News & Analysis
DB Briefs: Banking Elites Stole $1.2 Trillion Thanks to the FED / Is Ben Bernanke Insane? / Biden Tells China "You Are Safe"
Wall Street Aristocracy Got $1.2 Trillion from the FED
Fed Chairman Ben S. Bernanke's unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. ... according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress. "These are all whopping numbers," said Robert Litan, a former Justice Department official who in the 1990s served on a commission probing the causes of the savings and loan crisis. "You're talking about the aristocracy of American finance going down the tubes without the federal money." – Bloomberg
Dominant Social Theme: Ben Bernanke and the Federal Reserve did what needed to be done to save the American banking system.
Free-Market Analysis: $1.2 trillion loaned out around the world? Actually, the Federal Reserve fraudulently loaned or gave money to Anglosphere financial institutions, international corporations and even governments secretly and planned to keep this from the American public. The public will in reality pay for the free-money giveaway in higher taxes, cuts in services, economic depression and loss of prosperity.
If a thief breaks into your house and steals all the cash and gold in your safe deposit box but you aren't aware of the robbery for a few years, did a crime take place? We believe the answer is yes.
Here is a link to the list of recipients: click here.
Bernanke May Have to Go for 'Shock and Awe'
"If the Fed really is going to go down the route of another round of unconventional policy making, I think they've got to go in for, what I called, shock and awe," Russell Jones, Global Head of Fixed Income Strategy at Westpac Institutional Bank told CNBC on Monday....The recent stock market rout has already wiped out more than 10 percent from major indices. ... "If we really are in trouble at the end of the week, I think they'll have to respond," Jones said. ... Frankly, Bernanke and the Fed are desperately trying to keep a big secret from the American people. The US has been in a depression since 2009 with the collapse in real estate and the dollar. Only their manipulation of the stock market has kept the American people from seeing, in their portfolio and retirement plan statements, how bad the situation really is. – CNBC
Dominant Social Theme: We must throw more money at the problem than we did with QE 1 and 2 to prime the pump and support the economy until something works out.
Free-Market Analysis: Ben Bernanke is insane. Albert Einstein described insanity as doing the same thing over and over again and expecting different results. Yes, QE 1 & QE 2 helped to make the fake economic statistics a little better but at what cost in added sovereign debt and ushering in the dollar collapse while prolonging the depression?
The new "shock and awe" QE 3, 4, 5, 6, etc. will not end the depression. The result will be identical to QE 1 and 2.
While the Anglo-American elites could create a short-term solution with a major war, we suggest a return to free-market economic principles, an end to the Fed and the election of Ron Paul as president of the US in 2012. There is no reason for a military conflict with thousands of causalities just to get the economy moving and hide the mistakes of the Federal Reserve and Wall Street.
Biden: China's U.S. Assets Are Safe Despite Downgrade
Biden also made the case for continued U.S. economic vitality despite current budget woes and sought to reassure China's leaders and ordinary citizens about the safety of their assets in the United States following the downgrading of America's credit rating. "You're safe," Biden told students in a question-and-answer session following a speech at Sichuan University in the southwestern city of Chengdu." – Huffington Post
Dominant Social Theme: America is making real economic progress in controlling our sovereign debt problems. We just need more time to get our financial house in order.
Free-Market Analysis: We always enjoy following Joe Biden as he plays his part as a "regular Joe" to perfection in the US and around the world. But behind the sound bites and humor, the US is playing a deadly financial game of "false promises" and "trust us" to a China demanding actions instead of word games. The US government is paralyzed and unable to do more than talk and delay the inevitable future default or inflationary solution to the American Treasury debt problem.
This is an interesting political game of chicken being played out by American and Chinese leaders at the highest levels. Who will chicken out first?
Will China begin to dump American debt or will America start to inflate their sovereign debt away by inflation and dollar collapse. Either course of action will have the same outcome on both nations. The politicians involved or in power in both countries will be repudiated and the world will be plunged into an even more severe sovereign debt and currency crisis.
Since all politicians are reactive rather than proactive by nature, the operative action here will be delay until an outside event brings on the debt crisis. Only then will China be forced to mark down the American debt as almost worthless and US citizens forced to do the same to their dollar denominated savings and wealth.
