TRUTHOUT:’Bank of America Gets Pad Locked After Homeowner Forecloses On It’

www.digtriad.com/news/watercooler/article/178031/176/Florida-Homeowner-Forecloses-On-Bank-Of-America

Bank of America Gets Pad Locked After Homeowner Forecloses On It

10:23 AM, Jun 4, 2011  |   comments

Written by

Kelly Heffernan-Tabor

 

Collier County, Florida — Have you heard the one about a homeowner foreclosing on a bank?

Well, it has happened in Florida and involves a North Carolina based bank.

Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff’s deputies foreclose on the bank.

It started five months ago when Bank of America filed foreclosure papers on the home of a couple, who didn’t owe a dime on their home.

The couple said they paid cash for the house.

The case went to court and the homeowners were able to prove they didn’t owe Bank of America anything on the house. In fact, it was proven that the couple never even had a mortgage bill to pay.

A Collier County Judge agreed and after the hearing, Bank of America was ordered, by the court to pay the legal fees of the homeowners’, Maurenn Nyergers and her husband.

The Judge said the bank wrongfully tried to foreclose on the Nyergers’ house.

So, how did it end with bank being foreclosed on?  After more than 5 months of the judge’s ruling, the bank still hadn’t paid the legal fees, and the homeowner’s attorney did exactly what the bank tried to do to the homeowners. He seized the bank’s assets.

“They’ve ignored our calls, ignored our letters, legally this is the next step to get my clients compensated, ” attorney Todd Allen told CBS.

Sheriff’s deputies, movers, and the Nyergers’ attorney went to the bank and foreclosed on it. The attorney gave instructions to to remove desks, computers, copiers, filing cabinets and any cash in the teller’s drawers.

After about an hour of being locked out of the bank, the bank manager handed the attorney a check for the legal fees.

“As a foreclosure defense attorney this is sweet justice” says Allen.

Allen says this is something that he sees often in court, banks making errors because they didn’t investigate the foreclosure and it becomes a lengthy and expensive battle for the homeowner.

CBS News

TRUTHOUT: /At Long Last, House Debates and Votes on Libya War Powers’

truthout.org/long-last-house-debates-and-votes-libya-war-powers/1307202537

 

At Long Last, House Debates and Votes on Libya War Powers

Saturday 4 June 2011

by: Robert Naiman, Just Foreign Policy

(Photo: Pete Souza / White House)

On Friday, more than two months after President Obama ordered U.S. forces into a war of choice in Libya without Congressional authorization, and more than two weeks after the expiration of the 60 day limit of the War Powers Resolution for the unauthorized use of force, the House finally debated and voted on the deployment of U.S. forces to the Libya conflict. You can watch the debate on c-span here.

What brought this debate and vote to pass was a resolution to withdraw U.S. forces from the conflict within 15 days brought pursuant to the War Powers Resolution by Ohio Representative Dennis Kucinich. This resolution was originally supposed to be voted on Wednesday, but the House leadership, fearing that the resolution would pass, delayed consideration until Friday.

In the meantime, Speaker Boehner crafted an alternative resolution criticizing the Administration’s lack of communication and consultation with Congress on the war, designed to drain enough support from the Kucinich resolution so that the Kucinich resolution would not pass.

Not surprisingly, Boehner’s strategy worked. The Boehner resolution passed, 268-145, with 223 Republicans and 45 Democrats voting yes [roll call.] The Kucinich resolution was defeated, 148- 265, with 87 Republicans and 61 Democrats voting yes [roll call.]

Despite the defeat of the Kucinich resolution, Friday’s action by the House was important.

Friday’s action shows that the War Powers Resolution is not dead. A key feature of the War Powers Resolution is that it allows for expedited consideration for a resolution such as that brought by Kucinich. The WPR was in part designed to address exactly this situation: an unauthorized war which Congress has not acted to stop. Because of the War Powers Resolution, Kucinich was able to force a debate and vote.

Because Kucinich was able to force a debate and vote, and because there was a real possibility that the Kucinich resolution would pass, the House leadership was forced to craft and pass an alternative resolution critical of the Administration’s lack of consultation with Congress on the war.

During the floor debate, critics of the Kucinich resolution argued that regardless of what one feels about how the U.S. got into the war – in particular, the fact that it was never authorized by Congress – the U.S. is now committed, and withdrawing from the conflict now would have bad consequences, including damaging relations with other countries in NATO participating in the war.

Republican and Democratic supporters of the Kucinich resolution countered that the logical consequence of the argument that Congress can’t take action once U.S. forces are committed would be carte blanche for this President or any future President to commit U.S. forces to combat, anywhere, anytime, for any reason, without Congressional authorization.

Unlike the Kucinich resolution, the Boehner resolution does not have the force of law, and it does not directly address the question of the President’s usurpation of Congressional war powers.

