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(Hey everyone, this is the SECOND half of the Finale, you can find the first half here)
The Dollar EndgameTrue monetary collapses are hard to grasp for many in the West who have not experienced extreme inflation. The ever increasing money printing seems strange, alien even. Why must money supply grow exponentially? Why did the Reichsbank continue printing even as hyperinflation took hold in Germany?
What is not understood well are the hidden feedback loops that dwell under the surface of the economy.
The Dragon of Inflation, once awoken, is near impossible to tame.
It all begins with a country walking itself into a situation of severe fiscal mismanagement- this could be the Roman Empire of the early 300s, or the German Empire in 1916, or America in the 1980s- 2020s.
The State, fighting a war, promoting a welfare state, or combating an economic downturn, loads itself with debt burdens too heavy for it to bear.
This might even create temporary illusions of wealth and prosperity. The immediate results are not felt. But the trap is laid.
Over the next few years and even decades, the debt continues to grow. The government programs and spending set up during an emergency are almost impossible to shut down. Politicians are distracted with the issues of the day, and concerns about a borrowing binge take the backseat.
The debt loads begin to reach a critical mass, almost always just as a political upheaval unfolds. Murphy’s Law comes into effect.
Next comes a crisis.
This could be Visigoth tribesmen attacking the border posts in the North, making incursions into Roman lands. Or it could be the Assassination of Archduke Franz Ferdinand in Sarajevo, kicking off a chain of events causing the onset of World War 1.
Or it could be a global pandemic, shutting down 30% of GDP overnight.
Politicians respond as they always had- mass government mobilization, both in the real and financial sense, to address the issue. Promising that their solutions will remedy the problem, a push begins for massive government spending to “solve” economic woes.
They go to fundraise debt to finance the Treasury. But this time is different.
Very few, if any, investors bid. Now they are faced with a difficult question- how to make up for the deficit between the Treasury’s income and its massive projected expenditure. Who’s going to buy the bonds?
With few or no legitimate buyers for their debt, they turn to their only other option- the printing press. Whatever the manner, new money is created and enters the supply.
This time is different. Due to the flood of new liquidity entering the system, widespread inflation occurs. Confounded, the politicians blame everyone and everything BUT the printing as the cause.
Bonds begin to sell off, which causes interest rates to rise. With rates suppressed so low for so long, trillions of dollars of leverage has built up in the system.
No one wants to hold fixed income instruments yielding 1% when inflation is soaring above 8%. It's a guaranteed losing trade. As more and more investors run for the exits in the bond markets, liquidity dries up and volatility spikes.
The MOVE index, a measure of bond market volatility, begins climbing to levels not seen since the 2008 Financial Crisis.
Sovereign bond market liquidity begins to evaporate. Weak links in the system, overleveraged several times on government debt, such as the UK’s pension funds, begin to implode.
The banks and Treasury itself will not survive true deflation- in the US, Yellen is already getting so antsy that she just asked major banks if Treasury should buy back their bonds to “ensure liquidity”!
As yields rise, government borrowing costs spike and their ability to roll their debt becomes extremely impaired. Overleveraged speculators in housing, equity and bond markets begin to liquidate positions and a full blown deleveraging event emerges.
True deflation in a macro environment as indebted as ours would mean rates soaring well above 15-20%, and a collapse in money market funds, equities, bonds, and worst of all, a certain Treasury default as federal tax receipts decline and deficits rise.
A run on the banks would ensue. Without the Fed printing, the major banks, (which have a 0% capital reserve requirement since 3/15/20), would quickly be drained. Insolvency is not the issue here- liquidity is; and without cash reserves a freezing of the interbank credit and repo markets would quickly ensue.
For those who don’t think this is possible, Tim Geitner, NY Fed President during the 2008 Crisis, stated that in the aftermath of Lehman Brothers’ bankruptcy, we were “We were a few days away from the ATMs not working” (start video at 46:07).
As inflation rips higher, the $24T Treasury market, and the $15.5T Corporate bond markets selloff hard. Soon they enter freefall as forced liquidations wipe leverage out of the system. Similar to 2008, credit markets begin to freeze up. Thousands of “zombie corporations”, firms held together only with razor thin margins and huge amounts of near zero yielding debt, begin to default. One study by a Deutsche analyst puts the figure at 25% of companies in the S&P 500.
The Central Banks respond to the crisis as they always have- coming to the rescue with the money printer, like the Bank of England did when they restarted QE, or how the Bank of Japan began “emergency bond buying operations”.
But this time is massive. They have to print more than ever before as the ENTIRE DEBT BASED FINANCIAL SYSTEM UNWINDS.
QE Infinity begins. Trillions of Treasuries, MBS, Corporate bonds, and Bond ETFs are bought up. The only manner in which to prevent the bubble from imploding is by overwhelming the system with freshly printed cash. Everything is no-limit bid.
The tsunami of new money floods into the system and a face ripping rally begins in every major asset class. This is the beginning of the melt-up phase.
The Federal Reserve, within a few months, goes from owning 30% of the Treasury market, to 70% or more. The Bank of Japan is already at 70% ownership of certain JGB issuances, and some bonds haven’t traded for a record number of days in an active market!
The Central Banks EAT the bond market. The “Lender of Last Resort” becomes “The Lender of Only Resort”.
Another step towards hyperinflation. The Dragon crawls out of his lair.
Now the majority or even entirety of the new bond issuances from the Treasury are bought with printed money. Money supply must increase in tandem with federal deficits, fueling further inflation as more new money floods into the system.
The Fed’s liquidity hose is now directly plugged into the veins of the real economy. The heroin of free money now flows in ever increasing amounts towards Main Street.
The same face-ripping rise seen in equities in 2020 and 2021 is now mirrored in the markets for goods and services.
Prices for Food, gas, housing, computers, cars, healthcare, travel, and more explode higher. This sets off several feedback loops- the first of which is the wage-price spiral. As the prices of everything rise, real disposable income falls.
Massive strikes and turnover ensues. Workers refuse to labor for wages that are not keeping up with their expenses. After much consternation, firms are forced to raise wages or see large scale work stoppages.
These higher wages now mean the firm has higher costs, and thus must charge higher prices for goods. This repeats ad infinitum.
The next feedback loop is monetary velocity- the number of times one dollar is spent to buy goods and services per unit of time. If the velocity of money is increasing, then more transactions are occurring between individuals in an economy.
The faster the dollar turns over, the more items it can bid for- and thus the more prices rise. Money velocity increasing is a key feature of a currency beginning to inflate away. In nations experiencing hyperinflation like Venezuela, where money velocity was purported to be over 7,000 annually- or more than 20 times a DAY.
