Webster Tarpley Says German Ban on Naked Credit Default Swaps Is Working

Webster Tarpley has posted a new article on his website about the recent German ban on naked credit default swaps.

"Euro Momentarily Stabilized — German Ban on Naked Credit Default Swaps Is Working," dated May 21, 2010, states:

Tuesday’s German ban on naked credit default swaps – a measure repeatedly demanded by this web site over recent months — has been in effect now for about three days, and it is working. The panic slide of the euro has been stopped for now, and the forces of depression and destruction have been re-directed against US stocks, commodities, and certain emerging markets. The goal of euro stability has been momentarily achieved. . . . The Germans had to act alone because of the obvious sabotage of the eurogarchs of the Brussels Commission, which is now promising to come up with their proposal by October (!). Given the ferocity of the hedge fund assault, many Europeans by October will have lost their shirts, and will be living under bridges dressed in barrels, if more measures are not taken this month.

The German ban on certain derivatives marks an historical watershed, the first time in decades that a major economic power has acted in overt violation of the implied rules of financial globalization, . . .

I like that thought: violating the rules of financial globalization.

Here's a video of Webster being interviewed about this on Russia Today :





[edit on 5/23/2010 by Mary Rose]

it's alright for the Germans to try and move away from the casino based economy because they have a manufactoring base but we in the UK have little else and this is why i have not rushed out to convert my euros to pounds or $$$

Next in line will be the UK and then america but the day will come where all 3 go into meltdown and then they will try to introduce the amro and it's personal carbon tax.

Robbing peope in the casino is fine but robbing people at the banks is not fine and nor is hyper inflation and just now you are seeing all three.

Originally posted by LieBuster
. . . Germans . . . have a manufactoring base . . .

I'm hoping nations around the globe can follow the example of the Germans in saying "no" to derivatives so that they can stop this global madness and begin to bring back their manufacturing base.