Will Israel be the first cashless society on the entire planet?

Will Israel be the first cashless society on the entire planet?  A committee chaired by Israeli Prime Minister Benjamin Netanyahu’s chief of staff has come up with a three phase plan to “all but do away with cash transactions in Israel”.  Individuals and businesses would still be permitted to conduct cash transactions in small amounts (at least initially), but the eventual goal is to force Israeli citizens to conduct as much business as possible using electronic forms of payment.  In fact, it has been reported that Israeli officials believe that “cash is bad” because it fuels the underground economy and allows people to avoid paying taxes.  It is hoped that requiring most transactions to be conducted in cash will reduce crime and help balance the national budget.  And once 98 or 99 percent of all transactions are cashless, it will not be difficult for the Israeli government (or any other government) to go the rest of the way and ban cash transactions altogether.  But is a cashless society actually desirable?  This is a question that people all over the world will have to start asking as governments increasingly restrict the use of cash.

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CNBC Exec’s Children Murdered 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

From October, 2012:

This week financial news organization CNBC gave some mainstream attention to the largest money laundering and racketeering lawsuit in United States History, in which “Banksters” and their U.S. racketeering partners are being accused of laundering of 43 trillion dollars worth of ill gotten gains.  The lawsuit is said to involve officials located in the highest offices of government and the financial sector.

Since this information was surprisingly revealed by the mainstream news organization there has been a very suspicious and deadly fallout at the CNBC headquarters.  Within hours the original page for the article was taken down, and CNBC senior vice president Kevin Krim received news that his children were killed under very suspicious circumstances.  It seems that the murder happened first and then the page was removed later.

According to mainstream accounts the children’s nanny is responsible for the murders, allegedly stabbing both children.  However, those same mainstream news sources report the highly unlikely story that the nanny slit her own throat just after committing the homicides.  Police have released very little information and although a wider plot has not been officially implicated, it seems very possible that these murders are a show of force against the press organization for releasing such damning information about the most powerful people in the world.

Here is some more information about the lawsuit from the Wall Street Journal:

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Someone posting on Free Republic fills us in on what the WSJ link covered (it's now gone dead--wonder why?):

The WSJ link, in article summarizes the lawsuit [and] some of the issues/allegations from article:

--Issue of TARP money and other "bailout money" being repaid as claimed by President Obama and the Obama Administration . Wants audit of bailout programs and FED

--Obama Administration has not brought any criminal charges against banksters yet borrows money from them for his campaign

--(excerpts) The Havens for the money laundering schemes...are located in such venues as Switzerland... Malaysia, Cypress and entities controlled by governments adverse to the interests of the United States Sanctions and Embargo Act against Iran

--while the Obama Administration was publicly encouraging loan modifications for home owners by "Banksters", it was privately ratifying the formation of these shell companies in violation of the United States Patriot Act, and State and Federal law 

50 posted on 10/27/2012 1:15:31 PM  by opentalk

It's now legal in the US for any financial institution to steal customer funds...and the customers have ZERO CLAIM TO THEIR OWN FUNDS once they are in the custody of the financial institution!

RED ALERT: It's Open Season on All Customer Funds

Posted by Ann Barnhardt, - August 10, AD 2012 3:33 PM MST

The NFA is collusion with the Banksters, government and judiciary have achieved their goal. The entire concept of "customer segregated funds" is officially, completely, legally dead.

Guys, it is OVER. I know that many of you are still cowering in normalcy bias, unable to deal with reality, unable to face the world as it is, but you have GOT to snap out of it. The marketplace is DESTROYED. You CANNOT be in these markets. All legal protections are now officially gone.

Do you remember how I told you about the Ponzi scheme that imploded in 2007 called "Sentinel Management Group" that stole over $500 million in customer funds? The NFA was the auditing regulator of Sentinel, and the NFA admitted after the Sentinel Ponzi imploded that they signed off on their audits even though the NFA claimed not fully understanding Sentinel's books or accounting methods. In other words, the NFA didn't really audit Sentinel at all - they just PRETENDED to audit them, drew up some forms, had some robosigners sign off, and then just hoped that when the shit hit the fan, everyone in the industry would be so terrified of the NFA that no one would hold the NFA accountable for their criminal malfeasance - or even talk about it.

Sentinel took customer segregated money and fraudulently used it as the collateral on a loan from Bank of New York Mellon for $312 million to fund their own in-house proprietary trading operations. When the Sentinel Ponzi collapsed, BNYM sued to go to the front of the line of creditors - ahead of the customers of Sentinel whose money was fraudulently used as collateral, which has now been "linguistically sanitized" into the word "hypothecated".