However, passage of the Boehner resolution will add to pressure on the Administration to explain what the U.S. is doing in Libya and to seek Congressional authorization, or else to bring U.S. military participation to a close. By increasing pressure to end U.S. military participation, the resolution may indirectly increase pressure on the Administration to support a realistic negotiated resolution of the conflict. Moreover, the passage of the Boehner resolution as a substitute for the more decisive Kucinich resolution will increase pressure on the House leadership to follow through with further action if U.S. participation in the war continues, and continues to be unauthorized.

The Boehner resolution made the following statements of policy:

 

The President has failed to provide Congress with a compelling rationale based upon United States national security interests for current United States military activities regarding Libya. The President shall not deploy, establish, or maintain the presence of units and members of the United States Armed Forces on the ground in Libya unless the purpose of the presence is to rescue a member of the Armed Forces from imminent danger.

The second of these statements of policy simply reaffirms the (legally binding) amendment to the National Defense Authorization Act enacted by the House last week, introduced by Michigan Representative John Conyers, barring the use of funds for ground troops in Libya.

But the first statement is a House vote of no confidence in Administration policy. The U.S. House of Representatives is now on record stating that the President has failed to justify the Libya war in terms of U.S. national security interests.

The Boehner resolution also set out a list of questions for the Administration, giving the Administration 14 days to respond, including:

– the President’s justification for not seeking authorization by Congress for the use of military force – US political and military objectives – anticipated scope and duration of US military involvement – costs so far – total projected costs – expected role of the US in the establishment of a successor regime – assessment of the ability of opposition forces in Libya to establish effective military and political control of Libya and a practicable timetable for accomplishing these objectives.

In the debate, supporters of the Boehner resolution asserted that if the 14 days elapsed without a satisfactory response from the Administration, the House would revisit the issue, and take further action, including the possibility of cutting off funding for U.S. participation in the war. The argument was made that the House should give the Administration a period of time to comply with House demands.

Members of the House should hold the House leadership accountable to this 14-day deadline. As the situation stands today, passage of the Boehner resolution has done nothing about the fact that the Administration has involved the U.S. in a war of choice that was not authorized by Congress and is therefore illegal and unconstitutional. But if the Boehner resolution effectively pressures the Administration to seek Congressional authorization, to seek a diplomatic resolution, or to end U.S. participation; or if the Boehner resolution serves as a prelude to action in two weeks by the House to end U.S. participation in the war, it will have been a positive step.

Robert Naiman is Policy Director at Just Foreign Policy.

JANE BURGERMESITER REPORT: ‘WHAT IS GOING ON WITH HAARP? CAROLYN DUNNING INVESTIGATES’

WHAT IS GOING ON WITH HAARP? CAROLYN DUNNING INVESTIGATES

Read Carolyn Dunnings’s  reports on the little known but powerful weather modification technology of Haarp on her new blog:

kunahu.wordpress.com/2011/06/01/us-senate-requested-to-turn-spotlight-on-haarp-high-frequency-active-auroral-research/

US Senate requested to turn spotlight on HAARP (High Frequency Active Auroral Research)

Posted on June 1, 2011 by kunahu| Leave a comment

On Thursday May 26, US Congressman Heath Shuler was notified by constituent letter about HAARP beams in the form of Vortex Spiral Radar Rings detected in the precipitation (rain clouds) on interactive weather radar map websites.  Alerted by a video report by a popular Youtube weather mitigation investigator, Dutchsinse, a person from Cullowhee in North Carolina is now requesting a Senate Hearing/Investigation into HAARP operations: http://www.congress.org/congressorg/bio/userletter/?letter_id=6950380086&content_dir=congressorg

http://www.congress.org “May 26, 2011 GM, I phoned yesterday about this issue of severe WX. Please look at these URL sites and tell me the man is wrong in the forecasts he makes. If believable, why is our government making this WX? NOTE: in the first video of the reference to “Vortex Spiral Radar Rings” in 2004 over New Orleans….. ‘Vortex Spiral’ RADAR Rings – out of North Carolina and Central Midwest http://www.youtube.com HAARP rings appear @ WA, OR, ID, MO, TN, LA, TX, AL, KY, NY = severe in 24-48 http://www.dutchsinse.com To date; many folks have died, flood waters have devastated the mid-west. Why? Now they may be targeting NC & SC? Again why? Serious damage has happened in the past” Katrina” and is still happening in the form of floods and severe storms. If above information is to be believed ( and I do ) still more serious damage to this country is in the near future due to HAARP operations. At the very least, damage that has happened already caused many deaths, scores of displaced residents, unbelievable damage to property, due to floods & tornadoes, that were possibly Man Made. All leading to shortages and higher Food prices. I am requesting a Senate Hearing/Investigation into the Operations of HAARP as to any intentional or un-intentional damage to the US. Please turn a spot light on HAARP and those who are controlling it. Weather modification I should think is serious business. HAARP has that ability. Has HAARP gotten out of control? Perhaps it should be shut down until that investigation is completed. I would like to hear back on this issue. Please tell me I am wrong to think our government is causing severe WX conditions.

