Author Topic: Monetary Wealth  (Read 5187 times)

StinkingLittleState

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Re: Monetary Wealth
« Reply #135 on: March 20, 2023, 10:23:59 pm »
Switzerland's secretive Credit Suisse rescue rocks global finance
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ZURICH, March 20 (Reuters) - Days before a hastily convened press conference late on Sunday that would make the world's front pages, Switzerland's political elite were secretly preparing a move that would jolt the globe.

While the nation's central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation's second-biggest bank.

The chain of events, led to the erasure of one of Switzerland's flagships, a merger backed by 260 billion Swiss francs ($280 billion) of state funds and a move that would upend global finance: favoring the bank's shareholders to the detriment of bond investors.

The events that unfolded in the landlocked nation -- long a bastion of political neutrality that has secured its standing as a safe-haven favourite for wealthy elites -- go against one of the key lessons of the 2008 financial crisis. The rescue concentrates even greater risks into one banking behemoth, UBS Group AG.

What is more, making bondholders cushion the blow to stock investors from the UBS-Credit Suisse tie-up rattled lenders, pushing up their borrowing costs in a threat to world economic growth.
[...]
Battered by years of scandals and losses, Credit Suisse for months had been battling a crisis of confidence of its own making. In a matter of days its demise was sealed.

Soon after news broke on March 12 that the United States would step in to guarantee all the deposits of two mid-sized lenders struggling to keep up with demands for cash, the spotlight was on Credit Suisse and how it would maintain depositor confidence.

Customers had already pulled $110 billion from the Zurich-based bank in the last three months of 2022, outflows that it was fighting to reverse.

A rainmaker who brokered a number of European bank rescues during the financial crisis, speaking on condition of anonymity, told Reuters that after seeing the U.S. banking collapses there was little doubt UBS would be called upon to shore up Credit Suisse...
Entire article: https://www.reuters.com/business/finance/switzerlands-secretive-credit-suisse-rescue-rocks-global-finance-2023-03-21/

Why $17 billion in Credit Suisse bonds became worthless
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Credit Suisse’s ‘CoCo’ bonds did exactly what they were designed to do: Transfer all the risk of debt from the bank to bondholders
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Troubled bank Credit Suisse will be acquired by Swiss rival UBS, a move engineered by the Swiss government in an effort to quell concerns of a financial crisis. While the takeover offered a momentary reprieve for bank industry observers, one aspect of the deal was, on its face, confounding: The Swiss government said that some $17 billion worth of Credit Suisse bonds would get marked down to zero, meaning their holders would lose all of their investment.

But these were not ordinary bonds. Designed in the wake of the 2008 financial crisis, these were issued precisely to give banks like Credit Suisse a financial cushion in the event of a severe setback. But holders of the bonds — regarded as extremely risky investments — were still angry about winding up with nothing, while Credit Suisse shareholders received shares in UBS...
Entire article: https://www.washingtonpost.com/business/2023/03/20/coco-bonds-credit-suisse-banks/

Reminder:

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Banking in Switzerland dates to the early eighteenth century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Banking is seen as emblematic of Switzerland. The country has a long, kindred history of banking secrecy and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of the landmark federal law, the Federal Act on Banks and Savings Banks. These laws, which were used to protect assets of persons being persecuted by Nazi authorities, have also been used by people and institutions seeking to illegally evade taxes, hide assets, or generally commit financial crime.

LOL!!!  ; ;) ;D

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Controversial protection of foreign accounts and assets during World War II sparked a series of proposed financial regulations seeking to temper bank secrecy, but with little success. Switzerland has been one of the largest offshore financial centers and tax havens in the world since the mid-20th century. Despite an international push to meaningfully roll back banking secrecy laws in the country, Swiss social and political forces have minimized and reverted much of proposed rollbacks. Although disclosing criminal activities by banks, who do not enjoy a good reputation even in Switzerland, is generally well seen by the Swiss public, disclosing client information has been considered a criminal offence since the early 1900s. Employees working in Switzerland and abroad at Swiss banks "have long adhered to an unwritten code similar to that observed by doctors or priests".[1] Since 1934, banking secrecy laws have been violated by four people: Christoph Meili (1997), Bradley Birkenfeld (2007), Rudolf Elmer (2011), and Hervé Falciani (2014)...
Entire article: https://en.wikipedia.org/wiki/Banking_in_Switzerland

Reminder:
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Mammonism is the sinister, invisible, mysterious reign of the great international money-powers. Mammonism is however also a mindset; it is the worship of these money-powers on the part of all those who are infected with the Mammonistic poison. — Gottfried Feder

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Switzerland possesses the most disgusting and miserable people and political system. The Swiss are the mortal enemies of the new Germany. — Adolf Hitler

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[...]That is why the Nazis despised Switzerland. Joseph Goebbels called Switzerland "this stinking little state" where "sentiment has turned very much against us." Adolf Hitler decided that "all the rubbish of small nations still existing in Europe must be liquidated," even if it meant he would later "be attacked as the 'Butcher of the Swiss.'"