As prices rise steadily, people begin to increase their inflation expectations, which leads to them going out and preemptively buying before the goods become even more expensive. This leads to hoarding and shortages as select items get bought out quickly, and whatever is left is marked up even more. ANOTHER feedback loop.
Inflation now soars to 25%. Treasury deficits increase further as the government is forced to spend more to hire and retain workers, and government subsidies are demanded by every corner of the populace as a way to alleviate the price pressures.
The government budget increases. Any hope of worker’s pensions or banks buying the new debt is dashed as the interest rates remain well below the rate of inflation, and real wages continue to fall. They thus must borrow more as the entire system unwinds.
The Hyperinflationary Feedback loop kicks in, with exponentially increasing borrowing from the Treasury matched by new money supply as the Printer whirrs away.
The Dragon begins his fiery assault.
Hyperinflationary Feedback Loop
As the dollar devalues, other central banks continue printing furiously. This phenomenon of being trapped in a debt spiral is not unique to the United States- virtually every major economy is drowning under excessive credit loads, as the average G7 debt load is 135% of GDP.
As the central banks print at different speeds, massive dislocations begin to occur in currency markets. Nations who print faster and with greater debt monetization fall faster than others, but all fiats fall together in unison in real terms.
Global trade becomes extremely difficult. Trade invoices, which usually can take several weeks or even months to settle as the item is shipped across the world, go haywire as currencies move 20% or more against each other in short timeframes. Hedging becomes extremely difficult, as vol premiums rise and illiquidity is widespread.
Amidst the chaos, a group of nations comes together to decide to use a new monetary media- this could be the Special Drawing Right (SDR), a neutral global reserve currency created by the IMF.
It could be a new commodity based money, similar to the old US Dollar pegged to Gold.
Or it could be a peer-to-peer decentralized cryptocurrency with a hard supply limit and secure payment channels.
Whatever the case- it doesn't really matter. The dollar will begin to lose dominance as the World Reserve Currency as the new one arises.
As the old system begins to die, ironically the dollar soars higher on foreign exchange- as there is a $20T global short position on the USD, in the form of leveraged loans, sovereign debt, corporate bonds, and interbank repo agreements.
All this dollar debt creates dollar DEMAND, and if the US is not printing fast enough or importing enough to push dollars out to satisfy demand, banks and institutions will rush to the Forex market to dump their local currency in exchange for dollars.
This drives DXY up even higher, and then forces more firms to dump local currency to cover dollar debt as the debt becomes more expensive, in a vicious feedback loop. This is called the Dollar Milkshake Theory, posited by Brent Johnson of Santiago Capital.
The global Eurodollar Market IS leverage- and as all leverage works, it must be fed with new dollars or risk bankrupting those who owe the debt. The fundamental issue is that this time, it is not banks, hedge funds, or even insurance giants- this is entire countries like Argentina, Vietnam, and Indonesia.
The Dollar Milkshake
If the Fed does not print to satisfy the demand needed for this Eurodollar market, the Dollar Milkshake will suck almost all global liquidity and capital into the United States, which is a net importer and has largely lost it’s manufacturing base- meanwhile dozens of developing countries and manufacturing firms will go bankrupt and be liquidated, causing a collapse in global supply chains not seen since the Second World War.
This would force inflation to rip above 50% as supply of goods collapses.
Worse yet, what will the Fed do? ALL their choices now make the situation worse.
The Fed's Triple Dilemma
Many pundits will retort- “Even if we have to print the entire unfunded liability of the US, $160T, that’s 8 times current M2 Money Supply. So we’d see 700% inflation over two years and then it would be over!”
This is a grave misunderstanding of the problem; as the Fed expands money supply and finances Treasury spending, inflation rips higher, forcing the AMOUNT THE TREASURY BORROWS, AND THUS THE AMOUNT THE FED PRINTS in the next fiscal quarter to INCREASE. Thus a 100% increase in money supply can cause a 150% increase in inflation, and on again, and again, ad infinitum.
M2 Money Supply increased 41% since March 5th, 2020 and we saw an 18% realized increase in inflation (not CPI, which is manipulated) and a 58% increase in SPY (at the top). This was with the majority of printed money really going into the financial markets, and only stimulus checks and transfer payments flowing into the real economy.
Now Federal Deficits are increasing, and in the next easing cycle, the Fed will be buying the majority of Treasury bonds.
The next $10T they print, therefore, could cause additional inflation requiring another $15T of printing. This could cause another $25T in money printing; this cycle continues forever, like Weimar Germany discovered.
The $200T or so they need to print can easily multiply into the quadrillions by the time we get there.
The Inflation Dragon consumes all in his path.
Federal Net Outlays are currently around 30% of GDP. Of course, the government has tax receipts that it could use to pay for services, but as prices roar higher, the real value of government tax revenue falls. At the end of the Weimar hyperinflation, tax receipts represented less than 1% of all government spending.
This means that without Treasury spending, literally a third of all economic output would cease.
The holders of dollar debt begin dumping them en masse for assets with real world utility and value- even simple things such as food and gas.
People will be forced to ask themselves- what matters more; the amount of Apple shares they hold or their ability to buy food next month? The option will be clear- and as they sell, massive flows of money will move out of the financial economy and into the real.
This begins the final cascade of money into the marketplace which causes the prices of everything to soar higher. The demand for money grows even larger as prices spike, which causes more Treasury spending, which must be financed by new borrowing, which is printed by the Fed. The final doom loop begins, and money supply explodes exponentially.
Monetary velocity rips higher and eventually pushes inflation into the thousands of percent. Goods begin being re-priced by the day, and then by the hour, as the value of the currency becomes meaningless.
A new money, most likely a cryptocurrency such as Bitcoin, gains widespread adoption- becoming the preferred method and eventually the default payment mechanism. The State continues attempting to force the citizens to use their currency- but by now all trust in the money has broken down. The only thing that works is force, but even the police, military and legal system by now have completely lost confidence.
The Simulacrum breaks down as the masses begin to realize that the entire financial system, and the very currency that underpins it is a lie- an illusion, propped up via complex derivatives, unsustainable debt loads, and easy money financed by the Central Banks.
Similar to Weimar Germany, confidence in the currency finally collapses as the public awakens to a long forgotten truth-
There is no supply cap on fiat currency.
When asked in 1982 what was the one word that could be used to define the Dollar, Fed Chairman Paul Volcker responded with one word-
All fiat money systems, unmoored from the tethers of hard money, are now adrift in a sea of illusion, of make-believe. The only fundamental props to support it are the trust and network effects of the participants.
