Your consumer debt outweighs your mortgage

(updated 12/28/2014)

Anyone who hoped that the financial crisis would be over will also be disappointed in the eighth year (since 2006). The New Year was barely a day old when, on the eve of the opening session of the 113th US House of Representatives, an hour before midnight, Congress was barely able to pass an agreement on avoiding the fiscal cliff. The next trial of strength at the expense of the economy and the population is ready in March at the Debt Ceiling negotiations. The national debt limit must be increased again. The world is shaking its head at how the US fails to set up well-planned, sound financial management. Even the Federal Reserve can no longer sustain the increase in the money supply through quantitative easing. Absurd proposals, such as the minting of a € 1 trillion dollar mint as security with the Fed for further debt, cast doubt on common sense. The risk of US finances collapsing was nowhere near as great.

In Europe, too, the UK and France are the focus of over-indebtedness. The fear of the complete loss of the AAA rankings is growing. As soon as this sentence has been written, Moody's Great Britain downgraded from Aaa to Aa1 on February 22nd, 2012. Of the G8 countries, only Canada and Germany are now left with triple A from all rating agencies.

On top of that. With the undecided outcome of the elections in Italy, the euro crisis threatens to flare up again. It is to be feared that Italy will blow up the Euro Association.

However, the beginning of the end threatens the euro in March when the rescue of Cyprus succeeds at the very last minute using capital controls on March 25, 2013 in the early hours of the morning. The reason for the Cyprus crisis is the risky business policy of Bank Laiki (Risk Manager Dimitris Spanodimos) and Bank of Cyprus. At the end of 2012, both had Greek government bonds of around € 5.8 billion in their portfolio (9 months earlier it was € 1 billion less). But the bank supervisors are also accused of failure. In the 2010 bank stress test, they confirmed stability to both banks and their business policy. Bank Laiki was created through mergers by the Greek banker Andreas Vgenopoulos.

April 2013 is all about Italy. Since the undecided election result on February 25th, 2013, 9 weeks have passed before the government under Letta is sworn in. Only through the re-election of Napolitano in the 6th ballot and thanks to his resolute action can the government crisis be ended and the euro crisis calm immediately. The party of the "revolutionary" Grillo remains outside.

In June 2013, the US is heading for its next homemade crisis. The outgoing Fed chairman Bernanke is trying to announce the tapering, with which the bond purchase program is to slowly expire, and has to withdraw the announcement under pressure. When Detroit went bankrupt in July 2013, everyone suddenly became aware that the state finances are desolate. This is followed by a kind of household paralysis as a result of the sequestration, which ultimately leads to the government shutdown at the beginning of October. Most state institutions do not work for 16 days. The Republicans, especially the Tea Party Republican Ted Cruz, want to defend Obamacare, i.e. withdraw the funds. In the so-called 11th hour, a law is passed as usual that postpones the dispute until January 2014, but allows the seaquestration to continue.


Timeline:(arranged below in reverse order)

  • Fiscal Cliff agreement last hour - 01/2013
  • Obama's new beginning - 01/2013
  • Italy at the political turning point - 02/2013
  • USA in sequestration - 03/2013
  • Cyprus saved at the last minute - 03/2013
  • Italian government formation crisis resolved - 04/2013
  • Bernanke announces the end of cheap money - 06/2013
  • Detroit Bankrupt: The Beginning of the End - 07/2013
  • US Government Shutdown: Republicans take the US as a scourge

Special offers:(arranged chronologically)

  • Draft 21st Century Glass Steagall Act of 2013
  • French socialists attack Merkel in the federal election campaign
  • Financial dates 2013
  • Worst case scenarios 2013
  • Cameron's speech on EU membership

December 2013

01.12. Iceland: Government plans € 310m haircut for private households

01.12. DE: 16.1% of the working age population (6.7m) are at risk of poverty

03.12. Commerzbank: Raid w tax evasion by customers

03.12. Brexit: Goldman Sachs threatens to emigrate

04.12. EU imposes € 1.7b fines on interest rate derivative cartels

EIRD Euro interest rate derivatives 09 / 2005-05 / 2008:

Barclays 100% penalty waiver € 690m as a key witness

DB 30% discount, remainder € 465m

RBS 50% discount, remainder € 131m

SocGen 5% discount, remainder € 445m

YIRD Yen Interest Rate Derivatives 2007-2010:

UBS 100% waiver of € 2.5b as key witness

RBS 25% discount, the rest € 260m

DB 30-35% discount, remainder € 259m

Citi 35-100% discount € 55m, rest € 70m

JPMorgan € 79.8m

RP Martin 25% discount, the rest € 247m

04.12. CS sells German retail banking business to Bethman Bank

04.12. Ireland is the first eurozone to leave the rescue package

Government wants to sell € 1.54b package of preferred shares.

