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Post by jakaswanga on Apr 2, 2016 15:37:50 GMT 3
THE BANKERS OF KENYA AGAINST A CAP ON INTEREST RATESI decided to take a pressed look at this sector, when my eyes caught this WARNING. It was a few days ago. So, am I to believe the Bankers of Kenya, and may be THE CENTRAL BANKERS of the world, have my best interests at heart? Bothe the treasury and the CBK are firing from the same cylinder. A double barrel caliber. Rotich (Harvard) and Njoroge (Yale) are reporting to duty. Weche tek Piny pek omera!This must be a life and death issue! (ile mambo ya divorce ya David Ndii sio kitu!) I am ready to believe bankers have my and my nation's best interests at heart, more or less out of my intellectual obedience to authority, such as the O so intimidating duo from Harvard and Yale. I did not study banking, nor state finances. My problem, as the case may be, is I have a memory, and a historical memory at that; and that is more often than not, the kind of thing which incites dissidence, since lived reality leaves little room for illusions, even if the illusion is God's word from the prophet's mouth. One of the most profound thinkers behind modern capitalism, the economist Adam Smith, had few if any illusions about business, and no time whatsoever for obfuscation. He tells me: It is not out the goodness of his heart that the baker is motivated with hot bread and cake each morning ready for you. It is the greed in his heart which runs him. That is ADAM the SMITH. You do not hear much of him in public these days. And if one hears, the readings tend to be very selective, edited and otherwise interpretative. These are the days where spin is centre stage, and communication, which is a major business in generating consensus, has become manipulation. I saw Onyango Oloo post an old head-shaking Fidel Castro dryly remarking on Obama's recent visit Habana, that from Obama's speech and lectures, one would think it was Cuba which launched the bay of pigs on mainland Florida, marshalled economic sabotage against America, instituted an illegal embargo, and engaged in countless assassination attempts against the president of the USA!And this has been the line of the free press of the world! The aggressor Cuba needing to apologise more to the wronged USA! Clear thinking expressed clearly, as scientific objectivity would demand, is no longer tolerable in the public sphere in the free world. May it never was, just as in totalitarian worlds. Ask dr. David Ndii the Kenyan. He issued a sceptic thought on the state of the Union just before the president did his, and we all but called for his arrest and execution instead of taking him on, and, idea for idea refuting him to zero, curing his doubts. So, I asked myself, -- what is the interest rate to a banker? --- what profits, pray, have bankers in Kenya been making? How have they been making it? Are there any skeletons up their cupboards which tell another story, for example, of a consumer kidnapped and kept in a manger, slowly being skinned alive to the bones ? Is the interest rate their lifeline, such that this talk of a parliamentary cap, sounds like the trumpet of a noose around their fat necks?The case of the Mpigs versus the Bankers on the issue of interest rates, must be a story which dives right to the centre of our economic system. And our economic deal is a great system okayed by none other than the World Bank and the IMF, where, incidentally, Rotich and Njoroge apprenticed. NB: when we do a tabloid, we will come across the word TOXIC relationships in the banking world. But not yet. Hold. Here I should pause to look for a tabloid tale from the Banking world of Kenya. Tabloid tales, I always insist, explain the complex realities of the day better than any academic treatise. The Trojan war, I always say, reduced to an abused honour getting revenge on account of an eloped, whorish wife, when told in rigorous Greek hexameters, confines Herodotus the great to oblivion. Yet Hellespont was effectively a world war about navigation rights and territorial sea lanes, like Obama with his Asia pivot is setting Hilary Clinton for in the South China Seas. 2. The French Revolution gained momentum when a spoilt, bored and hot Queen was spied playing with herself as she fed cakes to hogs while the Parisian lumpem starved! 3. The Queen of Crete and wife to Minos, was infatuated by the robust virility of a bull statue from the gods. The gods took pity on her fantasies and granted her wish. The result was the Minotaurus which, to house and feed its 'snuff' lusts, produced the architectural wonder called the labyrinth, below a palace. I have more tabloid tales for you which underwrite an epoch --what do you think of Monicah Lewinsky and the press conference in which Hilary forgave Bill? Or Edwinah 'Curry' -then Tory minister for Agriculture, making it out under the table of Number 10 Downing, with the reputed boring Thatcher successor John Major?Aaah, you get the idea dear reader. Investigating the tabloid tale of Anne Waiguru being Uhuru Kenyatta's mpango wa kando, finally led us to the exploits of the hairdresser Josephine Kabura, unravelled the prophet Mutahi Ngunyi in his less glorious role as a NYS money-laundering post, revealed Bruce Odhiambo of the National youth fund as a presidential buddy, his sidekick Namuye the nominal CEO as a pin-up hot babe pawned; and finally now we know all the thieves and their protectors in the bureaucracy. We also know, and is documented, thanks to tabloid tales, the top law firms laundering stolen public money, how they do it, and which Judges of the bench they rely on to execute the scams.The contours of the bandit economy - CJ Mutunga's phrase, have revealed themselves totally naked, starting from boy-meet-girl at the treaury! In the old colonial days, Nairobi was a playground of white men running the colony and indulging their immunity from popular anger. WHITE MISCHIEF, OUT OF AFRICA, are good tabloid tales to start from, giving a hint of the era. ( Robert Ruark's Uhuru is tougher stuff!) Now, fast forward, there is a local black elite. BLACK MISCHIEF, made in Africa, might be possible satirical and reciprocal tunes. Nairobi is a playground. The name of the game remains plunder. New faces, old game. Here is a tabloid tale to start us off. ( toxic we held from up, remember.) WAS MRS: NANCY NDUNG'U's COSY RELATIONSHIP WITH A FRAUDULENT BANK MAGNATE, AN INDICATOR OF A TOXIC RELATIONSHIP BETWEEN REGULATOR AND BANK Clue: Nancy's husband is Njuguna. He was Africa's central banker of the year 200?. ( I will check the details later!). The bank whose CEO's favours madame Nancy enjoyed is/was THE IMPERIAL BANK! As Mrs. Ndung'u's travel and accommodations bills around the globe were settled by AbdulMalek Janmohammed, the CEO now known to have been massively frauding depositors, the better half of the Ndung'u's was supposed to be supervising the Imperial Bank.Toxic! Some people say. No, I say, just another tabloid tale. Only dangerous when things go wrong and the scandal goes public. After all, nobody is suggesting Rotich and Njoroge are IMF$WB implants? ama? The gifts were part of a calculated scheme. We call that conjecture in law. But again, I did not go to law school. So for me the question arises: how do i explain free lunches after Adam Smith warned me they do not exist? If the fraudulent but wily CEO of Imperial bank was not buying protection by manipulating Njuguna Ndung'u through his wife Nancy, was he entertaining her around the globe as his paramour? I go with the protection angle. Nancy was a mere pawn, like Namuye the CEO. This is a big bucks game, and big butts will come in the picture after the deal is done. what does historicity impose on Patrick Njoroge? We will follow the legal arguments in court as the liquidation battle is decided. With a Judiciary no less corrupt than the men from Kiganjo who do the investigations, no less than the bankers and regulators themselves who indulge in toxic relationships, it is all but a side show. The meat is in the tabloids! Wait until we get to Nahashon Nyagah, a former governor of the CBK! Bankers! One could be excused for adopting the Goebbels reaction to the word culture, when one sees a banker! here is a thought I ponder from Marx as work through the continuation. (Central) Bankers have the power to create money. Gods!
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Post by jakaswanga on Apr 2, 2016 19:52:09 GMT 3
JUDE NJOMO OF KIAMBU BELLING THE CAT?
Before more, let us hear the case as motivated by the latest sponsor of the bill to cap interest rates. I don't know whether it would be an unwarranted insult on horses to say,let us hear it from the horse's own mouth, seeing the speaker is a Mpig! Even animals have their pride you know. A horse is not a scavenger. A Mpig is, even if it is standing upright like an evolved ape. Ineptitude of the central banks he said? How about, the statement of mission of peripheral central banks is to expropriate their local economies by means of a regime of debt servitude, and therein are interest rates a lever too salient to let go? That would mean, far from ineptitude, it is the rationale, the purpose, to make borrowers suffer and see to it they do. Hey, Opus Dei fella Dr. Patrick, who is your daddy now? You never knew you are more dangerous to Kenyans than Divorceman Dr. David Ndii, did ya!?
