Chapter 6 - The universal bank: bottomless pit or black hole?
In the U.S., after drainage due to the sub-prime mortgages - from early 2009 to now - over a billion dollars of potential losses (1) from the folds of the budgets of large universal banks and the related system shadow banking (see Chapter 1), the central bank (Fed), having nearly tripled its budget during the same period of time, decided to print even more 'money to buy, say, U.S. Treasury: and 'the so-called quantitative easing 2 - QE2 . Incidentally, the central bankers rather than 'the expression " drain or cover losses in the banking system " used to say: " stabilize the financial system or markets "and to do this' it will take more U.S. $ 600 million over the next eight months! (2) . The reasons are propaganda to promote maximum employment and stability 'in prices, that' is not the water which boils at ninety degrees, but the right angle! Many people wonder what is behind it, and some ventured that the QE2 - unlike QE1 and that 'served to save the banks from bankruptcy - will' eliminate the presion U.S. government bonds.'s dilemma and 'easy to solve, just go to see where these titles will be purchased on the primary market or secondary? In the first case frock' the government, in the second one will cover potential losses by banks. The problem real ' that the object of the QE2, I'm not phony bonds securitized by gunmen disguised as sound banks but treasury bills.
In Europe, after having spent 4.588 billion euro in aid to the financial system and banks over the past two years until October 2010 (3) and have "saved" each other from Greece, taxpayers and investors in the euro area are "saving" one another first from Ireland and Portugal, then (4) . In the end, after all self-"saved" one by one, we hope that the European taxpayers and investors together are able also to save the European Union, is well represented by the cat Jose ' and the fox Herman, and Jean-Claude Eater with his substantial collection of puppets in form, ready to move to tender thread: the Roman Empire, Mario, Giulio, the George and Julia's Azeglio , Some examples of the Italian language.
Also in Europe, the trick of losses drain on the budgets of large banks, is costing - as well as failure in res ideal - even bankruptcy closely and budgetary European Central Bank (ECB), which will see 'forced to seek a capital increase humiliating (5) . Just to emphasize the solidity 'of the euro!
The failure of the ideal system for banks central and 'manifest in the moment they were put in place the measures called unconventional , which specifically are open market operations that relate to non-government securities, or auction an unlimited amount. With this type of intervention is beyond the role of central bank monetary policy and fiscal policy comes in, because the objective of these interventions is not 'the transmission of monetary policy but fiscal policy aimed at saving some market participants that would otherwise fail. In a democracy, this modus operandi and 'unacceptable! The utilities' economic and social system and central banks' over and you and 'introduced a system, elitist, plutocratic (6) .
The Wealth of Nations, so 'as the subject will not be created from nothing (7) , but it certainly can' be destroyed or annihilated. The anti-matter and an instrument of impoverishment of nations - that decision-makers and bureaucrats "modern" at their disposal to destroy wealth - it's called: universal bank (8) .
Current acts accomandigia (9) that the 'European Financial Stability Facility - EFSF " (10) is about to conclude with the most nation-states' weak to save the big banks, not will certainly prevent the natural dissolution universal bank, after its failure to model the circular flow of income "(see Chapter 2). Watch out for spikes ECB marginal lending, will serve as a signal to investors of a certain nation state, 'cause that means huge piers of money have been used to plug the holes of a few large bank zombies (or rather : insolvent) , before the big bang just around the corner (11) that will drag 'into the abyss for the first citizens of the state occupied by large national bank.
In order to speed up the natural decay of the universal bank, real risk to the stability 'of modern democracies, economies and their societies', are therefore welcome the initiatives organized they are offering account holders the bank run (cd bankrun ) reasons, and not dictated by fear as usual (12) . Ineptitude in front of decision makers and bureaucrats, unable to prevail over the neo-corporate power of universal banks, such initiatives may well organized force governments to liberalize the collection of savings from the public and transform the commercial banking system in public infrastructure , so 'as they are, for example, the railroad tracks, roads and ridges telecominicazioni.
(1) See entries in blue and light blue ( Federal agencies debt securities, mortgage-securities backet ) color display in the budget of the U.S. central bank (Fed) [ http://blogs.wsj.com/economics/2009/06/11/a-look-inside- feds-balance-sheet-61109-update / ].
(2) See CNNMoney.com, November 3, 2010 [ http://money.cnn.com/2010/11/03/news/economy/fed_decision/index.htm ]. An amount equal to the net salary per year of about 20 million U.S. workers, since in 2008 the average salary and the 'state of $ 30,774 =.
(3) See Reuters, 01.12.2010 [ http://www.asca.it/news-UE__AIUTI_STATO_A_SETTORE_FINANZIARIO_OLTRE_4_500_MLD_IN_2_ANNI-971250-ECO&comunicati=1-.html ]. See Reuters.com, December 1, 2010 [ http://borsaitaliana.it.reuters.com/article/businessNews/idITMIE6B00BL20101201 ]. Just to get a comparison of the expenditure, the GDP of Germany in 2009 amounted to U.S. $ 3.3467 trillion [ http://data.worldbank.org/country/germany ], Italy's GDP in 2009 amounted to U.S. $ 2.11278 trillion [ http://data.worldbank.org/country/italy ].