Bank of Ireland raises € 580m in capital, of which € 538m will buy back shares from the state. Government sells remaining block of shares € 1.3b to international investors

05.12. ECB: Inflation 2014 1.4 / 2015 1.3%, GDP 1.0 / 1.5. Interest remains 0.25%

05.12. Deutsche Bank gives up trade in energy, food and metals

05.12. Bitcoin: France warns China bans financial institutions

05.12. Slovenia: Banks need up to € 5b without a rescue package

07.12. GS: Ex-dealer Matthew Taylor has to repay GS $ 118m

Taylor disguised $ 8.3b futures in 2007

09.12. Bank settlement: Negotiating EU finance ministers

09.12. SEC: Gallagher considers high penalties to be irrational ("blood thirst")

09.12. DB should children of chinesis. Politicians have hired SEC investigated

10.12. Volcker Rule announced by Fed CFTC FDIC OCC SEC.

Effective from July 21, 2015

10.12. National debt: Municipalities are getting more and more into debt

The federal states' debt brake cuts support for the municipalities

In 2012 21 municipalities with per capita debt over € 4000

In 2010 there were still 14 municipalities

11.12. Bank settlement: EU finance ministers reach compromise

SRM € 55b resolution fund within 10 years

All banks affected

Effective from 2016 (1 year later than planned)

