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The Fastest Growing Export of the Western Banking Industry is Fraud
- Alan Greenspan
- Bank of England
- Bank of Japan
- Ben Bernanke
- Ben Bernanke
- Central Banks
- Commercial Real Estate
- European Central Bank
- Federal Deposit Insurance Corporation
- Federal Reserve
- Global Economy
- Great Depression
- Hong Kong
- Japan
- KIM
- Monetary Base
- New Zealand
- Poland
- Purchasing Power
- Real estate
- Reality
- SmartKnowledgeU
- United Kingdom
Despite the fact that nearly all of the macroeconomic trends
I have predicted since 2006 on my blog, the Underground Investor, have come
true, the percent of people that disagree with my predictions for 2010 and 2011
still outnumber those that agree by a factor of ten to one. There is a rational
explanation why the public-at-large still grants a great deal of validity to the
opinions of people I like to call the “men who cry wolf” – Ben Bernanke, Timothy
Geitner, Gordon Brown, Alan Greenspan, et al.
The explanation is that the fastest growing export of the
Western banking industry is fraud.
This is not to say that the eastern banking industry is not guilty of
this same fraud. Off the top of my head and from what I have see in my travels
through Asia, I can think of at least three real estate markets in the Pacific
Rim region that are bubbles waiting to burst – New Zealand, Thailand, and Hong
Kong. If you study the Central Banking monetary policies in these countries in
recent years, you will discover that these real estate bubbles are the
architectural accomplishments of their respective Central Banks as well. However,
the roots of this global monetary crisis lie with the most influential Central
Banks in the world that include the ECB, the Bank of England and the US Federal
Reserve.
More than a year ago, I penned an article on my blog titled
“The Line that Separates Real Money from Counterfeit Money Has Become Nearly
Indistinguishable”. In this article,
I discussed the enormous irony of a viral story back then about the harm inflicted
upon society from an inordinate amount of counterfeit £1 coins that were
discovered to be in circulation in the UK. In that article, I stated the following:
“The Bank of England is not the only Central Bank to
conclude that running the printing presses overtime to pull their domestic
economies out of trouble is the preferred solution even though this “solution”
will have some serious blowback consequences in the future. The Bank of Japan,
the European Central Bank and the US Federal Reserve have all demonstrated a
proclivity towards massive expansions of the monetary base, an action that will
eventually lead to massive expansions in monetary supply and an ultimate race to
the bottom in currency debasement. So with Central Banks literally taking
actions that will eventually destroy the purchasing power of all major
currencies, it is no stretch of the imagination to conclude that the “real
money” they are currently printing will soon have far more deleterious effects
on the purchasing power of said money than the comparatively small percentages
of “counterfeit money” that leak into the system.”
A couple of weeks ago, the UK Financial Times reported an
article titled, “Our World Balances on a Sea of Debt”. The byline of this
article reads, “The banks that control the world’s supply of money are no
better than counterfeiters – and their system of juggling debt has left the
global economy teetering on the brink of ruin. Convicted fraudster Darius Guppy
offers a provocative personal view.” In this article, a must read in my
opinion, Mr. Guppy argues:
“These ‘experts’ will tell you that the present difficulties
are simply the result of abuses and excesses in a system that is basically
sound. All that is required is for some faults to be corrected. Do not believe
them. The reality is that the problem is systemic and a little tinkering here
or there will achieve nothing in the long term. What is needed is a
root-and-branch re-evaluation
of that most curious of cultural inventions, money: how it is created, how it
circulates, and how it can best be used to serve the interests of the
community. [emphasis mine]”
This is a powerful statement that should lead the majority
of the world’s citizens to engage in some serious introspection. There is more
truth in that statement than any statement I’ve heard in the last decade issued
by any global banker, politician, or the latest Nobel-prize winning economist
with whom the media is enamored. If you take the time to understand how money
is created, how it circulates, and how it can best be used to serve the
interests of the community, I guarantee you will immediately question the
integrity of every derivative of our monetary system from carbon credits and taxes to mortgages to credit cards.
If a convicted felon understands more about how our monetary system operates
than 99% of all Congressman and even Nobel laureates in economics, let alone the
common citizen, then we need to not only question why this is, but we also need
to ask the following question:
“Who controls [aka manufactures] the flow of information so
expertly that we now have a grotesque imbalance between the understanding of
reality and the acceptance of fantasy?”
Consider the immediate dire consequences of what would
happen in America if the US government increased the capital requirements of
the top 10 US banks tomorrow.
Since all of these banking stocks have been manipulated higher over the
last 9 months and are severely overvalued, raising new capital through
secondary offerings would largely be an non-viable pursuit. Thus, many of these
banks would have to resort to selling portions of their commercial real estate
portfolio to raise the capital to meet increased capital requirements. If so,
then true discovery of the real values, not the marked-to-fantasy values, of
commercial real estate in the United States would occur. And there is no doubt that true
discovery of commercial real estate portfolios held by US banks would have
massive negative consequences upon financial stocks, then US stock market
indexes, and then global stock markets. But why should true discovery of asset
values cause such massive disruption worldwide? Could it be because fraud is
upholding many asset valuations today?