The federal appeals court ruled yesterday that not only does BNYM stay at the front of the line, but that using customer segregated funds as collateral is NOT a crime, and that co-mingling customer segregated funds with proprietary funds is NOT fraud.

Here is the Reuters piece.

Read this quote from the ruling, which is, in essence, the entire financial market paradigm being guillotined:

That Sentinel failed to keep client funds properly segregated is not, on its own, sufficient to rule as a matter of law that Sentinel acted ‘with actual intent to hinder, delay, or defraud' its customers.

U.S. Circuit Judge John D. Tinder

What this means is that even if Jon Corzine is somehow dragged into court by private citizens, because you know damn good and well that the Justice Department will never, ever touch him, Corzine now has a legal precedent, likely from a bribed or otherwise coerced Federal Appeals Court, explicitly stating that an FCM can use customer deposits to pay its debts, and that the customers themselves are subjugated and have basically no legal right to their own monies, no matter what the law says, or what legal assurances, claims or guarantees are made to that customer about their funds held with an FCM or any other brokerage or depository institution. The "secured" party at the front of the line will always be the mega-bank who made the fraudulent loan using the stolen customer funds as collateral.

In other words, all customer funds in the United States are now the legal property of JP Morgan, Goldman Sachs, BNYM, or whichever megabank is the counterparty on the loans the FCM or depository institution takes out in order to fund its mega-levered proprietary in-house trading desks.

For the love of God, I don't know what more there could possibly be to say to snap you people out of your normalcy bias trance. You have GOT to get ALL MONIES out of the financial system NOW. This ruling sets precedence for every depository institution, not just futures brokerages. It is now legal in the United States for any financial institution to steal customer funds, borrow money against those funds for the uber-levered proprietary trading use of the financial institution, and the customers have ZERO CLAIM TO THEIR OWN FUNDS once they are in the custody of the financial institution.

The court has ruled that once your money passes out of your PHYSICAL POSSESSION, and I mean PHYSICAL possession, it is no longer yours, and you have no legal claim or legal recourse to it when it is stolen. This includes BANK ACCOUNTS. Money in a bank is in the possession of the BANK, not you. Do you comprehend this? The entire system is utterly devoid of any integrity or genuine security and is breaking down catastophically before our very eyes. You HAVE to comprehend that your money sitting in an account is no longer legally yours. You have to force your brain to process and comprehend this, no matter how incomprehensible it may seem. IT IS OVER. This is Marxist hell. We have arrived.

This ruling and precedent will be used by every brokerage, every bank, every insurance company and every pension fund to deny you your money when the financial system finally collapses, be it on Monday, or be it two years from now.

DO YOU UNDERSTAND?

You have GOT to GET OUT.

And all of this goes straight back to the criminal mafia that is the National Futures Association, and the fact that they have not actually been auditing those firms who were in the "cosa nostra", and allowing Ponzi schemes to operate with full bureaucratic protection for decades. Sentinel. PFG Best. The legal precedent enabling this protection racket and blatant fraud and thievery is fully in force, and what Corzine did at MF Global is now legally PROTECTED.

This is ecomonic treason.

Treason is a capital offense, meaning that the death penalty is fully justified, warranted and on the table, should the day ever come when a Second American Republic is established, and with it the re-establishment of the rule of law and justice in this land.

UPDATE: Yes, the South Park "And . . . It's Gone" clip is now 100% factual. Here it is. It is clean. No dirty language, just the cold, hard reality of our dead civilization.

Why doesn't President Obama want us to know what the SEC is up to?

SEC Says New Financial Regulation Law Exempts it From Public Disclosure

An Easily Understandable Explanation of Derivative Markets

Heidi is the proprietor of a bar in Detroit. She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronize her bar. To solve this problem, she comes up with new marketing plan that allows her customers to drink now, but pay later.

She keeps track of the drinks consumed on a ledger (thereby granting the customers loans).

Word gets around about Heidi's "drink now, pay later" marketing strategy and, as a result, increasing numbers of customers flood into Heidi's bar. Soon she has the largest sales volume for any bar in Detroit.

By providing her customers' freedom from immediate payment demands, Heidi gets no resistance when, at regular intervals, she substantially increases her prices for wine and beer, the most consumed beverages. Consequently, Heidi's gross sales volume increases massively.

