Screw the Banks and Investment Firms

[can't sit still]

This is an interesting article. It points out that GOV is only paying 1.7 % interest on the debt. It gives the cost of debt service if interest went to 5%. The article points out who would be the winners and losers in any restructuring.
http://beforeitsnews.com/story/195/968/ ... _Down.html

It also mentions the Pension Benefit Guarantee Corporation. Another GOV entity that is set to blow. Last week, we saw that the credit unions took a big hit. I suppose that all these big financial groups will continue to dissolve into one big acronym soup.
PBGC, FDIC, Fannie, Freddie, Sally FHA, FSLIC, Jenny. The list will continue to grow.

[can't sit still]

I've been corresponding with Richard Eastman for a few years. He is a trained economist. He has some very interesting ideas about the circulation of money.
He calls it the "2 loop theory" . I find that it explains a lot of things.

"This letter lays out the big picture of the economic crisis that is devouring America."
From: Dick Eastman
To: Joel Bowman


Joel,

Bill Bonner and Addison Widdin's The Daily Reckoning have presented an article by Puru Saxena, owner of a Hong Kong -based "wealth management" firm, the article entitled" "Deflation: Reality or Urban Myth" in which Saxena concludes that deflation is an urban myth and that hyperinflation is all that must be feared for the dollar.

The truth of the matter is that there are two loops of money and credit circulation -- I will call the endo-loop and exo-loop. The endo-loop or domestic economy loop is the loop that is suffering chronic deflation. The exo-loop is the loop that includes all economies outside of the united states plus the American financial sector above the commercial banks and credit unions that interact only within the endogenous domestic economy loop. This loop is where American's receive their paychecks, where they purchase domestic products, where they pay their debts to the financial sector which exists in both loops and tends -- and this is very important -- tends to remove purchasing power from the endogenous loop and send it to the exo-loop -- as investment in China and other countries which have an absolute advantage in cheap intelligent labor and international-corporation-friendly regulatory policies.

It is important to understand the two loops because everything predicted about deflation is occurring in the domestic loop and everything that is predicted about high inflation concerns the dollars deposited or invested or otherwise circulating in the outside loop.

Let me restate that: The domestic economy has been kept in a deflationary state in the domestic economy. This gives foreigners with the dollars abroad the power to come in and buy up the resources and wealth of the United States -- foreigners with lots of dollars can buy up land and businesses and public utilities that are privatized because individuals and state and local governments cannot pay their bonds etc.

You yourself have written elsewhere:

"One of my mates recently bought a property over in the States...somewhere cold, I think, maybe Michigan. Anyway, as you know, the Aussie dollar has rallied pretty strongly against the greenback of late and, with prices having held up relatively well here so far [compared to those in the United States], many Aussies are seeing opportunities to scoop up good deals over there."
You view this as the Australian dollar "holding up" -- we all tend to view things "own-currency-centrically" if I may coin a phrase. Actually what is happening is that dollars and dollar denominated credit are filling up the planet outside the US while the the domestic economy is starved for them. To those in countries outside the US it looks like their own currency has muscled ahead due to some virtue of good financial management -- when in fact it the supply of dollars entering the currency markets due to the American financial sector (which includes free foreign lending and investing and depositing of dollars) draining the endo-loop and flooding the exo-loop. The American Citizen is kept in a credit and M1 money starved ghetto -- while the favored international markets where the multi-national corporations run and play are flush with cash.

For foreigners in the exo-loop the fear is hyperinflation -- that others in the foreign loop with get more of those Bernanke inflation dollars -- which are helicoptering money only to the exo-loop -- and I should add that all of the bailout money has also only gone to the exo-loop -- that fear being that others will crowd in on picking the bones of the corpse of America which has died of deflation.