China knows the American sovereign debt and credit rating will go down but both sides want to postpone the event to delay the political repercussions in China and America.
Posted by rossbcan on 08/24/11 06:29 PM
"How can non-lawyers function in any way when they have no legal standing to represent, or appear, on anyone's behalf?"
Your basic right to life includes "self-defense". So, you can legally defend yourself (and anyone else who has signed power of attorney to you - I believe, CHECK THIS). Judges HATE this but, cannot dispute without negating the basic pretext for their sorry existance.
Personally, I was getting thoroughly trounced (enslaved and impoverished, daughters at severe risk) until I learned to represent myself. Now, they leave me alone and refuse to re-engage in the matter of reparations: stalemate. They are after low hanging fruit, show some spine and, they are off, to easier prey.
"only a fool represents themselves" is A LIE, by and for lawyers, to disarm YOU and, put you at THEIR MERCY (of which, they have NONE).
Posted by DarbyJie on 08/24/11 04:57 PM
"..not sure whether you are being facetious or not. But think - good lawyers (caveat-hypothetical posssibility) vacate the "profession", only evil remains.
How long ya think it is going to take before the public realizes this and "evil lawyers" are fought by non-lawyers?"
Not sure what you mean by this-How can non-lawyers function in any way when they have no legal standing to represent, or appear, on anyone's behalf?
But I am startled that you think the corruption is as bad as this, and yet it makes sense when one realizes that the levers of power are now in the hands of *the thoroughly corrupted*, and so this has become the "new morality" (evil and predation), and those who are evil will be the flavored (and employed!) ones.
And so I guess Atticus Finch wouldn't stand a chance in this world of today, and likely would already have quit. Perhaps the legal profession itself is even now on its way out... and what--onward to 'tribunals'??
Quite a mess we're in, no? I wonder if there is_anything_we could do to alter or deflect this seemingly inevitable 'future'!!? For sure, strange and desperate times are here.
Posted by rossbcan on 08/24/11 01:16 PM
"let the Evil reign supreme and unchallenged"
not sure whether you are being facetious or not. But think - good lawyers (caveat-hypothetical posssibility) vacate the "profession", only evil remains.
How long ya think it is going to take before the public realizes this and "evil lawyers" are fought by non-lawyers?
Lawyers jaw-jaw and can rationalize anything. Action, not words are called for.
Posted by DarbyJie on 08/23/11 10:59 PM
"They protest: some of us are good and trying our damnest, to which I respond...
Perhaps, but you do not prevail and, it looks like "good cop / bad cop", protecting cop "turf:, at the expense of what you are paid to do. Besides, you have the voluntary choice to not associate with this foul group."
Right, great solution. Make sure there's not an *honest attorney anywhere to be found* --let the Evil reign supreme and unchallenged. Yup, smart thinking! (Atticus Finch would not agree though, now would he... )
Posted by John Danforth on 08/23/11 10:44 PM
Evil is human action that is anti-life. It usually stems from a desire for the unearned and a willingness to violate the rights of others to get it. Sometimes it comes from blind hatred, but even the hatred is often a result of a desire for the unearned and frustration over being unable to obtain it.
One manifestation of the desire for the unearned is the attempt to attain unearned social status and a self-esteem boost by assigning negative attributes to entire groups of people. Although the idea that the entire group of people would all share this negative attribute is palpably absurd, the attempt is made to impugn the character of all individuals in the group based solely on their race or nationality, with the hope that the accuser will enjoy an elevated status by comparison. It's called bigotry. It's a cheap, vulgar, collectivist tactic, and it reveals a lot more about the one leveling the charge than it does about the accused, who the accuser knows nothing about. It forms a psychological confession. It reveals the logical aptitude of the accuser and shows the means by which he gets his self-esteem (through the eyes of others). It shows the bravery of the accuser, who lays insults on people only when safely out of their reach, never having the guts to say those kinds of things directly to those he accuses.
Thus my statement: Hatred based on collectivism is evil.
I'll add this: Bigotry is not bravery.
Posted by NAPpy on 08/23/11 07:49 PM
What can you possibly know about the lives of any of the "good people" you are disparaging on this board? If you don't know them, then from what facts did you reason to your conclusion? If you did not reason from facts, then it sounds like you're either playing provocation games, playing the hypocrite, or just being plain ignorant.
