Original Sixteen to One Mine, Inc. - Forum Topic: "Miscellaneous"



	June 18, 2018 Monday

Forum
Topic:
Miscellaneous

By Big Al
12/02/2011 11:29PM

In the union newspaper today, Colfax having problems with attorneys over WATER QUALITY, Attorneys who are acting just like the water board after the 16

By bluejay
12/02/2011 1:15PM

Corrupt California and Federal Politicians and Environmental Racketeers? Read about The "Great Gold Heist" in California in 1994.

http://www.mega.nu/ampp/bixman.html

By bluejay
12/01/2011 8:41PM

We need to feel sorry for folks that just don't have a creative clue in seeing the truth when exposed to the news: either on the TV, or in the newspaper, or on the Internet or other media outlets.

HSBC Holdings, PLC was kind enough today to raise their forecast on silver to $34 for 2012 while standing pat on their price projections of $28 in 2014 and five years from now, to an average of $25. So, uninformed folks would presume that holding silver at around $32.70 today and selling it here or just a little higher later may save them from taking an eventual loss, resulting in a bad investment.

How can anyone have enthusiasm for higher silver prices if they believe in HSBC? Certainly, HSBC and J.P. Morgan are not the ones to lister to as both are being sued by various parties for silver price manipulation, rigging the game in their favor and against the public.

During near the middle of 2008 the big U.S. banks held 85% of the total Comex short position in silver. Did HSBC warn the public then that prices were about to get tanked along with gold when they were heavily short? No, I don't think so. Silver went from above $22 to under $9 in a matter of a few months while gold went from just above $1000 to about $700. Heavy losses were inflicted on the public invested in this group while the related shares got creamed.

What HSBC is doing today is talking their book in hopes of affecting lower silver prices and their words, hopefully, are being listened to by the sheep(the traders and investors who don't do their homework).

In 1970 I was buying silver for our first born at about $1.20 and mildly high prices for our next two. Starting in 2002 we began buying silver coins for ourselves each time the metal had a healthy sell-off. Now, we buy a little silver each month. When we were in Mexico in the early part of the year we bought the day silver hit about $33 coming down in a hurry from near the $50 mark.

The independent analysts I listen to on the Internet like Max Keiser, Bob Chapman, Jim Sinclair, Dan Norcini, Gerald Celente and others play a different tune to the research that comes from the banker's controlled brokerage firms.

Silver is and will always be volatile as it is a small market one that is ripe for the participation of a crime syndicate. Regulators, don't bother them as they have better things to do. One of which was proven to be their watching porn on the Internet while at work.

"Out of the blue" prices can be driven lover, fast, but the powerful major long term trend is UP. It is HSBC's position for projecting lower prices that there will be a silver surplus going into the future but one has to wonder, what they are smoking?

Research the many growing uses of silver. Research who is buying silver and why. It's not too difficult to understand that in the near future world silver deposits will be greatly depleted. Where will silver come from when industrial demand heats up? Dishoarding will occur at higher and higher prices. Silver surplus? Good luck, you miscreants.

This declaration of lower silver prices by HSBC reminds me of the time the Boston Globe some years back questioned a rising gold price at around $400 an ounce. It was at that time on these pages that it was basically stated that, the Globe is full of horsepucky.

By bluejay
11/30/2011 8:07PM

You're got it Rick. Now all we have to do is unplug the televisions and de-charge the cell phones and the majority just might wake up to what is being done to them.

I read something shocking today:

"Mining experts feel that over the next 25 years, we will need to dig out of the ground as many minerals as consumed since the beginning of mankind."

I can see it now, by that time California might be owned by the Chinese thanks to the Bureaucrats who lack foresight with their crooked perspective as they continue to make it difficult for start-up mining projects to begin and continue to duke it out with some others in the State based on the conflict of personalities with appointed, not voted in, Water Board flunkies.

I have spoken to mining people and they avoid doing business in California like the plague. One was a past president of a NYSE listed gold mining company and the other was the president of another gold producing company that was listed on the ASE some years back.

What Californians need to do is recall their representatives and get some new blood in Sacramento. Folks in my District can start with Pat Wiggins. She has, twice, ignored our letters concerning the inappropriate behavior and lack of professionalism of the Water Board in their irresponsible treatment of our investment in the Sixteen to One while their very basis for the current lawsuit is just a plain old personality conflict with our president who is always fighting for our rights as shareholders.

