Posts Tagged ‘Banks’

History with a short glance at Greece today

July 24, 2015

J.F Kennedy ran for and won the American Presidential Election in the year I had turned 20.

The youth of the time were not as bright as the young ones of today; we didn’t yet know everything but we did speak a lot about how much we knew.

A disease named VD scared most of us but not everyone; in my time though, only one friend collected the dubious distinction; most of us married the first girl he got to know.

Some years later as the youth got to know more somebody announced the discovery of a more serious affliction than VD and they called it Herpes. As young ones became cleverer and soon knew everything they also discovered Aids but that was long after our time.

Some wise crack in his mid twenties came out with the rather comical joke during the Herpes period.

Question: What is the difference between Love and Herpes?

Answer: Herpes lasts forever.

Now that everyone knows everything when he/she is 18, even has the vote [heck in our time we had to wait for 21]; heck, I wonder who can solve this riddle.

Question: What is the difference between Greece and the EU?

Ah well, I am old enough now and Greece is very old; let me give you the answer:

What is the difference? Answer: Greece will last forever.

http://www.fin24.com/Markets/Currencies/Euro-edges-up-in-Asia-as-concerns-ease-over-Greece-20150724

Rest my case.

 Ike Jakson

In Americus GA saka Americoon

ikejakson@gmail.com

 

Aristotle Socrates Onassis of Greece

July 10, 2015

Can anyone be more Greek than the names in the Headline?

If you have not read Greek Philosophy in the past read this now that Greece is in the news every day.

The great man once [it was close on fifty years ago] took delivery of three new oil tankers in one transaction with a consortium of banks and an ignoramus of a Western News rag asked him about the cost.

“And why three tankers at the same time,” he asked Onassis, adding “that must have cost you quite a penny.”

“Young man,” said Onassis, “let me explain to you how money works at the banks.”

“The banks, Sir, Mister Onassis,” the young reporter asked.

“Yes, young man,” said Onassis,” I don’t own the new vessels yet. The banks advanced me the money to buy them and I must now make sure that they earn the money for me to pay the banks.”

“But what happens if you can’t pay the money?”

“Let me explain, young man,” said Onassis, “when I asked the bank for 100 million [that was the cost of one tanker at the time] they offered me 300 million so I can buy three tankers. I accepted their offer; the attorneys completed the forms and the banks and I signed, and you have now seen my three new tankers.”

“But Sir, Mister Onassis, what happens if you can’t pay the money back?”

“Young man,” said Onassis, “I can now see why you are only a small reporter for a small Ragazine. Allow me asking you a question?”

That pleased the young reporter. “Sure Sir, fire ahead.”

“OK,” the wise old guy said, “tell me what will happen if you owe the bank 1 000 and you can’t repay it?”

“I shall be in trouble, Sir.”

And if you owe the bank 3 000 and can’t pay?”

“I shall be in big trouble, Sir, Mister Onassis. But I don’t understand your line of questioning. I can’t even buy a small boat with a mini engine for 1 000.”

”Son,’ Onassis said, “that I can understand but you have to understand banks and big money. What do you think will happen if I bought only one tanker for 100 million and can’t pay?”

“I guess you will be in trouble, beg your pardon for saying so, Sir.”

“No, young man, that’s not how banks work. I shall explain it to you in short. If I owed them 100 million for one tanker and can’t pay they will be in trouble. With 300 million on three tankers if I can’t pay they will be in big trouble. That’s also the reason I borrow the money from a consortium of foreign banks for the safety of Greece. They are literally willing to throw us as much money as we ask for.

This comes to you with compliments and acknowledgement for the story to Readers Digest.

In the EU at this time Frau Merkel is in big trouble.

 Ike Jakson

In Americus GA saka Americoon

ikejakson@gmail.com

 

The EU Whorehouse Comedy.

June 13, 2015

The European Union never was anything other than a high class whorehouse; somebody had the wild dream that it could be the Elite Club for selected Members and the Banking Whores of selected countries to form a private bastion for financial gain of Members Only; no Americans allowed to enter.

Nobody gave a single thought to China, Russia or Asia.

Did they really think that they could pull it off, or did they simply never give it a thought?

America has always been pre-occupied with their fears of Russia and China and kept the World informed of Communist ideology in order to maintain financial supremacy, also in the belief that they would in the course of time be handed the long anticipated boom in African Trade on a plate and never even saw the folly of their isolation across the pond. They missed the rise of Entrepreneurial China, Russia and Asia by the proverbial mile but finally woke up though it was too late to stop the rising Asian giants.

Fortunately, or so some Americans thought, Crimea came up and they scrambled in for the kill in the hope that it would also give them a new foot in the door to trade with Europe. Shucks, they even managed to convince Merkel and France to support them against Russia. The oil price helped a little; they even started to think that they can now take Russia out, but once again forgot to check up on old history; kind of surprised to find that China is backing Russia to the hilt.

