December 2023 - cypherpunks - lists.cpunks.org

Three Wall Street Mega Banks Hold $157.3 Trillion in Derivatives – That’s $56.7 Trillion More than the Entire World’s GDP Last Year
by Gunnar Larson 18 Dec '23

18 Dec '23

https://wallstreetonparade.com/2023/12/three-wall-street-mega-banks-hold-15… Three Wall Street Mega Banks Hold $157.3 Trillion in Derivatives – That’s $56.7 Trillion More than the Entire World’s GDP Last Year By Pam Martens and Russ Martens: December 18, 2023 ~ World GDP Versus U.S. Mega Bank Derivatives At recent Congressional hearings on federal bank regulators’ newly proposed rules to force the largest banks in the U.S. to hold more capital against their riskiest trading positions (so that taxpayers aren’t on the hook for more bailouts), the banks and their sycophants holding Senate and House seats made it sound like it’s the American farmers who will be hurt because the derivatives they use to hedge against crop failures or price swings in their crops will become more expensive.. We knew this was a completely bogus argument because the latest data from the U.S. Department of Agriculture indicates that “agriculture, food, and related industries contributed roughly $1.264 trillion to U.S. gross domestic product (GDP) in 2021….” In other words, U.S. farmers need to hedge less than $2 trillion while just three mega banks on Wall Street were holding $157.3 trillion in derivatives as of September 30 of this year – which is $56.74 trillion more than the GDP of the entire world last year. (See chart above.) If the bulk of these derivatives aren’t being used by farmers and business owners to hedge against losses, what are they being used for? According to the Office of the Comptroller of the Currency (OCC), the federal regulator of national banks, the trillions of dollars in derivatives at the mega banks on Wall Street are being used for trading – likely for the benefit of the banks themselves or their billionaire speculator clients, such as hedge funds and family offices. According to the OCC, as of September 30, JPMorgan Chase (which lost $6.2 billion from its federally-insured bank in wild derivative trades in 2012) is still allowed to sit on $54.4 trillion in derivatives. Citigroup’s Citibank, which blew itself up in 2008 from derivatives and off-balance-sheet vehicles and received the largest bailout in global banking history, is sitting on more derivatives today than at the time of its crash in 2008. OCC data shows Citibank with $35.6 trillion in derivatives on September 30, 2008 (see Table 1 in the Appendix here) versus a staggering $51.3 trillion as of September 30, 2023. Goldman Sachs, whose federally-insured bank has just $538 billion in assets, has $51.6 trillion in derivatives. (In what alternative universe from hell would Goldman Sachs be allowed to own a federally-insured bank?) Then there is the matter of concentrated risk. According to the FDIC, as of September 30, there were 4,614 federally-insured banks and savings associations in the U.S. – the vast majority of which found no need to involve the bank in derivatives at all. But, for some inexplicable reason, three banks with highly dubious histories have been allowed to establish insane levels of concentrated risk in derivatives. The $157.3 trillion in derivatives held by JPMorgan Chase Bank, Citibank and Goldman Sachs Bank USA represent 77 percent of all derivatives held by all 4,614 federally-insured financial institutions in the U.S. (See chart below.) Derivatives Held for Trading at Commercial Banks The chart at the top of this page shows how this derivative problem has grown since the repeal of the Glass-Steagall Act in 1999. The repeal removed the ban of casino trading houses on Wall Street merging with federally-insured banks. Today, every giant federally-insured bank on Wall Street owns a trading house. In 1996, prior to the repeal of Glass-Steagall, derivatives at U.S. banks represented just 63 percent of world GDP. At the end of last year, derivatives at U.S. banks represented 189.92 percent of world GDP. To prevent a replay of the banks blowing themselves up as they did in 2008 while their federal regulators were napping, federal banking regulators in July proposed to impose higher capital rules on just 37 banks – those significantly engaged in derivatives and other high-risk trading strategies. The backlash has been fierce, with the mega banks even running television ads painting a bogus and distorted picture of what the capital increases would do. Another critical question is who is on the other side of these derivative trades with the mega banks and may blow up if they took the wrong side of the trade? According to federal researchers, there are both mega bank counterparties as well as “non-bank financial counterparties” – which could be insurance companies, brokerage firms, asset managers or hedge funds. There are also “non-financial corporate counterparties” – which could be just about any domestic or foreign corporation. To put it another way, the American people have no idea if they own common stock in a publicly-traded company that could blow up any day from reckless dealings in derivatives with global banks. This is not some far-fetched fantasy. Wall Street has a history of blowing up things with derivatives. Merrill Lynch blew up Orange County, California with derivatives. Some of the biggest trading houses on Wall Street blew up the giant insurer, AIG, with derivatives in 2008, forcing the U.S. government to take over AIG with a massive bailout. According to documents released by the Financial Crisis Inquiry Commission (FCIC), at the time of Lehman Brothers’ bankruptcy on September 15, 2008, it had more than 900,000 derivative contracts outstanding and had used the largest banks on Wall Street as its counterparties to many of these trades. The FCIC data shows that Lehman had more than 53,000 derivative contracts with JPMorgan Chase; more than 40,000 with Morgan Stanley; over 24,000 with Citigroup’s Citibank; over 23,000 with Bank of America; and almost 19,000 with Goldman Sachs. According to the Financial Crisis Inquiry Commission (FCIC), derivatives played an outsized role in the spread of financial panic in 2008. The FCIC wrote in its final report: “the existence of millions of derivatives contracts of all types between systemically important financial institutions—unseen and unknown in this unregulated market—added to uncertainty and escalated panic….” We are asking our readers to do their part to stop Wall Street mega banks and their legions of lobbyists from gutting the proposed capital rules. Please contact your U.S. Senators today via the U.S. Capitol switchboard by dialing (202) 224-3121. Tell your Senators to demand that banking regulators hold firm on the stronger capital rules for the casino banks on Wall Street.