I spent many years as a professional and I know how politics in organizations work: if you have a problem with someone or just don't like them you get out the old rule book and stick it to them. It is beyond me how the responsible party for overseeing the Central Water Board can sleep at night knowing the potential damage that so many shareholders are exposed with the basis of the pending suit being predicated on only a personality conflict and twisting of rules because the Board would not hear that our processing mill was closed.

You know something is wrong when grammar school kids after hearing the story with the Water Board react by saying, What is their problem, are they stupid?"

By Rick
11/30/2011 6:58PM

Prosecution of real crooks is asleep, because it would take an honest and genuine Justice Department and AG willing to address injustice.

While the de-regulation of Glass-Stiegal is the root cause (quickie explanation: Glass-Steigal Act separated all banks' abilities to invest deposited funds, those of the public like us all, from an investment house using their own $)....those who rendered Glass-Steigal impotent go un-noticed and should shoulder all blame and, quite honestly, be in jail.

It is tragic that 99.99% of the public, a public pissed off at the whole demise of our economy, remain completely ignorant to this fact.

It was all designed to buy votes, and somehow, miraculouly, still does reap votes via ignorance, or better described: stupidity.

Allow me to break it down in a few sentences:

1) Corrupt Washington (Dems in this case) needed and still do need voters to stay in power, feeding them cheese while they are the cow.

2) Spew rhetoric and a racist agenda suggesting that ALL people 'deserve' to own a home, since the American dream is only accessible to the rich

3) De-regulate banks by elimintating Glass-Steigal

4) Force banks to now issue paper-tiger loans to all who cannot afford to buy them, under threat of prosecution by a corrupt Justice Department for 'racism' (note: what race??? ...and I'm not talking about black, white or yellow)

5) Watch it all fail

6) Blame the banks

7) Count your newly purchased votes, sit back and laugh

8) ...worry that the American public is stupid.........

Bluejay asks the question, "Where is the investigation and prosecution?" The answer is obvious: the fox will never prosecute the henhouse for laying eggs.

THIS OF COURSE SUCKS, because while all the Washington corruption sails along, CRIMINAL UN-DUE PROSECUTION of our property in the Original Sixteen to One Mine is progressing unchecked, via public $ and corruption.

THIS SUCKS, and all of us need to awaken everyone we can think of.

By bluejay
11/30/2011 10:38AM

While the State chases us down to put us out of business who is chasing down Hank Paulson for blantant criminal activity?

From today's International Forecaster:

We now find out the ex-Goldman Sachs' CEO, and former Secretary of the Treasury, released a blockbuster report based on a FOIA response by the treasury fund that Paulson tipped off a select group of Goldman Sachs Diaspora hedge fund managers about the eventual failure of Fannie and Freddie. This is how the crooks on Wall Street operate. The meeting took place at the offices of Eton Mindich, who is in the hierarchy of the Asset Management Committee of the “President’s Working Group on Financial markets.” Again, where is the investigation and prosecution?

By bluejay
11/28/2011 11:19PM

BEWARE:

We are living in an unparalleled age of rampant financial fraud. Potential troubles often spawn when others are entrusted with your wealth.

http://usawatchdog.com/wall-street-fraud-eu-imf-bailout-but-no-laws-were-broken/

By Rick
11/28/2011 7:22PM

The downward angle of the winze is steep and yet leads to every drift and pocket...and the angle of the crooks is of a different sort: they aren't considering reality in mining terms, but rather $$ in political coffers (coffins to those who don't fight back).

By Michael Miller
11/25/2011 11:13AM

The Canadians realized the value of the exploitation of their native and natural resources decades ago. With cooperation between governments from Canadian provinces, the federal government, the paper producing private sector and the actual mining people, a great institution emerged, which continues today. The industry has not always been stellar. The provincial brokerage fellows used the stock market as a money making paper mill with questionable truths guiding investments in the stock markets. Many suffered financially due to lax or misleading reporting.

As others in and out of government realized that the negative impacts this hyper sensitive “game” was killing the industry, rules were established for protection. Who was being protected is questionable? Usually the greedy or ignorant public is identified as the component to protect. The paper pushers always seem to escape unscathed; however as I follow this thirty-six year progression, I believe the least important components to protect are the actual mine and its miners.

How did these interactions between members in the natural resource exploitation industry progress? The article below tells a good story about why Canadians support the exploitation of natural resources… mining creates wealth. Greed determines who wins the most and who are the losers. Nothing new here. But during the 1975-82 global rush for gold, stock brokers, stock players, gold analysts, promoters and many actual miners found it more profitable to mine paper than ore. Are we heading for a re occurrence of those heady days as gold continues its bullish trend?