I make no effort to distinguish my nation from myself. My nation is an artifical construct, composed only of individuals. "It" does not exist. The individuals claiming to be in charge made no contract with me. They do not represent me now, nor have they ever. I am not responsible for what these individuals do, and to claim so, like you do, is corrupt or evil. Let me define evil for you--acting violently or promoting it. Corruption is falsely labeling evil as good. It's corrupt to blame the abused (me) for the actions of the abuser (the psychopaths in charge).
"Preserve cleanliness and respect... "? What are you talking about? Are you accusing people you don't know of not taking showers and not saying please and thank you? Do you think cleanliness and respect will solve the problems of fractional reserve banking backed by legal tender and a central bank? Will they solve the dumbing down of people through public schooling. Will they solve abuse in the home?
In your personal affairs, as viewed on this board, you make general claims about people you don't know. How is that judging people as individuals and holding them responsible for their behavior? How does making broad generalizations about people you don't know fit the standard of freedom and liberty? That sounds like an assertion without an argument to me.
What is your solution, besides venting on people you don't know?
From yesterday's post that you ignored, here's my solution:
I think the best solution for most, and what I'm trying to do myself, is to disengage. Withdraw from the fractional reserve system. Hold PM's. Barter. Pay as little in taxes as you can get away with. Associate with liberty-minded people. Ridicule, ostracize and avoid statists. We're social animals, and ostracism has proven to be a very effective tool in the past. Learn how to defend yourself. Hold food reserves. Integrate into a worthy community because it'll be hard to survive difficult times on your own.
There. See? Constructive recommendations without labeling. Now, you try it!
Posted by rossbcan on 08/23/11 07:04 PM
I get the same thing from lawyers regarding my general proofs of their "professional" evil in the "rule of law":
Click to view link
They protest: some of us are good and trying our damnest, to which I respond...
Perhaps, but you do not prevail and, it looks like "good cop / bad cop", protecting cop "turf:, at the expense of what you are paid to do. Besides, you have the voluntary choice to not associate with this foul group.
If good does not pervail over evil in a group, it is pretty clear: Taken as a whole, the group is evil.
BIG BUT: This is fine for when groupthink is "neccessary" (if it ever is), but, individuals should be judged by their merits or lack thereof and, in particular, not judged by the behavior of those they are forced to associate with.
Posted by cat writer on 08/23/11 07:02 PM
Look at how the people act in the country. It starts from below.
So we look at Eastern Europe. For example, the Czech Republic: one can stroll the streets while drinking alcoholic beverages and there is NO controls on those selling drinks save those concerning public health and sanitation. The auto insurance industry does not profit from violations that do not result in accidents.
You have people that had enough of authoritarian states there. Even under communism, the police were limited to what they can do and if necessary, the locals took care of rogue cops.
We look at Latin America. One can set up business as a massage therapist without any need to pass a fascist professional registration board. And in both places, if the government gets obnoxious, there is always bribery. I do not approve of it but recognize that 'corruption' is a release valve for tension. The United States does not have that facility and the chances for massive conflict as rossbcan mentioned will be very high.
One reference is Click to view link. (Fred Reed)
Reply from The Daily Bell
Fred Reed and his website is an excellent resource.
Posted by cat writer on 08/23/11 06:50 PM
The evidence over the years is clear to me. I cannot but conclude otherwise.
Mindless? How about motivation?
If a team can do better but does not, for any cause but injury, you will bet that the coach or manager will go on a tear in the locker room. An example, if you can stand it, is Bobby Knight. Click to view link
Now that was basketball. Is our civilization less important than a game?
You people have tramped around the world for four centuries claiming that you have some formula for the perfect society and come hell or high water, you are going to impose that society for everyone's good. Not only is that a general act of evil, but you yourselves fall far short of perfect.
But somehow the USA brand is to launder that nonsense, just like somehow Jesus absolved every Christian from sin with his sacrifice. The truth is different. You Americans have allowed a police state to grow, and although there has been cooperation from every psychopath from all corners of this world, you have let it grow unchallenged.
