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15 mayo 2011 7 15 /05 /mayo /2011 17:19

“EUROPE IS RUNNING A GIANT PONZI SCHEME”: ASTONISHING REPORT IN FINANCIAL TIMES ADMITS EUROZONE BAILOUTS ARE A “PUBLIC-SECTOR PONZI SCHEME”

 

El esquema Ponzi o PIRAMIDE es una operación fraudulenta de inversión, que implica el pago de prometedores o exagerados beneficios.

Esta estafa consiste en un proceso en el que las ganancias que obtienen los primeros inversionistas son generadas gracias al dinero aportado por los nuevos inversores que caen engañados por las promesas de obtener grandes beneficios.

El sistema sólo funciona si crece la cantidad de nuevas víctimas.

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“Europa maneja un enorme esquema Ponzi”: notable reporte en Financial Times reconoce que los rescates de eurozona son un timo”

ponzi-scheme 

 

May 7, 2011

Mario Blejer, ex director del Banco Central de Argentina, dijo que los rescates de la eurozona se manejan como un enorme esquema Ponzi y que los contribuyentes UE acabarán pagando la cuenta, en un abrumador reporte del Financial Times.  Incluso salió en el título del reporte: “Europa maneja un esquema Ponzi gigante”.  ¿Puede ser más claro?

Las implicaciones de que hasta un líder de la finanza anuncie el as alto del sector público a los contribuyentes son anonadantes, y deberían llevar a una investigación criminal. Si Bernie Maddoff fue a la cárcel por un Ponzi privado, ¿porqué no lo están el jefe de  ECB f Jean- Claude Trichet, el del ESMF Klaus Regling, y del Deutsche Bank Josef Ackermann, si tienen un rol tan clave en el Ponzi público de la eurozona, aún mayor y más criminal?

Los lectores de este blog conocen las razones para considerer que el rescate de la eurozona es parte de un enorme timo piramidal, pero cuando una publicación mayor pone un reporte como este por parte de un ex banquero central, es un punto de cambio.  También sugiere fuertemente que el inevitable colapso de semejante timo se acerca rápidamente.

Read the rest of this entry » 

 

Ex oficial FMI admite que rescates eurozona son Ponzis en el Financial Times 

 May 7, 2011 

Ex oficial FMI llama al Rescate Program de Europa un esquema piramidal. 

Gregory White | May 6, 2011, 8:26 AM | 737 |Business Insider From The Financial Times:

Aquí está la similitud con un esquema Ponzi.  Algunos de los accionistas originales son pagados con los préstamos oficiales que también financian los déficits primarios restantes. Cuando los países no puedan con las condiciones estructurales y de austeridad que se les imponen, por lo que no puedan retornar al mercado voluntario, los préstamos serán puestos en valor por miembros de eurozona y organizaciones internacionales.

Blejer arguye que, Grecia siendo Grecia y no Chad, no sera castigado por fallar en sus metas de austeridad de UE/FMI.  De hecho, como este plan es financiado por inversionistas públicos y no privados, podría seguir para siempre, o sea –hasta ser opuesto por constituciones políticas domésticas. Pero al final, serán los contribuyentes que quedarán al fondo de la pirámide con las pérdidas, mientras muchos de los accionistas originales ya habrán sido pagados.   

http://www.businessinsider.com/mario-blejer-europe-ponzi-scheme-2011-5#ixzz1Lew65RdR

Timothy Geithner ayudó a matar economía de Irlanda al vetar corte 

May 11, 2011

Gene Kerrigan; el US Treasury Secretary Timonthy Geitner ayudó a torpedear economía irlandesa. Irish Independent.

“Kelly dice que FMI vino con intención de “cortar” €30 Bn de bonos sin garantizar en dos tercios, ahorrando €20Bn. Kelly: “Lenihan estaba feliz, según la fuente presente”.  Dijo al equipo FMI: “Uds. son la salvación de Irlanda.”

Kelly: “El trato se torpedeó de una dirección inesperada.  En una teleconferencia con los ministros de finanza G7, el corte fue vetado por el US treasury secretary Timothy Geithner que… cree que los banqueros tienen prioridad sobre los contribuyentes.  El único en hablar a favor de los irlandeses fue el Canciller británico George Osborne, pero como siempre, Geithner se salió con la suya.”

FMI argumenta que el estado irlandés no podía pagar las deudas de juego de los banqueros- pasando masivas deudas privadas a deuda pública.  Pero ECB representaba a los bancos alemanes, franceses y otros.  El banquero Geithner se puso de su lado. Quedamos prensados,” escribe. :

 http://www.irishcentral.com/story/roots/the_american_in_ireland/tim-geithner-helped-sink-ireland-121510004.html 

 

Publicado en el blog de Jane Burgermeister
Traducción a cargo de Claudia Calvo.- Costa Rica
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“EUROPE IS RUNNING A GIANT PONZI SCHEME”: ASTONISHING REPORT IN FINANCIAL TIMES ADMITS EUROZONE BAILOUTS ARE A “PUBLIC-SECTOR PONZI SCHEME”

Mario Blejer, a former governor of Argentina’s central bank, has said that the eurozone bailouts are being running as a giant Ponzi scheme and that  EU taxpayers are going to end up picking up the bill in an astonishing report in the Financial Time.

