America is being held hostage by bankers - chaos nearing.

[touchring]

America is being held hostage by bankers - chaos nearing.

http://money.ninemsn.com.au/article.aspx?id=785659

AIG staff receive death threats over bonuses


18/03/2009 9:30:00 AM

By Emma Thelwell, ninemsn Money, with AFP
Armed security guards have been stationed outside AIG's offices in Connecticut after employees received a flood of death threats, amid the public fury over staff bonuses at the ruined insurance giant.
Some staff have resigned and others failed to turn up to work as fresh revelations about the staggering US$165 million in bonuses received by executives of American International Group surfaced.
The news that the top 10 bonus recipients were paid a total of $42 million, with one executive getting $6.4m alone, has outraged US taxpayers. It has also been revealed that a further 11 executives quit AIG, despite being paid "retention" bonuses of at least $1 million each to stay.
The news of the 11 who left has made a mockery of the government-appointed AIG boss Edward Liddy's claim that huge bonuses were necessary to retain "the best and brightest talent".
Comment: bonus greed is making the crisis worse

[ricket]

Re: America is being held hostage by bankers - chaos nearing.

America is being held hostage by bankers - chaos nearing.

http://money.ninemsn.com.au/article.aspx?id=785659

"You reap what you sow".

[Guest]

Re: America is being held hostage by bankers - chaos nearing.

The end is nigh. You read it here at iTulip first. [ TM ]. We are indeed rotten to the core now, but we weren't all that systemically dysfunctional before folks ... if it were not for this coup de grace ... :rolleyes:

[LargoWinch]

Re: America is being held hostage by bankers - chaos nearing.

The end is nigh. You read it here at iTulip first. [ TM ]. We are indeed rotten to the core now, but we weren't all that systemically dysfunctional before folks ... if it were not for this coup de grace ... :rolleyes:

Perhaps this firestorm will allow for a small window of opportunity to eliminate the CBs and return to commodity-based money?

[bill]

Re: America is being held hostage by bankers - chaos nearing.

Perhaps this firestorm will allow for a small window of opportunity to eliminate the CBs and return to commodity-based money?

shared basket of currencies?
http://www.reuters.com/article/newsO...52H2CY20090318

U.N. panel says world should ditch dollar

Wed Mar 18, 2009 11:16am EDT
Video

Ditch the dollar?
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By Jeremy Gaunt, European Investment Correspondent
LUXEMBOURG (Reuters) - A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.
Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.
Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.
"It is a good moment to move to a shared reserve currency," he said.
Central banks hold their reserves in a variety of currencies and gold, but the dollar has dominated as the most convincing store of value -- though its rate has wavered in recent years as the United States ran up huge twin budget and external deficits.
Some analysts said news of the U.N. panel's recommendation extended dollar losses because it fed into concerns about the future of the greenback as the main global reserve currency, raising the chances of central bank sales of dollar holdings.
"Speculation that major central banks would begin rebalancing their FX reserves has risen since the intensification of the dollar's slide between 2002 and mid-2008," CMC Markets said in a note.
Russia is also planning to propose the creation of a new reserve currency, to be issued by international financial institutions, at the April G20 meeting, according to the text of its proposals published on Monday.
It has significantly reduced the dollar's share in its own reserves in recent years.
GOOD TIME
Persaud said that the United States was concerned that holding the reserve currency made it impossible to run policy, while the rest of world was also unhappy with the generally declining dollar.
"There is a moment that can be grasped for change," he said.
"Today the Americans complain that when the world wants to save, it means a deficit. A shared (reserve) would reduce the possibility of global imbalances."
Persaud said the panel had been looking at using something like an expanded Special Drawing Right, originally created by the International Monetary Fund in 1969 but now used mainly as an accounting unit within similar organizations.
The SDR and the old Ecu are essentially combinations of currencies, weighted to a constituent's economic clout, which can be valued against other currencies and indeed against those inside the basket

[c1ue]

Re: America is being held hostage by bankers - chaos nearing.

More like an international Sleight of Hand led by Simon Johnson.

The US and UK control the IMF; having an 'SDR' based global currency is just a version 2 of fiat dollar.

[FRED]

Re: America is being held hostage by bankers - chaos nearing.

More like an international Sleight of Hand led by Simon Johnson.

The US and UK control the IMF; having an 'SDR' based global currency is just a version 2 of fiat dollar.

Our sources tell us that Russia, China and other countries plan to bring the US to the table by edging away from the dollar via barter.

[bill]

Re: America is being held hostage by bankers - chaos nearing.

Our sources tell us that Russia, China and other countries plan to bring the US to the table by edging away from the dollar via barter.

Broke and no industry we play the carbon card.:rolleyes:
http://www.bloomberg.com/apps/news?p...Xuo&refer=home

China’s Xie Calls U.S. Tariff Threat on Climate ‘Protectionism’

March 18 (Bloomberg) -- China’s top negotiator on climate change said a U.S. proposal to impose duties on imports with countries that don’t try to limit their carbon emissions was “an excuse to impose trade restrictions.”
Xie Zhenhua, the vice chairman of China’s National Development and Reform Commission, said he was “absolutely opposed” to a comment by Energy Secretary Steven Chu yesterday that tariffs should be considered “in order to protect American industries.” Chu, speaking before a congressional panel, said the duties would prevent U.S. companies from being at a disadvantage in competition with China and India.
Speaking to scholars, officials and reporters on a visit to Washington, Xie said such a policy would constitute protectionism under the guise of “climate protection.” Xie also said China was taking “active measures” to reduce its greenhouse-gas emissions.