Re: A European BILLION is a US TRILLION?

Actually, after one Trillion 
comes one Brazilian :

Sent thru the ether

On Nov 24, 2011, at 8:52 AM, TC Burnett <tcburnett@gmail.com> wrote:

MY opinion is that the derivative market is closer to 1000 trillion dollars than only $600 trillion. In the US, a thousand TRILLION dollars is a Quadrillion – isn’t it?.  In science and computing it’s peta-.  But wait!  If we look it up, because we wonder how many zeroes we are actually talking about, we discover that a quadrillion can be a thousand BILLION, OR a thousand TRILLION.  It depends on who is talking.  If you go here and look it up, you see the phrase “short scale”.  That’s a United States definition.  “Long scale” is pretty much everyone else.  Does everyone understand the distinction? 

(1000000000000000; 10005; short scale: one quadrillionlong scale: one thousand billion, or one billiard)

ISO: peta- (P)

  • BioMed-Insects: 1,000,000,000,000,000 to 10,000,000,000,000,000 (1015 to 1016) – The estimated total number of ants on Earth alive at any one time (their biomass is approximately equal to the total biomass of the human race).[12]
  • Computing: 9,007,199,254,740,992 (253) – number until which all integer values can exactly be represented in IEEE double precision floating-point format.
  • Mathematics: 48,988,659,276,962,496 is the fifth taxicab number.
  • Science Fiction: In Isaac Asimov‘s Galactic Empire, in what we call 22,500 CE there are 25,000,000 different inhabited planets in the Galactic Empire, all inhabited by humans in Asimov’s “human galaxy” scenario, each with an average population of 2,000,000,000, thus yielding a total Galactic Empire population of approximately 50,000,000,000,000,000.
  • Cryptography: There are 7.205759×1016 different possible keys in the obsolete 56 bit DES symmetric cipher.

Let’s not be confused. 600 TRILLION, is more than the number of stars in the Local Group which includes Andromeda and the Milky Way galaxies.  Words mean different things to different people.  A TRILLION dollars in US notation is a BILLION in Europe.  I have not seen anyone make that distinction and I doubt anyone even realizes it.  I am not sure everyone is on the same page – or, rather, I’m not sure that words are not being used inappropriately.

For instance, ‘EXPOSURE’, when used by US banks referring to European exposure, is called BILLION if the nomenclature used is European or decimal.  It is TRILLION if they define it using US terms.  If the US banks say their total exposure to European default is E600 BILLION and it’s really $600 TRILLION, our entire country is as good as gone – unless we simply default all of it and nuke everyone who objects – and that is exactly what is about to happen. 

If you do not understand the difference yet, please read it again.  And then explain to OWS that they are being suppressed for a reason.  They are just the beginning.  We are all in a police state now.

Million, Billion, Trillion…

© Copyright 1999, Jim Loy

People sometimes ask me the names of the large numbers. Here is a table. The system used in the U.S. is not as logical as that used in other countries (like Great Britain, France, and Germany). In these other countries, a billion (bi meaning two) has twice as many zeros as a million, and a trillion (tri meaning three) has three times as many zeros as a million, etc. But the scientific community seems to use the American system.

Number of zeros U.S. & scientific community Other countries
3 thousand thousand
6 million million
9 billion 1000 million (1 milliard)
12 trillion billion
15 quadrillion 1000 billion
18 quintillion trillion
21 sextillion 1000 trillion
24 septillion quadrillion

 



The next financial crisis will be hellish, and it’s on its way
by Addison Wiggin – Forbes 

“There is definitely going to be another financial crisis around the corner,” says hedge fund legend Mark Mobius, “because we haven’t solved any of the things that caused the previous crisis.”

We’re raising our alert status for the next financial crisis. We already raised it last week after spreads on U.S. credit default swaps started blowing out.  We raised it again after seeing the remarks of Mr. Mobius, chief of the $50 billion emerging markets desk at Templeton Asset Management. Speaking in Tokyo, he pointed to derivatives, the financial hairball of futures, options, and swaps in which nearly all the world’s major banks are tangled up.

Estimates on the amount of derivatives out there worldwide vary. An oft-heard estimate is $600 trillion. That squares with Mobius’ guess of 10 times the world’s annual GDP. “Are the derivatives regulated?” asks Mobius. “No. Are you still getting growth in derivatives? Yes.”

In other words, something along the lines of securitized mortgages is lurking out there, ready to trigger another crisis as in 2007-08. What could it be? We’ll offer up a good guess, one the market is discounting.