These are powerful forces, no doubt- and have made it so no fiat currency dies without severe pain inflicted on the masses, most of which are uneducated about the true nature of economics and money.
But the Ships of State have wandered into a maelstrom from which there is no return. Currently, total worldwide debt stands at a gargantuan $300 Trillion, equivalent to 356% of global GDP.
This means that even at low interest rates, interest expense will be higher than GDP- we can never grow our way out of this trap, as many economists hope.
Fiat systems demand ever increasing debt, and ever increasing money printing, until the illusion breaks and the flood of liquidity is finally released into the real economy. Financial and Real economies merge in one final crescendo that dooms the currency to die, as all fiats must.
Day by day, hour by hour, the interest accrues.
The Debt grows larger.
And the Dollar Endgame Approaches.
Nothing on this Post constitutes investment advice, performance data or any recommendation that any security, portfolio of securities, investment product, transaction or investment strategy is suitable for any specific person. From reading my Post I cannot assess anything about your personal circumstances, your finances, or your goals and objectives, all of which are unique to you, so any opinions or information contained on this Post are just that – an opinion or information. Please consult a financial professional if you seek advice.
*If you would like to learn more, check out my recommended reading list here. This is a dummy google account, so feel free to share with friends- none of my personal information is attached. You can also check out a Google docs version of my Endgame Series here.
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"Is the universe alive?"
Consciousness Goes Deeper Than You Think
On a confusion about a function of consciousness
“Language enables the left hemisphere to represent the world ‘off-line’, a conceptual version, distinct from the world of experience, and shielded from the immediate environment, with its insistent impressions, feelings and demands, abstracted from the body, no longer dealing with what is concrete, specific, individual, unrepeatable, and constantly changing, but with a disembodied representation of the world, abstracted, central, not particularized in time and place, generally applicable, clear and fixed. Isolating things artificially from their context brings the advantage of enabling us to focus intently on a particular aspect of reality and how it can be modelled, so that it can be grasped and controlled. But its losses are in the picture as a whole. Whatever lies in the realm of the implicit, or depends on flexibility, whatever can't be brought into focus and fixed, ceases to exist as far as the speaking hemisphere is concerned.”― Iain McGilchrist, The Master and His Emissary
The source of consciousness
Dr. Mark Solms
Technological Approach to Mind Everywhere: An Experimentally-Grounded Framework for Understanding Diverse Bodies and Minds
Pro. Michael Levin
Intelligent decision-making doesn’t require a brain. You were capable of it before you even had one. Beginning life as a single fertilised egg, you divided and became a mass of genetically identical cells. They chattered among themselves to fashion a complex anatomical structure – your body. Even more remarkably, if you had split in two as an embryo, each half would have been able to replace what was missing, leaving you as one of two identical (monozygotic) twins. Likewise, if two mouse embryos are mushed together like a snowball, a single, normal mouse results. Just how do these embryos know what to do? We have no technology yet that has this degree of plasticity – recognising a deviation from the normal course of events and responding to achieve the same outcome overall.
"Powerful tricks from computer science and cybernetics show how evolution ‘hacked’ its way to intelligence from the bottom up"
Michael Levin | Cell Intelligence in Physiological & Morphological Spaces | SPACIOUS SPATIALITY 2022
(Highly recommend the whole video if you're not familiar with Levin's work)
James E. Cookehttps://static1.squarespace.com/static/5cb19708840b168835838b48/t/5f777b8fa6c1f472952d4267/1601667229781/consciousness.pdf
An explanatory gap exists between physics and experience, raising the hard problem of consciousness: why are certain physical systems associated with an experience of an external world from an internal perspective? The living mirror theory holds that consciousness can be understood as arising from the computational interaction between a living system and its environment that is required for the organism’s existence and survival. Maintaining a boundary that protects the system against destructive forces requires an interaction between the organism and its outside world that can be cast in terms of Bayesian inference. The living mirror theory holds that this computational interaction results in statistical properties of the material world that are, in the absence of life, only implicit, becoming explicit in informational terms. This is held to give rise to the beliefs in qualities that constitute consciousness. Consciousness is therefore a necessary feature of all living systems as, in a world governed by the second law of thermodynamics, survival depends on the construction of beliefs regarding the potentially destructive forces in the outside world. From this perspective, consciousness is shown to be not a property of the brain in particular but instead to be a necessary feature of the life process itself
Richard Mayne,* Andrew Adamatzky, and Jeff Jones*
The plasmodium of slime mold Physarum polycephalum behaves as an amorphous reaction-diffusion computing substrate and is capable of apparently ‘intelligent’ behavior. But how does intelligence emerge in an acellular organism? Through a range of laboratory experiments, we visualize the plasmodial cytoskeleton—a ubiquitous cellular protein scaffold whose functions are manifold and essential to life—and discuss its putative role as a network for transducing, transmitting and structuring data streams within the plasmodium. Through a range of computer modeling techniques, we demonstrate how emergent behavior, and hence computational intelligence, may occur in cytoskeletal communications networks. Specifically, we model the topology of both the actin and tubulin cytoskeletal networks and discuss how computation may occur therein. Furthermore, we present bespoke cellular automata and particle swarm models for the computational process within the cytoskeleton and observe the incidence of emergent patterns in both. Our work grants unique insight into the origins of natural intelligence; the results presented here are therefore readily transferable to the fields of natural computation, cell biology and biomedical science. We conclude by discussing how our results may alter our biological, computational and philosophical understanding of intelligence and consciousness.
Being biological object, microtubules attract significant attention in physics, since it is believed that they are responsible for quantum processing of information in the brain. There were, however, no direct experiments checking such a statement. Recently, strong advancement in quantum computing took place utilizing properties of superconductors at low temperatures. Following this progress, it was proposed that brain microtubules are superconducting at room temperature allowing quantum processing of information. Moreover, the evidence of room-temperature superconductivity in brain slices containing microtubules was obtained by electrical transport measurements, and even specific scenario of quantum processing in the microtubules has been suggested. These results, however, are not yet accepted by the scientific community as there are no known attempts to reproduce them. Another step in proving superconductivity would be confirming ideal diamagnetism of microtubules, since ideal diamagnetism is more fundamental property of superconductivity than perfect conductivity, some features of which were seen indirectly, or the existence of energy gap, which was already confirmed by the transport measurements. Here brain microtubules are examined by the magnetic force microscopy. The evidence of strong diamagnetism and its sensitivity to the water content in the microtubules is obtained. This gives another strong argument in favor of the concept suggesting superconductivity-based quantum processing of information in living organisms.