Formal decision by the EU Council of Ministers

Practical decision by the EU Commission and Committee

The basis is Article 114 of the EU Treaty

11.12. Eu Parliament: In future every citizen has the right to a bank account

13.12. Madoff: Compensation Fund already raised $ 13b out of 20

13.12. SoFFin: Income € 2.1b; Guarantees € 168b now 0

Equity aid still € 17.1b

HRE € 9.8b, CoBa € 5.1b, Portigon (Ex-West-LB € 2b), Aareal € 300m

13.12. Bitcoin: EBA EU banking supervision warns against Bitcoin, 6 reasons

Unregulated platforms

Digital handpockets

Wrong bookings

Strong price fluctuations

Financing Crime

Tax liability

14.12. Ukraine: Tens of thousands demonstrate against Yanukovych

15.12. ECB: Asmussen moves to the Ministry of Labor

17.12. Ukraine: Putin grants $ 131 gas rebates and $ 15b credit

17.12. Cum Ex: Damage € 10b over several years; HSH alone € 100m

18.12. Fed FOMC cuts bond purchases by $ 10b (from 85 to $ 75b / month)

19.12. Bank settlement: Finance ministers finally agree

128 largest banks in the EU

Plus all other cross-border banks = around 250

ECB finds that a bank is no longer viable

SRM decides on the details of the settlement

SRM forwards decision to EU Commission

If approved, the SRM's decision is confirmed

In the event of rejection, the EU finance ministers decide

19.12. ECB Council and General Council EU

20.12. Russia: Genscher succeeds in releasing Khodorkovsky

20.12. Deutsche Bank pays $ 1.9b to Fannie Mae, Freddi Mac

20.12. Deutsche Bank: Breuer wanted to split up Krich group, evidence

25.12. Russia: Court opens new proceedings against Khodorkovsky

26.12. United States: Obama signs budget bill

29.12. Ukraine: 50,000 demonstrate in front of Yanukovych's villa

31.12. FDIC: In 2013 24 banks collapsed (2012 51)

December 31 dx9587 ex3109 dw16577 sp1848 vx14 bc $ 764 € 1.38 oil99 gd1206

November 2013

ECB opens the floodgates with 0.25%

01.11. RBS will build an internal bad bank with Ringfence

11/01 dx9008 ex3052 dw15615 sp1762 vx13 bc $ 212 € 1.34 oil94 gd1316

02.11. US Banks cut 49,000 jobs w mortgage slump (USAToday)

03.11. Commerzbank: Independence is not the ultimate goal

04.11. SAC pleads guilty of insider trading, fines $ 1.2 billion

04.11. dx9038 ex3052 dw15640 sp1768 vx12 bc $ 299 € 1.35 oil94 gd1313

05.11. dx9010 ex3027 dw15618 sp1763 vx13 bc $ 244 € 1.34 oil93 gd1309

06.11. dx9042 ex3049 dw15748 sp1770 vx12 bc $ 262 € 1.35 oil95 gd1318

07.11. ECB cuts key interest rate from 0.5% to 0.25%

07.11. Goldman Sachs Announces Forex Investigation

07.11. Royal Bank of Scotland: SEC Hypo settlement $ 153.7 million

07.11. dx9081 ex3039 dw15594 sp1747 vx14 bc $ 299 € 1.34 oil94 gd1308

08.11. France: S&P lowers from AA + to AA, outlook stable

08.11. Bank of America: $ 863.6 million in damages w mortgages

08.11. London whale: Drew tried to speak to Dimon on 4/5/12

11/08 dx9078 ex3040 dw15762 sp1771 vx12 bc $ 336 € 1.33 oil94 gd1288

11.11. FSB publishes list of 20 G-SiFIs

11.11. German: only 2% additional buffer (9% total) from 2016

11/11 dx9108 ex3049 dw15782 sp1772 vx12 bc $ 347 € 1.34 oil95 gd1282

11/12 dx9076 ex3032 dw15750 sp1768 vx12 bc $ 376 € 1.34 oil93 gd1268

13.11. Derivatives: Face value of all derivatives in the US approximately $ 234 trillion.

11/13 dx9055 ex3015 dw15823 sp1783 vx12 bc $ 409 € 1.34 oil94 gd1282

14.11. JPMorgan paid $ 1.8 million to Wen Jiabao's daughter

11/14 dx9150 ex3050 dw15878 sp1790 vx12 bc $ 428 € 1.34 oil94 gd1290

15.11. JPMorgan plans to pay $ 4.5 billion to 330 residential MBS trusts,

as issued by the Bank or Bear Stearns

15.11. Geithner: Ex-Finance Minister goes to Warburg Pincus

11/15 dx9169 ex3055 dw15962 sp1798 vx12 bc $ 437 € 1.34 oil94 gd1283

17.11. EBA Boss Enria calls for more bankruptcies from weak banks

18.11. DB Boss Fitschen warns against too much regulation

11/18 dx9225 ex3080 dw15977 sp1791 vx13 bc $ 620 € 1.35 oil93 gd1273

19.11. Ukraine: Gas supply agreement with EU about to be concluded

19.11. HSH Nordbank: Raid w suspected money laundering

November 19 dx9193 ex3048 dw15968 sp1788 vx13 bc $ 711 € 1.35 oil93 gd1282

20.11. JPMorgan pays $ 13b w mortgages

November 20 dx9202 ex3045 dw15900 sp1781 vx13 bc $ 562 € 1.34 oil93 gd1243

21.11. Credit Suisse splits off investment bank

