Showing posts with label banking. Show all posts
Showing posts with label banking. Show all posts

Monday, July 6, 2015

Where Is The Monument To The Victims Of Capitalism?

I'm beginning to weary of fruitlessly championing the truth, and sometimes I am quite unhinged by it.
Leo Tolstoy, Anna Karenina, Part 1, Section Thirty Two, Constance Garnett Translation.

It doesn't happen often in Ottawa that an issue arises where every level of government rises up in an uproar, but that is exactly what happened when the 'Harper Government' announced the building of the Victims of Communism monument, at a site that was reserved for the new Supreme Court Building, located at the most prime location in downtown Ottawa. This was no doubt done to celebrate the 'Harper Government's many successes pleading before this august body.
 
proposed victims of communism monument...

The local burg(h)ers of Ottawa would be even more alarmed if they did their research a little deeper and discovered that the said monument stands to raise a ton of cash far in excess of its initial costs. There has been no report from the 'Harper Government' where the said hoped for excesses are going to go.. As always in Ottawa if there is even the semblance of smoke you can be utterly certain that at some point there will be fire. You see Dear Reader, if you are so inclined to celebrate the memory of a long gone "loved ones" misfortune of running into communism, you can have the loved ones name inscribed on the above mentioned monster, or rather monument, for a very small fee, not un-adjacent to one thousand dollars! Why just do the math! The sky is the limit!

 Now in Canada there has been very many social systems in vogue over the many years that Canada has been a Colony and later as a nation state. The first system that was found in use by Native Canadians was the tribal system. Then the French brought feudalism, that had a hell of a run from 1600 until well into the beginning of the 20th century! Along the way we also experimented with indentured labor and even slavery, just like in the United States! But the hands down winner was of course the best worst system of good old capitalism. And in the early days it was rabid tooth and claw, right out of Das Kapital as written by Karl Marx.

You had the lumber barons, the rail barrens, the press barons, and of course you had the mighty banking barons. And they have nearly all carried on into the kinder and gentler world of today, many of them such as say the Bank of Nova Scotia in there unbroken histories... But we never tried communism in Canada at all, not even once, that the Oracle of Ottawa is aware of. So The Oracle of Ottawa thought that it would be probably much more fitting to have a monument to The Victims Of Capitalism.  



 It as all tentative so far, but I have some basic ideas for the monuments basic design. In the center would be a huge hand cast in Pyrex Glass holding a very real steel double edge dagger! The glass hand would signify Adam Smith's Invisible Hand, but the real reality would be the 100 foot long dagger! Get it? When you play around in capitalism the invisible hand is bound to get you right in the back, even if you do every thing right...

Then, of course, we must high light the wonderful upside of capitalism in its unregulated glory, just like the 'Harper Government' pushes. How about this? We would have cast in bronze two young girls sorting medical linen waste, just like in the 19th century. Of course these children never got to be teenagers, let alone get into the ages of the double digits. Isn't the invisible hand awesome?

Then to one side we could have the tribute to the great bankers of the world. Such as that one old house in Europe that used to loan money to one country and with their underwriting fees would make a loan to the enemy of the first customer! Why, the first classic two fer! Then with the profits from the gouging interest rates of all the customers, you could sell both sides arms and create a virtuous cycle of misery and death. Yes Sir! Capitalism, how awesome is that? The 'Harper Government' should know this story very well, They are very close friends with the bankers that bought their own state in the Middle East.... 

Sunday, September 28, 2014

China's Old Men - Truth or Dare?

If a lion could talk, we wouldn't be able to understand it.
Wittgenstein, Philosophy of Psychology - A Fragment, Sec. 327

Those public demonstrations must be pretty bad in Hong Kong, as they even climbed to the top of the Canadian news cycle today. The paper mache Goddess of Democracy ought to be making it's appearance about anytime now. The Oracle of Ottawa is really enjoying watching China's old men twist. This ain't 1989 Dear Reader! There is so much more at stake at the time of this writing. Back in 1989 China did not have access to the massive and gullible capital markets of the Western Free World.


China's old men - trapped by the ideological balls?

Why it was only last week that Jack 'Forrest Gump' Ma hit up the New York Stock Exchange for over twenty billion real American dollars in that monster Variable Interest Entity IPO of the previously unknown Alibaba electronic bulletin board! The Oracle of Ottawa spent all the week before it went public to inform investors to beware, and that it was really only a two dollar preferred debt offering. Of course the Oracle of Ottawa caught a ton of heat online about it, but come tomorrow we will soon see who was right won't we?




