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Friday 14 August 2015





For Consumers




Mom and daughter eating breakfast
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A healthy breakfast is a must for kids. Skip it and your kids will be playing nutritional catch-up for the rest of the day, says Carole L. Adler, M.A., R.D., a dietitian at the Food and Drug Administration (FDA).
When kids skip breakfast, they don't get what they need to be at their best, says Adler. “Growing bodies and developing brains need regular, healthy meals,” she says. According to the Academy of Nutrition and Dietetics, studies show that school children who eat breakfast perform better in the classroom.
As with other meals, it’s a good idea for your kids (and you) to eat a healthy balance of fruits and vegetables, proteins, grains and dairy—not just for breakfast but throughout the day.
Here are Adler’s seven quick and easy breakfast tips to ensure your children start their day off right.
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Breakfast doesn’t have to mean traditional breakfast foods.

Anything goes, as long as you maintain a healthy balance. So if your kids want a change from cereal and eggs, think about serving left-overs from last night’s dinner. There’s nothing wrong with tuna fish with celery on a whole wheat English muffin or a turkey sandwich to start the day.
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Give kids foods they like.

It’s neither necessary nor effective to feed them foods they dislike. Do your kids turn up their noses at vegetables but love pizza? Left-over pizza with a whole-grain crust and veggies works for breakfast, too. Or make muffins with zucchini and carrots, and spread with peanut butter or almond butter for protein with a glass of milk. Your kids love sugary cereal? Mix a little bit of that cereal with a whole-grain, nutrient-packed healthier brand of cereal. “Nothing has to be off the table altogether, and sometimes just a taste of something your kids like is enough to keep them happy,” Adler says.
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Make healthy trade-offs.

Keep in mind that nutritional balance is key—not just for one meal but for foods eaten throughout the day. Not enough vegetables in the morning meal? Prepare extra carrot, celery, and broccoli sticks with a hummus dip as an afternoon snack.
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Take growth and activity levels into account.

Growing bodies need nourishment. And if your kids are physically active to boot, they need plenty of calories to keep them fueled. Adler says that having a breakfast that contains protein, fat and carbohydrates helps children feel full and stay focused until lunch. Protein choices might include an egg, some nuts, a slice of deli meat or cheese, or a container of yogurt.
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Don’t take, “Mom, I don’t have time for breakfast” as an excuse.

Remember, eating on the go doesn’t have to mean forgoing breakfast. Make sure your kids grab a piece of fruit on the way out the door, and hand them a bag of nut-and-fruit trail mix or a whole-wheat tortilla spread with peanut butter or almond butter and a carton of milk. “A fruit-filled shake with milk or yogurt takes only a couple of minutes to drink,” Adler says.
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Prep the night before.

Morning is a busy time for everyone—you included. So take ten minutes to think ahead and prep for breakfast the night before. Chop up fruit to layer in a yogurt parfait or add to cereal. Cut up vegetables for an omelet. Mix up muffin or whole-grain waffle batter, cover, and put in the fridge. Get out a pan for pancakes or a blender for smoothies. Put a bowl of nut-and-fruit trail mix on the table for kids to grab a handful as they walk out the door.
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Use the Nutrition Facts label and ingredient statement when you shop.

“The label makes it easy to determine the amounts of nutrients your kids are getting and to compare one product to another,” Adler says. Make sure your children get nutrient-dense foods that are low in salt and added sugars.
This article appears on FDA's Consumer Updates page, which features the latest on all FDA-regulated products.
August 13, 2015
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Tuesday 4 August 2015