21.11. Deutsche Bank: FBI investigates forex dealers

21.11. ECB appoints Nouy for EBA

21.11. Ireland: Banks place new bonds

11/21 dx9196 ex3044 dw16010 sp1796 vx12 bc $ 685 € 1.34 oil95 gd1238

11/22 dx9219 ex3056 dw16065 sp1803 vx12 bc $ 749 € 1.35 oil94 gd1243

23.11. bc $ 834

25.11. Ukraine: Tymoshenko is on hunger strike

11/25 EU wants to take action against corporate tax loopholes

27.11. S&P Expect another $ 100b bank fines

27.11. gold: BaFin is investigating suspected gold price manipulation in banks

27.11. Germany: CDU / SPD agree on coalition agreement

29.11. Spain helps banks with a € 30b balance sheet trick

29.11. Netherlands: S&P downgrades from AAA to AA +

30.11. Greece: Moody's is upgrading from C to Caa3

October 2013

US Government Shutdown - USA Scourge of Republicans

01.10. United States: Government shutdown - for the first time in 17 years

01.10. dx8689 ex2933 dw15191 sp1695 vx15 bc $ 141 € 1.35 oil101 gd1288

01.10. Berlusconi tries to overthrow the government

02.10. dx8630 ex2918 dw15132 sp1693 vx16 bc $ 126 € 1.35 oil103 gd1314

03.10. Italy: Letta wins votes of confidence

03.10. Monti Paschi: Prosecutor of Siena wants JPMorgan as

In 2008, the seller was sued by Banca Antonveneta SpA. JPM allegedly withheld information from the Italian banking regulator about the € 1 billion purchase price financing for Monte Paschi.

03.10. Fed / FDIC: 11 US banks had to Living Will update

03.10. dx8598 ex2902 dw14998 sp1679 vx17 bc $ 126 € 1.36 oil103 gd1315

04.10. Switzerland: Finma investigates foreign exchange manipulation

04.10. Greece: ESM sees 3rd aid package coming

04.10. Berlusconi: Senate Immunity Committee Recommends Exclusion

04.10. CFTC: Genssler is stepping down at the end of 2013

04.10. JPMorgan: Dimon has not been chair of the bank subsidiary since July

04.10. United States: S&P see no threat to public finances

04.10. ECB: Banks pay on October 9th. early back from € 1tn LTROs

4 banks € 4.6 billion LTRO 11/2011, 5 banks € 3 billion LTRO 02/2012

04.10. dx8623 ex2928 dw15073 sp1690 vx16 bc $ 134 € 1.35 oil103 gd1311

07.10. Greece: PASOK Ex-Defense Minister Tsochatzooulos

20 years in prison w corruption € 55 million, money laundering € 6 million in connection with German submarine purchases and Russian missile purchases. The 73-year-old was sentenced to 8 years of imprisonment and a fine of € 520,000 for tax evasion on March 4th, 2013.

07.10. Cyprus: Ex-President Christofias rejects investigations

07.10. Monte Paschi wants to lay off 8,000, save € 440 million

07.10. France: Off for corporate tax 1% on oper. Profit

07.10. JPMorgan CFTC denies allegations of derivative manipulation

07.10. Detroit: Ex-Mayor Kilpatrick is threatened with corruption for 28 years in prison

07.10. dx8592 ex2923 dw14936 sp1676 vx19 bc $ 136 € 1.35 oil103 gd1322

08.10. Fed: Obama nominates Yellen, first female Democrat in 25 years

08.10. dx8556 ex2922 dw14776 sp1652 vx20 bc $ 136 € 1.35 oil103 gd1319

09.10. dx8517 ex2904 dw14803 sp1656 vx19 bc $ 139 € 1.35 oil101 gd1307

10.10. ECB / China conclude foreign exchange supply agreements for banks

Credit line max. 350 billion yuan for the ECB, € 45 billion for China

10.10. dx8686 ex2969 dw15126 sp1693 vx16 bc $ 140 € 1.35 oil102 gd1285

11.10. JPMorgan: Q3 loss $ 380 million, legal expenses $ 7.2 billion

11.10. Forex: DoJ FBI investigate foreign exchange manipulation

11.10. dx8725 ex2974 dw15237 sp1703 vx15 bc $ 141 € 1.35 oil101 gd1272

12.10. Ireland wants to leave the aid program in December

14.10. dx8724 ex2978 dw15301 sp1710 vx16 bc $ 150 € 1.35 oil102 gd1273

15.10. United States: Fitch puts AAA on credit watch negative

15.10. dx8804 ex2991 dw15167 sp1698 vx18 bc $ 153 € 1.35 oil101 gd1281

16.10. United States: Senate approves budget with 81-18

Government open until January 15, 2014, Debt Ceiling until February 7, 2014

Solution-driving Senators: Mitch McConnell (Senate Minority Leader Rep), Harry Reid (Senate Majority Leader Dem.), Susan Collins (R), Lisa Murkowski (R), Kelly Ayotte (R)

18 Senate no to all Republicans: Coburn Cornyn Crapo Cruz * Enzi Grassley Heller Johnson (Wis) Lee Paul* Risch Roberts Rubio* Scott Sessions Shelby Toomey Vitter (* 2016 presidential candidate)