Seldom does a stock index rise so much, for so little reason, as the Dow did on the open Tuesday morning: 115 Dow points on a rumor that Greece is going to get a second bailout. Let’s step back for a moment: The Greek crisis is first and foremost about the German and French banks that were foolish enough to lend money to Greece in the first place. What sort of derivative contracts tied to Greek debt are they sitting on? What worldwide mayhem would ensue if Greece didn’t pay back 100 centimes on the euro?

That’s a rhetorical question, since the balance sheets of European banks are even more opaque than American ones. Whatever the actual answer, it’s scary enough that the European Central Bank has refused to entertain any talk about the holders of Greek sovereign debt taking a haircut, even in the form of Greece stretching out its payments.

That was the preferred solution among German leaders. But it seems the ECB is about to get its way. Greece will likely get another bailout — 30 billion euros on top of the 110 billion euro bailout it got a year ago. It will accomplish nothing. Going deeper into hock is never a good way to get out of debt. And at some point, this exercise in kicking the can has to stop. When it does, you get your next financial crisis.

And what of the derivatives sitting on the balance sheet of the Federal Reserve? Here’s another factor behind our heightened state of alert. “Through quantitative easing efforts alone,” says Euro Pacific Capital’s Michael Pento, “Ben Bernanke has added $1.8 trillion of longer-term GSE debt and mortgage-backed securities (MBS).”

Think about that for a moment. The Fed’s entire balance sheet totaled around $800 billion before the 2008 crash, nearly all of it Treasuries. Now the Fed holds more than double that amount in mortgage derivatives alone, junk that the banks needed to clear off their own balance sheets. “As the size of the Fed’s balance sheet ballooned,” continues Mr. Pento, “the dollar amount of capital held at the Fed has remained fairly constant. Today, the Fed has $52.5 billion of capital backing a $2.7 trillion balance sheet.

“Prior to the bursting of the credit bubble, the public was shocked to learn that our biggest investment banks were levered 30-to-1. When asset values fell, those banks were quickly wiped out. But now the Fed is holding many of the same types of assets and is levered 51-to-1! If the value of their portfolio were to fall by just 2%, the Fed itself would be wiped out.” Mr. Pento’s and Mr. Mobius’ views line up with our own, which we laid out during interviews on our trip to China this month.

90% of success is showing up.  Getting the math right is the other 50%.

-T
Aut viam inveniam aut  faciamaut viam inveniam aut faciam.
-Hannibal


A European BILLION is a US TRILLION?

MY opinion is that the derivative market is closer to 1000 trillion dollars than only $600 trillion. In the US, a thousand TRILLION dollars is a Quadrillion – isn't it?.  In science and computing it's peta-.  But wait!  If we look it up, because we wonder how many zeroes we are actually talking about, we discover that a quadrillion can be a thousand BILLION, OR a thousand TRILLION.  It depends on who is talking.  If you go here and look it up, you see the phrase “short scale”.  That's a United States definition.  “Long scale” is pretty much everyone else.  Does everyone understand the distinction? 

(1000000000000000; 10005short scale: one quadrillionlong scale: one thousand billion, or one billiard)

ISO: peta- (P)

  • BioMed-Insects: 1,000,000,000,000,000 to 10,000,000,000,000,000 (1015 to 1016) – The estimated total number of ants on Earth alive at any one time (their biomass is approximately equal to the total biomass of the human race).[12]
  • Computing: 9,007,199,254,740,992 (253) – number until which all integer values can exactly be represented in IEEE double precision floating-point format.
  • Mathematics: 48,988,659,276,962,496 is the fifth taxicab number.
  • Science Fiction: In Isaac Asimov's Galactic Empire, in what we call 22,500 CE there are 25,000,000 different inhabited planets in the Galactic Empire, all inhabited by humans in Asimov's “human galaxy” scenario, each with an average population of 2,000,000,000, thus yielding a total Galactic Empire population of approximately 50,000,000,000,000,000.
  • Cryptography: There are 7.205759×1016 different possible keys in the obsolete 56 bit DES symmetric cipher.
Let's not be confused. 600 TRILLION, is more than the number of stars in the Local Group which includes Andromeda and the Milky Way galaxies.  Words mean different things to different people.  A TRILLION dollars in US notation is a BILLION in Europe.  I have not seen anyone make that distinction and I doubt anyone even realizes it.  I am not sure everyone is on the same page – or, rather, I'm not sure that words are not being used inappropriately.

For instance, 'EXPOSURE', when used by US banks referring to European exposure, is called BILLION if the nomenclature used is European or decimal.  It is TRILLION if they define it using US terms.  If the US banks say their total exposure to European default is E600 BILLION and it's really $600 TRILLION, our entire country is as good as gone – unless we simply default all of it and nuke everyone who objects – and that is exactly what is about to happen. 

