Monday, April 1, 2013

Cease & Desist Orders for Bankers

On Apr 1, 2013, at 2:00 PM, Paula Humfrey wrote:

AK, following below is a manifesto to park in front of Eurozone Cease & Desist orders for bankers (also found below):


There was always destined to be a single trigger to bring down the Eurozone, which is recognized as an inherently unstable system. Cyprus appears to be pulling that trigger.

Derivatives will take down the entire zone very shortly, and the global cascade that follows this event will be immediate. There is no ‘ring fencing’, no preventative to ‘contagion’, when the exposure of even the smallest of Eurozone countries to bad gambling bets is laid open for all to see — absolute data indeed.

Instead of wringing our hands over the fact that personal bank deposits are now being forcibly confiscated, a battle that is now leading to bank failures and their consequent derivatives exposure, why don’t we instead accept the inevitable and use our collective power to push the boulder down the hill in the direction we’d prefer that it go?

Starting this wave of defaults will lay bare the massive exposures to astronomically 'valued' bad derivatives bets that can't possibly ever be paid. The massive leverage will quickly consume the entire system: we're talking hours or days, not weeks.

For the sake of its sovereignty, Eurozone countries' best bet is to default immediately on all foreign debts, derivatives and swaps. Let's stop the bankers in their tracks, this has gone far enough.

• • •

Here are the relevant drop box links:

All Cease and Desist files for all Eurozone countries except Ireland (plus Canada), in one .zip file link

Austria link

Belgium link

Canada link

Cyprus link

Estonia link

Finland link

France link

Germany link

Greece link

Italy link

Luxembourg link

Malta link

Netherlands link

Portugal link

Slovakia link

Slovenia link

Spain link

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

This blog is supported by ads and donations. If you enjoy this blog please consider supporting it with a contribution via PayPal.