Cullowhee, NC”

The request refers to a video posted on May 26, 2011: http://www.youtube.com/watch?v=q8_VyarBYzo&feature=channel_video_title

For his part, Dutchsinse upholds that “there is abounding evidence that I can provide or that I’d be willing to testify before Congress or in a court of law to what I’ve assembled so far” together with other forecasters on Youtube. www.youtube.com/watch?v=3hokvdhLB6Y

Weather modification technology is real and several companies work for the government: http://www.youtube.com/user/dutchsinse

On March 16, 2011, five days after the earthquake in Japan, a huge HAARP ring spanning Brussels, Luxembourg and the tips of France and Germany was detected by the European Meteox weather forecasting website and a video report was put up on Youtube. On March 22, without referring to this ring, the European parliament issued warnings on HAARP, calling the research program “a weapons system which disrupts the climate” and saying that “HAARP is a project of which the public is almost completely unaware, and this needs to be remedied.”

The EU referred to a parliamentary document issued 13 years ago on 13 March 1999 outlining why the strange frequency of bizarre global weather and geo-tectonic disasters appear to be on the rise and why NATO, the US Air Force and US Navy have been held accountable for their knowledge and shrouded use of HAARP technology. One of the most damning statements in the document reveals an American refusal to account for itself regarding HAARP research.

“[The European Parliament]… regrets the repeated refusal of the United States Administration to send anyone in person to give evidence to the public hearing or any subsequent meeting held by its competent committee into the environmental and public risks connected with the high Frequency Active Auroral Research Project (HAARP) programme currently being funded in Alaska.”

Article 15 “Considers HAARP (High Frequency Active Auroral Research Project) by virtue of its far-reaching impact on the environment to be a global concern and calls for its legal, ecological and ethical implications to be examined by an international independent body before any further research and testing;”

The same parliamentary document concluded that “HAARP may well be the most silent and deadly weapon of all time – primarily because it is invisible to the naked eye and thus, its existence can be denied by government and readily dismissed by media.” http://www.sovereignindependent.com/?p=16628

On March 24, two days after the EU warnings on HAARP, a huge HAARP could be seen again on www.meteox.com/, moving over the frontier between Belgium, France and Germany. The next day there was a discreet 2.1 earthquake in northwest Germany, close to the border with Belgium and France: http://www.youtube.com/watch?v=z5qYKV_vDG8

Tit for tat? The European Parliament in Brussels is not far from there (its logo, strangely enough, looks like beams from the sun or.. a radar: http://www.europarl.europa.eu/)

Wikipedia notes that “the ionospheric research program jointly funded by the US Air Force and Navy the University of Alaska and the Defense Advanced Research Projects Agency (DARPA) … to analyze the ionosphere and investigate the potential for developing ionospheric enhancement technology for radio communications and surveillance purposes has also been blamed by conspiracy theorists for a range of events, including numerous natural disasters.” http://en.wikipedia.org/wiki/High_Frequency_Active_Auroral_Research_Program

HAARP’s own website minimises the environmental effects:

“During active ionospheric research, the signal generated by the transmitter system is delivered to the antenna array, transmitted in an upward direction, and is partially absorbed, at an altitude between 100 to 350 km (depending on operating frequency), in a small volume a few hundred meters thick and a few tens of kilometers in diameter over the site. The intensity of the HF signal in the ionosphere is less than 3 microwatts per cm², tens of thousands of times less than the Sun’s natural electromagnetic radiation reaching the earth and hundreds of times less than even the normal random variations in intensity of the Sun’s natural ultraviolet (UV) energy which creates the ionosphere. The small effects that are produced, however, can be observed with the sensitive scientific instruments installed at the HAARP facility and these observations can provide new information about the dynamics of plasmas and new insight into the processes of solar-terrestrial interactions.” http://www.haarp.alaska.edu/

To get back to the viewer in Cullowhee who suggests HAARP’s shutdown, his/her letter is an encouragement to Dutchsinse and other concerned Youtubers, many of whom two months ago were just viewers.  Alerted by his short but gripping videos churned out during sleepless night watches scouring radar sites online, a team of benevolent citizens like him, trained in crash course fashion, pitched in to help film or capture screenshots of rain clouds punctured and shaped by evident anomalies such as scalar squares and rings.

Experience has showed in the space of 5 months that 24 – 48 hours after the detection of a HAARP Ring or Scalar Square, the epicentre would be hit by severe weather or even an earthquake, so documentation has been based on the notion that   “a ring means a threat”.

Shocked by the appalling death toll left in the wake of over 875 alleged manmade supercells since April, up to 8000 visitors tuned in to encourage Dutchsinse, WaronerrorDkos and other HAARP sleuths, trying to get the news out. Severe weather warnings based on HAARP beams could not be broadcast on mainstream media because these “avant garde” forecasts would appear to the public to be based on a hunch more than science and would have been deemed “conspiracy cry wolf theories”.

