It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by Hx3_1963
Anyone listerning to the hearings?
I could swear I just hear TTT & a Cong Mem talking about global over sight on all this...global this, global that...
...and agreeing with each other...
...seems we might be in fer a IMF SDR???
More at Link...
DeAnne Julius warns recession could last five years
Other participants warned that politicians were building up too high expectations on the outcome of the G20 summit of world leaders, which takes place in London next week.
Jim O'Neill, the chief economist of Goldman Sachs, said that it was unrealistic to expect countries to agree coordinated action to fight the downturn by increasing government spending.
Budget decisions would remain under control of national Parliaments, he said, and central banks, which were now mostly independent of governments, would also take their own decisions.
He was also sceptical about the G20's ability to move to an international system of financial regulation.
Without better national regulation, any attempt at international standards was doomed to failure, he reasoned, insisting that neither the US nor China would be prepared to have their banking regulations dictated by a new international body.
Many experts and business leaders agreed that a key task of the G20 summit was to encourage free trade and avoid protectionism.
But there was a fear that nationalism was re-emerging despite the rhetoric. Mr O'Neill spoke for many when he said that "words have to be matched by deeds" at the summit.
Seriously, this is not "G" rated, or even "PG", and I can't even fairly call it "R" rated.
This is "XXX", and not for sexual content either.
Those of you reading this from the political space need to pay attention, because sentiment like this is showing up in more and more places, starting with "Hal Turner's infamous reference to "banker baseball" (think about it for a second and it should be obvious what was being referred to) a few weeks ago.
Justice is necessary here folks, and justice doesn't come in the form of multi-trillion-dollar bailouts to the big banks both here and abroad.
It would be one thing if this economic mess was all a matter of accident, but it wasn't. Far too much of this was simple fraud - promising things that the people doing the promising knew they couldn't possibly make good on, whether it was someone claiming to have $300,000 in income when they really made $50,000 or whether it was someone selling over $2 trillion in CDS backed by less than $100 billion in actual capital - without a hedge.
I have many times referred to anger rising in the American population, but this little screed on The Internet makes clear exactly how pissed off some people are getting.
I firmly believe that the law can be the best form of justice when people do really evil things, mostly because death at the hands of an angry mob is usually fast if brutal but life in prison always looking over your shoulder in the yard is a special kind of Hell.
What the politicians need to understand is that when the public's demand for justice rises as it has been for the last year or so you can't placate it by getting 50 people to return bonuses from AIG or by putting Madoff in prison.
You need to go get the bad guys - a lot of them - and try them in our public courts, with public indictments and public juries, and do it to enough of these malfeasors so that everyone "gets it" - if you pull this in the future, you WILL be brought to justice and punished, just like the guys who did it this time. Promises to do it "next time" won't do.
The people of this nation are rapidly coming to the conclusion that government is a willing co-conspirator in bed with the robber barons, and that, folks, is a place that I absolutely do not wish to see us descend to.
In that particular circle of Hell we can lose our nation's government. Let's not, instead choosing to indict, prosecute and imprison, ok?
(If you insist on reading the link, after having been warned and being willing to read a profanity-laced diatribe, click here.)
More at Link...
Fears of unrest in eastern Europe grow as Czech government collapses
Presidency of EU in question as Mirek Topolanek loses confidence vote
The collapse of the Czech government sent shivers through financial markets in eastern Europe yesterday fanning fears about the growing political unrest that appears to be sweeping through the EU's eastern fringes.
Prime Minister Mirek Topolanek's government narrowly lost a vote of no-confidence on Tuesday night, four days after the Hungarian leader, Ferenc Gyuarcsany, threw in the towel and five weeks after the Latvian government fell under a barrage of public protests. Most of eastern Europe's main currencies lost value yesterday as Czechs pondered the impact of Mr Topolanek's defeat, while Romania turned to the IMF for a €20bn lifeline.
The government in Prague was fatally wounded by a series of scandals rather than looming financial meltdown, but with its removal another element of uncertainty has been added to eastern Europe's volatile mix of economic weakness, political frailty and rising public discontent.
The Czech Republic is not being crushed by a mountain of debt or huge trade imbalance, as are Hungary, Ukraine and Latvia, but it is suffering as major export markets like Germany shrink. Like the neighbouring Poles and Slovaks, Czechs are braced for a sharp economic slowdown this year, although have no need for an emergency IMF or EU cash injection.
Yet, Mr Topolanek's fall will be particularly chastening for many leaders around eastern Europe precisely because he has presided over one of the region's most stable economies.
"The lost vote is yet more proof that the situation in the region isn't either economically or politically stable, especially taking into account that the Czech Republic was seen as one of the best countries in eastern Europe," said Bartosz Pawlowski, a strategist at TD Securities in London,"so it's hard to expect investors will now be seeking to invest their money in other countries, like Poland or Hungary."
On the brink: The sick men of Europe
A few months ago, it was the EU's fastest growing economy, with growth of nearly 11 per cent. Now Latvia faces economic ruin. In February the government collapsed following violent demonstrations in the capital Riga in protest at the government's handling of the crisis and steep IMF-imposed cutbacks. Farmers have blockaded the capital in protest at plummeting incomes, while unemployment has risen to 10.4 per cent, more than double what it was a year ago.
Premier Ferenc Gyurcsany resigned last weekend amid efforts to impose austerity cutbacks demanded by the IMF. Hungary was the first EU member to seek an IMF bailout to stave off economic collapse. The Hungarian economy is expected to contract by as much as 3.5 per cent this year. Public sector unrest over tax and pension reforms is at boiling point and social tensions have risen with "Gypsies" blamed by nationalist groups for a crime wave linked to the worsening economic conditions.
Demonstrations occur almost daily as the country teeters on the brink of collapse. Economic output has plummeted and Russia continues to meddle in its energy industry. Despite this, President Viktor Yushchenko and Prime Minister Julia Tymoshenko are still locked in a power struggle that has paralysed Ukrainian politics since the 2004 Orange Revolution. Now the IMF has postponed payment of the second tranche of a $16.4bn loan due to their failure to agree on a budget.
Originally posted by Donny 4 million
reply to post by RetinoidReceptor
Holy cow! Batman, Pull your putts and clean your shorts!