FedUpUSA

Archive for the ‘Corruption’ Category

The bank runs that we are watching right now in Greece are shocking, but they are only just the beginning.  Since May 6th, nearly one billion dollars has been withdrawn from Greek banks.  For a small nation like Greece, that is an absolutely catastrophic number.  At this point, the entire Greek banking system is in danger of collapsing.  If you had money in a Greek bank, why wouldn’t you pull it out?  If Greeceleaves the euro, all euros in Greek banks will likely be converted to drachmas, and the value of those drachmas will almost certainly decline dramatically.  In fact, it has been estimated that Greek citizens could see the value of their bank accounts decline by up to 50 percent if Greece leaves the euro.  So if you had money in a Greek bank, it would only make sense to withdraw it and move it to another country as quickly as possible.  And as the eurozone begins to unravel, this is a scenario that we are going to see play out in country after country.  As member nations leave the eurozone, you would be a fool to have your euros in Italian banks or Spanish banks when you could have them in German banks instead.  So the bank runs that are happening in Greece right now are only a preview of things to come.  Before this crisis is over we are going to see bank runs happening all over Europe.

If Greece leaves the euro, the consequences are likely to be quite messy.  Those that are promoting the idea that a “Grexit” can be done in an orderly fashion are not being particularly honest.  The following is from a recent article in the Independent….

“Whoever tells you a Greek exit would be no big deal is an idiot, lying or disingenuous,” said Sony Kapoor of the European think-tank Re-Define. Economists fear that a disorderly exit would prompt a huge run by investors on Spanish and Italian debt, forcing those countries to seek support from an EU bailout fund, which, with a capacity of just €500bn, is widely regarded as too small to cope with those pressures.

A Greek exit from the euro would not only result in a run on Spanish and Italian bonds, but it would also likely result in a run on Spanish and Italian banks.

If Greece is allowed to leave the euro, that will be a signal that other countries will eventually be allowed to leave as well.  Nobody in their right mind would want their euros stuck in Spanish or Italian banks if those countries end up converting back to national currencies.

Fear is a powerful motivator.  If Greece converts their euros back to drachmas, that will be a clear signal that all euros are not created equally.  The race to move money into German banks will accelerate dramatically.

And a Greek exit from the euro is looking more likely with each passing day.  Even the IMF is now admitting that it is a very real possibility….

Christine Lagarde, head of the IMF, warned she was “technically prepared for anything” and said the utmost effort must be made to ensure any Greek exit was orderly. The effect was likely to be “quite messy” with risks to growth, trade and financial markets. “It is something that would be extremely expensive and would pose great risks but it is part of options that we must technically consider,” she said.

Meanwhile, banks in other troubled European nations are already on shaky ground.  The Spanish banking system is an absolute disaster zone at this point and on Monday night Moody’s downgraded the credit ratings of 26 Italian banks.

The situation in Italy is especially worth keeping a close eye on.  As Ambrose Evans-Pritchard recently noted, things are not looking good for Italy at all….

Italy’s former premier Romano Prodi said the EU risks instant contagion to Spain, Italy, and France if Greece leaves. “The whole house of cards will come down”, he said

Angelo Drusiani from Banca Albertini said the only way to avert catstrophe is to convert the European Central Bank into a lender of last resort. Otherwise Italy faces “massive devaluation, three to five years of hyperinflation, and unbearable unemployment.”

So what can be done about any of this?

Well, there is actually a lot that could be done if politicians in Europe were willing to think outside of the established global financial paradigm.

The truth is that Greece could solve their current financial problems in four easy steps.  They would have to be willing to stick it to the rest of Europe and to risk being blackballed by the international community, but it could be done.

The following is my prescription for Greece….

1) Default on all debts.

2) Leave the euro.

3) Issue drachmas that are debt-free and that do not come from a central bank.  Instead, have the Greek government create them and spend them directly into circulation.

4) Enjoy a return to prosperity.

In such a scenario, the Greek national debt would no longer be a problem, the Greek government would never have to borrow any more money and austerity would no longer be needed.

Yes, inflation would be an issue with the new currency, but a bit of inflation would be a walk in the park compared to the horrible economic depression that Greece is experiencing right now.

And once the Greek economy was growing again, it would certainly be possible for them to make the transition to “hard money” if they wanted to.

It is imperative that we all understand that just because the global financial system works a certain way today does not mean that it must always work that way.

The Economic Collapse

I love this girl! If 12-year old Victoria Grant can explain how banks that print our nation’s currency and their puppet global banks are the most immoral criminal institutions on our planet responsible for oppression, mass suffering, and misery, shame on anyone else that is too lazy and/or too misanthropic to take the time or effort to watch this six minute video to understand this essential truth that is probably the most important misunderstood truth in the entire world. No humanitarian efforts will ever make a sustainable impact in this world if we first don’t tackle the fact that our modern banking system is criminal and must be destroyed, the truth of which 12-year old Victoria already understands. Trying to implement measures to solve poverty, hunger or war without first correcting the great injustice that we call “modern banking” is akin to never letting your children out of the house as the solution to the presence of an insatiable child rapist that lives in your neighborhood. It is absolutely the wrong approach and one that is destined for failure.

I will always have loads more respect for men like Pablo Escobar, “El Chapo” Guzman and “El Señor de los Cielos” Fuentes than any banking executive like Jamie Dimon, Lloyd Blankfein, Ben Bernanke, Mervyn King, Evelyn Rothschild, David Rockefeller, Vikram Pandit et al. For the feeble-minded that will seek to twist these words into an unintended meaning, no, I do not admire or believe that Escobar, Guzman or Fuentes are or were good people. However, I absolutely hold more respect for criminals that are honest enough to be 100% aboveboard about their criminality so that we never mistake or misunderstand their intent versus criminals that deliberately seek to deceive us so that they can utilize our misinformed and ill-gotten trust to enslave us. Even among criminals, a hierarchy of respect exists, as rapists, serial killers, and child molesters are the least respected of criminals within the penitentiary system and the most likely to receive a brutal beating for their sins while incarcerated.