In a race against time, forecasters and viewers (including myself) felt helplessly gagged as we saw super cells build up out of nowhere, moving ineluctably across our radar screens to smash into unsuspecting towns such as Joplin on Sunday 22nd May.

Luckily some people left in time, like this viewer’s family, who left a message of heartfelt gratitude on Ductchinse’s youtube channel.

“My step son living in the vicinity of Carrosel Park(sp) on the 3800 block of West 7th, Joplin had listened to my ranting of Flash rings seen in general area, had packed up family, summer, clothes and valuables then left the area for the weekend in the hills near Anderson. Thanks to you they and their worth are ok. House, boat and all else are gone but my daughter, stepson and grandkids are ok….Thanks to you –youtube user billyhayes548

Previously, on May 2, invisible scalar rays which had hitherto escaped detection were “bust” by a close-up examination of a Washington University weather Atmospheric Science website (http://www.atmos.washington.edu/weather/radar.shtml) At dusk, these long beams traverse the US continent from East to West and vice versa, producing a moisture explosion above each radar station. Undeniable images downloaded on film support Dutchsinse’s commentary:

“So it’s a dual effect, you’re having two different frequencies interacting with each other that are causing this moisture to form. If you ask me I would say it’s scalar technology. Those are scalar waves up in the upper atmosphere, or that is indeed HAARP. What we’re witnessing there is HAARP, and the other things below are weather modification stations placed around at every airport and Nexrad radar station, and they are designed to interact with each other. That makes more sense. These ground-based stations can literally make or stop a storm. You see they’re just dwindling them out, as soon as it hits it, it’s gone. The tell-tale signs of these little waves that come across …” : 5/2/2011 SCALAR RAYS APPEAR ACROSS THE COUNTRY – WOW http://www.youtube.com/watch?v=OO0okOgzAM8&feature=channel_video_title

On 26th May, shocked and “speechless”, http://www.youtube.com/user/WaronErrorDKos confirmed more “beam attacks” http://www.youtube.com/watch?v=bXYIErEVqp0

These sinister beams, which are hundreds of miles long, shoot across the continent like a heightened modern version of medieval arrows or the ancient Greek game of javelins. The culprits of this secret weather warfare have not yet been identified, as HAARP installations exist all over the world. See this map: http://rense.com/general92/image001%2038.jpg

It is true that beams from the west could be coming from HAARP in Gakona, Alaska. However, rays from the North East could be coming over the North Pole from Russia. Colonel Tom Bearden claims that on January 28, 1986, when Space Shuttle Challenger broke apart 73 seconds into its flight, leading to the deaths of its seven crew members, the disaster was due to scalar EM weapons through the Woodpecker grid. A few days later, whole flocks of birds fell from the sky in Birmingham, Alabama. http://www.prahlad.org/pub/bearden/Challenger.htm

http://www.youtube.com/watch?v=yBLCeh6_kD0&feature=fvst

So far, the only way to peacefully retaliate to these beam attacks has been to observe and record them. Newcomers to the determined and growing movement against dubious HAARP activity are therefore invited by WaronerrorDKos to download on Flickr their own “homemade” screenshots from all available weather sites. It is easy to cotton on by watching previous posts by the team, coached by Dutchsinse, whose generic designed by Animattronics has an illuminati pyramid getting destroyed by a big red heart. He signs off with a comforting “Hang in there folks, Much love”.

With over 500 dead and thousands homeless since April, it is urgent to launch a national enquiry, based on the abundant evidence, before more harm is done. Those who now mourn their loved ones across the Mid-West would be even more shocked to learn that these so-called “natural” catastrophes may be premeditated and repetitive attacks. For the first tornado to hit Joplin was followed by another one close behind, see this amazed alert by Dutch:

http://www.youtube.com/watch?v=NB6Hv0ry_dE&feature=channel_video_title

This is not only a national issue. The Convention on the Prohibition of Military or Any Other Hostile Use of Environmental Modification Techniques was signed on 18 May 1977 and governments thereby recognised the existence of weather warfare, which they agreed not to engage in. Both the US and the Soviet Union were signatories to the Convention. http://www.un-documents.net/enmod.htm

After recognizing the existence of weapons of mass destruction using weather modification technology, the same governments seem to have turned a blind eye on the manipulation of climate for military use, which can be used covertly on their own population. At the Climate Conference in Copenhagen the Environmental Modification Techniques (ENMOD) were excluded from the Agenda, which focussed on earth warming attributed to CO2 levels. http://www.globalresearch.ca/index.php?context=va&aid=16413

Two days ago, on 27 May 2011, the Standing Committee acting on behalf of the Assembly of the Council of Europe adopted the Resolution 1815 on the potential dangers of electromagnetic fields and their effect on the environment.

http://www.next-up.org/pdf/Council_Europe_Resolution_1815_The_potential_dangers_of_electromagnetic_fields_and_their_effect_on_the_environment_27_05_2011.pdf

The Assembly recognises that: “While electrical and electromagnetic fields in certain frequency bands have wholly beneficial effects which are applied in medicine, other non-ionising frequencies, be they sourced from extremely low frequencies, power lines or certain high frequency waves used in the fields of radar, telecommunications and mobile telephony, appear to have more or less potentially harmful, non-thermal, biological effects on plants, insects and animals as well as the human body even when exposed to levels that are below the official threshold values.”