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Post by jakaswanga on Apr 3, 2016 10:27:15 GMT 3
PART TWO: THE GLOBAL EMPIRE OF BANKERSBanks I hear elsewhere, run the world. And those are not voices parroting an overstretched reading of old classical critics like Karl Marx. Once Barrack Obama promised Wall Street a safe landing (bail out) and a scot free sailing (away from their crimes and duplicity unpunished), and thereby got Big-Bucks backing over the old soldier John McCain, that was that, the race which was. Now the Bankers have trapped Hilary Clinton as their honey-pot. They view the erratic GOP-line-up as a threat to their free-meal ticket. So they are all out to hoist her on top regardless. And aint she willing and playing to the gallery!? In fact the talk was of inevitability, the primaries a mere formality; the whole exercise was billed a coronation in effect, where Sanders and Jeb Bush would merely be members of the cast: meat-chop sub gladiators thrown into the arena for the crimson spice of excitement to the otherwise easily-bored Roman crowd. Howbeit so bored the crowd became, they came up with better comedy: vote The Trump over The Bush and incite a civil war amongst the elites! Break up the republican party even. THE GLASS-STEAGALL ACT REPEALEDBill Clinton the husband is of course the man who (kind of) repealed that great piece of great depression legislation. It is a story worth following in detail. What did it mean and how did it come to pass behind the scenes? and then cost to repeal. Was Bill Clinton a puppet of the Big? Who lobbied for and who didn't why? That between Sanders and HRC is an important difference. The new act in summary is like Others insist it was this repeal wherein lies the seeds of the Financial meltdown a decade later in 2008. Finance managed to throw off the chains of regulation, free at last, and this (deregulation) would lead to an incestuous and reckless casino capitalism, and a great crash. It is important to have such historic battles between bankers and the public/consumer in mind, when dealing with any conflict in which the BANKERS HAVE YOUR BEST INTERESTS AT HEART, as now the say in Kenya. Some will know until recently in the history of business Banking and speculation capital, charging interest was called USURY. In political science usury is called parasitism. The stage was set then for titanic clash between the industrial class, producing goods from the mixing of labour and capital (called the production function or equation in econo-mathematics), against speculators and bankers in control of money and lending as a sword. This clash would lead to the theory of NATIONALISATION OF BANKS. Then with the demise of the state capitalist Soviet Union, Western liberal capitalism declared itself the winner: The end of history. A ringing boast like the one a French banker quoted by Marx. However, big commerical Banks still use this theory of nationalisation when they go bust and it suits them. Instead of bankruptcy, they temporarily sell themselves to the tax-payer to be bailed out. The politicians are in their pocket so to speak. After that period of retreat and retread, they venture back into the market! I wonder what Adam Smith would say about such a trick. Where do rigged markets lead to? This HISTORICAL, IDEOLOGICAL STRUGGLE, too, is important to keep in mind, when Kenyan bankers gang up against legislatures talking about interest rate caps. And is it not ironic that our legislators themselves can hardly be found guilty of prioritising the interests of Wanjiku!? Why, for the love of Agnes Masogange's ass, would we call them Mpigs? It must be a sixth sense of survival at play that interest rates worry them. Or are they deep in debt and paying up? Or is it old class struggle bubbling up in disguise? History has her ironies thus, like the day Kenyan Mpigs, whose reputation is that of competitive medalists in the thoroughly corrupt second republic, are found defending Wanjiku from predatory banker rates! It is the story of the defect clock being right at least once in its cycle! A wonder to behold! And Lo, I behold! Several political economy critics and profound thinkers, famous of them Karl Marx whose citation is relayed above, declared these rents, these credits earned from selling money, to be FICTITIOUS remunerations, and like insurance and real estate speculations, forming the rich nest for a whole bureaucracy of fat parasites. --Agents and middlemen in all forms facilitating a looting. (The NYS, Eurobond, and the rest have revealed to us the talents of our experts used against the people.) Famously they historically live on commissions, dividends, exorbitant salaries, kick backs and pay backs, interest rates skimming and, these days with the great (ECB, FED) GLOBAL FINANCIAL trick of QUANTITATIVE EASING -(QE), stock options, bonuses and bond buy backs. The market is also rigged, considering scandals like LIBOR.These are all means of exploiting labour; ways of extracting exacting tolls from it. But the mechanisms are cleverly hidden away, (Though it was not much clever nor hidden away when the Financial Crisis hit home in 2008. The Big Banks were declared too big to fail, hmm, and Wall-Street had to be bailed out by Main Street, for the benefit of Main Street they said. These was just a question of the hidden burst surface. All the way to the Eurozone. Actually Greece has to be expropriated to save French, Dutch and German Banks.) ----So somebody somewhere always has to pay all that bill -(for the free lunch of QE for instance). It is a forced public loan but exclusively for financial markets controlled by a tiny oligarchy. Labour pays through the nose starting immediately, and with interest. Labour works for the value of that freely created and banker privatised money. And so, like in peonage systems, most of the world is in debt. Bankers have the power to create money just like that. In advanced capitalism wholly electronic, adding zeros to saldos, central banks have now divolved this task to any commercial bank. But money is a measurement of value, and value can not be created by magic incantations like that, yeah, Capital and labour gotta mix in a productive function. But the bankers and their proxies are in power. The script goes they will rule to the end of the world. Admirable confidence, seeing how many eternal regimes have joined the ash heap of
THE RULE OF THE RESERVE CURRENCY'S The reserve currencies whose values do not fluctuate much regardless of their Central Banks running the printing presses down, are the uro and the doll$r. How does that magic work? I mean if Dr. Patrick Njoroge increased the supply of the Kenyan shilling in such ratios as Mario Draghi of the ECB has pumped euros into the system, the Kenya shilling would go the Zimbabue Kwacha a few years ago. Hyper inflation. That is fictitious value right there, created as such. Shares rose! Wealth increased! Ponder that. That is the difference between a reserve currency and other currency. A reserve currency maintains value (limited fluctuation regardless of supply) in the face of money growth. The dollar does this by forcing the rest of the world to top it up, to use it and hold it in major trade. Saddam Hussein and Moamar Khadaffi wanted out, goes the story. So they died, goes the story. Hilary Clinton when elected will have to take on Russian Putin and Chinaman Xi-Jinpin, or she will have to share with them the magic of a worthless currency putting up an act of divine powers and unshakable values. They live together if Clinton has sense, or more wars will come to defend reserve currencies in a world wanting to opt out of Bretton Woods, and its Laffitte-like straight jacket for the rest of the world. (It is banker's paradise to the end of time!) That leaves only Africa as the undefended looters paradise, where global currencies competing for value maintenance will come hunting for slaves. CONFESSION: The feeling that the best Africa has to offer in bankers is not developing defence strategies to cope, in case the global currency (and economic) war comes as the euro and dollar buckle under siege and changed geo-political confluence, is what informs my hostility toward the likes of Dr. Patrick Njoroge. There is a map doing rounds. It denotes the proposed military bases by foreign powers on the continent of Africa in the next 50 years. The USA, China, Europeans, and India. I think it is a kind of warning, a writing on the wall. Here come the conquistadores again, no confidence in their local nyaparas. People like Njoroge have the training and the brains to rise to the challenge in their disciplines, but he prefers to be a mental wimp. He is a bit like Peter Kenneth, a good man to have around when the coast is safe, but not when your visions are clouded by horizons. In the alternative version of Africa rising, I tried to explain a double take on Boko Haram. The central bank of Kenya is not the central bank of Kenya. It is the central bank of the EAC. And this our economic community includes half of the DRC, lower Sudan, lower Ethiopia, Rwanda Burundi and Somalia. One is talking a population base past 200 Million. But what do I hear? The CBK board is not yet fully constituted since Nyaoga came in --which gives those litigating against the CBK a technical loophole for a knock out on its decisions in the meantime. Patrick Njoroge must recognise deliberate set-ups for sabotage when he sees them. Africa Rising must be visible in the CBK rising (just like it is in the SGR rising atop the defunct EAR, and huge dams rising across the Nile and the Congo). But now, what would the CBK be doing supervising the Bank of Uganda, Central bank of Sudan etc etc, if, in Nairobi, it can hardly supervise the National Bank (reported suddenly running losses), nor quickly sanitize Mpesa kiosks like Imperial bank and Dubai Bank?Yawa! I do not want to be bothered with Migingo if I know the CBK is supervising the Bank of Uganda! Koso!? Take a look at this, Opus Dei Boy. Bankers running the World. Ever sat there, at the high table in Switzerland? (boy, you catch!?) Tower of Basel: The Shadowy History of the Secret Bank that Runs the World --- Paperback June 3, 2014, by Adam LeBor (Author) It is really not too much to ask for, that Njoroge and Rotich notch up their mental gears a grade or two. A bit of Hjalmar Schacht will be okay. He originated the BIS? And I will be back. Tabloid format.