The real question here Dear Reader, is Truth or Dare, Money or Power? Will the demented old peasants of China's corrupt and inbred politburo stomp the citizens of Hong Kong in the social and journalistic media light of the world like they did in Bejing in 1989? And if they did what will be the opening prices of all the Chinese variable interest entities that trade at present on the New York Stock Exchange, come the opening bell on Monday morning?



It is real ignorant, real world irony, of classical proportions that the option chains on Alibaba start trading tomorrow morning! And the Oracle of Ottawa's feelers went all fuzzy, when it was reported  on CNBC last week that some unknown hedge fund laid a huge short position on Alibaba, of 2.4 - 3.6% ! of the outstanding issue. Someone is real cocky or perhaps very well informed, perhaps a bunch of merchant banks from Hong Kong perhaps?

There were many reports about how many Chinese politburo members were "partners" in the last Alibaba IPO. Do you really think they are going to risk all that loot for the sake of a municipal election in Hong Kong? Will the old Chinese men cut the nose off of their very lost faces for mere ideological purity? The Oracle of Ottawa has heard that the Chinese can eat damn near anything, but ideology? Perhaps with a black bean sauce and some Deer Penis Wine...?

Monday, April 15, 2013

Pope Francis And The Price of Gold

The study of economics does not seem to require any specialised gifts of an unusually high order. 
John Maynard Keynes, Essays In Biography, p. 170 

It really freaks the Oracle of Ottawa completely out when one of his wild predictions that he casts while wearing his tinfoil hat with tongue firmly in cheek actually comes to pass. Such was the case when the Oracle wrote to this blog what would actually start happening to certain commodities, mainly that of gold, when Pope Francis finally got his hands on the controls of the Vatican Bank. It is a very common rumor in the financial world that certain commodities are or rather were being kept artificially high due to machinations of under the counter derivative contracts linked to over the counter derivative contract programs.

Pope Francis is cleaning house?

Fast forwarding to today, if you are one of those people that keep an eye on the world price of gold, you were no doubt totally shocked at the biggest one day drop in the price of gold since 1980! The market surely must have traded "lock limit down" which caused many margin calls and the disposal of many securities that were posted as collateral for these derivative trades at less than favorable market prices. It would appear to the Oracle of Ottawa that someone, somewhere, has started winding down a huge derivative position, and has failed to warn his friends.

Many rumblings and winds of change are blowing in, through and around the Roman Curia, especially since March 13, 2013! You can read all about it at very wicked blog called; "Whispers In The Loggia". It seems that Pope Francis has called a special committee that is finally going to take several matters in hand. As far as gold goes, there is still a lot of room and time to make some serious coin with a spread of put options, or any other similar over the counter options play. As for the market movements in Canada and the United States, you can simply put that down to a temporary dead hand cascading market drop caused by unexpected margin calls. It is all like eating a burrito from Taco Bell, it too shall pass...


Sunday, April 7, 2013

In Canada We Are Not Saved

Hyenas will cry in its towers, and jackals in the pleasant palaces; its time is close at hand.
Isaiah, 13:22, NRSV 

Many of the frequent flyers of this awesome blog, probably thought many times, when the Oracle of Ottawa prophesied of the future, that the Oracle of Ottawa had slipped his clutch plates. Like the time that he foretold the Conservative Party of Canada's game plan in reducing Canada and its workers to third world status. There were also probably many smiles when the Oracle of Ottawa foretold how in the very near future, how the use of Temporary Foreign Workers (TFW's) were going to be used to destroy all labour unions and all the middle class of Canada. Well the Oracle of Ottawa gets the most important last laugh. The future is here.

Short the Royal Bank!!

The Royal Bank of Canada is the largest Schedule I bank in Canada. Last year, at the time of this writing, it made over seven billion dollars in profit. (2012) It was on the way home today from the usual tour to the Ottawa Valley that the Oracle of Ottawa first heard of the breaking iGate scandal on the car radio from the CBC. The Oracle of Ottawa was incensed at the news. It seems from the news report that the scum upper level minions of the Royal Bank have fired 45 Canadian IT workers that were probably pretty expensive, and are planning to replace them with TFW's from India! But the 45 Canadian lads still have a little bit of time left, you see, they have to train the third world TFW's that are stealing their jobs! You can't make this shit up.

