Elizabeth Warren talks logic and common sense. You are right UOG the corporate banking system has a stranglehold on power in the USA Europe and the UK.They are just throwing good money after bad and it is now time the liquidate the toxic assets rather than taxing the life out of people in a shrinking economy.

There will be a lot more revolts like those in Thailand.If Govts won't act,then the people will.

Pentagon Preps for Economic Warfare..on how hostile nations might seek to cripple the U.S. economy,

The two-day event near Ft. Meade,Maryland,had all the earmarks of a regular war game.Participants sat along a V-shaped set of desks beneath an enormous wall of video monitors displaying economic data,

instead of military brass plotting America’s defense,it was hedge-fund managers,professors and executives from at least one investment bank, UBS –all invited by the Pentagon to play out global scenarios that could shift the balance of power between the world’s leading economies.

Their efforts were carefully observed and recorded by uniformed military officers and members of the U.S. intelligence community.

In the end,there was sobering news for the United States–the savviest economic warrior proved to be China,a growing economic power that strengthened its position the most over the course of the war-game.

The United States remained the world’s largest economy but significantly degraded its standing in a series of financial skirmishes with Russia,participants said.

“Why would the military care about global capital flows at all?” asked another person who was there.“Because as the global financial crisis plays out,there could be real world consequences,including failed states.We’ve already seen riots in the United Kingdom and the Balkans.”

The Office of the Secretary of Defense hosted the two-day event March 17 and 18 at the Warfare Analysis Laboratory in Laurel,MD.That facility,run by the Johns Hopkins University Applied Physics Laboratory,

The event was unclassified but has not been made public before...Said Steven Halliwell,managing director of a hedge fund called River Capital Management,“I’m not prepared to talk about this...I’m sorry,but I can’t talk to you.”

Officials at UBS also declined to comment.

There were five teams:The United States,Russia,China,East Asia and“all others....”They were overseen by a “White Cell” group that functioned as referees,...lol..who decided the impact of the moves made by each team as they struggled for economic dominance.>>READ THE worlds FED RESERVE's

>>At the end of the two days,the Chinese team emerged as the victors of the overall game–largely because the Russian and American teams had made so many moves against each other that they damaged their own standing

some authoritive updates
http://www.youtube.com/watch?v=G5YAzvGmdF4

Regulators have shut down Cape Fear Bank,the first North Carolina bank to collapse since 1993,and the 22nd U.S.bank to fail this year.

On Friday,the small Wilmington N.C.bank was closed by state regulators and taken over by the Federal Deposit Insurance Corp.

First Federal Savings and Loan Association of Charleston in Charleston,S.C. was chosen to assume all of Cape Fear Bank’s $403 million in deposits and buy about $468 million of its $492 million in assets...The Federal Deposit Insurance Corp.,which was named receiver of Cape Fear Bank on Friday,will retain the rest of the assets to sell later...

..The list of bank failures keeps growing as home prices fall and unemployment rises,causing more individuals and businesses to default on their debt.

The state of North Carolina had not seen a bank failure,though, since May of 1993,when Crown National Bank of Charlotte, N.C.,went belly-up.

The FDIC estimated that the collapse of Cape Fear Bank will reduce the federal deposit insurance fund by $131 million.As of the end of 2008,the fund stood at $18.9 billion —the lowest level in nearly a quarter-century,and down from $52.4 billion at the end of 2007.

The FDIC expects that bank failures will cost the insurance fund a total of around $65 billion through 2013.The agency has increased fees and premiums in an effort to replenish the fund.

At the end of 2008,the FDIC had 252 banks and thrifts on its list of troubled institutions,up from 171 in the third quarter of last year.

Leading Credit Default Swap Trader:..Justifications for CDS are Phony
http://www.washingtonsblog.com/2009/04/leading-credit-default-swap-trader.html

The unpalatable reality that very few,self interested industry participants are prepared to admit is that much of what passed for financial innovation was specifically designed to conceal risk,obfuscate investors and reduce transparency.
http://www.globalresearch.ca/index.php?context=va&aid=13109

