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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: UK & US Chancellors play Banker War Games next week - expect monster collapse of TOO BIG TO FAIL Banks.... mark II

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George Osborne and Mark Carney to play financial crash 'war game'  -  Chancellor and BoE Governor will be joined by US counterparts for exercise designed to end 'too big to fail'

By Szu Ping Chan, in Washington

11:01PM BST 10 Oct 2014

http://www.telegraph.co.uk/finance/financialcrisis/11155381/George-Osborne-and-Mark-Carney-to-play-financial-crash-war-game.html

A financial crash to rival the one caused by Lehman Brothers' collapse will be played out by the world’s most powerful central bankers next week, in a “war game” designed to help end the “too big to fail” problem.  In the first simulation of its kind, Janet Yellen, the head of the US Federal Reserve, and Mark Carney, the Governor of the Bank of England, will be joined by Chancellor George Osborne and US Treasury Secretary Jack Lew, who will be tested on their reaction to a major US or UK bank failure.

The exercise, designed by regulators on both sides of the Atlantic, forms part of a series of measures designed to end the phenomenon of “too big to fail”, limit the risks to financial stability and protect taxpayers from future bailouts.  Mr Osborne said the “war game”, which will take place in Washington after the International Monetary Fund’s annual meeting, will examine the failure of a big Wall Street bank with UK operations, and that of a major UK bank with a division in the US.

"We're going to make sure that we handle an institution that would have previously been regarded as 'too big to fail'," he said. "We're confident that we now have choices that did not exist in the past, so we don’t have to choose between bailing a bank out and letting it collapse.  "London is a global financial centre, and is both home and host to some of the world’s biggest and most important banks. This brings with it many opportunities for jobs and growth, but we need to make sure that taxpayers are not on the hook for future bank failures."

UK policymakers have conducted similar exercises at a working level, with a war game simulation testing the City's defenses against a cyber attack. However, Monday’s exercise is the first to involve top policymakers on both sides of the Atlantic.  Minouche Shafik, the Bank of England's deputy governor for markets and banking, and US Securities and Exchange Commission chairman Mary Jo White will also be present.

“I think this demonstrates the distance that we've come in the last few years, to build resilience, to learn the lessons of the financial crisis, to make sure we are better prepared for whatever the world throws at us in the future," said Mr Osborne.  The initial findings of the simulation will be published next week, and will form one of the cornerstones of G20 proposals to strengthen the financial system that Mr Carney, who is also head of the Financial Stability Board, is expected to present in Australia next month.

Britain has already taken steps to create a safer banking sector by implementing reforms to change remuneration and make senior executives more accountable for bank failures.  Under new proposals to prevent runs on banks, the Bank of England also unveiled measures this week that would ensure savers would see deposits of up to £1m protected if a lender collapsed.

 

Eurozone on cusp of triple-dip recession as German exports crumble

By Ambrose Evans-Pritchard, International Business Editor

8:32PM BST 09 Oct 2014

http://www.telegraph.co.uk/finance/financialcrisis/11152731/Eurozone-on-cusp-of-triple-dip-recession-as-German-exports-crumble.html

Germany's Wise Men slash their growth forecasts for next year and call for fiscal stimulus, warning that the ECB's 'QE-lite' will achieve nothing

Germany’s exports are falling at the fastest rate since the global crisis in 2009, raising fears of a triple-dip recession and a disastrous relapse for the rest of the eurozone.   The country’s five economic institutes - or "Wise Men" - slashed their growth forecast for Germany from 2pc to 1.2pc next year, warning that the latest measures unveiled by the European Central Bank will add “hardly any” extra stimulus to the real economy and may be unworkable.

Christine Lagarde, the head of the International Monetary Fund, warned that the eurozone is at “serious risk” of falling back into recession if nothing is done, and is in danger of suffering a lost decade. “If the right policies are decided, if both surplus and deficit countries do what they have to do, it is avoidable,” she said. The wording is a clear call to Germany for an immediate shift in policy.

German exports slumped by 5.8pc in August as the crisis in Ukraine and Russia took its toll. “We’re no longer in a recovery,” said Volker Treier, head of the German Chamber of Industry and Commerce (DIHK). He said geopolitical upsets may have pushed the economy over the edge into a “technical recession”, but added that Germany itself is also to blame for failure to break out of a slow-growth trap. “We have too little investment. That’s been the case for years,” he said. ............

The Wise Men attacked the ECB’s plans for asset purchases, saying that there are no more than €150bn of asset-backed securities (ABS) and €600bn of mortgage bonds available to buy. The bank cannot plausibly purchase more than a fraction of this. Earlier efforts to buy €40bn of covered bonds ran into the ground, ending at €16bn.   The policy depends on banks issuing large amounts of low-quality debt, a credit risk for the ECB that leads to “moral hazard”. It cuts across efforts to create a banking union in which creditors would suffer the first losses in a crisis, they said. ................

read more  http://www.telegraph.co.uk/finance/financialcrisis/11152731/Eurozone-on-cusp-of-triple-dip-recession-as-German-exports-crumble.html

 

 

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