A young and dynamic vice-president at the local bank recognizes that these customer debts constitute valuable future assets and increases Heidi's borrowing limit. He sees no reason for any undue concern, since he has the debts of the unemployed alcoholics
as collateral.

At the bank's corporate headquarters, expert traders transform these customer loans into DRINKBONDS, ALKIBONDS and PUKEBONDS. These securities are then bundled and traded on international security markets. Naive investors don't really understand that the securities being sold to them as AAA secured bonds are really the debts of unemployed alcoholics.

Nevertheless, the bond prices continuously climb, and the securities soon become the hottest-selling items for some of the nation's leading brokerage houses.

One day, even though the bond prices are still climbing, a risk manager at the original local bank decides that the time has come to demand payment on the debts incurred by the drinkers at Heidi's bar. He so informs Heidi.

Heidi then demands payment from her alcoholic patrons, but being unemployed alcoholics they cannot pay back their drinking debts. Since, Heidi cannot fulfill her loan obligations she is forced into bankruptcy. The bar closes and the eleven employees lose their jobs.

Overnight, DRINKBONDS, ALKIBONDS and PUKEBONDS drop in price by 90%. The collapsed bond asset value destroys the banks liquidity and prevents it from issuing new loans, thus freezing credit and economic activity in the community.

The suppliers of Heidi's bar had granted her generous payment extensions and had invested their firms' pension funds in the various BOND securities. They find they are now faced with having to write off her bad debt and with losing over 90% of the presumed value of the bonds. Her wine supplier also claims bankruptcy, closing the doors on a family business that had endured for three generations, her beer supplier is taken over by a competitor, who immediately closes the local plant and lays off 150 workers.

Fortunately though, the bank, the brokerage houses and their respective executives are saved and bailed out by a multi-billion dollar no-strings attached cash infusion from the Government. The funds required for this bailout are obtained by new taxes levied on employed, middle-class, non-drinkers.

Now, do you understand?

"President Obama's team, unlike Bush's team, demonstrates a thinness of skin that shocks me."

Cramer Takes on the White House, Frank Rich and Jon Stewart

President Obama's team, unlike Bush's team, demonstrates a thinness of skin that shocks me. When I somewhat obviously and empirically judged that the populist Obama administration is exacerbating the crisis with its budget and policies, as evidenced by the incredible decline in the averages since his inauguration, I was met immediately with condescension and ridicule rather than constructive debate or even just benign dismissal. I said to myself, "What the heck? Are they really that blind to the Great Wealth Destruction they are causing with their decisions to demonize the bankers, raise taxes for the wealthy, advocate draconian cap-and-trade policies and upend the health care system? Do they really believe that only the rich own stocks? What do they think we have our retirement accounts in, CDs? Where did they think that the money saved for college went, our mattresses? Do they think the great middle class banks at the First National Bank of Sealy and only the wealthiest traffic in the Standard & Poor's 500?"

They exacerbated their insensitivity when President Obama proclaimed that he wasn't worried about the averages, dismissing them as traffic polls that go up and down in the short term. Ah, if only they went up occasionally and not down endlessly then I would believe the President's logic.

Don't get me wrong, Obama was dealt a terrible hand by the previous croupier. But this administration's handling of the banking crisis, something that has brought Citigroup (Stock Quote: C), Bank of America (Stock Quote: BAC), Wells Fargo (Stock Quote: WFC) and even JPMorgan Chase (Stock Quote: JPM) to their knees, has been devastating. The indecision of Geithner, who has floated to the media every single idea in his head, only to announce none orally, has created a vacuum that has allowed short-sellers to dictate policy.

As someone who just wants to help people preserve capital and help it appreciate when the time comes when it is not too risky to do so, I am appalled at the attack and badly want to engage in the issues and tone down the rhetoric. What's the point? The country's in crisis.

Read the whole thing

How does a CEO answer questions about financial accounting when they’re asked by dimwits who don’t know enough to understand the answers?

You simply must read Accounting for (Congressional) Dummies

Fraudulent “Credit Crisis” Paves Way for Economic Disaster

Doing the kind of investigative reporting we should expect from the major media, a financial research and consulting firm has released a major analysis of the “credit crisis” that concludes that the claims made by Treasury Department Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke to justify a socialist takeover of the financial industry were demonstrably false.

The analysis, Flawed Assumptions about the Credit Crisis: A Critical Examination of US Policymakers, concludes that the result of the unjustified massive federal intervention in the economy could be similar to the economic crisis in the Weimar Republic of 1922, where disastrous hyperinflation made the currency worthless and threatened the nation’s political system and stability.

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