Orch OR combines the Penrose–Lucas argument with Hameroff's hypothesis on quantum processing in microtubules. It proposes that when condensates in the brain undergo an objective wave function reduction, their collapse connects noncomputational decision-making to experiences embedded in spacetime's fundamental geometry. The theory further proposes that the microtubules both influence and are influenced by the conventional activity at the synapses between neurons.
Stuart Hameroff 2021 - Quantum biology and consciousness
Karl Friston, Michael Kirchhoff, Thomas Parr, Ensor Palacios, Julian Kiversteinhttps://royalsocietypublishing.org/doi/10.1098/rsif.2017.0792
This work addresses the autonomous organization of biological systems. It does so by considering the boundaries of biological systems, from individual cells to Home sapiens, in terms of the presence of Markov blankets under the active inference scheme—a corollary of the free energy principle. A Markov blanket defines the boundaries of a system in a statistical sense. Here we consider how a collective of Markov blankets can self-assemble into a global system that itself has a Markov blanket; thereby providing an illustration of how autonomous systems can be understood as having layers of nested and self-sustaining boundaries. This allows us to show that: (i) any living system is a Markov blanketed system and (ii) the boundaries of such systems need not be co-extensive with the biophysical boundaries of a living organism. In other words, autonomous systems are hierarchically composed of Markov blankets of Markov blankets—all the way down to individual cells, all the way up to you and me, and all the way out to include elements of the local environment.
Chris Fields · Donald D. Hoffman · Antonino Marcian`o · Chetan Prakash · Robert Prentnerhttp://cogsci.uci.edu/~ddhoff/why-holography-fp_2_June_2018
The holographic principle (HP) has become a mainstay of quantum cosmology, but its relation to the rest of physics remains poorly understood. Here we show that the HP is a geometric special case of a more general principle that restricts the classical information transferred between any two subsystems of a physical system to the information that can be encoded on the boundary between them. This more general principle has its origins in the 18th century and has been formulated in a number of disciplinary contexts. We formulate this generalized holographic principle precisely, derive the HP a special case, and examine three consequences for physics: 1) that gauge invariance is a consequence of restricting classical information transfer between subsystems; 2) that environmental decoherence is holographic encoding; and 3) that compliance with the generalized holographic principle suggests a resolution of the black-hole information paradox
How Physicists Created a Holographic Wormhole in a Quantum Computer
In a civil suit filed Friday, the Securities and Exchange Commission charged Goldman Sachs with fraud for helping hedge fund manager John Paulson create collateralized debt obligations that he had secretly designed to self-destruct. That is, Goldman Sachs, at the direction of Paulson, hand-picked mortgages that were certain to go bad, and stuffed the mortgages (or rather, “synthetic” derivatives of the mortgages) into collateralized debt obligations that temporarily masked the true value of the loans.Here's what they were doing
Goldman isn’t the only bank that created these CDOs. Deutsche Bank, UBS, and smaller outfits, such as Tricadia Inc., perpetrated similar scams. All told, well over $250 billion worth of these “synthetic” CDOs were sold into the market in the two years leading up to the financial crisis of 2008. Indeed, there is a distinct possibility that a majority of all the CDOs sold during those two years were deliberately designed to implode by hedge fund managers who were betting against both the CDOs and the financial system as a whole.
An example of a particularly sordid scheme, orchestrated by hedge fund billionaire John Paulson, was discovered some time ago by David Fiderer, a blogger for the Huffington Post. The information in Fiderer’s blog is rather incriminating, and, of course, the mainstream media is not on the case, so I think it bears repeating.
As Fiderer explains, Paulson asked the banks to create those CDOs “so that they could be sold to some suckers at close to par. That way, Paulson’s hedge fund could approach some other sucker who would sell an insurance policy, or credit default swap, on the newly minted CDOs. Bear, Deutsche and Goldman knew perfectly well what Paulson’s motivation was. He made no secret of his belief that the CDOs subordinate claims on the mortgage collateral were close to worthless. By the time others have figured out the fatal flaws in these securities which had been ignored by the rating agencies, Paulson could collect up to $5 billion.
“Paulson not only initiated these transactions, he also specified the terms he wanted, identifying which mortgages would be stuffed into the CDOs, and how the CDOs should be structured. Within the overall framework set by Paulson’s team, banks and investors were allowed to do some minor tweaking.”
Evidence suggests that Bernard Madoff, the “prominent” Wall Street operator and former chairman of the NASDAQ stock market, had ties to the Russian Mafia, Moscow-based oligarchs, and the Genovese organized crime family.Part two
And, as reported by Deep Capture and Reuters, Madoff did not just orchestrate a $50 billion Ponzi scheme. He was also the principal architect of SEC rules that made it easier for “naked” short sellers to manufacture phantom stock and destroy public companies – a factor in the near total collapse of the American financial system.
Things become all the more weird when you consider that regulators and law enforcement do almost nothing to stop naked short selling, even though a growing number of prominent people – everyone from U.S. Senators to George Soros – insist that criminal naked short sellers helped take down Bear Stearns, Lehman Brothers, and the American financial system. Then there’s the weird fact that anybody who tries to shed light on this weird state of affairs is quickly subjected to smear campaigns that are…weird.
They may be former members of nation-state governments, security services, or the military. These individuals know who and what to target, and how best to do it. They are capitalists and entrepreneurs. But they are also master criminals who move easily between the licit and illicit worlds. And in some cases, these organizations are as forward-leaning as Fortune 500 companies.
This is not “The Sopranos,” with six guys sitting in a diner, shaking down a local business owner for $50 dollars a week. These criminal enterprises are making billions of dollars from human trafficking, health care fraud, computer intrusions, and copyright infringement. They are cornering the market on natural gas, oil, and precious metals, and selling to the highest bidder.
These crimes are not easily categorized. Nor can the damage, the dollar loss, or the ripple effects be easily calculated. It is much like a Venn diagram, where one crime intersects with another, in different jurisdictions, and with different groups.
How does this impact you? You may not recognize the source, but you will feel the effects. You might pay more for a gallon of gas. You might pay more for a luxury car from overseas. You will pay more for health care, mortgages, clothes, and food.
Yet we are concerned with more than just the financial impact. These groups may infiltrate our businesses. They may provide logistical support to hostile foreign powers. They may try to manipulate those at the highest levels of government. Indeed, these so-called “iron triangles” of organized criminals, corrupt government officials, and business leaders pose a significant national security threat.