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yggstack is a socks proxy for yggdrasil rootless
by Undescribed Horrific Abuse, One Victim & Survivor of Many 18 Dec '23

18 Dec '23

https://github.com/yggdrasil-network/yggstack linebreaks manually readded to readme content # Yggstack - Yggdrasil as SOCKS proxy / port forwarder ## Introduction Yggdrasil is an early-stage implementation of a fully end-to-end encrypted IPv6 network. It is lightweight, self-arranging, supported on multiple platforms and allows pretty much any IPv6-capable application to communicate securely with other Yggdrasil nodes. Yggdrasil does not require you to have IPv6 Internet connectivity - it also works over IPv4. Mainline Yggdrasil implementation uses virtual network interface (TUN) to deliver traffic. While this setup is very powerful and flexible, several use cases are not covered: * Systems without TUN adapter support * System without root / administrator access * Web browser access Yggstack fills the gap by providing SOCKS5 proxy server and TCP port forwarder functionality similar to TOR router. It also can serve as a standalone network node to connect network segments. ## Supported Platforms Yggdrasil works on a number of platforms, including Linux, macOS, Ubiquiti EdgeRouter, VyOS, Windows, FreeBSD, OpenBSD and OpenWrt. Please see our [Installation]( https://yggdrasil-network.github.io/installation.html) page for more information. You may also find other platform-specific wrappers, scripts or tools in the `contrib` folder. ## Building If you want to build from source, as opposed to installing one of the pre-built packages: 1. Install [Go](https://golang.org) (requires Go 1.17 or later) 2. Clone this repository 3. Run `./build` Note that you can cross-compile for other platforms and architectures by specifying the `GOOS` and `GOARCH` environment variables, e.g. `GOOS=windows ./build` or `GOOS=linux GOARCH=mipsle ./build`. ## Running ### Generate configuration To generate static configuration, either generate a HJSON file (human-friendly, complete with comments): ``` ./yggstack -genconf > /path/to/yggdrasil.conf ``` ... or generate a plain JSON file (which is easy to manipulate programmatically): ``` ./yggstack -genconf -json > /path/to/yggdrasil.conf ``` You will need to edit the `yggdrasil.conf` file to add or remove peers, modify other configuration such as listen addresses or multicast addresses, etc. ### Run Yggstack To run SOCKS proxy server listening on local port 1080 using generated configuration: ``` ./yggstack -useconffile /path/to/yggdrasil.conf -socks 127.0.0.1:1080 ``` To expose network services (like a Web server) listening on local port 8080 to Yggdrasil network address at port 80: ``` ./yggstack -useconffile /path/to/yggdrasil.conf -exposetcp 80:127.0.0.1:8080 ``` To run as a standalone node without SOCKS server or TCP port forwarding: ``` ./yggstack -useconffile /path/to/yggdrasil.conf ``` To run in auto-configuration mode (which will use sane defaults and random keys at each startup, instead of using a static configuration file): ``` ./yggstack -autoconf -socks 127.0.0.1:1080 ``` Unlike mainline Yggdrasil, Yggstack does NOT require privileged access. You can even run several Yggstack instances with different configurations on the same OS and user! ### pk.ygg DNS resolver One unique feature of Yggstack is built-in DNS resolver functionality using `.pk.ygg` format. For example, HowToYgg website (whose public key is `d40d4a7153cf288ea28f1865f6cfe95143a478b5c8c9e7cb002a0633d10a53eb`) can be accessed by any Web browser supporting SOCKS servers via ` http://d40d4a7153cf288ea28f1865f6cfe95143a478b5c8c9e7cb002a0633d10a53eb.pk.… ` You can even use cURL with Yggstack: ``` curl -x socks5h://127.0.0.1:1080 http://d40d4a7153cf288ea28f1865f6cfe95143a478b5c8c9e7cb002a0633d10a53eb.pk.… ``` ## Documentation Documentation is available [on our website]( https://yggdrasil-network.github.io) - [Installing Yggdrasil]( https://yggdrasil-network.github.io/installation.html) - [Configuring Yggdrasil]( https://yggdrasil-network.github.io/configuration.html) - [Frequently asked questions](https://yggdrasil-network.github.io/faq.html) - [Version changelog](CHANGELOG.md) ## Community Feel free to join us on our [Matrix channel]( https://matrix.to/#/#yggdrasil:matrix.org) at `#yggdrasil:matrix.org` or in the `#yggdrasil` IRC channel on [libera.chat](https://libera.chat). ## License This code is released under the terms of the LGPLv3, but with an added exception that was shamelessly taken from [godeb]( https://github.com/niemeyer/godeb) Under certain circumstances, this exception permits distribution of binaries that are (statically or dynamically) linked with this code, without requiring the distribution of Minimal Corresponding Source or Minimal Application Code. For more details, see: [LICENSE](LICENSE).