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Post by podp on Apr 4, 2016 9:56:31 GMT 3
PART TWO: THE GLOBAL EMPIRE OF BANKERSBanks I hear elsewhere, run the world. And those are not voices parroting an overstretched reading of old classical critics like Karl Marx. Once Barrack Obama promised Wall Street a safe landing (bail out) and a scot free sailing (away from their crimes and duplicity unpunished), and thereby got Big-Bucks backing over the old soldier John McCain, that was that, the race which was. Now the Bankers have trapped Hilary Clinton as their honey-pot. They view the erratic GOP-line-up as a threat to their free-meal ticket. So they are all out to hoist her on top regardless. And aint she willing and playing to the gallery!? In fact the talk was of inevitability, the primaries a mere formality; the whole exercise was billed a coronation in effect, where Sanders and Jeb Bush would merely be members of the cast: meat-chop sub gladiators thrown into the arena for the crimson spice of excitement to the otherwise easily-bored Roman crowd. Howbeit so bored the crowd became, they came up with better comedy: vote The Trump over The Bush and incite a civil war amongst the elites! Break up the republican party even. THE GLASS-STEAGALL ACT REPEALEDBill Clinton the husband is of course the man who (kind of) repealed that great piece of great depression legislation. It is a story worth following in detail. What did it mean and how did it come to pass behind the scenes? and then cost to repeal. Was Bill Clinton a puppet of the Big? Who lobbied for and who didn't why? That between Sanders and HRC is an important difference. The new act in summary is like Others insist it was this repeal wherein lies the seeds of the Financial meltdown a decade later in 2008. Finance managed to throw off the chains of regulation, free at last, and this (deregulation) would lead to an incestuous and reckless casino capitalism, and a great crash. It is important to have such historic battles between bankers and the public/consumer in mind, when dealing with any conflict in which the BANKERS HAVE YOUR BEST INTERESTS AT HEART, as now the say in Kenya. Some will know until recently in the history of business Banking and speculation capital, charging interest was called USURY. In political science usury is called parasitism. The stage was set then for titanic clash between the industrial class, producing goods from the mixing of labour and capital (called the production function or equation in econo-mathematics), against speculators and bankers in control of money and lending as a sword. This clash would lead to the theory of NATIONALISATION OF BANKS. Then with the demise of the state capitalist Soviet Union, Western liberal capitalism declared itself the winner: The end of history. A ringing boast like the one a French banker quoted by Marx. However, big commerical Banks still use this theory of nationalisation when they go bust and it suits them. Instead of bankruptcy, they temporarily sell themselves to the tax-payer to be bailed out. The politicians are in their pocket so to speak. After that period of retreat and retread, they venture back into the market! I wonder what Adam Smith would say about such a trick. Where do rigged markets lead to? This HISTORICAL, IDEOLOGICAL STRUGGLE, too, is important to keep in mind, when Kenyan bankers gang up against legislatures talking about interest rate caps. And is it not ironic that our legislators themselves can hardly be found guilty of prioritising the interests of Wanjiku!? Why, for the love of Agnes Masogange's ass, would we call them Mpigs? It must be a sixth sense of survival at play that interest rates worry them. Or are they deep in debt and paying up? Or is it old class struggle bubbling up in disguise? History has her ironies thus, like the day Kenyan Mpigs, whose reputation is that of competitive medalists in the thoroughly corrupt second republic, are found defending Wanjiku from predatory banker rates! It is the story of the defect clock being right at least once in its cycle! A wonder to behold! And Lo, I behold! Several political economy critics and profound thinkers, famous of them Karl Marx whose citation is relayed above, declared these rents, these credits earned from selling money, to be FICTITIOUS remunerations, and like insurance and real estate speculations, forming the rich nest for a whole bureaucracy of fat parasites. --Agents and middlemen in all forms facilitating a looting. (The NYS, Eurobond, and the rest have revealed to us the talents of our experts used against the people.) Famously they historically live on commissions, dividends, exorbitant salaries, kick backs and pay backs, interest rates skimming and, these days with the great (ECB, FED) GLOBAL FINANCIAL trick of QUANTITATIVE EASING -(QE), stock options, bonuses and bond buy backs. The market is also rigged, considering scandals like LIBOR.These are all means of exploiting labour; ways of extracting exacting tolls from it. But the mechanisms are cleverly hidden away, (Though it was not much clever nor hidden away when the Financial Crisis hit home in 2008. The Big Banks were declared too big to fail, hmm, and Wall-Street had to be bailed out by Main Street, for the benefit of Main Street they said. These was just a question of the hidden burst surface. All the way to the Eurozone. Actually Greece has to be expropriated to save French, Dutch and German Banks.) ----So somebody somewhere always has to pay all that bill -(for the free lunch of QE for instance). It is a forced public loan but exclusively for financial markets controlled by a tiny oligarchy. Labour pays through the nose starting immediately, and with interest. Labour works for the value of that freely created and banker privatised money. And so, like in peonage systems, most of the world is in debt. Bankers have the power to create money just like that. In advanced capitalism wholly electronic, adding zeros to saldos, central banks have now divolved this task to any commercial bank. But money is a measurement of value, and value can not be created by magic incantations like that, yeah, Capital and labour gotta mix in a productive function. But the bankers and their proxies are in power. The script goes they will rule to the end of the world. Admirable confidence, seeing how many eternal regimes have joined the ash heap of
THE RULE OF THE RESERVE CURRENCY'S The reserve currencies whose values do not fluctuate much regardless of their Central Banks running the printing presses down, are the uro and the doll$r. How does that magic work? I mean if Dr. Patrick Njoroge increased the supply of the Kenyan shilling in such ratios as Mario Draghi of the ECB has pumped euros into the system, the Kenya shilling would go the Zimbabue Kwacha a few years ago. Hyper inflation. I wish to get more time later on and repute the 3 red high lights. 4 books make good readings top on the list is Stress Test which one reviewer said “Very few important subjects in American history have been the subject of as much disinformation and deliberate distortion as the events surrounding the financial crisis that broke in 2008. Tim Geithner’s candid, clear-headed, and refreshingly self-effacing account of his role in formulating the federal government’s response is a very welcome antidote. Geithner’s book is a triple threat: it is first-rate economic history, insightful political science, and, most important, a cogent exposition of the importance of adhering to the policies adopted in the aftermath of the crisis if we are to succeed in diminishing the likelihood of any recurrence.” www.amazon.com/Stress-Test-Reflections-Financial-Crises/dp/0804138613the second is Lords of Finance obtainable at www.amazon.com/Lords-Finance-Bankers-Broke-World/dp/0143116800/ref=pd_rhf_dp_s_cp_1?ie=UTF8&dpID=51lFTjjM9sL&dpSrc=sims&preST=_SL500_SR88%2C135_&refRID=0TFDVZ7ET50437AX56PK"The first is the U.S. banking system. Back in the fall, the authorities managed to prevent a financial meltdown. People are not pulling money out of banks anymore—in fact, they are putting money in. The problem is that as a consequence of past bad loans, the banking system has lost a good part of its capital. There is no way that the economy can recover unless the banking system is recapitalized. While there are many technical issues about the best way to do this, most experts agree that it will not be done without a massive injection of public money, possibly as much as $1 trillion from you and me, the taxpayer. " the second last is by the former chairman of the Fed bank in New York who one critic had this to say of his memoir "Most of the informational content was already public in one form or another, such as through the Fed’s exhaustive minutes and transcripts. And while the author admits to some mistakes around timing or perception, he puts more energy into defending his key actions than he puts into dispassionately pondering how unconventional monetary policy might have worked better, what future evolutions of policy innovation might look like, and what kind of adaptations our political institutions must undergo to enhance their flexibility when responding to financial and economic crises. On these essential questions, the book is not very courageous." www.amazon.com/The-Courage-Act-Memoir-Aftermath/dp/039324721X/ref=pd_sim_14_2?ie=UTF8&dpID=51k%2B1bxdMpL&dpSrc=sims&preST=_AC_UL160_SR108%2C160_&refRID=02WBNR1KQK11JMA148JQthe last but not least is what Greenspan himself said not so long ago. you may read it at www.telegraph.co.uk/finance/economics/11794357/Former-Fed-chief-Alan-Greenspan-warns-of-bond-market-bubble.htmlbut as you always say I will also be back
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Post by jakaswanga on Apr 4, 2016 18:37:22 GMT 3
PODP SAID Professor Podp, I got my rears covered with armour. You better be back with some real roaring machine. Your hero Timothy Geithner is a certified crook. There is enough literature to indict him to hell! fortune.com/2014/05/14/the-bigger-beef-between-tim-geithner-and-his-critics/ Sheila C. Bair, –--bull by the horns And when Geithner was head of the New York Federal reserve, what heists did he perform? Margaret Thatcher: 'The Brititsh people want their money where they can control it. In their pockets. To give it to anybody else, middlemen, even the state, is to be patronising. So we will lower taxes massively' Withnin capitalism them, there was the distinct option of not giving the money to the failed banks, but bailing out the homeowners direct, and injecting the money direct to industrial investors ---by wiping out their tax obligations for several financial years. Geithner was not practising capitalism with his bank bail outs. He was using the crisis to loot Main Street for Wall Street. A parasite strategist who colonised Barrack Obama's White House an hijacked the promised popular economic policy! originally full of Main Street goodies! If it wasn't justice for sale do you know how many years T.G would get to serve at a penitentiary?
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Post by jakaswanga on Apr 7, 2016 19:56:45 GMT 3
What is that now for bull? 8-4-4 lingo? they loaned money to themselves, spouses, friends and concubines without security (weak lending policy explained!)In adult language, banking senior personnel have looted the banks, skinned depositors and engaged in massive frauds. They have made a killing of theft. I do not think that statement above was cleared by Njoroge before it went to press. Why not? ---Because it is too stupid. Sir Patrick Njoroge, flip side, embarked on a tough-sheriff's act around town. This will be commended, first wholesale, then, reading between the lines, qualified. (NB: Companies can be forced into bankruptcy so that their lucrative sector is taken over by another in a slow, creeping cartel formation. A tough sheriff arrived could therefore just be mowing the ground, running an old gang out of town for a new gang to get on with the same old business. A mere market coup!) 1. Njuguna Ndung'u, the man who preceded Njoroge, we can now declare given the hindsight of the evidence at hand, was a deranged banker of the pawn variety. He presided over a cult of anarchy, a wild west where those dominating the banks engaged in utter lawlessness. There was rape, plunder and every crime in the book. The tax-payer, and the common man aka depositor - (sorry ladies, common woman doesn't just sound right), is now facing the consequences of the deranged professor's genius. (he won many an award!) Like Obama had to clean up Dubya's mess around the globe, Njoroge has to clean up Njuguna's stenchy droppings. Those who have followed the skeletons rolling out of the baking vaults, will recognise the corruption of our politicians, Judiciary, Police force, military
. Manufacturers
. you name it, needed an equally rtten banking sector to be systematically operative. Here are a few clues. www.nation.co.ke/business/Chase-Bank-put-under-receivership/-/996/3149322/-/10xxpao/-/index.html www.nation.co.ke/business/corporates/Chase-Bank-chairman--MD-step-aside/-/1954162/3148628/-/mr2djyz/-/index.html The doctor wants only to give general comments? no case studies!? ---BAM! there goes a would-be great man! trying to stem a bank-run? How unencumbered is the CBK itself, by 'weak lending policies and management failure!? --thinking for instance of the earlier failure of IFMIS in the NYS heist?
