NC Renegades

And just that fast, your money is gone. Most people do not understand that the money deposited in a bank becomes “their” money. They believe that the FDIC will guarantee their money. Have you seen the credit derivative exposure by US banks?

David DeGerolamo

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Austria Just Announced A 54% Haircut Of Senior Creditors In First “Bail In” Under New European Rules

Following a decision by the Austrian Banking Regulator, the Finanzmarktaufsicht or Financial Market Authority, Austria officially became the first European country to use a new law under the framework imposed by Bank the European Recovery and Resolution Directive to share losses of a failed bank with senior creditors as it slashed the value of debt owed by Heta Asset Resolution AG.

The highlights from the announcement:

Today, the Austrian Financial Market Authority (FMA) in its function as the resolution authority pursuant to the Bank Recovery and Resolution Act (BaSAG – Bundesgesetz über die Sanierung und Abwicklung von Banken) has issued the key features for the further steps for the resolution of HETA ASSET RESOLUTION AG. The most significant measures are:

• a 100% bail-in for all subordinated liabilities,
• a 53.98% bail-in, resulting in a 46.02% quota, for all eligible preferential liabilities,
• the cancellation of all interest payments from 01.03.2015, when HETA was placed into resolution pursuant to BaSAG,
• as well as a harmonisation of the maturities of all eligible liabilities to 31.12.2023.

According to the current resolution plan for HETA, the wind-down process should be concluded by 2020, although the repayment of all claims as well as the legally binding conclusion of all currently outstanding legal disputes will realistically only be concluded by the end of 2023. Only at that point will it be possible to finally distribute the assets and to liquidate the company.

As part of the announcement, Austria has cut Heta’s senior liabilities by 54 percent and extended the maturities of all eligible debt to Dec. 31, 2023 to help cover an 8 billion-euro ($9.1 billion) hole in Heta’s balance sheet. It also wiped out any residual equity and the junior liabilities as well as any supplementary capital. The Finanzmarktaufsicht took control of Heta last year in the first application of European Union rules designed to end taxpayer-funded bank rescues.

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Gov. Alejandro Garcia Padilla announced Saturday that he has declared a state of emergency at the Government Development Bank aimed at ensuring that Puerto Ricans continue to receive essential government services.

The governor said he issued an executive order Friday to halt the erosion of the bank’s dwindling liquidity by only allowing withdrawals to fund necessary costs for health, public safety and education services. The order does not call for a moratorium on the bank’s principal or interest payments. Garcia said the government bank is in talks with creditors regarding a nearly $423 million payment due in May.

The order is the first taken under the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act enacted last week, which gives the governor emergency powers to deal with the fiscal crisis, including the ability to declare a moratorium on all bond payments.

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What do you think the next step will be? Puerto Rico may foreshadow our future but the takeaway lesson is to get your fiat dollars out now.

David DeGerolamo

The Lord is my shepherd;

I shall not want.

He maketh me to lie down in green pastures;

He leadeth me beside the still waters.

He restoreth my soul;

He leadeth me in the paths of righteousness for His name’s sake.

Yea, though I walk through the valley of the shadow of death, I will fear no evil;

for Thou art with me; Thy rod and Thy staff, they comfort me.

Thou preparest a table before me in the presence of mine enemies;

Thou anointest my head with oil; my cup runneth over.

Surely goodness and mercy shall follow me all the days of my life;

and I will dwell in the house of the Lord for ever.

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I don’t know why it was important to put this out today. I know that hard times are now here. I take comfort not in the bounty that He has provided but knowing that He is near. Take some time today and spend it with your family on what is important.

David DeGerolamo

Though she shows us the beauty of the land she occupies, she asks, “What more could a rancher’s wife ask for other than to have her family and her friends home where they need to be with their families?”

Mrs. Bundy then pointed out that Harry Reid recently had a picture of a Joshua tree falling down due to abuse. However, Bundy rightly says that is a part of life, just like animals and humans die, so do plants.