Canada eventually changed the rules of its stock markets. How successful those rules are protecting the public from hype is worth pondering. I read disturbing corporate reports all the time from companies listed on one of the Canadian exchanges. The US stock markets continue to make it very difficult for start-up or junior gold mining companies to compete.
Good, solid governmental intervention still prevails in Canada which encourages natural resource exploitation. The tax benefits or rules favor taking a risk in a mining venture. Why is this successful government policy ignored in the United States? I used to think that we Americans were so smart. We would mine everyone else’s natural resources and when the world ran out of minerals for industry, America would become the haven for richness. I do not think this way today. I think our public and private movers and shakers have lost their way towards making and keeping America a haven of richness. A rebirth in the development of our natural resources accomplishes two important views that are expressed by both extremes of social thought.

I use the word exploitation with pride. It is the process of winning or producing from the Earth the oil, gas, minerals or rocks that have been found as the result of exploration. When man exploits he turns a natural resource to economic account. America’s rebirth of exploration and exploitation of the Earth creates wealth in America and a greener Earth. Why a greener Earth? The United States demands that our industries do their thing under fair, just and equitable environmental considerations. Our industry is one of the least harmful environmental heavy industries (and many “light” industries) on Earth.

These are some reasons to rebirth America’s road to reform and prosperity through the exploitation of its natural resources. There are others. For labor, our industry is safer than skiing. In California a miner is healthier and safer than a roofer. Our industry pollutes less harmful stuff than shopping malls. Our industry thinks locally and acts globally. Our industry is sustainable because the world’s civilizations must have natural resources to survive. This will never be reversed. Enjoy your “Black Friday”. It would not be possible without the global miner. Let’s bring him back to America.

By bluejay
11/24/2011 11:46AM

The following data is an comparable Canadian example of what could part could be possible if the incompetent politicians in Sacramento looked to mining to help balance our State's pathetic balance sheet.

An excerpt of a November 22, 2011 speech by the Canadian Minister of Resources, Mr. Joe Oliver.

In 2010,
 mineral production contributed $35.1 billion to our GDP;

 Canadian mineral production was valued at $41.2 billion;

 Canadian mineral exports accounted for $84 billion; and

 21% of our total exports came from minerals.

If you ask me, that last number may be the most impressive.

Mining and mineral processing are directly responsible for the jobs of well over 308,000 Canadians. Thousands more work in related industries.

You of course know these facts, but I am talking to a broader audience. So, you won’t mind if I let them know as well.

The industry contributes billions of dollars in taxes and royalties to government every year – $35.1 billion in 2010 and $18 billion to our trade surplus for example. These funds support everything from education, to infrastructure, to health care.

By bluejay
11/19/2011 10:53PM

The Chicago Mercantile Exchange(CME) who owns the Comex where gold futures are traded in New York City have really lost creditability with trends forecaster Gerald Celente and is he mad.

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/11/17_Gerald_Celente_files/Gerald%20Celente%2011%3A18%3A2011.mp3

By bluejay
11/19/2011 4:26PM

Another good example of a malfuctioning Congress.

From Saturday's International Forecaster:

The concentration of elite legislative power in America is well under way today as the new “supercommittee” is working on an end-run around Congress to put together a “secret farm bill” that would prop up failed agricultural policies with yet more billions in taxpayer dollars.

The “supercommittee” is the newly-formed (and utterly illegal) committee of 12 members of Congress who engineer new debt-related legislation that’s only allowed an up or down vote by the full Congress. This bypasses the traditional debate process by elected representatives, effectively concentrating the power to shape laws in the hands of a mere dozen members of Congress. The very structure is elitist from the start, and it directly contradicts the United States Constitution.
Because the committee concentrates yet more power in the hands of the few, it is being heavily lobbied by various groups and industries that want more government handouts. The farming industry, of course, is lined up at the trough of government slop just like everyone else, and this secret farm bill could cost taxpayers billions of dollars in government subsidies that are tied to commodities prices (which are extremely volatile and could unexpectedly rise).
Bypassing representatives to concentrate power with the elite.

What this latest move demonstrates is that the supercommittee will now be used as a way to bypass the rest of Congress with yet more bloated government spending legislation that puts America further into a debt hole that increasingly appears to be headed toward total financial collapse.

