Party Over for Bankers

(And Everyone Else)

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The Economist

The end of the banker’s reign is near and that is a really good thing. Up to this point, bankers have managed to turn humanity into pile of debt slaves. Since the advent of paper money, bankers have tended to form an unholy alliance with elected governments to expand debt and both parties have prospered until now; the time has come when debt can no longer be repaid. Darryl Robert Schoon writes, “The global economic collapse is perhaps humanity’s greatest hope for escaping the debt slavery the world’s financiers and bankers have planned for the world. However, to escape slavery one must first know he is a slave.”

Debt is the slavery of the free. - Publius Syrus, 50 BC

“Now everybody understands that Greece needs to be helped to exit recession as soon as possible. The relevant negotiations are making progress, and I hope they are completed as soon as possible,” Greece’s Prime Minister George Papandreou said. Some people are very serious about their delusions and want us to believe in them too. How is an economic backwater country like Greece going to be helped out of a recession when the rest of the world is on the verge of financial and economic calamity? And how is any person or country in debt helped by taking on more debt? Don’t tell anyone but a massacre is going to occur in the banking industry, for haircuts are not what are in the offering but instead full-field scalping as countries default on their debts. It’s only a matter of time.

Sheldon Filger says, “policymakers have no real solutions, and have just about run out of gimmicks and short-term fixes. The global economic crisis that began with the financial collapse of 2008, far from being resolved or a clear path to recovery being underway, is entering a more dangerous phase, in which sovereign debt reaches the level of unsustainability. The result could very well be paralyzing insolvency among the advanced economies, which could destroy the economic future of an entire generation.” Monty Pelerin writes, “The circus surrounding the debt ceiling makes interesting theater but all the babble is irrelevant. How the debt ceiling is eventually resolved only changes the timing and extent of the economic collapse.

The baby boomer generation “Will be remembered most for the incredible bounty and freedom it received from its parents and the incredible debt burden and constraints it left on its kids,” writes Thomas Friedman for the New York Times, telling us that both European and American dreams are on the line.  Everywhere the sense of wrongness is leaking into the mainstream except perhaps with freshman Republicans who are more interested in doing what is right than in getting reelected.

“E3 is not a solution. It is currency destruction that leads to eventual hyperinflation that wipes out fixed incomes and most savings. It is nothing more than a temporary political escape from reality. It ensures the ultimate political and economic collapse of the country. The only solution is to pare back government to where it is no longer destructive to the productive sector. It must be defanged and caged. Immediate cuts of 50% in spending would be my starting point. Additional cuts would follow,” concludes Pelerin.

We know that American politicians will not even dream of such dramatic cuts of their power or of the budget so I am convinced that nearly everything about today’s world is going to change over the comings months or short period of the next year. The ride down in terms of evaporating financials, housing values, loan values, expanding unemployment, and contracting world economy will be hard. No soft landings ahead. It’s going to be much worse than most people expect.

It is tough for people and governments all over the world. David Galland writes, “Japan is essentially offline. Reports from friends in Japan—including one who was initially skeptical about the scale of the problems at Fukushima—have now changed in tone by 180 degrees. You can almost feel the growing sense of desperation as the already massively indebted nation begins to slide toward an abyss. There is little standing in the way of the world’s third-largest economy’s slide.” Greece, Ireland and Portugal are not far behind in terms of desperation though they worry not over increasing radiation levels, not yet at least.

Italy and Spain now seem ready to fall onto their fat bellies threatening to bring down German and French banks with them and then perhaps the entire central banking system in the process. Nothing sane can be said of the United States so we can only expect the worst from her. As the world spirals downward we can only expect America to make conditions down here on earth more dangerous, especially now to its own citizens. At this point it will probably be safer outside the United States. In a serious crisis, most of the criminals out to steal your property and do harm to you will come with official government sanction and not from traditional criminal elements.