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Post by podp on Apr 7, 2016 22:08:55 GMT 3
PODP SAID Professor Podp, I got my rears covered with armour. You better be back with some real roaring machine. Your hero Timothy Geithner is a certified crook. There is enough literature to indict him to hell! fortune.com/2014/05/14/the-bigger-beef-between-tim-geithner-and-his-critics/ Sheila C. Bair, –--bull by the horns And when Geithner was head of the New York Federal reserve, what heists did he perform? Margaret Thatcher: 'The Brititsh people want their money where they can control it. In their pockets. To give it to anybody else, middlemen, even the state, is to be patronising. So we will lower taxes massively' Withnin capitalism them, there was the distinct option of not giving the money to the failed banks, but bailing out the homeowners direct, and injecting the money direct to industrial investors ---by wiping out their tax obligations for several financial years. Geithner was not practising capitalism with his bank bail outs. He was using the crisis to loot Main Street for Wall Street. A parasite strategist who colonised Barrack Obama's White House an hijacked the promised popular economic policy! originally full of Main Street goodies! If it wasn't justice for sale do you know how many years T.G would get to serve at a penitentiary? looks like you are doing a Kagwanja on Ndii. instead of dealing with the 4 points Ndii claims Kenya went astray (1963-1978 Jomo becoming an bigot ethnic primitive accumulator; Ethnicity again making a strong return in 1992 and 2003; and finally we discarded chapter 6 of our Constitution in favour of ethnicity) Kagwanja spends more time on the person of Ndii and paradoxically drags RAO. so you too are going for the person of Tim G and not the effects of his time both at Fed and as Secretary of Treasury. so going personal first as it is easy let me quote "StressTest" on page 230 to 231 Tim opens up on his relationship with Sheila. 'I decided to call Sheila Bair to see if FDIC could use its systemic risk authority to provide a solution. I probably wasn't the best person to make he case to Sheila. We did not know each other well, and in our conflicts over WaMu and Wachovia I had been derisive of her arguments....I had been more aggressive, dismissing her focus on limiting immediate risks to the FDIC insurance fund as parochial and shortsighted, warning that she was dragging us towards an epic disaster....Sheila and I would continue to have our differences, including on this very issue, but her willingness to use the FDIC's guarantee authority was one of the turning points of the crisis....It was clear Sheila had reservations, and she was too adept a bureaucratic warrior to let us box her in.' so I would not be surprised if she also had her thinking on Tim G. on Tim G.'s tax issues he has explained them as arising when he was working at the IMF. it was more on carelessness on his part than wilful evasion of taxation. back to the issue of the topic some independent observations from OECD Q1 2008 - 100 www.oecd.org/std/46180007.pdfhad Tim G claiming that 'because of the aggressive fiscal, monetary and financial force we deployed, the US economy has grown faster than other major advanced economies since the financial crisis' one good commentator says this of 'Stress Test' writer, Tim G. "In this informative book, he attempts a defense of his actions (and inactions) in this crucial time of US economic history. In the trial of public opinion and the press, Geithner has been blamed of both (i) missing the warning signs of the upcoming crisis and doing little to prevent it, (ii) and bailing out the main culprits in Wall Street while forgetting about most of the victims in Main Street. He mounts a forceful defense of the second acussation. Geithner presents himself as a reasonable utilitarist who made difficult and controversial decisions with only one goal in mind: safeguarding the wellbeing of millions of people. In his account, he had to battle moral hazard fundamentalists arguing for doing nothing in the midst of a terrible crisis, eloquent demagogues asking for revenge at any cost, irresponsible politicians playing dangerous games of brinkmanship, superficial journalists telling and retelling the same morality tale, and opportunistic financiers taking advantage of sensible public polcies. I battled, he suggests, all these people at once and prevailed against long odds, saving the world of a catastrophe. Self-congratulatory, indeed. But truthful to some degree." page 503 onwards Tim G again explains "Our financial reforms will tie future compensation packages more closely to long term performance, with legal authority for clawbacks when firms run into trouble.....The perception that Wall Street paid no price for its misbehaviour is also inaccurate. By early 2014, the big banks had paid more than $ 100 billion in fines related to the crisis. Overall, there has been a substantial increase in enforcement penalties for US financial firms, and the new Consumer Financial Protection Bureau and the stronger authorities and resources granted to the other financial regulators will create an even more credible deterrent in the future....It's also true that individual Wall Street CEOs haven't been marched off to jail en masse, as many Americans thought they should be. But this was not a conspiracy of public corruption or ineptitude. Federal prosecutors and state attorneys general had all the right incentives to go after high profile financial scalps, and they have brought down some insider traders and Ponzi schemers. For the most part, they have concluded that the financial activities most responsible for the crisis weren't illegal, however unethical or dumb they may have been. There was an appalling amount of mortgage fraud during the credit boom; it caused a lot of pain, and it deserved a more forceful enforcement response than the government delivered. But the bulk of the huge boom in borrowing that caused the crisis was between consenting adults who took risks they believed would pay off, risks that did pay off for a long time, risks fuelled by genuine but imprudent beliefs that rising real estate values would make future defaults extremely unlikely. ...In any case, federal laws do not prohibit greed or ignorance or excessive optimism or even excessive risk taking." I still love his idiom 'What feels just and fair is often the opposite of what's required for a just and fair outcome' and his explanation "It's why policymakers generally tend to make crises worse, and why the politics of crisis management are always untenable." "The instinctive reaction of the policy wonk as well as politician to an epic financial crisis is to punish the perpetrators and impose losses on their creditors while limiting taxpayer exposure to catastrophic risk. It seems obvious that government should discourage the risky behaviour that created the mess, and certainly shouldn't reward it. On the fiscal side, it seems just as obvious to many that exploding budget deficits should prompt fiscal restraint, that when families and business have to tighten their belts, the government should tighten its belt as well." "All that sounds right. It usually is right. But in a severe crisis, it's wrong." so in the end Tim G if one was to compare his actions and not his person it would be best to view them within the mirror of Complications: Notes from the Life of a Young Surgeon by Atul Gawande www.amazon.com/Complications-Notes-Life-Young-Surgeon/product-reviews/0143028456The book does portray the doctors as human beings that come with all the normal traits that any of us do. The pressure they must deal with is that when they make a mistake, it can irreparably harm or cause the death of the patient they are trying to help. so Tim G had his successes. he also made mistakes, strangely not the ones most of us think he did, and reading Stress Test brings them out.
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Post by jakaswanga on Apr 8, 2016 17:16:15 GMT 3
SOMETHING IS HAPPENING, BUT WHAT!?---when a frog jumps in broad daylight, know you then .... www.nation.co.ke/news/Uhuru-backs-CBK-governor-over-rogue-banks/-/1056/3151100/-/j6cs9ez/-/index.html The sector is not in a crisis, but needs cleaning up to cure it from non-compliant lenders? hmmm Again, I do not think that is a statement cleared by Patrick Njoroge! Why? again, because it is too stupid! (but I let it pass for diplomacy in foreign lands!) But Imperial, Dubai and Chase? Are we not talking a long-standing deliberate policy by bankers to defraud!? So devious are their stratagems that, for instance in the case of Imperial's Janmohammed, we saw him cultivate the wife of a top regulator. --And then there is the blatant laundering of stolen public money, for instance Waiguru NYS heist. Oh!? Boinnet has developed balls or he has cover? I mean the guy running the protection racket on these bankers is reputed to be none other than Pugnacious Ndegwa Muhoro of CDI! No joke, the Keiser Soze cartel which controls this thuggish top cop was powerful enough to force Kibaki and Raila to appoint him regardless of IPOA! So Boinnet upstaging him is hot news! That is him too, the guy Joseph Mugwanja of the Banking Fraud Investigations Unit, BFIU, was reporting to. If they were up to their job, the president and the chair of CBK wouldn't be going loud on this now. Yes, Boinnet has cover meseems!
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Post by jakaswanga on Apr 8, 2016 22:37:15 GMT 3
HOW A BANK IS DELIBERATELY COLLAPSED: OH KENYA!Predatory parasitism. Star economist Michael Hudson who predicted the Wall Street Crash, wrote a book called KILLING THE HOST. But let us stay far from the land of the buffoon and the witch, Trump and Clinton; let us instead take stock of stuff piling out of our front door Nairobi, polluting our hometurf. --Some will remember it is barely a week ago that the President in his state of the Union gave a glowing speech in which he hailed the financial sector of Kenya as an African powerhouse and future flight path to greater heights. A fundamental correction of the Nairobi playing field is therefore harshly necessary, if the president is not to be his usual Quixotic self ---oozing fake heroism, promising charlatan victories, delivering mock fights, riding broken horses, getting dead drunk in lalaland and avoiding hard decisions. WHAT HAPPENED AT THE NATIONAL BANK OF KENYA? speedy customer service! the bank to patronise! what do you call this racket, Dr. Patrick Njoroge? -- Non compliant lenders? (Ouru Kenyatta in Germany) ---Weak lending policies, laced with management failures and interests? (CBK spokesperson, Nairobi) Come on Njoroge! I know you know that is horse-manure! And I am really cutting you slack, in obedience to Luoldeng. BEST WEAPON IN OUR ARSENAL!! okay! There is no Nancy Njoroge to be fetted by a Janmohammedwise looting banker, Imperial Bank style! That said, still I would love to see the expressions and body language of Wolfgang Schauble, the no-nonsense and cold-blooded finance minister of Federal Germany, as Sir Patrick and Uhuru Kenyatta tell him the above lamies, mumbo-jumboring like some sedated dumbos. Continued presently.
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Post by jakaswanga on Apr 9, 2016 14:35:19 GMT 3
Here is a gem When Njoroge ascended to CBK towers, he had all the facts: dangerous lending habits, was a statement he could dissect to its indivisible elements.
So when they arrest bloggers for collapsing Chase Bank, and Patrick Njoroge seals his mouth, playing deaf and dumb, uttering mumbo jumbo's like managerial omissions laced with interests, I incrementally reduce the inches of slack I am of mind to cut.
A directive to review and reclassify loan portfolios?
Those who claim, in the now unfolding legal case, that the CBK is complicit in the collapse of the banks have a point. The only reason I can think of why Njoroge was playing *-foot while he had all the facts, is that he did not want to create alarm and further uncertainty in the financial sector at a time the shilling was struggling, by exposing the whole sector as a fraud. There could be a total bank-run with foreign capital leading the flight, and Kenya going dodo as locals too, like the Greeks a few months ago, lined up to withdraw all cash and exchange into one or other international reserve currency. Then it would not be individual banks collapsing, but the whole sector, and with it, an East African financial giant.
But knew he knew, our Dr. Patrick, ----that the banks were engaged in massive fraud, and some, like Imperial, were current accounts for directors to do with as they pleased, while others like NBK just lent out money to clients specifically for the purposes of fraud Okay, I lied. I can think of another reason why Patrick Njoroge played *-foot! But I will pretend I can't for now! Because I have discovered Njoroge speaks with two mouths. When he is interviewed by Reuters or Bloomberg, he says things he does not say locally!
I am intrigued! MPS! why?
