of  a  problem,  to  put  it  mildly!  

The obscene amount of debt which has built up over decades and been reflected in GDP numbers, is obviously reflected in the prices of all assets you can see on your Bloomberg screen.

In equities, the debt Ponzi is directly reflected in corporate earnings which have been boosted by   the   “brought   forward”   consumption.   There   is   going   to   be   tremendous   turbulence   in   equity   prices   caused   by   the   reduction   in   corporate   earnings   (certainly   in   real   terms),   punctuated   by   periods   of   hopium   from   centrally   planned   “stimulus”   and   compensated,   as   currencies   get   seriously   debased,   by   “real”   asset   backing   (unlike   bonds).   At   least   we   might   get   a   temporary   “crack-­up  boom”  at  some  point...

which  would  be  like  being  on  morphine  for  equities :

               

“There  she  goes,  there  she  goes  again 

Racing  through  my  brain

 And  I  just  can’t  contain  this  feelin’  that  remains

There  she  blows,  there  she  blows  again 

Pulsing  through  my  vein 

And  I  just  can’t  contain,  this  feelin’  that  remains”          

                                          There  She  Goes/Lee  Mavers

“All that is left (to buy) is the Dollar and Gold"

I  like reading Raoul Pal’s stuff when I can get hold of it, which is incredibly difficult. I can’t recommend his work highly enough but I do disagree with his view on the dollar (although he might be bullish on the dollar just from a trading perspective and he’s been right since May).

The two remaining “sacred cows” preserving the US dollar as the world’s reserve currency are:

1. The belief that the Chinese will continue to buy US Treasuries; and
2. The US dollar will maintain its monopoly on world trade.

Regarding number one, the Chinese have been sellers since the end of July 2011 (note the date). With regard to number two, have you noticed how China has set up currency swaps with nearly all of its trading partners? Have you noticed how Iran has been excluded from the SWIFT system and has begun selling oil to some countries in currencies other than dollars?

China has been preparing for dollar devaluation for nearly a year now, but hardly anybody has noticed. While everybody frets about the Euro, the dismantling of the US dollar’s reserve currency status is occurring within plain sight. I think a deal was done between the US and China in late Summer or early Autumn of last year. Have you also noticed how Ben Bernanke has used just about every unconventional method of monetary policy he’d discussed in his earlier writings on preventing deflation…bar one big one? Dollar devaluation. Let me repeat that, dollar devaluation.

We are heading into a truly mega-financial crisis. This is (another) classic “I hope I’m wrong, but…” report. I think the crisis is going to result in the transition to a new financial system as the current one implodes. Best guess is that it will be either happening, or perfectly obvious that it’s going to happen, within 6-12 months, i.e. within our investing time horizon.

Full report below:

…. Since debt brings forward consumption, the obscene amount of debt in western nations HAS (past tense) already been reflected in their GDP, i.e. a huge amount of GDP was “borrowed” from the future into the past AND is still being borrowed into the present (now primarily from governments and central banks, the supposed guardians of the value of currencies).
….
The relationship between debt and consumption is deceptively simple, but it has a very powerful effect on economies and financial markets which is largely ignored. For years, it could be ignored because the effects were all virtuous. Whenever the debt growth started to slow, some idiot stepped in with maestro-like precision and got all the plates spinning again. Furthermore, GDP is purely a measure of spending and not a measure of wealth or value. If we think in terms of analysing individual companies, GDP would be nothing more than the expense/outflow half of the Cash Flow statement.
….
You can’t spend your way to prosperity, but we are in an upside down world where spending and debt are considered to be “wealth”. People will look back on this period and wonder how they allowed themselves to become so deluded? Although “It’s the debt, stupid”, it’s funny how rarely central bankers mention the “elephant in the room”.
….
“Let’s take a step back for a second. Who are these people? They’re the same idiots that never saw anything coming. So whatever they think they see, or whatever they want to talk about, is meaningless because they are probably wrong about what they think…They are the cause of the problem. So why do we want to know what the idiots think about the current state of the economy?”- Bill Fleckenstein on King World News
-The only reason the “idiots” are worth listening to is to gauge the speed at which they will destroy the financial system.
…
Then there are the banks. The “asset” side of the banking system consists largely of loans to consumers and corporates (debt), bonds (debt) and the zero sum game of derivatives. The latter are opaque, but JPMorgan Chase now has a problem here. You didn’t really think that the bankers could create nearly a quadrillion dollars of notional derivatives exposure and not cause a catastrophe along the way?
….
Meanwhile the price of the only financial asset with zero counterparty risk in the biggest global debt crisis in history has been “locked down” for months. There is a reason. It must move in volume to where there is an insufficient quantity prior to the denouement of the current financial system. A new system is coming with a bigger role for gold.
….
“The only cure for a bubble is to prevent it from developing.”
Well it’s far too late for this financial system. Ten years ago, before the debt bubble became catastrophic, the free market could have resolved this issue. But Greenspan, the “Great Architect”, had to create yet another bubble in real estate and the “point of no return” was left far behind. Then the helicopter-flying monetary psychopath took over and he is creating the bubble to end all bubbles in MONEY itself.

