- Rogue trader to cost SocGen $7bn. The global transaction society carries on. It is so easy to keep people from "cooking the books." Those (Lt Harry Bird and BS) carrying out the surveillance technology are doing precisely that with their complete domination and control of it 24/7.
- Welcome to the Transaction Society. An Email sent on Tuesday, 22nd January 2008, highlights the essence of the dominance of transactions.
- Global shares tumble on US fears. The decline in equity markets on Monday, 21st January 2008, was extraordinary. The worst in the past generation was the October 1987 decline which was directly related to quantitative techniques used for programme trading, i.e., transactions.
- WMD dossier 'should be published'. This is just another transaction which was made to support the decision to invade Iraq the full documentation of which continues to be hidden.
1. Rogue trader to cost SocGen $7bn.
BBC News Thursday, 24 January 2008, 22:59 GMT
Rogue trader to cost SocGen $7bn
 Jerome Kerviel, the reported rogue trader |
French bank Societe Generale says it has uncovered "massive" fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; £3.7bn).
The bank said the fraud was based on simple transactions, but concealed by "sophisticated and varied techniques".
While Societe Generale has yet to name the trader, media reports say he is 31-year-old Frenchman Jerome Kerviel.
The losses are four times greater than those made by Nick Leeson, the rogue trader who brought down Barings Bank.
Rogue trader to cost SocGen $7bn
---------- Forwarded Message ----------
Subject: "Rogue trader to cost SocGen $7bn" The global transaction society carries on. It is so easy to keep people from "cooking the books."
Date: Thursday 24 January 2008 15:48
From: Gary D Chance
To: news24@bbc.co.uk
There is no reason for anything like this to happen, but it does over and over. It's not only whopping problems like this or with Nick Leeson at Barings or others before, but this goes on universally known as fraud.
I am subjected to the same thing with those using the surveillance technology against me 24/7 completely dominating this activity by their continuous presence while they "cook the books" which they've been doing for almost a decade.
Everyone sits, watches and allows them to do it. You will see these things happening all over and continuously into the future because those in charge knowingly allow it to happen to save themselves too.
Never ask why the markets are collapsing overall with extreme volatility. This will go on until all the corruption is cleaned out, and people get religion in a basic sense, i.e., a reorientation to what value and values really mean.
It was called the "Renaissance of Value" in a 1974 Barron's magazine article about Benjamin Graham the father of security analysis in the US and teacher of Warren Buffet among many others. (He was actually born in England.)
That was at the bottom of the worst Bear Market since the end of WWII.
"Give me that old time religion . . ."
*****End of the Email*****
2. Welcome to the Transaction Society. Following Monday's, 21st January 2008, worldwide equity debacle, I sent the following Email to BBC News24 about the "Transaction Society" which values only the transaction of the moment not matter what it represents as long as it is considered profitable. This Email was sent before the disclosures about the "Rogue Trader" emerged publicly two days later as noted above.
---------- Forwarded Message ----------
Subject: Welcome to the Transaction Society
Date: Tuesday 22 January 2008 10:33
From: Gary D Chance
To: news24@bbc.co.uk
All that matters is profiting immediately from the transaction. Long term, liberty Buster Browniski is a fake. He's really just transactions by stealth.
The government emits transactions daily to dominate the news with image management but never implements anything properly.
People have cottoned on to this and do not do any work. What's the point when they can profit from the transaction of the day.
Watch the transaction society collapse as the world's capital markets tumble.
The cost of capital for financing rises inhibiting business investment.
Activity turns toward transactions.
As the market goes, so goes the economy and this Labour government.
Northern Rock is a symbol of the transaction society as was Enron and others.
Transact, transact, transact. Only transactions matter. Create the image of the moment with the faked transaction of the moment.
Buy Northern Rock government guaranteed consuls. These are more transactions spinning off a cloud of obscurity creating the illusion that something meaningful is being done.
When all the transactions are finished at the bottom, and peace returns to society because it has collapsed, only then will recovery be possible.
This Labour government had the best economic foundation ever and blew it all completely.
Did you notice the transaction regarding WMD that got the UK into the Iraq invasion? All that matters is the transaction of the day. Something can be invented the next day to cover up former nonsense with current nonsense.
Volatility is encouraged to profit from the transactions. The more volatility the less understanding of what is really happening.
Send out surveillance technology abuse indefinitely against those who speak the truth. They need to be discredited and/or silenced.
Create antisocial and criminal behaviour to sustain activity which appears to be dealing with it but only supports and sustains it.
You won't listen, and you won't report reality. You live and work in the transaction society making more transactions until the collapse is total.
Nice work BBC, and all financed by the licence fee.
*****End of the Email*****
3. Global shares tumble on US fears. As can be seen above, there may be elements of a "Rogue Trader" in this worldwide equity market debacle (to what degree no one knows as yet), but this was not known at the time because Societe Generale did not tell the French government until Wednesday. The US Federal Reserve stepped in Tuesday morning with a three-quarters of a point drop (75 basis points) in interest rates before the US market opened still not knowing what had happened in Paris. Eventually, this will make an interesting book to read when it finally comes out.