NEW YORK Dec 8, 2021 (Reuters) - Goldman Sachs Group Inc must again face a class action by shareholders who said they lost $13 billion because the Wall Street bank hid conflicts of interest when creating risky subprime securities before the 2008 financial crisis, a judge ruled on Wednesday.
U.S. District Judge Paul Crotty in Manhattan rejected Goldman's claim that its general statements about its business, including that client interests "always come first" and "integrity and honesty are at the heart of our business," were too generic to mislead investors and affect its stock price.
Out of the $4.5 trillion in loans for Q4 2019, the bulk of it went to Goldman Sachs (103 instances), JPMorgan Chase (197 instances), Deutsche Bank (200 instances), and Citigroup (143 instances).
LibertyView Capital Management Inc. of Hoboken, New Jersey, owned by Lehman's Neuberger Berman unit, told investors on September 26 it had suspended "until further notice" attempts notice" attempts to calculate the value of its funds. LibertyView was not included in the Sept. 29 sale of Neuberger to Bain Capital LLC and Hellman & Friedman LLC.
PricewaterhouseCoopers, Lehman's bankruptcy administrator in the U.K., where its European prime brokerage was based, doesn't know how much money is at stake. PwC said last month it's trying to recoup about $8 billion in cash that Lehman's parent company allegedly withdrew from its European unit before the collapse. It will take weeks, if not longer, to sort out the mess, according to PwC.
Oak Group used Lehman's unit in London because it allowed the fund to borrow more than US prime brokers, James said. Operating under different regulatory requirements, European prime brokers have been more generous than their US counterparts, sometimes even within the same parent company, said Michael Romanek, principal at Rise Partners Ltd., which arranges financing for funds from London. "A lot of US managers would rather deal with Europe than New York," said Romanek. "Rarely do you see it go the other way." James's account had pledged equity securities as collateral that Lehman then lent to other investors under a practice known as rehypothecation. It's the fate of that collateral that worries many Lehman hedge-fund clients.
James's account had pledged equity securities as collateral that Lehman then lent to other investors under a practice known as rehypothecation. It's the fate of that collateral that worries many Lehman hedge-fund clients.
MR. NAGEL: On behalf of Citadel Investment Group, I'd like to thank the Commission and the staff for the opportunity to be here today. At Citadel, we have over 19 years of experience as an active securities lending market participant.
And to support our private fund and market making businesses, we've built infrastructure that allow us to deal directly with the primary sources of securities loans, supply and demand, rather than rely entirely on intermediaries. Based on this experience, we believe that a well-functioning securities-lending market benefits all investors.
Owners of securities can generate additional income or obtain financing by lending securities. Securities lending also contributes to tight bid-offer spreads and market liquidity by enabling the orderly settlement of short sales.
At the Commission's May Short Sale Roundtable, I explained Citadel's view that short selling benefits all investors and our economy by promoting liquidity and price discovery, and serving as a risk management tool for investors.
While the securities lending market has made great strides in recent years, we believe there is still substantial work to be done before the securities lending market can reach its full potential. Despite its growing size, the securities lending market remains relatively opaque because there is little centralized collection or dissemination of loan pricing data.
Many securities loans are still bilaterally negotiated between market intermediaries on the phone or by email and each party to a securities loan generally faces the credit risk of the other party for the duration of the loan.
Until recently, no centralized venue existed where borrowers and lenders could readily find each other and transact directly
In the U.S., margin regulations allow a customer to buy securities and they can pay for half of it and borrow the other half from their broker dealer. The portion of the securities that they don't pay for when they buy the securities -- the piece that they've, in effect, bought on margin -- the broker dealer is allowed to use those securities to help raise cash to replenish its own bank account for the money its lent to the customer. That term is rehypothecation -- I'm sorry, it's a very long word -- but it means basically to borrow securities in this case.That last part is important, the list of prime brokers/custodian’s that Citadel has access to means they could weave one giant web with themself/VIRTU
And the broker dealer can take those rehypothecated securities, those securities that were bought on margin, and pledge them to a bank to borrow money to replenish its cash supply, or it can lend securities to another party, and by doing so it replenishes its cash supply
Collateralized Transactions The Company enters into reverse repurchase agreements, repurchase agreements and securities borrowed and securities loaned transactions to, among other things, acquire securities to cover short positions and settle other securities obligations and to finance certain of the Company’s activities. The Company manages credit exposure arising from such transactions by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties. In the event of a counterparty default (such as bankruptcy or a counterparty’s failure to pay or perform), these agreements provide the Company the right to terminate such agreement, net the Company’s rights and obligations under such agreement, buy-in undelivered securities and liquidate and set off collateral against any net obligation remaining by the counterparty.
During the year ended December 31, 2019, the Company had reverse repurchase and repurchase agreements with Citadel Securities Institutional LLC (“CSIN”), an affiliated broker and dealer, and Citadel Securities Swap Dealer LLC (“CSSD”), an affiliated swap dealer (Note 6), and non-affiliates. Securities borrowing and lending transactions are collateralized by pledging cash or securities, which typically include equity securities and are collateralized as a percentage of the fair value of the securities borrowed or loaned. Reverse repurchase and repurchase agreements are collateralized primarily by receiving or pledging securities, respectively.
Typically, the Company has rights of rehypothecation with respect to the securities collateral received under reverse repurchase agreements and the underlying securities received under securities borrowed transactions. As of December 31, 2019, substantially all securities received under securities borrowed transactions have been delivered or repledged.
The counterparty generally has rights of rehypothecation with respect to securities collateral pledged by the Company for securities borrowed by the Company. The counterparty generally has rights of rehypothecation with respect to the securities collateral received from the Company under repurchase agreements and the securities loaned from the Company to such counterparty. Also, the Company typically has rights of rehypothecation related to securities collateral received from counterparties for securities loaned to those counterparties.
The Company monitors the fair value of underlying securities in comparison to the related receivable or payable and as necessary, transfers or requests additional collateral as provided under the applicable agreement to ensure transactions are adequately collateralized.
One can use it to 'fulfill' naked shorts, one can use it to short the ticker, one can use it to sell at market, not on a dark pool to crash the price.During the year ended December 31, 2019, the Company had reverse repurchase and repurchase agreements with Citadel Securities Institutional LLC (“CSIN”), an affiliated broker and dealer, and Citadel Securities Swap Dealer LLC (“CSSD”), an affiliated swap dealer (Note 6), and non-affiliates. Securities borrowing and lending transactions are collateralized by pledging cash or securities, which typically include equity securities and are collateralized as a percentage of the fair value of the securities borrowed or loaned.
