Screw the Banks and Investment Firms

All things outside of Burning Man.

Postby can't sit still » Sun Oct 24, 2010 6:15 pm

Here is a graph of OUR debt. I believe that it is about $ 445,000 per person. It was the banker's debt but, it is OURS now.
Image
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Postby cowboyangel » Sun Oct 24, 2010 7:34 pm

nice job trying to get the Pollyanna on the other thread to see the dark clouds on his corporate ass kissing "silver lining"
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Postby can't sit still » Sun Oct 24, 2010 8:01 pm

In fairness to jk, one has to actively look for the numbers. MSM is lined up with the cheerleaders who want the spending to go on forever. One has to give it some consideration to make the connection.
FED buys worthless paper--- FED sells it to treasury--- treasury schleps it over to Mac n Mae----Mac n Mae come up short.----treasury assumes the liability---- treasury sells bonds because of cash-flow problem--- we repay the bonds
The banks smile. NO Vaseline used in the process. Bloomberg doesn't seem too happy with the outcome;
http://www.bloomberg.com/news/2010-10-2 ... unroe.html
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Postby can't sit still » Fri Oct 29, 2010 7:47 pm

A tidbit to think about. "Consider the origins of the word "mortgage." As you may have heard before, the term comes from le mort-gage, or engagement until death."
http://www.taipanpublishinggroup.com/tp ... 183&r=Milo

Jim Willie says that the foreclosure fraud wil be the end of the banks. He claims that the principles will face punishment. Dunno, We'll see;
http://news.goldseek.com/GoldenJackass/1288209233.php
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Postby can't sit still » Fri Oct 29, 2010 8:00 pm

Here's a book title that looks interesting;
http://www.ascolibooks.com/vera-verba/p ... under.html
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Postby cowboyangel » Sat Oct 30, 2010 12:01 pm

can't sit still wrote:A tidbit to think about. "Consider the origins of the word "mortgage." As you may have heard before, the term comes from le mort-gage, or engagement until death."
http://www.taipanpublishinggroup.com/tp ... 183&r=Milo

Jim Willie says that the foreclosure fraud wil be the end of the banks. He claims that the principles will face punishment. Dunno, We'll see;
http://news.goldseek.com/GoldenJackass/1288209233.php


Hope so. The DOJ lacks balls but maybe not the over 40 states attorneys general who are looking into it now....t
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Postby can't sit still » Sat Oct 30, 2010 4:23 pm

Hell hath no fury like the state shortchanged. By creating MERS, the banks were able to avoid tons of taxes that would be due because of change of ownership. The article mentions that Ca. is hoping to force the banks to spit it all out. Also, the banks screwed a lot of BIG boys. Big insurance and pension funds. They are pressing B of A and others to buy back all the crap.
Jim Willie says that HSBC is soon to crash. B of A isn't far behind. If anybody crashes that will provide a real-life stress test for the rest. This is the second mention of a RICO action. If that gets rolling, it will be a slam dunk. The design of the CDOs and MBS was flawed. Then, the originators bet against them. It's all very well documented.
Now, Bill Gross, the head of PIMCO has come out and said quite bluntly that we are being screwed by both banks and GOV. He runs the largest bond fund in the country. It's a big surprise coming from him;
http://www.zerohedge.com/article/guest- ... as-arrived
There are a lot of very angry people.
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Postby can't sit still » Sat Oct 30, 2010 4:56 pm

We only have to look at history to see a remedy for the evil actions of bankers;
"Henry II brought his bankers together in 1124. Those found guilty of debasing the coinage – an earlier form of quantitative easing – were either castrated or they had their right hands cut off. What can you say about that kind of monetary policy? It worked."
http://dailyreckoning.com/tale-of-two-cities/
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Postby cowboyangel » Thu Nov 11, 2010 12:23 am

The Bowles-Simpson-Petersen Deficit Reduction group came out with their expected austerity program for America. Social Security kicks in after age 68, loss of mortgage interest deduction, reduction in corporate tax rate from 35 to 26%, skimpy defense spending cuts. These guys can go fuck themselves. Will someone please flush them and Uncle Tom of the White House down the fucking drain?
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Postby ygmir » Thu Nov 11, 2010 6:24 am

can't sit still wrote:We only have to look at history to see a remedy for the evil actions of bankers;
"Henry II brought his bankers together in 1124. Those found guilty of debasing the coinage – an earlier form of quantitative easing – were either castrated or they had their right hands cut off. What can you say about that kind of monetary policy? It worked."
http://dailyreckoning.com/tale-of-two-cities/


unworkable here, can't cut off what's not there.
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Postby cowboyangel » Thu Nov 11, 2010 10:24 am

ygmir wrote:
can't sit still wrote:We only have to look at history to see a remedy for the evil actions of bankers;
"Henry II brought his bankers together in 1124. Those found guilty of debasing the coinage – an earlier form of quantitative easing – were either castrated or they had their right hands cut off. What can you say about that kind of monetary policy? It worked."
http://dailyreckoning.com/tale-of-two-cities/


unworkable here, can't cut off what's not there.