Once the Royal Bank of Canada was one of the best employers and the safest place in Canada to park your money. Then if number one wasn't high enough in Canada and being the 53rd largest corporation on earth, they have gone wal-mart on us who have made them what they are today. The Oracle of Ottawa has put this down to the management shitting in its own nest, by letting cheaper "outsiders" into the most inner sanctum of the tent.
Jason 'The Fuck Up' Kenny visa's what visa's
 The Oracle of Ottawa, needless to say, was not very impressed. The Oracle of Ottawa has a lot of "assets" at the Royal Bank of Canada at present. How safe is my money going to be when all the digital information that it is now stored in, going to be safe in the hands of insect third world TFW's? Any one that has ever had anything to do with these near useless hypocrite people soon find out that the biggest fuck-ups in the world, essentially originates from East Asia, or as the Oracle of Ottawa call it; TFW central. Thank you very much indeed! If the Royal Bank of Canada will betray its own employees, with their own money, (think about it...), how the fuck are they going to treat you dear valued customer??

But alas, there may be deliverance. It seems that the news had the same effect on many Canadians as it had on the Oracle of Ottawa. Why it was in the next news slot on CBC radio, that that skank useless skank Kellie whats her name, of the 'Harper Government', was panting that there was surely a mistake that had been made. Then you knew the thing was really gaining traction, when on the National CBC TV broadcast, you had that fat greasy biped, whats his name; Jason The Fuck Up - That Nobody Likes, the present immigration minister, was all but shitting himself in his best grovelling begging position. (The makings for a great attack ad in the next election...) It seems that the bottom of the spiral has been reached, and more than a few Canadians actually DO care.

By the way, let the Oracle of Ottawa warn you all, the stock of Royal Bank of Canada could be a teenager very shortly. (i.e. a stock worthless than twenty dollars...) And for all the Oracles friends in the European Union and the United States, avoid taking any of your new business to the Royal Bank of Canada. And if you have funds and / or securities there now, monitor closely, and start a plan B, if you follow the Oracles drift. Have a nice day...and if you can, buy a ton of put options down the scale, you will probably really really well in the near future.... I mean really, this could be just the tip of the iceberg, like those recently defunct investment banks that cratered in 2008...               


Royal Bank of Canada - The Grand Finale?? Turn it up and enjoy...

Monday, November 26, 2012

Bank Of England - Thanks For The Warning!

Seek the good of other men, but be not in bondage to their faces or fancies; for that is but facility or softness; which taketh an honest mind prisoner.
Sir Francis Bacon, Essays, Essay XIII, Of Goodness, And Goodness Of Nature.

The one good thing about blogging is that you can't run out of paper! The Oracle of Ottawa first heard the news just before lunchtime his time. The Oracle, was to say the least, totally agog. The Oracle of Ottawa did not not have to refer to Wikipedia or any other reference source to know  that Mark Carney would be the first  foreigner in the Bank of England's history. Now, the Oracle of Ottawa had no idea how bad things must be in England, that they had to recruit an obscure colonial from the deepest back woods of Canada, ten times more remote than Duck's Ass, Alberta! But all those rumors of the Bilderberg Group, the Illuminatti and/or the New World Order are and have been surely incorrect? Haven't they?

Mark Carney - Relax! It ain't gonna' happen...

Now the Oracle of Ottawa will not be unhappy in the least to see the back of Mark Carney receding away from the presence of the Oracle of Ottawa and Canada. What ever he is, he is not a Central Banker. Central Bankers are seldom seen and never, never, heard. Yes he is smart and he is pretty. He is the idiot savant of noughts and ciphers. The ethics thing I am afraid to report, is still a work in progress, so to speak. For those that know of such things, Mark Carney climbed very high, very fast, in the employ of Goldman Sachs  the monster predator bank of the world. Why it was once rumored and reported that he was one of the last to make "partner" in the bank just before the Initial Public Offering, when the bank reverted from the old partnership ownership structure, to its present corporate structure. Mark Carney must be worth g'zillions!
Yet when he was appointed as Governor of The Bank of Canada, there was no report that the Oracle of Ottawa could find about how much those shares and options were cashed out for. And the reason that there was no report was that the shares and ownership in said bank are still being retained and in fact the said individual is ipso-facto, still an owner and employee(?) of afore mentioned bank. This to the Oracle of Ottawa was and is and will always be totally unacceptable! And the taxpayers of the United Kingdom certainly, under no circumstances, should accept it either. 