America is like Humpty Dumpy sitting high on the wall about to take a great shattering fall. The Eurozone is growing increasingly desperate and everyone is watching for and wondering who the markets are going to punish next. The U.S. debt situation is far worse than anyone in Washington is willing to admit so nothing will be done about it. China’s bubble is big and dangerous. The Middle East is in flames and different countries, states, cities, towns and businesses are going bankrupt with so many of them being just too big to fail.

The Daily Bell asks, “Is that a great Depression knocking? Leave the door shut. Guard yourself and your loved ones. You are being lied to; it is a conscious campaign, a Dreamtime, lulling you. Lift the blinds and look outside. Trust your own vision, not what you’re being told.”

John Rubino said that, “The idea that there were pain-free solutions to the mountain of debt the world has taken on was always a delusion. But it was one that the leaders of the U.S. and Europe in particular have clung to ferociously. Until now. In just the past few days it seems they’ve all been forced to recognize the futility of their situation, and they have simply given up.

We might not be taking what Rubino is saying seriously but that is not the case with governmental officials from the treasury department.

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July 16, 2011WASHINGTON – Federal officials have reached out to banks and investors to discuss the government’s plans for its paying obligations after August 2 in the event the debt ceiling isn’t raised, the Washington Post reports. Among the options being considered to raise revenues while borrowing is prohibited are the suspension of non-critical payments and the sale of federally-owned student loans, mortgages, and even gold reserves. The government is facing a $159 billion deficit in August, according to the Bipartisan Policy Center. The Post is reporting that financial firms and investors were skeptical of the plans when briefed by Treasury Department officials, arguing there would be chaos in the markets due to speculators quick to scoop up valuable assets at low prices from a cash-starved government. Rating agencies have said any partial default on its obligations, or steps to pay only some of the nation’s bills, could be met by a downgrade of federal debt—which would cause further economic turmoil. – Business Insider

“This was inevitable because ‘extend and pretend’ is by definition a temporary strategy. It works for a while but only for a while. And now it’s ending everywhere, all at once. We’ve entered a new phase of the global financial collapse that began in 2000. Any one of these capitulations—a Greek default, followed inevitably by either more PIIGS [Portugal, Italy, Ireland, Greece and Spain] defaults or EU bailouts of surreal size, the admission that the U.S. government will run trillion dollar deficits essentially forever, and a massive new Fed stimulus plan—would by itself be enough to destabilize the global economy. Toss them all into the mix at once and you get chaos, continued Rubino.

Bob Chapman writes, “What America is seeing today is a flat-lining economy. The U.S. economy is doing a slow-motion swan dive and the corporatists do not care because they believe they’ll become part of this new World Order. The big question is why haven’t government and the Fed tried to solve the economic situation? The answer is they have no intention of doing so, because they want the public on their knees economically and financially so they can impose World Government.”

The cold, hard reality of the matter is that economic decline and economic despair are spreading rapidly and they will come to almost all of us soon enough. Don’t make the mistake that you can escape the crisis that is building up like a standing wave ready to sweep away old structures and institutions reshaping the basic social and economic environment that we now take for granted.

Silver Shield slams most of us in the face saying, “The last place I would want to be is in a multicultural, densely packed, urban area with huge wealth disparities when the dollar collapses. When the dollar collapses, food and fuel will become scarce and people will become desperate. We have seen riots in the past, but let me assure you that you have not seen anything yet. I remember the Rodney King riots and this collapse will make that look like child’s play. Those riots were over some verdicts on a few men; the dollar collapse is a verdict on all of us.

The shock of abject poverty and sudden desperation will bring out the worst in people. The police will be overwhelmed at a time when their paychecks stop or don’t buy anything and their pensions wiped clean. Those officers will not risk their lives out on the street trying to save some failed system. They will be at home defending their families or simply getting out of dodge. Leaving all of those left behind to fend for themselves.”