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While posing as a pacifist in public, Ross Scumbag Ulbricht was hiring covert killers to murder innocent civilians.
by pro2rat＠yahoo.com.au 18 Dec '23

18 Dec '23

While posing as a pacifist in public, Ross Scumbag Ulbricht was hiring covert killers to murder innocent civilians. Someone should shank the SoB asap! I will pay them 2k sats - @ todays strike - as a reward for protecting the public. This offer is good till Cypherpunk 2036.

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Crypto winter made glorious summer by corpse-media press
by pro2rat＠yahoo.com.au 18 Dec '23

18 Dec '23

" . . . the burgeoning cypherpunk movement in the early 2000s. . . . " FROM https://www.ccn.com/news/adam-back-foreshadows-bitcoin-hashcash/ Reposts not intended to serve blatant doublethink lies and liars propaganda from zombies

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argentina ruled by US jewnazi puppets, a.k.a. jakobo milei
by punk 18 Dec '23

18 Dec '23

this is for grarpamp. It just so happens that anarchist theory can predict the future quite well, and as soon as this jakobo milei turd became an 'anarchist' president, that is, the supreme boss of the state mafia, he started to act like the supreme boss of the state mafia. first thing jakobo milei did was rise taxes, including taxes on international trade. Hey, nothing says 'libertarian' like import/export duties!! Moral of the story, he steals money to pay government parasites - that's his purpose in life. second thing he did was suck zolosky cock. Ah yes, the anti human jew and murderer of the ukrainian people, zolokys, came to 'congratulate' jakobo milei. Two despicable pentagon assets sucking each others cocks. They should marry! anyway, it only took two days for jakobo milei to betray every single promise he made. funnily enough james donald understands the argie situation well : https://blog.reaction.la/war/ukraine-war-is-over-the-killing-and-dying-may-… "Milei is a US puppet. He is backing Ukraine and Israel, he is cutting relations with the BRICs. He is integrating with the US finance system, which is not capitalism, but communism. This kind of “capitalism” was an economically ruinous catastrophe for Argentina and Yeltzin’s Russia the first time around. It is likely to be a catastrophe the second time around." ps: grarpamp you sent me a personal message to this address awhile back. I can't reply to your jewnanzi jewmail account though. joogle joonazis block cock.li.

