Swiss Franc Soars After Central Bank Drops Cap

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A Swiss franc coin beneath a euro note. The value of the franc soared on Thursday.
Credit Fabrice Coffrini/Agence France-Presse — Getty Images
Swiss Franc Soars After Central Bank Drops Cap
By DAVID JOLLY and NEIL IRWIN  - JAN. 15, 2015
http://www.nytimes.com/2015/01/16/business/swiss-national-bank-euro-franc-exchange-rate.html?_r=0

Swiss Central Bank Leaves the Sinking Ship, Drops Parity with the Euro
Friday, January 16, 2015
https://larouchepac.com/20150116-1

Banks Battle Speculation Denmark's Euro Peg at Risk: Currencies
By Peter Levring and Love Liman 2015-01-19T09:00:07Z
http://www.bloomberg.com/news/2015-01-18/banks-struggle-to-fight-speculation-denmark-s-euro-peg-at-risk.html

Eurozone prepares for QE
21 January 2015 Last updated at 20:26 GMT
By Andrew Walker BBC World Service Economics correspondent
http://www.bbc.com/news/30876955

Jim Willie: Swiss De-peg Triggers Massive Derivative Crisis, Potential END OF THE EURO!
Posted on January 20, 2015 by The Doc - 59 Comments,  26,393 views
http://www.silverdoctors.com/jim-willie-swiss-dump-the-euro-go-long-gold/

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45m:00s
Jim Willie : "Wreckage in the oil fields, first of all its prefixe,
   here's how important the shale oil output is. since  2007, were
   talking seven years, 85% of all global oil output , marginal new
   oil output, worldwide, has come from shale. And then. Oh even worse
   , since November 26 , we are talking about a month and a half, we
   have 64% of all Canadian oil and gas drilling rigs shutting down.
   They have gone from 438 rigs to 156. Oh the date was January 6, so
   five weeks,  64% plunge in Canadian drilling. ..."
46:44s
Silver Doc :
  "Your making the case Jim that 2015 is shaping up to be the most
   interesting year since 2008 and 2009."
Jim Willie :
  "We are going to have a repeat of Lehman. But Lehman was a Kill-job to
   prevent Goldman-Sachs from having a financial failure."

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Ron Paul: Nothing Orderly About the Currency Collapse That's Coming It Will Be a Panic!
Jun 6, 2014
http://www.youtube.com/watch?v=TKDkHOfaMv0

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Yesterday Draghi announced that the ECB is starting its own QE program
for the amount of 1,140 billion Euro by buying up it's own bonds [1][2]. The
Dutch Daily financial `Het Financieel Dagblad' headlined : `The ECB is
crossing the Rubicon' [3]. Late in the afternoon it was reported that the
Director of the Dutch Central Bank (DNB) Klaas Knot had vowed against
the QE measure which certainly has not been a decision by unanimous
consent [4]. Even worse, the entire EU Commission and EU Parliament were
not even involved with the decision making. I suspect that the Germans
must be getting raving mad. Then again one shouldn't appoint a
spaghetti monster of Italian heritage, with their Lira currency and
corresponding inflationary history, as the chief of the ECB and hand
such immense and important decisions to a single seat of power. Greece
with its upcoming elections is going to make a democratic choice to
pull out of the Euro zone, after their economy has been savaged to the
bone by the Troika of Goldman Sachs. The same Goldman Sachs Troika has
been in power in Italy. The monetary policy of Draghi in short seems to
correspond one to one with that of the American Federal Reserve bank,
which earlier came up with the same Quantitative Easing QE method
(several campaigns). There is however one major difference. The US
Dollar is still the World Reserve currency, where the expensive Euro
certainly is not. Where Americans will get away with their QE measures,
the EU through the creating of a unrecoverable debt is in fact buying
up their own bankruptcy and misery. Suddenly Germany is faced again
with another episode of their most fearsome nightmare, namely that of
the Weimar Republic. It could just happen that very soon the German car
manufacturers cannot afford the purchase price of steel anymore for
production. VW, Audi BMW and Mercedes etc. will then be economicly
forced to move production to countries like China.