Anonymous

Some decades ago, I was in Portugal as part of an Atlantic Council delegation.
We were entertained by the British Ambassador not at the Embassy but at another very imposing building in the heart of Lisbon.
The Embassy was, at that time, being refitted, so it was not possible for the Ambassador to receive us there.
The building was very beautiful and quite imposing architecturally.
Our host for the evening, highly apologetic for the absence of the Embassy, told us that, as recompence for the loss, he had chosen this imposing establishment as venue.
None present could have been less impressed when the Ambassador outlined it's very colorful history.
Until about a century ago, it had been a high-class Bordello providing discrete entertainment for Portuguese and other noblemen at residence in Lisbon.
At that time I had been reading about the life of William de Vere because M ** whom I knew, was a distant relative.
Before time hopping I will just relate a story from that evening.
Over sherry, a senior Portuguese Minister (who will remain, by me, anonymous) told us the following story:
One night, at about 2.30-3.00 am. the Portuguese Prime Minister was awoken by his Aide- de-Camp to let him know that the British Prime Minister, Margaret Thatcher, was on the telephone requesting to urgently speak with him. For the life of him he could not think why the BPM would chose such an unruly and highly uncivilized hour for parley.
He took the call as courteous as one can be at an hour when other activities are usually more pressing than semantics with a British politician.
It was the time of the Falklands Crisis and Britain urgently needed to use South Atlantic Portuguese territory for refueling en-route.
It was a request to use Portuguese territory both for stopover and refueling.
'Of course you can use our facilities Prime Minister, but tell me this, why has it taken you so long to call?' was the response. [''The Anglo-Portuguese Treaty of 1373 between Portugal and England, is the oldest alliance in the world that is still in force'' and before this telephone call, Britain had never requested from Portugal any assistance nor provision under the terms which it operates for both parties.]
Back to William de Vere.
If you have not already seen the film 'Anonymous' written by John Orloff and directed by Roland Emmerich, I highly recommend it.
Shakespeare is more enigmatic a character than the romantic literature of today portrays and markets him and his works for popular consumption worldwide.
Nowhere in Europe will you find any plaque nor house nor residence with a dedication to William Shakespeare or that he stayed there in passing.
The fact is, Shakespeare never left the confines of the British Isles.
So where then did he amass such wonderful bountiful knowledge about subjects, characters, politics and even short cuts to exotic destinations on the continent, in very fine minute?
It was, as Orloff rightly allures to, either in the 16th century brothels straddling the River Thames or chit chat from mariners in the same whilst on shore leave - themselves having sailed the Seven Seas that, if he did indeed write the works, William Shakespeare got all the material for his masterpieces.
(Shakespeare never gives credits to anyone so we must accept his knowledge as 'self-taught' – or must we?)

Most of Shakespeare's work is 'off-limits' to children below the ages of 11 as most plays are filled with such x-rated material that, if translated into modern language format, such would not be published by many mainstream publication nor media outlets in the United States, if submitted for the first time, today (!)
And now I am coming to the intriguing part of the story:
Orloff's main argument in the film 'Anonymous' is that the plays and sonnets themselves are the work of Edward de Vere, 17th Earl of Oxford.
Fortunately his film 'Anonymous' was U.S. released and Emmerich does not really take to heart (nor care about) the British media critical reviews.  If he had, they would not have disappointed. Almost without exception his film met with very frosty acclaim on the English side of the Atlantic. Such was to be expected as he and Orloff had just 'assassinated' an icon of British literature with the upstart inference that, well perhaps Will Shakespeare wasn't quite that saintly enigmatic icon the British have been making him out to be for the past 400 years – indeed perhaps he (or it) is just a very clever (I would even say brilliant) money-spinning deception.
Shakespeare has no pedigree, no legend, and this in itself (as I have always explained to the kids) is the clue or key to solving the mystery.
A bisexual Shakespeare ( Edward de Vere) who spent his life chasing very young boys and girls in the brothels of London (or indeed, in the case of de Vere, exclusively 'procured' – or in today's language 'trafficked' - in the finest of residences on the continent) is not as appealing nor socially (nor financially) acceptable as the very refined educated gentleman with highly conservative civic and deferential values to King, Queen and country, as William Shakespeare is promoted to be, to an international audience, worldwide, by 'the establishment.'