:-)
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Postby cowboyangel » Wed Nov 17, 2010 6:45 pm

Why Uncle Tom Obama is more dangerous than George Bush:


http://www.globalresearch.ca/index.php? ... &aid=21947


Now that President Obama is almost celebrating his bipartisan willingness to renew the tax cuts for the super-rich enacted under George Bush ten years ago, it is time for Democrats to ask themselves how strongly they are willing to oppose an administration that looks like Bush-Cheney III. Is this what they expected by Mr. Obama’s promise to rise above partisan politics – by ruling on behalf of Wall Street, now that it is the major campaign backer of both parties?

It is a reflection of how one-sided today’s class war has become that Warren Buffet has quipped that “hisâ€
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Postby can't sit still » Thu Nov 18, 2010 6:53 pm

This is from the Daily Reckoning. It lays the blame where it belongs.

Dear Uncle Sucker...
Barry Ritholtz
Barry Ritholtz
[Ed. Note: This article originally appeared at "The Big Picture"]

For many years, I've been a fan of Warren Buffett's long term approach to value investing. Understanding the value of a company, regardless of its momentary stock price, is a great long term investing strategy.

But it pains me whenever I read commentary from Buffett that glosses over reality or is somehow self-serving. His OpEd in the NYT - Pretty Good for Government Work - paints an artificially rosy picture of the Bailout, ignores the negatives, and omits his own financial interest in government actions.

What might he have written if Sir Warren was dosed with some sodium pentothal before he sat down to pen that "Thank you" letter? It might have gone something like this:

DEAR Uncle Sam Sucker,

I was about to send you a thank you note for bailing out the economy...but then some nice men dressed in Ninja outfits came in and shot me full of truth serum. That led me to make one more set of edits to my letter thanking you for saving the economy.

It also helped me recall some things I seemed to have forgotten in my other public pronunciations about the bailouts.

I suddenly recalled who it was who allowed the banks to run wild in the first place: You. Your behavior before, during and after the crisis was the epitome of a corrupt and irresponsible government. You rewarded incompetency, created moral hazard, punished the prudent, and engaged in the single biggest transfer of wealth from the citizenry of the United States to the Wall Street insiders who created the mess in the first place.

Kudos.

Before I get to the bailouts, I have to remind you that in:

* 1999, you passed the Financial Services Modernization Act. This repealed Glass-Steagall, the law that had successfully kept main street banking safely separated from Wall Street for seven decades. Even the 1987 market crash had no impact on Main Street credit availability, thanks to Glass-Steagall.

* 1997-2010, you allowed the Credit Rating Agencies to change their business model, from Investor pays to Underwriter pays - a business structure known as Payola. This change effectively allowed banks to purchase their AAA ratings, and was ignored by the SEC and other regulators.

* 2000, you passed the Commodities Futures Modernization Act. It allowed the shadow banking industry to develop without any oversight by the Commodity Futures Trading Commission, the SEC, or the state insurance regulators. This led to rampant creation of credit-default swaps, CDOs, and other financial weapons of mass destruction - and the demise of AIG.

* 2001-04, the Fed, under Alan Greenspan, irresponsibly dropped fund rates to 1%. This set off an inflationary spiral in housing, commodities, and in most assets priced in dollars or credit.

* 1999-07, the Federal Reserve failed to use its supervisory and regulatory authority over banks, mortgage underwriters and other lenders, who abandoned such standards as employment history, income, down payments, credit rating, assets, property loan-to-value ratio and debt-servicing ability.

* 2004, the SEC waived its leverage rules, allowing the 5 biggest Wall Street firms to go from 12 to 1 to 20, 30 and even 40 to 1. Ironically, this rule was called the "Bear Stearns Exemption."

These actions and rule changes were requested by the banking industry. Rather than behave as adult supervision, you indulged the reckless kiddies, looking the other way as they acted out. You were the grand enabler of the finance sector's misbehavior. Hence, you helped create the mess by allowing the banking sector to run roughshod over decades of successful constraints. (Kudos again on that).

