India bank workers to strike tomorrow

Yes friends, the timing is very bad. Tomorrow India's central bank goes on strike. Talk about bad luck. Do we really believe this is a coincidence? In the latest piece of information concerning a possible hellish tomorrow Tuesday October 21st, we find that India's central bank staff will be on strike the same day we expect a $300-400bn Lehman CDS settlement.

India’s central bank staff to strike

By James Lamont in New Delhi and James Fontanella-Khan in Mumbai

Published: October 17 2008 15:54 | Last updated: October 17 2008 18:22

The timing is unusual to say the least. Buffeted by the worst global financial crisis in generations and with local banks thirsting for cash, the staff at India’s central bank are going on strike.

On Tuesday, a day of mass action will bring the Reserve Bank of India and large parts of the country’s financial system to a halt. For the day, the quick-fire launch of emergency measures to inject liquidity, avoid bank runs and support stressed mutual funds will cease.

http://www.ft.com/cms/s/0/384102a8-9c5b-11dd-a42e-000077b07658.html

As many may realize, tomorrow, the day of the strike, is also the day that many Western counterparties have to make good on their Lehman CDS obligations from its controlled demolition by the Federal Reserve and JP Morgan Chase. Indeed Reggie Middleton's analysis shows that Ambac will be hit particularly hard, taking an approximate $1.5 billion loss to their tangible equity of $1.9 billion. No doubt there will be other unexpected contingencies in this momentous cluster-you-know-what of historic proportions.



Will tomorrow be hell on earth? Or will this turn out to be a wet firecracker? Is Ben Bernanke's beard even real? Or did he fraudulently grow it with Rogaine? Someone please explain what the heck is going on.


Federal Reserve Inflation Commander Ben Bernanke, during his earlier years as a Greatful Dead groupie. Whoa dude, money and credit out of nothing... far out!

Financial System About to Blow Sky-High

On Wednesday October 08, Global Tinfoil first reported that the Lehman failure represented a controlled demolition of the financial system, in Lehman CDS: Detonation or Dud?, which included a heartwarming picture of Arnie the Bankrupt Governator with his pals Warren Buffet and Jacob Rothschild. On Thursday October 09, we posted some documents from Satyajit Das, author of Traders, Guns, and Money, documenting how a 'credit event' can cause massive systemic failure, in Lehman Controlled Demolition. On Friday October 10, we obtained information regarding the date of the Lehman settlement, which will occur on Tuesday October 21st at a 91.4% loss. Global Tinfoil believes Lehman is the credit event, so that probably means we are wrong and everything will turn out just fine. Keep contributing to that 401k; there's never been a better time to buy!


EU Poster = Tower of Babel. EPIC FAIL.

Today, Mish reported in a real, respectable blog with an audience that the EU has called for a summit to end Bretton Woods. Bretton Woods has been the foundation of the international monetary system since World War II. Here at Global Tinfoil, we believe systemic meltdown is imminent.

As if to further our case, the IHT is now reporting UBS and Credit Suisse received $14.1 billion from the global slush fund.

UBS and Credit Suisse receive urgent bailout funds

PARIS: As the financial crisis continued to roll through world markets despite massive bailouts, the two leading Swiss banks said Thursday they had secured emergency support totalling some $14.1 billion, either from the Swiss authorities or from outside investors including the Qatar Investment Authority.

http://iht.com/articles/2008/10/16/business/16ubs.php

Listen: when the Illuminist Swiss banks are getting slush money, Hank Paulson style, you know this thing is about go critical. The only way to protect yourself will be food, land, and precious metals.

Chinese Dragon Poked in Global NWO Chess

The Chinese dragon is growing impatient

After China's sovereign wealth fund flushed $8 billion down Morgan Stanley and Blackstone earlier this year, the fund may have lost an additional $5.4 billion to the American deflationary vortex in the money markets via Reserve Primary Fund, which went belly up the day after Lehman's failure.

Oct. 13 (Bloomberg) -- China Investment Corp., the sovereign wealth fund that bought stakes in Morgan Stanley and Blackstone Group LP before their stocks plunged, may have as much as $5.4 billion frozen in a U.S. money-market account.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ancX7qXx0kXk&refer=home

Global Tinfoil has obtained this exclusive photograph of the Reserve Primary Fund, dated September 16th 2008, shortly before its demise:


The Reserve Primary Fund, pictured above, flees for safe harbor after it froze $5.4 billion in Chinese cash


What are the implications? Well it depends on whether the Chinese get their money back. Will Goldman Sachs, I mean uh, the US Treasury Department, insure the Chinese against deflationary losses in the American money markets?

Gordon Brown Sheds a Tear for Bretton Woods

PM Gordon Brown sheds a single, lonely tear for the death of Bretton Woods

British Prime Minister Gordon Brown, international moron extraordinaire and part-time Luciferian henchman, has put his silly ass reputation on the line to pimp for the New World Order, ah, I mean, uh , 'Bretton Woods III'. Goodbye Petrodollar , hello Verichip!! Long live the queen!!!

It is understood that the Prime Minister wishes to see the IMF reformed to become a "global central bank" closely monitoring the international economy and financial system. There may also be global rules to prevent conflicts of interest and to boost transparency in the financial system.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3189517/Gordon-Brown-calls-for-new-Bretton-Woods.html

Thanks Gordon. Pathological liars and international criminals are always appreciated here at Global Tinfoil. Too bad you're getting discovered, boys. How's that for 'transparency'. But back to the implications -- You can bet your ass Russia and China will be running any new global central bank. Farewell G7!!!



All your base are belong to SCO



Red line go down, Petrodollar drown. Glub glub glub...

Ice Cream and Puppies Save Global Markets

Bear market halted in tracks; ice cream and puppies once again return to the minds of floor traders. Evil Illuminists powerless in the face of heroic global central bank intervention. Federal Reserve promises unlimited borrowing. Mindless masses cheer competitive currency devaluation.


An attractive blogger fills her stove with 100(A) Amero notes to keep warm


A member of the Global Tinfoil rapid response team

Berlusconi Says Markets May Be Closed

Berlusconi shows his support for the Texas Longhorns

Berlusconi Says Leaders May Close World's Markets (Update1)

By Steve Scherer

Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''

``The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,'' Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis ``can't just be for one country, or even just for Europe, but global.''


http://www.bloomberg.com/apps/news?pid=20601087&sid=aHji61ds2P1c&refer=home

Wow what leadership! Thanks morons! What a bunch of reprobates and sociopaths.

Lehman Demolition to Continue For Weeks

Lehman CDS: It Won't Be Over Today
Oct 10 2008 9:45AM EDT

Vipal Monga today mentions something I was unaware of: the Lehman CDS auction today is not the end of the story when it comes to settling those trades. All it does is set the price: settlement doesn't happen until October 21, the week after next. In other words, to the degree that there's nervousness over counterparties being unable to meet their CDS obligations, it's going to remain through not only this weekend but also the weekend afterwards.

In fact, the actual settlement price is one of the few things we already know, more or less: it's going to come in somewhere between 10 cents and 20 cents on the dollar. The huge list of things we don't know, by contrast, is going to remain unknown until after October 21.

http://www.portfolio.com/views/blogs/market-movers/2008/10/10/lehman-cds-it-wont-be-over-today

Looks like today is simply the auction. The forced selling required to liquidate assets for the CDS settlement will not happen until the week after next. What does this mean for the stock market today? I really don't know.

The stock market is very oversold, but if there is forced liquidation or panic selling it could continue to go lower. The credit derivative event will not become most serious until we begin the final approach to the settlement date of October 21 2008. That is when Pac Man strikes.