Resolution 1815 recommends that the member states pay heed to and protect “early warning” scientists (8.5.3.) and increase public funding of independent research.

So here in Europe “early warning” scientists like Dutchsinse would be protected, in theory, and could even ask for funding for independent research into HAARP. Don’t waste time laughing about being funded for independent research. For your own sake, especially if you live in the US, it is easy to follow storms online, where you can witness the rings for yourself: http://www.intellicast.com/Local/WxMap.aspx

If you click on “Play” to start the loop you will see the precipitation (rain clouds to you and me) move across the screen. Zoom in to observe the shapes in the clouds with a critical eye. To forecast the direction a storm is heading, click on “Overlays” and tick “Titan Storm Tracking”. Zap across various weather maps online, comparing your findings, for example on: http://www.weatheronline.com/weather/localweather.php?config=&forecast=pass&pass=radarmap&s=us

Two days ago, on Saturday 28th May, I took screenshots of three rings and a square in the precipitation over Iowa, which left a weird triangle between them over Eagle Grove Airport, near Fort Dodge. The epicentre of one of the rings was Des Moines. Dutch then put up this alert: POSSIBLE TORNADO HEADING TOWARDS DOWNTOWN DES MOINES IOWA http://www.youtube.com/watch?v=s4cP23ntX2E&feature=channel_video_title

The team followed this mega storm online, capturing screenshots and hoping no-one got hurt. After Des Moines the storm could be seen cut by huge intersecting rings over Chicago, Detroit. A youtuber called MetalSays put this up: NNMCP – Absolute Proof Doppler Towers are Modifying the Weather right now! http://www.youtube.com/watch?v=O0U51KDVcBU

He commented: MetalSays  We need to topple the dopples lol Sorry I know it isn’t funny in the least but I couldn’t resist that one.

Joplin after the tornado was likened to a “warzone”, with 132 deaths now confirmed, and the cell towers were destroyed, but a photo seems to show a Doppler station still standing: http://www.blippitt.com/joplin-missouri-tornado-town-is-a-war-zone-after-direct-hit-video/

As I write, the storm from Des Moines is now approaching New York City while another mass of angry precipitation has gathered exactly where I captured a huge ring yesterday over Billings, in Yellowstone County, Montana (where there are earthquake swarms).

It says in the Storm Tracking explanations on Intellicast: The Current Radar map shows areas of current precipitation at the national or regional level. A weather radar is used to locate precipitation, calculate its motion, estimate its type (rain, snow, hail, etc.), and forecast its future position and intensity. Modern weather radars are mostly doppler radars, capable of detecting the motion of rain droplets in addition to intensity of the precipitation.

High technology may seem fun and I am still a neophyte, but I echo the person in Cullowhee. Do we really master these tools and are they really worth it?

While we wait for Congress and Senate to spotlight HAARP who will no doubt shilly shally, I am keeping a wary eye on Spain via http://www.weather24.com/Precipitation_Radar/Spain/ and http://www.weatheronline.co.uk/weather/maps/radar?CONT=euro&CREG=r01g&LOOP=1&LTYP=6std&LANG=en&STRUCTUR=maps&W=0&L=0&SLP=0&ROAD=0&CITY=

(click on loop) These less sophisticated weather maps showed huge beams offshore on May 13, two days after the deadliest earthquake in more than 50 years rocked the south-eastern town of Lorca, near Murcia, and two days before the start of the “Indignados” series of peaceful protests demanding a radical change in Spanish politics.

Perhaps we would all be better off without cell-phone and Doppler towers, Wi-Fi and what have you, and without an incessant, state-of-the-art, all-seeing eye glaring at us and playing God? Are we not tired of satellite images of people dying live on TV and online?

Kunahu! (which means “Enough!” in Lovale, the language of one of the tribes of the Zambezi river people, who philosophically retreat from the plains to the highlands each year before the rainy “emerald” season). Another tribe, the Losi, gather for an annual Ceremony called Kuomboka meaning “move out of the water”, when their King, the Litunga leaves for the highlands aboard Nalikwanda, a magnificent black and white barge capped with a wooden elephant: http://chadinzambia.blogspot.com/2007/04/07-kuomboka-time.html

In recent years the people along the Zambezi in Zambia and Mozambique have not been quite so philosophical. A missionary who called friends on the phone could hear children screaming as the waters rose too fast, forcing them to flee in panic.