There were voices warning about the upcoming crisis, but you managed to turn a deaf ear to them: Warnings about subprime lending, problems with securitization, against the false claim that residential real estate never went down in value, or that the models forecasting VAR were wildly understating risk. An economy driven by growth dependent upon credit-fueled consumption was unsustainable, and yet you encouraged that reckless credit consumption. The compensation schemes for Wall Street were hilariously short term (ignored by you); the crony capitalism of Boards of Directors that undercut market discipline was similarly ignored. You encouraged the hollowing out of the US economy, allowing it to become increasingly "Financialized" at the expense of industry and manufacturing. What was once a small but important part of the economy became dominant, yet unproductive, with your blessing.

Bottom line: You were at a loss for understanding the many factors that led to the crisis in the first place.

When the crisis struck, you did not seem to understand the role you should play. Instead of stepping up to halt the financialization, to unwind it, you gave away the shop. You failed to extract concessions from firms on the verge of bankruptcy. Your negotiating skills were embarrassing. In the face of meltdown, you panicked.

You could have undone the decades of radical deregulation at that moment. You could have fired the incompetent management, wiped out the shareholders who invested in insolvent companies, given the creditors and bond holders a major haircut for their foolish lending. Instead, you rewarded them for their gross incompetence.

The solutions you ran with were ad hoc, poorly thought out, improvised. You crossed legal boundaries, putting the Fed in the position of violating its charter and exceeding its mandates. You created a Moral Hazard, the impact of which may not be felt until decades in the future.

Very few of your senior elected and appointed officials understood what was going on.

Rather than offer an intelligent response to the crisis, you delivered brute force: Trillions of dollars were thrown at the problem, papering over its symptoms but not its underlying causes.

Well, Uncle Sam, you delivered a motherload of cash. Considering the dollar sums involved, your actions were remarkably ineffective. What was left over afterwards was a wildly over-leveraged consumer whose credit limits had been reached; State and municipal budgets were heavily dependent upon that excess consumer spending, creating huge budget holes because of it. Net net: The resultant economy was in the worst recession since the Great Depression.

As a student of the Great Depression, Ben Bernanke should have had the best grasp - but his bailout of Bear Stearns revealed him to be just another banker, intent on saving the banks - banking system be damned. To give you a clue of exactly how lost Hank Paulson was, he spent his time praying, and creating documents that exempted himself personally for liability. He's from Goldman, so we know that "team first" ain't exactly his style. Tim Geithner, who did such a stupendous job overseeing the banks in the first place, was in way over his head. And while I never voted for George W. Bush, I give him great credit for hiding under the bed and pretty much staying out of everyone else's way. I would call him clueless, but that wouldn't be fair to the legions of clueless around the world.

Sheila Bair grasped the gravity of the situation earliest, and put numerous failed banks through the insolvency process. If we were smart, we would have allowed her to work her way through the entire finance sector, effecting a GM-like prepackaged bankruptcy for Citigroup, Bank of America, Merrill Lynch, Morgan Stanley, AIG, etc. It would have been painful as hell, but we would be much better off had we allowed her to tear the Band-Aid off quickly. Instead, we are suffering through a death of a 1000 cuts, Japanese style.

I would be remiss if I failed to mention my personal positions in this: I made a killing in Goldman Sachs and GE. My investments in Wells Fargo would have been a disaster if not for you. Don't even get me started with me being the largest shareholder in Moody's - that was some joyride. And considering all of the counter-parties that Berkshire Hathaway has, we risked being just another insolvent investment firm along with everyone else had nothing been done.

So I must say thanks to you, Uncle Sam, and your aides. In this extraordinary emergency, you came through for me - and my world looks far different than if you had not.

Your grateful but wide-eyed nephew,

Warren

Regards,

Barry Ritholtz,
for The Daily Reckoning
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Postby cowboyangel » Thu Nov 18, 2010 8:52 pm

Brilliant! Great work Dan! Fuckers in banking want to settle the gargantuan mortgage fraud. Settle. The scum. Hope the AGs ream their asses with rusty nails. Time to whip out the Voodoo dolls.......
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Postby can't sit still » Fri Nov 19, 2010 9:28 pm

Here's Greenspan talking about fraud in the banking system;
http://tinyurl.com/25wsj8f
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Postby can't sit still » Sun Nov 21, 2010 11:16 am