[1] ECB zet historische stap en koopt tot najaar 2016 voor €1140 mrd aan obligaties
   by Arend Clahsen en Marcel de Boer
   donderdag 22 januari 2015, 16:17 update: donderdag 22 januari 2015, 19:46
   http://fd.nl/economie-politiek/1089633/ecb-breidt-opkooprogramma-uit-tot-1140-mrd

[2] ECB breidt opkoopprogramma uit tot 1.140 miljard euro
    (late in the afternoon the headline was changed into :
        ECB steekt 1.140 miljard euro in economie )
   Gepubliceerd: 22 januari 2015 14:44
   Laatste update: 22 januari 2015 16:43
   http://www.nu.nl/economie/3977745/ecb-steekt-1140-miljard-euro-in-economie.html
   Google cache of the original story :
   http://crashrecovery.org/daily/22.01.2015/ecb-breidt-opkoopprogramma-1140-miljard-euro.html

[3] De ECB steekt na jaren aarzelen de Rubicon over
   by Arend Clahsen
   donderdag 22 januari 2015, 06:00 update: donderdag 22 januari 2015, 09:22
   http://fd.nl/economie-politiek/1089531/de-ecb-steekt-na-jaren-aarzelen-de-rubicon-over

[4] Klaas Knot tegen ECB-actie
   door Martin Visser
   do 22 jan 2015, 16:35 | 288 reacties
   http://www.telegraaf.nl/dft/nieuws_dft/23589620/__Klaas_Knot_tegen_ECB-actie__.html

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PressTV News Videos, Published on Jan 3, 2015

After the ECB purchase of 1,140 billion Euro of European debt, a
measure which was either advised or forced through the American Federal
Reserve, that which is left of European Car manufactures will be up for
sale for cents on the Rubel or Yuan. It should be mentioned that former
US Treasury Larry Summers himself has been frequently consulting the 
European Financial press on this issue. One thing is certain : the
European Euro never started as a ponzi scheme, but with the recent
buy-up measure it smells like the ECB has been snickered into a Federal
Reserve scheme. Because the purchase of the 1,140 billion Euro in debt
is spread over 12 months, a boiling frog scenario is applied as well. My
prediction is that by 2016 European car makers have been put out of
business.

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"It should be mentioned that former US Treasury Larry Summers himself
has been frequently consulting the European Financial press on this
issue."

Here's proof of that on the very day of the Voting :

http://crashrecovery.org/daily/22.01.2015/fd.nl-L.Summers-22jan2105.pdf

However the track record of Summers insight and/or validity on such
decisions is not bullet proof, to put it mildly. From his wikipage :

  "Business interests

   On October 19, 2006, Summers was appointed a part-time managing
   director of the New York-based hedge fund D. E. Shaw & Co. for
   which he received $5 million in salary and other compensation over
   a 16-month period.[45] At the same time Summers earned $2.8 million
   in speaking fees from major financial institutions,[46][47]
   including Goldman Sachs, JPMorgan Chase, Citigroup, Merrill Lynch
   and Lehman Brothers.[48] Upon being nominated Treasury Secretary by
   the President Clinton in 1999, Summers listed assets of about
   $900,000 and debts, including a mortgage, of $500,000.[47] By the
   time he returned in 2009 to serve in the Obama administration, he
   reported a net worth between $17 million and $39 million.[47] He is
   a former member of the Steering Committee of the Bilderberg
   Group.[49]

   [ ... ]

   In popular culture

   In the 2010 documentary Inside Job, Summers is presented as one of
   the key figures behind the late-2000s financial crisis. Charles
   Ferguson points out the economist's role in what he characterizes
   as the deregulation of many domains of the financial sector.[69]"

Where Summers of course took care that the Glass-Seagal Act was
overthrown, which paved the way for the Housing Mortgage bubble,
and the global credit crisis of 2007.

  "In January 2009, as the Obama Administration tried to pass an
   economic stimulus spending bill, Representative Peter DeFazio
   (D-OR.) criticized Summers, saying that he thought that President
   Barack Obama is "ill-advised by Larry Summers. Larry Summers hates
   infrastructure."[53] DeFazio, along with liberal economists
   including Paul Krugman and Joseph Stiglitz, had argued that more of
   the stimulus should be spent on infrastructure,[54] while Summers
   had supported tax cuts.[55]"

So how could all this happen in Frankfurt? There's is no mentioning that
portions of the 1,140 billion Euro's have been earmarked for investments
in infrastructure, leading straight up to new jobs and economic activity.
Instead it looks more like a monthly pay scheme to pay off the already
existing European Debt.

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Now Begins The Greatest Heist Since Bernanke
Bailed Out Wall Street In September 2008
Submitted by Tyler Durden on 01/22/2015 21:00 -0500
http://www.zerohedge.com/news/2015-01-22/now-begins-greatest-heist-bernanke-bailed-out-wall-street-september-2008

  "Submitted by David Stockman via Contra Corner blog,

   Well, he finally launched "whatever it takes" and that marks an
   inflection point. Mario Draghi has just proved that the servile
   apparatchiks who run the world's major central banks will stop at
   nothing to appease the truculent gamblers they have unleashed in the
   casino. And that means there will eventually be a monumental crash
   landing because the bubble beneficiaries are now commanding the bubble
   makers.