One thing my experience has taught me:the Anglo-Saxons (like many other races) love to hide things - then pretend they never existed(!); the more titillating or controversial they are, the harder a job you'll have discovering the truth.
Emmerich is a genius in his own right so the 'establishment' had some difficulty debunking his production as the work of a 'crank'. If all else fails, just ignore the bugger (!); the film will soon go away – to be forgotten on the 'scrap heap' of undocumented history. This, then, was how the game was played.
Shakespeare is within the holy of holies - the inner sanctum – so fasten your safety belt for a rough ride if thou dare speakest 'au contraire' of 'The Bard' (!)

During the Summer holidays I used to take the kids to the Natural History Museum in Kensington – a short bus ride down the road from where we were based.
There used to be an iconic dinosaur skeleton, affectionately known as 'Dippy', on display in the front podium.
On one occasion when one of the kids remarked how wonderful 'Dippy' 'looked' for his or her age of sixty five million years some smart ass almost spoiled the day with the acerbic remark that it wasn't real, just a fake dinosaur.
My comment was that, whether real or not, I agreed that it certainly looked great for it's age (!); and all was forgiven (!)


©Patrick Emek, 4th August, 2015



The reviews 'Anonymous' received were, for me, highly reminiscent of the reception which Dr Joseph Goldberger had when he proved that Pellagra was a result of diet deficiency. Dr Goldberger was only vindicated a decade after he deceased - too late for the 100 000 victims whose lives were needlessly wasted as a result of racism, pride and bigotry. Few were willing to acknowledge the truth - even with proof - as the cost of implementing reforms were too high for a (mainly)  Southern society convinced that it was a Northern 'conspiracy' against the Southern way of life by an 'outsider' [Dr Goldberger was Jewish, and, even worse for Southern bigots, a New Yorker (!)]



The Bisexuality of Shakespeare's Sonnets and Implications for De Vere's Authorship
Read More: http://guilfordjournals.com/doi/abs/10.1521/prev.2010.97.5.857?journalCode=prev






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Thursday 23 July 2015

Jeremy Corbyn & The Battle For The British Labour
(U.S. 'Labor') Party Leadership

I had taken up a long-standing invitation to visit ********* at his beautiful quaint home – **** Manor – in Cambridge.
I decided to let the train take the strain as we were intending to get some pub grub and pork belly at one of his favorite local dens.
It was a very beautiful Summer's day.
He collected me from the station and we spent the sweltering morning walking the lengths of his inner courtyard and gardens while he gave a few tips on elementary botany for the layman and introduced me to his treasured plants and flowers, each by nomenclature.
As we strolled through the gardens I recalled a similar residence in Malta I had, many years ago, been invited to lunch at. The one in Malta was likewise breathtaking and I remember that the proprietor of the property told us that Her Majesty The Queen had actually stayed at this residence when she once visited the island. I cannot recall whether it was a stay for a few days or just a visit to the property to marvel at it's equally beautiful gardens.
(What I can now say is that our visit to Malta was hosted by Frank Salt Properties and this is the first opportunity I am taking to say thank you to Frank and his Staff for being such wonderful hosts, providing the warmest of hospitality and personal guides during our stay on the island.)
The setting for ****** residence in Cambridge could not have been more perfect.
For many years ******* had been trying to persuade me to move to Cambridge on the grounds that there are a better intellect class in residence here (and maybe one more to my liking?) than 'the jungle' where I was residing. He even had somewhere in mind for me to reside.
Sadly when you get too used to 'jungle life' it's very difficult to adapt to 'normality' and I think I would have ultimately found myself infinitely bored in the beautiful picturesque settings I was now enjoying (!)

Over lunch we discussed politics and some issues which did not appear in two of my books nor interviews but were nonetheless very topical.
After that we drove to see his primary and secondary schools, all hallowed, oaked and silent in the blistering heat of a very lazy day, with not a soul in sight just a few lovers strolling by the banks of the glistening and sparkling undulating waters.
I am not one of the world's greatest botanists but I think they were willow trees lightly dipping their boughs into the slow-flowing streams, hardly a gust in sight.