In the U.S., margin regulations allow a customer to buy securities and they can pay for half of it and borrow the other half from their broker dealer. The portion of the securities that they don't pay for when they buy the securities -- the piece that they've, in effect, bought on margin -- the broker dealer is allowed to use those securities to help raise cash to replenish its own bank account for the money its lent to the customer. That term is rehypothecation -- I'm sorry, it's a very long word -- but it means basically to borrow securities in this case.They also can all use the same share as collateral for more loans, to do it again
And the broker dealer can take those rehypothecated securities, those securities that were bought on margin, and pledge them to a bank to borrow money to replenish its cash supply, or it can lend securities to another party, and by doing so it replenishes its cash supply
Washington, D.C., Sept. 17, 2008 — The Securities and Exchange Commission today took several coordinated actions to strengthen investor protections against "naked" short selling. The Commission's actions will apply to the securities of all public companies, including all companies in the financial sector. The actions are effective at 12:01 a.m. ET on Thursday, Sept. 18, 2008.
New Short Selling Rules
"These several actions today make it crystal clear that the SEC has zero tolerance for abusive naked short selling," said SEC Chairman Christopher Cox. "The Enforcement Division, the Office of Compliance Inspections and Examinations, and the Division of Trading and Markets will now have these weapons in their arsenal in their continuing battle to stop unlawful manipulation."
on May 19, 2021, the SEC charged a broker-dealer (“BD”) with violating the order-making and locate provisions of Regulation SHO. Regulation SHO regulates short sales of securities and, broadly speaking, is aimed at minimizing naked short selling, failures to deliver, and other practices.
According to the Complaint, the BD mismarked 96% of a certain hedge fund’s short sale orders of two separate issuers’ stock, totaling more than $250 million, as “long” or “short-exempt.” This mismarking allegedly generated $1.6 million in brokerage fees to the BD. The effect of the mismarking was that the hedge fund was able to sell the securities short even though it already had a short position in the securities and did not borrow or locate additional shares to sell short.
As a law firm representing a number of clients actively involved in markets for swaps and securities-based swaps, we appreciate the opportunity to comment on selected issues raise by the proposed rules issued by the Commodity Futures Trading Commission (the "CFTC") and the Securities and Exchange Commission (the "SEC," and, together with the CFTC, the "Commissions") that define key terms used and exemptions provided for in Title VII ofthe Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Non-U.S. Governments and their Agencies Should be Excluded or Exempted.
The Commissions' final rules should exempt or exclude non-U.S. governments and their agencies from the definition of "swap dealer" and "major swap participant." Many such entities enter into interest-rate, currency and credit default swaps to manage their currency reserves and domestic mortgage and related securities portfolios. Agencies potentially affected include central banks, treasury ministries, export agencies and housing finance authorities. The volume of such transactions is substantial and may well exceed the levels proposed in the Commissions' definition of "major swap participant."
We do not believe that Congress intended the requirements of Title VII to apply to these entities, many of which are active participants in the swaps markets for legitimate governmental purposes. To require non-U.S. agencies to register with the Commissions as swap dealers and major swap participants would produce an incongruous result and would represent both an unwarranted extraterritorial application of U.S. law and an unacceptable intrusion on the sovereignty of foreign nations.
While it may be unlikely that any non-U.S. government or any of its agencies would meet the definition of swap dealer, they are unquestionably significant participants in the swap markets. Under the proposed rules, they could face the prospect of registration with the Commissions, reporting sensitive financial data to a foreign, !.~. U.S., government regulatory authority, and business conduct rules designed for commercial entities.
Fixed Income Clearing Corporation (FICC), a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (DTCC), is the leading provider of trade comparison, netting and settlement for the U.S. Government securities marketplace. FICC’s Government Securities Division (GSD) was established in 1986 to provide automated comparison and settlement services, risk-management benefits and operational efficiencies to the Government securities industry
