Category Archives: Read these first few paragraphs of an article in the Telegraph.
“Estimates of total expected asset write-downs suggest that the budgetary costs – actual and contingent – of asset relief could be very large both in absolute terms and relative to GDP in member states,” the EC document, seen by The Daily Telegraph, cautioned.
"It is essential that government support through asset relief should not be on a scale that raises concern about over-indebtedness or financing problems.”
The secret 17-page paper was discussed by finance ministers, including the Chancellor Alistair Darling on Tuesday.
National leaders and EU officials share fears that a second bank bail-out in Europe will raise government borrowing at a time when investors – particularly those who lend money to European governments – have growing doubts over the ability of countries such as Spain, Greece, Portugal, Ireland, Italy and Britain to pay it back. European banks may need £16.3 trillion bail-out, EC dcoument warns – Telegraph
Notice anything missing? Well the more astute might notice that no figures are given. Did you know that the first version of this article did in fact mention the numbers. Did you also know that the numbers are staggering? Well one of the commenters on Digg spotted the edits and called them out on it. Here is that comment.
Wow !!! How quickly do they sanitize an article !!! The original article (updated 1:51 PM GMT) has 3 additional paragraphs that are missing from the 3:50 PM GMT update. I don’t think it is coincidence that the paragraphs that give the actual numbers were removed; those numbers were quite damning. The original article stated: "European Commission officials have estimated that impaired assets may amount to 44pc of bank balance sheet, The Commission estimates that so-called financial instruments in the ‘trading book’ total £12.3 trillion (13.7 trillion euros), equivalent to about 33pc of EU bank balance sheets. In addition, so-called ‘available for sale instruments’ worth £4trillion (4.5 trillion euros), or 11 pc of balance sheets, are also added by the Commission to arrive at the headline figure of £16.3 trillion." Those kinds of numbers can send the financial world into a full-blown panic !
Yesterday we found out that the panic in September was caused by a mysterious run on our banks to the tune of 550 billion dollars. Live Leak first uncovered this bombshell…apparently our Mainstream press couldn’t be bothered to investigate this.
Here is the transcript and the embedded video below.
At 2 minutes, 20 seconds into this C-Span video clip, Rep. Paul Kanjorski of Pennsylvania explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occured over the period of an hour or two.
Here is a transcript of what Kanjorski says More.. in the video:
"On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars in a matter of an hour or two.
Money was being removed electronically.
The treasury tried to help with $150 Billion.
But could not stem the tide.
It was an electronic run on the banks
The treasury intervened but had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawled and collapsed and within 24 hours the world economy."Kanjorski does not provide further details.
A Google search to verify this produces zero results
You know details like who the FUCK DID THAT? And why the fuck doesn’t the public know about it? Why are our politicians lying and hiding?
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