Now let me explain a paradox. Look at this graph which Sexena includes in his article:


The graph indicates nothing about where this credit is going, when the fact is that it is all going "exo" where it does not help the deflation and consequent purchasing power and debt-paying power "kleptastrophe" (that means an intentionally engineered catastrophe that prospers the "upper loop" elites at the expense of the American people in general and the non-elite masses of every nation.) You will note too the grey zone indicating a "recession" which, according to the graph, began in 2008 and ended in mid 2009. In the New York Times and the Wall Street Journal and Barrons magazine and on all the news networks -- all these owned by "upper-loop globalists like Ruppert Murdoch, Newhouse, Cox, Zuckerman etc.) -- they all talk about a recession that is past and the "possibility" of a "double dip recession." This is "elite talk" -- the definition of recession is loaded to hide the fact that all the blood of all the people in a room can be sucked dry by the man eating spider from hell which is also in the room and the total amount of blood in the room will not change (except slowly as the spider digests it into something else.) So it is with GDP, which is discriminatum by which the occurrence of recession is measured by the economics profession. The secret is that the composition of Gross Domestic Product can change without the change showing at all in the statistic. First we saw the industrial sector which contributed to GDP disapper. We were told we had a great service economy now. Then we say middle class jobs dry up and disappear -- either outsourced or otherwise. We saw firms go under and we saw corporations outsource or just plain expatriate to China and elsewhere. That was the draining of blood. But where is the Spider from Hell who ate America? Where is he hiding in the GDP statistic. Simple. GDP from the service sector includes not only hamburger flippers and video store clerks and telemarketing boiler room workers -- but it also contains "financial services" and financial services are the ones who get all of the money drained as interest -- the creditors have their agents foreclose on us and that is counted as a service, brokers commissions, agents who sell assets to foreigners, etc. Those "services" which do not produce anything that the typical American household will buy (except a loan -- and your NSF check fee is measured in GDP as "product" in the service sector -- mean for the elite loop that things are not that bad -- there was a recession -- that actually meant that the lower loop fell more than the elite loop rose, but now everything is OK, the bailouts did their job, and we just hope there will not be another one.

I thought there was a small chance you would like to know what is really happening, but more likely you are more concerned about continuing to sell your articles to upper loop elite readers -- even if you dare not publish what you have learned.

I of course cannot reach Puru Sexena or Bonner or Widden -- it is always the apologists for the Money Power who hide their addresses from the great lower-loop unwashed -- but I did find your address and I would appreciate it if you would forward this letter to those three "exoists." Tell them it is from an "endoist" in Yakima Washington, and "endoist" who is also a good enough economist to see the economy form a perspective that sees the interrelation between the exo-loop and the endo-loop -- which is the only perspective from which one can accurately analyse the simultaneous existence of both "inflation" and "deflation" for the same currency in a country that is supposed to be "free-trade" with interconnecting self-equilibrating markets. (What I am saying is that I am a better economist than "deflation-seers" Krugman, Roubinni, Rosenberg and Gross as well as "inflation seers" Schiff, Paulson and Faber -- and an even better friend of the American people and all peoples stuck in lower loops managed by criminal financial elites in every nation on the earth.

If you see the light -- may I also direct to you the solution -- that will end the crooked game of "milk the lower loop" and set the world free of usury and credit manipulation. My version of Social Credit -- which is explained here: http://www.citizensamericaparty.org/socialcredit.htm (the website is not my own -- but I agree with the analysis and aims presented.)

Hoping to hear from you, I am

Yours Sincerely



Richard Eastman
Yakima, Washington
Latitude 46.602N. Longitude is -120.504W.

Visit the Washington State Fair in Yakima -- going on now.

(Post-graduate degree in economics from Texas A & M with two years towards the doctorate -- but I have given up my old neo-classical and monetarist analysis for a new model that allows for conspiracy (unilateral class warfare and the problems created by permanent disequilibrium due to the Douglas "A + B" problem which I have refined to my own satisfaction if on one else's.)

[can't sit still]

Well, it looks like the banks have gotten just a little TOO careless. This is a comment from a page from Kunstler. The comment come first and then the link to the original article.