The 1940 Nazi invasion plan, Operation Tannenbaum, was not executed, and SS Oberst Hermann Bohme's 1943 memorandum warned that an invasion of Switzerland would be too costly because every man was armed and trained to shoot. This did not stop the Gestapo from preparing lists of Swiss to be liquidated once the Nazis overran the country...
Entire article: https://www.pbs.org/wgbh/pages/frontline/shows/nazis/readings/halbrook.html

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A state like Switzerland, which is nothing but a pimple on the face of Europe, cannot be allowed to continue. — Adolf Hitler

As the saying goes, "there's nothing new under the sun".

Feder

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Re: Monetary Wealth
« Reply #136 on: March 20, 2023, 10:55:50 pm »
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But the capitalist idea of profitability actually becomes an economic nonsense in the branches of our economy that today rule everything, in the banking and stock-exchange system. The fact of the ruling position of the banks proves most strikingly the economic senselessness of the capitalist idea. With the ‘productions’ of the banks and stock-exchanges never yet has a child been fed, never yet has a freezing person been clothed, in general never has even the smallest requirement that is necessary for life been supplied. — Gottfried Feder, The German State on a National and Socialist Foundation (1923), pg. 28

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Our anti-Mammonistic battle, which is ranged above the other two battle-fronts, is directed against the world-encompassing financial power, that is, against the permanent financial and economic bleeding and exploitation of our people through large loan capital. This battle however is, on the other hand, also a powerful intellectual struggle against the soul-destroying materialistic spirit of egoism and avarice with all its concomitant corrupting manifestations in all fields of our public, economic and cultural life. — Gottfried Feder, The German State on a National and Socialist Foundation (1923), pg. 57

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National Socialism like Anti-Semitismanti-Jewish glimpses in the Jewish-materialistic spirit the primary root of the evil, but it also knows that this most powerful battle of world-history cannot remain standing in purely negative anti-Semiticanti-Jewish demands, therefore the entire national- and economic programme of National Socialism rises far above the certainly ground-breaking but negative anti-Semiticanti-Jewish battle by positively giving a creative constructive image of how the National Socialist state of work and performance should look. If this main goal is reached, then the National Socialist Party will be dissolved. — Gottfried Feder, The German State on a National and Socialist Foundation (1923), pg. 58

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Through intensive enlightenment of the people, it is to be made clear to the people that money is and should be nothing other than a voucher for completed labor; that while every highly developed economy of course has need of money as a medium of exchange, the function of money also ends with that, and in no case should money be lent a supramundane power to grow of itself by means of interest, at the expense of productive labor. — Gottfried Feder
https://en.wikiquote.org/wiki/Gottfried_Feder



How closely was Karl Marx related to the Rothschild family?
https://www.quora.com/How-closely-was-Karl-Marx-related-to-the-Rothschild-family

ROTHSCHILD LINKED TO MARX BY NAZIS; German Historian Terms the Two 'Brothers in Blood and in Spirit'
https://www.nytimes.com/1937/07/08/archives/rothschild-linked-to-marx-by-nazis-german-historian-terms-the-two.html





christianbethel

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Re: Monetary Wealth
« Reply #137 on: March 21, 2023, 10:58:37 am »
Matthew 6:19-21: 'Do not store up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal. But store up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in or steal. For where your treasure is, there will your heart be also.'

Matthew 6:24: 'No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to one, and despise the other. Ye cannot serve God and mammon.'

Matthew 19:24: '...It's easier for a camel to go through the eye of a needle than for a rich person to get into God's kingdom.'
National Socialism ≠ Nazism

Aryan ≠ 'White'.

Race = Quality && Race ≠ Ethnicity.

History is written by the victors.

The truth fears no investigation.

(He) who controls the past controls the future; (he) who controls the present controls the past.

UNITY THROUGH NOBILITY.
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DeutscheBank

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Re: Monetary Wealth
« Reply #138 on: March 26, 2023, 11:00:35 pm »
Deutsche Bank Collapse Risk Grows As Experts Wait for Next 'Domino to Fall'
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Deutsche Bank's shares dropped 11 percent on Friday and have now fallen 29 percent since the 2023 banking crisis began, sparking fears of a collapse.
"Looks like the banking crisis hasn't been entirely put to bed," Chris Beauchamp, chief market analyst at IG Group, told Reuters.
Despite the worries, German Chancellor Olaf Scholz and other analysts remain optimistic that the bank won't suffer the same fate as Credit Suisse.
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Another bank is entering troubled territory amid the recent banking crisis that has spilled into global markets—this time in Germany.

