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The Big Banks Are Waging Warfare Against the People of the World
Michael Hudson is a highly-regarded economist. He is a Distinguished Research Professor at the University of Missouri, Kansas City, who has advised the U.S., Canadian, Mexican and Latvian governments as well as the United Nations Institute for Training and Research. He is a former Wall Street economist at Chase Manhattan Bank who also helped establish the world’s first sovereign debt fund.
Hudson says:
- The European debt crisis is really financial warfare by the banks
- Indeed, the banks are in warfare against the rest of society
In a separate interview, Hudson says:
- What's going on in Greece is exactly what's going to happen in America in a couple of weeks.
- The big banks are forcing their bad debts on government
- They are also forcing governments to sell off national assets so the banks can install a "neo-feudalism":
As I documented last month in a post entitled "America Is Being Raped ... Just Like Greece and Other Countries", America is in fact being subjected to the same type of plundering as Greece and Ireland.
Professor Hudson explained in 2008:
You have to realize that what they’re trying to do is to roll back the Enlightenment, roll back the moral philosophy and social values of classical political economy and its culmination in Progressive Era legislation, as well as the New Deal institutions. They’re not trying to make the economy more equal, and they’re not trying to share power. Their greed is (as Aristotle noted) infinite. So what you find to be a violation of traditional values is a re-assertion of pre-industrial, feudal values. The economy is being set back on the road to debt peonage. The Road to Serfdom is not government sponsorship of economic progress and rising living standards, it’s the dismantling of government, the dissolution of regulatory agencies, to create a new feudal-type elite.
I reported last year:
Foreign Policy magazine ran an article entitled "The Next Big Thing: Neomedievalism", arguing that the power of nations is declining, and being replaced by corporations, wealthy individuals, the sovereign wealth funds of monarchs, and city-regions.
As I noted in 2009, a leading progressive economist that the true purpose of the bank rescue plans is "a massive redistribution of wealth to the bank shareholders and their top executives".
As the wholly non-partisan Australian economist Steve Keen notes:
- "This is the biggest transfer of wealth in history", as the giant banks have handed their toxic debts from fraudulent activities to the countries and their people
- The big banks blew bubbles - using fraud - because that's the only way they could make obscene profits (see this for for details)
Indeed, this isn't the "Great Recession", it's the Great Bank Robbery. The big banks have pillaged and looted the rest of the world.
And it is not only Greece which is losing its sovereignty ... the big banks have turned America into a banana republic as well. Remember, the trillions in bailouts went to banks, not Main Street ... and a large percentage of the bailouts went to foreign banks (and see this). And so did most of money from the second round of quantitative easing.
Indeed, the warfare by the big banks is global.
Postscript: If this sounds like breathless class warfare against the financial sector, remember:
- Inequality largely caused the Great Depression and the current economic crisis
- The father of modern economics - Adam Smith - didn't believe that inequality should be a taboo subject
- Warren Buffet, one of America's most successful capitalists and defenders of capitalism, points out:
There's class warfare, all right, but it's my class, the rich class, that's making war ....
- Conservatives - as well as liberals - are against rampant inequality. But all Americans underestimate the amount of inequality in our country
- advertisements -
Ok, but every time I see a post that says, "come on, wake up, people!!" or "Americans are cowards!!"
I think to myself, I am awake. I get it. Now what do you want to do about it?
Great stuff.
GW rocks.
I still feel the American people are complicite in their own butt rape.
Everytime war is declared on anything in USA our constitutional rights and our money gets Abused and wasted. Almost 40 years of this BS. and a lot of Americans still don't get it
The war on drugs, the war on terror blah, blah. its all bullshit.
How come nobody except maybe ZH readers see it?
Paulson should have been tried for treason and shot!
The FED should have been disbanded and a precious metal based currency should have been reinstated, the banks should have been reorganized.
Swingforce is dead on as most of the commentary is.
I just am amazed more folks don't see it, it's so depressing.
The Banker and The Gangster, an Extranormal / animated parable
http://www.xtranormal.com/watch/11528188/the-banker-and-the-gangster/?listtype=SERIES
We have a very simple choice - continue the biggest transfer in the history of the world from the young to the old or once and for all stand up the AARP and say - NO - we will not allow you to steal the wealth of this nation. RATION health care for everyone above 70. Create personal savings accounts for Social Security and only allow people to take out what they put in.
And I blame the baby boomers and their children for neglecting their democratic duties in favour of cheap and moronic entertainment, self-fulfilment and narcissism. Most people in this society have no idea what money is, what value is, what freedom means or a fucking clue when they are being bent over and sodomized.
Cool, at least people are starting to point the fingers at the real problems rather than the symptoms.
It's only taken 2 years. I don't expect any incumbents to actually do anything about it. All we have to do is get rid of all the current bunch of economists, all of the politicians first.
GW, bringing up the issue of inequality without mentioning what your goal is on that one, puts you on a slippery slope.
Inequality is a symptom, not a cause.
And total equality, or the attempt for it, hasn't worked out so well either in historical examples...