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Post by jakaswanga on Apr 9, 2016 19:37:14 GMT 3
TAKING CBK's NJOROGE THROUGH THE RINGER, UP THE CORRUPTION. Dear Governor, Yes, the Panama papers!Let us face it, Njoroge, if Nairobi is to be a killer financial centre in the capitalist world after conquering Africa, then we do good to study precedents. No need discovering the wheel twice. How did London overtake New York?The Americans passed laws (anti-terrorism and anti- sanction-busting clauses --which they have now, post banking meltdown, reversed, which is why no American name appears on the Panama papers
he! he! he! ... In addition, the Republicans abolished taxes for the rich. There is thus no need for them to cut, run and hide their purse abroad!) But earlier on, them Yankees became tough. And that cleaned New York some. However, across the ocean, the unleasher of Greed, Thatcher, deregulated wholesale and turned the city of London into the world's leading centrifuge for blackmarket cash. For subterfuge because the British love to keep up appearances of good breeding, they constructed offshores in their Caribbean backward backwaters. The Virgin islands is a small place, but it has more registered companies than the world human population. Great Britain, is great in financial chicanery! but not of the local type! This is the mature bourgeoisie tapping savvy global capital. The are not village pickpockets like Janmohamed of Imperial or those NBK Mpesa swindlers Boinnet arrested yesterday!So what gives? Even the current British Premier, David Cameron, started paying taxes only recently when his chances of becoming number 10 downing tenant, shot up. Otherwise paying taxes my foot! That is something for the lower classes sweating it out. His dad sorted him out. Now he looks a bit silly explaining himself to the cynical electorate. But that is an aside. It does not shake what London does best. It just confirms it is a decided system. The Swiss we know from of old, they take any cash, but they do not do fake papers. The Dutch, the fellows who gave us the first multinational in the middle ages, the VOC ---moving and trading slaves on every continent, are the world leaders in forgery for the purposes of tax evasion. Amsterdam is only second to the Virgin Islands in fake business fronts. With no natural resources to talk of, Holland's only resource, they say, is street wit on a global scale, in fact they say intergalaxial scale, since they claim, too, Holland is the only landmass God had nothing to do with creating. (The waterwise Dutch created it themselves out of the sea, like Zeus Aphrodite). And for a swamp of a land, their 500 years at or around the top of the world financial hierarchy should tell any doubting Tom they ever mean business in real time. They are of course the same people who internationalised heroin into a global trade, after revolutionising its processing in industrial laboratory technology, and convincing the militarily powerful British China was a natural market for the drug! Lets share profits! Prosperity is not a chicken-eaters game I tell ya. So, when you, Sir Patrick Njoroge, wants to regulate banks, supervise banks, at a time when Africa is (hmmm) rising and vision 2030, for Kenya, says we are Industrialised at that timeline, I wanna hear you talk with some industrious insight and steel --not that feminine nonsense you were spewing next to Rotich, ati there is no banking scam in Nairobi! ntv.nation.co.ke/news/national/-/2725528/3151918/-/kn9nclz/-/index.htmlThere is huge banking crisis in Nairobi, amigo. There is no infrastructure in Nairobi, neither mental nor administrative, to launch competition on a global scale! It should be clear what you want to do if vision 2030 is real. What you want to erase, is theft of depositors money! What you want to create is solid credibility in Kenyan banking as an enterprise! not a magnet for fools seeking financial ruin! For, which fool is going to bring his money to Nairobi if all Kenyan bankers are, are parasites who skin depositors to death? Omera Njoroge! that the Kenyan bankers have the profile of a Kenyan worker/depositor as stupid sheep ever coming for more shearing is one thing, to imagine they can use the same profile on sophisticated international clients who count their money to the last dime every day, is pure infatilism.So what you want to do, Mr. Reform, is eradicate the crop of Shortsights infesting the top of the banking world in Kenya. You want to stamp them out as in kill. You want to create a new prototype, to compete Hong Kong, Zurich, you know the list! No, you do not want to stop money laundering, nor tax evasion, nor do you want to bother those who have looted others elsewhere across the globe, No, that is the business, the core business of a global financial center! Where would London be without the xx% looted off Russian GDP by the Boris Yeltsin oligarchy? Where would Switzerland be without the loot of African dictators and their oily Arab counterparts? He doc!? You start giving me fake medicine, I will pump angry bees up your intestine. Rogues like David Ndii want a divorce, and I am a Unionist. I need success stories to hold the marriage. So I mark homework on a very tough scale. And for whizzkids like you, I am even tougher. Yaani something has to give. Nairobi becomes the financial centre of Africa by becoming a brothel of cash, centrifuging every dirty cent from every dirty criminal from every dirty corner of the globe, or we ran a saner, tidier business model. In this latter case, it means we find other things to lead Africa and the world in, where we excel honourably. It is like the sports titles. If you go all out to win always, you can not avoid doping and drugs! So, Njoroge, must Nairobi be a financial top act like The City (London) by doing drugs and cheat, or do we compete fair and square, and win some loose some? It is your Sophie's choice, O tough sheriff! Njuguna was an arzole, and I do not stomach another arzole at CBK. 2030 is not far! (and there is that S.O.B called Ndii buzzing around my arze! An Erinye!) NB: I am a KCB client. Home and dry? Cheers.
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Post by jakaswanga on Apr 11, 2016 19:20:51 GMT 3
A WORKING DAY IN THE SENATE! Now now now senatorS! Have you ever heard of BFIU? And its head Joseph Mugwanja!? And do you know who he reports to!? And did follow The Chronicles of Josephine The Hairdresser, and marvel at the juicy rendition of her nights out of Buru-Buru police cells!? [/i] [/quote] Ya!? They asked who!? Do you remember who Anne Waiguru first ASKED to investigate the IFMIS password breach!? We call it a vicious cycle. Continuing to dig while in a hole. If the senators are this stupid, I can see why Mpigs run rings around them. I agree, disband this house! A waste of time. What we need is a commission of inquiry. At its end, it gives 50 Binding suggestions to modernise the banking sector. The 50 recommedations are billed and passed into law. A new banking convenant as they say! But trusting a banking investigation to Ndegwa Muhoro and his boys is sending a wolf to count your sheeplings for you. Of course he will report back, but his math!
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Post by jakaswanga on Apr 11, 2016 22:54:24 GMT 3
THE DOGS DID NOT BARK, SHERLOCK HOLMES WOULD KNOW WHY! Caught flat footed. Or aught flat footed by design!? O boy O boy! That is a distinction from Harvard talking to me, Wanjiku restless in an abusive marriage, after three banks have bitten the dust in as many months, working my nerves further!? Even if he is doing damage limitation, and is ordered to downplay the rot, does he, a genuine Harvardian, have to follow our local Harvard (Kiganjo) template. Remember a senior police officer told the vetting board he could not supply his bank statements because it would make his wife angry, and that, he feared more than any Al-Shabaab! And had he looked at them, so that he could furnish an oral report? -ventured a member of the vetting board. 'No,' the cop replied. His wife had banned him for viewing the bank statements!So here we now have all these Yale and Harvard and Hopkins guys perched at the top of the banking pyramid in Kenya, all caught flat-footed years on end, a decade and above. Hmmm, they can not bust a cooked book!? How would they know to read administrative costs in eurobond middlemen like Goldman Sachs!? --See what I mean Rotich. (You saw Goldman Sachs working Greece like a ruthless pimp works a crack-hore!? I think that is the way they worked Nairobi on the eurobond. Free meals will be had!) So, Hey Rotich, I will spell it for you, comedian. Flat footed no. You guys were bribed. Actually it is public knowledge. An insider tells it with relish. -Just a moment. THE SACK OF IMPERIAL BANK The facts are out too. How were the banks ran? The National Bank offers a clear module. -Accounts opened specifically to siphon off huge quantities of cash. --Money out even before the SWIFT is completed to 'connected' companies. --Rampant nepotism, clientelism, insider loans, looting culture. Double accounting by Imperial to do fraud and moreThese are criminal activities. They are elite criminal activities. They hang together or apart. So they will hang together to derail justice. That is why Uhuru Kenyatta is very restrained. He is not saying we will get to the bottom of this, and punish these miscreants who have sabotaged the financial sector. He could also be conflicted. A bigger fish eyeing smaller fish for lunch, called consolidation. But when the fin-sec starts being at pains to explain the old trick of double book-keeping, forgery, larceny, obvious crime, he sounds like uhmm ----what do they call those who see not the elephant in the room as they search for the rat!?--- a cover-up man! But here is some juice
... for breakfast. owaahh.com/the-sack-of-imperial-bank/ THE SACK OF IMPERIAL BANK
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Post by jakaswanga on Apr 18, 2016 19:25:24 GMT 3
THE CERTIFIED AND CHARTERED PUBLIC ACCOUNTANTS OF KENYA AS BANDITSIt was just a matter of time before, publicly certified, the book-keepers reputation was proven that of a lady of loose morals ever with an itch for an extra dollar: a compulsive prostituter of the self. Revealed and caught in the glare of public scrutiny, to protest their morals and altruism and vouch for their organisational mental health, the ICPAK Chairman Fernades Barasa and CEO Patrick Ngumi have come out guns blazing. The bandit economy has seen many a reputation fall. In fact there is hardly a profession left standing tall. The teaching profession where I come from is ever in the hot seat with exam leakages and sex abuse of minors --just like the Church. The case of the Army, lootenants, and the Police are well known, all the way to the baptism of Kiganjo as the Harvard.The recruitment of top talent from the private sector to the state bureaucracy was captured like this. The legislators of Kenya are generally known as Mpigs. Lower down, far away from the city, smaller rodents have learnt quick. And the man the accountants are appealing to draft bills to curb excesses, is of course held by the balls by the same.. And the future president limbering on the sidelines has this reputation too. The Kenyan judiciary is of course, Nigerian! And, LSK woes apart, we have publicly seen top-tier law firms of Nairobi outed as deeply compromised But the accountants have been hiding. In a blind spot. Burrowed deep like tape worms in the riches of the intestines, the pestilence of this group is not always visible, and only later as the body cracks to death like one besieged by a cancer metastazised beyond recovery, does the pathology of the book-keepers break cover. It now has. The spate of collapsing banks has forced us to dissect deeper, and out crawls the tape worms! Fernades Barasa and Patrick Ngumi are the face of that infamy. Try hard as they might to apportion the blame elsewhere. They wouldn't know a cooked booked from a boiled book. And they do not train forensic accountants in Kenya. Sherlock Holmes: the dog did not bark! is a significant clue. How does this farce end!? a good night's laugh? or is the band playing merry as the Titanic sinks!?