Then little old Greece decided they had paid enough to the Whores of Europe and the Comedy commenced.

In the past week hardly one day has passed without at least ten commentaries on Grexit in the World Financial Media. Two days ago some started adding Brexit for extra laughs during interval.

Now I am not saying that the Greeks have a strong poker hand in the present turmoil but it seems obvious that the EU Whores are in the same predicament. Someone may be sitting with three aces; who knows? It’s a game that can probably be won by two small pairs.

 I wonder what makes me think that the Greeks may just have that and actually dare to play it.

 ikejakson@gmail.com

Africa 21 years ago Today Part One

April 27, 2015

It was Tuesday April 27th when the clock struck 12 at midnight that the entire Africa was Free at Last; the legitimate black owners of the entire continent were freed and every baby born after midnight that night entered the World as a free person; it is estimated that approximately 1 360 free young ones were born all around the country in the 24 fours that followed; in the first 100 days about 136 000 of them, giving us about half a million new free people by the end of one year after freedom.

At 07:00 AM the next morning the polls opened for all colors and by that night the freedom fires were lit all over the country.

They partied for weeks and the World partied with them. I did too because I had supported the move towards Freedom for all our people for my entire adult life up to that point; that morning I had made my cross on the ballot paper to become a free man too.  It was a time of joy for most.

In Part Two and the others to follow on that we will take a look at Freedom today and how it altered lives of millions in the past 21 years and beyond.

PS: Late off the press but to complete the picture with a visual presentation of the truth, see:

 http://www.dailymaverick.co.za/article/2015-04-27-jerm-happy-freedom-day-south-africa/?utm_source=Daily+Maverick+Mailer&utm_medium=email&utm_campaign=First+Thing+with+John+stupart%3A+Tuesday%2C+2+September+2014&utm_term=http%3A%2F%2Fwww.dailymaverick.co.za%2Farticle%2F2015-04-27-jerm-happy-freedom-day-south-africa%2F

 ikejakson@gmail.com

 

The Bondage of Freedom or Rapid Forward to the Past

March 10, 2015

Yes, we have made it. Olè Olè, as we head down the tubes.

All Joe, the Plumber’s money, the pensions of people now aged 55 and under and of course every penny of the poor, have been redistributed. It’s all safely recorded on computer chips; done, safe and sealed, down the road of “No Return.”

We have finally entered Mandelaland.

 http://www.fin24.com/Economy/High-salary-earners-struggle-to-make-ends-meet-20150310

 ikejakson@gmail.com

Of all the Stupid things people do, Hi-Tech takes the lead

February 5, 2015

 

 

Midnight will find me on my keyboard tonight.

I am cheesed off, mad as hell, disgusted with modern finance and economic experts; darn I will be 75 years old and I have seen it all. Large companies are now run by computer chips operated by young snot-nosed kids that know everything about hi-tech but not a thing about the foundation of business requirements, except maybe one guy at Standard Bank South Africa.

I am going to try and find him/her if he/she does indeed exist. This Post is my starting point

I have been up a few times during the night but the idea to do this got me out of bed.

The year ahead will be a tough one for the World. It will be a Year to Remember for many; some hard decisions will have to be made by Mankind. I am only mentioning that in passing; today it must wait for when it comes.

Let me get back to Standard Bank.

It has been the only decent Bank in South Africa for a long time. There has been one other one not to bad but I found them involved with a scumbag firm of CFD Traders a while ago and wrote them off too; the others I won’t touch with a bargepole.

Standard Bank remained a pillar of light in the gloom; they had their ups and downs; their customer fees are way out of line by now but they still maintained a small number of old timers in their branch offices you can go in and talk too; very few indeed, but you could find one when you needed one.

That was still the case a while ago before they jumped on the high hi-tech wagon. In their favor I have to add that they didn’t cast all human brains out like most of the competition but hi-tech started taking control and they started to become like the others, well almost as bad. It did remain possible to find a common sense soul when you really need him/her; that was so until about two weeks ago.

That night when I logged in the computer screen told me my browser is out of date and I must upgrade it. Being not fully run by hi-tech yet there was an almost invisible screen option to “upgrade later” in the middle near the top of the screen and I pressed it.

Up jumped a new screen telling me how retarded I am for still sitting with this old browser and that, yes I may now [having pressed the button that I will upgrade later] proceed with my old version but I won’t have such a unique and pleasurable experience of modern browsing as with this new wonder now on offer to which I must press for the immediate upgrade.