Lord Black - Totally knows the ropes...

This was all bad enough, but a ways in to his term as Bank of Canada Governor, he just decides to accept another job as head of the International Financial Stability Board! The Oracle of Ottawa strongly made many noises that this move was in direct contravention of the Bank of Canada Act! And the other fact that the Oracle of Ottawa's tax dollars are to pay for his central banker, not to have his central banker taking care of all the other central banks (for Goldman Sachs?). The Oracle of Ottawa is more than glad to see the back of this so called "rock star". Mark Carney is certainly no John Maynard Keynes! 

The greatest tragedy and irony of this situation is the facts. England was the birth place of capitalism and economics as we know it. Adam Smith, David Ricardo, Karl Marx(!), William Stanley Jevons, Alfred Marshall and John Maynard Keynes were all from or life time residents of England! How is that that the birthplace of capitalism and economics can not today have one candidate for the position of the Central Banker of the Bank of England! How bad are things in England really? How poor is the present right wing wacko government, and how bankrupt is it that they cannot find an Englishman to run their own Central Bank, the second oldest one in the world, and the eighth oldest bank in existence today? And the Oracle of Ottawa thought Canada had problems, but nothing in the league of the present British distress apparently.  

Now the Oracle of Ottawa will not just bitch and whine. The Oracle of Ottawa will provide the old home country with a candidate perfect for the seamy greasy world of today. And yes he is a British citizen, and as luck would just so have it, a present member of the House of Lords! Now this suggestion is in the long tradition of putting a fox in charge of the hen house so to speak. There are great examples from the past. Joe Kennedy, and  Timothy Geitner to name but a few. And my candidate knows how it all works, the dirty seamy underside, and has even been abandoned by these nefarious elements of once such good friends. My candidate? Why none other than the The Lord Black of Crossharbour...He is quite free at the present time, someone should ring him.


The Oracle of Ottawa can certainly feel for this gentleman. He has it all figured out and the rest of the United Kingdom should sit back and think it out, and you will at some point come to the same conclusion! Again how can the land that gave birth to capitalism as we know it and the art and science of economics not find a suitable candidate of and in the fair green Isles?

Thursday, March 8, 2012

Tripping On Steve Keen

The belief that a capitalist economy is inherently stabilising is also one for which inhabitants of market economies may pay dearly in the future.
Steve Keen, Debunking Economics, p. 213

The Oracle of Ottawa is off his routine. The usual subject matter has been getting pretty boring. And on top of that the Canadian public has finally clued in and it is all back on track. My work on those recent subjects are all but done now.(See earlier postings...) The truth of the matter is that the Oracle of Ottawa has been side-tracked by a most amazing book written by one Steve Keen, of the University of Western Sydney, way down under, called Debunking Economics...

Steve Keen - equilibrium is bunk!

Frequent fliers to the Economy of Media know that the Oracle of Ottawa loves his books and is most interested in economics. And that he has read all the major "classical" economists texts in their unabridged entirety. Including the General Theory by Keynes in a very, very, early edition. Why the Oracle of Ottawa even read all the small print, how sick is that? And he still can't understand why every one says it is a "difficult book"? A lot of the trouble was due to war time paper and printing restrictions. The Oracle of Ottawa has always thought that Keynes was always a very good read!

But over the years the Oracle of Ottawa has been getting that anxious nervous feeling that a lot of what is taught to young economists is all very, very, well, wrong. This feeling got worse and worse as the Oracle of Ottawa put together a rather nice pile in a stock portfolio over the years, by breaking all the rules that are taught to all the up and coming portfolio mangers. According to the text books the Oracle of Ottawa has just been really lucky, so far...

But according to Steve Keen the Oracle of Ottawa may just be a very early adaptor! All the Oracle of Ottawa can tell you is that if you read one economics book this year make it Debunking Economics! This guy could be the most important economist in our lifetime. This guy is as important as Adam Smith, Karl Marx and Maynard Keynes! So that of course means that he will never win the Nobel Prize for economics, because he is too right! But the upside is that he will be famous forever!