That this is all being done without open debate in Congress, and without any public scrutiny of the actions of the 535 members of Congress is yet another disturbing sign that the very fabric of power in America is being deliberately destroyed and re-concentrated into the hands of the few — the “global elite” who now consider themselves kings who rule over the slave masses.

America needs hemp farming, not more bailouts for growing low-value crops. Of course, the ultimate farm bill for America would be the legalization of industrial hemp farming — a move that would unleash a whole new era of agricultural abundance across the nation.
Presently, the USA imports thousands of tons of hemp products each year from Canada, China and other countries. These products include hemp seeds, hemp fibers, hemp clothing and hemp oils. Why on earth is it illegal for U.S. farmers to grow these products when we import them from Canada anyway?

If anybody in Washington could pull their head out of the clouds, they would legalize hemp farming for American farmers. So instead of farmers earning pennies a bushel for growing corn or soybeans, they could earn dollars a bushel for growing hemp. This would put hundreds of millions of dollars back into the economy and create new jobs in farming, agriculture and hemp products. Legalizing hemp farming is the ultimate “jobs bill.”

Better yet, hemp grows without pesticides and requires little to no chemical fertilizers, either. It’s environmentally friendly, it makes money for farmers, and the demand for hemp products is absolutely huge.

The U.S. Constitution is written on hemp. Sails and ropes from the ships that brought America’s original explorers were made out of hemp, and the earliest renditions of the U.S. flag itself were also made out of hemp. Ever wonder why? Because hemp lasts! It’s more rugged than cotton and far easier to grow and harvest.

So why isn’t hemp legal in America? And why is the supercommittee in Congress secretly scheming behind closed doors to spend even more taxpayer money propping up a failed agricultural subsidy system that traps farmers in financial slavery while denying them the freedom to grow a crop that’s just begging to be met with additional supply?

The answer is simple: Because the U.S. government doesn’t want Americans to have economic freedom! And the DEA, in particular, doesn’t want to give up its tyrannical power over everything related to marijuana. Yet another reason to rise up against tyranny and government oppressio.

If the People of America are to have any hope of restoring their freedom to farm, freedom to garden, and freedom to consume plant-based medicine, they are going to have to take those freedoms back (with protests and Free Speech, not with violence) and remind the government that it has no right to tell the People what they can or cannot grow on their own land, with their own hard work.

Heck, the U.S. military is in Afghanistan right now helping the locals grow heroin crops! This is on the record. So why is the U.S. government guardian (of) opium farms in Afghanistan while criminalizing industrial hemp farming in America?

Because Washington is insane, of course. Agricultural policies are set not to help the American farmer, but to centralize power in Washington and either criminalize or financially enslave as many American citizens as possible. It’s all about stripping power away from the People and delivering it to the hands of the few.

Once again, the only man who takes a consistent stand against all this insanity is Rep. Ron Paul. If you support the legalization of hemp farming, the legalization of food freedom and the ending of the ludicrous “war on drugs” and all the millions of innocent people rotting in our prisons today for merely growing and selling a medicinal plant, then your only logical candidate is Ron Paul. [We warned you of this when this Committee was set up. This Committee is a mirror image of the Enabling Act of 1933 by the National Socialist (NAZI) party, that made Adolph Hitler a dictator. This is what is going to happen to the US. It supposedly was set up only to deal with debt reduction under the debt extension and we told (you.XX) it would be used for everything to by-pass Congress. Instead of working on budget deficit they were working on a secret farm bill. Bob]

By bluejay
11/16/2011 10:50PM

Excerpt from a Sacramento Bee story by Stephen Magaguini in 1998 entitled, "Chinese Transformed Gold Mountain(California):" Part 3

In 1863, California's 25,000 Chinese miners enjoyed their best year, pulling gold out El Dorado, Placer, Amador, Calaveras, Butte and Trinity counties. But by 1868, nearly all had left the mines. Some joined the new wave of Chinese immigrants who came to build the western leg of the transcontinental railroad, completed in 1869.

They were hired by Charles Crocker, who figured if their ancestors could build the Great Wall over mountains and tundra, they could lay track over the Sierra Nevada.

Chinese later played a huge role in California's agricultural development, building Delta levees based on the Pearl River Delta in Kwangtung province, planting orchards and raising potatoes, onions and asparagus.

A smattering of East Indians, Malays and South Sea Islanders also made it to the Gold Rush.

