Tag Archives: G30

The G30 court

There is an issue, an issue that we are all missing, more for the reason that after January 17th the media is steering clear of this with all the might and options they had. I reckon that they will spin this in a setting that it is ‘uninteresting‘, but when was it ever uninteresting to look at a group of 30 that has the alleged advantage of getting their fingers into a pool that has 0% risk worth billions?

The more important part is that there was one mention, or at least only one that was found, on July 7th 2017 and November 3rd 2017, both come from Reuters, the media has become that much of a bean flicking, pole pulling grape flocked bunch of pussies as I personally see it. Yet, the fact is that even as the impact is speculated, the setting given is that a group of 30 had an optional exclusive insight in the 3 trillion dollar ECB spending. Consider that each of these 30 got a 1% portfolio, where 75% of it was set at 0% whilst the remaining 25% might have op to 3% risk, in this setting the underwritten $31 billion for each member would set a speculated sanctified security of a multiple factors of $31 billion each. An elite group of 30 all having the top of the financial services cream at zero risk with the optional massive returns none of us ever had insight to. Now I can see that a mere 0.01% of that 1% would set me up for life, and that is merely the one source, the ‘in-crowd’, now would that be the incestuous insider towards untapped ‘considerations of investment‘ and they would all be bringing their own portfolios and economic insight on how to maximise that? Adding the man (read: Mario Draghi) spending Europe’s $3.1 trillion would happily be allowed into their midst, it is merely the setting that this rigs the game towards 30 participants whilst giving a weighted disadvantage to all other bankers is still an issue not covered by anyone.

So as we saw last November ‘ECB says not its call to publish content of Draghi’s meetings with financiers‘ (at https://www.reuters.com/article/us-ecb-banks-ethics/ecb-says-not-its-call-to-publish-content-of-draghis-meetings-with-financiers-idUSKBN1D327U) whilst we also see “At issue is Draghi’s membership of the so-called Group of 30, where policymakers meet bankers, fund managers and academics behind closed doors to discuss economic issues. He sits alongside former and current central bankers, such as Bank of England Governor Mark Carney and the Bank of Japan’s Haruhiko Kuroda, as well as Nobel laureate Paul Krugman

Yet even as we see “Ombudsman Emily O’Reilly had asked whether the ECB would “consider proactively informing the public of the content of these meetings” in response to “a complaint by activist group Corporate Europe Observatory, which said in January it was concerned about proximity at the G30 of ECB officials and bankers they are meant to supervise“, I cannot help but wonder what both Emily O’Reilly and Corporate Europe Observatory left unmentioned. It was also mentioned by the Dutch Volkskrant where the Corporate Europe Observatory (CEO) member Olivier Hoedeman added comment.

I tried to find more, so even as we have found Mario Draghi, Mark Carney, Haruhiko Kuroda and Paul Krugman as confirmed names (from the media), I initially believed that Groupe Credit Agricole (most likely Dominique Lefebvre) would be a member, I am also speculating that Peter Smith (as director of N M Rothschild & Sons) might have been a member of that group. There are a few other players, but it becomes increasingly less certain even from a speculated point of view. What does matter is that this is not merely some ‘secretive’ babble group. Even as we see last July “In a letter to Draghi that was published on Friday, European Ombudsman Emily O’Reilly said the meetings of the Group of Thirty, where central bankers, economists and financiers talk behind closed doors, are “not transparent” and questioned the ECB president’s membership of the club” as well as “Draghi has until September to reply to the letter in writing“, in that, the media and so called journalism stayed clear of this for the largest extent and the ECB did respond in October 2017 in the attached part. In my view, it all sounds nice but a select group of 30 with a pool of a number in excess of 6 trillion, where 30 people get first dibs on a risk bonus that goes beyond the comprehension of many and the media buries it on page 62 is a much larger issue, especially when the response on page 9 gives us “Moreover, Article 130 of the Treaty on the Functioning of the European Union safeguards the independence of the ECB and of the members of its decision-making bodies” whilst we all know that a mere fraction of $6 trillion has been a case for shifted morals and readjusted (read: weighted morals) in many regards, there are countless hours on C-SPAN that saw those liquid morals and settings in regards to the 2008 events, so the idea of ’30’ members ending up with golden parachute the size of Australia is not that much of a leap, speculated or not. So when we look back to the 2008 events and we see in January 2017, nine years later “The credit rating agency Moody’s has agreed to pay nearly $864m to settle with US federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis, the department of justice said on Friday“, whilst the damage from the 2008 crash was set to top $22 trillion, we should ask the US Justice department on where the remaining 21.991 trillion is and who was supposed to pay for that. So in all this the fact that the media is steering clear from the G30 and asking, or actually not asking anything past the Reuters articles seen should give alarm bells on many sides, not merely the media.

