“If the people were to ever find out what we have done, we would be chased down the streets and lynched.”
– George Bush, cited in the June, 1992 Sarah McClendon Newsletter
WAKE UP PEOPLE!!
WE ARE LIVING IN A FASCIST SOCIETY NOT A DEMOCRATIC REPUBLIC
State capitalism has various different meanings, but is usually described as a society wherein the productive forces are controlled and directed by the state in a capitalist manner, even if such a state calls itself socialist. Corporatized state agencies and states that own controlling shares of publicly-listed firms, and thus acting as a capitalist itself, are two examples of state capitalism
OF COURSE THIS IS JUST FASCISM!!
Fascism should more appropriately be called corporatism because it is the merger of state and corporate power.
Benito Mussolini, fascist dictator of Italy (1922-1943)
Obama administration protected Wall Street from prosecutions
PBS FRONTLINE “The Untouchables” – FULL WATCH HERE
PBS’ Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable.
What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Indeed, financial elites were not only vested with immunity for their fraud, but thrived as a result of it, even as ordinary Americans continue to suffer the effects of that crisis.
Worst of all, Obama justice officials both shielded and feted these Wall Street oligarchs (who, just by the way, overwhelmingly supported Obama’s 2008 presidential campaign) as they simultaneously prosecuted and imprisoned powerless Americans for far more trivial transgressions. As Harvard law professor Larry Lessig put it two weeks ago when expressing anger over the DOJ’s persecution of Aaron Swartz: “we live in a world where the architects of the financial crisis regularly dine at the White House.” (Indeed, as “The Untouchables” put it: while no senior Wall Street executives have been prosecuted, “many small mortgage brokers, loan appraisers and even home buyers” have been).
As I documented at length in my 2011 book on America’s two-tiered justice system, With Liberty and Justice for Some, the evidence that felonies were committed by Wall Street is overwhelming. That evidence directly negates the primary excuse by Breuer (previously offered by Obama himself) that the bad acts of Wall Street were not criminal.
TOO BIG TO FAIL?
TOO BIG TO JAIL?
ONLY FOR REPRESENTATIVE POLITIONS!!
BUT FOR YOUR AVERAGE ICELANDIC MAN ON THE STREET ,ITS QUITE EASY!
THEY EVEN ARRESTED POLITIONS FOR SELLING THE PEOPLE AS DEBTOR SLAVES!!
”Icelanders are also angry that only the former PM is being charged. One commenter on the Ice News article noted, “Is this not a total betrayal of the people?” And criminal, to reasonable minds.”
Olafur Ragnar Grimsson Iceland president ‘Let banks go bankrupt’
Published on 25 Jan 2013
Iceland President Olafur Ragnar Grimsson tells Al Jazeera’s Stephen Cole that Europe should let banks that are ran “irresponsibly” go bankrupt.
Speaking at the annual World Economic Forum in Davos, Grimsson also held his country as a model of economic recovery after its near-collapse four years ago.
“We didn’t follow the traditional prevailing orthodoxies. And the end result four years later is that Iceland is enjoying progress and recovery.”
Source, credit to Aljazeera- http://www.aljazeera.com/video
SINCE DOING THIS, THINGS HAVE IMPROVED GREATLY
“The difference is that in Iceland we allowed the banks to fail,” Grimsson said in an interview with Bloomberg Television’s Mark Barton today. “These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks.”
“How far can we ask ordinary people — farmers and fishermen and teachers and doctors and nurses — to shoulder the responsibility of failed private banks,” said Grimsson. “That question, which has been at the core of the Icesave issue, will now be the burning issue in many European countries.”
“The taxpayer has no realistic prospect of being able to save their banks, such is the magnitude of their bad loans and their extraordinary dependence on central bank support,” wrote Michael Derks, chief strategist in London at foreign-exchange firm FXPro. “Both junior and senior bondholders in these insolvent banks need to suffer huge haircuts,” he said.
Forcing bond holders to “share the burden,” may help the euro region remain intact, Derks wrote.
THE BAILOUT IS TO PROTECT THE ELITE AND KEEP THEM IN THE LIFESTYLE THEY ARE ACCUSTOMED TOO
Bottom line this rescue package is not for Greece, but it’s a rescue for Greek bond holders worldwide. If Greece were to default tomorrow, it would not disappear, but its debt holders would be seriously hurt. Thus behind all this noise one must understand that the main reason for the bailout is to protect the bondholders
THE DEBT IS A FRAUD…ITS A CRIMINAL FRAUD
Greek Bondholders “Fooled” or Goldman Sachs Committing Fraud?