\[Compatibility\] F4EE: false \[Fixes\] ActorIsHostileToActor: true CellInit: true CreateD3DAndSwapChain: true EncounterZoneReset: true GreyMovies: true MagicEffectApplyEvent: true MovementPlanner: true PackageAllocateLocation: true SafeExit: true TESObjectREFRGetEncounterZone: true UnalignedLoad: true UtilityShader: true \[Patches\] Achievements: true BSMTAManager: true BSPreCulledObjects: true BSTextureStreamerLocalHeap: true HavokMemorySystem: true INISettingCollection: true InputSwitch: false MaxStdIO: -1 MemoryManager: true MemoryManagerDebug: false ScaleformAllocator: true SmallBlockAllocator: true WorkshopMenu: true \[Warnings\] CreateTexture2D: true ImageSpaceAdapter: true
OS: Microsoft Windows 10 Pro v10.0.19041 CPU: AuthenticAMD AMD Ryzen 7 3800X 8-Core Processor GPU #1: AMD Navi 10 \[Radeon RX 5600 OEM/5600 XT / 5700/5700 XT\] GPU #2: Microsoft Basic Render Driver PHYSICAL MEMORY: 10.98 GB/15.93 GB
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achievements.dll auto\_backup\_executable.dll Buffout4.dll v1.26.2 BulletCountedReload.dll f4ee.dll FavoritesMenuEx.dll HighFPSPhysicsFix.dll hudextension.dll HUDPlusPlus.dll LL\_fourPlay\_1\_10\_163.dll mcm.dll place.dll PowerGridTools.dll terminal+.dll transfer\_settlements.dll UnlimitedFastTravel.dll wsfw\_identifier.dll
\[00\] Fallout4.esm \[01\] DLCRobot.esm \[02\] DLCworkshop01.esm \[03\] DLCCoast.esm \[04\] DLCworkshop02.esm \[05\] DLCworkshop03.esm \[06\] DLCNukaWorld.esm \[07\] Unofficial Fallout 4 Patch.esp \[08\] WorkshopFramework.esm \[09\] HUDFramework.esm \[0A\] ArmorKeywords.esm \[0B\] SS2.esm \[0C\] SS2\_XPAC\_Chapter2.esm \[0D\] ConcealedArmor.esm \[0E\] BbaronxScriptLibrary.esm \[0F\] AAF.esm \[10\] truestormsfo4.esm \[11\] OVT.esp \[12\] SimSettlements2\_AddOnPack\_ApocalypticAdditions\_SirLach.esp \[13\] ohSIM\_Sim2\_Settlements\_Scrappers\_Addon.esp \[14\] SimHomestead2.esp \[15\] SKKSettlementAttackSystem.esp \[16\] WastelandCodex.esp \[17\] Glowing Eyes.esp \[18\] LookingStranger.esp \[19\] ManufacturingExtended.esp \[1A\] TransferSettlements.esp \[1B\] AutomatronSDTank.esp \[1C\] ValdacilsItemSorting-00-ValsPicks-DLCVersion.esp \[1D\] Armorsmith Extended.esp \[1E\] AEWS.esp \[1F\] AEWS\_NukaWorldPatch.esp \[20\] PowerFrame\_Small.esp \[21\] Institute Heavy Weaponry.esp \[22\] LongerPowerLines3x.esp \[23\] FusionCoreRefueler.esp \[24\] Worsin\_Ultimate\_NV.esp \[25\] EnclaveX02.esp \[26\] XM2010\_SniperRifle\_by\_tooun.esp \[27\] AllSetsExtended.esp \[28\] A Forest.esp \[29\] Boston Natural Surroundings.esp \[2A\] TrueGrass.esp \[2B\] BOREALIS Grasses.esp \[2C\] Phase4DLC.esp \[2D\] SNR2\_Vampire.esp \[2E\] MoreSpawns\_Medium.esp \[2F\] CROSS\_PlasRail.esp \[30\] BetterOpenSeason.esp \[31\] Fasthelmet.esp \[32\] 40K Working1.esp \[33\] SS2Extended.esp \[34\] AnyModAnyWeapon2.esp \[35\] MoreOutfitVariations.esp \[36\] ECO.esp \[37\] Fusion Cells are Batteries - Main.esp \[38\] More Power Armour Mods.esp \[39\] W.A.T.Minutemen.esp \[3A\] morecranks.esp \[3B\] The Space Marine.esp \[3C\] NAC.esp \[3D\] SPTFIRE-ALLDLC.esp \[3E\] BallisticEffectsTracers.esp \[3F\] More Smarter Companions Mod.esp \[40\] Synth Overhaul.esp \[41\] Synth Overhaul - Black Patch.esp \[42\] Synth Overhaul - No level requirements Patch.esp \[43\] LevelersBunker.esp \[44\] FlamerOverhaul.esp \[45\] CheatTerminal.esp \[46\] Buildable\_PAFrames.esp \[47\] WIPAG\_Power Armor Overhaul.esp \[48\] Minutemenoverhaul.esp \[49\] militarizedminutemen.esp \[4A\] sisterofbattle.esp \[4B\] SS2\_FDK\_TinyLiving.esp \[4C\] hidden bunker.esp \[4D\] powerarmort49.esp \[4E\] Asariskin.esp \[4F\] Unique\_Skin\_Textures\_CBBE.esp \[50\] MA\_Asari.esp \[51\] Fort Tenpines.esp \[52\] Fallout Suite.esp \[53\] PlasmaGatling.esp \[54\] Fatman\_Targeting\_Computer.esp \[55\] AdvSettleTurretSet-RealNP.esp \[56\] X02Factions.esp \[57\] EnclaveX02 Patch.esp \[58\] TakingIndependenceBugFix.esp \[59\] PowerArmor\_AltMeshes.esp \[5A\] PowerArmor\_AltMeshes\_AutomatronPatch.esp \[5B\] PAAltMesh-Automatron-MPAM-CompPatch.esp \[5C\] PAAltMesh-MPAM-CompPatch.esp \[5D\] PowerArmor\_AltMeshes\_NukaWorldPatch.esp \[5E\] PAAltMesh-NukaWorld-MPAM-CompPatch.esp \[5F\] Marmo1233 - PowerArmorAirdrop.esp \[60\] female\_player\_soldier\_fix\_robot.esp \[61\] PA\_laserScan-Shadow.esp \[62\] CompanionsGoHome\_A.esp \[63\] EFF.esp \[64\] PowerArmorImpactEffects.esp \[65\] MogomraPAMs.esp \[66\] T-60 Equipment.esp \[67\] MogomraPAMs\_MPAM.esp \[68\] PowerArmorHoarder.esp \[69\] PowerArmorNightVision.esp \[6A\] CBBE.esp \[6B\] UniquePlayer.esp \[6C\] PushAwayCompanions.esp \[6D\] LooksMenu.esp \[6E\] AzarPonytailHairstyles.esp \[6F\] TakeCover.esp \[70\] Sandbag Fortifications - Version 2C.esp \[71\] RainofBrassPetals.esp \[72\] Project Reality Footsteps FO4.esp \[73\] floodlight-medium.esp \[74\] NAC-FH.esp \[75\] NAC-NW.esp \[76\] Live Dismemberment - POSTAL.esp \[77\] Locky Bastard.esp \[78\] Reverb and Ambiance Overhaul.esp \[79\] GLOAutomatron.esp \[7A\] Factor.esp \[7B\] ZerasPaintings.esp \[7C\] X02Sierra.esp \[7D\] CROSS\_Cybernetics.esp \[7E\] CROSS\_GoreCrits.esp \[7F\] CROSS\_GoreCrits\_FarHarborPatch.esp \[80\] CROSS\_Jetpack.esp \[81\] Cross Cybernetic and Jetpack Fix.esp \[82\] CompanionStatus.esp \[83\] SlowTime.esp \[84\] Counterfeit Caps.esp \[85\] PA increases your speed.esp \[86\] MG69.esp \[87\] ConcealedArmor.esp \[88\] M2Agency.esp \[89\] Quad\_Accelerator.esp \[8A\] 155mm Howitzer M1.esp \[8B\] MODGirlyAnimation.esp \[8C\] Molerat\_Disease\_Immunity\_PA\_Hazmat.esp \[8D\] P94PlasmaRifle.esp \[8E\] WattzLaserGun.esp \[8F\] AndroidRace.esp \[90\] SS2WastelandVenturers.esp \[91\] \[SS2 Addon\] SimSettlements SuperStructures.esp \[92\] SS2\_SIMPDDDD.esp \[93\] SS2\_ruined\_simsettlement\_addonpack.esp \[94\] SS2-PraRandomAddon.esp \[95\] Counterfeit Caps - 5 Per Steel Patch.esp \[96\] FO4LaserBolts.esp \[97\] Lasers Have No Recoil.esp \[98\] Hellfirenew.esp \[99\] Gatling Laser Overhaul.esp \[9A\] EPRP.esp \[9B\] ArtilleryInstantdbl.esp \[9C\] Archimedes-II.esp \[9D\] FO4 NPCs Travel.esp \[9E\] FCOM.esp \[9F\] AutomatronCountyCrossingFix.esp \[A0\] AQUILA.esp \[A1\] InstitutePowerArmor.esp \[A2\] Secret Service Armor.esp \[A3\] ArtilleryFlare.esp \[A4\] busty grrl.esp \[A5\] companion infinite ammo.esp \[A6\] improved map with visible roads.esp \[A7\] more power armor paint.esp \[A8\] nb\_buildlimitremover.esp \[A9\] rebalance project - healthier commonwealth.esp \[AA\] shipmentofeverything.esp \[AB\] weightless junk.esp \[AC\] More Power Armour Mods - Automatron.esp \[AD\] Better Power Armor - Extended.esp \[AE\] TurretStands.esp \[AF\] 1xPlayerDamage.esp \[B0\] DD\_All\_the\_COncrete.esp \[B1\] Glorious\_Glowing\_Plasma\_Weapons\_by\_Diranar.esp \[B2\] FO4LaserBolts - InstitutePurple.esp \[B3\] FO4LaserBolts - NormalRoyalBlue.esp \[B4\] LaserTargeter.esp \[B5\] RepairSanctuary.esp \[B6\] No Aggro Impact Landing.esp \[B7\] Nuke Screen Effect Remover.esp \[B8\] UNnaked Power Armor.esp \[B9\] battletech.esp \[BA\] battletechfootstep.esp \[BB\] WM Heavy Machine Gun - Standalone.esp \[BC\] AWKCR - Last Resort CTD FIX.esp \[BD\] Fusion Core Charging.esp \[BE\] StartMeUp.esp \[BF\] PlayerComments.esp \[FE:000\] ccbgsfo4110-ws\_enclave.esl \[FE:001\] ccbgsfo4096-as\_enclave.esl \[FE:002\] PPF.esm \[FE:003\] PowerArmorBackpacks.esl \[FE:004\] GavMan\_CastleMar22\_CityPlan.esl \[FE:005\] T65PA.esl \[FE:006\] SelectPowerArmor.esl \[FE:007\] KillTips\_by\_tooun.esl \[FE:008\] CROSS\_VertibirdFlightsuit.esl \[FE:009\] TSSMSR - Moderate.esl \[FE:00A\] SS2AOP\_VaultTecTools.esp \[FE:00B\] AutomatronSDTankExpanded.esp \[FE:00C\] WIPAP\_Paint\_Garage\_Style\_2\_Master.esp \[FE:00D\] WIPAP\_Paint\_Garage\_Style\_2\_Matte.esp \[FE:00E\] WIPAP\_Paint\_Garage\_Style\_1\_Master.esp \[FE:00F\] WIPAP\_Paint\_Garage\_Style\_1\_Matte.esp \[FE:010\] WIPAP\_Paint\_Garage\_Style\_4\_Master.esp \[FE:011\] WIPAP\_Paint\_Garage\_Style\_4\_Matte.esp \[FE:012\] WIPAP\_Paint\_Garage\_Style\_3\_Master.esp \[FE:013\] WIPAP\_Paint\_Garage\_Style\_3\_Matte.esp \[FE:014\] WIPAP\_Paint\_Garage\_Style\_3\_Waxed.esp \[FE:015\] WIPAP\_Paint\_Garage\_Style\_6\_Master.esp \[FE:016\] WIPAP\_Paint\_Garage\_Style\_6\_Matte.esp \[FE:017\] WIPAP\_Paint\_Garage\_Style\_5\_Master.esp \[FE:018\] WIPAP\_Paint\_Garage\_Style\_5\_Matte.esp \[FE:019\] htcwHighLevelPerks.esp \[FE:01A\] Power Armor to the People.esp \[FE:01B\] WIPAG\_AWKCR\_PA\_Patch.esp \[FE:01C\] WIPAG\_Contraptions\_DLC\_Addon.esp \[FE:01D\] WIPAG\_FarHarbor\_DLC\_Addon.esp \[FE:01E\] WIPAG\_NukaWorld\_DLC\_Addon.esp \[FE:01F\] WIPAG\_SpaceMarine\_Addon.esp \[FE:020\] WIPAG\_T65\_Addon.esp \[FE:021\] WIPAG\_X02\_Enclave\_Addon.esp \[FE:022\] WIPAG\_Storyteller\_Addon.esp \[FE:023\] ASDTank Exp - Provisioner Brahmin Replacer.esp \[FE:024\] LaserGarand.esp \[FE:025\] ECM.esp \[FE:026\] Power Armor to the People - Automatron.esp \[FE:027\] Power Armor to the People - Nuka-World.esp \[FE:028\] Power Armor to the People - AWKCR.esp \[FE:029\] Power Armor to the People - Enclave X-02.esp \[FE:02A\] Power Armor to the People - Enclave X-02 - All Factions Paintjob.esp \[FE:02B\] Power Armor to the People - Far Harbor.esp \[FE:02C\] Power Armor to the People - MogomraPAMs.esp \[FE:02D\] PowerArmorNightVisionFarHarborPatch.esp \[FE:02E\] M8rDisablePipboyEffects.esp \[FE:02F\] Power Armor to the People - T-65.esp \[FE:030\] Power Armor to the People - We Are The Minutemen.esp \[FE:031\] Sister of Battle - VanPatch.esp \[FE:032\] ECO\_INNRoverride.esp \[FE:033\] MTM-WattzLaserGunMods.esp \[FE:034\] ECO\_LegendaryModificationEnhanced.esp \[FE:035\] ECO\_MythicLegendaryModifications.esp \[FE:036\] htcwHighLevelPerks\_Patch\_LegendaryModification\_Automatron.esp \[FE:037\] SS2-PraRandomAddon-FIS.esp \[FE:038\] WIPAG\_X03\_Hellfire\_Addon.esp \[FE:039\] Power Armor to the People - Hellfire X-03.esp \[FE:03A\] WIPAG\_Institute\_Addon.esp \[FE:03B\] Power Armor to the People - Institute Power Armor.esp \[FE:03C\] Soviet\_Communication\_Radio.esp \[FE:03D\] Power Armor to the People - Institute Power Armor - Institute Heavy Weaponry.esp \[FE:03E\] WIPAG\_BetterPowerArmor\_Balance\_Patch.esp \[FE:03F\] PRP.esp
До Меджибожа, де поховано засновника хасидизму Баал-Шем-Това, з’їжджаються паломники на святкування іудейського нового року Рош-ха-Шана, яке цьогоріч припало з 18 по 21 вересня.
[index]