The EU Parliament magazine (at https://www.theparliamentmagazine.eu/articles/news/mario-draghi-under-fire-g30-membership), also gives us “CEO’s monetary and financial policy researcher Kenneth Haar said, “The Ombudsman’s decision is timely and very positive. Draghi’s involvement with the G30 was ill-advised from the start. Since 2016, when the ECB’s mandate for banking supervision was extended, the close ties between the president and the bankers’ group has become absolutely unacceptable“, or is that gave, because it is past tense and so far the media has remained silent since January 17. It seems to me (extremely speculative) that these 30 members are either connected or involved with the shareholders, stakeholders or advertisers in the media, because the media seems to be at all times protective of these three groups, whilst merely informing on those three groups in a filtered way, or to the smallest degree unless it was already out there in the field. The fact that this group has such a global hold is an issue and I might have been a lot less speculated on this, but the lack of transparency as well as the fact that we see “Tyga Gives Kim Kardashian A Hilarious Spelling Lesson On Social Media” and other Kim Kardashian on a daily basis, whilst the media remains silent on the speculated distributors of no risk trillions is a weird setting, especially when those sources have their fingers in thousands of billions. So when we see the BBC with: ‘Is it time we all unfollowed Kim Kardashian?‘, we might wonder whether it is yea or nea, yet there is a speculated 99.9999% likelihood that the G30 members will not make the cut towards monitored inclusion on following, I am certain that the first one that acts on that is has a boss who is likely (again speculated) to get a quick phone call from a shareholder, stakeholder or large advertiser to wonder if they have any grasp on their staff members and whether they want to manage or become managed.

Do you think that this is a stretch?

From my personal point of view I would give to you Sony (2012) issues, in regards to the change to the Terms of Service. The media ignored it, even as it would impact a group of 30 million consumers. Most of those players merely just trivialised it via ‘there is a memo‘ on it. The rest did even less; some even ignored it all together. With Microsoft (2017/2018) we see even more (at https://www.computerworld.com/article/3257225/microsoft-windows/intel-releases-more-meltdownspectre-firmware-fixes-microsoft-feints-an-sp3-patch.html)

You’d have to be incredibly trusting — of both Microsoft and Intel — to manually install any Surface firmware patch at this point. Particularly when you realize that not one single Meltdown or Spectre-related exploit is in the wild. Not one“, the amount of visibility (apart from marketed Microsoft Central views) is close to null, a system with no more than 17 million users is marketed and advertised to the gills, so the media seems to steer clear, merely two examples in a field that is loaded with examples.

Back to the group

So as I gave the speculated view earlier on the ‘whom’, we can see the full list (at http://group30.org/members), these members are according to the website:

  • Jacob A. Frenkel, Chairman, JPMorgan Chase International
  • Tharman Shanmugaratnam, Deputy Prime Minister, Singapore
  • Guillermo Ortiz, Chairman, BTG Pactual Latin America ex-Brazil
  • Paul A. Volcker, Former Chairman, Federal Reserve System
  • Jean-Claude Trichet, Former President, European Central Bank
  • Leszek Balcerowicz, Former Governor, National Bank of Poland
  • Ben Bernanke, Former Chairman, Federal Reserve System
  • Mark Carney, Governor, Bank of England
  • Agustín Carstens, Former Governor, Banco de México
  • Jaime Caruana, Former Governor, Banco de Espana
  • Domingo Cavallo, Former Minister of Economy, Argentina
  • Mario Draghi, President, European Central Bank
  • William C. Dudley, President, Federal Reserve Bank of New York
  • Roger W. Ferguson, Jr., President and CEO, TIAA
  • Arminio Fraga, Founding Partner, Gavea Investimentos
  • Timothy Geithner, President, Warburg Pincus
  • Gerd Häusler, Chairman of the Supervisory Board, Bayerische Landesbank
  • Philipp Hildebrand, Vice Chairman, BlackRock
  • Gail Kelly, Global Board of Advisors, US Council on Foreign Relations
  • Mervyn King, Member, House of Lords
  • Paul Krugman, Distinguished Professor, Graduate Center, CUNY
  • Christian Noyer, Honorary Governor, Banque de France
  • Raghuram G. Rajan, Distinguished Service Professor of Finance
  • Maria Ramos, Chief Executive Officer, Barclays Africa Group
  • Kenneth Rogoff, Professor of Economics, Harvard University
  • Masaaki Shirakawa, Former Governor, Bank of Japan
  • Lawrence Summers, Charles W. Eliot University Professor at Harvard University
  • Tidjane Thiam, CEO, Credit Suisse
  • Adair Turner, Former Chairman, Financial Services Authority
  • Kevin Warsh, Lecturer, Stanford University Graduate School of Business
  • Axel A. Weber, Former President, Deutsche Bundesbank
  • Ernesto Zedillo, Former President of Mexico
  • Zhou Xiaochuan, Governor, People’s Bank of China

They also have senior members, which is interesting as they are younger than at least one of the current members, as well as the fact that most of the members in the current, senior and emeritus group have multiple titles.

  • Stanley Fischer, Former Governor of the Bank of Israel
  • Haruhiko Kuroda, Governor, Bank of Japan
  • Janet Yellen, Former Chair, Federal Reserve System

And the Emeritus members:

  • Abdlatif Al-Hamad, Former Minister of Finance and Planning, Kuwait
  • Geoffrey L. Bell, President, Geoffrey Bell and Associates
  • Gerald Corrigan, Managing Director, Goldman Sachs Group, Inc.
  • Guillermo de la Dehesa, Chairman, Aviva Grupo Corporativo
  • Jacques de Larosière, Former Director, IMF
  • Richard A. Debs, Former President, Morgan Stanley International
  • Martin Feldstein, Professor of Economics, Harvard University
  • Gerhard Fels, Former Member, UN Committee for Development Planning
  • Toyoo Gyohten, Former Chairman, Bank of Tokyo
  • John Heimann, Senior Advisor, Financial Stability Institute
  • Sylvia Ostry, Former Ambassador for Trade Negotiations, Canada
  • William R. Rhodes, President and CEO, William R. Rhodes Global Advisors
  • Ernest Stern, Former Managing Director; The World Bank
  • David Walker, Former Chairman, Barclays
  • Marina v N. Whitman, Professor; University of Michigan
  • Yutaka Yamaguchi, Former Deputy Governor, Bank of Japan