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Post by jakaswanga on Apr 20, 2016 20:07:23 GMT 3
KENYAN ACCOUNTANTS DO NOT DO FORENSICS! THE KENYAN ACCOUNTANT AS A PROSTITUTE.My thinking goes like this. If a professional hooker picked up from Koinange street is ready to perform certain UNCHRISTIAN favours for several dimes extra, then I will deduce the same hooker will, on another date, be more than willing to perform similar unchristian acts for twice or thrice the rate of several dimes extra. Applied to the professional ---chartered and certified---- accountants operating in Kenya, the gospel reads thus: If for several millions (of bribery) the whole accountancy in the uppity republic of Kenya is ready to be the dog which did not bark when Chase, Imperial, Dubai, National Bank and the rest of the banks were presenting rigged books (cooked figures they say of this kind of fraud), then ... when it comes to the fatter eurobond they would even be more than willing to be the sleepy dogs that were let sleep! Trouble started for me when it became obvious, that in Kenya accounting was a matter of opinion and not a science. This was during the spat between the office of the Auditor General Eduard Ouko on one hand, and, on the other the twin peaks at the treasury, Kamau Thugge and David Rotich. They went at each others throats, disputing themselves from the same data, one trashing the other in ever more colourful terminology. I noted to my horror at that time that, not a single voice from the organised and professional body, the institute of certified and public accountants of Kenya, found a voice to act as a referee, or reconciler of books. It was an absence from duty whose explanation, i recognised, would take us deep to the cave of robbers. There might we surprise them criminals in one of their obscene rituals celebrating the impunity with which they can betray their profession and rape their people. A God Pan ritual turned upside down, to celebrate theft instead of fertility. Here is how lost of wit the accountants react when a light is shone into their cave. Icpak chief executive Patrick Ngumi with chairman Fernandez Barasa . NB: At the end of Orwell's Animal Farm, the animals famously look from pig to man and from man to pig, then back and so on. No difference to be seen whatsoever! In the same vein, these days in Kenya that blur or opacity is widespread and disturbing. Whether one looks from cop to robber and back; from prosecutor to accused and back; from jailer to jailbird and back; from judge to criminal and back; from banker to swindler and back; from church leader to sinner and back; from political leader to criminal and back;
.. telling the difference has become an impossible task! It is the collapse of authority and morality in the public place. Privately I believe every Kenyan knows right from wrong. It could be a dizzying time to set things upright again, that the public space reflect core morality now exiled to the back of national consciousness. Meanwhile let us have a ball of the immoral! Redemption can be harsh! A catharsis to end the enforced compartmentalisation that sustains this dichotomy in Kenya.
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Post by jakaswanga on Apr 22, 2016 23:06:51 GMT 3
FISHY RESPONSE FROM A STRAIGHT FORWARD GUYAmongst other things Raila Odinga wrote to Patrick -CBK-- Njoroge In refusing to meet Raila Odinga face to face nor availing further clarification on the said issues, the chairman of the central bank of Kenya shot back like I gaped. That can not be Njoroge the ace kid whose celebrated brief is to confine the memory of Njuguna Ndung'u to a bad dream from long ago. Ndung'u is of course arguably the sorriest thing that ever happened to Kenyan top banking. ---As such he would be in his place in that special corner of hell where, according to Marilene Albright, women who do not vote for Hilary Clinton will find themselves before death! Patrick Njoroge must know, that since Masterclass John Githong'o gave a glimpse of how work can be done at the top, the streets have wizened up to become like the famous Chineke the Bird who learnt through experience to see through the bluff of fallible mankind. I will presently explain what it is about that Githong'o fella. Anyway, because that privileged, sealed information in custody of the CBK is in dispute, the CBK can easily be subpoenaed, to show some glasnost and open up its leaky books in the public interest, which is who it is mandated to serve. It is actually -owned by the IMF-- not the government's central bank. In deed Patrick Njoroge can be formally ordered to appear before financial committees of both the senate and the parliament to explain stuff,. And those parliamentary bodies are mandated to hire external expertise to do forensics on Njoroge's book-keeping, if there is ground to suspect he has been putting his wizardry to the profit of Keiser Soze, to the cost of Wanjiku, kinyume cha sheria. An in politics, the chief banker of Kenya, CBK governor, is not God's banker, nor a Mafia's banker, nor a Swiss banker whose lips are supposedly forever sealed to outsiders! NB: 1. Running broke, the USA has cracked open Swiss bank secrets. If they do not play ball they face bankrupting fines, and eventual exclusion from the American market. And that cracked the Swiss. NB2. There are also rumours Putin of Russia too broke the Swiss. The Boris Yeltsin oligarchs had looted all of Russia's pensions, savings and gold, and stashed them in the Alps. Liquid of course. Facing financial collapse, chaos was brewing from the Urals to the Caucus. Vladimir Putin got right to the point: 'You have Russian fortunes and you know it. Let us reach a deal in private.' And the Swiss are a prudent lot. What am saying is, it is a dangerous game to hide behind legal formalities in a theft-ridden country. After all, the CBK is under the suspicions to have been colluding with knowable parties to defraud the people of Kenya of, among other kitties, the large float known as the (Eurobond). I believe hard questions from the notorious David Ndii are stil pending. Furthermore in the public interest, in a situation where the CBK has proved itself to be of a reputation unbecoming of a Ceasar's wife, that secretive clause -privileged information which under banking laws can not be revealed to third parties---- is worth about less than zero. The sorry tenure of Njuguna Ndung'u apart --Only last week, the CBK was the main clearing house for the NYS heist! (IFMIS my foot!) --Only yesterday, we learnt of how JanMohammed of Imperial bank had price-winning regulators like Njuguna Ndung'u in his pocket! ---Then there is the Tatu and wherever case where former heavyweights of the said bank are deeply mired in rot. Along with the top brass of the police! --With the now transferred Joseph Mugwanja as the investigators Njoroge officially relies upon to compile his CLASSIFIED REPORTS, it is a massive joke for the doctor of economics from Yale to hide behind a CIA-like clause ... (hot and delicate stuff one needs the freedom of information act to access, and even then, half the pages is redacted!) Such a fragrantly malfunctioning organisation does not throw secret clauses at inquisitive people. It risks preventing activists lawyers like CJ Mutunga from apologising for calling Kenya a bandit economy! Others could of course order the gag on CBK lifted because it is construable as a lid on a can of worms! Njoroge would have to comb top-tier law firms to find a clean one to defend why he should not appear and suffer a gruelling oral on the Eurobond cents! JOHN GITHONG'O FOLLOWING EVERY CENT.Life can be simple! Real work very boring. Because it is mere routine. No wizadry. I was thinking the best defence from Njoroge would be a guarantee there was no monkey business! In that he would just call Raila's bluff, like, 'Hey you Troublemaker Raila, shut up! I dare you to call the toughest forensic audit firm in the world if you wish! I will let them fine-comb through the eurobond docs, yet I still guarantee not a dime will be found lost! My name is Opus Dei Patrick Njoroge, and I don't mess my sums -Omera! Neither do I eat chicken!' Then Raila says 'fine, I trust you Njoroge; it is just the Bank I don't trust. I will give John Githong'o a call, if he still knows those Kroll guys who do smart and forensic accounting which is a discipline outside the scope of local accountants organised at our ICPAK. If Kroll are unavailable, Sir John will sure recommend an equally sharp-eyed alternative. I have watched KPMG, Deloitte and, honestly, any given traffic cop on any given highway stretch, has more honour than these our external accountants!'' And that would be that. But here is Njoroge adopting a formal and legalistic rationale to avoid a fine-comb of accounts. Me thinks that is opening himself wide for a screwy punch! Patrick Njoroge must be like Ceasar's wife. Above suspicion. Otherwise he will soon be winning prices like his predecessor! NBL John Githong'o never won a price that I heard of!! No, on the contrary, he lost his job! Even better, he faced death threats real enough to exile him! Just saying, Dr. Patrick, I don't get bluffed easy, I got intitutionalised memory! --charlatan banker! (All pirates yesterday rob I --Bob Marley sang. And I remember as late as last year President Uhuru was still wiring AngloLeasing cash to Switzerland! invoking some mystic clauses from heaven! NB: Chase bank is re-opening. So that is a bailout --Wanjiku paying. But the bank went down coz managers loaned themselves the whole house silver too. That is called stripping or boning. But the law prevents Githu Muigai from confiscating the wealth of these looters, stripers and boners!? his hands are tied behind his back or, Gaddo speaking, the other long arm of the law has him by the balls. Hmmm. We need tougher regulators than altar boys from whichever ivy-league college! this is the old game of guts and balls! that is where the shortage is. But there is no shortage of brains and skills in Kenya. But guts and balls!? Haaaa! NB: Let us not crack the heads of our accountants with sledge hammers. Remember out engineers too, apart from collapsing buildings, they delivered a TARRAM road in Machakos! And we let them off the hook!