Chief among those were the "Kanakas" (native Hawaiians), great sailors who worked on many of the schooners that came to California. John Sutter, who sailed to Sacramento from Honolulu with a crew of 10 Hawaiians, said "I could not have settled this country without the aid of the Kanakas."

By Rick
11/16/2011 5:57PM

Well, if the judgement is a sucker-punch, we will gather our resources and spirit anf fight back via appeal....

My gut tells me that we will survive before that crappy bad-dream ever becomes plausible. I am an optimist, the nature of why we chase our dreams with such passion, determination and vision.

Let's focus on the future underground.

By bluejay
11/15/2011 10:17PM

Who is really trying to steal some of our properties with this bogus miscarriage of justice started by the Water Board?

Who stole $700 million from MF Global? Its head Jon Stevens Corzine, the past governor of New Jersey and past U.S. Senator, went crazy with all the financial exposure he put on the backs of Global's customers. Currently, the heads of the SEC and CFTC can't figure out where the money went. Maybe it's suppose to stay that way with American pockets getting picked again.

MF Global is a brokerage house. Some of their accounts had commodity positions and evidently their CME positions don't exist any more. The CME is suppose to insure their members accounts against fraud but they say, they'll only cover 50% of them.

Both Global's Corzine and the head of the CFTC, Gary Gensler, held prominent positions at Goldman Sachs during the late 1990's.
Did any Water Board members or State officials ever work for Goldman Sachs?

I heard one of the newly appointed Prime Minsters of either Greece or Italy use to work for Goldman Sachs. At the end of the linked article below is the translation of a European editorial voicing negative opinions concerning Goldman.

Mary Shapiro's integrity as the head of the SEC is being questioned by both Bob Chapman and Marrtin Armstrong. The SEC was one of MF Global's regulators. In the linked article "SEC's Lack of Regulatory Authority" written by Martin Armstrong, he points the finger at its head, Mary Shapiro.

http://www.martinarmstrong.org/files/Shapiro%20Corzine%2011-15-2011.pdf

By bluejay
11/13/2011 11:03AM

The SEC, the Master of Euphemisms

From the Autumn Trends Journal:

The S.E.C. Faults Credit Raters, but Doesn't Name Them

The spin: "An examination of credit ratings agencies found repeated instances of the companies failing to follow their own procedures or to manage conflicts of interest adequately."

The spin un-spin: The rating agencies twisted their own rules to allow their clients to defraud the public. And it was more than just the rules being twisted. The entire client.rating agency relationship had been turned upside down. In the old days, the clients of agencies were investors who purchased corporate debt. Today, it's not the buyer of debt(investors) who pay the rating agencies to rate the investment, but rather the firms that issue the debt.

The spin: Several inquiries found that the agencies had issued inaccurate reports, failed to report or manage conflicts of interest and appeared to put generating revenue ahead of rigorous financial analysis.

The spin un-spin: "Inaccurate reports" = Lies. "Failed to report or manage conflicts of interest" = Fraud. "Appeared? It didn't appear, it was! "Generating revenue ahead of vigorous financial analysis." This is Econo-Waffle! It makes it sound as though there was a regrettable lapse in otherwise high professional standards, rather than a bunch of ruthless crooks complicit in deliberately ripping off billions from investors who trusted their ratings.

The spin: "For the investing public, however, the S.E.C.'s report is likely to be of limited value because the commission did not name the agencies at which it found deficiencies. Instead, it described its findings as having occurred either at one or more of the three large agencies - Moody's Investor Services, Standard & Poor's and Fitch Ratings - or at one or more of the seven smaller ratings firms."

The spin un-spin: "Investing public" - victims of the fraud. "Limited value" = worthless and useless. "Did not name the agencies" = refusing to divulge to both the investing and non-investing public the names of the crooks. "Deficiencies" = Lies, Frauds, Misrepresentations.

The spin: "The S.E.C. also said the procedures at one of the large ratings agencies "appeared" to allow for limited dissemination of a pending rating action in some instances prior to public dissemination."

The spin un-spin: Kept new ratings hidden from the public so that their cronies could cash in on the inside information. In other words, giving the bookie the inside tip on the winning horse.

These are just a few of the examples that Gerald Celente published with their statements and his take on what they had to say.

By bluejay
11/13/2011 9:51AM

From the Autumn Issue/2011 of Gerald Celente's, The Trends Journal:

Benjamin Franklin summed it up pithily, more than 200 years ago, in his much-quoted but seldom heeded observation, "He who trades liberty for security, deserves neither and will lose both."