Author Profile Pageconchscooter | October 4, 2010 11:17 AM | Reply

Can you spell quitclaim? The reason those famous "23 states" keeps getting brought up on this issue is that these are judicial foreclosure states. That would be states that require a judge to sign off on a foreclosure order.
However if challenged (and the title companies are doing just that)the banks not only can't produce the pen-and-ink mortgage agreement, they have had those lackeys sign off that the original documents were "lost." They weren't lost they were transferred without the benefit of being properly recorded to investment trusts.
That means the mortgages are not properly recorded and can therefore be challenged.
If you buy a foreclosed property you will not get title insurance because in those judicial foreclosure states the banks had no legal right to sell a property in which they had no legal standing.
This is a state issue and is going to have a more revolutionary impact on this lawless state of ours than any number of survivalists with guns.
Don't believe me? Ask yourself why banks are stopping foreclosure in judicial foreclosure states...No one else has asked themselves why and what happens next. Not even Jim Kunstler, which is disappointing, but he got closer than most."

http://kunstler.com/blog/2010/10/postin ... rning.html

[can't sit still]

This whole foreclosure moratorium is going to kick the living shit out of the banks. They can no longer pretend that their CDOs are worth ANYTHING. The banks know full well what this means. This from The Daily Reckoning;
"so are the insiders of America's largest public corporations. The latest ratio of insider selling to insider buying was 1,413 to 1. That's not a typo. During the week ending September 24, insiders sold a whopping $417 million worth of company stock, while insiders purchased only $295 thousand worth of stock"

"Interestingly, finance company executives are conspicuously frequent members of the "Insider Selling" list. More than one year has passed since an insider purchased a single share of Citigroup or J.P. Morgan in the open market. More than 18 months have passed since an insider purchased a single share of Wells Fargo or Goldman Sachs in the open market"

The very unfortunate result of all this is that banks are going to blow all to hell. Since the banks control the FED, they will avoid this costly situation by QE II. They will prints $ trillions more and the FED will buy all this shit from the banks.
http://kingworldnews.com/kingworldnews/ ... ystem.html

It's been more or less assumed all along that this would happen. The projection is that the FED won't be around for very much longer. There are all kinds of projections.
http://www.marketwatch.com/story/the-fe ... 2010-10-05
Who knows?
This author has found a VERY close comparison between the charts from 1935--38 and the charts of today. http://theautomaticearth.blogspot.com/2 ... la-on.html
He also has much commentary on the bush tax cuts;
"All else being equal, if the Bush tax cuts don't get extended, that's a 2.3% hit to 2011 GDP. That means instant double-dip recession, starting at midnight, Dec. 31."
2.3% reduction in GDP is a big forking kick in the teeth that we do not need.
G'night john-boy.

[cowboyangel]

http://www.truth-out.org/foreclosuregate63953


This new mortgage thing is actually a major fraud. See Ellen's story. This is about MERS and fradulent chains of ownership of mortgages because the mortgage companies tranched, sliced, diced, CDO'd and securatized healthy mortgages so that they could make even more obscene profits. If there is a God in Heaven, she will strike dead all these rotten bankers for sending millions into foreclosure. I know a good family in Northern California who were victimized in this way. Fight back America. If the DOJ won't do it sue the ever lovin fuck out of the banksters.

[can't sit still]

Cowboy, here's a good write up on CRE. Ugly,,, of course;
http://theburningplatform.com/blog/2010 ... -collapse/

I found a good article on New York. It mentions that Wall st pay is off quite a bit.
"It should therefore come as no shock that Wall Street has laid off some 4,200 brokers, secretaries and janitors this year. (I was unable to break out exact statistics on high-end call girls, but the New York City police's 1st Precinct does report a 25.6% drop in "victimless crimes.")"
http://www.taipanpublishinggroup.com/tp ... 184&r=Milo

It looks like QE II is assured. I posted a link somewhere projecting that a total collapse would take place 6 months after QE II. The next FOMC meeting is not far off. If QE II passes muster, start planting your garden.

