By Harry Wilson, and Philip Aldrick
A more severe crash than the one triggered by the collapse of Lehman Brothers could be on the way, according to alarm signals in the credit markets. ï»¿
Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded during financial crisis caused by the US financial groupâ€™s implosion nearly three years ago.
Credit default swaps on the bonds of Royal Bank of Scotland, BNP Paribas, Deutsche Bank and Intesa Sanpaolo, among others, flashed warning signals on Wednesday. Credit default swaps (CDS) on RBS were trading at 343.54 basis points, meaning the annual cost to insure Â£10m of the state-backed lenderâ€™s bonds against default is now Â£343,540.
The cost of insuring RBS bonds is now higher than before the taxpayer was forced to step in and rescue the bank in October 2008, and shows the recent dramatic downturn in sentiment among credit investors towards banks.
â€œThe problem is a shortage of liquidity â€“ that is what is causing the problems with the banks. It feels exactly as it felt in 2008,â€ said one senior London-based bank executive.
â€œI think we are heading for a market shock in September or October that will match anything we have ever seen before,â€ said a senior credit banker at a major European bank....Telegraph
Then we can close all foreign military bases.
Afterwards, we will have to completely review all spending and laws that were passed to bolster corporate rule.
Then we could completely renovate the education system. No more dropouts. You either get educated, go to trade school or serve in the all voluntary military. You want Uncle Sam to pay your way? Fine, you get three squares and a bed. Here is your rifle. March. No more welfare.
Of course it would be far more involved than I made it sound. For instance, people already on welfare would have to be trained/educated and weaned from the system. No more free rides. No more kit gloves.
I am speaking of the life of a man who knows that the world is not given by his fathers, but borrowed from his children; who has undertaken to cherish it and do it no damage, not because he is duty-bound, but because he loves the world and loves his children… - Wendell Berry, 1971
With The State you will always have a tyrant. "Power Corrupts absolute power corrupts absolutely "
"Anarchy is the order of the day among hunter-gatherers. Indeed, critics will ask why a small face-to-face group needs a government anyway. [...] If this is so we can go further and say that since the egalitarian hunting-gathering society is the oldest type of human society and prevailed for the longest period of time â€“ over thousands of decades â€“ then anarchy must be the oldest and one of the most enduring kinds of polity. Ten thousand years ago everyone was an anarchist."
Harold Barclay, American anthropologist
We need to look back at how our ancient ancestors lived and those that exist today that cling to that way of life. With the State beating them down and burning them off the land.
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