I will not give the exact circumstances nor location where I met Jeremy Corbyn just suffice to say that he had just come from seeing his son, then a Cambridge undergraduate. (His son graduated about two years ago.)
We spend the better part of an hour - just us - nobody else – chatting about everything.
Out of respect, I did not draw him into a discussion about any major political issues but we talked a lot about education in general and the (then) topical issue of climate change, the ongoing drought in Cambridge and it's effects on local farming.
This was not my first encounter with Mr Corbyn. Many years ago - perhaps as many as ten - I was debating with the same on BBC World Television about terrorism in the Philippines.
As I recall there was a third person partaking that BBC Panel debate.

I never agreed with Mr Corbyn's politics - which I am familiar with over many years - but at least he stands for something he believes in.
There are very few (perhaps a handful) of British politicians who are but 'party lackeys' - and all his rival contenders for the Labor Party leadership fit into this bag - with lots of room to spare for many many more of them.
They are all so dull and so predictable - the Socialist 'Nomenklatura' 'Class' in British Politics.
Jeremy Corbyn is the Socialist equivalent of Margaret Thatcher (and I did meet Margaret on many occasions.)
He is feared by the Labor Party nomenklatura because he actually stands for 'genuine' Socialist values – as opposed to their sham and deceitful politics - all carefully managed to fool the general public into believing that they represent 'the ordinary' folk.

I would not vote for Jeremy - but I respect the fact that he actually has something he treasures and genuinely believes in contrast to the 'Judases' now desperately seeking any and every nefarious and perfidious means to scuttle his bid for the Party's leadership.

In one sense he represents the political antithesis of Margaret Thatcher but in another he likewise shares her 'conviction politics' and is motivated toward a grander (utopian?) vision of mankind's existence, under a (rainbow) socialist umbrella.

Perhaps that is what British politics desperately needs - a real genuine alternative so that people can at least have a real genuine choice to vote on at a general election.

The campaign against Mr Corbyn has almost reached hysterical levels - with the end of the world being predicted if he is elected Labor Leader.
They have even dusted down the ghosts (and literally, guns) of old, rehabilitated Mr Blair and put him in the sparring ring to add the 'coup de grâce' as Corbyn lies pummelled and bleeding on the ropes from the blows and the knife wounds inflicted by Brutus et al.

It's unlikely that he will succeed in his bid for leadership of the British Labor Party as every political 'hitman' (or 'hitperson' as the politically correct Socialists would prefer to say) from the four corners of the British Isles has been press-ganged into service to 'get Corbyn' at any and at all costs.


As all those plotters against Corbyn, without exception, 'lie with dogs' (as the saying goes) I have no doubt they will all, ultimately, 'get up with fleas' (!)


©Patrick Emek, July 24th, 2015






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Wednesday 15 July 2015



Today, after two years of negotiations, the United States -- together with our international partners -- has achieved what decades of animosity has not:
A comprehensive, long-term deal that will verifiably prevent Iran from obtaining a nuclear weapon.
This deal shows the real and meaningful change that American leadership and diplomacy can bring -- change that makes our country and the world safer and more secure.
We negotiated from a position of strength and principle -- and the result is a nuclear deal that cuts off every pathway to a nuclear weapon.
I want to make sure every American knows what this deal means and how it works. Take a look here.
Because of this deal, Iran will not be able to produce highly enriched uranium or weapons-grade plutonium, the raw materials necessary to build a bomb. Here's why:
Under this deal, Iran will reduce its stockpile of enriched uranium by 98 percent, remove two-thirds of its installed centrifuges -- the machines necessary to produce highly enriched uranium -- and store them under constant international supervision.
To put that in perspective, Iran currently has a stockpile that could produce up to 10 nuclear weapons. Now, its uranium stockpile will be reduced to a fraction of what would be required for a single weapon.
Under this deal, Iran will modify its nuclear reactor in Arak so it cannot produce weapons-grade plutonium -- and all spent fuel from the reactor will be shipped out of the country indefinitely.
This deal is not built on trust -- it's built on verification. Under this deal, we will, for the first time, be in a position to verify that Iran is meeting all of these commitments. International nuclear inspectors will have access to Iran's nuclear program -- where necessary, when necessary. This is the most comprehensive and intrusive verification regime that we have ever negotiated. If Iran tries to divert raw materials to covert facilities, inspectors will be able to access any suspicious locations.
As Iran implements this deal, it will receive gradual relief from sanctions. If it violates any aspect of this deal, sanctions that have crippled Iran's economy will snap back into place.
Learn more, and get additional context, right here.
That's the deal.
It has the full backing of the international community. Without it, there'd be no agreed-upon limitations on Iran's nuclear program and other countries would feel more compelled to pursue their own programs, threatening a nuclear arms race in the most volatile region of the world.
Put simply: No deal means a greater chance of more war in the Middle East.
That is why it would be irresponsible to walk away from this deal. Moving forward, I welcome a robust debate in Congress on the details of this deal. As Commander-in-Chief, I am confident that this deal will meet the national security interests of the U.S. and our allies. So I will veto any legislation that prevents the successful implementation of this deal.
Our differences with Iran are real, and the difficult history between our nations cannot be ignored. But it is possible to change. The path of violence and rigid ideology; a foreign policy based on threats to attack your neighbors or eradicate Israel -- is a dead end. A different path -- one of tolerance, and peaceful resolution of conflict -- leads to more integration into the global economy, more engagement with the international community, and the ability of the Iranian people to prosper and thrive. This deal offers an opportunity to move in a new direction.
We should seize it.
Thank you,
President Barack Obama



