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Bankers
Their God is Mammon.They dismiss the social consequences and cruelty of their actions and inactions as academic irrelevancies.Suicide ,homelessness ,despair,economic emigration and social breakdown are no more than invconvient bumps on the road under the juggernauts of fiscal policy.Our Governments have tried ,by the sleight of hand of making us shareholders in theses institutions ,to make us all complicit in these barbaridc outrages.
Has anybody complained about these loan companies getting bailed out by the taxpayer then using the bailout to pay mega bonuses to the upper management? No, the government and banking industry want to make it harder for those who depend on the occassional short-term loans to get through any rough patches that come along. This so-called watchdog agency created by Obama should concentrate on the big banks like BofA, JP Morgan-Chase, and Wells Fargo. these companies are trying to foreclose on loans that have been renegotiated through federal programs. Thousands of people are losing their homes because of these companies not keeping track of payments made to their subsidaries which more than a few have gone belly-up and misfiling of paperwork. These mistakes are costing the homeowner billions on top of their homes. Obama’s watchdog should be looking into these breaches of contracts instead of the payday loan industry.
The banker’s guide to owning it all……………
1. Become majority lender in an economy of people with assets you want.
2. Encourage indebtedness by loaning generously while securing on assets of interest.
3. Loosen lending standards until the assets you seek to capture are attached.
(this makes the economy debt dependent)
4. Once debts are significant for the bulk of the population, sharply tighten lending standards. <– Economic shock – Onset of deflation
5. Backstop losses with public guarantees if possible. This is gravy if one can get it.
(Fannie and Freddie guarantees, for example)
6. Permit default ‘without risk’ on the assets you wish to seize to maximize wealth transfer.
(Stall foreclosure, stay repossession orders etc
7. Stall the economy to maximize default positions and deplete private liquidity. <– We are here
8. Successively ratchet the economy downhill, while bettering secured positions.
9. In a series of large actions, seize all security for default. Target the assets of greatest interest first.
(This deals a heavy economic blow and can help cause the ratcheting required for step 8.)
10. Transfer asset ownership, but retain prior owners as renters where possible.
(This reduces public lashback and helps maintain the asset for resale)
11. Once the bulk of assets of transferred, write them down to leverage the public financial backstop.
12. Buy up as many remaining assets on the cheap as possible. Hide this action.
13. Hyper inflate to destroy the external claims on wealth. <– Onset of hyperinflation
(This destroys treasuries, gov’t bonds, currency. Ensures free title on new assets. May cause war.)
14. Stabilize the currency or devise a new one, resume lending at a reasonable pace. Sell the assets back, secured of course, at your chosen price in new currency.
Hyperinflation is only a risk to the wealthy if the population has the assets.
Make note of that statement. It is key to timing the shift from deflation to hyperinflation.
via The banker’s guide to owning it all…………… | Awaken Longford.
via The banker’s guide to owning it all…………… | Awaken Longford.
Banks will always blow themselves up, regulator warns
Michael Cohrs, a former Goldman Sachs banker who now sits on the Financial Policy Committee, said regulators may be trying too hard to “re-fight the last war” and that “allowing financial companies to blow themselves up, and then try and deal with the fall-out, may be – whether we like it or not – the reality of where we end up”.
Speaking at the University of the West of England, he also warned the authorities against forcing banks to increase lending, saying it was “no silver bullet” for the current economic malaise. Higher lending risked weakening the banks as most households and businesses were trying to pay off their debts and those wanting more debt were the least creditworthy.
“If we push too hard on the lending theme, we will simply raise default levels, as more of the borrowers will not be creditworthy,” he said. “There is no silver bullet to quickly fix the current economic situation.”
Drawing attention to the wide variety of financial crises over the past 200 years, Mr Cohrs said: “We shouldn’t pretend we can eliminate financial crises completely. Nor that the next crises will necessarily be a carbon copy of the last one.”
via Banks will always blow themselves up, regulator warns – Telegraph.
via Banks will always blow themselves up, regulator warns – Telegraph.
misebogland 