(4) See, Ireland, gardian.co.uk, November 22, 2010 [ http://www.guardian.co.uk/business/2010/nov/21/ireland-asks-70bn-eu-bailout ] and Portugal, Reuters.com, November 26, 2010 [ http://it.reuters.com/article/itEuroRpt/idITLDE6AP06O20101126 ].
(5) See Reuters.com, 13/12/2010 [ http://borsaitaliana.it.reuters.com/article/businessNews/idITMIE6BC0I820101213 ].
(6) See elitism [ http://it.wikipedia.org/wiki/Elitismo ] and plutocracy [ http://it.wikipedia.org/wiki/Plutocrazia ].
(7) See [ http://it.wikipedia.org/wiki/Equazioni_di_Maxwell ].
(8) See self-evident clarity of Giulio Sapelli, University 'of Milan, Il Sole 24 Ore, 13 November 2010: "The only prescription for the crisis and limit the' breaking of the financial industry, separate activity ' commercial from investment: banks should not be able to use the deposits of account holders to supply the leverage. "
(9) accomandigia Act means an act by which, in the Middle Ages, a municipality or a rule was put under the protection of another municipality or another woman, a time or in perpetuity. See Historical Dictionary CNR items: accomandigia [ http://tlio.ovi.cnr.it/voci/000545.htm ].
(10) For EFSF [See http://en.wikipedia.org/wiki/European_Financial_Stability_Facility ]. Unless there is some Boeotian the world might believe that the Italian contributions to ensure Tremonti EFSF them from his own pocket, you can not see with their own What powers without an ad hoc law he can tie Italy to take in his name, valid legal obligations to honor the guarantee fund with DKK 79 billion up to June 30, 2013. Perhaps the champions of the law enough to think that a directive or a regulation to pull out of the pockets of Italians, the colossal figure? As is known the art. 11 of the Italian Constitution provides for the accession of Italy to the international organizations that pursue institutional peace and justice among nations. From a historical point of view this provision was intended by the constituents to allow Italy to join the nascent UN membership today stem from that for example the participation of Italy, by surreptitiously, the war in Afghanistan, the Balkans and in Iraq, although Italy rejects war as a means of settling international disputes. Next Article. 11 and 'was played - in the unsystematic - by the Constitutional Court to legitimize the pseudo-and more serious limitations of sovereignty' resulting from the Italian participation in the Communities 'European and now the European Union, thus making' through interpretation directly applicable Intalio into the EU regulations, decisions of the European Court, and in some cases even the European directives (see Chapter 4, footnote 8). It 'obvious today, in front of the democratic deficit of European institutions and in front of the delicacy of the materials for which these institutions would legislate that interpretation has become unbearable for the system of parliamentary democracy. The European Union, pultroppo, even before the euro to fail, and 'time to failure in its ability' to meet the needs and aspirations of Europeans. Needs and aspirations of more and more 'often do not coincide with the interests of big banks and corporations. The euro and 'sewing a dress made for universal banks and European multinationals, their budgets and failed' also failed the euro. From a legal point of view of efficiency, the arrangements agreed by representatives of the Italian government in the meetings referred to as "Ecofin" and "Eurogroup" are similar to those acts of government in Italy is defined as "ministerial decrees "as long as they are applied to a prior Act of Parliament. Otherwise, it may represent nothing more than mere declarations of intent of Ministers, which leave the time that the economy of the scam are innocent, as stated in the German Finance Minister Wolfgang Schaeuble. See Reuters.com, 06.12.2010 [ http://borsaitaliana.it.reuters.com/article/foreignNews/idITLDE6B508B20101206 ] [ http://borsaitaliana.it.reuters.com/article/businessNews / idITMIE6B505520101206 .
(11) See Reuters, 18/11/2011 [ http://borsaitaliana.it.reuters.com/article/foreignNews/idITLDE71H0QJ20110218 ] and Calculated Risk: " Update: ECB marginal lending [ http://www.rischiocalcolato.it/2011/02/ce-del-marcio-in-portogallo-solo-unaltra-banca-che-salta-in-aria.html ]. The marginal refinancing operations are those set out in Item 5.5 of the Consolidated financial statement (weekly) Eurosystem [ http://www.ecb.int/press/pr/wfs/2011/html/index.en.html ].
(12) See the initiative organized by Eric Cantona called " Bankrun2010 [ http://www.bankrun2010.com ]. With these initiatives, however, the general public can 'easily be held personally accountable' huge "gap " trust between perception and reality 'of the banking system. In fact usually compared to Euros 100 deposited in the bank and concrete 'can return only about 3 euros, the rest pultroppo after the foreclosure, "sub-prime and' just hot air in the oil received in confidence .