So this group of 30 is slightly larger and in the group each of these members would have the power and economic impact to tell any member of the Fortune500 what to do, or better stated and more important ‘what not to do!‘ It is in that instance that we see the first impact. A game that now looks as I personally see it rigged in several ways; so even as I was allegedly wrong about Dominique Lefebvre or a direct peer, we see Christian Noyer. So in my view, in a 2015 French article on the issue of “Who will succeed Christian Noyer as head of the Banque de France?“, we see “Mario Draghi, the president of the ECB, seems to have had the idea to see his right arm go. Benoît Coeuré would be an important ally for the Italian in the Council of the Governor“, yet in the light of the G30, it seems to me that such a discussion would have been set into a pre-emptive conclusion of who would needed to have been made king in that castle. When we see that in light of a previous article, namely ‘The Global Economic Switch‘ (at https://lawlordtobe.com/2018/03/06/the-global-economic-switch/), were well over 500 billion is to be invested and grown, in addition to the fact that the SAMA has oversight to well over 2 trillion dollars, how come that they do not have a seat at the table? In the same way that the Rothschild’s are not there, but they might be ‘represented‘ through Bernanke or Frenkel, whilst it is not impossible that Mario Draghi might be giving them the low-down to some degree, yet the Kingdom of Saudi Arabia with that much money on the ladle of expansion, that they are not part of it. In a world where that group is about (according to their own website) “The Group of Thirty, established in 1978, is a private, non-profit, international body composed of very senior representatives of the private and public sectors and academia. It aims to deepen understanding of international economic and financial issues, and to explore the international repercussions of decisions taken in the public and private sectors“, where the foundation of Saudi Arabia has been the power of OPEC and the power to instil the push to be a global player in many fields, in that sight in represented value that the repercussions of decisions are set at, to see the Bank of Israel yet not some link to SAMA (Saudi Arabian Monetary Authority) makes equally less sense in the line of thinking that the ‘about‘ section gives us, which makes me wonder what these members are about. they might be all about that, yet what else they are about, or what else they have a useful value in gives rise to my train of thought on where this train with less than 55 occupants is heading off to, and more so, in light of the power that these ‘30’ members have, the fact that the G30 is not the cover talk of many newspapers, especially the Financial Times is beyond me, because anyone coming to you with ‘No News’ or outdated news, or even worse that there is no real issue in play is clearly told what not to write.

It seems to me that not only is there more in play, the personal speculated view that I have in light of learning more and more about the G30 merely confirms my suspicions, as well as the insight that I am getting (a speculated one) where the media is steering clear from all this is a much larger issue. To what and in which direction is one I am not willing to go into, because I know that the ice is wafer thin at this point and skating on water is a realistic ‘no no’, yet the feeling that these members are getting a first view and optionally the option to dip their cups on plenty into a grape juice barrel of risk-less profit is one that I feel is very much in play. This G30 group is networking on an entirely new level, one that I have never seen before. This is not some kingmaker into presidency; this is a long term group where the optional billions will keep on flowing for decades to come. And this all in a setting of non-transparency, because this goes way beyond the 3 publications in 2016 and of course all those papers published before that. In the 2016 publication ‘Shadow Banking and Capital Markets: risks and opportunities‘, (at http://group30.org/images/uploads/publications/ShadowBankingCapitalMarkets_G30.pdf), we see in the conclusion on page 49: “Moreover, growing leverage across the global Economy can create important risks to macroeconomic stability even if the financial system itself is more resilient. And two developments are particularly concerning: the growth of emerging market foreign currency debt and the rapid growth of Chinese leverage accompanied by a proliferation of shadow banking activities are ominously reminiscent of precrisis developments in the advanced economies“, which is in view of the experts would be nothing new, yet resources available and the 36 exhibits and the recommendations would have been available to the G30 group much earlier than anyone else. In that light, we need to wonder not merely on the setting, in Exhibit 36 we see mortgage losses and the fact that there is the US, Canada and Europe, so in that light the fact that the fourth one is the Netherlands, is that not odd? In light of several settings, France, Germany, Italy and the UK, any of these four would have made perfect sense, so why the Netherlands? Exhibit 33 might have been a reason for this, yet in equal measure the absence of Scandinavia and Italy in this setting now adds to the questions. I think it is not merely choice and presentation, the absence of those players give rise to questions, perhaps even speculated questions and as there are none to be given, it makes me wonder what else is missing, what other data was filtered because in the light of data and presentation there is one golden rule I have always kept in the back of my mind.

The Analyst shows you which investment needs to be made, the presentation makes you look forward to the invoice.

So what invoice is the G30 group making you look forward to and where did it need to go? Two questions with optionally very different results, and in that setting, whilst you know the impact the European economy has had over the last 15 years, whilst we also know that Mario Draghi has been spending $3 trillion, in that setting the G30 does not make the news?

Who is getting fooled by all this and who is getting fooled by making sure that you do not get to notice this?