   There is not one rational reason why the ECB should be purchasing $1.24
   trillion of existing sovereign bonds and other debt securities during
   the next 18 months. Forget all the ritual incantation emanating from
   the central bankers about fighting deflation and stimulating growth.
   The ECB has launched into a massive bond buying campaign for the sole
   purpose of redeeming Mario Draghi's utterly foolish promise to make
   speculators stupendously rich by the simple act of buying now (and on
   huge repo leverage, too) what he guaranteed the ECB would be buying
   latter.

   So today's program amounts to a giant bailout in the form of a big fat
   central bank "bid" designed to prop up prices in the immense parking
   lot of French, Italian, Spanish, Portuguese etc. debt that has been
   accumulated by hedge funds, prop traders and other rank speculators
   since mid-2012. Never before have so few—-perhaps several thousand
   banks and funds—-been pleasured with so many hundreds of billions of
   ill-gotten gain. Robin Hood is spinning madly in his grave.
   [ ... ]"

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The German Financial Press is lying its ballz off : Frankfuerter Algemeine :


EZB-Direktoriumsmitglied Benoît Coeuré beim Weltwirtschaftsforum in Davos
EZB verteidigt Milliarden-Staatsanleihekäufe
Benoît Coeuré in Davos, Quelle: dpa , 24.01.2015
http://www.faz.net/aktuell/wirtschaft/weltwirtschaftsforum/ezb-benoit-coeure-verteidigt-staatsanleihekaeufe-13388596.html

  "Die EZB kauft Staatsanleihen für mehr als 1 Billion Euro. Wegen einer
   drohenden Deflation habe sie keine andere Wahl gehabt, sagte
   Direktoriumsmitglied Coeuré beim Weltwirtschaftsforum in Davos. Jetzt
   seien die Regierungen gefragt.

   Die Europäische Zentralbank hat ihr Milliarden-Programm zum Anleihekauf
   verteidigt und die Euro-Staaten zu mehr Reformeifer aufgerufen. Man
   habe wegen einer drohenden Deflation - einer die Konjunktur lähmenden
   Abwärtsspirale bei Preisen für Waren und Dienstleistungen - keine
   andere Wahl gehabt, sagte EZB-Direktoriumsmitglied Benoît Coeuré am
   Samstag. Es sei nun an den Regierungen, mit wirtschaftspolitischen
   Maßnahmen Investitionen und Wachstum zu fördern.
   [ ... ]"

Millions of German workers in poverty
se/sb (AFP, epd), Date 24.01.2015
http://www.dw.de/millions-of-german-workers-in-poverty/a-18212765
   
  "More than three million Germans can barely make ends meet despite being
   in work, according to a German newspaper. Growing numbers of struggling
   workers are cutting back on heating and food.
   About 3.1 million wage and salary earners in Germany had an income
   below the poverty threshold, according to Saturday's edition of the
   Saarbrücker Zeitung newspaper.

   The paper cited an overview from Germany's Federal Statistical Office
   showing the most recent available data, which covered the year 2013. It
   also showed the numbers of workers struggling to make ends meet jumped
   from about 2.5 million in 2008 - an increase of 25 percent in five
   years.
   [ .. ]"

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The British press seems to have understood what is going on.
Thank You Margaret Thatcher for keeping the £, we will forgive your poll tax for that :

QE for the eurozone is a gigantic confidence trick. It should fool no one
by Simon Jenkins, Thursday 22 January 2015 11.19 GMT
http://www.theguardian.com/commentisfree/2015/jan/22/qe-eurozone-confidence-trick-quantitative-easing-money-circulation

  "Quantitative easing will simply bury money in commercial bank vaults,
   when it is cash in circulation that's desperately needed

   'The whole of Europe, including Britain, is chronically short of demand,
    which is why deflation is such a menace.'
    Photograph: Tony Gentile/Reuters

   At last the euro's lords and masters have accepted that something must
   be done about their zone's lamentable growth. They will unleash a
   massive bond-buying programme totalling a reported €1tn. The former BBC
   economic pundit Stephanie Flanders told the world it was "Santa Claus
   time"; the European Central Bank (ECB) has ridden to the rescue.

   No it has not. Europe's great and good, partying on the slopes of
   Davos, are like courtiers at the Congress of Vienna. They are blinded
   by snow and celebrities. Santa Claus gives presents to people; the ECB
   gives presents to its banks. It is merely tipping large sums of money
   into the vaults of precisely the institutions whose crazy lending
   caused the crash of 2008, and which have been failing Europe's economy
   ever since.
   [ ... ]"

A Bunch Of Criminals
Submitted by Tyler Durden on 01/24/2015 10:01 -0500
http://www.zerohedge.com/news/2015-01-24/bunch-criminals

  "By Raul Ilargi Meijer of The Automatic Earth

   I was going to start out saying Thursday was the saddest day in Europe
   in 50 years, or something like that, because of the insane and
   completely nonsensical largesse the ECB permits itself to launch, aimed
   at once again saving a banking system, but which will not only not help
   the European people, it will make things even much worse than they
   already are.