The aftermath of the tornadoes in the Midwest has been the rise of the Mississippi, cresting at epic levels and forcing evacuation, the flooded plains putting pressure along the New Madrid fault, which could cause an earthquake of unseen proportions. These unnatural storms must cease.

The country of Zambia, where I was born, is shaped like a big heart. Kuomboka! My Zambian heart goes out to you my friends, stay safe. http://www.youtube.com/watch?v=Aue7DUsG468

JANE BURGERMEISTER REPORT:’ECB, EU and IMF postpone Greek default at the price of their credibility’

ECB, EU and IMF postpone Greek default at the price of their credibility

*EU, IMF and ECB disburse bailout funds to Greece, postponing default

*New package will drive Greece deeper into debt

*Failure to acknowledge Greece is insolvent undermines credibility of EU, IMF and ECB

* German and Greek lawmakers rebel amid growing social unrest in Athens, financial crisis turns into political crisis

*Frankfurther Allgemeine Zeitung carries scathing commentary on EU, IMF and ECB for concealing the insolvency of Greece and violating rules for the benefit of the banks, says ECB is only looking after interests of banks

Speculation that Greece would be forced to default on its government debt in July because it hadn’t met the targets needed for the next installment of a €110bn Greek bailout ended yesterday when the EU and the IMF breached rules to disburse the funds anyway in a move which has postponed a default by Greece but at the price of diminishing EU and IMF credibility.

After conducting a review of Greece’s economic progress, officials from the troika of IMF, EU and ECB said 12 billion euros would be disbursed in spite of the fact that Greece has met none of the fiscal targets set as part of a bailout deal. Plans for a new 65 billion euros of tax payer money to cover  maturing Greek debt over the next two years were also announced.

The failure of the IMF/EU and ECB to address the widely recognised fact that Greece is insolvent and not illiquid has led to a hardening of the negative perception of the EU/IMF and ECB not just in Greece but also in Germany.

“Only who believes that?” asked Holger Steltzner in a piece in the Frankfurter Allgemeine Zeitung, which listed many of the reasons why so many people now have difficulty believing a word the EU, IMF and ECB say about the Greece bailout. What is new is to see  a piece of furor teutonicus directed against the EU, IMF and ECB bailout scam in one of Germany’s leading newspapers.

http://www.faz.net/artikel/C30638/waehrungsunion-scheitern-in-hellas-30430754.html

“The International Monetary Fund is not allowed according to its own rules to pay out the next slice of credit because Greece cannot service its own creditors in the next twelve months,” he said.

The justification used by the IMF, EU and ECB for giving these astronomical sums of money to banks is that Greece is suffering a temporary liquidity problem when it is  insolvent as noted by  German FDP lawmaker Frank Schäffler in Stern today.

“Greece became insolvent long ago but no one has the courage to look the truth in the face,” he said, adding he thought the German parliament should vote against the new bailout plan.

http://www.stern.de/news2/aktuell/fdp-finanzexperte-warnt-vor-neuen-finanzhilfen-fuer-athen-1692154.html+

The distinction between liquidity and solvency is crucial. If Greece is just illiquid, then the bailouts are indeed a form of credit: tax payers will get their money back as soon as a government carries out reforms to balance its budget. But if Greece is insolvent, then tax payers will never get their money back while the banks holding the Greek bonds enjoy bumper profits at those tax payer’s expense.

One year after an 110 billion euro bailout, there is no prospect of Greece being able to finance its growing debt burden on the bond market in the next ten years, let alone next year. Greece’s credit rating cut to Caa1 by Moody’s the same as Cuba. Moody’s said Greece will not meet the deficit reduction targets set as part of its EU and IMF  bailout deal. Moody’s said there was now a 50% chance of the country defaulting on its debts. The markets, therefore, have concluded Greece is insolvent.

Engaging in an act of deceit yet again, the IMF and ECB and EU, however, said yesterday that Greece is only suffering a liquidity problem – and once more it its money or the tax payer’s money that is to be used to keep up the fiction that  Greece is not insolvent because the markets have long since realized what the troika refuse to acknowledge, namely that Greece is suffering a solvency problem, and are wisely avoiding their bonds.

In the meantime, it has become increasingly clear that not only the economic analysis of EU, IMF and ECB concerning whether Greece is illiquid or insolvent has been widely inaccurate. The solution of the troika has also been catastrophic for Greece itself .

The penal interest rates attacjed to the “bailout” for banks and the austerity measures implemented to fund them  have significantly added to the malaise of Greece by increasing its mountain of debt to 160& of the BIP and its interest payments while crushing the economy.

Greece’s debt is now so large in proportion to its annual tax revenues – about seven or eight  times – that Greece has no prospect of ever repaying its debt. Continuing to pay the penal interest payments is destroying the economy.

And yet more of the same disastrous policies are just what the IMF, EU and ECB are proposing for Greece.