It is a much larger playing field that is from whatever point of view you have a field of inclusion, or a field of exclusion, yet in all this there are questions that are not asked at all, questions that even I am not asking because I decided to go into technology, engineering and law whilst giving a pass on the Economic subjects. Yet the Financial Media is not asking them either and that is an issue, especially in light of that ‘secretive‘ group set to a stage of networking inclusion, or is it networking through filtered exclusion?

I’ll let you decide on that.

 

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A Turkey problem

We’ve all had them around thanksgiving, the turkey was still too deep frozen, the filling was incomplete and the oven was not firing up to the right temperature. In the US these are at times regarded as mum’s worst nightmare. Thanksgiving is a day when mum shines and her dinner is heralded and dreamed of for many nights before and a few nights after as well. No, this is not about the plumage; this is about that nation that is trying to basically piss off anyone they deal with. The first is seen (at http://www.france24.com/en/20180207-turkey-says-it-has-met-eu-criteria-visa-free-travel), where Ibrahim Kalin stated that “that Turkey had submitted all related documents to EU officials ahead of an EU-Turkey summit in March“, a Turkish official gives us: “the country has fulfilled all 72 requirements set by the European Union to secure visa-free travel for Turkish citizens to the 28-nation bloc“, this whilst we know that ‘Turkey had failed to meet the 72 criteria, including amending anti-terror laws‘, we might go so far as that of those criteria the bulk had not been met and with the additional issues now in play, there was never a more prompt moment to deny the visa-free travel options. More important, stating that ascension to the EU would not be possible within the next 50 years would equally not be out of the question. The Turkish approach to ‘securing’ Europe as discussed (at http://theconversation.com/turkey-is-using-syrian-refugees-as-bargaining-chips-as-it-moves-against-the-kurds-90904) is beyond tasteless. As I stated before, the acts by Turkey going back as far as 2002 are shown to be unacceptable. The larger issue is why Europe seems to continue to ‘find’ ways to reopen talks whilst the bulk of 72 requirements have not ever been met, even worse, their actions in Syria, their involvement with Qatar and semi union with Iran makes the matter worse. It makes a case that Turkey is the larger security threat for Europe.

The fact that Turkey is so corrupt that immigrant threats get to walk through Turkey, or via Turkish smugglers makes matters worse. Yet, there is no such mention at this time. Even more unnerving is the fact that there is still a meeting. The Commission confirmed Wednesday that Erdogan will meet in Varna, Bulgaria, on March 26 with Commission President Jean-Claude Juncker, European Council President Donald Tusk and Bulgarian Prime Minister Boyko Borissov, whose country holds the bloc’s rotating presidency. What takes the cake was the quote Commission spokesman Alexander Winterstein said the talks will focus on “subjects of mutual interest and recent developments in Turkey. That includes obviously the rule of law and fundamental rights“. Knowing that Turkey has only two elements on the brain, I wonder how this can end well. The EU is getting truly desperate. It is still facing Brexit and the news and the bitterness of Europe is showing them to be spiteful in every way. is that not nice to know that some place that ‘pretends to value’ freedoms, will not honour those who are no longer interesting in its membership? As I personally see it, the levels of corruption that flow through the ECB gravy train is making people nervous, because that part is becoming clear that this train has to stop functioning. the Financial Times (at https://www.ft.com/content/ade8e020-0b50-11e8-8eb7-42f857ea9f09) voices it in light of ‘non-compliance’, the quote “The five-page text (UKCompliance), circulated to EU member states by the European Commission and seen by the Financial Times, sets out how the EU plans to make Britain abide by union law until December 2020 while excluding it from decision-making“, does that sound like amicable? As the article states, it basically reduces the UK to a slave state having to enforce laws designed in the foundation of utter stupidity, whilst not getting a say in the matter. So, as that is pushed upon the UK, with the optional worse decision to continue talks with Turkey, The EU is basically setting a warm fire where the UK can decide to go postal, take the cold Brexit and cut all ties. The tidal wave of chaos that Turkey is likely to bring soon thereafter will make UK the best trade solution for Western Europe and Scandinavia. The document also emphasises that London must refrain from any “action or initiative which is likely to be prejudicial to the Union’s interests”, which sounds nice on one side, but the act that judicially for the UK is the national notice that counts, and that is the setting of any judicial setting in its national origin, it is not for the European Union to set that as anti-Union. Even more pronounced that in itself would constitute another reason for Turkey not to be allowed within the European Union as such. Should that be set aside for consideration, it could invalidate the terms for the UK to abide by, which is a small blessing in disguise.