I ignored the bull and pressed to continue. You won’t believe this; the old system had been removed and I had to work through a kinder-garden version of a thirty year old computer effort just to get my account balance, but that was not all. Last Thursday, January 29th I needed to pay a beneficiary and with great trepidation logged on. The empty screen only informed me that it is indeed a Standard Bank web page but nothing else. There was no old or new program. I blew my top, found an old Standard Bank IT Support email address in my WAB and sent them this email:

From me

To: Standard Bank On-Line Support
Account Number: ***stars in here for security
My Branch name
Branch Code ***stars in here for security
I am now so sick and tired of Standard bank I can scream or hope somebody drops a massive bomb on your offices to wipe you out.
Don’t you people do any market research and ask customers what they need. My connection and Internet banking has now been working for years but you suddenly without consulting me want to force me to upgrade my browser.  My old browser works well on everything else and I need an upgraded browser like I need a hole in the head.  Until this morning it worked though if I press the button not to upgrade now or upgrade later it won’t move.
Get my system running or go take you bank and jump in a lake?    Don’t you big money guys understand that you have thousands of little clients each paying his R43 per month for two or three transactions, never bothers you or exceeds his limits but can’t just go and buy a new computer every time the young idiots in IT wants to prove why you have to keep them working there.
Fix my computer.  I have been happy with the old browser and the way it worked.  Run it parallel the way it worked in the past.  Jeez, don’t you guys know about parallel runs no more?
Let me know what in hell you decide.  I need to pay a beneficiary his money.
**** my name for security
my email address for security

**** for my tele no for security

I then CC copied my email to the media and an entire bunch of my friends and for some or other reason probably due to my frustration and excitement also a copy to the Western Cape Government.

Would you believe it? I don’t have much faith in governments but this one Province happened to be controlled by an opposition Party I sometimes vote for and because a friend who is our city council alderman asked me to support him. Well, the only reply I got to my tirade was a nice friendly letter from the Western Cape Government advising me that I probably need to write to Standard Bank and proceeded to give my all the contact details that I may need of them as well as her full contact details as representative of the Western Cape Government. Do you know any computer hi-tech ignoramus that can write an email’ well, I have never met one.

What a pleasant surprise when I logged into Standard this morning? My old outdated browser page was back; it’s now running parallel and I don’t have to press any “upgrade later” button; that has been removed as well.

It’s now past midnight Friday, February 06, 2015 12:39 AM out our way.

I am going to try and get this Post in and will then with the aid of the link try to locate the one remaining guy with common sense at Standard Bank to thank him and wish him/her well on the road of sanity.

 ikejakson@gmail.com

An Interlude about some People in Money

December 9, 2012

A brief Article in a large local financial e-paper reminded me of what a beef cattle farmer once said about coincidences.  “If you drive out to look at your 100 price herd in the large grazing area on the escarpment and found an open gate and one dead cow down in the bottom of the ravine it may be a coincidence,” he said, then became whimsical and went on with, “but if you get to the enclosure and find the entire herd gone with 200 yards of a strong well built fence down it cannot be coincidence and it’s time to call a posse together and issue live ammo.”

 If you want to, you can read the Article by pressing HERE

An immediate glaring coincidence in the Article is the short length [heck it fits well to describe it in this manner]; it offers not much more than a cursory glance at the events.  A large institution name of Standard Bank had offered to borrow some well known shares from a Union Pension Fund; the Fund having agreed to lend them the shares and in this way a deal was made for shares worth 160 million smackers in 2002.  Both Parties honored the agreement and it was fulfilled when Standard handed the shares back in 2007.

 There are too many coincidences for someone who worked in Pension Funds for over 40 years as I have told you before.  Shares had reached a bottom in 2002 at a time when interest rates were relatively high; then the share market went sky high from end 2003 and back to the bottom in 2008.  Some fools went on to buy shares in 2008 and still haven’t got their money back though some other shares have recovered while interest rates have been tumbling to an almost all time low.

 No other details are provided about the glaring coincidences in the foregoing paragraph or on what happened in 2012; another glaring coincidence that the Article merely states that someone from the Union recently came forward and claimed that if the 2002 deal was not done the Union could have made anything between 500 and 700 million on the shares.  An arbitration Court ruled in favor of the Union and Standard was fined 528 million.

 All nice and quiet like gentlemen, no argument or dirty laundry; the Bank remains quiet; it seems as if everyone is entirely happy; like in end of story happy, you know.

 It’s time for the posse, boys; this can’t be a coincidence, and it must be the equivalent of one thousand price beef cattle that we are talking about at this time.

 I have never heard of a large institution or a bank borrowing shares that they are asked to do by any Pension Fund, even a Union one.  Standard Bank like all other major players in money have a lot of other people’s money to buy shares on the Stock Exchange; heck they buy and bundle them, package them together with options and derivates on the same share; they give out mortgages then package and bundle them too; they sell and package derivatives and futures, shucks, even future options on derivatives; for more money to buy some more shares without ever using one penny of their own money.

 Why did they borrow those Union shares and on what basis? How much grease was used?  Which hand carried the grease, or who held out the hand to be greased?

 Why do they all act as if they hope that this story will die?  In America this would be Front Page Stuff in Bold in every Newspaper including the New York Times.

 My next Post will be on the Demise of Money to complete my Trilogy on The Origin, Evolution and the Inevitable Demise of Money.