Euro is DOA

Hey Harlem dudes,

 And then you had to spoil it all, but saying something stupid- Save the Euro!
(Frank Sinatra or spoof, Something Stupid)


The Euro is not going to make it, and you could call the Euro and the Euro financial system, DOA, that  is dead on arrival.

The Italian government and the European Commission have activated crisis units to face an expected panic sale on Monday, July 23.
Yesterday, Italian and Spanish bond and stock markets plunged, and the spread went back at record height. Spanish 10-year bond yields rose to 7.284% yesterday, and Italian yields climbed above the 6% mark. The stock markets plunged 4.7% in Spain and 4.4% in Italy.
The Italian government has cancelled a bond auction scheduled for Aug. 14, but at the end of the month about EU31 billion must be somehow refinanced. Projections say that at current rates, Italy shall pay an additional EU15 billions on debt service by 2015 (almost EU100 billions in total).
Government sources speak of "those damned 50 days" from now to the expected ruling of the German Constitutional Court on Sept. 12, according to La Repubblica.
The fact is, that even if the Court rules in favor of the ESM, the euro is doomed anyway. Life for the ESM is now complicated by the fact that the left arm of the EU is sabotaging the right arm.
Eurostat is now demanding that the ESM clarify uncertainties as to who pays the final bill. Should Spanish banks bailed out by the ESM go bankrupt, Eurostat says that it must be clear whether the EU100 billion shall be paid by Spain or by ESM shareholders (the ESM member countries). Since it is clear that a bailed-out country cannot pay the bill, this is going to create more opposition among the public, such as in Germany.
Nevertheless, it is feared that puppet Italian Prime Minister Mario-netta Monti will use the pretext of the speculative attack to carry out another ambush against Italian taxpayers. Rumors circulate that the government might impose a tax on personal property which might reach EU250 billion. Monti gave a press conference yesterday and attacked a newspaper which had indirectly compared him with Mussolini. The ESM will condemn us to a "Ventennio"—20 years, usually a reference to Mussolini's Fascist dictatorship—the newspaper had written

Geitner Gets a Round

Geitner gets around;
Like a run a round Sue;
He thinks he's got it good;
He get a round.

"If you think we stole, wait till you see what the other banks did." That's the gist of a July 13 internal memo by Barclays CEO Marcus Agius to the bank's staff which went public today. "As other banks settle with authorities, and their details become public, and various governments' inquiries shed more light, our situation will eventually be put in perspective," the Telegraph quoted the memo today. The memo goes on to stridently defend the investment bank master-minded by the disgraced Bob Diamond— known internally as "Bob's baby"—in what the bank itself called "an unequivocal statement": "Our strategy and business model were right for Barclays before recent events, and they remain right for Barclays now."
Will the Liborgate killers get away with this "hang tough" line? Barclays Chief Operating Officer Jerry del Missier will be questioned by the British Parliament on Monday; on Tuesday, a hearing will be held to grant Barclays' request to be taken off the panel that sets the interbank lending rate for the UAE (EIBOR); and the Barclays correspondence is exploding in Timmy Geithner's face and threatening to sink Obama himself, even if the mainstream media is working overtime to CoverYour and Geithner's Asses.
"That is very stupid of them," Lyndon LaRouche commented today about the attempted pro-Geithner spin and coverup. "With an angry population, I really would advise them, don't do that."
The U.S. Justice Department's Criminal Division is building cases against several banks, today's NY Times reports today, based on DOJ sources. Congress must demand that they not be settled with an obscene kiss on the rump, as Eric Holder's DOJ did in its agreement not to prosecute Barclays because of its extensive "assistance" to the DOJ. Though technically reserving the right to prosecute individuals, the DOJ release makes it very clear that there is no DOJ intention to do so—and certainly not the higher-ups.
Deutsche Bank has sought a deal in which it provides evidence to European authorities about the LIBOR rigging in exchange for a lighter penalty, Der Spiegel reports today. It offered EC and Swiss investigators a pact in 2011, which Spiegel says was recently agreed on. According to a Morgan Stanley study, Deutsche Bank's exposure to lawsuits might total more than $1 billion, and that of all banks together totals $22 billion.
The prospect of criminal prosecution is rattling the banking world in general, the Times piece reports. The DOJ investigation comes on top of private investor lawsuits and broad investigations by the Commodity Futures Trading Commission (CFTC). More then 10 big banks in the U.S. are under investigation, and at least two European banks are scrambling to arrange deals. NY Times sources say UBS, whose Americas division chairman Robert Wolf is an Obama bundler and golf buddy, is high on the list.

