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I’m a little confused over the conclusion that we all now work for the world central banks. Is that because every western nation has accumulated so much debt that it can’t ever be repaid? The inherent assumption in that argument is that every individual citizen of those countries is required to pay on the debt. I would disagree- the obligation of citizens to pay taxes on a debt they never wanted in the first place is not the same at all as a bank loan agreement with an individual person or company. When the situation gets bad enough the citizens will change countries and leave the taxes behind. (Alternately states will secede to protect their citizens from the national government’s folly.) Or do the bankers expect Soviet style emigration restrictions be applied to keep citizens working productively in the debtor nations? Good luck with that proposal in the U.S. right-to-work states.
A partial answer lies in document outlining the principles of Communism. You confiscate the property of people who try to emigrate.
For people here at the time, I pointed out that I believed the reason for the sudden interest in overthrowing the government of Libya was Ghadaffi and his son refusing to store their country’s wealth in the global banking system. Freezing Libya’s assets delayed the implosion of Europe’s banks for a while.
Part of the end game is that the current near zero interest rates are making pension funds and insurance annuities insolvent – but with a 30 year time frame, you can mask the problem for a while – until people want their money back – the same thing that causes a Ponzi scheme to suddenly implode.
Ghadaffi learned his lesson the hard way. I wonder if seccession is really viable. Any break-up could trigger unintended consequences. Finding a country to move to that actually wants Amercians may become more difficult. Bulgaria supports a growing base of American and British ex-pats. Very interesting county.
The Wall Street Journal today points out that in 20 years, fracking of “tight oil” will bring prosperity back to America.
But I ask – Does fracking work only in Anerica? If fracking happens everywhere, the current glut of oil will grow even more. The proven economically viable proven world resources (before fracking) was well over 1 trillion barrels.
The issue isn’t going to be oil wealth, but greenhouse gas “management”
It is a complicated subject. Do consider that the Fed is a monopoly corporation and it prints money and lends it to its member (read “too big to fail (tbtf)”) banks at virtually zero interest and takes as collateral worthless bad debt at face value rather than book value. The Fed’s does this to bailout bad decisions at the tbtf banks so that those executives can keep paying themselves exorbitant salaries and bonuses. Those executives sit on the board and control the Fed itself.
The Democrat’s Dodd-Frank bill changed all that by giving the Fed power to regulate the tbtf banks… the same banks that are on the Fed’s board and that use the free money from the Fed to lobby for the Troubled Asset Relief Program (TARP) and other handouts at taxpayer expense.
By allowing the Fed to dilute the value of the money you and I earn by printing unearned money and handing it to the tbtf banks, your earnings and savings lose value, your energy and food costs more and your tax rates go up because of higher marginal rates that collect more of your money from the Fed handing free money to the fbtf crowd.
The MSM press is quiet about it here because they are all movie studies depending on federal copyright laws and federal enforcement of them, but the Chinese are on to it:
http://www.zerohedge.com/news/2013-04-22/chinese-sue-fed-monopoly-usd-devaluation
That’s a pretty fair analysis, but I think the situation goes deeper and is probably much worse than what it appears to be on the surface. They are a true criminal class. How much longer will the FRN be around? Even the toadish Greenspan wonders what’s next. I’m sure they already have the next more planned but can not reveal it prematurely for fear of the reprisals.
http://www.thedailybell.com/28836/Anthony-Wile-Greenspan-Discusses-the-End-of-the-Fed–What-Comes-Next
In an old thread probably on the prior blog, I asked the question of “if you kill the fed, what do you replace it with?
The conclusion is there are two very different things and evn that is rapidly changing – the first is the boring original purpose – sending coins to banks, processing checks, doing electronic wire transfers – basically the back room part of retail banking. The ABA can run that, possibly privatizing it
The other part is managing the checking account of the US Treasury – accepting deposits to pay taxes, sending paychecks to the government employees, paying bills. That should be run by the US Treasury itself. It doesn’t require an entire system managed by the bankers.
Do what JFK and Lincoln did, issue debt-free US government money. Oh wait, they were both assassinated. Oh Lord, we need help, fast!
Something is wrong when air traffic is shut down accross the country because it is controlled by the Federal government and no one, absolutely no one in the MSM asks why the Federal government employees should be controlling air traffic.