Here's a dose of truth,,, tell it like it is;
http://usawatchdog.com/democrats-vs-rep ... porations/
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Postby can't sit still » Sun Nov 28, 2010 11:39 am

The title of this thread is "Screw the Banks". Well," they" just gave me a call and they DON"T like this thread. Cowboy's line was busy so, they called me. They want me to relay a message;
SCREW YOU !! Just to make sure that you are paying attention, they are holding a rehearsal;
http://www.smh.com.au/business/millions ... 18akf.html
:mrgreen: :lol:
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Postby Box Burner » Sun Nov 28, 2010 4:37 pm

the chief executive, Cameron Clyne (National Australia Bank), said ''The (banking) industry needs to stop being as arrogant as it has been. It needs to be less defensive, less dismissive. It needs to be more open, it has to do more listening, it has to display more empathy, it has to display more action.''

He forgot to mention the part about being more honest. But then again, maybe that was not an inadvertent omission.
Dance in the heart of chaos. . . . .

ὁ δὲ ἀνεξέταστος βίος οὐ βιωτὸς ἀνθρώπῳ
- - - - - - - - - - - - - - - - - - - - - - - --- Σωκράτης

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Postby can't sit still » Sun Nov 28, 2010 4:40 pm

Box, I don't remember every word. Did he mention "rapacious"?
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Postby Box Burner » Sun Nov 28, 2010 4:47 pm

ra·pa·cious
   [rəˈpeɪʃəs] [ruh-pey-shuhs]
–adjective
1.
given to seizing for plunder or the satisfaction of greed.
2.
inordinately greedy; predatory; extortionate: a rapacious disposition.


I think he left that part out too. :shock:
Dance in the heart of chaos. . . . .

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- - - - - - - - - - - - - - - - - - - - - - - --- Σωκράτης

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Postby cowboyangel » Mon Nov 29, 2010 1:26 pm

Should have added, 'screw the worker"


President Barack Obama on Monday called for freezing the pay of 2 million federal employees, saying the move is the first of many difficult decisions that must be made to slash the nation's mounting deficits.

"The hard truth is that getting this deficit under control is going to require some broad sacrifice, and that sacrifice must be shared by the employees of the federal government," Obama said.

and....

The co-chairmen of Obama's bipartisan deficit commission have proposed a three-year freeze in pay for most federal employees as part of its plan to reduce the nation's growing deficit. The commission's proposal also suggested cuts to Social Security benefits and higher taxes for millions of Americans to stem the flood of red ink that they say threatens the nation's very future. The popular child tax credit and mortgage interest deduction also would be eliminated.

Erskin Bowles one of the architects of this screw the working American family strategy, sits on the board of Morgan Stanley. Odd, that Mr. Bowles has resisted a 1% Tobin tax on stock trades. That alone would raise more money than these harsh austerity measures the decifit reduction team and their "democrat" president are concocting.

Odd too that the entity that caused this financial collapse and deficit bloom was not the American worker, but the Wall ST. banking beast that possesses the soul of America right now. "We" bought about 2 trillion dollars of their bad loans, toxic assets, whatever. Our loss, not theirs. Sound fair? Fight back America. The terrorists to beware wear pin stripe suits and sit in a grand office on Wall St, not a cave in Afghanistan.
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Postby cowboyangel » Wed Dec 01, 2010 7:15 pm

Erskine Bowles........sits on the board of Morgan Stanley....and you guessed it...no Tobin Tax (1% tax on stock trades or derivatives)

But we do have...

The plan calls for sweeping tax changes that would affect millions of Americans, including trimming or doing away with many popular tax breaks such as the home mortgage deduction. It would also make deep cuts in military spending, slash the federal work force, raise the retirement age for full Social Security benefits and make cuts in Medicare. It aims to reduce federal red ink by nearly $4 trillion within a decade.

Although prospects for the plan are unclear, the attention it has received has helped awaken the nation to the depth of the economic hole the country is in and the need for bold action to dig out, suggested Bowles, who was former President Bill Clinton's White House chief of staff. Simpson is a former Republican senator from Wyoming.

"The American people get it now. People want this to happen," Bowles said.


And a major excrement covered flying "fuck you" to you Mr. Bowles

I don't know many folks here in California that want your people hating spending cuts and tax hikes. Go fuck yourself you blind bureaucratic ruling class sociopath.
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Postby Neutrality » Thu Dec 02, 2010 12:24 pm

ygmir wrote:is it true, that, the only legal money, is coinage?