Under the new plan put forward on Friday, Greece is to make more cuts amounting to €6.4bn in 2011 and also conduct a fire sale of state assets at rock bottom prices to raise 50 billion euros.

Banks and corporations will for sure cherry pick the best assets – the one’s generating much needed revenue for the Greek state – and leave the Greek people totally and utterly impoverished in their own country, facing an ever growing mountain of debt they can never ever begin to repay with an ever declining economic base.

The decision to disburse the funds has postponed the default of Greece but the price the EU, IMF and ECB have had to pay is the last vestiges of their credibility.

“The next cash injection is assured but the future of Greece isn’t by any means; after the disbursement of new billions the battle with default goes on,” says Der Spiegel.

http://www.spiegel.de/wirtschaft/soziales/0

The problem the IMF/EU and ECB are now facing is that virtually everyone can now it is acting for benefit of the banks as part of a public sector Ponzi scheme by former Argentinian central banker Mario Blejer and mistrust is reaching new levels.

Steltzner expresses the growing fury at the scam looting not just Greeks but also Germans and Irish and indeed virtually every citizen  in the eurozone.

“In the “donor” countries the rejection of the EU is growing and in Greece the fury at Brussels,” he says.

Steltzner notes that the deceit of the EU, IMF and ECB.

“The “bailout Europeans” have cleverly concealed a violation of the Maastricht Treaty by disguising financial help between states prohibited by the treaty as credit,” writes Steltzner.

“Now everyone can see it: Greece is insolvent and cannot repay its debts.” Steltzner noted.

“Of course a state bankruptcy of Greece or its exiting the currency union would be bad for the country and the eurozone. But the eternal bailouts are also bad.”

Steltzner puts his finger into the growing credibility gap of the political and financial elite.

„The bailout politicians have broken their word. The bailout will not cost any money, it is only a question of credit that will be paid back, promised saviours like Wolfgang Schäuble. Now the Finance Minister is preparing with other “bailout” Europeans the next help package. Fresh money is supposed to be given only for reforms again. Who is supposed to believe that?”

“That is a dangerous signal. Breaking the rules is going to be rewarded again.”

Steltzner also focuses on the role of the ECB in shuffling Greek bonds around in such a way that the banks get the profits while the tax payer’s get the losses.

“ECB President Jean Claude Trichet has turned the central bank into a giant bad bank. He is looking to save himself when he proposes a finance ministry. The financial crisis was created because European finance ministers didn’t adhere to the rules anchored in contracts and institutions. How that is supposed to get better under the formation of a European Super Finance Ministry is Trichet’s secret,” says Steltzner.

“The sums are in the meantime so huge that they even threaten the euro system of the central banks. The European Central Bank has been buying up Greek bonds on the market party at moon prices to the delight of the banks and insurance companies. To supply Greek banks with liquidity, the ECB threw its own security standards overboard and accepted even garbage bonds as collateral for refinancing. The result of the double violation of taboos is a monetary political catastrophe. The ECB has dubious bonds from Greece in the volume of about half the Greek state debt in its books. On top of that come the dubious papers from other crisis countries. Additional billion euro risks are buried in the bilances of other state banks such as KfW, HRE or in the regional banks.”

“In the meantime, it is estimated that two thirds of the Greek state debt are in public hands. Out of concern for banks and insurance companies, the “bailout” Europeans want to buy more time with new credits to transfer the debts. When the time comes for the inevitable hair cut, it will be the tax payer above all who has to bleed,” he says.

The problem is that the ECB, IMF and EU has got it wrong not just with Greece but also with Ireland and Portugal.

The outstanding debt of Greece – and of Ireland and Portugal – is being rolled over onto all the remaining eurozone tax payers by the EU and IMF and ECB via various funds that breach EU treaties.

“A single, gigantic European tax pot, free of all parliamentary control, which EU bureaucrats can dip into without being held to account by the voters of the tax payers – that is an old Brussels dream,” says Steltzner.

The new plan of the IMF, EU and ECB for Greece still has to be approved by parliaments in Germany and Greece, and it may not be so easy.

16 Greek lawmakers from the ruling PASOK party have already written to Giorgos Papandreou demanding a debate on the new plan as public fury mounts over the wage cuts, pension cuts and tax increases to fund the bank “bailouts.”

The inability of the troika of the EU/IMF and ECB to base their decisions on the solid ground of facts or to adhere to the rules has just destroyed its last vestiges of credibility and is undermining the last vestiges of faith of Europeans in the eurozone political institutions.

What was a financial crisis has, in the meantime, become a full blown political crisis.

For once in European history, the people of Greece, Germany, Ireland, Spain and Finland are all united in a common cause – because they are all victims of this multi layered Ponzi scheme by the ECB, EU and IMF and their various finance ministers and central bankers.