[can't sit still]

Some of the things that I post aren't necessarily documented. Some things follow a logical train. We know that the banks are sitting on a huge mountain of worthless paper. Nobody knows how much but, we know damn well that it's there. We can deduce that nobody wants to take a loss or take a "fall".
There is a lot of worthless paper out there. The moratorium essentially mans that the collateralized debt obligations don't have any collateral. The banks sold off the paper to investors,,, BIG investors. Insurance, pension and hedge funds. These are VERY heavy hitters. They are very pissed off. There is a battle shaping up between investors and banks. The investors can EASILY show cause that the banks didn't do "due diligence" on vetting the loans.
This probably makes the banks responsible to reimburse the loss to the investors. This article talks about the opening salvos in the battle.

I also have some related info that I'm not quite certain of;

"This is not an exaggeration. If anything, it might be an understatement.

I told you about this last week as a class action with a RICO statute was filed against servicers acting for international investment banks foreclosing on loans that represented the collateral for securitized mortgage debt, a fraudulent OTC derivative.

The banksters tried to sneak through a bill that would make their criminal actions legal. The screams were heard in the White House and before the bill passed all its requirements the President vetoed it. That occurred even before the bill had completed its required procedures.

We are now in Crisis #2 which can eclipse anything you have seen yet because of the size of the creation of this pariah in the OTC derivative disaster.

This will not pass quietly. It is going to tear the dickens out of what is left of the financial firms that brought the horror to the Western World. It will be orders of magnitude uglier than anything you have seen so far. "

This is the source article;
http://business-news.thestreet.com/link ... hestreet.c

I'm guessing that the firms that took the big losses will sue the crap out of the big banks. Because these firms don't "take prisoners", they will also file personal suits against the principles.
If there is a RICOH investigation, there will be witch hunt. MY, My, My.

It seems that that state GOV is stacking up torches and pitchforks too;
http://globaleconomicanalysis.blogspot. ... al-to.html

[can't sit still]

Here's an insidious, little idea. We know that the banks aren't lending money because they're afraid that they won't get it back. Big, Bad, Bald, Ben said that he could drop money from helicopters. This would really piss off those who hold our bonds. There IS another way. The FED could take over all the banks. This is from Doug Casey;

"Here’s a speculative scenario. To solve these deflationary problems and resolve Ben’s helicopter conundrum, maybe the Fed will go into the retail banking business by directly taking over the hundreds of institutions that are now failing. The average American would feel safe depositing directly with the Federal Reserve. And the Fed could lend as much as they want, without the restrictions imposed by actual capital or pesky shareholders."

Just imagine, the FED printing and lending "money" without limitation. GIANT stealth inflation.
http://www.caseyresearch.com/editorial/ ... 197ED1010C

[cowboyangel]

Good points Dan. If there is any hope of screwing the banksters and their gambling habits it's gonna have to come from civil lawsuits of great consequence from the private sector...investors, individual and corporate.
40 states attorneys general are looking into the so called "mortgage foreclosure paper snafus". This isn't about snafus...it's about colossal theft.
The banks have to be nationalized. Obama's gonna have to grow some balls and just fucking do it.

Here's the latest from Bob Chapman over at Global research:




The US Economy is Faltering. An Inflationary Depression is in Progress

In spite of the disinformation, misdirection and outright propaganda the economy is faltering without the addition of stimulus and quantitative easing. The benefits of inventory accumulation over the past 17 months, which accounted for 60% of the strength in the economy is at an end. We either get more stimulus either governmental or from the privately owned Fed or growth is going to continue to drop. We are looking at indexes that for the most part are at or near their lows. We see short reactive rallies but certainly nothing that leaves us to believe that any kind of a recovery is at hand. The longer we have to wait for Congress and the Fed to act, the more difficult it will be to regain upside momentum. It could be the plan is to simply go sideways for the next two years. The problem with that is that it will cost $5 trillion to accomplish. Production is starting to fall with the exception of a temporary increase in automotive manufacturing. Inventory build is retracting and both the absence of further build, and production should herald a 2-year low by yearend. The administration had other priorities and they missed the boat on getting support. The Fed as usual was too far behind the curve. Consequently we are actually looking at the distinct possibility of economic crisis and higher unemployment soon. Will the administration be able to get a lame duck Congress to approve $500 billion in spending? We won’t know until we get there and that is only two months away. The Fed is obviously waiting until the election is over before they open the floodgates of QE2. Will it be by $1.5 trillion? We’ll have to wait and see. If they do lend that sterilized float it will be monetized and it will hit higher inflation very quickly. Will business spend the $3 trillion they have on hand? They’ll certainly spend some of it, but how much no one knows. Will our government continue to give us obviously bogus numbers? They probably will, but most professionals have finally caught on to their 3-card Monte game. Wait until the real ISM figures show up for September, after August’s blatantly bogus figures. All the recent statistics are at lows not seen for 1-1/2 years, including the ATA’s truck tonnage index that fell 2.8%. If there is a recovery the public doesn’t think so. All indications are that buyers are depressed.