Today, she questions why Bloomberg prefers to only discuss the Goldman Sachs-Greece cross currency swaps subterfuge as a sort of foolishness, rather than taking a much more serious tone.
Smith takes Bloomberg to task for using “fooled” when “more obvious F-words, like ‘Fraud’ (as in defrauded) or ‘fleeced’” should have been considered. Then, she digs into her banking experience to relate how to her it seems nearly impossible that Goldman wouldn’t know the nature and extent of the Greek swaps contracts when the bond offering was issued.
Eight banks are facing a US investigation into the rating of their mortgage products, the BBC understands.
New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain a better ratings for risky securities.
The banks under investigation are believed to include Goldman Sachs and Morgan Stanley.
Bad US mortgage debt was one of the main causes of the financial crisis.
This is because much of the investments were repackaged into wider debt offerings and then resold around the world.
IF THE DEBT IS ILLEGAL WE CAN DEFAULT WITH DIGNITY
ECUADOR DECLARED ITS DEBT FRAUD AND ILLEGAL AND DEFAULTED
In November 2008, Ecuador became the first country to undertake an examination of the legitimacy and structure of its foreign debt. An independent debt audit commissioned by the government of Ecuador documented hundreds of allegations of irregularity, illegality, and illegitimacy in contracts of debt to predatory international lenders. The loans, according to the report, violated Ecuador’s domestic laws, US Securities and Exchange Commission regulations, and general principles of international law. Ecuador’s use of legitimacy as a legal argument for defaulting set a major precedent; indeed, the formation of a debt auditing commission sets a precedent.
ITS AN ODIOUS DEBT HANDED TO US BY ODIOUS POLITIONS AND ODIOUS BANKERS
In international law, odious debt is a legal theory that holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are, thus, considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion.
ACCORDING TO INTERNATIONAL LAW
THIS IS NOT THE TAXPAYERS DEBT
ITS THE DEBT OF CRIMINAL BANKERS!!
END OF STORY
ITS POLITIONS CONSPIRING WITH CORPORATE BANKERS THAT ARE KEEPING THE BANKERS OUT OF JAIL …AND THE TAXPAYER AS A DEBTOR SLAVE!!
A LESSON FOR THE BRIGHTEST AND THE BEST. CAPITALISM EXPLAINED
1.Availability of credit allows money to flow between savers and borrowers.
2.Resources and funds are allocated to various projects or investments during a boom phase.
3.Eventually borrowing becomes excessive and leads to malinvestment,
4.At this stage, adherence to free market theory would allow for an efficient cleansing period and a healthy recovery period. How? Irresponsible and unprofitable businesses fail. Bad debts get liquidated. Excess resources go on sale, flow into more stable ventures and pool together with more profitable resources controlled by healthy corporations or entities
UK ,EU AND USA BANKS ARE UNPROFITABLE AND CRIMINAL IN THE MARKET PLACE
THEY SHOULD BE LIQUIDATED
THIERS ASSETS SHOULD FLOOD THE MARKET PLACE MAKING RESOURSES CHEAP FOR PROFITABLE AND HONEST BUSINESS MODELS
VENTURE CAPITALIST GET PENNIES ON THE POUND/DOLLAR
ARREST BANKERS AND START CRIMINAL PROCEEDINGS
AT THE MOMMENT THE “BRIGHTEST AND THE BEST” AKA “THE CROOKEDEST AND THE INCOMPITENT” GET MONEY FOR LESS THAN 1% INTEREST(LIBOR BANK LENDING RATES) AND LEND IT FOR AT LEAST 5% INTEREST(PUBLIC BORROWING RATES). A MONKEY WITH LEARNING DIFFICULTIES COULD MAKE MONEY IN THIS SETUP!!!!!!!!!!
BUT EVEN WITH THIS SETUP ,THESE FINANCIAL MUPPETS HAVE LOST BILLIONS , BUT STILL DEMAND BONUES!!!!
RBS braced for bonus row with planned £1.3bn payout
• Taxpayer-owned bank to announce results on Thursday
• HSBC bosses push for pay rises of up to 30%
Loss-making Royal Bank of Scotland is braced for a row over City pay next week when it is expected to admit that its bonus pot for 22,000 investment bankers has reached £1.3bn – against last year’s £1bn.