GW,
Listen you Al Qaeda sympathising fool.... Big banks are not the problem - the GREED of all of us is. You sound like a GReek socialist on strike. The banks didn't cause the ponzi real estate market - WE ALL DID. The banks didn't insist on zero rates - WE ALL DID. The banks didn't demand more and more and more enetitlements - WE ALL DID. The problems we face now is a generational one- stealing of assets by the elderly at the expense of the young. We need to severly limit health care to those above 70. Ration it - and cut back the massive entitlement society we have created before it is too late.
Sure, big banks don't push debt, make massive profits using unearned, "out of thin air" counterfeit "money", they are just philanthropists, giving people what they want. Obviously only unpatriotic muslim sympathisers and "elderly" sycophants, who are selfishly expecting some return for their part of a social contract don't understand this.
In the end, they seek nothing less than ONE BANK TO RULE THEM ALL AND IN THE DARKNESS BIND THEM.
WTF? The socialists are whining because the fascists are winning the battle over control of the serfs?
Way to miss the point and buy into the Hegelian dialectic horseapple pie.
It's not my debt. And I'm not paying it. Socialists in government work for the money-printers in incurring the debt and promising to put a gun to our heads for eternity to 'pay back' the non-wealth counterfeit paper money they spent to destroy our economy.
A pox on both their houses, and on purveyors of psyops disinformation like this crap.
In all sincerity, what part is disinfo?
The banks aren't dumping their debts on government. Central banks removed the value from the currency long ago. All currency is now debt. All of them, worldwide, did this with the approval of government. Government figured this would be an easy way to buy power with inflation. The banks knew better. They knew that all the currency issued as debt was first printed by them, then owed back by the population who had to create real value to get the printed money. They knew the interest could mathematically never be paid back. They knew the quantity of currency in circulation had to keep increasing until it blew up. They knew that government debt in the form of bonds is bondage on the people. They know now that there is enough bondage on the people that it can never be paid back.
To sum up: They create the currency out of thin air, loan it to you for your house. When they create too much, it crashes the economy. You lose your job. They take the house. Voila, they now have the real asset and they DID NOT EARN IT. The government is the enforcement arm, their collection agency. The government dictated the legal tender laws. The government pledges to spill your blood if necessary to make you pay off their bonds. The FED is the biggest holder of treasuries, I have read here on ZH. The FED creates nothing. It did not lend wealth. It lent counterfeit currency, that damaged us when it was spent, and now we are in perpetual debt servitude to 'pay it back'.
The whole 'banks are dumping their debt on government' argument is so far off base it's beyond wrong. It's a red herring, disinformation to get your eye off the ball. The banks OWN the government. The currency is a fraud. The 'dumping debt on government' meme assumes that the currency is legitimate, that the debt is legitimate, and that actual value is owed for actual value recieved, all of which are not true. It ignores the fact that government debts are where the crisis is at, the banks loan governments counterfeit currency on demand.
It's not that banks are at war with mankind, it's that banks OWN mankind, they have stolen all the value out of the economies of the world, the time for suffering and deprivation of their victims is coming, because the fiat paper money system is cooked; they knew it was coming because it was mathematically inevitable, and you are being prepared for the Next Level. Which they will propose as a worldwide currency with a one world government. Likely it will be a faux gold standard where the currency is backed by gold (but you can't have any real gold). Part of that preparation is crap like this. They'll throw some usefull idiots over the balcony to the angry crowd below, then it's back to business as usual. Anything to keep you from demanding: a) a free market in asset-backed currencies, and b) your right to live your own life for your own sake. The success of their grand plan for the next level is by no means assured. But the failure of the current ponzi scheme is already underway.
Max Keiser gets the best guests on his show: Nicole Foss, Steve Keen, Michael Hudson.
Banks ... feh! Who cares.
Bailouts of 'little people' ... what would they have done w/ the bailouts? A: spend, spend, spend. Who would wind up w/ the bailout cash? The banks ... because the banks are designed to 'save'. The little dudes are programmed to spend.
What now? End of the finance era is around the corner, leading to the subsistence farming era, if we are lucky ...
How many mortgages could have been paid off entirely with all the cash the banks had thrown at them? At least somebody would have received some value for all that was spent.
Agree with you George.
However, I'm here looking at my screen, along with 200,000,000 other Americans instead of rising in protest.
Do you think that is an accident? I think the government learned a lot from the 60's.
Yup they did
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We already know about Koch's, Exxon, ad infinitum, the banks. Yet, few recognize that Austrian malarkey is the creed they use. Atlas is not your friend.
The creed they use is corporatism, wholly opposite of Austrian theory.
If you're going to critique something, please approach it honestly.
That's just it, the whole dialogue is framed in obsolete terms, pitting pretty much useless ideologies against each other. People end up chasing phantoms in ridiculous circles, because it is not possible to even think about what's going on given the constant emotional manipulation and disinformation. left, right liberal conservative, like the two-party system itself, endless squabbling about big-endianism while the aristocracy march their armies of the undead right into the capitals of every nation, enslave everyone and are greated as liberators.
