Screw the Banks and Investment Firms

[can't sit still]

Reportedly, the amount of privately held derivatives is $ 538 trillion. The $ 2 trillion shuffled off to the FED is small potatoes. The banks would very much like for us to make good on their losses. Dig deep Blankfein is doing GOD'S work
http://dailyreckoning.com/the-derivativ ... nstrosity/

[can't sit still]

Here's a tidbit that sounds interesting;
"Wikileaks has announced their intentions to leak documents that could take down a major bank next month"
http://crushingbastards.org/blog/2010/1 ... ey-part-i/
Apparently, B of A

[cowboyangel]

Reportedly, the amount of privately held derivatives is $ 538 trillion. The $ 2 trillion shuffled off to the FED is small potatoes. The banks would very much like for us to make good on their losses. Dig deep Blankfein is doing GOD'S work
http://dailyreckoning.com/the-derivativ ... nstrosity/

made one for ya Dan...Happy New Year! To you too Lloyd ya goddamn zombie....

[can't sit still]

Cowboy, I'm a skeptical kind of guy. I never had much faith in GOV. When I finally decided that I needed a house, I bought some dirt,,, cut some trees and built a log house. No mortgage, no insurance. I don't expect a foreclosure any time soon.

[can't sit still]

Cowboy, you wrote about taxes and off-shore capital. Here's some news.
“Sophisticated U.S. companies are routinely repatriating hundreds of billions of dollars in foreign earnings and paying trivially small U.S. taxes on those repatriations,â€

[can't sit still]

More bad news for B of A
"Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp."
"Citi's liability for repurchases could soar to about $100 billion dollars at a 60 per cent defect rate - and to around $133 billion dollars at an 80 per cent defect rate.â€

[can't sit still]

This article shows a good graph that illustrates the increasingly bad foreclosure problem;
http://dailyreckoning.com/the-housing-non-recovery/
This will increase the collapse of the MBSs and increase the "buybacks" that Mac n Mae will force on the banks. It will also decrease the value of the toxic loans held by the FED.

[can't sit still]

Cowboy, this is a post from today by Ellen Brown at Daily Bell.

Posted by Ellen Brown on 12/27/2010 5:00:32 PM

Dear Daily Bell, thanks for your interest in these issues.

My concern is that you seem to have misconstrued what we mean by "public banking." We're not proposing a state-issued currency or some sort of "sovereign money" for the state.

We're just proposing to get the state's money back from Wall Street and into the state's own coffers, by depositing state and municipal revenues into a state-owned bank. The bank could then expand the local money supply by advancing loans as "bank credit," just as all banks are allowed to do.

Loans to the government itself would be interest free, allowing the government to embark on productive infrastructure projects that the bankrupt states cannot now afford because they can't afford the interest on new bond issues. Politicians would not be running the bank; bankers would be running it.

Politicians would not be deciding who gets the money; creditworthy borrowers would get loans, just as they do now. If the borrowers were buying a house, the loan would be backed by real estate; if the borrowers were proposing to build a factory, the loan would be backed by future productivity, on the "real bills" model.

The Wall Street banking scheme has proven itself to be unsustainable, because the profits are creamed off by private owners, who spend very little of this money back into the economy. Rather, it is largely reinvested, either in more loans that must be paid back with additional interest, or in other forms of investments that amount to "money making money."

More and more borrowers must be found to support the additional money creamed off by the profiteers, until the pyramid reaches its mathematical limits and collapses, as all "bubbles" do. To keep the bubble afloat in the meantime, the scheme must be underwritten by the FDIC, government bailouts, and the Federal Reserve as lender of last resort.

That means we the people are bearing the costs to keep private bankers rich. A public banking system -- on the model of the land bank of colonial Pennsylvania, the Bank of North Dakota, and the Commonwealth Bank of Australia -- IS mathematically sustainable, because the profits are returned to the commons, alleviating the burden of funding government that would otherwise fall on the taxpayers.

The AMI proposal differs from the state-owned bank model in that it eliminates all bank-created credit from the system. All money would be created at the federal level and delivered to Congress to spend into the economy as it saw fit. Even if Congress were not corrupt, as most people now suspect it is, this trickle-down model seems to me to be a very unpredictable way of getting credit to where it is needed when it is needed.

