Happy Birthday Ma. Elena G. Macario – March 26, 2013

March 26, 2013

This is what I posted on my face books.

Other than the oligarchs of the Philippines DO FILIPINOS LIKE MYSELF AND MY LATE WIFE HAVE PROPERTY RIGHTS?

I’ve combined pages 1 & 2. Her adviser was Prof. Roland Horne who’s from New Zealand.

MGM Stanford MS Paper March 1991 p1&2

Below is the acknowledgement page. She was supposed to graduate in summer of 1990. However she has to take a leave to give birth to Gabriel.

I told her it may not be a bad idea NOT to finish her paper and her degree, after all she’s involved in the exploration of ALL known geothermal resource areas in the Philippines. She started working with PNOC-EDC in the late 1970’s.

“I really have to finish my paper and studies.” was what she said to me. Had we an inkling that only oligarchs in the Philippines have property rights, I would have asked her to switch to education or something else.

MGM Stanford MS Paper March 1991 p3

It was only when Pres. Aquino III went to New Zealand in Oct. 2012 and cut a deal for the Philippine businesses that I learned Paul Aquino, the younger brother of the assassinated Ninoy Aquino was in charge of privatization of PNOC-EDC where Elena worked. “Smart Paul” sold the government energy companies to the Lopezes at dirt cheap prices.

It turned out women in the Philippines no matter how smart or how hard & dedicated they work or how pious they pray have no future. Oligarchs can take anything they want. I wrote about this in 2008.

Blog Paul Aquino Geothermal Magnate

There are two basic groups of oligarchs in the Philippines the Chinese and Spanish variety.

According to Stanley Karnow’s book: “In Our Image” (1989) ISBN-10: 0345328167, the Lopez family who owns TV, newspapers, banks, monopoly of the utilities are from China despite the Hispanic sound of its name – which came from “Lo”, a common name in China.

Cory Aquino’s and Danding Cojuangco’s great grandfather Juan Cojuangco was a PENNILESS Chinese immigrant. He didn’t have to go to mainland U.S.A. because the Philippines before WWII was a U.S. territory until abandoned in 1935.

Other politicos –oligarchs from China include Osmena and JP Laurel, the puppet president of the Philippines during the Japanese occupation.

Today 40 richest Filipinos as listed on Forbes are mostly of Chinese ancestry. The others are of Spanish descent or plain dummies for foreigners’ hidden wealth. As of June 2012 their combined net worth totaled $47.43 billion.

Blog Hacienda Luisita, Danding out Lopez Chinese ancestry

In Stanley Karnow’s book it was explained how Ninoy Aquino secured a $3 million government loan through Pres. Magsaysay to purchase Hacienda Luisita in 1957 for his in-laws, the Cojuangcos of Tarlac. However Danding Cojuangco’s father was cut out of the deal .Later Aquino would urge his in-laws to share the land with tenant-farmers. Something that Cory Aquino resisted even when she was president. In 1987 tenant farmers marched to Malacanang to press for land reform. They were massacred.

Below are the other group of oligarchs of the Philippines. They all claim to be of Spanish descent.

Oligarch-traitor becomes president of the 3rd Philippine Republic
Oligarch-traitor Roxas becomes president of the 3rd Philippine Republic

“MacArthur’s absolution of Roxas brought back the ‘puppet politicos and the buy-and-sell parasites’ (Oligarchs) Worse it made US policy toward the Philippines look “stupid, irrational and cynical.”

– David Bernstein, 1945 US State Dept. official, former adviser to Quezon and later to Osmena

Again according to Stanley Karnow’s book “In Our Image” Manuel Roxas the uncharged oligarch-traitor from Iloilo claimed his forefather is an 18th century Spanish merchant and the Ayalas, Zobels, Sorianos, Aranetas, Elizades and Villar (still to be confirmed) are his relatives.

If you will notice any potential political somebody outside the Negros-Panay area are wedded into the Ilonggo clique.

The no. 1 requirement for success in the Philippines is to be an ilonggo or connected to one of them.
My recommendation as posted on a WAIS post dated Dec. 06, 2012

“From 1946 to 1950 the US gave over $2 billion in aid to the Philippines under Roxas and Quirino to rebuild the country. But President Truman’s fact-finding mission reported that the money is gone. And obviously it went to landowners and unscrupulous businessmen oligarchs who are now richer than ever while the majority of the people’s standard of living has not risen to anywhere near the pre-war levels.

Who would imagine with all the death and destruction brought by the war (WWII) and a decimated agricultural sector, the oligarch-traitors would take advantage of the situation and enrich themselves instead?

Fast forward to October 2011: Despite 67 years of mismanaged economy, the Word Bank provided $2 billion funding to the illegitimate oligarch-supported government of Aquino III, the grandson of an oligarch-traitor. What is wrong with Washington DC?

