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Subject U.S. Bankruptcy Judge Asserts American Sovereignty Over Cayman Island "Letterboxes"; British Are Stung

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[quote:AFP 292562:MV80MzIyNTVfNjY5ODYxNl8yNjQyRjA2Mw==]
If the Fed keeps pumping liquidity like they have been?? ... soon school kids will have the ability to start playing Jenga with their lunch money.

Mounting Worldwide Pattern of Financial Breakdown

Sept. 2 (LPAC)--Contrary to the financial press-directed myths, that "the markets have calmed down," there is a pattern over the past 48 hours, that shows the intensification of the systematic world financial breakdown, and the resulting panic coming to the surface.

** Speaking at the Kansas City Federal Reserve's annual conference at Jackson Hole, Wyoming, which many of the world's leading bankers and economists attend, economist Martin Feldstein delivered a panicked warning. "The economy could suffer a very serious donwturn," Feldman, President Reagan's former chairman of the Council of Economic Advisers said, presenting the possibility of a tightening credit crunch. Feldstein stated, "A sharp reduction in the interest rate, in addition to a vigorous lender-of-last resort policy, would attenuate that very bad outcome," and made the case for slashing the Federal Reserve's federal funds rate by 1 full percentage point, from its current 5.25% to 4.25%.

Also at Jackson Hole, Federal Reserve Board governor Frederic Mishkin said Sept. 1, that "central bankers should ease monetary policy quickly and aggressively in response to a big fall in house prices," according to the Sept. 2 Financial Times.

(Economist Lyndon LaRouche has made it manifestly clear that the money-pumping proposals of the type that Feldstein and Mishkin advocate, would create a hyperinflation by far more serious than that of 1923 Weimar Germany.)

http://www.larouchepac.com/news/2007/09/02/mounting-worldwide-pattern-financial-breakdown.html
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Original Message I bet this has really made some relevant people extremely angry.

Half the fun right now is watching all the shit float to the top.

U.S. Bankruptcy Judge Asserts American Sovereignty Over Cayman Island "Letterboxes"; British Are Stung

September 1, 2007 (LPAC)--Lyndon LaRouche has lauded a Federal Bankruptcy Court Judge's Aug. 30, 2007 ruling, quashing efforts by Bear Stearns to assert Cayman Islands sovereignty over two of their New York-based hedge funds that recently went bust in the sub-prime mortgage blowout. "Look at what this means," said LaRouche. "The sovereign of the Cayman Islands and other off-shore entitites is the Queen. Will the British monarch concede that she will not extend protection to corporations attempting to use her territory as a means of defrauding American investors?" The court ruling has dramatic implications for the entire Anglo-Dutch offshore, unregulated financial system, at the heart of the global bubbble.

The Aug. 30 ruling by Judge Burton R. Lifland, of the United States Bankruptcy Court in New York, rejected claims by Bear Stearns that two of their now-bankrupt hedge funds, could file their bankruptcy liquidation proceedings on the Cayman Islands, rather than in the United States. The Judge did a careful review of Chapter 15 proceedings under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which allows companies primarily based abroad, to file liquidation proceedings in their primary location and receive U.S. court approval for those findings. In the case of Bear Stearns' High-Grade Structured Credit Stratgegies Master Fund, Ltd. and High-Grade Structured Credit Strategies Enhanced Leverage Master Fund, Ltd., Judge Lifland found that "The Petitioner's own pleadings provide the evidence to establish that the Funds' COMI ("center of main interest'') is in the United States, not the Cayman Islands. The only adhesive connection with the Cayman Islands that the Funds have is the fact that they are registered there... The Verified Petitions have demonstrated... there are no employees or managers in the Cayman Islands, the investment manager for the Funds is located in New York, the Administrator that runs the back-office operations of the Funds is in the United States along with the Funds' books and records and prior to the commencement of the Foreign Proceeding, all of the Funds' liquid assets were located in the United States... Thus I cannot grant recognition of the Foreign Proceedings as main proceedings.''

more at link

[link to www.investorvillage.com]

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