16.10. United States: House of Representatives approves D 197-0 R 87-144

144 No votes in the House were all Republicans: Aderholt Amash Amodei Bachmann Barr Barton Bentivolio Bishop (UT) Black Blackburn Brady (TX) Bridenstine Brooks (AL) Broun (GA) Bucshon Burgess Campbell Carter Cassidy Chabot Chaffetz Collins (GA) Collins (NY) Conaway Culberson Denham DeSantis DesJarlais Duffy Duncan (SC) Duncan (TN ) Ellmers Farenthold Fincher Fleischmann Fleming Flores Forbes Foxx Franks (AZ) Garrett Gibbs Gingrey (GA) Gohmert Goodlatte Gosar Gowdy Granger Graves (GA) Graves (MO) Griffith (VA) Hall Harris Hartzler Hensarling Holding Hudson Huelskamp Huizenga (MI) Hultgren Hunter Hurt Johnson (OH) Johnson, Sam Jones Jordan King (IA) Kingston Labrador LaMalfa Lamborn Lankford Latta Long Lucas Luetkemeyer Lummis Marchant Marino Massie McCaul McClintock Meadows Messer Mica Miller (FL) Miller (MI) Mullin Mulvaney Neugebauer Noem Nugent Nunnelee Olson Palazzo Pearce Perry Petri Pitts Poe (TX) Pompeo Posey Price (GA) Radel Reed Renacci Rice (SC) Roby Roe (TN) Rogers (AL) Rohrabacher Rokita Rooney Ross Rothfus Royce Ryan** (WI) Salmon Sanford Scalise Schweikert Scott, Austin Sensenbrenner Sessions Smith (MO) Smith TX) Southerland Stewart Stockman Stutzman Thornberry Turner Wagner Walberg Walden Walorsk Weber (TX) Wenstrup Westmoreland Williams Wilson (SC) Woodall Yoder Yoho (** Negotiator for Long-term budget)