JANE BURGERMEISTER REPORT: ‘Greek Day of Reckoning Looms in Ponzi Europe: Mario I. Blejer’

Greek Day of Reckoning Looms in Ponzi Europe: Mario I. Blejer

By Mario I. Blejer  May 31, 2011 1:00 AM GMT+0200

May 30 (Bloomberg) –

One of the undeniable features of the European debt crisis is the tendency to obscure, verbally and politically, the real issues at play. Euphemisms, statistical gimmicks, meaningless institutional squabbling, undecipherable acronyms, and plain double talk proliferate as part of the debate.

In my experience as central-bank governor in Argentina during the worst financial crisis in our history, at the beginning of this century, I learned how useful it is to cut through the fog in order to rebuild credibility and to allow a more lucid evaluation of the outlook. While there are few similarities between Greece’s present debt situation and Argentina’s in 2002, it is possible to reduce the recent talk of a default to four basic issues and make some predictions.

The nature of the debt problem in peripheral Europe is structural. Since it doesn’t reflect a temporary liquidity squeeze, the approach adopted so far can’t resolve it. The strategy in progress has been to pile new debt upon the existing stock. New loans are used to pay old debt, in addition to financing remaining fiscal gaps. This is why the Ponzi scheme analogy is appropriate. And while the pyramid is growing, the share of peripheral debt held by state-owned institutions also keeps getting bigger. This means that when it all finally collapses, it is the taxpayers of Europe, and the world, that will bear the full cost.

Read more at: http://www.bloomberg.com/news/2011-05-30/greek-day-of-reckoning-looms-in-ponzi-europe-mario-i-blejer.html

JANE BURGERMEISTER REPORT: ‘Credit strategist hints at accountancy tricks for ECB to avert insolvency over 190 billion euros of Greek bonds’

Credit strategist hints at accountancy tricks for ECB to avert insolvency over 190 billion euros of Greek bonds

S&P warns EU over Greek debt

Credit-ratings agency Standard & Poor’s says it will regard any attempt by European Union to renegotiate debt as a default

Philip Inman, The Guardian

“S&P said that…any hint of the word voluntary being used to disguise an imposed cut in loan valuations would also trigger a default notice from the ratings agency and a subsequent downgrade.

Jim Reid, a credit strategist at Deutsche Bank,… said that EU banks could maintain the nominal value of the loans on their balance sheets despite the view of S&P and other ratings agencies that the loans were worth less after the restructuring.

He said the banks and the EU would disguise the real effect of the restructuring.

Without a material cut in loan values, hedging instruments, known as credit default swaps (CDS), can remain untouched. CDSs act as a form of insurance against a bond default by a company or country.

Reid said: “The most important thing is whether a restructuring of Greek debt constitutes a credit default swap trigger. Among the biggest buyers of CDSs are Greek banks as well as French and German ones. So the authorities are not going to let a downgrade hit them, even if S&P goes ahead. The deal will be crafted so the values of the loans remains at par, which means there won’t be a CDS trigger.”

Read more at: http://www.guardian.co.uk/business/2011/jun/03/standard-poors-greek-debt-rating/print

JANE BURGERMEISTER REPORT: ‘Is the Greek Prime Minister involved in shady financial dealings involving CDS (Credit Default Swap Contracts) ?’

Is the Greek Prime Minister involved in shady financial dealings involving CDS?

Accusations of Treason in the Greek Parliament

From Covering Delta

Leaving aside for a moment the obvious questions of criminality and treason that have arisin from the details of the Memorandum of Understanding between the Greek government and the Troika (IMF/EU/ECB), which concedes total sovereign authority of the Greek state over the fate of its own citizens to foreign banks, let us turn to recent allegations made in Parliament against the Prime Minister of Greece himself, George Papandreou.

Recently, in an interview on Greek television, Member of Parliament for New Democracy, Mr. Panos Kammenos, made allegations that if true, could very well constitute treason for the Greek Prime Minister, members of his staff and possibly members of his own family. These allegations were repeated by Mr. Kammenos on the floor of parliament and given support by the leader of LAOS, Mr. George Karatzaferis. These allegations are therefore, not made lightly, and have now been plainly put forth before the Greek people. They can no longer be ignored, and the Prime Minister is obliged to respond to them.

The gist of the allegations rest on the charge by Mr. Kammenos, that the Greek Prime Minister, Mr. George Papandreou and members of his team, presided over the sale of 1.3 billion dollars worth of credit default swap contracts (CDS on Greek sovereign debt) on or around December of 2009, shortly after coming to power. The 1.3 billion dollars worth of insurance protecting against a Greek default was bought during the spring and summer of the same year, by the Hellenic Postbank, a public banking arm of the Greek government. It is unclear what the intentions of the Postbank were when it purchased the credit protection. Clearly, the previous government that was in power at the time (New Democracy or N.D.) understood that Greece was headed towards a fiscal crisis, otherwise they would not have purchased the insurance.

Read more at: http://coveringdelta.wordpress.com/2011/05/29/accusations-of-treason-in-the-greek-parliament/