The public realizes an inflationary depression is in progress and the QE1 policy only took the economy sideways for 18 months at the cost of the Fed tripling its balance sheet. As a result the public does not think the Fed will be anymore successful in QE2, than they were in QE1. Future expectations are that 2/3’s of consumers believe that economic conditions will be bad and only 25% believe they will be good. We know the public doesn’t understand what is happening, but we also can see that whatever leadership is providing is bad and it isn’t working.

China and Japan look to be the leaders in the new currency wars. As a result the Fed on Tuesday dumped a larger than expected $5.19 billion of POMO into the market and the Dow obediently rose 193 points. This is how the Fed has been doing QE2 since June and in the process elevating the market. For four months the economy has done little. It is in a slow fade. This is part of the Illuminist program to keep the more pliable Democrats in office and to avoid having to pay the cost of paying off new congressional members. The correlation between a strong stock market and political affinity is strong. It makes people forget when their wealth is increasing. The Fed, Treasury, administration, House and Senate are in a preservation mode. This could very well be your October surprise, a Dow at 11,700 or perhaps even at 14,200 – who knows. If we are correct, and we usually are, this could be a blatant attempt to keep incumbents in office to defy our demand, and to deny Republicans a majority in both houses and congress. The stakes are high for the elitists and their ilk for the further concentration of wealth and power. If these insiders lose, the economy could collapse.

As a result of this commentary and what the Fed is doing today we hark back to 1931 when the Fed and the NY Fed both increased credit and cut interest rates furiously, as they have done recently, until gold began to rise globally in the fall of 1931.

Later in 1936, under the Smoot-Hawley Bill, they were able to monetize debt, as they are currently doing until the bond market reversed in 1936. That is what we have in our current future.

Incidentally, while the depression scam was being done in the US in the 1930s, these elitists were trying to put in power a fascist government in America, similar to that in Germany. These are the same people who were instrumental in financing the Third Reich. This is what history is all about, a repetition of the machinations of power and subjection.

We now have an economy where families shop when welfare or food stamps arrive, as consumers spend less. We wonder what will happen when the welfare stops? Empty bellies make for revolutionary times, as monetary policy gets easier and easier. Remember, there is a limit to how long rates can fall. Personal disposable income rose 0.5%, but 70% of that was a huge retroactive emergency payment of jobless insurance checks, which boasted income 1.6%, or by $35 billion. Thus, consumer spending would have been up 0.1%, not 0.4%. That is a big difference that government and Wall Street conveniently overlooked. This means there is no recovery in sight. It is very disconcerting when government accounts for 20% of disposable income. That means 50% of the recovery since 2009 came via stimulus. In August alone 70% of growth in income came from government. Even auto sales gains in September were overstated due to Labor Day. Sales should be 50% higher due to low financing costs and the same is true with housing, but that is not happening. That means household debt is still too onerous to allow increased spending. Only 1/3rd of consumer de-leveraging has taken place. There is still at least $6 trillion to go. That is why Goldman’s chief economist said things are bad, very bad. In the midst of all this FICO scores continue to fall leaving only 47% of the consumers with decent credit scores. The bottom line is this is all about government intervention and stimulus. The bottom line is if QE2 and government stimulus doesn’t occur the economy will collapse.