If you do not understand the difference yet, please read it again.  And then explain to OWS that they are being suppressed for a reason.  They are just the beginning.  We are all in a police state now.

Million, Billion, Trillion…

© Copyright 1999, Jim Loy

People sometimes ask me the names of the large numbers. Here is a table. The system used in the U.S. is not as logical as that used in other countries (like Great Britain, France, and Germany). In these other countries, a billion (bi meaning two) has twice as many zeros as a million, and a trillion (tri meaning three) has three times as many zeros as a million, etc. But the scientific community seems to use the American system.

Number of zeros U.S. & scientific community Other countries
3 thousand thousand
6 million million
9 billion 1000 million (1 milliard)
12 trillion billion
15 quadrillion 1000 billion
18 quintillion trillion
21 sextillion 1000 trillion
24 septillion quadrillion

 

The next financial crisis will be hellish, and it’s on its way
by Addison Wiggin – Forbes 

“There is definitely going to be another financial crisis around the corner,” says hedge fund legend Mark Mobius, “because we haven't solved any of the things that caused the previous crisis.”

We're raising our alert status for the next financial crisis. We already raised it last week after spreads on U.S. credit default swaps started blowing out.  We raised it again after seeing the remarks of Mr. Mobius, chief of the $50 billion emerging markets desk at Templeton Asset Management. Speaking in Tokyo, he pointed to derivatives, the financial hairball of futures, options, and swaps in which nearly all the world's major banks are tangled up.

Estimates on the amount of derivatives out there worldwide vary. An oft-heard estimate is $600 trillion. That squares with Mobius' guess of 10 times the world's annual GDP. “Are the derivatives regulated?” asks Mobius. “No. Are you still getting growth in derivatives? Yes.”

In other words, something along the lines of securitized mortgages is lurking out there, ready to trigger another crisis as in 2007-08. What could it be? We'll offer up a good guess, one the market is discounting.

Seldom does a stock index rise so much, for so little reason, as the Dow did on the open Tuesday morning: 115 Dow points on a rumor that Greece is going to get a second bailout. Let's step back for a moment: The Greek crisis is first and foremost about the German and French banks that were foolish enough to lend money to Greece in the first place. What sort of derivative contracts tied to Greek debt are they sitting on? What worldwide mayhem would ensue if Greece didn't pay back 100 centimes on the euro?

That's a rhetorical question, since the balance sheets of European banks are even more opaque than American ones. Whatever the actual answer, it's scary enough that the European Central Bank has refused to entertain any talk about the holders of Greek sovereign debt taking a haircut, even in the form of Greece stretching out its payments.

That was the preferred solution among German leaders. But it seems the ECB is about to get its way. Greece will likely get another bailout — 30 billion euros on top of the 110 billion euro bailout it got a year ago. It will accomplish nothing. Going deeper into hock is never a good way to get out of debt. And at some point, this exercise in kicking the can has to stop. When it does, you get your next financial crisis.

And what of the derivatives sitting on the balance sheet of the Federal Reserve? Here's another factor behind our heightened state of alert. “Through quantitative easing efforts alone,” says Euro Pacific Capital's Michael Pento, “Ben Bernanke has added $1.8 trillion of longer-term GSE debt and mortgage-backed securities (MBS).”

Think about that for a moment. The Fed's entire balance sheet totaled around $800 billion before the 2008 crash, nearly all of it Treasuries. Now the Fed holds more than double that amount in mortgage derivatives alone, junk that the banks needed to clear off their own balance sheets. “As the size of the Fed's balance sheet ballooned,” continues Mr. Pento, “the dollar amount of capital held at the Fed has remained fairly constant. Today, the Fed has $52.5 billion of capital backing a $2.7 trillion balance sheet.

“Prior to the bursting of the credit bubble, the public was shocked to learn that our biggest investment banks were levered 30-to-1. When asset values fell, those banks were quickly wiped out. But now the Fed is holding many of the same types of assets and is levered 51-to-1! If the value of their portfolio were to fall by just 2%, the Fed itself would be wiped out.” Mr. Pento's and Mr. Mobius' views line up with our own, which we laid out during interviews on our trip to China this month.

Happy Thanksgiving!