Before Monday's (21st January 200
equity markets' collapse worldwide (the US was closed for Martin Luther King Jr's birthday which is always celebrated on Monday), four of the five worst days on the London Stock Exchange were connected with the October 1987 equity market collapse. These were devastating losses an a daily basis on the 19th, 20th 22nd and 26th of October 1987 as can be seen. The fifth one in this chart occurred on 11th September 2001 which was -5.7% Last Monday's was -5.5%.
I predicted the US market collapse in 1987 months in advance because of what was happening in the market's themselves with respect to the programmed trading with which I was familiar. Last year the clues for this economic and financial market debacle were highlighted when the US revised its quarterly GNP numbers downward drastically as a result of the US housing market. I caught that then and did some writing about it as I did a little later with the subprime lending which produced dodgy financial investments like the "Letter Stocks" of the late 1960s that scuppered that market at its peak in December 1968 when they were exposed to the light of day.
What is significant about this is that no one pays any attention to what I describe when it pertains to a reality that people do not want to recognise. One of the key reasons for dealing with the capital markets is that they eventually reflect reality. They might be "misled" for a period of time by greed or fear, but eventually reality wills out. I visited a UK client of mine in 1988 after the 1987 equity market debacle, and he said "We wish we had listened to you." That is an all too familiar phrase. Usually, when people catch up to what I did last, I am onto something new, and they cannot understand and do not want to accept that reality either.
A track record doesn't mean very much anyway because anyone can always be wrong. What is important is to learn to evaluate the factors of influence and think for yourself. The same is happening now with respect to my experience with the surveillance technology. No one except those directly involved and a few others scattered throughout the world are willing to accept the validity of what I report.
Those who are using the surveillance technology are making every effort to discredit what I report. They are full of phoney transactions which they are trying to foist onto the world in order to discredit and destroy for their corrupt self-interest. Like all such frauds the day of reckoning will arrive. It's always best to stay on the side of truth and reality. I may be broke, but I'm honest. By that measure I am quite rich.
BBC News Tuesday, 22 January 2008, 00:09 GMT
Global shares tumble on US fears
 Investors remain worried about the state of the US economy |
Global stock indexes, including the UK FTSE 100, have fallen their most since the terrorist attacks of 11 September 2001 amid fears of a recession.
The FTSE 100 index tumbled 5.5% to 5,578.2, wiping £77bn ($149bn) off the value of its listed shares.
Indexes in Paris and Frankfurt slumped by about 7%, while markets in Asia, India and South America also dropped.
. . .
Finance firms were among the main fallers, with Dutch ING Group, Germany's Allianz and Swiss Re all falling about 10%, while Royal Bank of Scotland shed 8%.
Many shoppers are struggling under higher mortgage repayment costs, prompting default rates to surge, especially among sub-prime borrowers.
This has prompted banks to tighten their lending policies after losing huge amounts of investments linked to the US housing and mortgage markets.
Global shares tumble on US fears
4. WMD dossier 'should be published'. For the first time the western world led by the US and UK invaded a sovereign state based upon dodgy intelligence for dodgy reasons. I am reminded of what JFK did and kept secret to resolve the Cuban Missile Crisis for political reasons. I am reminded what the Reagan government did surrounding the shooting down of KAL007 by abusing intelligence for their own political objectives. And, Vietnam illuminates the mind as a Bright Shining Lie as analysed by Neil Sheehan in his book.
We have had a progression of ever increasing lies for the foundation of behaviour since the end of WWII to the point where massive errors have been made and huge organisations have collapsed usually based upon a transaction mentality of the moment. I believe that the same will happen to governments including the UK and US given what is being done publicly and in secret. The abuse of the surveillance technology against me is the core for understanding just how bankrupt the US and UK governments are in reality, and how desperate is the need of those in power to sustain that power in the face of catastrophe.
I've tried to head it off for almost a decade of reporting this reality. I will continue, but until there is general public acceptance and acknowledgement of this most incredible of extreme surveillance technology abuses, nothing of significance will happen to avert the catastrophe looming from its use for it will destroy human activity of all kinds at least in the sense of individual liberty and freedom of responsible action if it is allowed to flourish as I have experienced for almost a decade.
As it stands now, the abuse of this surveillance technology as I've experienced it for many years 24/7 will completely shatter trust and confidence that normal human activity will be meaningful and worthwhile. The overall conflict which this will create will result in a "depression" the likes of which human history has never experienced. The worst event that could have happened is the invasion of Iraq predicated upon nonexistent Weapons of Mass Destruction (WMD).
BBC News Wednesday, 23 January 2008, 18:15 GMT
WMD dossier 'should be published'
 David Kelly's death prompted the Hutton Inquiry. |
An early draft of the government's infamous dossier on Iraq's weapons of mass destruction must be made public, the Information Tribunal says.
The document, by Foreign Office press chief John Williams, was an unpublished draft of the dossier which was unveiled by Tony Blair on 24 September 2002.
The Foreign Office had appealed against the Information Commissioner's order that it should release the draft.
It is not yet clear whether the Foreign Office will appeal to the High Court.
Weapons expert Dr David Kelly was found dead shortly after being named as the source of a BBC report suggesting the government's dossier on Iraq's weapons of mass destruction was "sexed up".