Harlem, Sue over LIBOR Banks

LIBOR banks beware, you can sued by cities and by Harlem dudes.

The New York Times reports that there is now a pile-on of cities, states, and municipalities to lawsuits filed in Manhattan Federal Court against the banks that set the LIBOR rate, for having ripped off millions from them. These are cities and other government units that have torn up their budgets, laid people off, and in some cases been forced into bankruptcy. This is hugely explosive politically, especially if properly channeled to putting an end to the financial system which created and thrives on such misery, through LaRouche's Glass-Steagall policies.

The City of Baltimore and a pension fund in Connecticut, the City of New Britain's Firefighters' and Police Benefit Fund, are the first to sue, claiming the LIBOR manipulation cost them millions, according to NPR.
"Now, cities, states, and municipal agencies nationwide, including Massachusetts, Nassau County on Long Island, and California's public pension system, are looking at whether they suffered similar losses and are weighing legal action," the Times reports. Peter Shapiro, an investment advisor to Baltimore and other cities, told the Times that "about 75% of major cities have contracts linked to this" — the LIBOR fixing. "Unambiguously, state and local government agencies lost money because of the manipulation of LIBOR," said Shapiro. "The number is likely to be very, very big."

The banks targetted include Bank of America, JP Morgan Chase, Deutsche Bank, and Barclays. Darrell Duffie, a Stanford professor of finance, estimates that these lawsuits could result in the banks' having to pay out tens of billions of dollars, an estimate in line with recent report by Nomura Equity Research.
The Times story emphasized the losses to cities, etc. from transactions involving interest-rate swaps, just barely mentioning pension funds which lost income on their investments if interest rates were held artificially low.
The rather unlimited potential of these lawsuits was pointed out a week ago by, among others, the Seeking Alpha blog and the NY Times "Dealbook" blog. UBS and Barclays have already admitted to wrong-doing in their settlements with government authorities, and are cooperating with authorities, increasing the pressure on their co-conspirator banks to do the same. These admissions of misconduct will open the floodgates to civil lawsuits, since the proof of wrong-doing is already on the record. This also opens to door to a massive number of suits under U.S. federal anti-trust and racketeering statutes. Both the Sherman Anti-trust Act and the Racketeer-Influences and Corruption Organizations (RICO) Act allow for triple damages, and RICO furthermore allows for recovery of attorneys fees, an incentive for the filing of class-action cases.

Glass-Steagall, Economic Collapse, Empire

San Bernardino, CA, to File for Bankruptcy

18 hours 41 min ago

"Memorandum of Understanding" Secures Spain the Greek Treatment

18 hours 46 min ago

Libor-Gate: Obama and Geithner Gotta Go

19 hours 1 min ago

Pathetic City Defense Against "Glass-Steagallism"

1 day 9 hours ago

The Space In Which To Live

So get into the groove Harlem dudes and get that sweet money.

Getting Hot, Take Off Clothes

There was an old song--  It's getting hot in here. So take off all your clothes.

Well, I don't know about the clothes, but as State Sen Serrano says, it is certainly getting hot out there.

Senator Serrano Encourages Families to Beat the Heat this Summer & Enjoy Free/Low-cost Activities in NYC!  State Senator  José M. Serrano Official Website    Serrano on Facebook!      Serrano on Youtube  Serrano on Twitter   District Map    Family Activities in Parks and Libraries! There are certainly no shortage of ways to spend these hot summer days in New York City. Particularly our City and State Parks and Public Libraries provide plenty of free/low-cost programming to keep our families active this summer. Whether it's swimming and fitness, or reading groups and movies, there's no shortage of free ways to enjoy the upcoming months. Explore the links below to learn about free or low- cost activities happening in your area! City of New York Parks and Recreation Public Programs City of New York Parks & Recreation Swim Programs Riverbank State Park Programs Roberto Clemente State Park Aquatics Center New York Public Library Resources for Children   Beat the Heat! We've been experiencing extreme temperatures, and it's important to stay protected while enjoying summer activities.  Below are some tips to beat the heat! While everyone is affected by the heat, the following people should take extra caution: Seniors 65 years of age or older Children, especially those younger than the age of 5 People with chronic medical conditions Individuals who are overweight Residents who are on medication Tips for Hot Weather:  If possible, avoid the sun. When in the sun, ALWAYS wear sunscreen that is at least 15 SPF, as well as a hat to protect your head and face Keep yourself hydrated! Drink plenty of water Avoid strenuous activity, especially during the sun's peak hours from 11am to 4 pm  Wear lightweight, light-colored clothing that covers as much of your skin as possible  Use an air conditioner if you have one. If you do not have an air conditioner, go to air conditioned places such as the mall, an air-conditioned store, a movie theater, or one of your many public pools or beaches, as well as your emergency cooling centers   Here are some resources to help you keep cool:  http://www.NYC.gov/OEM or dialing 311 (TTY: 212-504-4115) can help you locate a cooling center near you Monitor weather conditions by staying tuned to TV and radio broadcasts by accessing www.NYC.gov or calling 311 In an emergency of a power outage, please contact: Con Edison at 800-752-6633 or LIPA/KeySpan Energy at 718-643-4050 ****************************** ********** Senator José M. Serrano Represents the 28th Senatorial District, which includes East Harlem, Roosevelt Island, and parts of Yorkville and the South Bronx. He is the Ranking Member of the Senate Committee on Cultural Affairs, Tourism, Parks and Recreation.