Those that are wise, will be far away from danger, instead of tempting fate. - Silver Shield

If you have not seen part two of Gerald Celente’s recent video with Max Kestler I would recommend a listen. No one alive talks as much street sense as Celente and it’s no coincidence that Gerald, a martial arts specialist when he is not doing financial forecasting, talks about guns and escape plans. Ignoring people who are shouting out warnings now can become very costly in the near term of life. Even for me, someone who depends on spiritual protection from the harm people do to others, the harsh realities are difficult to fathom and accept as I attempt to sort through the choices I must make when balancing the above with my family responsibilities.

“Those areas that are most dependent on the dollar paradigm will be the worst places when the dollar collapses. Most people have only a few days of food to exist on, and if the water gets shut, less than that for water. What is also not very well known, and very dangerous, is that we have 1/10th of the population on anti-depressants. If people don’t get their pills and come off too fast, they will suffer psychological breaks at a time when their real world is falling apart. It seems every school shooting or mother drowning her kids are from people who stopped taking their meds. I would be willing to bet that the use of these kinds of drugs are significantly higher in urban areas than rural areas. This fact is only going to compound the problem in a world already gone mad,” concludes Shield.

Chris Hedges, a Pulitzer Prize-winning author writes, “Adequate food, clean water and basic security are now beyond the reach of half the world’s population. Food riots and political protests will be frequent, as will malnutrition and starvation. Desperate people employ desperate measures to survive. And the elites will use the surveillance and security state to attempt to crush all forms of popular dissent. The aim of the corporate state is not to feed, clothe or house the masses but to shift all economic, social and political power and wealth into the hands of the tiny corporate elite.

“Do not expect them to take care of us when it starts to unravel. We will have to take care of ourselves. We will have to rapidly create small, monastic communities where we can sustain and feed ourselves. It will be up to us to keep alive the intellectual, moral and cultural values the corporate state has attempted to snuff out. It is either that or become drones and serfs in a global corporate.”

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Comments:

  • Pastor Dave

    Mark –
    You ended the article by talking about rapidly creating small, monastic communities. I am intrigued by your term monastic. What do you mean by that? Please explore that or point me to an article where you explain that. As the monastic Irish saved us from the dark ages, I think there is a place for a modified monastic community based upon faith in God and low Eco impact and sustainable community life.

  • Matt

    It is actually very easy to resolve the entire national debt of USA. Simply institute a 14% wealth tax on the wealth (assets) of the 100,000 ultra rich persons in this country. Tax their boats, planes, dozens of luxury vehicles, multiple mansions, art work, jewelry, fur coats, etc. The government could raise trillions of dollars to pay off the debt and rebuild the infrastructure and save this country.

    Unfortunately, the 100,000 ultra rich control this country and have 93% of the wealth while the rest of us 310 million struggle daily. They control the Banksters, politicans, and media.

    This same technique can be applied to Europe and rest of the world. A 14% flat wealth tax for those that have assets over $50 million.

  • Pingback: xAn Iron Chancellor And A Federal Union Will Arise In Europe Out Of A Soon Coming Global Financial And Debt Collapse « EconomicReview Journal