Please do not reply to this email. Contact the White House
The White House • 1600 Pennsylvania Ave NW • Washington, DC 20500 • 202-456-1111
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''This morning, the United States became the first country to reach Pluto -
and the first country to explore the entire classical solar system: Mercury, 
Venus, Mars, Jupiter, Saturn, Uranus, Neptune, and Pluto.
NASA's New Horizons interplanetary probe has been making its way to 
Pluto since January 19, 2006, and has been providing the world with the 
sharpest photos ever seen of our Solar System's most prominent 
 "dwarf planet." Today, it made its closest approach to Pluto yet-
 about 8,000 miles-at around 07:49:57 EDT.
Here's the photo they took - which, despite traveling at the speed of light (186,000 miles per second), took four and a half hours to reach us here on Earth as it crossed the 3 billion miles between here and Pluto:

Every once in a while, a photo comes along that has the ability to shift not
just how we see our place in the universe, but how we see ourselves - 
not just as Americans, but as citizens of Earth.
This is one of those photos, and I hope you'll share it with someone today.''
More soon --
John
Dr. John P. Holdren
Director, Office of Science and Technology Policy
The White House
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Monday 6 July 2015

The True Cost Of Exposure To Greek Restructuring of Debt


Total German Banking Exposure: €28 billion
€56 billion is owed to Germany as part of Greece's bailout. Please also note that the German Government has, effectively, 'underwritten' German banking exposure (above) by providing this 'loan' to Greece.
Nominally, therefore the German 'debt' owed by Greece is to the German Government and not to the German Banking sector per ipse.
A default however, would as much affect German Banks as it would the German Government in that it would seriously undermine it's ability to provide such 'cushions' should other similar crises occur, globally, simultaneously.
Keep in mind that China's economy is 'over heating' and the South American 'bubble' may be about to burst (Brazil, Venezuela, Chile, Bolivia and Ecuador should be of note here.)
The 'perception' of the German Government's exposure [and potential exposures and ability to respond as effectively as in the Greek situation] is also a key issue in global market stability.

Banks Most Affected:
Exposure (in Euros)

Credit Agricole [CAGR.PA]  € 4 billion

BNP Paribas [BNPP.PA]                            € 700 million

Societe Generale [SOGN.PA]                                 € 300 million
 
Deutsche Bank [DBKGn.DE]    €2.3 billion**


Commerzbank [CBKG.DE]                            €400 million
Deutsche Bank                                                 * € 300 million

**According to a Bloomberg report on June 29, Deutsche Bank has a $2.3 billion exposure in Greece

*Official German government figure.