A more natural, sustainable way to get money into the system is to respond organically to the credit needs of people themselves. That is what the private banking system does now. The flaw in the current banking system, as I see it, is not that it creates credit. In fact the invention of credit may be the most productive advance bankers ever made.

The flaw in the scheme is that bankers are playing a shell game in which they are lending money they don't really have. They periodically get caught in this ruse, leading to economic collapse and bailouts to prop up a mathematically unsustainable model. If we just acknowledged that all we're talking about here is CREDIT ' the full faith and credit of the people, advanced by the people for the people ' the scheme would be sound and sustainable.

Note too that we're not talking about nationalizing the whole banking industry. That may, one day, be perceived to be the most functional solution, but for now, we're just proposing a way for state and local governments to fund themselves interest-free, replacing the money that was lost when the debt-based money supply collapsed in 2007-08. We're talking about getting the wheels of industry turning again, by bringing the money supply back up to a level matching potential productivity.

As for using gold as a currency, gold currencies are freely available now. Currencies such as GoldMoney are up and operating, and anybody who wants to can join. But your grocer or your landlord isn't likely to accept them, because most people don't want to be bothered joining a new and unknown system; and even if they understood the mechanism, they wouldn't want to jump in today because they would think the price of gold is too high.

They'd be risking getting in at the top and having the value of their money collapse when the price of gold dropped again, as it's very prone to do. The only way you could force your grocer or your landlord to take your GoldMoney is through legislation, and that is the very thing you say you don't believe in and are trying to avoid.

Happy New Year, Ellen

[cowboyangel]

She's a gem, isn't she?

Just saw a 2005 doc on the state bank of North Dakota...it can be done, same pile of manure minded Wall Streeters to oppose it, but we can beat these fuckers....just like a bunch of farmers did in 1919.

[cowboyangel]

http://dealbook.nytimes.com/2011/01/02/ ... ss&emc=rss

So Zuckerberg has signed on with Satan..... watch your private info go to data mining companies worldwide!

[cowboyangel]

So my wife says, are those 53, 700+ views of this thread mostly you? She's funny isn't she?
I love her! More than Jamie Dimon anyway...hiya Chase ya big fat Zombie Bank...

[can't sit still]

There are 2 professors from Princeton that figure prominently in Economics. Big, Bad, Bald, Ben, Bernanke is well known. The other is Martin Armstrong. He, with help, developed an economic program that ran 23,000 variables. GOV demanded his program. He told them to shove it. They threw him in jail for 7 years for contempt. Later, they gave him 15 years for some crime. They didn't bother with the formalities of a trial.
He has been extremely accurate with his forecasting. He refers to our current problems as a collapse of socialism. He gives dates in his newsletters. This is an excerpt from his December letter.
http://www.martinarmstrong.org/files/A% ... 2-2010.pdf

The guy really knows his stuff. He mentions that GOV will do nothing to prosecute ANYONE from New York. The more that the bankers try to save themselves,, the worse it will be for the rest of us.
The U.S. GOV IS going to default. I haven't the smarts to figure how this will look at the street level.
Your life will depend on a continuation of imports. A petroleum interruption will kill many millions. Reportedly, there are powerful people who would like to see a huge reduction in population;
http://en.wikipedia.org/wiki/Georgia_Guidestones
They aren't real bashful about it.
I'm quite certain that an oil interruption could be arranged. Our agricultural system just converts carbon energy into food energy. Very simple.
Dan

[jkisha]

http://dealbook.nytimes.com/2011/01/02/goldman-invests-in-facebook-at-50-billion-valuation/?partner=rss&emc=rss

So Zuckerberg has signed on with Satan..... watch your private info go to data mining companies worldwide!

Not much concerned with the data mining, but I am definitely concerned with where Goldman is getting their money to finance this deal.

JK

[jkisha]

The other is Martin Armstrong. He, with help, developed an economic program that ran 23,000 variables. GOV demanded his program. He told them to shove it. They threw him in jail for 7 years for contempt. Later, they gave him 15 years for some crime. They didn't bother with the formalities of a trial.

This whole story is so far beyond my ability to believe that it prevents me from even reading the article. Things like this just don't happen in my reality.