We do not see a bounce and support for the dollar on the USDX until it enters the 74 to 75 zone. We predicted this four months ago. The upward move on the euro and the other five currencies will run out of steam soon as economic contraction begins anew. The benefits of a cheap euro are over for now. Do not forget the eurozone still has plenty of problems, just as bad as those in the UK and US.

The beggar-thy-neighbor currency war continues unabated. The US subtly pushes QE2 via the repo market, as Japan and others lower their interest rates. Appreciation is a bad word when it comes to currencies. Whether you knew it or not currency wars are really trade wars. We are already seeing trade barriers on Chinese goods by the US and China has retaliated. As time goes on this will expand and official barriers will be erected. In addition, the Fed chairman said recently that he supports further expansion of the Fed’s balance sheet and that means the money supply is about to be expanded. The only way to stop this subtle trade war is to officially declare tariffs, which includes a calculation on currency values.

As a result of this, gold and silver hit new highs each day against all currencies. As you can see in the end gold and silver are the only real money. The rest are backed by empty promises.

Quantitative easing does not add to household wealth; it causes inflation and higher prices, as you are currently seeing.

Due to current policies that are focused on bailing out elitist corporations resurrection of employment is left in the dust. Even Fed member banks see a ½% increase in unemployment over the next eight months. We see a 1% increase to 23-5/8%, a new high. This problem is simply not being addressed at all.

Bob Chapman is a frequent contributor to Global Research. Global Research Articles by Bob Chapman

[can't sit still]

Cowboy, I see some real problems with Chapman's article.
China and Japan are in a very short-term currency war. Japanese debt is 200% of GDP. Japan has burned through the savings of all their people. The money is gone,,, all used up. They only have a short time left.
Chapman talks about the economy dying if there isn't further stimulus. He fails to mention that interest rates have started to rise. The FED can stimulate the economy but, the interest on the added debt will subtract any gains and get us to default that much sooner.
QE II is no solution and Bernanke knows it. There is no possibility of going sideways for the next 2 years. Oil is starting to rise. Oil shock and debt service and Bush tax will wipe out everything.
Business may have $ 3trillion but, it is offset by huge non-cash liabilities. There will never be a net gain in household wealth until there is a net gain in employment.
I have to read about 40 hrs a week to get a general idea. Almost all the economists and writers comment on just a segment. There are so very few that try to get an overall picture.
Chapman also seems to say that everything will be OK if the Republicans get back control. Load of BULLSHIT there.
Chapman has left out some very important facets.

[cowboyangel]

Ya, Chapman is a gold guy after all, and he's gonna push gold whenever he can. You're 100% right about his republican pie in the sky hopes. His calling out 50% of the recovery based on stimulus spending is noteworthy. Also, we are having trade wars now, people don't thing of currency as part of the mix.

[can't sit still]

You have to stand back and ask your self about gold. Will it save the economy or will it just save me?
http://www.minyanville.com/dailyfeed/wh ... from=yahoo
In general, everyone wants it to save themselves. Central bankers ARE buying gold,,, reversing a trend from previous years. Nobody seems to have a plan to address the underlying structural problems. We're in currency and trade wars because the global economic pie is shrinking. We're battling for crumbs in a global downward spiral.

OK, so why is the economic pie shrinking when manufacturing capacity is soaring? We have manufacturing power but, don't have purchasing power.
Shithead bankers claim that the world needs more money and credit. The dumb fucks seem to forget that only consumption circulates money. "Money" that circulates without production / consumption is NOT wealth. It is a phantasm.
Credit grew at 6 times the rate of GDP.
The U.S. economy is bloated on money and starving for wealth. No "Patch" is going to fix this.
Gold will only be of limited use in a complete blowup. Silver will be better... especially 90% U.S. silver coins. You have to read up on the exchange systems evolved in Argentina.
Gold will be very valuable when we reach the "other side" of our current crash-course in fiscal discipline.

[cowboyangel]

http://www.marinij.com/ci_15149185

Banking is a game, like health care that should be a public trust, not the plaything of greedy earth killing, people killing bastards. We can set up our own means of exchange....there's plenty of resources in our state of CA alone. State banks are the other answer.

