Spiral of Silence and World Banking

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Royal
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Spiral of Silence and World Banking

Post by Royal » Tue Sep 04, 2012 8:47 pm

The spiral of silence is a political science and mass communication theory propounded by the German political scientist Elisabeth Noelle-Neumann. Spiral of silence theory describes the process by which one opinion becomes dominant as those who perceive their opinion to be in the minority do not speak up because they fear isolation from society.
http://en.wikipedia.org/wiki/Spiral_of_silence
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Digging around for updates on the world economy and it's September 12th to be the next big date to watch. Germany (Supreme Court) will assess whether their actions throughout the year are constitutional or not. Specifically the legality of European Stability Mechanism and Fiscal Stability Pact. On the same date, the Netherlands (a country crucial to anti-crisis strategy) will hold elections.


European Stability Mechanism:
Following the European sovereign debt crisis that resulted in the bailout of EU states, there has been a drive to reform the functioning of the eurozone in the event of a crisis. This led to the creation, amongst other things, of a bail-out mechanism: the European Financial Stability Facility (EFSF) and the European Financial Stability Mechanism (EFSM). These, together with the International Monetary Fund, would bail out EU states in trouble. However, the EFSF and EFSM were intended only as a temporary measure (to expire in 2013), in part due to the lack of a legal basis in the EU treaties.
Info on Stability and Growth Pact:
http://ec.europa.eu/economy_finance/eco ... dex_en.htm








Gerald Celente describes in the video below, starting at 20:20, the reason for the meeting will ultimately assess whether Germany and other European Countries lose their soverignty to bankers in Brussels. If they decide it unconstitutional, "We can see the euro collapse in weeks, if not days".

http://www.youtube.com/watch?v=gFxWHyIxxQw&t=20m20.0s







Other than September 12, there are other days to watch. The Wall Street Journal has created the known worry list:


Critical decisions are also pending for cash-strapped Greece, which is currently trying to agree another 11.5 billion euros ($14 billion) of spending cuts that might pave the way that month for its next EUR31 billion instalment of bailout money.

This is the known worry list:

--Tuesday: French President Francois Hollande meets Italian prime minister Mario Monti. Greek Finance Minister Yannis Stournaras meets German finance minister Wolfgang Schaeuble. Greek T-bill auction.

--Wednesday: Euro-zone August services PMI data. German bond auction. Troika of Greece's lenders returns to Athens.

--Thursday: ECB rate decision and press conference. Revised EU second-quarter GDP data. Spanish and French bond auctions. German July manufacturing orders. German Chancellor Angela Merkel meets Spanish prime minister Mariano Rajoy.

--Friday: German July industrial production.

--Sunday, Sept. 9: Greece's Stournaras meets troika for talks.

--Monday, Sept. 10: French industrial production.

--Tuesday, Sept. 11: European Commission to present proposal on single European banking supervisor by this date.

--Wednesday, Sept. 12: German constitutional ruling on European Stability Mechanism injunction. Dutch elections. Italian T-bill auction. German bond auction.

--Thursday, Sept. 13: Italian bond auction

--Friday, Sept. 14: Informal Eurogroup/Ecofin meeting in Cyprus

--Saturday, Sept. 15: Second day of informal ecofin meeting.

--Saturday, Sept. 15 (approximate): Auditors due to release report with detailed capital needs of Spanish banks.

--Saturday, Sept. 15-Sept. 30: French 2013 budget due.

--Tuesday, Sept. 18: Spanish and Greek T-bill auctions.

--Wednesday, Sept. 19: Portuguese T-bill auction. German bond auction.

--Thursday, Sept. 20: Spanish and French bond auctions.

--Tuesday, Sept. 25: Italian bond auction. Spanish T-bill auction.

--Wednesday, Sept. 26: Italian T-bill auction. German bond auction.

--Thursday, Sept. 27: Italian bond auction.

--Sunday, Sept. 30. Irish government hopes by this date to have completed talks with euro zone on ways to refinance bank-rescue debts.

--Jenny Paris and Emese Bartha contributed to this article


http://online.wsj.com/article/SB1000087 ... lenews_wsj

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Royal
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Re: Spiral of Silence and World Banking

Post by Royal » Tue Sep 04, 2012 9:20 pm

If you are a beginner in understanding the markets or want to increase your understanding of the banking world, I highly recommend watching this video. She uses the concepts of anthropology to help us understand the disconnect between the banking world and the real world.

An anthropologist who moved up as one of the top economic analysts used her unconventional education to understand the banking system. She described her experience as "Covert anthropology".






Summary

"If one can bring the world of culture, society, and politics to bear on finance and economics, and if one can be embedded in the world of economics and understand it, and the marry that with cultural finance, you will actually have powerful tools to understand how the world operates as a whole."

"Anthropology tends to teach 'How to look at power structures, and how they are replicated through time.' But anthropology also spends a lot of time looking at the discourse, at the cognitive map of the intellectual framework, and the symbolic cultural framework of the society and again seeing how this reinforces power structures over time."

"Banking as anti-anthropology of the modern world."

"Bankers is the last century have been trained to have tunnel vision...Bankers do look at all the pieces of how a banking system works...Not trained in power structures, question ideology, join up the dots... "

"Their was big intellectual contradictions in what they were saying...For example, one of the great founding myths on credit derivatives, was that bankers thought they were creating the perfect free market credit where anything can be traded and anything can be priced according to free market principles. That was a great theory. In practice... many of the products they were trading were so unbelievably complicated that they were impossible to trade.... a complete fictional market based on computer models and not free market prices."

"Almost every society in the worl has some kind of cognitive map in place, cultural rituals, symbolic landscape, which reinforces the position of the elites. Once, again anthropology 101. "

"Cognitive map is ridilled with contradictions which largely go unrecognized, because of what Pierre Bourdieu says: 'There are big social silences'

http://www.banque-france.fr/fileadmin/u ... f_1007.pdf

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Royal
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Re: Spiral of Silence and World Banking

Post by Royal » Tue Sep 04, 2012 10:06 pm




"Will there be a domino effect if the greece falls? (away from euro)"

"...the world needs something to compete with the U.S. Dollar, the dollar is a terribly flawed currency, the Euro would be great, at least a sound Euro would be great, so in theory it would be great if the weak sisters left the Euro, and the one who were left were very strong and sound... If the Euro can survive with all the weak ones getting out, it would be the greatest currency in the world and put the dollar out of business."





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Pigeon
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Re: Spiral of Silence and World Banking

Post by Pigeon » Tue Sep 04, 2012 10:39 pm

The rich holders of US dollars won't let it happen. Now if they jump ship, it is doomed and discarded. IMO, part of the mid east conundrum is the battle to keep the dollar on top.

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Pigeon
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Re: Spiral of Silence and World Banking

Post by Pigeon » Tue Sep 04, 2012 10:52 pm

Does anyone really know what the US banking exposure is in Europe? We may be get hit from both sides. Going global, ye hah.

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Royal
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Re: Spiral of Silence and World Banking

Post by Royal » Tue Sep 04, 2012 10:59 pm

Next post will be in the "Contingencies" thread.

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