  • Tim

    Mr Cressy writes at length, but not compellingly. He says that the US currency has always been backed, when healthy, by a physical entity, eg gold or silver. It has not. When Lincoln issued the Greenback, underpinned purely by the faith that people had in the intangible value created by people’s labour, skills, and willingness to treat fairly, the economy boomed. Until my country started to ship wagonloads of counterfeit Colonial Scrip, to undermine the system. Mr C wants a currency underpinned by commodities. The US should buy up as much of these as it can. So who has the money to do this? The bankers, who are responsible for the existing mess. They are in possession of the countless gazillions we have been queuing up to give them since 1913. And what happens to the rest of the world that has no money to buy commodities? Mr C is replacing a failed and inequitable system with more of the same.
    The solution though, is simple, as he quite rightly says. But for different reasons. The counterfeit money produced by the Fed and the IMF/BIS/WB is not money. It is paper, or SDRs, which amounts to the same thing. So we are not in debt, if debt means being unable to give someone a mountain of the paper they have given to us ( or our governments ). So, Congress can authorize the printing of a new type of money, money that is not borrowed from bankers with compound interest attached, which is the reason for the whole system’s existence. Why borrow money at interest, when you are empowered by the Constitution to create it yourself without interest? So, print this New Greenback. But simultaneously, or rapidly, make the old Fed note illegal tender, otherwise the bankers can still use it to subvert the rule of law, and to buy up the new notes, one for one, as they emerge from the printers. At a stroke, you remove their power, which has absolutely corrupted everything it has touched. If these people deserve fair treatment, then give them back what they have given us, ie Fed notes, the ones that are no longer legal tender. Quid pro quo.
    Any monetary system that requires tangible items to give it value can be corrupted. Gain possession of all of that item, and you control the system. Rothschild has stated that if he, and by extension his American subsidiaries, eg Rockefeller, is given power to control the volume of “money” in a society, he cares not who makes its laws; by implication he is saying that the private banks make the laws. Which is the situation clearly in evidence today. Any illegal foreign war is legitimized by a corrupt government acting solely on behalf of the international bankers. That is the name of the game.
    One of your greatest Presidents was Lincoln. Listen to him speaking again to you, and learn.

    • Jason

      I agree Tim, Glenn means well but does NOT understand the current monetary system or how to ‘fix’ it. I urge he, and everyone else for that matter, to watch an absolute historical EXPERT on the subject (Bill Still) break down the debt as money system and its real solution in great detail here: http://www.youtube.com/watch?v=swkq2E8mswI (Secret of Oz)
      After watching that doco, watch this one: http://www.youtube.com/watch?v=Dc3sKwwAaCU (Money As Debt I)—- then people will truly grasp the gravity of the insidious situation we now find ourselves in and just how easy it would be to correct. It would be if the politicians were not in bed with and beholden to the same bankers that control us.

  • Tony

    This is happening because the financial system is designed to fail at this point in history.

    We are entering exam time, that’s all … and if you want to blame someone
    for doing this then go ahead … I prefer to spend my energies on my own personal
    preparation and on becoming more aware of what needs to happen day to day and
    also preparing to form local NEW communities AFTER this initial shock of a collapsed
    economy, increasing world wide martial law and any ELE that may occur.

    This situation IS HAPPENING and is NOT meant to be fixed … if you can, take
    a seat and watch, from a distance if possible, the imminant collapse of the world’s
    greatest empire … I will join you …

    From the Australian Northern Rivers Hinterland.

  • OliveOyl

    Dear Mr. Cressy, thank you for your post. Yyou make some valid points. But, as Dr. Mark pointed out, the elites are responsible for these messes, and the global financial meltdown is happening because they wish it. The LAST thing they want is fair, thoughtful, humane solutions that will allow people to keep their good health, roofs over their heads and bellies full. Until the elites are “out”, probably none of your worthy suggestions can be put into practice.