This is not a criticism per se, just insight into my sheltered reasoning.

JK

[can't sit still]

jk, I understand where you're coming from. Our reality here in America doesn't include things that are realities in other lands. No empire goes on forever though. I posted the GEAB 2020 article on "Winter". The obvious thing to do is to read the archives. The same is true for Armstrong.
One has to consider mother nature. Socialism is a "plan" to support all members of a species. Natural Darwinian pressures would only support the fittest. At one time, "fit" was mostly physical . Gradually, as man got more control over his enviornment, "fit" took on an increasing mental component. I'm not sure to what degree morality comes in to the picture.
Mankind can not survive in any large numbers without carbon energy. There is ZPE energy but, it isn't allowed. If Armstrong is correct, mother nature,,, hand in hand with the grim reaper, will be making the rounds.

[jkisha]

jk, I understand where you're coming from. Our reality here in America doesn't include things that are realities in other lands. No empire goes on forever though. I posted the GEAB 2020 article on "Winter". The obvious thing to do is to read the archives. The same is true for Armstrong.
One has to consider mother nature. Socialism is a "plan" to support all members of a species. Natural Darwinian pressures would only support the fittest. At one time, "fit" was mostly physical . Gradually, as man got more control over his enviornment, "fit" took on an increasing mental component. I'm not sure to what degree morality comes in to the picture.
Mankind can not survive in any large numbers without carbon energy. There is ZPE energy but, it isn't allowed. If Armstrong is correct, mother nature,,, hand in hand with the grim reaper, will be making the rounds.

I'm not sure I like all the baggage that now unfortunately comes with using the term "Socialism". However, for a society to "decide" to take care of even the weakest of its members is SOLELY determined by the what 'morality' is adopted by society. Whether the planet can support the morality model chosen is another thing entirely.

Which is why I am so surprised at people being so upset that the government might even consider end of life counseling as a criteria for public health care, going to far as to demonize this practical approach by calling them death panels.

50% of medical expenses are incurred in the last year of life with 80% or more in the last two weeks.

Was that what the article you posted about???

JK

[can't sit still]

I don't think that I posted an article like that. ???
My mother got cancer, went for a few treatments and then decided that the slight postponement was not worth the nausea, etc. She spent her last few weeks on a morphine pump with her family around her in the family house. At the end, she was unconscious and started breathing rapidly. Her sister, also a nurse told us that it wouldn't be long. Her breathing stopped.
Imagine the same situation played out in a hospital. They would have had her hooked up to EVERYTHING but the "fetus frightening machine". The end result would have been the same except that she would have been surrounded by strangers. There's no need to speculate just how high the bill would have been.
Few people have the balls to face up to their death. End of life counseling makes sense.

[jkisha]

I don't think that I posted an article like that. ???
My mother got cancer, went for a few treatments and then decided that the slight postponement was not worth the nausea, etc. She spent her last few weeks on a morphine pump with her family around her in the family house. At the end, she was unconscious and started breathing rapidly. Her sister, also a nurse told us that it wouldn't be long. Her breathing stopped.
Imagine the same situation played out in a hospital. They would have had her hooked up to EVERYTHING but the "fetus frightening machine". The end result would have been the same except that she would have been surrounded by strangers. There's no need to speculate just how high the bill would have been.
Few people have the balls to face up to their death. End of life counseling makes sense.

We agree.

JK

[can't sit still]

Apparently, there are powerful people that want world socialism,,, a new world order. Supposedly, the Rothschilds and Rockefellers are keen to have a Anglo-American alliance running the whole world. This would take a lot of cooperation. The downturn has produced LOTS of competition and NO cooperation. America trash-talks the Euro.
http://www.courtfool.info/en_Out_of_the_euro.htm
Now England trash-talks Japan and America;
http://www.telegraph.co.uk/finance/fina ... uiter.html
Brazil is trash-talking America. Hopefully, we'll all be competing rather than forming a socialist super-state that would lend itself to perfect control and perfect oblivion.

