Posted by Ivo Cerckel on August 28th, 2011
Lagarde Urges Mandatory Recapitalization of European Banks
August 27, 2011, 3:41 PM EDT
By Sandrine Rastello
Aug. 27 (Bloomberg) — Christine Lagarde, the new International Monetary Fund chief, said European banks should be forced to build up their capital to prevent the continent’s debt crisis from infecting more countries.
Bolstering banks’ balance sheets “is key to cutting the chains of contagion,” Lagarde said today in remarks at the Federal Reserve’s annual forum in Jackson Hole, Wyoming. Without an “urgent” recapitalization, “we could easily see the further spread of economic weakness to core countries, or even a debilitating liquidity crisis.”
The 1944 Bretton Woods agreements linked the USA dollar at fixed parity of 35 dollar to an ounce of gold and all other currencies to the said dollar.
On 15 August 1971, USA president Richard Nixon broke the 1944 Bretton Woods system,
Since that day the IMF has no more reason to exist.
Since 15 August 1971 central banksters print money on a fractional-reserve basis. They print money irrespective of the gold they in reserve.
Since the 1971 repeal of the IMF, fractional-reserve banksterism by non-central banksters also grew exponentially.
Ms Lagarde now wants to reduce these fractions by forcibly injecting capital (fractions) in the banks?
The European Central Bankster marks the gold reserves of the European System of Central Banksters (ESCB) to market, not the model of $35 (now $42.2) like the USA.
Would the fresh funds Europe’s banks to prevent a “debilitating liquidity crisis”, not be better spent by the ESCB through adding gold to their gold reserves?
Liquidity – whatever that debilitating concept may mean – would in the process be replaced by a tangible asset that is portable, independent, divisible, durable, and recognisable, replaced by something that survives when liquidity is being to its intrinsic value.
FIRST THREE MINUTES
The real world becomes substituted by a virtual reality which we think is an identical doubling, a perfect mirroring of the real world.
Is the universality of man real or digital?
Our potential for imagination, for our mind seeing the richness of what our eyes and ears receive, is not invited to consider this more deeply
The work has been done and done perfectly
Money is no longer based on exchange-value or use-value
Instead capital flows through digital transactions based upon structures and speculations removed from the basic need of existence, flowing through the telephone and the electronic airways
Our technological mind has projected itself as a screen with a semblance of universality, that we are all connected.
But are we not led away from ourselves?
No related posts.