Shakespeare in the Park, Harlem

Looking for the Shakespeare in the park, but where is it?

A King of Infinite Space

By Mando Alvarado, Directed By Jerry Ruiz

Adapted from Hamlet By William Shakespeare

SummerStage Theater Presented By Time Warner

Friday, July 06 - Saturday, July 07, 2012

St. Mary’s Park, BX

8:00 PM

 

Friday, July 13 - Saturday, July 14, 2012

Crotona Park, BX

8:00 PM
American rock collides with Shakespeare in the SummerStage commissioned, theatrical concert event, A King of Infinite Space. Noted playwright Mando Alvarado’s modern spin on William Shakespeare’s Hamlet places the plot in the Lower East Side, Manhattan for a more relatable take on the quintessential tale of struggling family dynamics, power, and revenge. Fusing the music and themes from American rock icon Pearl Jam’s ground-breaking album, 10, with a gritty Lower East Side dynamic, this concert event relates Shakespeare’s 17^th century literature to 21^st century New York City.

 

The complete SummerStage schedule for the Bronx follows.  For the most up-to-date scheduling and line-up for all SummerStage programming, follow us via the below links and visit www.SummerStage.org for festival information.

 

Twitter:           @SummerStage

Facebook:        www.facebook.com/summerstagenyc

Manhattan Shakespeare ProjectSummit Rock, Central Park, June 16–19, 23–26St. Nicholas Park, Harlem, July 6–8Sunset Park, Brooklyn, July 14, 15 and 17Bring a blanket and settle in at one of three NYC parks for a free performance of Henry V. The all-woman Manhattan Shakespeare Company, which was founded in March 2010, strives to bring the Bard to new generations and diverse communities, says its founder and artistic director, Sarah Eismann. Although the staging will be minimal—the company will rely on found objects for props, for example—the production will be far from simple, addressing the challenges of an all-woman cast taking on a play dominated by male historical figures. "We are still in the throes of war and recession and depression and economical strife," says Eismann. "The Bard's timeless language and the literary aspects of his work talk about that, about what it's like to experience the extremes of human emotion—especially now as some of our soldiers who go off to fight are women."
Last year's inaugural production, Titus Andronicus, drew crowds of about 30 to 50 people per show. Manhattan Shakespeare Project has added performances in Harlem and Brooklyn this year, with the goal of attracting more people from a range of backgrounds to experience Shakespeare. For more information, visit manhattanshakes.org.

The Next Election for President

Glass Steagall must win, Obama must lose.  We really need a new credit system, which I seriously doubt that Romney is going to give us.  The mere declaration to carry through with North American Water and Power Alliance (NAWAPA) means a new change for the US population.

Hey Harlem dudes, can Germany avoid the using of the Euro system from gobbling up Germany into the British Financial empire.  Russia, China, space program, exploration, these are the real election issues.  Too long, the American people have listened to populism, going back to Pres. Andrew Jackson in 1832.  And that is a long time.

Grave Doubt Harlem and Bronx Dudes

Harlem and Bronx NY dudes, there is a doubt if civilization can survive. You cannot trust yourself. It is the impulse of degeneration, Harlem dudes. Not just the thieving banks. Look at music, classical music. Do you fight for Furtwangler, for Beethoven to be performed properly? This Harlem and Bronx NY hip hop is degenerate beyond belief.