Logic and rational discussion will not work. Your nation is not much above animals. I cannot reason with my cats; I can only show and teach them by use of appropriate physical demonstration. This does not mean or imply cruelty; a shot of water in the face or a sharp voice is sufficient.
In your case, unlike my animals, we are dealing with arrogance, unmitigated gall. Thus stronger measures are required.
So please get that I am not picking a fight; I am just weary of the fiddling around while the place burns down, and not only watching but also suffering the effects of the metastasis. If anything, I am crying out loud.
Posted by steveg on 08/23/11 06:49 PM
Evil is engulfing us.
Are We Engulfed By Evil?
By Stephen J. Gray
Endless war is being waged around the globe. The weapons supplied by governments of all political stripes. A recent example was the illegal war in Libya supported by the 'democratic' governments in the West against their 'old friend.' It was called a, 'humanitarian mission' to unseat a dictator. Meanwhile, there are other dictators supported by the West. Saudi Arabia and communist China are but two examples. Which makes one wonder why are there no 'humanitarian missions' bombing these other dictatorships? Oh, I forgot these other dictatorships are 'friends' and 'allies,' and so this evil political farce continues with politicians claiming to be in favour of 'human rights' while sanctioning illegal bombings and the killing of children and civilians by NATO, which of course is funded by the tax dollars of people from various countries. One hypocritical political 'leader' even said these missile and bomb attacks as being done by 'brave soldiers.' Which makes one wonder what is 'brave' about pressing a button thousands of feet in the air that releases a missile that kills innocent children? One might ask; are war criminals not only the dictators, but also, the so-called political 'leaders' spouting democracy and human rights as they create bloody mayhem? Meanwhile the profiteers of these bloody atrocities, who never participate in combat and operate out of luxury office buildings are laughing all the way to their stock portfolios. It would be interesting to see the names of just who is making a killing - no pun intended - from financing wars that are unjust. Justice would be served if all the political warmongers and all the dictators were put on trial for crimes against humanity. But hey, who would run the corrupt system if we did that?
Financial war is being waged on taxpayers everywhere by the financial elites of the monetary system... .
Read full article at link below:
Click to view link
Posted by rossbcan on 08/23/11 02:06 PM
It is looking like it will be a repeat of the insane French Revolution, with 24/7 guilotines moving down the food chain, including any and all who appear to be surviving (such as the productive). Then, the survivers wake up, bewildered, having soiled their own nest and survival prospects by destroying both the infrastructure and those with ability to chart a better collective future.
Rather than "running from" (no goals), we should really be considering "going to?" (goals), but, the grim odds of random choices working out versus well considered goals and the required choices to achieve them appears to be well beyond collective intelligence.
Intelligence? duh, what's that:
Click to view link
Oh yea, the antisocial opinion of those who state that immediate gratification needs to be moderated by considering future needs, else, there can be NO FUTURE.
Posted by josejoe on 08/23/11 01:46 PM
well, it's just not going to be economic chaos when the markets collapse around the globe, but riots,wars and unforeseen difficulty for everyone, with resolution nowhere in sight. the hangings and executions of the super-rich will be the start and work it's way right down the economic ladder (or vice versa) maybe the end really is coming? hang on,headly, a new report is just coming in!
Posted by rossbcan on 08/23/11 01:39 PM
"China knows the American sovereign debt and credit rating will go down"
Mao called the US a "paper tiger", long ago. Doubt very much that they have forgotten this fact. The West has been hoisted by their own petard, eagerly siezed the rope by which they are to be hung.
In actual fact, despite the fact that China may have to "eat" US default, by inflation or otherwise, they are still well ahead in the game.
They have the most modern and efficient manufacturing capacity on the planet, in exchange for selling "beads and trinkets" to the Yanks. They are acquiring resources and making friends, all over the planet, filling the power vacuum vacated by "white man speaks with forked tongue".
And, if there is an afterlife, somewhere, a group of dead North American Indian tribal elders, formerly forlorn regarding how they were ripped off in the Manhatten "deal" and other worthless treaties are grinning ear to ear, to see justice done to their perps, in the exact same manner:
Justice Defined: We are all free to profit or suffer and learn (adapt to excellence) by facing the consequences of our OWN choices. Injustice is to be forced to suffer the consequences of choices of unaccountable (irresponsible) others.
