This may not be particularly significant, but I sense that it is actually quite a big deal. The Financial Times published an article the other day regading J. P. Morgan's exposure to derivatives:
The unit at the centre of JPMorgan Chase’s $2bn trading loss has built up positions totalling more than $100bn in asset-backed securities and structured products – the complex, risky bonds at the centre of the financial crisis in 2008.
These holdings are in addition to those in credit derivatives which led to the losses and have mired the bank in regulatory investigations and criticism.
You can see the major US investment banks' exposure to derivatives (as of September, 2011) by clicking here (btw, you need to add a few noughts on, as you need to multiply each figure by 1,000 to get the real figure):
According to the FT, J. P. Morgan has become more exposed to derivatives since then, but at this time the big four US investment banks - J.P. Morgan, Citibank, Bank of America and Goldman Sachs - had a liabilities-to-assets ratio of forty-nine to one. The actual exposure of these four banks to derivatives as of September, 2011 was $216,920,932,000,000! Forget about all that fractional reserve stuff; this is off-the-scale in comparison to that!
It is worth paying attention to what the FT say, as they are solely talking to the investor-class of person, and these people don't like getting stung and having the wool pulled over their eyes, so they do tend to slip stuff into their publication that other media don't touch with a bargepole.
Eventually, the derivatives bubble (estimated to be between $700 trillion and $1.5 quadrillion, by comparison the world GDP is about $60 trillion!) will burst, and this will be the SHTF scenario. Don't know exactly what will happen, but it is completely unsustainable and will happen eventually. So when the FT says euphemistically that J.P. Morgan (world's biggest banking corporation, specifically mentioned in Quigley's Tragedy and Hope as being the most important banking corporation)is in trouble, it is worth paying attention. There may be more to this than meets the eye, there may not, but it is incredibly rare for such negative things to be written about such a massive corporation.
The Huffington Post has also been talking about this:
According to the Office Of The Comptroller of the Currency (OCC) the value of the derivatives on the books at J.P Morgan is $70 trillion.
That's nearly 5 times the size of our economy. That's more than the entire world economy.
At one bank.
So it is definitely worth following and should definitely be viewed as an issue of significance.
The trade in derivatives is discussed further in this video:
The true measure of a man is not his intelligence or how high he rises in this freak establishment. The true measure of a man is this: how quickly he can respond to the needs of others and how much of himself he can give - Philip K. Dick.
Cheers wub - am not too knowledgeable about derivatives etc but this will most definitely be an interesting discussion to have with some members of my family (they can explain it for me in thoreau terms hehe)
Sometimes, if you stand on the bottom rail of a bridge and lean over to watch the river slipping slowly away beneath you, you will suddenly know everything there is to be known.
“Just living is not enough, one must have sunshine, freedom, and a little flower”
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Re: Financial Times Article on J. P. Morgan
19 May 2012 18:10 #3
Cheers wub - am not too knowledgeable about derivatives etc but this will most definitely be an interesting discussion to have with some members of my family (they can explain it for me in thoreau terms hehe)
I would recommend watching the video at the bottom (and showing it to people if they're interested) it breaks the subject down very effectively.
The true measure of a man is not his intelligence or how high he rises in this freak establishment. The true measure of a man is this: how quickly he can respond to the needs of others and how much of himself he can give - Philip K. Dick.
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Re: Financial Times Article on J. P. Morgan
19 May 2012 18:27 #4
Shall give it a watch later for sure - the family of which I speak are a load of corporate bankers - so I suspect they wont be interested - though it has been interesting to discuss some aspects of financial stuff with them - see things from various perspectives - the most interesting thing is how much they will say is true and then go on to make excuses for it and why we need it. all bull ofc.
Sometimes, if you stand on the bottom rail of a bridge and lean over to watch the river slipping slowly away beneath you, you will suddenly know everything there is to be known.
“Just living is not enough, one must have sunshine, freedom, and a little flower”
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Re: Financial Times Article on J. P. Morgan
20 May 2012 07:07 #5
Great thread! This is extremely important, because it effects the world. This is what those guy do. Orchestrate collapses with bogus derivatives, then absorb tax payer money, absorb the businesses that crumbled, and large areas of land and homes. Anyone who says this isn't deliberate, in my mind, has a few screws loose.
Here's a documentary to go along with your video, wake up. It takes the portion about psychopathy and apathy, and goes into great detail on it.
Form is merely a momentary manifestation of being, not a fixed reality.