If that were true, far fewer counterfeiters would be in prison, I suspect. Not a lot of people stamping out fake quarters.
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Postby can't sit still » Fri Dec 03, 2010 9:25 am

Here are some simple numbers;
Credit grew at 6 times the rate that the GDP grew.
The GDP grew at 2 times the rate that employment grew. Obviously, credit grew at 12 times the rate that employment grew. Back in the 50s, a mortgage was for 5 years. Now, they're up to 50 years. Real wages have been stagnant since about 1971. The U.S. had 50 % of the entire world's manufacturing capacity after WW II. We had a very nice standard of living. As the world developed their own manufacturing capacity, our wages tapered off.
Our wages diminished and the banks offered credit so that we could maintain our standard of living. The banks facilitated our spending of tomorrow's wages for today's goods.
The banks were obviously aware of the declining wages. They indirectly prodded us to get both parents working. That worked for a while. As more and more foreigners went to work for slave wages, more and more Americans lost their niche.
Credit grew at 12 times the rate of employment. GOV borrowed 80 % of the savings worldwide to keep this going. Credit HAD to grow to satisfy the Keynesian mandate.

The banks knew that Americans as a whole were NOT credit-worthy. Our central bankers were creating easy money to make up for our lack of wages. When their credit outran our power to service the debt, it all collapsed. It will continue to collapse because wages will continue to collapse. At the same time that we had ever-increasing debt loads, we also had / have ever-decreasing wages.

Greenspan's hot money flowed into sequential bubbles but could never lift the wages in manufacturing. The aggregate wage base declined at the same time that housing prices inflated. Without a bubble, the house price will always be relative to the wage base. The wage base is eroding rapidly now and the house price will follow.
The numbers will revert to the mean and the banks can't do anything about it.
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Postby ygmir » Fri Dec 03, 2010 9:44 am

Neutrality wrote:
ygmir wrote:is it true, that, the only legal money, is coinage?


If that were true, far fewer counterfeiters would be in prison, I suspect. Not a lot of people stamping out fake quarters.


yeah, I realize that, and that the gov. jails people, at times, illegally.

But, I thought, I remembered somewhere reading that the only "real, legal, constitutional" money was "coinage".
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Postby Elderberry » Fri Dec 03, 2010 10:03 am

cowboyangel wrote:The plan calls for sweeping tax changes that would affect millions of Americans, including trimming or doing away with many popular tax breaks such as the home mortgage deduction.


This is Bullshit. It calls for elimination of the home mortgage deduction of a SECOND HOME, usually in the Hamptons. Not many middle class people would suffer from this deduction being eliminated.

I won't comment on the rest of your post for obvious reasons.

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Postby cowboyangel » Fri Dec 03, 2010 1:30 pm

jkisha wrote:
cowboyangel wrote:The plan calls for sweeping tax changes that would affect millions of Americans, including trimming or doing away with many popular tax breaks such as the home mortgage deduction.


This is Bullshit. It calls for elimination of the home mortgage deduction of a SECOND HOME, usually in the Hamptons. Not many middle class people would suffer from this deduction being eliminated.

I won't comment on the rest of your post for obvious reasons.

Jk


After you finish swishing your tongue around the anal canal of Mr. Erskine Bowles (Bowels?) you may want to ask this Morgan Stanley board exec why he's opposed to a Tobin tax or removing the cap on SSI ?
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Postby can't sit still » Sat Dec 18, 2010 10:05 pm

The corporate structure was created in part to give corporate officers immunity from prosecution. In some cases, these officers parleyed that into both immunity and impunity. The money powers thought this was a great idea. They got hold of the reins of power in GOV and got Carte Blanche immunity. There should have been prosecutions after the Bear Stearns and Lehman blowup. Didn't happen.
Now, the money powers are in the process of trying to get "Get out of jail free" cards for previous misdeeds. They want ex post facto laws to exonerate them from any previous transgressions.
Jim Willie has written at length about the massive fraud.
Here are a couple of articles about the same subject.

William K. Black - professor of economics and law, and the senior regulator during the S & L crisis - says that that the government's entire strategy now - as during the S&L crisis - is to cover up how bad things are ("the entire strategy is to keep people from getting the facts").

http://www.washingtonsblog.com/2010/10/ ... -this.html

http://www.washingtonsblog.com/2009/10/ ... ehind.html
The big boyz have been scamming the middle class forever.
Bonds are collapsing and equities are on the verge of a big crash. Money is moving into commodities. The price rise will wipe out the economy and kill many millions of poor.