The process was entirely deliberate.Efficiency and transparency are not consistent with the high profit margins that are much sought after on Wall Street.
http://www.wimp.com/bailoutstruth/
Financial products need to be opaque and priced inefficiently to produce excessive profits or economic rents
http://www.moneyandmarkets.com/starting-tomorrow-the-second-american-revolution-33129

http://globaleconomicanalysis.blogspot.com/2009/04/nationwide-tax-revolt-is-coming.html
http://www.vijayvaani.com/FrmPublicDisplayArticle.aspx?id=494
did the fed?
http://online.wsj.com/article/SB123811225716453243.html
Meltdown Should Have Surprised No One
http://blog.mises.org/archives/009620.asp

lets swap my basd debt [for your bad debt and call it a trade]
we both get commision and got our bad asset off our books[into yours
then get my mate to insure it [via AIG] [in case of ongoing default..lol

AIG in spotlight over derivatives
(Financial Times)

The unit that all but destroyed AIG has failed to sign up for the overhaul of the global derivatives market which was given added impetus by the troubles at the US insurance group.

AIG confirmed that its financial products unit, whose soured bets on credit default swaps forced the company into government hands last year, did not adopt the “Big Bang” protocol that has been signed by more than 2,000 market participants.

The protocol, created under the auspices of International Swaps & Derivatives Association, is intended to make it easier for investors in the opaque market for credit derivatives to know what will happen to their contracts if debt defaults occur. It came into force on Wednesday.

AIG Financial Products opted to eschew the protocol and make bilateral agreements with counterparties on more than 200 outstanding derivatives trades.

People close to the situation said the highly complex nature of many of AIG FP’s trades, particularly the credit default swaps on mortgage-backed securities, made it easier to negotiate with individual counterparties rather than adopt a catch-all protocol.

“We fully intend to adhere to the protocol but for technical reasons have decided to do so through bilateral agreements with our counterparties,” AIG said. Company officials added that for simpler transactions, such as CDSs written on individual corporate bonds, AIG FP would adopt a contract similar to the protocol.

AIG FP’s move raised eyebrows, with worries that because AIG is not a signatory to the new credit derivatives regime, it could choose not to abide by a credit event ruling.

Senior bankers and AIG downplay AIG FP’s absence from the protocol as the unit unwinds its legacy positions, runs down its portfolio and is no longer an active participant in the market.

UOG, I am not sure what your point is. AIG is now largely
owned by the US Govt and it was derivatives which caused the
disaster, as we know with hindsight.

The CEO responsible for the disaster is gone. The new guy
is working for 1$ a year and it is his job to unravel the
mess and unwind the positions which they still have in the
market.

The reason that AIG was not sunk is because they are also
responsible for millions of Americans pension plans etc,
so the best that they can do right now, is minimise the
damage.

Once again George Bush's regulators were asleep and it
has been left to the Obama administration to sort out
the mess.

yabby if you read the links you know the same democ-rats who first changed the rules re dirivitives are now furthering the scam they began[sure busche took it to greater heights,but this is a 2 party scam[of many acts but featuring the same actors]

so lets see aig HAD your yanki pension..[well that went broke]..so now govt is underwriting the pension..[lol]..if you read the links they reveal the scam stole the pension funds..[via derivitives created by the 3 rating agencies who rated cccrap[bad debt]as AAA grade securities[under written by your yanki pension,..now made bankrupt[now holding trillions of worthless debt swap derivitives]bad trades made good commisions but commited many vile crimes

the fox is running the hen-house bro[thats what all the links are saying[the total bubble is in the quadrilions]..will take literally trillions just to refloat the boat[and guess who is going to pay for it all via the neo[new]carbon derivitives tax,..yes those same fools who just lost their pensions...lol[plus you and mne who wil be paying CARBON-tax baSED ON A HUGE LIE]

A LINK I MIGHT POST TOMORROW..IS ABOUT HOW THEY ARE EMPLOYING A PR BLOGGER site TO REBUT VIA rebutting BLOG posts on the topic[you got a new con-tract?..looking for a job?..i will put up the link tomorrow

but then again who cares right[just think i could get paid for doing nothing..lol]..trouble is when you see vile and dont try to stop it your getting as dirty as the real criminals...

i put more value on my soul than that..anyhow cheers.. i wish things were as simple as you say

saw a kids show today [kids blowing bubbles that float on dry ice[seems the dry ice is co2] and the bubbles float on it because the oxygen is lighter that co2..

[so how come all that co2 is told us to float up there?..[when co2 is heavier than air..[go figure..[out of the mouth of babes the co2 tax scam is revealed and reviled]

the people/sheeple really are dumb[deserve to get fleeced]but i just dont agree that they earned that treasonous sir-vice from those meant to serve