This sounds radical, but it isn't.  It's good old plain common sense – which almost no one has anymore. I admit that I fell for Obama's line, donated to his campaign, and voted for him.
I thought he would try to keep at least ONE election promise.  But he had turned into the President from Hell within an hour of being sworn in.  I do not state this lightly:  No one could have
possibly wrought the damage to the US and the world that he has by accident.  It has to be intentional. And we are either too stupid or apathetic to do anything about it except construct
petty arguments about 'Conservatives vs Liberals' which are meaningless and simply help further divide the country.  This is exactly what happens as nations crash into anarchy.  The rich
blame the poor, the haves blame the have-nots and the criminals who got us to this point are not prosecuted.

We at least have something to be thankful for in America today. Two out of three of us are armed.  When the agents sworn to protect the Constitution come to lead us off into the cattle cars, 
some of us won't go peacefully.  I hope the 'Occupy' movement, a peaceful agent of change although, as with any other organization- such as the Republican and Democratic parties – it has
been infiltrated by traitors to the cause who will try to provoke even more violent oppression.  But at some point Americans will stop shooting innocent Americans and figure out who the
enemy actually is.  It isn't our children.  It isn't our senior citizens.  It is the people who try to pit our children against our senior citizens.  It is the people who take bribes to send our jobs offshore
and then go on television and tell the MILLIONS of people who no longer have those jobs to “take a shower and get a job”.   It is the people – like Marybeth Hicks – who tell our children that no one
made them go into debt for a college education just to find that there are no jobs for them when they graduate.  Marybeth, who went to college, thinks that if your family can't afford to send you to
college, you ought to consider working in construction – but there are no jobs there, either.  But that's OK.  When the economy crashes, there will always be a resurgence of need for untrained
manual labor.  You can do that.  At least you can do it enough to make enough money to pay for mandatory medical insurance.

At 64 years old I have no excuse for wanting reasonably priced prescriptions or enough to eat or to be able to feel safe in my home.  There is no money for that because I VOLUNTEERED for
military service and chose a public service career instead of becoming a politician or an investment banker.  Because I chose to serve my country instead of choosing to try and steal it, I am now
no longer useful.  I don't think so.  I think we are going to change that idea and value people for their abilities, not their money.  It isn't that way now.  I notice that I can't get into places or groups,
even in Hilo, Hawaii, because I am not rich.  But that's OK.  I can go out and get a meal at the VFW while those people are having luncheon at the Yacht club.  I don't get invited to 'insider' political
events because I can't toss a thousand bucks, or more, into the collection plate.  Then I realize that people are ONLY invited to those little meetings for their money and I feel a lot better.  The
'insiders' are only 'in' as long as they can buy their way in.  Friends like that aren't friends.  If someone will sell their soul, they will damn well sell yours.    

Another huge hat tip to Francisco González for this article.  I know nothing at all about him, except that he befriended me electronically regarding Fukushima.  But he is brilliant in all fields of endeavor
The kind of friend that one cannot buy but that everyone should have.  Thanks, Francisco.    
 
The Roads To War And Economic Collapse


Paul Craig Roberts
November 24, 2011radicals
November 23, 2011The day before the Thanksgiving holiday brought three extraordinary news items.  One was the report on the Republican presidential campaign debate. One was the Russian President’s statement about his country’s response to Washington’s missile bases surrounding his country. And one was the failure of a German government bond auction.


As the presstitute media will not inform us of what any of this means, let me try.

With the exception of Ron Paul, the only candidate in either party qualified to be the president of the US, the rest of the Republican candidates are even worse than Obama, a president who had the country behind him but sold out the American people to special interests.

No newly elected president in memory, neither John F. Kennedy nor Ronald Reagan, had the extraordinary response to his election as Barack Obama. A record-breaking number of people braved the cold to witness his swearing in ceremony. The mall was filled for miles distant from the Capitol with Americans who could not see the ceremony except as televised on giant screens.  

Obama had convinced the electorate that he would end the wars, stop the violation of law by the US government, end the regime of illegal torture, close the torture prison of Guantanamo, and attend to the real needs of the American people rather than stuff the pockets of the military/security complex with taxpayers’ money.

Once in office, Obama renewed and extended the Bush/Cheney/neoconservative wars.

He validated the Bush regime’s assaults on the US Constitution. He left Wall Street in charge of US economic policy, he absolved the Bush regime of its crimes, and he assigned to the American people the financial cost necessary to preserve the economic welfare of the mega-rich.

One would think such a totally failed president would be easy to defeat.  Given an historic opportunity, the Republican Party has put before the electorate the most amazingly stupid and vile collection of prospects, with the exception of Ron Paul who does not have the party’s support, that Americans have ever seen.

In the November 22 presidential “debate,” the candidates, with the exception of Ron Paul, revealed themselves as a collection of ignorant warmongers who support the police state. Gingrich and Cain said that Muslims “want to kill us all” and that “all of us will be in danger for the rest of out lives.” 