The report was pinted on May 5th and even carries the headline: “Europe is running a giant Ponzi scheme.” Could it be stated any clearer?

The implications of a leading figure in the world of finance stating that the eurozone is being run as a “public sector” Ponzi scheme looting the tax payers are staggering, and should surely lead to a criminal probe.

If Bernie Maddoff went to jail for running a private Ponzi scheme, why aren’t  ECB chief Jean- Claude Trichet, ESMF chief Klaus Regling,  and Deutsche Bank chief Josef Ackermann not in jail since they are playing such a key role in the much bigger, criminal, public sector eurozone Ponzi scheme?

Readers of this blog will be familiar with the reasons for considering the eurozone bailout to be part of a gigantic ponzi scheme, but when a major mainstream newspaper prints a report like this by a former central bank governor it represents a turning point. It also strongly suggests that the inevitable collapse  of the euro Ponzi scheme is approaching very fast.

Blejer points out that the eurozone bailouts violate the EU constitution and a central principle of the euro. In effect, the no bail-out clause acts as an insolvency mechanism that limits the damage to other eurozone country’s of any one member going into unsustainable debt.

The eurozone bailouts, on the other hand, allow country’s to build up unstainable debt burdens and to pass the financing of these debt burdens to other eurozone tax payers. The profiteers of this public sector Ponzi scheme  are the bondholders and the banks as Franz Hörmann explains in his report “How banks create money out of air”.

Blejer points out that this “public sector Ponzi scheme” is more “flexible” than a private sector Ponzi scheme such as Bernie Madoff’s because complicit governments can find more ways to collect eurozone tax payer money and expropriate assets to feed into this Ponzi scheme.

“One of the pillars upon which the euro was established was the principle of “no bail-out”. When the sovereign debt crisis hit the eurozone this principle was ditched. As Greece, Ireland and Portugal were unable to service their unsustainable levels of debt, a mechanism was instituted to supply them with the financing necessary to service their obligations,” Blejer writes.

Blejer points out that the EU and IMF have imposed crushing conditions on servicing the souvereign debt,  sending countries like Greece, Ireland and Portugal into a so-called debt death spiral.

“This financing was provided, supposedly, in exchange for their implementing measures that would make their, now higher, debt burdens sustainable in the future. Yet the mode adopted to resolve the debt problems of countries in peripheral Europe is, apparently, to increase their level of debt. A case in point is the €78bn ($116bn) loan to Portugal. It is equivalent to more than 47 per cent of its gross domestic product in 2010, possibly increasing Portugal’s public debt to about 120 per cent of GDP,” Blejer writes in the FT.

Blejer notes that the “countries’ debts will increase (as a percentage of GDP the debts of Greece, Ireland, Portugal and Spain are expected to be higher by the end of 2012 than at the start of the crisis).”

Blejer observes that the bondholders are picking up the assets of Greece while transferring the growing portion of unserviceable debt onto the tax payer’s of Europe.

“The share of debt owed to the official sector will also increase (in addition to the bond purchases by the European Central Bank, which reportedly owns 17 per cent of these countries’ bonds with a much higher percentage held as collateral),” Blejer writes.

He notes that Greece, Ireland and Portugal are insolvent and that the narrative that they are illiquid is a “fiction” allowing banks and bondholders to hoodwink taxpayers as they carry on looting.

Tha bailout is “based on the fiction that this is just a temporary liquidity problem and that the official financing helps the countries involved to make the reforms that will allow them to return to the voluntary market in normal conditions. In other words, the narrative is that the recipient countries could and would outgrow their debt,” he writes.

Debt figures are manipulated, he says, but “the fact is that this situation is only sustainable as long as additional amounts of money are available to continue the pretence.

Blejer could not be more explicit:

“Here is where this situation resembles a pyramid or a Ponzi scheme,” he says in the FT. “Some of the original bondholders are being paid with the official loans that also finance the remaining primary deficits. When it turns out that countries cannot meet the austerity and structural conditions imposed on them, and therefore cannot return to the voluntary market, these loans will eventually be rolled over and enhanced by eurozone members and international organisations. “

“Moreover, this “public sector Ponzi scheme” is more flexible than a private one. In a private scheme, the pyramid collapses when you cannot find enough new investors willing to hand over their money so old investors can be paid. But in a public scheme such as this, the Ponzi scheme could, in theory, go on for ever. As long as it is financed with public money, the peripheral countries’ debt could continue to grow without a hypothetical limit.”

Blejer notes that political opposition is growing to this criminal activity.

“We are starting to observe public opposition to financing this Ponzi scheme in its current form, but it could still have quite a way to go. It is apparent that, if not forced sooner by politics, the inevitable default will only be allowed to take place when the vast part of the European distressed debt is transferred from the private to the official sector. As in a pyramid scheme, it will be the last holder of the “asset” that takes the full loss. In this case, it will be the taxpayer that foots the bill, rather than the original bondholders that made the wrong investment decisions,” he says.

“EUROPE IS RUNNING A GIANT PONZI SCHEME”: ASTONISHING REPORT IN 7 May 2011 “EUROPE IS RUNNING A GIANT PONZI SCHEME”: ASTONISHING REPORT IN FINANCIAL TIMES ADMITS E… Jane Burgermeister | May 7, 2011 at 11:25 am
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