How about some more direct music that talks to this stuff? It wasn't out there so I wrote some - and there is more coming.
http://www.youtube.com/watch?v=y3SRWmV2WIE
Look at it from the fifty thousand foot view. 99% of all the labor in the United States and all the ownership is being transferred to less than 1%. That's called Grand Theft Nation.
http://www.youtube.com/watch?v=tytPcvyJASc&feature=BFp&list=WL22AE4B46556BFA9D&index=22
Simple Minds - All The Things She Said
Damn, George, I've been noticing the same thing: Banks against the people! WTF?
Kinda makes me wonder when we're going to strike back. It's not good to fail to defend oneself.
"Gold is money and nothing else" ~ JP Morgan, testifying to the Pujo Committee, 1913.
http://www.lewrockwell.com/orig10/canavan1.1.1.html
There's your strike back.
If the government is not legitimate, then it would not be a "coup", but a matter of legal necessity to remove it.
It's time for military and lawmen to fulfill their duties.
One of the bank branches in my area has been trying to lease the upper floor (Offices, away from the great unwashed) for several years.
that's a stupid idea (go figure) because they will have to jump from the windows when the building catches on fire
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"“War on Drugs” ... has been a very costly disaster..."
depends upon whose persepctive: for the sheeples - a disaster;
for the "law enforcement", political, "leadership", manufactures of weapons, equipment, technical means of tracking, and on and on it's double your money: they get billions from the sheeples to "prosecute the phony war" and they get untold more $$$ from the drug lords to look the other way
but in particular the drug lords make out better than all: price for their "products" goes up and up, no taxes, - their underground economy rivals the world's total legit economy ...
everyone and anyone in polyticks, "law enforcement", legal "profession" know this and anyone who belives otherwise is a brainwashed dupe sheeple
The only reason for the war on drugs is to make it easier to incarcerate people in privately owned and run prisons.
It's a farce.
"Farce is also characterized by physical humor, the use of deliberate absurdity or nonsense, and broadly stylized performances" Nailed it.
As is every single other government "program."
Just once, I'd love to turn on the TV on election day to see the press beside itself having to report that no one voted.
I've been saying the same damn thing... no one wants to listen, because this storyline does not conveniently fit into the rose tinted preferred world view that people force onto reality. The fact is, this is so blatant, you have to have your head up your @$$ in order to miss the warnings, signs, statements, billboards, road blocks, hand cuffs, groping, search and seizure, unemployment, inflation, food stamps, need I go the fuck on?
I think the people deserve this at this point. It's just about too late for any real chance of action to change the outcome. We're all too poor and hungry already. And very afraid. Cowards.
Yep!
From a placard seen during the Spanish demonstrations:
""We are not against the system, the system is against us!"
You need to realize that everything Obama, Geithner, & Bernanke do, they do for The Banksters. Many people have lost homes. Many more are paying inflated rates on inflated properties which the banks refuse to refinance. Savers are getting lousy rates on CDs, but are charged 10%-24% on a credit card. From the top of the credit menu board to the bottom, The Banksters have FREE REIN to suck as much blood out of the middle class as they possibly can. It’s a criminal plan that TARP was paid for by The Taxpayers to save the banks from extinction, only for them to revive and viciously attack the hands that feed them. Henry Paulson should be charged with Treason for using The Taxpayers' Money to re-arm The Banks of Mass Destruction. Everybody is a victim, even the homeowner without a mortgage, his equity is dropping in its entirety; he's losing more than the guy with a mortgage. Condos sit empty because banks don’t want to pay association’s maintenance fees, while those fees rise for the rest of unit-owners to make up the shortfall. The Banking Cartel is waging a war against every American Citizen, and it won’t be happy until every savings account is drained, every homeowner is broke & evicted, every credit card holder is “paying” 24.9% + $88/ mo. in overlimit and late fees, and every house is in their possession. Even the foreclosure process is financially draining for the owner, with insurance and electric payments continuing until property is taken out of owners’ name, an average of 2-3 years. (Upon repossession, the bank doesn’t book the loss until resale, artificially covering-up insolvency issues). Wake up people, its not us against each other, its Us vs. The Banksters who run their operation with impunity.
Bangster vs Gangster - an animated parable
http://www.xtranormal.com/watch/11528188/the-banker-and-the-gangster/?listtype=SERIES
A great many people are living rent free and have been since 2007/2008 in their homes that they bought and used as ATM machines. Another great deal of people are happily rich having built $80K houses that they sold for $350K. Those are the same people that had so much money they bought gold at 600 an ounce for an almost clean triple. There are others, those who own for profit colleges which rape students. And lets not forget all the realtors who butt raped everyone for decades with their houses always go UP.
Or if not charged with treason, subjected to a little homegrown justice ( I leave this to your own imaginations).
Find out where he lives, go say hi. Say hi to all the banksters. Sit in their gardens. Do stuff. Whatever takes your fancy. Ask Gerry Adams how he ended up beating the UK Govt?
+ 31.1035
Here is a nice little story of some guy getting back at the Banksters
http://patrick.net/forum/?p=25968
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