Thursday, January 15, 2015

Zerohedge: The Greek Bank Runs Have Begun: Two Greek Banks Request Emergency Liquidity Assistance

 


http://www.zerohedge.com/news/2015-01-15/greek-bank-runs-have-begun-two-greek-banks-request-emergency-liquidity-assistance

The Greek Bank Runs Have Begun: Two Greek Banks Request Emergency Liquidity Assistance

Tyler Durden's picture


The first time the phrase Emergency Liquidity Assistance, or ELA, was used in the context of Greece was in August 2011, when Greece was imploding, when its banking sector was on (and past) the verge of collapse, and just before the ECB had to unleash a global coordinated bailout with other central banks including global central bank liquidity swap and unleash the LTRO to preserve the Eurozone.

As a reminder, this is what happened back then: "In a move described as the "last stand for Greek banks", the embattled country's central bank activated Emergency Liquidity Assistance (ELA) for the first time on Wednesday night."
"Although it was done discreetly, news that Athens had opened the fund filtered out and was one of the factors that rattled markets across Europe. At one point Germany's Dax was down 4pc before it recovered. The ELA was designed under European rules to allow national central banks to provide liquidity for their own lenders when they run out of collateral of a quality that can be used to trade with the ECB. It is an obscure tool that is supposed to be temporary and one of the last resorts for indebted banks."

Raoul Ruparel of Open Europe told The Telegraph: "The activation of the so-called ELA looks to be the last stand for Greek banks and suggests they are running alarmingly short of quality collateral usually used to obtain funding."

He added: "This kicks off another huge round of nearly worthless assets being shifted from the books of private banks onto books backed by taxpayers. Combined with the purchases of Spanish and Italian bonds, the already questionable balance sheet of the euro system is looking increasingly risky."     
As a further reminder, this is how cryptically little the ECB has to say about its "last-ditch" liquidity bailout program:
Euro area credit institutions can receive central bank credit not only through monetary policy operations but exceptionally also through emergency liquidity assistance (ELA). ELA means the provision by a Eurosystem national central bank (NCB) of
  1. central bank money and/or
  2. any other assistance that may lead to an increase in central bank money
to a solvent financial institution, or group of solvent financial institutions, that is facing temporary liquidity problems, without such operation being part of the single monetary policy.
We bring this up because things in Greece just went bump in the night. Again.

Zerohedge: Russia Just Pulled Itself Out Of The Petrodollar

 


http://www.zerohedge.com/news/2015-01-14/russia-just-pulled-itself-out-petrodollar

Russia Just Pulled Itself Out Of The Petrodollar

Tyler Durden's picture


Back in November, before most grasped just how serious the collapse in crude was (and would become, as well as its massive implications), we wrote "How The Petrodollar Quietly Died, And Nobody Noticed", because for the first time in almost two decades, energy-exporting countries would pull their "petrodollars" out of world markets in 2015.

This empirical death of Petrodollar followed years of windfalls for oil exporters such as Russia, Angola, Saudi Arabia and Nigeria. Much of that money found its way into financial markets, helping to boost asset prices and keep the cost of borrowing down, through so-called petrodollar recycling.
We added that in 2014 "the oil producers will effectively import capital amounting to $7.6 billion. By comparison, they exported $60 billion in 2013 and $248 billion in 2012, according to the following graphic based on BNP Paribas calculations."

The problem was compounded by its own positive feedback loop: as the last few weeks vividly demonstrated, plunging oil would lead to a further liquidation in foreign  reserves for the oil exporters who rushed to preserve their currencies, leading to even greater drops in oil as the viable producers rushed to pump out as much crude out of the ground as possible in a scramble to put the weakest producers out of business, and to crush marginal production. Call it Game Theory gone mad and on steroids.

Ironically, when the price of crude started its self-reinforcing plunge, such a death would happen whether the petrodollar participants wanted it, or, as the case may be, were dragged into the abattoir kicking and screaming.

Switzerland Stuns Markets by Giving up on Currency Peg


Switzerland Stuns Markets by Giving up on Currency Peg
LONDON — Jan 15, 2015, 3:57 PM ET
By PAN PYLAS Associated Press
Associated Press

Rarely has one statement prompted such a dramatic move in currency markets.

The Swiss franc achieved a turbo-charged lift Thursday after the Swiss National Bank, or SNB, ditched an increasingly expensive policy to limit the export-sapping rise of the currency. Within minutes of the early morning announcement, the currency spiked around a third against the euro and the dollar while Swiss shares tanked, prompting confusion and a fair degree of anger across trading room floors.