Regarding the WAIS topic “Collective Guilt and Making Amends,” here are my recommendations:

Manuel Roxas and all those who were granted amnesty by Roxas SHOULD BE POSTHUMOUSLY TRIED FOR TREASON. THEIR CHILDREN LIKE PRES. AQUINO III MUST BE REMOVED FROM FROM POSITIONS OF POWER & AUTHORITY. THEIR PROPERTY CONFISCATED IN FAVOR THE PHIL. GOVERNMENT – IN – EXILE.

All Filipinos who are residents of an industrialized G-7 type country will be given Temporary Protected Status. For them to earn back their citizenship, they must take and pass a Philippine (History) re-education course.

In the meantime all international organizations like the World Bank, IMF, ADB and the UN must be required to submit an account of all the funds loaned or given to the Philippines. An investigation of past and present employees of the World Bank, IMF, UN and members of the US Congress Committee on Foreign Relations must be started.

Collective Guilt and Atonement: Manila (Bienvenido Macario, USA) Thu, Dec 6, 2012 at 6:52 AM
http://waisworld.org/go.jsp?id=02a&objectType=post&o=73652&objectTypeId=65667&topicId=17

WAIS post revisited: Is Euro Overvalued? Feb. 28, 2010

March 16, 2013

Below is the WAIS post “Is the Euro Overvalued?” dated Feb. 28, 2010. It is my contention that the Euro, compared to the US dollar, is overvalued. Here’s why.

In every US dollar bill the words: “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS PUBLIC AND PRIVATE” could be found.  It is in fact a Federal Reserve (Bank) note, signed by the US Treasurer and the Secretary of the Treasury. On the back side of the note reads “THE UNITED STATES OF AMERICA” assures the holder in due course that every dollar bill is backed by the U.S. government.

Posted is an enlarge black & white copy of a US $5 bill. In yellow highlights are the features described above.

Next is the front and back specimen of a €5 bill. Where does it say there that Germany or the more prosperous members of the EU with stable economies will pay the holders of euros in due course? There is no saying what the EU-ECB will do or not do as in the case of the Cyprus bailout.

Granted that it is implied the note has the full backing and support of the EU, how long has the EU been around?

Why revisit this Feb. 2010 WAIS post now? It has something to do with: a.) The prediction that on March 15, 2013 the U.S. will officially be in recession. and b.) the ECB-IMF Cyprus bailout would involve US participation/contribution. It reminded me of the 1930’s collapse of the U.S. banking system. Yesterday’s much delayed bailout that is seen as a beginning of a new trend in bailouts where Cypriot bank depositors were asked to give up to 10% of their savings depending on their balances.

Could the ECB-IMF ask for technical assistance instead of funds from Washington DC? Continuous bailouts have limitations. Sometimes the cure could be worse than the disease.

See: Eurozone Debt Crisis Update: Cyprus’ Savers Suffer In Unprecedented bailout http://www.nedmacario.com/wp-admin/post.php?post=906&action=edit

Bienvenido Macario

Lemuria

Ancora Imparo

IGA

 

Blog Is the Euro Overvalued p2 02-28-10

 

US FIVE DOLLAR BILL

Blog $5 bill.

 

Eurozone Debt Crisis Update: Cyprus’ Savers Suffer In Unprecedented bailout

March 16, 2013

As of March 15, 2013 here’s the news

Cyprus secures bailout from eurozone, IMF

By JUERGEN BAETZ | Associated Press – 18 hrs ago

http://news.yahoo.com/cyprus-secures-bailout-eurozone-imf-024409471–finance.html;_ylt=AwrNUbDd6URRKUoAMQzQtDMD

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This doesn’t say much. Again as in the second anniversary of the Fukushima triple disaster, I had to wait for a more realistic assessment of the news that at the same time would control if not prevent a bank run.

Highlights from news today on the Cyprus bailout: “Cyprus’ savers bear brunt of unprecedented bailout”

 – This is the first time an EU bailout required savers to give up to 10% of their deposits.

– The IMF will ask Washington DC to contribute to the bailout. Could the ECB-IMF ask Washington DC for technical assistance instead of funds?  

– Spain is most likely next to require a bailout. This means a bank run on Monday is likely.

– Electronic transfers of funds over the weekend have been prevent by Cyprus since over 50% are non-residents.

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I think a news about a recession would have been better than this type of bailout. Bank runs like the ones seen in May 2012 in Spain and Greece could happen again.

I’ll fix this post later.

Bienvenido Macario

Lemuria

Ancora Imparo

IGA

 

Cyprus’ savers bear brunt of unprecedented bailout

Reuters – 1 hr 1 min ago Saturday, March 16, 2013

http://news.yahoo.com/savers-forced-bear-costs-cyprus-bailout-051941784.html;_ylt=AwrNUbDd6URRKUoAHQzQtDMD

People gather at an automatic teller machine in Nicosia March 16, 2013. REUTERS/Yiannis Nisiotis

Reuters/Reuters – People gather at an automatic teller machine in Nicosia March 16, 2013. REUTERS/Yiannis Nisiotis

 

By Annika Breidthardt and Robin Emmott and Michele Kambas

BRUSSELS/NICOSIA (Reuters) – The euro zone agreed on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risk of a wider run on savings.