The part where he utterly demolishes the Efficient Market Hypothesis is worth the ten times the price of the book! And I am sure that Warren Buffet would back him up on his conclusions... The Oracle of Ottawa wasn't lucky at all, he was just and truly freaking brilliant!  


And he is a very relaxing guy to listen to, unlike most stuffy pedantic Nobel Laureates. Watch this guy, he is going to be very important and world famous...

Sunday, March 6, 2011

Dementia at Desjardins

But a waterfall cannot be created by capital out of itself.
Karl Marx, Das Kapital , Buch III, Chapter XXXVIII, Differential Rent: General Remarks, p. 646



As do many Canadians, I always look forward to the last Friday of the month, for the Report on Business magazine that is inserted  in the Globe & Mail newspaper. As the economy is coming back like a bandit, the good ole mag has begun to return to its former girth and pith. There is usually one great story that is read from front to back and read again later and enjoyed even more. This month was no exception, Quiet Revolution was a fascinating read. The design of the opening, with the picture of Monique Leroux, in her best Sunday muffin suit, posed as a worrying Joan of Arc, give me a warm fuzzy feeling all over... just like wetting my pants. The Fart Catcher communications type must have billed a fortune for this exemplary bit of propaganda!

Of course there was the sad part, the well written "box" on Alphonse Desjardins brought forth a tear, in that I have realized again how another great institution has failed me. And it will never return. There was much about the present managements awesomeness in its new acquisition of Western Financial out West. And its heroic rise from a near demise with the brush of  Asset Backed Commercial Paper. It is all so amazing, that this story was in the Globe & Mail Magazine, just now? Then I realized that the story was "planted" to help along a hostile takeover...engineered by a the best top flight Fart Catching firm money could buy.. And another tear as I realized that yet another institution, two in one day, has let me down.
 
I roll in my grave, tabernack!!

I had dealt with Desjardins for decades. Back in the old days, it was great! It was the place to go. It was tradition, it was justice, and above all it was value! The manager back then was a hell of a guy, tabber-wet! He knew his business, mode-zey! We talked stocks alot. He put together a small fortune, as have I, by making our own decisions. Great days.  But he retired, as he well deserved to. Then the marketing guys stepped in and dropped all the old Catholic names from the branch's. I felt at the time that this was a red flag, I was early and in the end, right again! My branch was the Ste-Genevieve, and I remember the first night in my own home that I got down on my knees to thank her for being able to own my own home, finally. The Caisse Populaire is not another bank...

Then the long slow downhill slide. At this time the quality of the management began to head south. The institution cut it ties with the past. The Death Wish marketing set in. I knew then that it was all down hill from here.  The final straw came at the time of my last mortgage renewal. I had a very reasonably priced mortgage insurance on the mortgage. I asked that that it remain on the remaining balance. At this time I was very near the end of the mortgage. But as I was paying the mortgage, I began to notice that the balance was not going down as fast as I expected... That was because the Haitian SLUT! princess slipped in a full life insurance policy and a disability policy! I was paying near $200.00 a month for insurance on a risk that I didn't have any more!  How perfidious is that? How scummy, how slimey, how low is that? It will never be forgiven!! 

Caisse-Populiare in Toronto, Ontario

At this time I began to notice certain ethnic types (Jamicans, Haitians) not resident of my "Hood" in the branch with freaking fist fulls of large denomination, but dirty cash, I am talking well in excess of, or very nearly, in the
ball park of ten grand...This raised not a flutter from the Haitian princess....The same loud skanky bitch's with amounts of money in hand that made no sense at all. And the guy from the armoured courier, walking in with that puzzled look, as he drops off another Bank of Canada wrapped (new bills) brick of 50's! ($250,000) Yes someone should know about this... CSIS was informed from a public payphone....(Yes, justice is very cheap.. you just gotta know how...)

Well it was at this time that I decided for my own personal safety, reputation and good name to terminate my relationship with this once fine institution by paying off the mortgage, never to return. To all you poor suckers that are being finely and properly served by Western Financial I wish you all the best. You are, if this hostile takeover goes through, in for an awakening most rude... But, as in most tragedies, this one too has a silver lining, You see the Caisse offered $4.40 a share for Western Financial, I bought a shit load of the stock years ago at a $1.00! And the branch has a new manager! I got a nice letter from him recently, hoping that we could "talk" sometime, signed; Ramjam Mohammed bin Shazaar...    Selah....