Forum Post: (((Video))) Keiser Report: VAMPIRE BANKER Hunter
Posted 12 years ago on Nov. 20, 2011, 8:25 a.m. EST by MonetizingDiscontent
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[KRVideo#212] Keiser Report: Vampire Banker Hunter
http://maxkeiser.com/2011/11/20/kr212-keiser-report-vampire-banker-hunter/
MaxKeiser&StacyHerbert discuss the ‘tiny rule changes’ and the Zombiebankland behind the collapse of MF Global.
In the second half of the show, Max Keiser interviews Barry Ritholtz about the big lie that bankers did not cause the crisis and what MF Global means to the markets.
Gerald Celente: Uncovering what he thinks is a Smoking Gun Behind The MF GLOBAL Scandal
(((Video))) http://www.youtube.com/watch?v=6weHpFCrxdw&feature=player_embedded#!
Celente: CME did NOT Guarantee Oversight in MF Global Scandal
It is very suspicious that weeks prior to MF Global’s fall billionaire investors like the Koch brothers had the miraculous foresight to withdraw all their money, prompting accusations that big players got a ‘heads up’... http://www.huffingtonpost.com/daniel-dicker/the-koch-brothers-and-mf-_b_1089906.html ...in advance of the firm’s collapse.
CME is now in the process of damage control. Earlier today (Nov 17th) the organization issued a press release... http://www.marketwatch.com/story/cme-group-statement-on-mf-global-segregation-violation-2011-11-17 ...stating “that it followed CFTC requirements and CME Rules and procedures in reviewing MF Global’s segregated funds statements and coordinating that review with the CFTC” and characterized reports that it was negligent as “inaccuracies.” Terrence Duffy's Introduction at CME Group Press Conferecne with Mayor Daley
http://www.youtube.com/watch?v=m3XpfPXxjbw&feature=player_embedded
Trends forecaster Gerald Celente, who lost gold futures at MF Global in the six figure range, has discovered a video of CME Executive Chairman, Terrence Duffy, (Above Link) holding a press conference last year in which he unequivocally states that no “customer has ever lost a penny as a result of a clearing member default that CME Group.”
Duffy admits that CME is the “guarantor of every transaction that happens in our markets (and) we have to guarantee the performance of each and every one of these contracts.” Obviously, this was not the case with MF Global and its clients.
The CME boss claims in the video that the futures and options markets provide “a place of shelter for the most damaging parts of the economic crisis” and “function flawlessly, providing liquidity, transparency and central counterparty clearing services that continue to work throughout the crisis,” a claim that turns out to be entirely fallacious, as Celente and others discovered after MF Global went belly up.
Duffy proudly admits that CME is “the guarantor of every transaction that happens in our markets” and guarantees “the performance of each and every one of these contracts which means facilitating the transfer of $800 trillion of risk. To do this, we hold more than $100 billion of collateral to support the transactions that are being done on our markets.”
However, as Gerald Celente notes, not “only have customers lost money, they’ve lost their futures positions. Secondly, and more important, CME did not honor its ‘guarantee’” to MF Global’s clients.
“This is big news that nobody has uncovered, and I’d like to break it, says Celente.
It is not certain at this point if CME’s role in the scandal will be highlighted. Authorities are attempting to track down MF Global client money lost in JP Morgan’s black hole and two “aggressive and high-profile federal prosecutors,” according to the Wall Street Journal... http://blogs.wsj.com/law/2011/11/17/the-am-roundup-mf-global-subpoenas-prop-8-more/ ...are using subpoenas to gather MF Global records.
there is an alternative to BANKS
A little history on credit unions:
The credit union idea was born back in the 1860s in Bavaria, Germany where debt of epidemic proportions and unscrupulous moneylenders were taking all that the townspeople owned. Its mayor, Frederick Raiffeisen, deeply troubled by the poverty of the farmers and workers in his region, appealed to the wealthy citizens for aid, but their help was inadequate. He then organized the farmers and workers to pool their own meager savings and, in turn, lent them to each other at a low rate of interest. His plan worked so well, the idea quickly caught on and spread across Europe.
The first credit union formed in North America was in Levis, Quebec, in 1900. By 1909, the idea had reached the United States where the first U.S. credit union was opened in Manchester, New Hampshire. As the idea soon spread throughout the nation, and with the passage in 1934 of the Federal Credit Union Act, credit unions could be organized anywhere in the U.S.
Today there are more than 10,000 credit unions in the U.S. serving over 75 million members.
Do credit unions practice fractional reserve lending? I'm seriously considering them.
Thats a good question..They do deal in fiat credit though...As Gerald celente and Max Keiser say though if you have fiat change it for physical gold and silver...That will really hurt the big banks and their fractional reserve scam..
Thanks for the info. As long as fractional reserve is institutionalized, bank runs are unavoidable. And I believe in choatic situation this is what's going to happen even to safer heavens like credit unions. I will talk to one credit union regarding "flat change". Otherwise, the best way is to cash your money gradually (interest payment is already 0.1%/year; you cannot lose.)
Tq for the post. I found it very educational.
"Duffy proudly admits ..." just froze the blood in my veins.