History doesn't repeat itself, uninformed people repeat history.
To all progressive endeavors great or small, come unforeseen benefits on a scale larger than most give pause or contemplation of.
My learned bonds trading freind say this is what JPM class as their junk bonds, thing is who ends up with them, as they stand if these JB's fail so do the thousands of outlets that they are based upon, so basically these buggers are holding everyone to ransome.
The only way to get rid of junk is to boycott its prescence and everything it stands for otherwise the collateral.damage will.be astronomical to everyone but the makers and shakers of this junk.
What I can.see happening is JP Morgan being sacrificed to bring in such a tall order as a new world order only to return again but not in name, the best theives will simply be distributed and work behind the scenery currently on show.
If you know what I mean.
.
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Re: Financial Times Article on J. P. Morgan
20 May 2012 15:04 #7
Great thread! This is extremely important, because it effects the world. This is what those guy do. Orchestrate collapses with bogus derivatives, then absorb tax payer money, absorb the businesses that crumbled, and large areas of land and homes. Anyone who says this isn't deliberate, in my mind, has a few screws loose.
Here's a documentary to go along with your video, wake up. It takes the portion about psychopathy and apathy, and goes into great detail on it.
I heard the guy who wrote it, Thomas Sheridan, being interviewed and he was very interesting. The Apprentice wrote:
What I can.see happening is JP Morgan being sacrificed to bring in such a tall order as a new world order only to return again but not in name, the best theives will simply be distributed and work behind the scenery currently on show.
Yes, I think this is quite possible. I think this is significant because when this unwinds it will bring the whole system crashing down. I've heard Max Keiser say over and over again for years "J. P. Morgan is a dead bank walking", and now the mainstream is basically conceding it.
There is tonnes about J. P. Morgan in Quigley's Tragedy and Hope. He says that the Council on Foreign Relations was simply a front for J. P. Morgan. There are absolutely tonnes of quotes I could pull out, let me pick a few out:
"J. P. Morgan dominated not only the financial world but international relations and other matters as well".
"The influence of these business leaders was so great that the Morgan and Rockefeller groups acting together, or even Morgan acting alone, could have wrecked the economic system of the country merely by throwing securities on the stock market for sale, and, having precipitated a stock-market panic, could then have bought back the securities they had sold but at a lower price. Naturally, they were not so foolish as to do this, although Morgan came very close to it in precipitating the "panic of 1907," but they did not hesitate to wreck individual corporations, at the expense of the holders of common stocks, by driving them to bankruptcy".
"In 1924, J. P. Morgan was able to sit back with a feeling of satisfaction to watch a presidential election in which the candidates of both parties were in his sphere of influence. In 1924 the Democratic candidate was one of his chief lawyers, while the Republican candidate was the classmate and handpicked choice of his partner, Dwight Morrow".
"The Dawes Plan, which was largely a J. P. Morgan production, was drawn up by an international committee of financial experts presided over by the American banker Charles G. Dawes".
And so it goes on! But anyway, he basically says that Morgan and Rockefeller forged an alliance to dominate America and American politics, and he definitely places J. P. Morgan at the centre of this manipulation. So I'm sure the people behind J. P. Morgan will be absolutely fine! But I agree that it's quite possible that the company will be used to bring about the sort of financial world order that the perpetrators would like to see.
The true measure of a man is not his intelligence or how high he rises in this freak establishment. The true measure of a man is this: how quickly he can respond to the needs of others and how much of himself he can give - Philip K. Dick.
Great thread! This is extremely important, because it effects the world. This is what those guy do. Orchestrate collapses with bogus derivatives, then absorb tax payer money, absorb the businesses that crumbled, and large areas of land and homes. Anyone who says this isn't deliberate, in my mind, has a few screws loose.
boom and bust...we build, they take...its how they take the world.
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Re: Financial Times Article on J. P. Morgan
21 May 2012 08:02 #11
Great thread! This is extremely important, because it effects the world. This is what those guy do. Orchestrate collapses with bogus derivatives, then absorb tax payer money, absorb the businesses that crumbled, and large areas of land and homes. Anyone who says this isn't deliberate, in my mind, has a few screws loose.
boom and bust...we build, they take...its how they take the world.
These few words is where the many problems lie, we are persuaded to give away out labour to those that would do nothing, it is only legal for laws to rule over that labour as long as your willing to go along with it and work tirelessly for their rhythm, soon as we opt out of SERFS we are free to do our own becconing.
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