Deutsche Bank is facing fears of a collapse after shares dropped 11 percent on Friday morning, bringing those stocks down to a total of 29 percent since the bank chaos began on March 8.

"We are still on edge waiting for another domino to fall, and Deutsche is clearly the next one on everyone's minds (fairly or unfairly)," Chris Beauchamp, chief market analyst at IG Group, told Reuters. "Looks like the banking crisis hasn't been entirely put to bed."
https://www.newsweek.com/deutsche-bank-collapse-risk-grows-experts-wait-next-domino-1790193

Deutsche Bank Stock Tumbles. The Banking Panic Isn’t Over.
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Deutsche Bank shares tumbled Friday after the cost of insuring the lender against default rose.

Deutsche Bank (ticker: DB) fell 11.6% in Frankfurt trading. U.S.-listed shares fell 6%. The move followed a spike in the price of the lender’s credit default swaps to a four-year high on Thursday, according to Reuters.
https://www.barrons.com/articles/regional-bank-stocks-rebound-yellen-e1c8c629

Credit Suisse could face disciplinary action, Swiss regulator says
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ZURICH, March 26 (Reuters) - Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse (CSGN.S) managers after Switzerland's second largest bank had to be rescued last week by UBS (UBSG.S).

FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was "still open" whether new proceedings would be started, but the regulator's main focus was on "the transitional phase of integration" and "preserving financial stability".
https://www.reuters.com/business/finance/credit-suisse-could-face-disciplinary-action-swiss-regulator-says-2023-03-26/



2ThaSun

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Re: Monetary Wealth
« Reply #139 on: April 12, 2023, 02:58:22 pm »
$277,000,000,000,000 of Global Debt: Who Owes it & To Whom? - TLDR News
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Money is a complicated thing. Trillions of dollars worth move every single day, but $27 Trillion Dollars of that is global debt? But what does that mean? In this video we explain what global debt is, who owes it and to who?

Loopholes

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Re: Monetary Wealth
« Reply #140 on: April 18, 2023, 08:28:20 pm »
Russian sanctions loopholes: Is Switzerland profiting from its 'neutrality'? | DW News
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Is Switzerland doing all it can to implement sanctions on Russia?  And what are other western countries doing to prevent Russia from trading with the West?  According to a report in the Financial Times, some Swiss companies are using a loophole in Switzerland's sanctions legislation to circumvent restrictions and are continuing to trade in millions of dollars of Russian gold and oil. DW talked to Anastassia Fedyk, assistant professor of finance at Haas School of Business at the University of California, Berkeley.


See also: https://trueleft.createaforum.com/issues/monetary-wealth/?message=18517




Loopholes

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Re: Monetary Wealth
« Reply #141 on: April 18, 2023, 08:51:36 pm »
Best comment to the above video:

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Oh my gosh, I never would have guessed the holes in Swiss cheese were a sarcasm of the Swiss character.


2ThaSun

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Re: Monetary Wealth
« Reply #142 on: May 27, 2023, 01:40:22 pm »
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Every couple of years Republicans and Democrats play a game of chicken with the debt ceiling, threatening a catastrophic sovereign default...

Not only do Americans have to worry about electing a new leader every four years, they also have to worry about a "catastrophic sovereign default" every couple of years. Meanwhile the health of Americans continues to deteriorate due to "unmitigated stress": https://trueleft.createaforum.com/true-left-vs-right/western-civilization-is-a-health-hazard/?message=19723

Western politicians continue to destroy the health of their fellow civilians without a care in the world, all because they enjoy ridiculous political games and culture wars...

The US Debt Ceiling Crisis Explained
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With the debt limit deadline approaching, Biden and McCarthy are close to agreeing a deal to once again raise the ceiling and avoid a global financial catastrophe. So what exactly is the debt ceiling? And is this all just a dumb game of political chicken?

2ThaSun

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Re: Monetary Wealth
« Reply #143 on: June 01, 2023, 01:38:29 pm »
Can we Trust Russia's Economic Data?
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Despite ongoing sanctions and a struggling invasion, the Kremlin continues to play down the impact it's had on their economy, but there's reason to be skeptical of this. So in this video, we discuss whether we can trust Russia's relatively positive data.

2ThaSun

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Re: Monetary Wealth
« Reply #144 on: June 02, 2023, 10:35:42 am »
FACT SHEET: Biden-⁠Harris Administration Announces New Actions to Build Black Wealth and Narrow the Racial Wealth Gap
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One hundred years ago, the thriving Black community of Greenwood in Tulsa, Oklahoma, known as “Black Wall Street,” was ruthlessly attacked by a violent white supremacist mob. An estimated 300 Black Americans were killed and another 10,000 were left destitute and homeless.