  • Glenn T. Cressy

    CAN AMERICA BE SAVED?
    Written By: Glenn T. Cressy

    By saved we are talking about the financial situation that America is in at the present time. Do I think that America can be saved??? Absolutely! But, only if we recognize some basic principles.
    The first of these principles is that we have to recognize who the enemy is! And, who is the enemy? It is plain and simple. The enemy is none other than the worldwide banking industry. So, let me explain why I am making this statement!
    Banks have been notorious for stealing people’s money and/or property. A prime example of this is in post World War II when the Nazi Government was imprisoning the entire Jewish population for the crime of simply being Jewish. Most of these people had their bank accounts in Switzerland because of the banking secrecy laws that were in existence there at that time. Was this a good thing at that time? Possibly! But, let me explain what was happening or what eventually happened. I do not know what came first.
    Prior to World War II Hitler blamed all of the financial problems in Germany onto the Jewish Nation and this was easy to do. Although Hitler was himself a partial Jew he blamed all of Germany’s problems onto the Jews. He had a propaganda machine that played to the psyche of the German people. They were not at fault for losing World War I but, rather it was those terrible Jews in Germany who had all of the money.
    So, now all of the Jews were in concentration camps and their money was in Swiss bank accounts. Could Germany get to the money? No! But, neither could any of the survivors of the concentration camps dead relatives. Why is this?
    The Swiss Bankers realized that if they asked for a “Death Certificate” for the people who made the initial deposit, that Germany would not make out a death certificate for the Dead in the Concentration Camps. So, this allowed the Swiss Banks to effectively steal the money from the dead. Imagine…all of the money that an entire group of people had was now theirs…Just by establishing a regulation. No “Death Certificate” no money. They knew that the Nazi’s would not make out “Death Certificates”. So, they could steal this money and never give it back! I would call his as legal theft.
    Let’s jump now to modern day history. The banking industry has made many test “Problems” in third world countries where the banks have all failed (under mysterious problems) and have taken the monies from many third world countries, in the middle of the night, and have never returned it because…the world has never wanted to intervene into the problems of other nations.
    Emboldened by this many banks have started out to giving out loans that were not financially sound. This made “Land Grabs” possible. That is what is going on in the United States right now. It is a blatant land grab and none of the politicians are either able to see it or are allowing it to happen.
    Our country is on the brink of financial ruin because of these banking procedures and we are unable to either see what is happening or else are allowing it to happen.
    We now need to go back to another piece of history. Throughout the history of the United States our money has always been backed by solid commodities and these commodities were either gold or silver. In other words a dollar was worth a dollars equivalent in either gold or silver. This changed at about the same time as World War I because the government wanted to make a change in the United States. So, we started printing “Notes” which were backed by the US Government. We began printing notes which were only a “promissory Note” between the bearer of the note and the United States Government. Are you starting to see a problem here? In other words it was just a piece of paper. Have you ever known a person who broke his promise you? Of course you have and this was and is the problem here. We have now a promise that has been broken.
    What is the answer to this problem? To go back to financially solvent dollars! I will get to that in a moment.
    Our problem is with the banks and the bankers. We put forward a new “Stimulus Bill” which said that the Banks were too big to fail and that we had to support them. However, we had a stipulation attached to that bill and it was basically this…That the banks would reload this money into the economy so that small businesses could (with the help of these loans) start to rehiring Americans so that they could keep their homes.
    Was this a contrary concept to the desires of the banks? Of course it was. They promised to reloan this money and never did. So, now they were even more powerful. I consider that they have now become a government within a government.
    Also, these same bankers around the world convinced everyone that the United States had adopted these banking practices so everyone else should copy how the US Banks were now operating… After all, wasn’t the US the most powerful country in the world?
    So now we have a One-World Order when it comes to banking principles! And, how are we going to change this?
    I think that we have to go back to having our money dissolve the “Promissory Notes” that it has now become. We cannot and should not just print out money whenever we feel like it.
    We have to have something of value behind the Dollar. But, should it be Gold and Silver? I think not. Why not? Because there is only so much of these two commodities in the entire world. But, the answer lies in the last sentence and this answer lies in one simple word…commodities.
    The world is built around the “Commodities Market” and there are almost literally thousands of commodities. There is still gold and silver but, there is also copper, vanadium, manganese, rare earth minerals, and also wheat, corn, soy beans in addition to oil and natural gas! These are all items that the human species needs to live a good life with.