Why Deutsche Bank Is In My Focus
Of the total German exposure, 4.6 billion euros was to other banks, 3.6 billion euros to companies and private individuals, and 15.2 billion euros to state entities, the BdB said.
"The credit exposure of German banks in Greece is low," BdB head Thomas Kemmer said in a statement. "That's why, should it come to insolvency for Greece, the direct effects on German banks could be overcome.''

This statement itself is quite correct but it does not take into account DB's total global exposure -especially in the South American regions of Brazil, Argentina, Chile, in China and South East Asia - not to mention in Eastern Europe, the Caucasuses and in Russia.

What you often see are compartmentalized figures only focusing on one crisis.
[Please refer to my earleir blog references where the full problem which could affect DB, should several regional economies downslide, or politically motivated trade sanctions which adversely affect DB, are in effect.]
Hence the reason why the reinsurers and 'repackagers' of debt – be it the German Government taking on [or underpinning] 'corporate' debt or other major institutions could be critical should their perception of market trends turn negative.

Detailed Analysis of The Total Banking Exposure To Greek Restructuring Of Debt

To Whom The Debt Is Owed                            Amount

Greek Banking Sector                                   € 11 billion

Bank of Greece                                                        € 4 billion

European Central Bank [ECB]                       € 20 billion

International Monetary Fund [IMF]           € 32 billion

France                                 € 42 billion

Germany (as part of the Greek bailout)

                       € 56 billion (see above)

Other Eurozone Countries
(as part of the Greek bailout)               € 34 billion

Other Bonds (investors)      € 49 billion

Other Loans (creditors)                           € 11 billion

Italy                                               € 37 billion


Spain                                                         € 25 billion


Foreign Banks                                                           €2 billion


TOTAL DEBT AT TIME
OF DEFAULT [30th June, 2015]
and restructuring negotiations
[to commence shortly]                       € 315 billion 




 *latest figure released by Bloomberg on June 29th and
also refer to Yahoo Finance today [9 hours ago, 7th July] at

http://finance.yahoo.com/news/deutsche-bank-stock-dropping-more-155114781.html

If you can find your way through the financial maze to the lighter side of this tragic comedy you might want to look up the following reference:



[If you are a banker you won't find anything here to laugh about so please do not visit the website – it's solely meant for ordinary folk trying to understand the 'bigger toys for bigger boys '- and girls!]

Please note the comments below of one very angry Greek citizen.
What he says at the above website about how the information is being presented in the European media, in general, is absolutely true, in fact.
This however does not change the figures outstanding - but it does explain why after 5 years of severe austerity it has been impossible for the Greek government to implement any meaningful economic stimulus to the economy.

Update:
Atc Stalikas ·
Director at A.T.C. Agrinio Hellas.

''Most of you are ignorant of the real facts. You are the victims of the international mass media propaganda that aim to discredit the country and humiliate its citizens. None of the money mentioned went to Greek people. If it was so the fate of the country would have been better today. All the money went to support their banks and passed the debt to Greece. It is about time to wake up and see the issue in its real perspective.''
Like · Reply · Jul 11, 2015 3:15pm



©Patrick Emek, 2015


Other references:


Moody's downgrades credit rating on French banks Societe Generale and Credit       Agricole  

8761709/Moodys-downgrades-credit-rating-on-French-banks-Societe-Generale-








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Sunday 5 July 2015

''GREEK DEMOCRACY CANNOT 
BE 
BLACKMAILED''
[Alexis Tsipras, Prime Minister of Greece, July 5th , 2015]

referendum result:
39% in favor of continued austerity
61% in favor of revised negotiation of bailout terms with the European Union





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Tuesday 30 June 2015

Deutsche Bank:
Another Lehman on the Precipice?

Deutsche Bank is one of the most successful banks ever to exist.
With close to $70* trillion dollars invested [or geared] worldwide, this is not an insignificant part of this planet's global financial structure.

Deutsche has been one of the most successful banks because it has made very careful investment decisions over decades, has taken calculated risks and has benefitted enormously from the calibre of management and client loyalty it has largely retained despite world economic fluctuations.

Greece was considered a calculated risk for Deutsche.
You will never succeed as a global bank, unless you are prepared to take some risks -and this was a very well-thought out strategy.