It is the Financial Times, who in light of Brexit shows that Europe is filled with duality. The economic pressures it faces and the facilitation it requires as it has been playing the monopoly money printer at large for all causes worthless and overvalued. This is seen in several ways. In the first the ECB remained quiet on Mario Draghi and the G30 club, the media has silenced any actions since January 17th. In addition, Bloomberg reported “Mario Draghi said the European Central Bank has no choice but to brace for the possibility that the U.K. will exit the European Union without a transitional agreement“, form my point of view, the 5 pages that the Financial Times initially gave us, and that likelihood is only increasing. Perhaps having a few spiteful children on the Brussels side was not the cleverest of options as I personally see it, but then again. It is merely my view that some of these players want to continue their gravy train, a debatable view to say the least. Even as France has been outspoken and opposing any Turkish ascension to the European Union, there has been a silence from several other players. The fact that the Bulgarian meeting is still on for now, that in light of the Turkey violating international Law in Syria is also light for concern. The Jerusalem Post gives us “Speaking on BFM television, Jean-Yves Le Drian also said there were indications Syrian government forces were using toxic gas against civilians although the UN would need to confirm that“, that might be true, but at this point is Turkey also involved in those actions? Because that is the evidence that matters! You see the quote “Le Drian said international law “is being violated by Turkey, by the Damascus regime, by Iran and those who are attacking eastern Ghouta and Idlib”. His remarks amount to France’s toughest line yet on Turkey’s involvement in the Syrian conflict” might hold water, but only if clear evidence is given that Turkey actually broke international law. You see, from one point of view Turkey was not barred, stopped or told to leave by what should still be regarded as the legitimate government of Syria, as such Turkey ends up having an actual defence against the French claim and that could remain to be an issue. The fact that other papers are voicing the identical quotes does not make this issue more so true, the presentation of evidence does.

So even as Ankara is not meeting some thanksgiving any day soon, it basically soured the waters with the US, France, optionally Germany, Saudi Arabia and a few other members of the European Union. And there was I thinking that only Napoleon was stupid enough to wage a war on two fronts, oh no that Adolf dude made the same stupid error. Anyway, as things go we will see more news soon, because the entire march meeting even as the Netherlands has withdrawn its ambassador to Turkey, we see the Dutch former NATO secretary Jaap de Hoop-Scheffer mention that ‘Turkey is too important for the Netherlands and the Netherlands are too important to Turkey‘, the economic fires are pushed to a higher level, there is nothing like a former official to voice the needs that politicians are not able (read: allowed) to make. The ECB and its gravy train must continue. That is the imperative that the 28 bloc nations are trying to rephrase so that certain questions are not asked. I personally believe that it is all in extremely poor taste. In another source (Dutch Newspaper: Trouw) we see the Dutch Lily Sprangers, former director of the Turkey Institute in The Hague state: “Die problemen zijn geen reden om geen betrekkingen te onderhouden” (These problems are no reason not to maintain relationships), sounds nice in theory, yet when the Dutch fascist JanMaat was about to get elected you (read: the politicians at large) did not follow on that idea to improve options, you tried to silence it to death, when he ended with 3 seats you all united to get that undone. It all seems a little two-fold in the light of the events that are happening.

The Dutch have been trying to improve relationships, which remains valid and they are not the only one, but in light of the 72 non-achievements to get some report going so that they could be included in light of the hostilities shown towards Brexit, gives me the shivers. A club of inclusion tends to be the most dangerous kind, because (as I personally see it) it allows for the utter corruption of ideals that should have excluded parties from the very start.

So then the media reports on the March 26th event. Will I still sound wrong to you, or is that and the lack of response by the ECB on the G30 club a clear signal that a lot of things are wrong in Europe and Brexit might have been the one sane move to begin with?

Did I oversimplify issues again?

 

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