The eastern Mediterranean island becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help during the region’s debt crisis.

In a radical departure from previous aid packages – and one that gave rise to incredulity and anger across the country – euro zone finance ministers forced Cyprus’ savers to pay up to 10 percent of their deposits to raise almost 6 billion euros.

Parliament was due to meet on Sunday to vote on the measure, and approval was far from assured.

The decision prompted a run on cashpoints, most of which were depleted by mid afternoon, and co-operative credit societies closed to prevent angry savers withdrawing deposits.

Almost half Cyprus’s bank depositors are believed to be non-resident Russians, but most queuing on Saturday at automatic teller machines appeared to be Cypriots.

President Nicos Anastasiades, elected three weeks ago with a pledge to negotiate a swift bailout, said refusal to agree to terms would have led to the collapse of the two largest banks.

“On Tuesday … We would either choose the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis,” Anastasiades said in written statement.

In several statements since his election, he had previously categorically ruled out a deposit haircut.

“My initial reaction is one of shock,” said Nicholas Papadopoulos, head of parliament’s financial affairs committee. “This decision is much worse than what we expected and contrary to what the government was assuring us, right up until last night,” he told Reuters, without saying whether he would back the measure or whether he thought it would pass.

Papadopoulos is vice-chairman of the Democratic Party, a partner in Cyprus’s centre-right ruling coalition and whose support in parliament will be crucial to pass any haircut.

Parliament was expected to convene from 1600 local (1400 GMT) on Sunday to discuss the emergency legislation. Without parliamentary approval, a haircut cannot take place.

‘THEFT, PURE AND SIMPLE’

The bailout was smaller than initially expected and is mainly needed to recapitalize Cypriot banksthat were hit by a sovereign debt restructuring in Greece.

The deposit levy – set at 9.9 percent on bank deposits exceeding 100,000 euros and 6.7 percent on anything below that – will take place on Tuesday after a bank holiday on Monday.

To guard against capital flight, Cyprus took immediate steps to prevent electronic money transfers over the weekend.

At one cashpoint in the capital Nicosia, a pensioner couple said they had visited several automatic teller machines without success. “We are trying to pull as much as we can,” one told Reuters, reaching for a wallet containing four debit cards.

“I’m extremely angry. I worked years and years to get it together and now I am losing it on the say-so of the Dutch and the Germans,” said British-Cypriot Andy Georgiou, 54, who returned to Cyprus in mid-2012 with his savings.

“They call Sicily the island of the mafia. It’s not Sicily, it’s Cyprus. This is theft, pure and simple,” said a pensioner.

The levy breaks a euro zone taboo by hitting depositors.

It prompted Spain, considered the next most likely state to seek a sovereign rescue though supported recently by a European Central Bank promise to buy government debt if necessary, to deny savers in other countries risked being similarly penalized.

The bailout was specific to Cyprus and its bloated banking sector and “could not be extrapolated to any other country,” an economy ministry source in Madrid said.

In Brussels, Dutch Finance Minister Jeroen Dijsselbloem said it would not otherwise have been possible to save Cyprus’s financial sector which, compared with national economic output, is more than twice as big as the EU average.

“As it is a contribution to the financial stability of Cyprus, it seems just to ask for a contribution of all deposit holders,” Dijsselbloem, who chaired the ministerial meeting, told reporters.

The island’s bailout had repeatedly been delayed amid concerns from other EU states that its close business relations with Russia, and a banking system flush with Russian cash, made it a conduit for money-laundering.

In return for emergency loans, Cyprus agreed to increase its corporate tax rate by 2.5 percentage points to 12.5 percent. This should boost revenues, limiting the size of the loan needed from the euro zone and keep down public debt.

RUSSIAN AID

International Monetary Fund Managing Director Christine Lagarde, who attended the Brussels meeting, said she backed the deal and would ask the IMF board in Washington to contribute.

“We believe the proposal is sustainable for the Cyprus economy,” she said. “The IMF is considering proposing a contribution to the financing of the package … The exact amount is not yet specified.”

Cyprus, with a gross domestic product of barely 0.2 percent of the bloc’s overall output, applied for aid last June. But negotiations became bogged down.

Moscow, with close ties to Nicosia, will also likely extend a 2.5 billion euro loan by five years to 2021 at a lower cost.

“My understanding is that the Russian government is ready to make (such) a contribution,” said the EU’s top economic official, Olli Rehn.

Cyprus originally estimated it needed 17 billion euros – almost its annual output – to restore its economy to health.

But because a loan of that magnitude would call into question its ability ever to pay it back, policymakers sought more revenue sources in Cyprus itself.

The Greek units of Cypriot banks were excluded from the deposit levy, Greek finance minister Yiannis Stournaras said.

(Additional reporting by Julien Ponthus Harry Papachristou; Writing by Robin Emmott, John O’Donnell and Michele Kambas; Editing by Jason Webb)