The Edinburgh-based bank is awaiting approval from UK Financial Investments, the body that looks after the taxpayer’s 84% stake in the bank, for its proposed bonus pool.
THESE “BRIGHTEST AND BEST” FREE MARKET CAPITALIST EXPECT THE TAXPAYER TO PAY THE 4 BILLION IN LOSSES WHILE THE UNPROFITABLE BANKERS PAY THEMSELVES 1,3 BILLION IN BONUSES!!
FYI RBS EMPLOYEES ARE GOVERNMENT EMPLOYEES WHILE THE TAXPAYER HOLDS 84% OF THESE DEVALUED SHARES. IF YOU UNDERSTAND FREE MARKET CAPITALISM YOU WOULD REALISE THAT YOUR BANK SHOULD OF GONE BUST AND YOU SHOULD BE UNEMPLOYED. THUS NO WAGES NEVERMIND A BONUS!!!
AND AS RBS LOST NEARLY 4 BILLIONS POUNDS WHERE EXACTLY DO YOU EXPECT TO GET THE MONEY TO PAY THIS BONUS?
RBS LOST MONEY …4 BILLION POUNDS ,THAT THE TAXPAYER HAS TO BURDEN. WHY DO YOU EXPECT A BONUS, PLEASE ASK YOUR PAY MASTER (THE TAXPAYER) IF YOU DESERVE ONE? SORRY THE MONEY PUT ASIDE SHOULD GO STRAIGHT TO PAYING OFF YOUR DEBTS!!
THAT IS BASIC ECONOMICS FOR DUMMIES!!
NO WONDER WESTERN BANKS CANNOT COMPETE IN THE FREE MARKET!
SORRY THE MARKET HAS SPOKEN AND YOU ARE UNPROFITABLE AND IRRESPONSIBLE BY YOUR OWN STANDARDS, SO STOP BLUBBING AND GET A REAL JOB AND STOP LIVING ON TAXPAYER HANDOUTS YOU WELFARE QUEENS!!!
ACTUALLY THE FRAUD SQUAD SHOULD OF BEEN CALLED IN AGES AGO, FRAUD ,CORRUPTION , MARKET MANIPULATION ETC .ETC.
THE BRIGHEST AND THE BEST OR A BUNCH OF GREEDY CRIMINAL FRAUDSTERS THAT ARE ALREADY BUST?
THESE GREEDY UNPROFITABLE BANKERS THAT DO NOT DESERVE BONUSES ARE EVEN TRYING TO AVOID THE TAX THAT THE REST OF US, AS TAXPAYERS , HAVE TO PAY!!!
Goldman Sachs boss defends aborted plan to dodge tax on bonuses as being like shrewd house-sellingLloyd Blankfein said he stood by the idea of delaying bonuses until the 50p top rate of tax had been cut to 45p
After public backlash bank dropped the plan earlier this month
IN HOLLAND THE PEOPLE DEMANDED 100% TAX RATE IN BAKERS BONUSES BACKDATED TO 2008!!
THIS IS JUST A TAX BILL AND DOES NOT COME OFF WHAT IS OWED TO THE TAXPAYER!!!
SO IN HOLLAND BONUSES ARE NOT AN ISSUE…AS THEY ALL GO TO THE TAXPAYER
….AND THE BANKING SYSTEM IS STILL WORKING AND OUT PERFORMING THE UK!!
Dutch bankers’ bonuses axed by people power
100% Bonus Clawback Tax Passed Retroactive To 2008
An online campaign has overturned ING’s executive pay policy, and the mood in Amsterdam is getting increasingly militant about bonuses at bailed-out banks
After a furious row over pay packages at Amsterdam-based ING in which thousands of customers threatened to make mass withdrawals, the Netherlands is now vying for the title of Europe’s most bonus-hating country.
A growing Dutch political storm could end with a blanket ban on bonuses to financiers who work for institutions bailed out by the taxpayer.
ING customers mobilised on Twitter and other social networks to protest at bonuses paid to bosses at the bank, one of the biggest in the country. The threat of direct action raised the spectre of a partial run on ING, terrifying the Dutch establishment. Fred Polhout, union organiser at the bank, says: “People were outraged. We heard about the bloated sums being paid again in the City and in New York; but suddenly the issue exploded on our own front door.”
Compared with the packages awarded to bankers in the US and UK, the Dutch bonuses were small potatoes
SO UK BANKERS DO NOT NEED OR DESERVE BONUSES…ESPECIALLY WHEN THEY ARE STILL LOOSING US MONEY!!