[can't sit still]

The Philippines is somewhat ahead of America. I got this from Eric Encina;
"It has been reported yesterday, in the Philippine Newspapers, dated, October 11, 2010, The Philippine Star, that 78% of the Philippine Annual Budget for 2011 will be for THE PAYMENTS OF INTEREST FOR THE DOMESTIC AND FOREIGN DEBTS. "
This looks to be our future also,,, according to the congressional budget office.
I really don't have words to describe this

[can't sit still]

This is an extremely good article explaining the banking system. GREAT clarity.
http://www.marketoracle.co.uk/Article23321.html
Prechter claims that the big banks and the FED will blow by Q1,,, 2011. He knows a lot more about this stuff than I do.

[can't sit still]

This is a great article by Mish where he shows adequate proof that NO bubble can be re-inflated. What does that say for the housing market?
http://globaleconomicanalysis.blogspot. ... rcise.html

[cowboyangel]

Take banking away from bankers and 3/4s of the world problems will be solved. Then take away the remaining 1/4 of politicians and we will have heaven on earth.

GO GIANTS!!!!!!!!! Prove the Philly Ball suckers wrong!!!!!!!!!!!!!!!

[can't sit still]

Cowboy, you make a blanket statement. Do you have anything to back it up? I didn't think so
BUT, I found somebody who does have info to back this up.
The above professor was named Carroll Quigley and the book he wrote was entitled, Tragedy and Hope: A History of the World in Our Time.
Another professor wanted to see if the info was true. He didn't mess around.
"determine if the incredible words of the professor were really true. While serving as the Editor of a scholarly journal on international affairs, Director of the Center for Global Studies and foreign policy advisor for a key U. S. Senator in Washington, D. C., I conducted over 1000 interviews with influential world leaders, government officials, military generals, intelligence officers, scholars and businessmen, including corporate CEOs and prominent international bankers and investment bankers. I went through over 25,000 books and over 50,000 documents. I learned for myself that the professor was telling the truth."

What an AMAZING quest for veracity !!!
http://hidhist.wordpress.com/books/tragedy-and-hope/

[cowboyangel]

Thanks Dan. That's a good read I'm sure. Prof. Michael Hudson is saying pretty much the same thing today. http://michael-hudson.com/

[can't sit still]

Cowboy, this is a quote from one of Hudson's articles;
"There is no way that any mathematical model can come up with a means of paying them. To do so – to enable workers to live “freelyâ€

[Box Burner]

So essetially, what it all really boils down to is:

The only good banker is a dead one.

[can't sit still]

Box, there is general agreement in those who work towards monetary reform that, local banking is very necessary and fairly honest. That is, consumer banking. Investment banking is what runs to excesses. They needed to buy the regulators to get what they wanted. The Graham-Leachy bill is a good example.
Deregulation of the S&Ls worked so well,,,, as a grand opportunity at plundering that, the big boys figured, why not try it on the whole system.
For a snack, they gobbled up Argentina.

[Box Burner]

CST - I agree. But for the first time in human history we are headed into a war that will conume the world and it is possible for the average joe to recognize the enemy. Unfortunately there is not time to educate him on who is not the enemy.

[can't sit still]

Box, there are quite a few people who are working on it. Surprisingly, Jim Willie reports that Interpol has warrants in hand. We'll see.
I started the thread Coup de Etat. Like everything else, I did it for a reason.
The military represents law-and-order. They may be unfairly directed at the moment but, they are disciplined. Also, advancement is generally received from being qualified,,, NOT from being connected,, or buying votes.
Our politicians do NOT represent law-and-order.
I started the thread to get people thinking about the idea of being led by thoroughly corrupt politicians,,, OR following a not-corrupted military.
The military is not permeated by the elites. The PTB much prefer to use corrupt politicians to just control it. FAR better leverage. What if the military tries to break the control of the PTB? What if they try to return to constitutional GOV which they have sworn to uphold?
What will we do if / when the day comes that we have to chose between supporting a not-corrupted military OR supporting very-corrupt politicians?
The electorate elected DEMs a couple of years ago with a mandate to stop the wars. It didn't happen. Now, we are going to try to get some change and hope in the next election. I suspect that we'll only get gridlock.
There are many who expect the banks to close in Q1, 2011. If / when the politicians prove themselves incapable of leading the country, will we get martial law controlled by politicians OR will we get a military governor?
Will the rule of law prevail or will the rule of power-corrupt pols prevail?