The banksters just don't seem to catch on. Japan has never exited their crash. Their debt is 220% of GDP because they failed to let the zombie banks crash. The U.S. never exited the great depression until the bankers handed out gobs of credit to finance WW II. Our current debt to GDP ratio is much higher than it was during the '29 crash.

"7 out of the 8 giant, money center banks went bankrupt in the 1980's during the "Latin American Crisis". The current problem is that the economy is FAR too small to support all the banks. They get serial bailouts to keep them going. The zombies march,,, we die.

GOV / banking is never going to kill the zombies willingly. The bond market may kill them. They may self-immolate. It appears that they have every intention of taking down the world economy in their fight to survive.
GOV is on a roll. It's growing like fucking crazy. It just has to find money to pay it's way. It already spends 25 % of the GDP and this isn't enough. It will print what it needs. Zimbabwe recently tried this. Here is a very detailed examination of how the process played out from 1919 onwards in Wiemar Germany.
http://www.scribd.com/doc/45060880/When-Money-Dies

The FED is injecting $ 600 billion. GS and many others say that this is not even close to what is needed;
http://www.foreignpolicy.com/articles/2 ... cks_number
Actually, the banks are siting on $ 600 trillion in derivatives. They unloaded a couple $ trillion to the FED but,,, just not enough.
Big, Bad, Bald, Ben Bernanke is trying to cause worldwide inflation to cause American producers to go back to work. ALL of GOV's previous efforts to produce jobs has resulted in boondoggles. They spend $ 100 to produce a temporary job that pays $ 45.
The jobs are never coming back as long as the parasites have first crack at the $ proceeds of production.
The banks are actually too big and unwieldy to operate efficiently and make money legitimately. That's why they went to high-risk stuff. Look at the example of Ma Bell. Too unwieldy. She made gobs of money after the breakup.
Dan
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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Postby cowboyangel » Sun Dec 19, 2010 12:00 am

the banks are on auto pilot and the destination is survival at all costs and profit before people. Shouldn't such an institution be purged from the earth forever?

http://noliesradio.org/archives/26386


Elle Brown, State Bank. The only solution for right now.
"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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Postby can't sit still » Fri Dec 24, 2010 9:47 am

Richard Eastman is promoting the idea of "social credit"
Here is his idea / concept of the current system. I can't claim that I grasp it in it's entirety.


Why big finance manipulates interest rates

by Dick Eastman


Everything you and I have taught about the importance of interest rates in helping or hurting the economy is wrong.

We were told that when interest rates are low the cost of investment will be less and economic growth will result and so forth.

But this is not how Big Finance and the Central Bankers think at all.

For them high and low interest rates are set merely to time the onset of recessions. For them the interest rate is the control variable that determines how fast the new purchasing power from a loan will decay to zero purchasing power and continue decaying other purchasing power as an "anti-loan." Setting interest rates is merely setting the time release of the poison pill of deflation that is hidden in every loan.

People are in a depression caused by lack of purchasing power. Loans are extended by creating a checking deposit and at that moment purchasing power is jumped up by the amount of the loan (with money multiplier effects.) Now the question is how soon -- how fast -- will that jump be eaten up by interest payments and the eating continue until where the jump in purchasing power was there is now a drop lower than before the loan? It is by setting interest rates the rate of decay of purchasing power is determined.

Our economic depression is being treated by quacks to with precision keep us just as sick as they want us, so we will always be needing to buy more financial medicine from them.

You are told that easy money and low interest rates create booms or bubbles and that these bubbles must collapse and that all of that investment that took place was a mistake -- called "malinvestment" -- and that it all must be liquidated (which means possession or proceeds from a distress sale must go to the creditors (who are also the buyers in the distress sales.)

Interest rates, therefore, are either short or long at at any given time so that Big Finance can time the onset of periods of recession (of asset aquisition -- their "harvest season") against the onset of periods of capital investment that creates new assets (the "planting" season of bankers when they let borrowers develop the businesses and build the homes) which the bankers will grab for themselves bankers later on during the "harvest time" of depression which they have scheduled with precision through their setting of interest rates.

Not until now has the true function of the Fed -- the function of interest rate coordination to generate the seasons of sowing and harvest of the banker-imposed business cycle.

To summarize: Purchasing power has an adjustable half-life and interest-rate level is the knob by which it is set. Interest rate determines the speed at which a loan or debt-financed stimulus decays to nothing and then drops past nothing as it becomes becomes an "anti-loan" - the deflationary power behind economy implosion.
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