The decision by the SNB to call time on its efforts to prevent the euro from trading below 1.20 francs was a huge surprise and came amid mounting speculation that the European Central Bank will next week back a big stimulus program that will put more euros in circulation which would further dilute their value. That expectation has pushed the euro down to near-decade lows against the dollar.

As the outlook for the euro has darkened, the cost for the Swiss central bank of defending the peg by buying euros or selling francs has risen.

The woman in Comet Love-Joy


http://spaceweathergallery.com/indiv_upload.php?upload_id=106529
Noticed this plasma burst from Comet Love-Joy... there's an image of a woman in it!


I inverted the image and also color shifted it to highlight the woman.


Power beyond mind control




Power beyond mind control
by Jon Rappoport

January 14, 2015

NoMoreFakeNews.com

OutsideTheRealityMachine

“All thought is not the same. There is random static. There is repetitious and circular rumination. There is thought devoted to solving a problem or analyzing a situation. There is thought that occurs when one is creating something that never existed before. To blithely say that “externally inserted” mind control can replace all levels of thinking without a person being aware of what is going on is foolish.” (The Underground, Jon Rappoport)

Consciousness wants to create new consciousness, and it can. Imagination is how it does it. If there were some ultimate state of consciousness, imagination would always be able to play another card and take it further.

In any arena of life, and especially when it comes to mind, perception, power, empathy, and so on, there is always a status quo. It’s merely the place where a person says, “Well, that’s enough. I’ll settle for what I have. I’ll stop here.”

Sooner or later, this leads to boredom, frustration, problems, and conflict. It leads to a decline.

Imagination, which knows no bounds, is the source for the most adventurous explorations. It can have great impact on the material world, of course, but one mustn’t therefore conclude it is composed of matter or energy. Imagination is non-material. To think otherwise winds you up in using some version of physics to depict imagination—and then you are imposing limits on it. This is an error. Imagination doesn’t obey any laws of physics.

If imitation is the sincerest form of flattery, we’ve flattered reality enough. It doesn’t need any more. Imagination creates new realities.

You can create the same thing over and over, and eventually you’ll be about as alive as a table. Inject imagination into the mix, and everything suddenly changes. You can steer that boat anywhere you want to.

The lowest common denominator of consensus implies an absence of imagination. Everyone agrees; everyone is bored; everyone is obedient. On the opposite end of the spectrum, there are massive floods of unique individual creation, and then that sought-after thing called abundance is as natural as the sun rising in the morning.

Sitting around in a cosmic bus station waiting for reality is what reality is. Everything else is imagination.

There are those who believe life is a museum. You walk through the rooms, find one painting, stroll into it and take up permanent residence. But the museum is endless. If you were a painter, you’d never decide to live inside one of your canvases forever. You’d keep on painting.

The relentless and obsessive search for all those things on which we can agree is a confession of bankruptcy.

When we re-learn to live through and by imagination, we enter and invent new space and time.

With imagination, one can solve a problem. More importantly, one can skip ahead of the problem and render it null and void.

Imagination isn’t a system. It might invent systems, but it is non-material. It’s a capacity. It feels no compulsion to imitate reality. It makes realities. Its scope is limited only by a person’s imagining of how far imagination can go.

The human race is obsessed by the question: what exists? It appears to be a far easier question than: what do you want to create? This comparison explains why civilizations decline.

Imagination is a path. Walking on that path long enough, you find answers to all the questions you’ve ever asked, as an incidental side effect of the journey. You also find power that most people only dream of.

Jon Rappoport

The author of three explosive collections, THE MATRIX REVEALED, EXIT FROM THE MATRIX, and POWER OUTSIDE THE MATRIX, Jon was a candidate for a US Congressional seat in the 29th District of California. He maintains a consulting practice for private clients, the purpose of which is the expansion of personal creative power. Nominated for a Pulitzer Prize, he has worked as an investigative reporter for 30 years, writing articles on politics, medicine, and health for CBS Healthwatch, LA Weekly, Spin Magazine, Stern, and other newspapers and magazines in the US and Europe. Jon has delivered lectures and seminars on global politics, health, logic, and creative power to audiences around the world. You can sign up for his free emails at NoMoreFakeNews.com or OutsideTheRealityMachine.
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