[can't sit still]

LOOK AT THE DATES ON THIS;

"In an interview with Dylan Ratigan, lawyer Michael Pines says: "Nobody in this country knows for sure who owns any real estate", and that the only cases where we can be sure is people who paid off their homes before the early 1980's, when securitization started, owned it free and clear and passed it down from family to family. Other than that, any piece of property that was bought, sold or refinanced since then, nobody knows who owns that property."

"If for whatever reason any of these signatures is skipped, then the chain of title is said to be broken. Therefore, legally, the mortgage note is no longer valid. That is, the person who took out the mortgage loan to pay for the house no longer owes the loan, because he no longer knows whom to pay.

To repeat: if the chain of title of the note is broken, then the borrower no longer owes any money on the loan."
Holy crap Batman !!

[cowboyangel]

http://www.huffingtonpost.com/ellen-bro ... 64625.html



The Justice Department lost its balls, soul and direction. Same for the SEC.
It will be up to individuals and individual attorneys to battle this out.

I heard through the grapevine that a class action suit against some banks may be forming.

[can't sit still]

This is a bit of good news. The producers of the world do not want to be hitched on to the debt wagon of the bankers;
http://www.zerohedge.com/article/fx-war ... 20-meeting
There is disunity all over the Eurozone, the ECB, even the FED. It's great news. 2 years ago, LIBOR went through the roof,,,, NO TRUST among the bankers. We should all hope that the distrust continues and grows. There will be no one-world currency if the mega-bankers, the central banks and the investors don't trust each other.

2 great articles here. Mutual fund withdrawals are screaming up. They hit $ 80 billion. The ratio of insider-selling to insider-buying has reached 2019 to 1. Seems that they don't trust their own companies. Hopefully, that will inspire everyone else to NOT trust them either.
John Williams warns of a violent sell-off in stocks;
http://www.zerohedge.com/article/john-w ... ell-stocks

The bankers would like to crash the system and buy up the tangibles for pennies. The better alternative is to crash [unavoidable] the system and liquidate the banks. We'll get a crash anyway. Pray that it brings down the mega-banks. Do your part.
BK NOW !

[can't sit still]

John C. Calhoun 1837

"I see, not less clearly, that, in the process, a separation will take place between the use of capital and the use of credit. They are wholly different, and under the growing intelligence of the times, cannot much longer remain confounded in their present state of combination. They are as distinct as a loan and an endorsement ; in fact, the one is but giving to another the use of our capital, and the other the use of our credit ; and yet so dissimilar are they, that we daily see the most prudent individuals lending their credit for nothing, in the form of indorsement or security, who would not loan the most inconsiderable sum without interest. . . . In the exchange, the bank insures the parties to the note discounted, and the community, which is the loser if the bank fails, virtually insures the bank ; and yet, by confounding this exchange of credit with the use of capital, the bank is permitted to charge an interest for this exchange, rather greater than an individual is permitted to charge for a loan, to the great gain of the bank and loss to the community. I say loss, for the community can never enjoy the great and full benefit of the credit system, till loans and credits are considered as entirely distinct in their nature, and the compensation for the use of each be adjusted to their respective nature and character. Nothing would give a greater impulse to all the business of society. The superior cheapness of credit would add incalculably to the productive powers of the community, when the immense gains, which are now made by confounding them, shall come to the aid of production."

[Ugly Dougly]

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[can't sit still]

Chauncy was a master of few words. OUR garden has been over-fertilized and over-watered to force it to produce enough for the non-gardeners. They're getting hungry and demanding more fertilizer. Lacking good rich loam and mulch their force-feeding dung. They feed in dung and expect to reap fruit.