Lords of brutal drug cartels, when they despise someone, will spit in the face of the person they despise or simply tell that person that he or she will be executed. There is never any doubt about their evil intentions. On the flipside of this coin are the lords of our banking system. Despite being misanthropes, lords of our banking system will smile in our faces, perpetually lie to us about how banking really works, and tell us that they want to help us. However, the second we turn our backs, they will stab us six inches deep in the middle of our backs or deliberately create massive inflation that silently and secretly sentences people to death from starvation. As John Maynard Keynes stated, “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but [also] at confidence in the equity of the existing distribution of wealth.” Keynes went on to explain, “There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic laws on the side of destruction, and does it in a manner which not one in a million is able to diagnose.” For those that have internalized banker-cartel propaganda and still fail to grasp the unquestionable and indisputable immorality of our current banking system, simply put, bankers are the equivalent of modern day slave owners and we are the slaves. We will never have freedom, but only the illusion of freedom sold to us by politicians and bankers, as long as our current fractional reserve banking system persists. This is an indisputable fact that even Central Bankers have admitted from time to time. Remember that the notorious Federal Reserve Chairman Alan Greenspan once stated, “gold and economic freedom are inseparable.”

In conclusion, some may say that the title of this article is slightly misleading because the most important truth in life is love. For those that believe this to be the most important truth, remember that multiplying actions of love and generosity in this world is an exponentially more difficult proposition under our current immoral banking system than under a sound honest one. And for those that don’t believe that we can disable our current banking system, remember that there are nearly 7 billion of us that would benefit enormously from the destruction of our current banking system while there are only a few thousand in the entire world that reap tremendous ill-gotten gains from this morally reprehensible system. Our power is in numbers and it is a power that those of us on the right side of this fence have yet to fully utilize.

Can 7 billion people defeat a few thousand morally bankrupt people? Without hesitation, the answer is yes. Thus, I urge everyone to forward the below video not to anyone you know that fails to grasp the evils of our debt-based monetary system, but to everyone you know that fails to grasp the evils of our debt-based monetary system. Even those that have been brainwashed by the banking cartel into believing that our banking system is not the reason for failing economies worldwide today will likely suspend their skepticism for a New York minute and grant 12-year old Victoria Grant the benefit of the doubt in that her plea to return to sound, interest-free money as the mechanism to restoring freedom in our world has nothing to do with “selling her book”. Furthermore, who can possibly resist listening to an adorable 12-year old child dropping enlightenment in a concise, articulate six minute speech?

Zero Hedge

But remember folks, Nobody committed any crimes (according to Gary Johnson, Obama and, I suspect, Mitt(ens) Romney.)

Last week, in response to an Overstock.com motion to unseal certain documents, the banks’ lawyers, apparently accidentally, filed an unredacted version of Overstock’s motion as an exhibit in their declaration of opposition to that motion. In doing so, they inadvertently entered into the public record a sort of greatest-hits selection of the very material they’ve been fighting for years to keep sealed.

For the un-initiated in this issue, Overstock went after virtually everyone in the big banking world, particularly Goldman, when their stock was shorted into the dirt.  Their allegation was that the firm (and others) were counterfeiting their shares by selling short shares they never owned and couldn’t locate for a borrow.  In effect they were representing more shares in the market than existed, which is exactly identical to counterfeiting them in terms of economic impact, exactly as if you ran off some extra $100 bills on your office copier.

But what shows up here?  Hubris and utter contempt for the law.

“Fuck the compliance area – procedures, schmecedures,” chirps Peter Melz, former president of Merrill Lynch Professional Clearing Corp. (a.k.a. Merrill Pro), when a subordinate worries about the company failing to comply with the rules governing short sales.

Uh huh.

And against this backdrop we’re supposed to expect that these very same banksters give a damn about the effective counterfeiting of United States currency that takes place when they emit unbacked credit, especially when the latter isn’t considered an offense (but ought to be) while the former is and they thumb their noses at the regulations?

I repeat:

None — absolutely none — of the contenders in our Presidential contest will talk about this.  Yet this issue — the counterfeiting of financial assets, some unlawfully and some “legal”, are how they fleece you, the common man, intentionally disadvantaging you as an individual and enriching themselves.

I will not support and in fact will and do actively oppose and will attempt to insure the defeat of any and all political candidates for a federal office who refuse to address this issue head on and deal with it, irrespective of party affiliation.  I take this position because as a Libertarian I have signed the Libertarian oath which states:

I do not believe in the initiation of force to achieve political or social goals.

That includes fraud, and counterfeiting in all of its forms, whether recognized as felonious or not, is fraud.

Period.

We will not find solutions to our economic mess until we face what has been done and what is being done today, honestly examining the procedures and actions of these individuals and firms, stopping the abuses and holding the malefactors to account.

At about 13:00 minutes in, a familiar face makes an appearance.   

In this episode, Max Keiser and co-host, Stacy Herbert discuss the alleged meritocracy of old Etonians running the world (into the ground) while the rest of us remain wards of the state – from the President of France to PhDs on foodstamps. In the second half of the show Max talks to John Titus, producer of the new documentary, Bailout.

The film premiers in Chicago on May 16th.  A must-see when it comes to your area.

http://usabailout.com/about