BANK ECONOMIST’S SOUNDING LIKE PRIEST’S OF THE HOLY ROMAN EMPIRE BEFORE THE PROTESTANT REVELATIONS

 

BANK ECONOMIST’S SOUNDING LIKE PRIEST’S OF THE HOLY ROMAN EMPIRE BEFORE THE PROTESTANT REVELATIONS

 These bank economists are starting to sound a lot like the priest’s of the Holy Roman Empire before the reformation when the wider populous realised the hierachy where living in gold plated opulence whilst stealing every last coin they could out of a starving populous.

In an article by Alex Tarrant on New Zealand financial commentary blogsite www.interest.co.nz  19 July 2011 titled – BNZ economist seeks to calm fears Greek debt default could become new ‘Lehman moment’, saying NZ banks in better funding position than in 2008 - in the article New Zealand BNZ bank economist Stephen Toplis attempts to addressed concerns in New Zealand about the possible fallout from the European sovereign debt crisis.

Keep paying your tithe’s and indulgence’s and heaven will still be there, if you stop it won’t. Toplis doesn’t want the people to lose faith in the faith based money system he represents lest they start removing money from his bank and he and his system go the same way as the Holy Roman Empire which was essentially a commercial pyramid scam of the same nature.

Lets have a look at a few of his words;

“In 2008, following the bankruptcy of US investment bank Lehman Brothers, NZ banks were effectively locked out of financial markets for months meaning they were unable to access foreign money that made up about 40% of their funding. The Reserve Bank had to intervene by setting up funding lines for the banks until global markets opened up again in 2009.”

(the same entities that flexed their muscles in switching off the created credit tap supplied the “last resort lending” just via another channel. All about creating fear and control.)

On concerns a Greek default would be a ‘Lehman II’ moment which could trigger another global crisis, Toplis said, “In our view we believe that this is highly unlikely.”

(why bother with the press release unless it is in-fact more likely than many realise) 

Greek debt holdings are largely vanilla in nature.

“For example, Greece has issued core Government debt in the form of bonds which have been purchased by banks,” Toplis said.

(just what are these banks using to purchase these pledges of repayment out of future income of the nation? more of their created credit that they have already issued more of in the pursuit of short-term gain of individuals within their institutions than was ever physically repayable.)

“Back then no one really understood who was leveraged to whom, as ultimate ownership was often hidden through complex financial instruments,” Toplis said. 

(thats all changed? yeah right!)

New Zealand bank balance sheets were also now in much better order than they were in 2008.

“The Core Funding Ratio is above 70%, meaning that the sector is much less reliant on short term offshore funding and more reliant on longer term paper and domestic deposits,” Toplis said.

(insisting banks hold more local term deposits in excess of 12 months is only going to drive local banks into the hands of the private central banks and a bond exchange for more of their created credit loaned at interest.)

“The local banking system does not appear to be having any difficulty in raising funds and corporate balance sheets in New Zealand also look strong.

(again raising funds via bond exchange for created credit of private central bankers)

“Extremely low interest rates, and quantitative easing in some jurisdictions, has left the world awash with cash looking for a home.”

(its not cash looking for a home, it is interest laiden credit.)

Perversely the worse Europe and other places looked, the more cashwas flowing to New Zealand because of relatively high domestic yields and, perhaps more importantly, perceptions of economic safety.

(perversely as the purchasing power of credit based money has been eroded by the excess liquidity of it as those that have accumulated lots of it are scouring the globe for ever decreasing opportunities to gain more money on their money via lending.)

“This is why the NZD is strengthening so much and there is, in fact, a very real danger that this process continues in a manner that will eventually make currency strength a bigger threat to the economy than funding costs,” Toplis said.

(strengthening because foreign capital must be exchanged into NZ dollars in bond exchange process with private central bankers.)

‘China wants to lend us plenty’

Savings were increasingly important and it was worth noting that the biggest savings nation in the world was China. 

(savings = money Chinese capitalist elitist dictatorship have received as payment for use of their slaves by Western elites) 

“These Chinese savings are looking for a home and New Zealand will benefit from this. There is already evidence of such with China’s increased participation in recent NZ Government bond tenders,” Toplis said.

(global financial elite are slowly moving their confidence base to China from which they will then begin monetising the global money supply as Chinese originated interest bearing credit.)

However the view was not suggesting that a collapse in Europe would not be costly. 

“To the contrary, we believe there is too much denial of the possibility of a major sovereign default and we don’t think the effects on confidence and markets will be negligible. This is particularly the case for holders of sovereign Credit Default Swaps.” Toplis said.

(contrary to this from above, “In our view we believe that this is highly unlikely.” )

“More generally, clearly any default process further threatens global growth, which New Zealand is highly leveraged to, particularly via commodity prices. And even as things stand, the threat of default is still weighing, at the margin, on the cost and availability of funding,” he said.

“Nonetheless, and in conclusion it is our opinion, translating this into GFC II or Lehman’s II, and all the things that were associated with that, would be a mistake.”

 Anyone got a tack, its about time we tack the modern equivalent of Martin Luthers 95 theses to the door of every bank;

On this day in 1517, the priest and scholar Martin Luther approaches the door of the Castle Church in Wittenberg, Germany, and nails a piece of paper to it containing the 95 revolutionary opinions that would begin the Protestant Reformation. 

http://www.history.com/this-day-in-history/martin-luther-posts-95-theses