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Post by jakaswanga on Apr 24, 2016 19:08:53 GMT 3
TOP KENYANS SOWING THE DRAGON'S TEETHPatrick Njoroge! Please stop scaring me! You have taken the fifth amendment on the Eurobond! You are the highest ranked CREDIBLE operator in high finance in the country, so goes the national narrative, yet herein you are silent, merely repeating the formal clause ' I am gagged by the banking laws!' That leaves a huge vacuum! And it will be filled! and your signature forged! with impunity! The professional accountants in Kenya too, we have seen, exit the confidence, are not a source to bother with. Clients who believed ICPAK authenticated faked statements on banks have been sh!tting in their pants in long queues before ATM's and doors of collapsing banks, rueing the day. For Chase bank customers at least, you Njoroge has been the night in shining armour, coming up with a bail out package --even if you have awarded Chase as a zawadi to KCB! (Chase bank is more a wounded lamb given to a salivating lion to nurse back to health! One can not expect the lion to fatten up its meal and then surrender it to other predators! Yawa) However, because you, Dr. Patrick, will not stake your reputation on the line, neither vouch for nor allow an independent top-notch forensic audit, the defence of the eurobond accounting has gone to the politicians, and let the one leading the pack be The Singh!Farce! You see what I mean, Njoroge. You are asking Kenyans to believe the words of their politicians on money! Would you!? Yesterday you were working at IMF! care to share with us the jokes they tell at IMF about Kenyan politicians and cash accounting!? Even when the Great Mwai Kibaki was the man in town, the jokes were as bad as British ones about the Greek spendicus twins Samaras and Papandreau!? Now you have to eat your own IMF jokes! RUTO AS CHIEF ACCOUNTANT! -The opposition is now being termed dangerous and reckless economic saboteurs. When open, closed and shut thieves like William Ruto --that I would vote for him (for saving Jaluos from Mungiki in 2008) does not mean I pull any mental punches on him---- go hysterical and start calling fading reform-hero Raila Odinga an economic saboteur, one should recognise the political ship has entered turbulent waters where fifth amendments are ramshackle lifeboats overboard. Even Kinyua should know he could be forced to drink truth syrup as they say! The central bank has become a political football or the grass under two titans in combat. That needed not be so. Think of the legend of Cadmus and Jason, about sowing dragon's teeth. You needed not let politicians drag you along into it, governor. NB: I have not heard the Prime Minister Joseph Kinyua on this eurobond thing! But then, he has always been an addict to the fifth! Sealed lips until the day of the truth serum!
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Post by jakaswanga on Apr 26, 2016 22:23:28 GMT 3
PATRICK NJOROGE RELEASES A BALLOON: IS HE REALLY SERIOUS?Where is Nereah's boy Ababu Namwamba? Since his disastrous performance at the chair of PAC where he was deputised by Cicily Mbarire, finding him has been a bit like looking for Icarus after his suicidal high flight. Ababu did not do his job --that is if the brief was to take care of Wanjiku's business, so here would be a welcome Njoroge taking over. Kerioko Tobiko the would be sword of Damocles on the lives of thieves, too is of course the dead head of an office deader than a dodo. So again Sir Patrick has to fill the vacuum. EACC is like the IEBC, a dead weight. So action has to come from elsewhere. And ideas too. Now lets see who will second Patrick Njoroge. Will it be Uhuru Kenyatta? Will it be William Ruto, the upto 2032 man? Or is this just one of those things we call a non-starter!? www.the-star.co.ke/news/2016/04/22/cbk-chief-wants-fraudulent-bank-bosses-jailed-for-20-years_c1336671 Delisted? Oh, CJ Mutunga, would you dare propose delisting those top-tier law firms proved to be our own
. ---what do you call that famous law-firm at the centre of Panama papers? 20 years for fraudulent bankers!? I would argue for rationalisation with robbers and attempted robberies, life to death sentence! And then considering the rot reported at Joseph Kaimenyi's lands docket and Nkaissery's security office, fraudulent bankers can be forgiven for asking: why pick on us!? we are just doing what everybody else in authority does! Jail the Singh first! that would be the best example! But at least Njoroge has set the ball rolling, and it is now firmly in the Mpigs court! his team is ....
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Post by jakaswanga on May 19, 2016 19:07:03 GMT 3
On this thread I have explained the organised Kenyan accountants as bandit accomplices and 2. as challenged in the disciplines of forensics, such as can unearth financial scams and frauds. In other words if it is public knowledge the police force and the judiciary are stenchy in rot, and the KDF a bastion of lootenants all the way to Kismayo in I do not know where, a gathering of Kenyan accountant''s ---like their counterparts elsewhere specialised in dodgy rackets like the scam called the PANAMA PAPERS, is a good place to be with a hygienic mouth and nose cap to prevent nausea. But the finance minister Henry Rotich blended with ease. And nothing in his speech showed an awareness of the linkage between the banking insider dealings and the duplicity, collusion of the accountants. Neither did the minister seem aware of death threats to hard-working CBK clerics busy unearthing the scams which otherwise would have been prevented by diligent, non compromised accountants.
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Post by jakaswanga on May 19, 2016 19:26:56 GMT 3
DEATH? THREATS TO CBK PERSONNEL OVER IMPERIAL BANK
Methinks the seriousness of this statement escaped the Mpigs (or were they senators) interviewing Patrick Njoroge. Whatever, if Mpigs they that would be under Nicolas Gumbo's chair in the public accounts committee. Senate would be Billy Kerow I think. All the same it reveals the depths to which the scam goes, and the cocky audacity and impregnability the perpetrators feel, even as they are unsettled enough to come out scarecrows blazing!
It is amazing nobody has called for a deeper investigation into this. A fellow Maasai calling a Maasai minister a blind pig on facebook is arraigned in court within 12 hours for DISRESPECT of a minister, but a death threat to fraud investigators busy with a matter of national preeminence goes unnoticed!
Ha! upside down priorities is also a true mark of stupidity!
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Post by jakaswanga on May 21, 2016 0:25:58 GMT 3
FILL IN THE REST The % Tax-income which goes to 'debt management' = 41% ---% tax-income which is creamed off in graft/corruption = c% ---% loans and grants which go towards 'debt management' = r% Total government expenditure lost to corruption = 30%The public wage bill as 1. a % of tax-income? And 2. GDP? All coming to a blog near you! Meanwhile: Ehm, nothing to worry about really. Meanwhile the truth is like that ferocious fox the Spartan brave hid in his toga as he was chatted along the way. The Spartan is brave to death of course, he is a hero in keeping up appearances; his lips sealed to death, he hides his theft around his stomach like many an African tycoon, and whatever the question, his features are opaque in the iron discipline of denial. But Lo! to no avail. The truth escapes in spectacular fashion, alive and open for all to see, galloping away. For sure a bit nasty, but undeniable though. -Yeah, our Harvardian fin-sec Henry Rotich is my idea of our local Spartan. Every single cent is accounted for, the masked face ever says. Dead man walking insists no grave ahead. A tragi-clown: A bit of common sense sees through this: 'legislation passed barring the auditor general from interrogating books of some key departments that control billions of shillings of public funds every year!' But someone needs to break that down to the finance minister, our ace from the occult! --that is the micro-economy of the LOOTING MACHINE!Harvard greats! No wonder the Great McNamara made such a mess in Vietnam, and Henry Kissinger just about everywhere! And Obama with his yes we can make a mess everywhere in the globe and we will? Lucky my Luo brother for HRC will outperform him in that!
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Post by jakaswanga on May 21, 2016 14:50:49 GMT 3
ROTICH AND HIS INTERNATIONAL CLASSMATES EVER MORE NAKEDThe periphery mirrors the center. The system must be aligned. There must be macro and micro structural compatibility. As it is DONE in heaven, so shall it be done down below. we have an illustration, subject transparency, or glasnost for those who remember Mikhail Gorbachov's pitch in his bid to open up the ossified Soviet Union. Above in this thread, I was discussing the duplicitous attitude of Harvard-bred finance minister Henry Rotich, toward such Uhuruto constitutional water-muddying amendments meant as to increase the opacity in government accountings. The wheeling's and dealings involving torrential cash flows within the lucrative offices of state are accounts no one need peer his long nose into in the name of book keeping. These are classified state secrets. Wanjiku has no right to know. She must believe what her clever sons tell her. Period. Good faith she must accept the change and not count it to verify, even if the likes of Rotich and Odhiambo tell her things more stupid than her sheep bleat, for instance over the Eurobond and the presidential wire to Switzerland, of angloleasing arrears! But to balance things up, here is a gem from the center, on how the captains of international business do their part in the facilitation of the looting machine which people like Rotich are brainwashed then hired to maintain down here. POTUS himself is not beyond reproach! www.globalwitness.org/en/archive/bp-and-partners-us350-million-payments-corruption-prone-angola-show-need-us-transparency/ Wall-Street bailout King Barrack Obama, Harvard , of course sees the point these anti-transparency lobby groups have. And he assents. Kenya, Uganda, Congo, Sudan are in line to join the oil producer exporters! Thinking ahead, Obama may yet out-do the rotten Tony Blair in gathering riches from laws he signed while in office! That too is why the TTIP -The Trans Atlantic Trade and Investment partnership is ALL SECRECY! Not that anybody is fooled. The corporate takeover of the EU is what the people call it. Transparency is like culture: a very scary word. In fact corrupt power fears transparency more than it fears terrorism! Glasnost, it finally brought the Soviet Union down! the emperors were so naked they became laughing stocks too clownish to lead the land!