16.10. dx8846 ex3008 dw15374 sp1722 vx14 bc $ 156 € 1.35 oil102 gd1282

17.10. United States: Obama signs Senate Debt Ceiling Bill

17.10. dx8812 ex3010 dw15372 sp1733 vx13 bc $ 155 € 1.36 oil100 gd1318

18.10. HSBC: Convicted of w $ 2.5 billion in fraud by Chicago court

Fraud in subsidiary Household International

18.10. Sen. Ted Cruz kept a secret from Jamaica / Virgin Investment

18.10. dx8865 ex3033 dw15400 sp1745 vx13 bc $ 162 € 1.36 oil101 gd1317

19.10. Berlusconi: Appeals court confirms 2 years ban from office

20.10. UBS: Ex-banker arrested in Italy for US tax subsidy

20.10. FCA: Forex manipulation in RBS, JPM, UBS

by changing employer is now also in Barclays, Citigroup

21.10. France: Mass wiretapping by NSA, US ambassador ordered

21.10. EU if you run out of money in mid-November, you need € 2.7 billion

21.10. JPMorgan: EU imposes Libor fine of € 61.6m

21.10. RBS: Libor unpunished with EU as key witness

21.10. Libor: Serious Fraud Office identifies 22 other traders

21.10. dx8868 ex3021 dw15392 sp1738 vx13 bc $ 191 € 1.36 oil99 gd1316

22.10. Rabobank at £ 1 billion w Libor sentenced

22.10. JPMorgan: Negotiates $ 6 billion in compensation with investors

10/22 dx8947 ex3034 dw15468 sp1749 vx13 bc $ 199 € 1.37 oil98 gd1340

23.10. ECB tests 128 banks in the stress test: 24 in DE, 6 in AT

23.10. Berlusconi w bribery of parliamentarians charged in 2008

23.10. Eu Parliament wants to stop the exchange of bank data with the USA

23.10. dx8920 ex3006 dw15413 sp1741 vx13 bc $ 212 € 1.37 oil96 gd1333

24.10. EU summit: Merkel drives up with number plate 007

24.10. Commerzbank: Santander refuses takeover

October 24 dx8981 ex3028 dw15510 sp1748 vx13 bc $ 206 € 1.37 oil97 gd1347

25.10. Merkel bugged by NSA, US ambassador summoned

25.10. JPMorgan pays $ 5.1 billion to Fannie Mae, Freddie Mac w Hypo

25.10. dx8986 ex3035 dw15570 sp1760 vx13 bc $ 190 € 1.38 oil98 gd1353

26.10. Madoff: Ex-employee speaks of cut & paste trades

27.10. Switzerland: Banks are recruiting US customers

27.10. UK: over 1 million households take out payday loans every month

28.10. France: Municipal finance agency founded (German B.)

28.10. CDU Economic wing: Debt reduction must remain a major goal

28.10. dx8979 ex3022 dw15569 sp1762 vx13 bc $ 206 € 1.37 oil98 gd1345

29.10. Rabobank: Libor comparison with

DOJ $ 325m, CFTC $ 457m, FCA £ 105m and DPPS $ 96m

29.10. Deutsche Bank confirmed involvement in Forex manipulation

29.10. Wölbern Invest files for bankruptcy

29.10. Japan: FSA investigates banks w loans to Yakuza

(Mitsubishi, Mizuho Financial, Sumitomo Mitsui)

29.10. GM: Treasury lost $ 9.7bn with a $ 49.5bn bailout

October 29 dx9022 ex3042 dw15680 sp1772 vx13 bc $ 211 € 1.37 oil98 gd1344

30.10. Deutsche Bank class action is spared w hypoheques

30.10. Co-op: Ex CEO Tootell (2011-05 / 2013) deceived MPs

30.10. FTT: CDU and SPD agree on introduction

30.10. JPMorgan London Forex boss Richard Usher on leave

10/30 dx9010 ex3033 dw15618 sp1763 vx13 bc $ 211 € 1.37 oil96 gd1341

31.10. Credit Suisse Fires Londoner w Unusal Trading, $ 6m loss

31.10. United States criticizes German export surpluses at the expense of others

31.10. Fannie Mae sued 9 banks for $ 800 billion w Libor

BoA Citi JPM Barclays UBS RBS DB CS Rabobank

October 31 dx9033 ex3058 dw15545 sp1757 vx13 bc $ 210 € 1.35 oil96 gd1323

September 2013

Settlement with JPMorgan's London Whale

02.09. dx8244 ex2774 dw ------- sp ------ vx-- bc $ 143 € 1.32 oil106 gld1392

03.09. dx8181 ex2753 dw14834 sp1640 vx16 bc $ 143 € 1.31 oil109 gld1412

04.09. Commerzbank: UBS rejects takeover

04.09. dx8196 ex2758 dw14930 sp1653 vx16 bc $ 139 € 1.32 oil107 gd1412

05.09. dx8235 ex2799 dw14938 sp1653 vx15 bc $ 132 € 1.31 oil108 gld1370

06.09. G20: Tax avoidance, shadow banking, financial regulation

06.09. dx8276 ex2753 dw14922 sp1653 vx15 bc $ 129 € 1.31 oil109 gld1392

09.09. Monti Paschi: Bail-in w capital requirements, nationalization?

09.09. Banking union: Schulz and Draghi negotiate directly

09.09. dx8276 ex2798 dw15063 sp1672 vx15 bc $ 131 € 1.32 oil109 gld1388

10.09. Carige Genoa: problems w risky derivatives with DB

10.09. LBBW: Federal Association of German Banks against Institution of the. open right

10.09. Banking supervision: EU Parl. receives confidential. ECB meeting reports

10.09. FTT: EU lawyers see a violation of the EU treaty w competition delay.

10.09. Dow Jones: Bank of America goes, Goldman Sachs, Visa come

10.09. dx8447 ex2851 dw15194 sp1682 vx14 bc $ 133 € 1.32 oil106 gd1327

11.09. dx8496 ex2858 dw15328 sp1688 vx14 bc $ 134 € 1.32 oil106 gd1329

12.09. dx8495 ex2861 dw15300 sp1685 vx14 bc $ 140 € 1.32 oil107 gd1366

13.09. dx8508 ex2869 dw15375 sp1688 vx14 bc $ 141 € 1.32 oil107 gd1363

15.09. Bavaria: CSU absolute majority (47.7% 101 seats), FDP 3% out

15.09. Summers gives up candidacy for Fed chairmanship