Reminds me of the mountains of garbage on the streets of NYC because only the city employees could pick up trash and they sometimes decide they don’t want to unless they were paid more.
http://dangerousminds.net/comments/mens_cologne_that_smells_like_new_york_city
It is… and I have trouble knowing when to stop typing in this tiny text box. There are many crimes. One additional one is documented in the Fed’s own minutes and involved the head of the NY Fed, Timmy Geitner at that time (later to be Sec of Treasury for President Obama). Passing secret inside information to the Bank of America so they could trade on inside information and cheat the people they traded with… the people like you and me, the “citizens” prboylan calls us.
Oops- forgot this:
“MR. LACKER. Vice Chairman Geithner, did you say that [the banks] are unaware of what we’re considering or what we might be doing with the discount rate?
VICE CHAIRMAN GEITHNER. Yes.
MR. LACKER. Vice Chairman Geithner, I spoke with Ken Lewis, President and CEO of Bank of America, this afternoon, and he said that he appreciated what Tim Geithner was arranging by way of changes in the discount facility. So my information is different from that.”
Be sure to see the chart at the bottom of the article to see how the market moved and consider how much options moved (the right ones can easily move 10x the stock)
http://www.zerohedge.com/news/2013-01-19/presenting-50-point-sp-500-move-courtesy-illegal-geithner-leak
The cost of an insider violating the law- promotion to Obama’s Sec of Treasury.
Why do we allow the Fed to manipulate the market and reward its friends and cheap the citizens? Because no one talks about the corruption.
Here is additional documentation:
http://www.zerohedge.com/news/2013-04-22/aftershocks
In the middle of the sep 2009 chaos, it was Bloomberg’s broker terminal network that put up systems to do things like create the temporary emergency trading system to buy/sell commercial paper. Bloomberg is the ultimate Wall Street Insider.
Either he has an unusually highly skilled programming staff or Bloomberg had built systems ahead of time suggesting that the panic wasn’t a spontaneous event, but something that was planned for ahead of time.
He speaks again too.
http://www.zerohedge.com/news/2013-04-23/ron-paul-bitcoin-if-i-cant-put-it-my-pocket-i-have-reservations
Listen starting at 10:05 for his assessment of the Republican party and young people.
I have to put in a plug for Tom Keene on Bloomberg “Surveillance”. 6-8AM on Bloomberg TV: “Tom Keene, Sara Eisen and Scarlet Fu bring insight on the top business stories and the state of the markets getting you ready for the day ahead. ” It is quite good, especially if you record it and zap the commercials. You can also find the podcasts on the bloomberg.com web site under videos. I am not a big fan of the mayor, but he has a good channel and this is one of its best shows.
Speaking of government deception, Obama’s economists are redefining GDP which will create a one time 3% jump in GDP. If I follow the idea, today we only count goods and services produced. We’re now going to add in R&D spending. So if apple spends $1 billion to design the iPhone 6, but never actually makes any, that spending will be included in GDP even though no good or service actually is created. A lot of the R&D spending is military related.
GDP is not such a meaningful measurement as most people think. If I pay you $1000 to dig a hole in your back yard, then you take that money and pay me $1000 to dig a hole in my back yard. Then I hand you the money back to fill in the hole you created and you hand me the money back to fill in the hole I just created. Guess what? We just added $4000 to the nation’s GDP.
While it has many flaws, a value added tax makes more sense than a payroll tax.
The big hole I see is GDP includes government spending funded by debt. We could pay a couple million people to dig holes and fill them back up and we have not created a bit of wealth.
The Keynesian notion is those hole diggers will take their government check and spend it with a multiplier effect similar to the velocity index in bank funds that is the inverse of the reserve requirement.
The one dollar in govt handouts will create $8 in new income over maybe the next year that will generate more than the $1 in new revenue to pay back for “priming the pump”
But we now are borrowing around 10% of GDP and having GDP growth around 3%. From my perspective that means productive wealth building activity declined 7%. If GDP is the metric to measure the economic progress of a country, it highly incentivizes governments to hire “service” workers that do nothing but pretend to work. You wind up with India Railways being the largest employer of the world, hiring people at every grade crossing to manually open and close crossing gates
Obama has more holes than both Glenn Beck and the filled Albert Hall combined.
http://www.zerohedge.com/news/2013-04-24/fisker-new-solyndra-obama-kept-pumping-taxpayer-cash-company-was-failing