What nobody could have foreseen were a number of coinciding world events:
1.The near collapse of the world financial order between 2007-2008
(which, by 2009, thanks to President Obama, as history, if honestly written, will show, never happened.)

2.The collapse of Lehman Brothers -which, in my opinion, should never have been allowed to happen -and we have the British Premier of the day, Gordon Brown, to thank, in part, for that collapse.

There is a theory that Goldman Sachs 'pushed Lehman', it's bitter rival, 'under the financial bus' at a time of crises, to gain a competitive world advantage.
This is hotly refuted by Goldman Sachs but a scenario is about to unfold in Greece which maybe eerily similar.
Nobody will dispute the fact that GS 'pulled the plug' on loans to Lehman – but this occurred before it was going into bankruptcy:
''This isn't GS specific, but it's true with all of the other investment banks.
Once you think that Lehman is going under, you stop lending it money, once you stop lending it money then Lehman's situation gets worse, so ultimately you end up with this downward spiral which caused everything to blow up.
So once it seemed that Lehman was in bad shape GS and all of the other banks stopped loaning Lehman money.  One reason for this is that if you know that a company is going bankrupt, you are going to get a lot better terms if you loan it money *after* it goes into bankruptcy.'' [ Jospeh P. Wang, Chief Scientist, Bitquant Research http://www.startupbootcamp.org/mentors/joseph-wang.html ]

Socialist Prime Minister Gordon Brown, the most disliked British Prime Minister of the 21st century, certainly despised anything with a hint of global financial free enterprise - and especially American global capitalism – played no small part in influencing the British Treasury to renege on a prior understanding – and pull the plug on Lehman Brothers.
[The British 'establishment' is highly incestuous and more prone to political influence than even it's U.S. counterparts so all Prime Minister Brown had to do was pick up the phone and 'threaten' HM Treasury and Governor of the Bank of England to 'fall in line' or face future [unspecified] 'consequences' - such as loss of 'honors' being 'blackballed' fired etc. etc. etc. You need to appreciate that such 'behaviour' is pretty standard in Britain and across Europe.]

At that time, on Eurostar whilst travelling to France, I met a middle ranking executive recently made redundant from Lehman and he shared a number of interesting stories with me during our trip which helped me appreciate the overall situation.
As financial gain was not my objective, I simply took notes for future reference.

The part which GS has played in this Greek tragedy is remarkably similar (in some regards) to it's ambiguous role vis-a-vis Lehman.
On the one hand and at onetime, encouraging, creatively facilitating and cooperating, and on the other, quick to pull the plug rather than find creative solutions in times of crises.
[This role will no doubt be examined in great detail by more eminent specialists than myself when placed into a historical context in future years.]

Back to the future.  Deutsche still remains very highly levered ['geared'] and would not survive a Greek default, without special provisions, because of over exposure in this market.
But the fall of Deutsche would affect us all – and could spark another economic 9-11 – this time of global catastrophic proportion.
Therefore, as Greece politicians themselves are fully aware, some formulation to 'cushion' Greece must be developed in the interests of global financial security of the democratic world.
It is likely that Greece will agree to 'prioritize' Deutsche as top (or very near the top) of the list of priority [future] creditors for payment – despite howls of protest and threats of economic blacklisting and bullying.
This bullyboy strategy will, however, as it has to date, fall on deaf ears as far as the Greek government is concerned.
[Historically the Greek people have had to endure far more suffering than these slimey and slippery politicians in Brussels could ever devise.]
[Why is it that Northern European politicians fail to understand 'L'homme du Midi'?
They just don't understand either the philosophy nor the way of life.
They have lived too long in the cold caves of Northern Europe bereft as they are of the benefits of the perennial warmth of the Mediterranean, fine wine, women, song, fishing, olive, lime and lemon groves.
They all have holiday homes in warmer climes but fail to really appreciate the 'mode de vie.']

So, much to the chagrin of The Russian Federation, praying as it is for a global collapse of the dollar and the euro, Deutsche Bank (and the world economic order as it exists) will not collapse and a deal will at least be done with this creditor - and probably others.