She then gave him a piece of her mind.

“Harry Reid, you are elected to go back to Washington, and what you’re doing to my family and to the State of Nevada is absolutely horrible,” she declared. “And I am, for one, very angry today. I’m angry at Harry Reid for thinking that because my men are in jail, it’s ok to come now and take the land; the land that belongs to the State of Nevada; the land that my family has farmed and ranched on for generations, that we make our living off of because we have private property rights on this land.”

“I’m not trying to take it away from anybody,” Bundy said regarding the land that her family has dwelt on for generations. “I’m not trying to take it away from the American people. I’m not trying to take it away from the State of Nevada, but Harry Reid, you sure as hell are!”

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by Robert Gore

There is a conspiracy engaging in theft, counterfeiting, fraud, extortion, blackmail, bribery, influence peddling, drugs, terrorism, and war that makes the Panama Papers’ exposures look like a small-town police blotter account of juvenile shoplifting. This criminal enterprise launders trillions, not billions, of dollars; it involves major political, business, financial, academic, and media figures in the US and around the globe, and it has perpetrated its crimes far longer than Mossack Fonseca’s clients’ have hid their money and illicit activities.

The dark conspiracy is the US Government. It takes over $3 trillion a year in taxes. Anyone who refuses to pay is sent to jail. Stealing one dollar out of every six the US economy produces is insufficient for its purposes, so it borrows anywhere from $500 billion to over $1 trillion a year. Future interest payments and principle repayment add to the involuntary obligations imposed on the productive…and their children and grandchildren.

The law forces its populace to accept pieces of paper and computer entries—irredeemable for anything more valuable than identical pieces of paper and computer entries—as “legal tender.” The government creates said paper and entries at will. Their value, such as is, rests on compulsion and unenforceable promises by the government not to create too many of them. Such promises have invariably been broken, and a dollar has about 4 percent of the purchasing power it had in 1913 when the central bank was established. That 96 percent depreciation counts as more theft; the government is the primary beneficiary from currency depreciation.

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This, ladies and gentlemen, is government distilled to its very essence: You are not safe. Give me the portion of your shit that I want, or I will kill you or have you killed. And I won’t take it all, because if you’re dead I can’t keep taking your shit.

You’ll note that expressing this fact will result in a lot of protest, objecting that that is not the role of government at all!

Thank you government-schooling for obscuring the raw facts, for whitewashing reality.

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via WRSA

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The above video of Negan from The Walking Dead is the perfect analogy of the “government”. We work and they steal more than half of our life’s work. Of course the real percentage of your “fair share” never changes: more.

What happens when you resist? LaVoy Finicum. A government supported by the media and useful idiots will control the dialogue, issues and Liberty. At any cost. What will you do to free your children?

David DeGerolamo

Although nobody can predict with absolute certainty what this depression will be like, you can be fairly well-assured it won’t be an instant replay of the last one. But just because things will be different doesn’t mean you have to be taken by surprise.

To define the likely differences between this depres­sion and the last one, it’s helpful to compare the situa­tion today to that in the early 1930s. The results aren’t very reassuring.

CORPORATE BANKRUPTCY

1930s

Banks, insurance companies, and big corporations went under on a major scale. Institutions suffered the consequences of past mistakes, and there was no financial safety net to catch them as they fell. Mistakes were liquidated and only the prepared and efficient survived.

Today

The world’s financial institutions are in even worse shape than the last time, but now business ethics have changed and everyone expects the government to “step in.” Laws are already in place that not only allow but require government inter­vention in many instances. This time, mistakes will be compounded, and the strong, productive, and ef­ficient will be forced to subsidize the weak, unproductive, and inefficient. It’s ironic that businesses were bankrupted in the last depression because the prices of their products fell too low; this time, it’ll be because they went too high.

UNEMPLOYMENT

1930s

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