Lesson: What goes around, comes around. Actions always have consequences. It's not nice to fool with Mother Nature and, sheer folly to act and bet against natural law.
Posted by rossbcan on 08/23/11 01:03 PM
"Hope we don't burn eight years, too"
... by the facts, well over a century has been "burned".
Posted by Jeanna on 08/23/11 12:58 PM
Where is the freedom loving, liberty minded country where all good people stand up against the evil ones? I'd like to live there, too.
Posted by EdwardUlyssesCate on 08/23/11 12:46 PM
Since "insanity" was mentioned, here's a quote from Henry Morgenthal, Jr. who was Secretary of the Treasury under prez F.D.R. (May 9th 1939)
""We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong … somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. … I say after eight years of this Administration we have just as much unemployment as when we started. … And an enormous debt to boot."
Click to view link
Hope we don't burn eight years, too.
Posted by rossbcan on 08/23/11 12:41 PM
"Ben Bernanke is insane."
And, so are ALL who attempt to spin and perform "factual" economic analysis, where economic "wellbeing" is viewed as the sum of unproductive and productive economic "activities" where "unproductive" is fraudulently misrepresented as a positive:
Click to view link
Thus, by this measure, the more unproductivity, war, destruction and fiat counterfeiting, the better. Great numbers and "optics", with absolutely ZERO correllation to provable reality. The only "reason" that some "numbers" are not so flattering is that THEY have not yet "adapted" by defining the REAL aspect of the "measurement" to "not significant".
TRUTH IS: economic "well being" IS positive production MINUS unproductive costs.
Posted by Frank on 08/23/11 12:25 PM
"China knows the American sovereign debt and credit rating will go down but both sides want to postpone the event to delay the political repercussions in China and America."
Yes, both China & the USA are probably postponing the inevitable US Dollar & debt collapse. In fact, I was kind of wondering why it hasn't already happened. Your answer: "The politicians involved or in power in both countries will be repudiated and the world will be plunged into an even more severe sovereign debt and currency crisis." Sounds correct to me. The politicians, as usual, are looking out for themselves, not the people they represent!
Posted by clark on 08/23/11 12:02 PM
LibertyBelle wrote, "I am kind enough to give you the grace to believe that you just overlooked a word or two. Right??? Here's my edited version:
"... make you act like an American politician (and others who have sold their souls to TPTB for personal gain): to cheat, lie, steal, murder in anyway whatsoever."
The reason I am so positive you made an error here is... "
I'm not so certain that was inaccurate in the first place, I might have thought so once, but I'm simply not so certain. How might you have an ability to see into the hearts and minds of all Americans to say it's true or false? Based on select bits of history and current goings on today, it just is not clear that was an error.
And this last bit, cat writer doesn't come across as a troll to me. "My standard is freedom and liberty, and that extends to everything." - Well said, and seemingly firmly rejected by most.
Posted by cat writer on 08/23/11 11:56 AM
I am so heartened that you and John Danforth exist.
However, I have heard it all before. All of you good people put all this effort to make a distinction between yourselves and your nation, to try to convince me that somehow I should modify or reverse my opinion and judgement.
I did proof my submission prior to sending it. I overlooked nothing.
You "good people" have done absolutely nothing to preserve any cleanliness and respect in your country or world. You see fit to suffer this evil. (And Danforth cannot even define evil.)
In my personal affairs, I judge people as individuals and hold them responsible for their behavior. However, a betting man or a trader is not going to go long on a class of individuals based on hope that a few gems can be found in the garbage. If one sifts through garbage, most often he stinks at best and falls ill and dies at worst.
My standard is freedom and liberty, and that extends to everything. I am not interested in nice people but in a free society based on respect. There was plenty of "nice" and "good" in Central and Eastern Europe from 1933-1990, but that does not mean that I would choose to live in some of those lands. There was no respect.
The same applies to Americans.
Very rarely does an American develop the backbone to stand up and say "NO", be it the schoolyard bully or the Power Elite. Most of the time, the politician does the evil what the several individuals have not the guts to do. They are hit men, and the "good" people are responsible for and stand accountable for engaging them.