By bluejay
11/08/2011 3:15PM

Could a Brenton Woods II save the world economy from imploding? Martin Armstrong explains a two sided world as we approach financial armageddon:

Everyone knows something is wrong. Not everyone can put their finger on it, but they just instinctively know something ain’t right. One participant of the Occupy Wall Street movement across the street from me in Philadelphia holds up a sign saying “too many grievances to list”. Others just assume we have a White Knight in shining armor ready to charge in and save the day. There is certainly no shortage of optimists that just want to believe everything will be alright. They argue we will “grow” our way out of trouble like we always have done. This group stands in contrast with those calling for the end of the world turning gold into a religion and get angry if you say there will be even just a brief pause in the price advance.

Gold is the perfect hedge against a Sovereign Debt Crisis. However, it is a matter of TIME and the majority does not see it that way. Nonetheless, this is what makes the Business Cycle function. It requires two opposite extremes that refuse to consider any other alternative. In this sense, these two extremes are like the optimist who falls off of the top of the Empire State Building and as he passes the 4th floor says: “Well so far so good.”

Both are entrenched in their ideas beyond discussion. On the one side, some refuse to think that civilization can ever collapse as it has done many times in the past. At the other extreme the Gold advocates who argue only gold is money and all fiat is evil without any realization that to create a world with absolutely no fiat is to return to the Dark Ages when there were no banks, no financial markets, no leveraging, no credit, and no jobs – just serfdom.

If M3 shows a money supply of $6 trillion and the total market cap of NYSE stocks is $15 trillion, guess stocks by law should not be allowed to trade above the total money supply since this too would be fiat! According to Wilshire Associates, the total U.S. market cap of US stocks was about $15.35 trillion at the peak in 2007 compared to the world at $51.23 trillion.

The only time that existed without some sort of fiat system in 6000 years was the Dark Ages when money itself was rare and you were most likely a serf. Then there is the academic crowd who only focus on the domestic economy and ignore the global economy. While everyone screams at each other, the real economic nuclear bomb keeps ticking away on a global scale with a countdown to an international Financial Armageddon - debt.

By bluejay
11/07/2011 9:49PM

Chances seem to be moving towards another big US bank fiasco with their growing involvement in selling billions more worth of CDS insurance contracts thinking the Greek tradegy is fixable. Remedying weekly Eureopean debt problems with more extended debt to its weakest countries only works in their dreams.

The following appeared Saturday in Bob Chapman's International Forecaster:

While Europe tries to sort out its problems US banks have bet heavily on a solution. The money center banks have increased sales of insurance against credit losses to holders of Greek, Irish, Portugal, Spanish and Italian debt in the event of default. These are figures from the BIS, the Bank for International Settlements. The numbers leaped from $80.7 billion to $518 billion almost all of which are CDS, credit default swaps. New York banks, which in great part own the Federal Reserve, obviously are going for broke. That means in the last three months they added $350 billion in exposure. All we can say is that they must have a death wish.

As events change from moment to moment regarding Europe’s problems, predictions are difficult due to the machinations and irrationality of the elitists and the governments they control. How conceivably can governments’ bent on world government and the bankers who control them come up with solutions for the Greek euro and other EU problems? They cannot, of course, because they have an ax to grind. These are the same incompetents that created unregulated derivates, CDO’s, CDS, ABS and MBS, plus were the driving forces behind QE 1 and 2 and stimulus 1 and 2, all of which did not work.

By bluejay
11/05/2011 1:41PM

Greek Prime Minister George Papandreou barely survived a confidence vote with a slim margin of 153-145. This pretty much guarantees needed funds for Greece in continuing to make interest payments on its growing debt burden. Their potential financial powder-keg explosion just got moved back in time some with the pushing back of some burning brush, that's all.

It seems bankers who have sold CDS's insuring against debt failures just got a big reprive until the expected general election in February.
The problem with CDS's is that experts believe the banks who wrote the CDS's, for buyers insuring their long positions on the Greek debt, won't be able to pay-up if the country defaults thus causing a major world financial crisis in addition to the expected damage to the Euro that would result.

A credit default swap (CDS) is similar to a traditional insurance policy, in as much as it obliges the seller of the CDS to compensate the buyer in the event of loan default. Generally, the agreement is that in the event of default the buyer of the CDS receives money (usually the face value of the loan), and the seller of the CDS receives the defaulted loan (and with it the right to recover the loan at some later time).(Wikipedia)

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