Goldman Sachs : Maîtres du monde

 Goldman Sachs : Maîtres du monde

Update July 2013

reportage de la RTS 2- Réalisation Jérôme Fritel

Learn your lesson ((second level)

From Gordon Gekko: 

"The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you're not naive enough to think we're living in a democracy, are you buddy? It's the free market. And you're a part of it. You've got that killer instinct. Stick around pal, I've still got a lot to teach you."

La banque américaine Goldman Sachs est au coeur de toutes les crises financières depuis 2008: crise des subprimes, crise grecque, crise de l'euro.Son pouvoir est immense, et elle l'exerce dans le plus grand secret. Immersion au coeur de la banque liée à de nombreux scandales pour comprendre ce passé douteux. Des témoignages de premier plan aident aussi à expliquer comment elle est, malgré les crises, encore plus puissante qu'avant.

La première chose que l'on apprend chez Goldman Sachs, c'est que l'on ne doit pas parler de Goldman Sachs. Depuis décembre 2006, les banquiers de Goldman Sachs savaient qu'une crise financière se préparait et en ont profité. Les américains, eux, en ont subi les conséquences et commencent à se réveiller.C'est un système effrayant, "Too Big To Fail", qui ne laisse d'autre solution que de la renflouer à l'infini en appauvrissant la population. Un système qui dévore la démocratie, puisqu'il est au coeur des appareils d'Etat, finance les campagnes électorales aux États-Unis, et qu'il s'impose partout.

La banque Goldman Sachs est surnommée aux États-Unis "government Sachs" tant elle est influente sur le gouvernement américain. Le secrétaire au Trésor de Clinton, Robert Rubin, qui procéda à la dérégulation financière, venait de Goldman Sachs. Tout comme le secrétaire au Trésor de Bush, Hank Paulson, qui transféra aux États les dettes des banques lors de la crise financière. L’actuel président de Goldman Sachs, Llyod Blankfein, aime à dire qu’il fait "le métier de Dieu".En fait, Goldman Sachs est au cœur de la prédation financière mondiale et impliquée dans de nombreux scandales financiers dont celui d’Abacus, auquel a été mêlé le goldmanien français Fabrice Tourre, et des subprimes, celui de la tromperie de ses clients à qui elle recommandait d’acheter des produits financiers sur lesquels elle spéculait à la baisse, de délits d’initiés, celui du maquillage des comptes grecs et de la spéculation contre l’Euro...La toute puissante banque américaine Goldman Sachs dispose aussi d'un réseau impressionnant dans les instances dirigeantes européennes.Mario Draghi, président de la Banque Centrale Européenne depuis le 1er novembre 2011, a été vice-président de la branche européenne de la banque d'affaires de 2002 à 2005, au moment même où la banque a aidé la Grèce à maquiller ses comptes.Mario Monti, nouveau président du Conseil italien, est entré dans le cercle très fermé des conseillers internationaux de la banque lorsqu'il a quitté son poste de commissaire européen en 2005.Deux autres anciens de Goldman Sachs sont à la manoeuvre dans le sauvetage de la zone euro.Côté allemand, Paul Achleitner, le président du géant allemand de l'assurance Allianz, conseille le directeur général du Fonds Européen de Stabilité Financière, Klaus Regling. Avant de rejoindre Allianz, il a travaillé pendant douze ans pour la banque d'affaires américaine.Côté français, Philippe Gudin de Vallerin, chef du service des politiques macroéconomiques et des affaires européennes à la direction générale du Trésor, épaule le directeur du Trésor Ramon Fernandez dans la préparation technique des sommets et des négociations européennes.