   I've said many times that the EU in its present form should be
   dismantled tomorrow morning (even though it's not the same tomorrow
   morning anymore), and if Draghi's $1.1 million x million 'stimulus'
   should make anything clear, it's that the dismantling gets more urgent
   by the day.

   But calling it the saddest day in Europe in 50 years would show far too
   little respect for the people who died in former Yugoslavia, and in
   eastern Ukraine. It's still a very sad day, though. And I was already
   thinking about that even before I read Theopi Skarlatos' article for
   the BBC; that really made me want to cry.

   When you read about female doctors(!) feeling forced to prostitute
   themselves to feed their children, about the number of miscarriages
   doubling, and about the overall sense of helplessness and destitution
   among the Greek population, especially the young, who see no way of
   even starting to build a family, then I can only say: Brussels is a
   bunch of criminals. And Draghi's QE announcement is a criminal act.
   It's a good thing the bond-buying doesn't start until March, and that
   it's on a monthly basis: that means it can still be stopped.
   [ ... ]"

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Before jumping to conclusion don't forget to jump to the comments of this one :


'We want London to be our European base,' says Goldman boss Gary Cohn
Photograph: Guy Corbishley/Guy Corbishley/Demotix/Corbis
Britain must remain in Europe, says Goldman Sachs president
by Press Association , Saturday 24 January 2015 06.54 GMT, Jump to comments (876)
http://www.theguardian.com/business/2015/jan/24/britain-must-remain-in-europe-says-goldman-sachs-president

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I'm a little bit disgusted at what this Webster Tarpley dude has been spinning on
his latest radio show at WBAI.org — Guns and Butter with Bonnie Faulkner January 21, 2015,
stating that the Syriza party will not request a GREXIT from the EURO. Here's the hard facts
on finance, which cannot be made up :

Thursday   January 22, 2015
Alice Remains in Derivative Land and the Bankers Have NO Clothes
by Tom Heneghan, International Intelligence Expert
http://www.tomheneghanbriefings.com/Alice-Remains-in-Derivative-Land-and-the-Bankers-Have-NO-Clothes__01-22-2015.html

  "UNITED States of America - It can now be reported that Greek banks face
   a serious liquidity crisis as depositors withdrew up to 4.2 billion
   euros over the last 72 hours.

   Greece will leave the European Union Sunday night, January 25th,
   meaning that Greece will default on 70 trillion in euro currency in
   cross-collateralized derivatives tied to JPMorgan Chase, Bank of
   America and Saudi owned U.S. Citibank, along with the Central Bank of
   Japan.

   Today the ECB (European Central Bank), the Central Bank of Japan and
   the U.S. Federal Reserve issued 70 trillion (laugh out loud) of
   cross-collateralized foreign currency derivatives (there is no real
   cash or margin) all designed to absorb the shock of the Greece default.

   The central bankers are now playing high stakes-high wire finance; when
   backed into a corner here comes the 'BAIL-IN'.

   P.S. The alleged ECB stimulus program (another Central Bank ponzi
        scheme) does not begin until March. There is no mention of the
        specific European banks that will buy bonds and it is likely that
        Jens Weidmann, head of the German Bundesbank, will sabotage ECB
        before we even see March 1st.

   At this hour there is no real cash left in the financial markets. There
   are just computer algorithms and cross-collateralized derivatives
   masquerading as assets when they are nothing more that I.O.U.s between
   crooked banks.

   They call those credit default swaps (CDS).

   In closing, as Ukraine is about to financially collapse aka a default
   on the IMF (International Monetary Fund), expect the Russian Federation
   to annex the entire province within days.

   Stay tuned for future intelligence briefings in which we will detail
   the latest U.S. coup d' etat in Yemen, which was nothing more than an
   obstruction of justice effort to protect the Saudi financed-Israeli
   Mossad operated Yemen government that was headquarters for the Pegasus
   Unit crisis actor terrorists.

   Related

   Bank Withdrawals Reached €4.2 Billion in 3 Days
   http://greece.greekreporter.com/2015/01/22/bank-withdrawals-reached-e4-2-billion-in-3-days/
   "
some archived pages :

http://crashrecovery.org/daily/22.01.2015/bank-withdrawals-reached-e4-2-billion-in-3-days.html
http://crashrecovery.org/daily/22.01.2015/more-private-greek-islands-to-be-sold-in-coming-months.html