[jkisha]

Apparently, there are powerful people that want world socialism,,, a new world order. Supposedly, the Rothschilds and Rockefellers are keen to have a Anglo-American alliance running the whole world. This would take a lot of cooperation. The downturn has produced LOTS of competition and NO cooperation. America trash-talks the Euro.
http://www.courtfool.info/en_Out_of_the_euro.htm
Now England trash-talks Japan and America;
http://www.telegraph.co.uk/finance/fina ... uiter.html
Brazil is trash-talking America. Hopefully, we'll all be competing rather than forming a socialist super-state that would lend itself to perfect control and perfect oblivion.

Unfortunately, we don't agree on this. Totally absurd in my opinion

JK

[can't sit still]

jk, I posted several ideas. Not sure what is absurd among the ideas.... unfortunately

[cowboyangel]

There are 2 professors from Princeton that figure prominently in Economics. Big, Bad, Bald, Ben, Bernanke is well known. The other is Martin Armstrong. He, with help, developed an economic program that ran 23,000 variables. GOV demanded his program. He told them to shove it. They threw him in jail for 7 years for contempt. Later, they gave him 15 years for some crime. They didn't bother with the formalities of a trial.
He has been extremely accurate with his forecasting. He refers to our current problems as a collapse of socialism. He gives dates in his newsletters. This is an excerpt from his December letter.
http://www.martinarmstrong.org/files/A% ... 2-2010.pdf

The guy really knows his stuff. He mentions that GOV will do nothing to prosecute ANYONE from New York. The more that the bankers try to save themselves,, the worse it will be for the rest of us.
The U.S. GOV IS going to default. I haven't the smarts to figure how this will look at the street level.
Your life will depend on a continuation of imports. A petroleum interruption will kill many millions. Reportedly, there are powerful people who would like to see a huge reduction in population;
http://en.wikipedia.org/wiki/Georgia_Guidestones
They aren't real bashful about it.
I'm quite certain that an oil interruption could be arranged. Our agricultural system just converts carbon energy into food energy. Very simple.
Dan

any government official on either the fed or state level who opposes public banking is directly responsible for the citizens continued loss of jobs, stress induced illnesses and the over-all descent of the US.

Today, I became a hunter-gatherer...at least the later....about 10 lbs of fat choice chanterelles in secret spot at the coast!

[jkisha]

jk, I posted several ideas. Not sure what is absurd among the ideas.... unfortunately

Apparently, there are powerful people that want world socialism,,, a new world order.

Sorry, I couldn't get past the first sentence.

JK

[can't sit still]

jk, like you said earlier; "socialism" carries a lot of baggage. MUCH would get down to semantics.
Cowboy, you only think that the spot is secret. The bird-sized drones have it under constant surveillance.

[jkisha]

jk, like you said earlier; "socialism" carries a lot of baggage. MUCH would get down to semantics.
Cowboy, you only think that the spot is secret. The bird-sized drones have it under constant surveillance.

I'm not sure whether it's "socialism" or "new world order", but they both rank right up there.

JK

[can't sit still]

There IS going to be a new world order. At one time , France was the center of the world,,,Rome,,,Byzantium. The world always grows up and finds a new center.

[can't sit still]

Barclays is one of the bigger banks in the world. Here is a quote from the boss.
"Barclays is not too big to fail, said Mr Diamond, who took over as chief executive of the bank 11 days ago."
"Bob Diamond, Barclays' chief executive, has told a committee of MPs that badly-run banks should not be bailed out by taxpayers."

http://www.telegraph.co.uk/finance/news ... -fail.html
That's a whole new tone from a banker.
He's been boss for 11 days and comes out with this,, strange.

[can't sit still]

This is a page with a lot of info regarding fighting a foreclosure. The MERS rulings are really shafting the banks.
http://www.myprivateaudio.com/All-Forec ... e-Map.html

[can't sit still]

The banks are really getting the shit kicked out of them. Not to worry. GOV will fix everything. When the banks securitized a RE loan, they changed the very nature of the debt. Without the deed, they couldn't legally foreclose. GOV to the rescue. The banksters are working hard to get the state laws gutted. They won't need a deed. they can just put you to the wall.
Personally, i would just mail in the keys,,,, and burn the fucker down.
http://www.nakedcapitalism.com/2011/01/ ... table.html

[cowboyangel]

There's something about state laws that the Fed can't change without a constitutional amendment....I gotta search that.