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Nexo Co-Founder Considers Suing Bulgaria for $1 Billion
by Gunnar Larson 17 Dec '23

17 Dec '23

Trenchev claimed that the state’s actions were not only illegal, but caused significant harm to his company’s reputation. Nexo itself also implied that its entanglement with the law had corruption at its core, shortly after the raid. “Some regulators have recently adopted the kick first, ask questions later approach,” stated Nexo. “In corrupt countries, it is bordering with racketeering, but that too shall pass.” ---- https://cryptoadventure.com/nexo-co-founder-considers-suing-bulgaria-for-1-… Nexo co-founder Antoni Trenchev said his company may sue the Bulgarian government for $1 billion following a raid on Nexo’s offices earlier this month. Trenchev claimed that the state’s actions were not only illegal, but caused significant harm to his company’s reputation. Repairing a Damaged Reputation During an interview with Nova TV, Trenchev called claims that his company is involved in money laundering and terrorist financing operations ”absurd.” “We, as an institution, monitor all incoming and outgoing transactions on our platform in real-time,” he explained. Nexo put out a similar statement on the situation weeks ago, claiming to possess over 30 AML compliance officers monitoring OFAC sanctions lists sidebar image Ellipal - Store over 10,000 coins and tokens! Such claims were grounds for the government’s raid on Nexo’s offices on January 12. News of the raid was shortly followed by an influx of withdrawal requests from its platform, during a period marred by widespread turbulence and uncertainty for the crypto lending industry in general. “Our consultants estimate the damages at over 1 billion dollars,” said Trenchev. “We were in the process of listing on the American stock exchange and now it has to be postponed because of the reputational damage that was done to us.” Specifically, Bulgaria accused Nexo of having served multiple wanted criminals. Transactions surrounding one of them – Mahmoud Mohammed – with which the prosecutors’ office took concern were made two years before Mohammed was on the Israeli services’ list., according to Trenchev. Political Corruption Ultimately, the co-founder believes that Nexo’s debacle with the prosecutors’ office is politically motivated. The latter’s raid on Nexo’s office took place just one day before President Rumen Radev was to give his final mandate forming an acting government. While some expected that mandate to go to Democratic Bulgaria (DB), it ultimately went to the Bulgarian Socialist Party (BSP). The former party was known for having received donations from over 12 Nexo members. “It was an opportune moment to resoundingly attack parties like PP and DB and to sabotage the third mandate,” said Trenchev about the prosecutors’ move. Nexo itself also implied that its entanglement with the law had corruption at its core, shortly after the raid. “Some regulators have recently adopted the kick first, ask questions later approach,” stated Nexo. “In corrupt countries, it is bordering with racketeering, but that too shall pass.”

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Crypto Lender Nexo’s Co-Founder Disputes Bulgaria Charges After Raid
by Gunnar Larson 17 Dec '23

17 Dec '23

Crypto Lender Nexo’s Co-Founder Disputes Bulgaria Charges After Raid https://www.bloomberg.com/news/articles/2023-02-21/crypto-firm-nexo-co-foun… Nexo co-founder Antoni Trenchev disputed charges by Bulgarian police after they raided the crypto lender’s Sofia office last month as part of an investigation into suspected money laundering and tax crimes.

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Musk Adds to Goldman Sachs’ Commercial Loan Troubles, FT Says
by Gunnar Larson 17 Dec '23

17 Dec '23

Musk Adds to Goldman Sachs’ Commercial Loan Troubles, FT Says https://www.bloomberg.com/news/articles/2023-06-10/musk-adds-to-goldman-sac… Elon Musk’s refusal to pay Twitter’s rent contributed to the surge in commercial real estate loan delinquencies that Goldman Sachs Group Inc. (GS) faced in the first quarter, the Financial Times reported.

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Hong Kong Bankers’ Uneasy Dance With Property Tycoons
by Gunnar Larson 17 Dec '23

17 Dec '23

Hong Kong Bankers’ Uneasy Dance With Property Tycoons https://www.bloomberg.com/opinion/articles/2023-12-17/hong-kong-25-billion-… Hong Kong dazzles with its soaring skyscrapers and swanky shopping malls, and the city has its bankers to thank. Over the years, landlords routinely relied on banks to finance ambitious projects and expected good relationships to remain. But lenders are getting nervous.

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World Bank warns record debt levels could put developing countries in crisis | World Bank | The Guardian
by Gunnar Larson 17 Dec '23

17 Dec '23

At Bank.org, I have threatened creating World.Bank.org, but I have been told that WorldBank.org may sue us out of Hong Kong if we do that. Anyhow, at Bank.org we are proud that over the next 20 years, really exciting innovation will happen in New York City. ----- https://www.theguardian.com/business/2023/dec/13/world-bank-debt-levels-cou… Urgent action is needed to prevent record debt repayments by the world’s poorest countries developing into a full-blown crisis, the World Bank has warned. The Washington-based multilateral body said the escalating cost of servicing past borrowing caused by rising interest rates was siphoning money away from spending on health, education and tackling the climate crisis. The Bank sounded the alarm in its latest International Debt Report, which showed the sharpest rise in global borrowing costs in four decades had pushed payments on the external debts of all developing countries to $443.5bn in 2022.

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