Bachmann said that the American puppet state, Pakistan, is “more than an existential threat.”  Bachmann has no idea what is “more than an existential threat.”

However, it sounded heavy, like an intellectual thing to say for the candidate who previously declared the long-defunct Soviet Union to be today’s threat to the US.

Unfortunately for Americans and the world, the US electorate lacks the intelligence and awareness of their plight as denizens of a police state to elect Ron Paul, the last defender together with Rep. Dennis Kucinich of the US Constitution.  Nevertheless, there would be a silver lining in one of the Republican morons being elected president of the “world’s only superpower.” Once the rest of the world realized that a war-crazed idiot had  his or her finger on the nuclear button, the rest of the world would organize and close down the Washington horror before it destroys life on earth.

Any sentient American who watched or read about the Republican presidential debate must wonder what there is to be thankful for as the national holiday approaches.

The Russian government, which prefers to use its resources for the economy rather than for the military, has decided that it has been taking too many risks in the name of peace. The day before Thanksgiving, Russian President Dmitry Medvedev said, in a televised address to the Russian people, that if Washington goes ahead with its planned missile bases surrounding Russia, Russia will respond with new nuclear missiles of its own, which will target the Amerikan bases and European capital cities. 

The President of Russia said that the Russian government has asked Washington for legally binding guarantees that the American missile bases are not intended as a threat to Russia, but that Washington has refused to give such guarantees. 

Medvedev’s statement is perplexing. What does he mean “if Washington goes ahead?”  The American missile and radar bases are already in place. Russia is already surrounded.  Is Medvedev just now aware of what is already in place? 

Russia’s and China’s slow response to Washington’s aggression can only be understood in the context of the two countries experience with communism. The sufferings of Russians and Chinese under communism was extreme, and the thinking part of those populations saw America as the ideal of political life. This delusion still controls the mentality of progressive thinkers in Russia and China.  It might prove to be a disaster for Russia and China that the countries have citizens who are aligned with the US.

Belief in Washington’s trustworthiness even pervades the Russian government, which apparently, according to Medvedev’s statement, would be reassured by a “legally binding guarantee” from Washington.  After the massive lies told by Washington in the 21st century–“weapons of mass destruction,” “al Qaeda connections,” “Iranian nukes”–why would anyone put any credence in “a legally binding guarantee” from Washington. The guarantee would mean nothing. How could it be enforced?  Such a guarantee would simply be another deceit in Washington’s pursuit of world hegemony.

The day prior to Thanksgiving also brought another extraordinary development–the failure of a German government bond auction, an unparalleled event. 

Why would Germany, the only member of the EU with financial rectitude, not be able to sell 35% of its offerings of 10-year bonds?  Germany has no debt problems, and its economy is expected by EU and US authorities to bear the lion’s share of the bailout of the EU member countries that do lack financial rectitude.

I suspect that the answer to this question is that the failure of the German government’s bond auction was orchestrated by the US, by EU authorities, especially the European Central Bank, and private banks in order to punish Germany for obstructing the purchase of EU member countries’ sovereign debt by the European Central Bank.

The German government has been trying to defend the terms on which Germany gave up control over its own currency and joined the EU. By insisting on the legality of the agreements, Germany has been standing in the way of the ECB behaving as the US Federal Reserve and monetizing the debt of member governments. 

From the beginning the EU was a conspiracy against Germany. If Germany remains in the EU, Germany will be destroyed. It will lose its political and economic sovereignty, and its economy will be bled in behalf of the fiscally irresponsible members of the EU.

If Greeks will not submit to the tyranny, why should Germans?

Paul Craig Roberts is a frequent contributor to Global Research.  Global Research Articles by Paul Craig Roberts

90% of success is showing up.  Getting the math right is the other 50%.

-T
Aut viam inveniam aut  faciamaut viam inveniam aut faciam.
-Hannibal


Re: More dirty hippies. Commies. Socialists. Not.

Reich is a die-hard Socialist.
Always was, always will be. All one has to do is read his recent articles and speeches.
Guard your liberties from the likes of him, and don’t become more Leninist “useful idiots” in their movement for statism.

Sent thru the ether

On Nov 23, 2011, at 5:39 PM, TC Burnett <tcburnett@gmail.com> wrote:


http://www.youtube.com/watch?v=9b7CM-5BgQc&feature=related

90% of success is showing up.  Getting the math right is the other 50%.

-T
Aut viam inveniam aut  faciamaut viam inveniam aut faciam.
-Hannibal