muses of the moment

June 12, 2013

Pay Attention!

Remember when groovygirl said that every industry not based on tangible assets would fail during this debt collapse cycle?

Insurance

Insurance industry has acted like and been used as the banking industry for the last 40 years or so, click here:

Mr. Lawsky said he was struck by similarities between what the life insurers were doing now and the issuing of structured mortgage securities in the run-up to the financial crisis of 2008.

Banking

Remember when groovygirl told you that the swaps and derivatives (especially those tied to the mortgage-backed securities) were NOT resolved and will blow up again?

Seven banks, the ones that hold the majority of these swaps, get a 2 year reprieve. Click here. They are getting a reprieve because if they had to mark to market on their books, they would be bankrupt. Even after applying the new creative accounting rules. Yes, that is how bad it is.

Government bought and paid for, click here.

Dodd-Frank can never be applied to the too big to jail/fail banks. It would cause the world to see that the US banking system is already done, failed, collapsed, a figment of market’s imagination.

Only a matter of time….

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