    So, I am proposing that a commission be set up and determines what commodities are necessary for the American People to live a good life for this coming year and that the US Dollar is printed upon those needs. Then if the US has a budget of One Trillion Dollars for this coming year then, let’s print out one trillion dollars of “Commodity Dollars” and buy (in advance) the necessary commodities that are needed from the market place that America needs to produce a healthy way-of-life for the up coming year. And, every American has the right to have a dollars worth of Oil or Rare Earth Minerals, or gold, copper, silver or whatever! This will give a real dollar-to-dollar value for all commodity dollars that are on the market.
    …………………………………………………………………………
    OK, now that we have addressed the banking problem let’s look at the remaining problems that now exist in the US. We need to look at the existance of new words.
    Following World War II it was decided to set up a new insurance program that entitled each and every American a new style of Insurance Policy which was called Social Security. Everyone was mandated by law to buy and pay for this new insurance policy. And, the United States Government would be the watch-dog for this policy of yours. It was your personal property and could not be touched by anyone. This insurance policy would guarantee that you would have a good retirement in your later years….Right?
    Then came Medicare and Medicade. Also insurance policies! These insurance policies were your own personal property!
    So, what has happened? Because “Insurance Policies” are null and void when it comes to intervention from any outside sources (remember that this is your own personal property). The government has decided to call these policies by a different name. They are now called “Entitlements”. Who in the hell devised that word?
    Anyhow, but now by calling your own personal property by a different name…by calling it “Entitlements” the United States Government can now claim this as their own property. They have now changed the word that they are calling it by and now can claim this property of yours as being their own. Is this right? Of course this is not right but, the government cannot meet it’s obligations under it’s own self-imposed regulations. So, the government has to devise a way of stealing from it’s own citizens so that they can ignore the rules that have been established.
    Medicare and Medicade. Once again an insurance policy that is owned by you but, the government establishes it’s own set of rules about how and where you can spend your own money.
    Remember, how a few years ago many Americans wanted to buy their drugs from across the border in Canada? Were you allowed to spend your “Pretend Money” out of the country and were not getting any value from it? No! And why should you? Are these other counties stupid? Of course not. They are going to want to be paid real money for real medicines. So, what did the United States say? How do we know that the drugs you are getting from Canada are the real thing? How lame was that excuse!
    Here is my answer to all of that. I believe that there are a lot of doctors who have been educated in the United States. I have been seen by doctors I know are from 3rd world countries who have graduated from Harvard Medical School. I know of other doctors who are graduates of Yale, UCLA and Northwestern …So why are these doctors not able to attend to American patients and get paid by Medicare or Medicade?
    The answer to this is that the United States government has no control over these doctors and the drugs that they are prescribing to the patients. Everyone knows that the drug companies pretty much own Washington, D.C. and also the lawmakers who work there. The capital has become a place where the interests of the drug companies take precedent over the care of the individual.
    Here is my answer to all of this: I believe that any doctor who is a graduate of a major medical program in the US is capable of being paid under our basic guidelines. This will do these things: They will be able to give their patients from the US high quality and capable medical treatment. They will also be able to give quality treatments to American patients at a greatly reduced price.
    They will be able to reduce the American debt for quality treatment. And they will be addressing the American problem of getting high quality candidates for major medical schools. This will also have a huge impact upon our economy by having students from around the world attending our medical schools. Not to mention the transport factor. Americans will be needing transportation to and from the foreign country. This will go a long way in helping these industries.
    If you consider all of the fringe benefits that opening up the rules and regulations bring about, I think that this could have a very positive effect upon the American economy.
    Not only would the Transportation Industry and the Medical Colleges be getting a huge increase in business but, the patients would be receiving quality care. And, the biggest benefit of all would be the savings to the Medicare and Medicade. Imagine getting quality care at a substancial cost savings for the people. That is what the American Economy needs at this point in time.
    If you could get a Harvard Doctor who is charging $40-$45 an hour would you not think that this is an appropriate payment?

    Written by Mr. Glenn T. Cressy
    Owner: http://www.registeredservicedogs.com
    PO Box 114
    Cuenca, Ecuador