Who will bail out the Federal Reserve Bank? The European Central Bank? And who will bail out the European Central Bank? Citibank? The World Bank? The Bank of International Settlements? And who will bail out these banks? God? I doubt it.

Time for nature and ourselves bail the world out of this massive fraud and let the banksters bail themselves out of their own Titanic.

What are the best REAL money systems?

So far, nobody has challenged the effectiveness of the time-energy accounting (TEA) system:

 http://egroups.com/group/cea-usa/message/1825

Jon

--- Phil wrote:
> FYI more on the ongoing saga of Enron & J.P. Morgan Chase
> An eye opener for sure.
> Phil : 0
>
> --- cxpowell wrote:
> > To:  gata@yahoogroups.com
> > From: "cxpowell"
> > Date: Fri, 08 Feb 2002 02:01:15 -0000
> > Subject: [GATA] Is J.P. Morgan Chase to big to bail as
> > well as fail?
> >
> > 8:59p ET Thursday, February 7, 2002
> >
> > Dear Friend of GATA and Gold:
> >
> > Our friend Reg Howe first raised the issue of the
> > disproportionate position in derivatives of J.P.
> > Morgan Chase. Today it was the subject of John
> > Crudele's column in the New York Post, published
> > just a few blocks from the corner of Broad and
> > Wall Streets. It's a good bet that it was read by
> > some of the denizens of that neighborhood.
> >
> > Thanks, Reg.
> >
> > CHRIS POWELL, Secretary/Treasurer
> > Gold Anti-Trust Action Committee Inc.
> >
> > * * *
> >
> > Is J.P. Morgan Chase too big to bail?
> >
> > By John Crudele
> > New York Post
> > February 7, 2002
> >
> > Is J.P. Morgan Chase too big to bail?
> >
> > Last week I posed the more common question: Was the
> > bank too big to fail, or allowed to fail by the
> > government?
> >
> > It's a logical question, since J.P. Morgan Chase has had
> > a string of bad luck recently, including involvement with
> >
> > Enron. The bank says its luck hasn't been as bad as it
> > looks, and I'll get to that in a minute. But J.P. Morgan
> > chief exec William Harrison admitted publicly yesterday
> > that the bank had assumed too much risk in dealings
> > with Enron.
> >
> > But I saved potentially the most ominous and admittedly
> > most confusing of J.P. Morgan Chase's bets for last --
> > derivatives. Lot and lots and lots of derivatives. Enough
> >
> > derivative exposure, in fact, to dwarf the entire gross
> > domestic product of the United States.
> >
> > What are derivatives? They are investments -- gambles,
> > really, like those made by Enron -- on things that are
> > "derived" from other investments. The dollar, interest
> > rate spreads, stocks, livestock -- you name it, because
> > your guess will be as good as anyone else's outside
> > of J.P. Morgan.
> >
> > J.P. Morgan declined a request to discuss its massive
> > derivative position even as it was defending its streak
> > of bad luck.
> >
> > Just how massive is Morgan's derivative gamble? Get
> > this -- it has a potential, or notional, value of $29
> > trillion. That is in addition to net credit exposure
> > of $94.7 billion. Trillions in derivatives. As in
> > three times the nation's entire annual gross domestic
> > product.
> >
> > Here is another comparison to consider: Citigroup,
> > another giant bank, only has $9 trillion in derivative
> > exposure. Says Jim Grant of Grant's Interest Rate
> > Observer: "So dominant is Morgan Chase in the
> > derivatives market that its exposures look like
> > typographical errors."
> >
> > Adds bank analyst Charles Peabody of Ventana
> > Capital, "It's an incredible figure and it's very
> > dangerous. There's no exit."
> >
> > On the bright side, J.P. Morgan Chase's derivative
> > position has been growing steadily for years, so far
> > without an apparent mishap. But, then again, the
> > country and the banking industry hasn't been through
> > a recession in recent years. As for its bad luck in
> > loans to companies like Kmart, Global Crossing,
> > Enron et al., as well as Argentina, J.P. Morgan
> > Chase says that its losses on commercial loans
> > are equal to less than 1 percent of its total portfolio.
> > And it promises that it isn't hiding any losses off the
> > balance sheet -- like PNC Bank is accused of doing.
> >
> > And apparently taking one from the Ken Lay quote
> > book, J.P. Morgan Chase says I'm relying too much
> > on a small group of bank industry analysts in my
> > critique.
> >
> > I hope the bank is right, because J.P. Morgan Chase's
> > dabbling in derivatives makes it too big for even the
> > Federal Reserve to bail out.
> >
> > -END-
> >