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Post by jakaswanga on Jun 16, 2016 22:42:40 GMT 3
BANKERS DECLARE WAR! THE BITE BACK!Let us agree, newspapers are wont to be sensational. But there is that odd time when they hit the bull's eye without even trying. It is the innocence, the nonchalance, the absent mindedness with which Moses Michira stumbles on the rock of gold which is stunningly encaptivating. He says it with the flat tone of a bored prostitute warning a would-be groper it is that time of the month, but if that is what HE (not she!) wants, pay will accepted, in cash! The journalist reports Treasury Cabinet Secretary Henry Rotich has clipped the powers of the Central Bank of Kenya boss to regulate the banking sector. One feels like asking his pardon. But that would merely be theatrical incredulity. The import is starkly clear. But it is worth a repeat: thinking of the real motivations, public rationalisations apart. Treasury Cabinet Secretary Henry Rotich has clipped the powers of the Central Bank of Kenya boss to regulate the banking sector. Njoroge is not yet sacked, the immediate former CBK governor would be Njugunah the ThailandLover Ndung'u. Just saying. yes indeed. Ideologically reading the comprador, it could not take long before a man the caliber of Njoroge,hell bent on work, is brought to heel, neutralised, negated and emasculated, bureaucratically or otherwise. But I did not expect Harvard Boy Rotich to be such a willing Judas. Njoroge can not be bribed. How then can he be trusted with the power of sanctions on the violators of sector guidelines, the banking sector which is money. It gives hime the sword of Damocles over the Kenyatta banking empire. He could expropriate all those insider dealers at co-operative bank, hell, backdating, he could even rope in Moi and Stanley Githunguri (remember National bank of Kenya scandals from of old?) and repossess half their kitty on behalf of Wanjiku. That is the political economy of this bill. Anti-nationalisation of wealth proven stolen! No independents allowed. Independents can make independent decisions! too dangerous! NB: I will promptly post my historical assessment of the role of Patrick Njoroge in the satellite, neo-colonial economy of Kenya. Mature predator capital is in a bind in the mother countries where it is experiencing enlengthened crises of contraction/stagnation. Some new countries have to be fattened before the slaughter, and the role which Western global predatory capitalism assigns competent neo-liberal central bankers in the periphery like Njoroge, is exactly that: Restructuring, whose other component is weaning those economies off China --a dangerous pirate. That is how you explain the series of loans the IMF is washing Kenya in, and the array of emergency credit facilities they hold bait, even to a wasteland like the Ukraine. Outright robbery needs a country with a large saved fund, and with Iraq looted (an Anglo-American pillage using WMD as alibi), and Libya's rich savings fund too gone with the winds like Gadaffi's last breath (used to stablise Eurozone banks), there are hardly any easy picks no more. (Brazil? Venezuela?). Okay we will cross that bridge later when we come to it: the treacherous role of a competent neo-liberal central banking regime in the periphery (satelite economies). But all politics are local. The comprador will stay true to their mentality. Patrick Njoroge has to be cut down to size, and not for the right reasons. Remember he confiscated the wealth of the rogue bankers. These, like Mr. Kotesha the transport magnate in Kisumu who owns all the traffic police in the region, of course owned just about who is who in the top ranks of the judiciary and bureaucracy. One can loot with the kind of impunity we have seen these bank directors do, just like in the NYS case too, without powerful protection and connections; without total immunity from blowback. So, who has given Henry Rotich these orders which annul his intellect? Answer? That can only be ancient rock of the treasury and current Prime Minister: Joseph Kinyua. But it is a measure of the thrusting power of Patrick Njoroge, that Kinyua is forced to sacrifice the credibility of the finance minister. For in the world of reputations --for instance those who will buy the new Euro- dollar or sukuk bonds the treasury will issue--- Henry Rotich is dead meat. He wants to maintain a rotten banking sector. You see Tough Guy Njoroge was busy cleaning up the sector so that, without fear of loss by primitive design, money could pour into Nairobi banks from investors across the globe (like Kenya were Switzerland where bankers are crooked, but not in the Nigerian way like Kenya!). Rotich is saying NO WAY! Things stay the same! No problem, there is enough contraband cash looted from african and flowing around to make Nairobi afloat. The bankers of Kenya have shown what a punch they pack. Yes, the president of Kenya himself is a top banker, come to think of it! I feel like another Bingo shout, this day after Ibrahim the camel, declared unfit to serve in the judiciary by a vetting panel, has made it to the top most job in the same service! HaHa ha! One step forward, four backward! Rotich is lobbying who!? Are there any secrets in government yawa!?
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Post by jakaswanga on Jun 18, 2016 0:46:45 GMT 3
Before I make good on the following, a long tale from the middle east will highlight what a dependent, peripheral central banker, really is. We will visit Lebanon and American sanction rules. But first: When I wrote IRAN in the following, I was actually not thinking of Rotich. I was thinking of Patrick Njoroge. And with good reason. Why was I forced to think of CBK Patrick Njoroge? Because by default --which means by lack of able alternative, he is the best banking mind at whose door the toughest banking quagmires can be dumped, or at least offered for contemplation and insightful, helpful debate. It is important to know who really runs your central bank, behind the scenes. That is to say, I am arrogant enough to state when it comes to hard thinking about the future of Kenya, I can not be bothered with the likes of Prime Minister Joseph Kinyua, nor Kamau Thugge nor Henry Rotich. Those ones are options on infantility. An infantile bourgeoisie making merry with sticky fingers in the cookie jar. Such will burn down the granary when they have eaten their fill for the today, and come tomorrow they will be loud-mouthed yelling children, hungry and angry at some Mama or evil Baba denying them goodies! SO WHAT IS IT WITH IRANSupreme leader showed clarity of thought. Implicitly threatened with multi-billion dollar fines if they 'as much as hand over their business cards to an Iranian', EU and American banks maintain a full-scale embargo against Tehran. The idea a treasury in the third world, a treasury captained by a horde of Breton Woods apparatchiks, could disobey Washington regardless of the projected benefits to their country, is UNTHINKABLE. I did not even say unrealistic, I said Unthinkable! Unthinkable even to the most briliant banker of his generation in Kenya, Dr. Patrick Njoroge. But that (Iranian reminder) is just by the way. The real beef is when we go to Lebanon and take stock of just vengeful Obama can be. Riad Salameh is the reputedly legendary governor of the central bank of Lebanon. A middle east economic digest recently optioned an interview with him. He cut a bewildered and sorry mess of a figure. Something bad troubling his heart deep. No Lebanese bank which allows Hezbollah accounts, will be allowed to deal in American dollars. Hezbollah, or party of God, is of course the other principal in the coalition government in Beirut. They have ministers in the government, and are the main party of the Shiite part of the population, numbering at least 30% of the national total. Enter the US! And hard man Obama! Imagine Jubilee in power and those belonging to the URP of Ruto banned from participating in the formal banking sector of Kenya! Meanwhile There you have the briliant banker Riad Salameh contending Lebanon will comply with the American law dictating which Lebanese can hold accounts in Lebanese banks. And essentially agreeing the largest social movement of his country is a terrorist organisation as defined by the USA! (He wouldn't be drawn on neither his nor the government of Lebanon's definition of terrorism, nor whether Hezbollah fits the bill!) How does that work!? Banks and a central bank which wont bank the country's own ministers!? Yes, Patrick Njoroge, these are the kind of problems to be confronted by brilliant men. They are essentially political problems, but because politics has no men of calibre, bureaucrats must stand in, or up as the case may be! --What nobody will remind you of, is that during the Ottoman empire, the Sunni Ottomans excluded the (heretical) Shiites from Finance! So if you are from Kenya and a Lebanese Shiite jokes at you like: ' aah you know Ottoman Obama?' you can catch the joke: Excluding the Lebanese Shiite from institutionalised money? Obama is so yesterday! The French worked hard at it too during their colonial tenure. What did Obama miss? He missed the 1979 Iranian revolution. The paradox of a modern Islamic revolution. Even leftists have missed this one. Because the idea of a modern revolution being led by a conservative clergy sounds irrational. Yet that is what the Ayatollah's have been achieving, massive social and economic transformation, with the dictatorship aspects of their regime being no worse than secularists when they run the revolutionary show. Obama also missed where Shiite Iran went to, faced with certain extinction in infancy. This was during the defence of the fledging Islamic revolution when the whole world ganged behind Saddam Hussein in the Iran-Iraq war. Iranians made terrible sacrifices, and in the loneliness forged an independent thinking leadership. This independence of thought is something an imperial power whose nature is dominate other countries can not stomach, will not stomach, sanctions lifted or not. Why is this Iranian independence important and relevant in this story? 1. It means Hezbollah and her Iranian backers HAVE TO develop an alternative system of banking, independent of the dollar! YEAH, Patrick Njoroge! Imagine a modern banking world exists outside the dollar! -Ha Ha ha! I don't think you can conceive of that. Your mind would implode! Which means the emergence in Kenya of a leadership exorcised and financially ostracised by the United States and the West, would see you being USELESS, reduced to a headless chicken. Because to you no modern banking can exist in Kenya outside the dollar, outside the IMF and the World Bank! This point can not be argued with you even in a theoretical brainstorm symposium! Aint that not a mental implosion for a summum cum econs major from Yale!? We used to call it ingrained, incurable dependency complex. I do not know what they call it these days, but these days the characterisations tend to end in syndromes. (post-colonial dependency syndrome?) You are a brilliant central banker Njoroge, but within the comprador mode! (that is what I told my students today for the weekend. They should do homework and come back next week and argue me wrong! I am game!) Now before we do 2$3 let us go back to telling jokes! Original thinking brings too many headaches! And this is a weekend, a time for debauched experiences! To forget the week and begin the new with a fresh sheet! NB: Obama is of course carrying on the vendetta against Hezbollah. Early 1980's did the marines beat a hasty retreat out of Beirut where they had gone to prop up their fascist Christian puppets, when the Americans suffered one of their greatest day casualties. They blame Hezbollah and their Iranian backers. Obama carries on the blood feud, and soon over to Hilary C. (No, not trump!) I was thinking of all these when I was joking about Henry Rotich missing out on the Iranian return to the oil market! Not yet Uhuru. The book is not in publication anymore. But the thinking is! Toward a third liberation then!
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Post by wanyee on Jun 24, 2016 1:18:12 GMT 3
Jakaswanga, Excellent analysis! A "third liberation" it must be! On that note (if I may add): "With the advent of neoliberal globalization came a new factor – the concentration of market power in corporations that primarily seek to maximize profits by dominating global trade. Proponents of free trade often cite the names and theories of Adam Smith and David Ricardo to justify destructive export-oriented policies. However, Smith preferred small, locally owned enterprises, whereas Ricardo’s theory of comparative advantage assumes that capital is static and confined within states – unlike present market conditions. Moreover, export markets are variable, unreliable, and volatile. Recent food crises that resulted from falling commodity prices further attest to the failure of comparative advantage theories." SOURCE: www.madaraka.net/?page_id=201www.madaraka.net
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