BANKERS…YOU PAY YOUR DEBTS FIRST!!
WHEN YOUR DEBTS ARE PAID YOU CAN AWARD YOURSELF A BONUS….
BUT MAKE SURE ITS A BONUS SYSTEM THAT WORKS IN THE MARKET PLACE
IT WAS THE OUT-OF-CONTROL BONUSE SYSTEM THAT RUINED THE BANKING SYSTEM IN THE FIRST PLACE, BUT BANKERS ARE TOO GREEDY AND TOO STUPID TO FIX IT
…BUT NO MORE TAXPAYER HAND OUTS AND NO MORE BANK TAX AVOIDANCE!!
IF THE BANKS FAIL BECAUSE OF BONUSES GONE WILD , THEN THE BANKS FAIL AND THEY ARE ALL OUT OF WORK..AS THEY SHOULD BE NOW!
END OF STORY
OF COURSE THE FED DOES NOT WANT AUDITED, ITS BUST ,ITS CORRUPT AND ITS FAILED IN ITS DUTY!!!!!!!
THE BANK OF ENGLAND IS IN THE SAME STATE….
The board of directors of each Federal Reserve Bank District also have regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run.
The punishment for making false statements or reports which overvalue an asset is also stated in the U.S. Code:
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
These aspects of the Federal Reserve System are the parts intended to prevent or minimize speculative asset bubbles which ultimately lead to severe market corrections. The recent bubbles and corrections in energies, grains, equity and debt products and real estate cast doubt on the efficacy of these controls.
SO WHY ARE THE BANKERS NOT FACING $1,000,000 FINES AND 30 YEARS IMPRISONMENT?!?!
Inflation is the Fed’s 100 year legacy.
Behold the chart that, in a more just and sane world, would force Bernanke and Krugman to retire and drive the Fed out of business. Consumer prices are now 30 times higher than when the Fed was created in 1913.
THE SOLUTION IS SIMPLE ,ARREST BANKERS
IT WORKED BEFORE
ANDREW JACKSON CLEARED AMERICAN DEBT
“The Bank is trying to kill me, but I shall kill it!”
ANDREW JACKSONS VIEW OF THE BANKS….NO BAILOUT.
“You are a nest of vipers and thieves, and by the grace of the almighty God, I will root you out!”
ANDREW JACKSON’S VIEW ON CORPORATIONS
Corporations have neither bodies to kick nor souls to damn.
ANDREW JACKSONS VIEW ON THE BRIGHTEST AND THE BEST
Hemans gallows ought to be the fate of all such ambitious men who would involve their country in civil wars, and all the evils in its train that they might reign & ride on its whirlwinds & direct the Storm– The free people of these United States have spoken, and consigned these wicked demagogues to their proper doom.
WE HAVE BEEN HERE BEFORE , PLEASE TAKE ANDREW JACKSONS ADVICE!
“Never take counsel of your fears.”
The Jacksonians opposed government granted monopolies to banks, especially the national bank, which was a central bank known as the Second Bank of the United States. Jackson fought to end the government monopoly to the Bank and got great opposition from Nicholas Biddle, the bank chairman. Biddle first dismissed Jackson efforts, but as the initiative gained popular support, he got more concerned. There was an attempt to murder Jackson at that time but the pistols failed. Jackson would later claim that he had proof the bankers were behind this attempt. Jackson was able to gain popular support because the Bank money manipulations and inflation had created a big recession, and it had inflated land prices, benefiting big land owners and stopping economical development. In a last attempt to stop Jackson, Biddle burst the bubble his inflationary policies had created, and brought about a deflationary correction. This put pressure on Jackson, but after a year of recession, the economy was clean by the deflationary correction, and the Bank was out of “ammunition”. Jackson had won the battle. The Bank continued his operations as a state bank, but had to close years after. Once retired, everytime Jackson was asked what was his biggest achievement as president he answered: “I killed the Bank”.
Andrew Jackson was the only President to pay off the national debt.
SO WHY ARE WE NOT ROOTING OUT THIS NEST OF VIPERS?!?!
POLITIONS PROTECT THEM……SO…..ARREST POLITIONS TOO
ITS BECAUSE OUR POLITIONS ARE BLACKMAILED BY BANKERS AND LOBBY GROUPS….
PEDOPHILIA IS A COMMON POLITICAL BLACKMAIL TOOL
FAKE GOVERNMENT SECURITY
THE HIDDEN HISTORY OF THE FEDERAL RESERVE