As the saying goes, when you owe the bank $1000 you have a problem.
When you owe the bank $100bn, the bank has a problem.

The Greek government has played Russian Roulette down to the wire.
It has played it with genius – to be expected of the Greeks(!)
It has faced off the financial bullies of Europe - who thought their Machiavellian skills far outshone those of their 'second-rate' counterparts in Athens.

The Oracle's Message (!)
However, a word of caution: It is probably advisable for the incumbent (victorious) Greek politicians to very carefully (and wisely) choose their holiday and social destinations for the foreseeable future – should they not wish to be bushwhacked [like Dominique Strauss-Kahn] as their fortitude and successful negotiating skills (and the humiliations inflicted on the 'Godfathers' of The European Union - political and monetary- and other institutions) will neither be forgotten - nor forgiven - for a very very long time (!)

Neither should it be forgotten that there is no formulation to facilitate an exit from the monetary union structure whilst a country retains it's 'political' union status within that same entity.  This is very similar to the Warsaw Pact -
a Stalinistic entity whose tentacles bound it's Communist member countries into a military, economic and political monolithic structure - until it collapsed. 
[I should add that the issue of NATO membership for Greece is easy to facilitate outside the monetary structure of the EU.  Should Greece seek funding from Russia, in any significant amount, that would certainly complicate this relationship.  It is unlikely that the Greek people as a whole would be happy with such a course of action - Greece leaving NATO or the European Union.]

©Patrick Emek, 2015



Premier Matteo Renzi's Remarks In Berlin Today
(Come Back Silvio Berlusconi-All Is Forgiven!)

The above was not meant to say that 'Northerners' are more 'efficient' than 'Southerners'.
No, just that the lifestyles and priorities are different.
I specifically included a reference to support the statement.
It is only right that in colder Northern climes you have to be more efficient and plan for uncertainty more regularly than you do along the Mediterranean coastline where you can plan for sunshine for nearly 12 months of the year, every year.
This does not reflect on levels of efficiency but it certainly reflects in lifestyle choices.
That difference exists between the Northern Italians and their Southern counterparts.
This difference, in itself, determines the lifestyle choice.
The North of Italy has in more recent times, culturally and historically, identified with Germany and the Nordic countries - in terms of lifestyle and perception of priorities.
Premier Matteo Renzi's Remarks
It was almost a shock to hear the Italian Premier yesterday castigate his Greek counterpart - and the Greek people - as 'lazy and inefficient' - playing to historical racial stereotypes and historical differences - Italy being part of the Nazi Axis during the Second World War while the Greeks, fiercely independent, supported the Allies.
It is most unfortunate that the Italian Premier should have been so scathing in his personal attack on the Greek people.  Perhaps he should go on a 'Racial Awareness' course, funded by the European Union, before making such derogatory remarks in public again?
The media has likewise been filled with derogatory remarks - comparing Greece with Yemen, Somalia, Sudan and Zimbabwe - all in the interests of 'honest' news analysis of course (!)
Even Chancellor Angela Merkel was so embarrassed by the remarks of Premier Renzi she distanced herself from them almost immediately - with an olive branch extended to the suffering Greek people.

 What effect, if any, Premier Renzi's remarks will have on next Sunday's referendum in Greece remains to be seen.  if I was to guess, I would say the effect will be minimal - but it could well confirm the Greek people in their choice of 'for' or 'against' the referendum options.

updated with an amendment on 6th Jult, 2015:
*Deutsche Bank's derivative holdings:
It is generall accepted that the derivative holdings of DB are between $70 trillion and $74 trillion dollars. My initial figure of $90 trillion was inaccurate and based on a calculation error.


Footnote & Epilog:

It's the End Of The World - As We Know It

A theory of existence suggests everything came into being with 'The Big Bang' about 13.8 billion years ago.
A new theory, 'The Big Rip', suggests everything will 'tear apart' in approximately 11 billion (or 22 billion,depending who you speak with) years.

My take on this is that 'the Big Rip' will happen within months - should Deutsche Bank go belly up (!)













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