The destruction wrought on the Greenwood neighborhood and its families was followed by laws and policies that made recovery nearly impossible. The streets were redlined, locking Black Tulsans out of homeownership and access to credit. Federal highways built through the heart of Greenwood cut off families and businesses from economic opportunity. And chronic disinvestment by the federal government in Black entrepreneurs and small businesses denied Black Wall Street a fair shot at rebuilding. These are the stories of Greenwood, but they have echoes in countless Black communities across the country.

Because disparities in wealth compound like an interest rate, the disinvestment in Black families in Tulsa and across the country throughout our history is still felt sharply today. The median Black American family has thirteen cents for every one dollar in wealth held by White families.

Today, on the centennial of the Tulsa Race Massacre, the Biden-Harris Administration is announcing new steps to help narrow the racial wealth gap and reinvest in communities that have been left behind by failed policies. Specifically, the Administration is expanding access to two key wealth-creators – homeownership and small business ownership – in communities of color and disadvantaged communities.
Entire article: https://www.whitehouse.gov/briefing-room/statements-releases/2021/06/01/fact-sheet-biden-harris-administration-announces-new-actions-to-build-black-wealth-and-narrow-the-racial-wealth-gap/

2ThaSun

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Re: Monetary Wealth
« Reply #145 on: June 03, 2023, 01:27:51 pm »
How Erdogan’s Re-election Exacerbated Turkey’s Economic Crisis
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The Turkish Lira has undergone a protracted collapse under Erdogan's presidency and his recent re-election has renewed pressure on the currency. In this video, we break down this accelerated decline and explain why Erdogan's policy is now unsustainable.

2ThaSun

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Re: Monetary Wealth
« Reply #146 on: June 04, 2023, 12:34:42 pm »
China's Local Government Debt Crisis Explained
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In order to meet Beijing's ambitious growth targets, local governments have amassed huge debts as domestic demand has slowed and this practice has become unsustainable. In this video we explain this brewing economic crisis and why it's bad news for China.


China's Escalating Debt Crisis Sparks Concern Among Investors | Vantage with Palki Sharma
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Global investors are increasingly getting concerned over the escalating debt levels of China’s local governments. Several provinces and cities are grappling with billions in loans. According to an IMF report, the local governments' collective debt stands at an astounding $10 trillion. Palki Sharma tells you more.
« Last Edit: June 04, 2023, 12:36:41 pm by 2ThaSun »

2ThaSun

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Re: Monetary Wealth
« Reply #147 on: June 20, 2023, 02:24:10 pm »
Why Has China's Economy Suddenly Slumped?
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While it first appeared China's economy was making a great post-pandemic recovery, recent economic data is casting doubt on this narrative. So in this video, we break down why China's property sector, exports and consumption are hold back their economy.

Germany

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Re: Monetary Wealth
« Reply #148 on: September 01, 2023, 02:28:53 pm »
The rise of economic nationalism alongside the rise of ethno-nationalism, fueled by nations such as Israel and Hungary primarily, and to lesser degrees the EU and the US, is sure to lead humanity to great places I am sure!? Won't be long now that the countries of the world come together to tackle major issues such as climate-change head on...  ::) ;D

The rise of economic nationalism | Business Beyond
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For decades, the free market was lauded for fostering enterprise and pulling millions of people out of poverty. Today, as younger generations struggle to achieve the prosperity of their parents,  there’s an increasing debate about the pitfalls of a pull-yourself-up-by-your-bootstraps mentality. In this episode of Business Beyond, we examine the growth in big government around the world, looking at the impact of US President Joe Biden’s Inflation Reduction Act, and how climate change, the Covid-19 health emergency and the energy crisis triggered by Russia’s war in Ukraine are shifting attitudes towards the government’s role in society. Featuring expert analysis from former WTO Chief Pascal Lamy, historian and author Jacob Soll, Rakeen Mabud of Groundwork Collaborative, economist Jakob Hafele and CEO of the Roosevelt Institute Felicia Wong.


SwitzerlandAgain

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Re: Monetary Wealth
« Reply #149 on: September 14, 2023, 05:17:02 pm »
How Switzerland Secretly Helps Russia
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Why Switzerland Helps Russia Hide Gold


Top comment at time of post:

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1939
Switzerland: We're neutral.
Netherlands: So are we.
Germany: No you're not.

 ;D

See also:  https://trueleft.createaforum.com/issues/monetary-wealth/?message=18517
                 https://trueleft.createaforum.com/issues/monetary-wealth/?message=18620
                 https://trueleft.createaforum.com/issues/monetary-wealth/?message=18940