It was quiet – too quiet – I was tending to think that parasites had retired.
One would think that any financial system would need ‘talent’. Good talent – but it seems that the only talent available in New York have all ‘evil’ connections.
“Finance and industry leaders said Monday they are setting up a group aimed at allowing U.S. institutions to make or receive yuan payments, according to a press statement released before the International Monetary Fund said it will add the currency to its Special Drawing Rights basket. The road map will be subject to review by U.S. authorities, with the aim of lowering transactional costs and helping build stronger trade and business partnerships, they said.” (1)
Interesting in that China needs this ‘certification’ – through the approval of the International Monetary Fund.
It is a ‘recognition of their currency’ and allows are far smoother integration globally.
All good – until we read further on the Bloomberg article:-
Formation of the working group comes after U.S. President Barack Obama and China’s President Xi Jinping agreed in Washington in September to further strengthen the financial cooperation between the two nations. Michael Bloomberg, the founder and majority owner of Bloomberg LP and a former New York mayor, will chair the group and Mary Schapiro will serve as vice chair, while Thomas Donohue, Timothy Geithner and Henry Paulson will co-chair.
A string of financial centers have tried to set up yuan trading hubs outside China, a step that would help the world’s second-biggest economy integrate further into global financial markets. Monday’s announcement came as the IMF decided to add the yuan to its basket of reserve currencies effective in October 2016. Inclusion gives IMF member countries who hold it the right to obtain any of the currencies in the basket — currently the dollar, euro, yen and pound — to meet balance-of-payments needs.(1)
Like WTF – does this not ring a few alarm bells?
The crooks are assembling again – the mere fact that there was no punishment for the bad bankers – after the 2008 financial crisis has left the culture of ‘deceit and duplicity’ on Wall Street – but I am wrong in my opinion as they are doing God’s work … Right. (2)
One thing that does instill confidence is having outright convictions and hard jail time for crooks – this would not only help to repair the investor confidence – but would amend the culture within the financial markets.
It would make it possible for ‘law-abiding managers’ – and yes they do exist – to press for the reemergence of “honest” banking – as the rule at major financial houses.
Now Mr Timothy Geithner – “He’s the guy who bailed out Wall Street ‘arsonists’ with no strings attached, but wouldn’t do much to help struggling homeowners or punish the greedy bankers who crashed the economy.” (3)
When Geithner protected the crooked banksters – he was doing the bidding of his political sponsor and mentor Robert Rubin – the former Treasury Secretary, former Chairman of Citigroup and former CEO of Goldman Sachs – and he himself avoided being held responsible for causing the dire straits of one of the largest U.S. commercial banks because of Geithner’s generosity.
Geithner and his predecessor at the Treasury, former Goldman Sachs CEO Henry Paulson, blocked efforts by then-FDIC Chairman Sheila Bair to shut down Citigroup and place the bank into an FDIC receivership.(4)
So we have a nice round table of deceitful and incompetent people who are going to now set up this working group.
I am wondering what President Xi Jinping and the PBoC think of this little arrangement.
Now where is Matt Taibbi from the Rolling Stone Magazine – to resurrect his insatiable hatred for the the Vampire Squid.
Edit: WordPress has changed – I have to learn the new posting procedures . . What I type goes to ‘drafts’ – when I press ‘publish’ the heading only is lodged.
Yes changes to the system take time to be absorbed by the grey matter.
Stuck in Schiphol Airport – freezing my fingers off.