Passant de l’ombre à la lumière, ce sont des hommes de Goldman Sachs qui sont aujourd’hui ouvertement poussés aux commandes. Par quels moyens ? Et pour quelles fins ?

Faire prendre en charge par les peuples les fautes des banques ? Obéir aux diktats de la finance en frappant les citoyens ? Faire sauver l’Amérique par les Européens ? Ce documentaire apporte quelques éclaircissements.

Goldman Sachs : Les nouveaux maîtres du monde

Blip TV : Best of Blip

http://blip.tv/syti/goldman-sachs-les-nouveaux-maîtres-du-monde-5752871

reportage de la RTS 2- Réalisation Jérôme Fritel

Face à la non diffusion libre du  reportage de J. Fritel nous faisons cette mise au point :

“Mark Carney, the governor of Canada’s central bank, has been informally approached as a potential candidate to replace Sir Mervyn King as head of the Bank of England in June next year,” reports the Financial Times.

“One of the world’s most respected central bankers, Mr Carney, 47, now heads the Financial

Stability Board, which oversees global financial regulation. He was approached recently by a member of the BoE’s court, the largely non-executive body that oversees its activities, according to three people involved in the process.”

Carney is also a 13-year Goldman Sachs veteran and was involved in the 1998 Russian financial crisis which was exacerbated by Goldman advising Russia while simultaneously betting against the country’s ability to pay its debt.

Although the appointment would see the highly unusual precedent of a foreigner heading up the 318-year-old central bank, according to one observer, “As a Canadian national he is a subject of the Queen…That is important.”

Carney’s possible ascension to become the next BoE head, although denied by the Bank of Canada, would be the cherry on the cake for Goldman Sachs’ financial overthrow of Europe in their bid to exploit the financial crisis to centralize power into an EU superstate.

Last year, former EU Commissioner Mario Monti was picked to replace Silvio Berlusconi, the democratically elected Prime Minister of Italy. Monti is an international advisor for Goldman Sachs, the European Chairman of David Rockefeller’s Trilateral Commission and also a leading member of the Bilderberg Group.

“This is the band of criminals who brought us this financial disaster. It is like asking arsonists to put out the fire,” commented Alessandro Sallusti, editor of Il Giornale.

Similarly, when Greek Prime Minister George Papandreou dared to suggest the people of Greece be allowed to have their say in a referendum, within days he was dispatched and replaced with Lucas Papademos, former vice-President of the ECB, visiting Harvard Professor and ex-senior economist at the Boston Federal Reserve.

Papademos ran Greece’s central bank while it oversaw derivatives deals with Goldman Sachs that enabled Greece to hide the true size of its massive debt, leading to Europe’s debt crisis.

Papademos and Monti were installed as unelected leaders for the precise reason that they “aren’t directly accountable to the public,”noted Time Magazine’s Stephen Faris, once again illustrating the fundamentally dictatorial and undemocratic foundation of the entire European Union.

Shortly afterwards,Mario Draghi – former Vice Chairman of Goldman Sachs International – was installed as President of the European Central Bank.

The U.S. Treasury Secretary at the beginning of the 2008 financial collapse was Hank Paulson, former CEO of Goldman Sachs. When Paulson was replaced with Tim Geither, Goldman Sachs lobbyist Mark Patterson was hired as his chief advisor. Current Goldman Sachs CEO Lloyd Blankfein has visited the White House 10 times. Goldman Sachs spent the most money helping Barack Obama get elected in 2008.

As the graphic below illustrates, the economies of France, Ireland, Germany and Belgium are also all now controlled by individuals with a direct relationship with Goldman Sachs.

Dominion over virtually all of Europe’s major economies, as well as the United States, by one international banking giant, notorious for its role in corruption and insider trading, is now almost complete.

Goldman Sachs rules the world.

Bulls Stand Up

1er Août : Swiss National Day

Bulls Stand up