What is occurring in the US commercial real estate industry
would be akin to the following example. In 2008, when the S&P 500 plummeted
by nearly 40%, imagine if you knew that every single commercial investment
house that was a competitor of the one that managed your money lost roughly 40%
in all of their managed stock portfolios that year as well. Now, imagine your
surprise when you received a statement at the end of 2008 from your commercial
investment firm sometime in early 2009 in which your portfolio, valued at $2 million at the beginning
of 2008, was still valued at $1.95 million. Wondering how your firm managed
to outperform all their rivals when you know full well that they all employ the
exact same diversification strategies, you phone your advisor to acquire about
this anomaly.
Not a minute into your conversation, your advisor stops you
mid-sentence and states, “We achieved such exceptional performance because our
internal valuation models have determined that the true valuation of your
portfolio should be $1.95 million. Furthermore, January 2008 was a really bad
month so we excluded that month in our internal valuation models and amended
our year to run from February 2008 to February 2009.” Confused by this
response, you respond: “Your internal valuation models? Does that mean if I
wanted to cash out my portfolio right now, I would not receive $1.95 million
less your commission fees?” Your advisor responds, “That is correct. Were you
to cash out today, you may only receive $1.2 million, maybe even $1 million, not
$1.95 million. But don’t worry, our internal valuation models have determined
that the vast majority of stocks you hold are severely undervalued and that the
market is not setting a fair price for your stocks were you to sell today. Our
internal stock market valuation experts have told us that the true value of
your portfolio is actually $1.95 million. That is why your statement shows your
portfolio to be $1.95 million.”
How would you react to this conversation? Most likely, you
would scream fraud and pull your account immediately, right? But this is the
scenario that is occurring with the commercial real estate sector in the US
today, and this is precisely why banks that are insolvent are declaring
themselves solvent. However, this example only illustrates one of a plethora of
fraudulent reporting practices of governments and banks today. Changing reporting periods, definitions
of bad expense, and altering calculations of Tier 1 capital (as exposed here by
Zero Hedge in their article “Is Wells Operating Below The FDIC Statutory
Minimum 3.0% Tier 1 Capital To Total Assets Ratio Courtesy Of A Few Accounting
Gimmicks?”) is now so commonplace that indeed, fraud is, without doubt, the number one export of Western
banks today.
Politicians and bankers would do well to heed the more than
200-year old words of Patrick Henry in his infamous “Give me liberty of give me
death” speech:
“Mr. President, it is natural to man to indulge in the
illusions of hope. We are apt to shut our eyes against a painful truth, and
listen to the song of that siren till she transforms us into beasts. Is this
the part of wise men, engaged in a great and arduous struggle for liberty? Are
we disposed to be of the number of those who, having eyes, see not, and, having
ears, hear not, the things which so nearly concern their temporal salvation?
For my part, whatever anguish of spirit it may cost, I am willing to know the
whole truth; to know the worst, and to provide for it.”
Today, if politicians and bankers merely channeled the same
amount of energy that they expend in deceiving the people into fixing the
monetary system, then perhaps they would have already come up with a viable
solution by now. To have the slightest fighting chance of resolving this crisis
with a solution that benefits the people, politicians and bankers must be
courageous enough to tell the public the worst of the truth and to provide for
it. But fraud, and perpetuation of an illusion seems to be their only concern
today. And with good reason. After
all, as illustrated by a recent Center on Budget and Policy Priorities study,
they are the only ones benefiting from this fraud. From 2002 to 2007, the top 1% of Americans captured nearly
70% of the income gains in America. Today, in my opinion, the number one
reason why the vast majority of people still cannot except the possibility that
we will soon enter into a second phase of this global economic crisis that will
prove to be far worse than the financial disruptions we experienced in 2008 is
the following: Most people alive today have no memory of the Great Depression.
For those that do, certainly they are able to identify with much greater
clarity, the similarities in the patterns of fraud back then and the patterns
of fraud occurring today.
There was a reason why Pol Pot, the tyrannical Cambodian
despot that murdered more than 1 out of every 5 adults in Cambodia, began his
cleansing process by murdering the elderly and the literate. He literally
wanted to wipe out his country’s memory of the past so he could create a new
history that started with his tyrannical reign. The greatest advantage bankers
and politicians have in continuing to perpetuate fraud today in America is the
fact that there are very few people still alive that recall the Great
Depression. If you have a grandmother or grandfather still alive that lived
through the Great Depression, ask them about what happened back then and the
similarities to what is happening today and I guarantee you that your eyes will
be opened to a much greater extent than they are today. If this is not
feasible, then find someone that lived through the economic collapse in
Argentina, Poland or Russia and that now lives in your country and ask him or
her for their perspective on what is going on today. I assure you that the
response you hear will be truly enlightening.
In conclusion, even though grassroots movements such as Move
Your Money and Sound Money Now! have admirable goals, true change cannot be
achieved unless we restore our monetary system to a sound, honest system.
About the author: JS Kim is the Managing Director of
SmartKnowledgeU™, a niche wealth consultancy firm that tirelessly analyzes the
institutionalized fraud of our financial system to consistently identify assets that have the best long-term
lowest-risk, highest-reward potential.
»
I have always been blown away with Mr. Kim's worldview, just as I have been with this site. I am not the same anymore...even today as I had to go to the grocery store, I watched the people, ladies exquisitely coiffed and bejeweled, senior citizens scanning cat food prices for the best deal per ounce, kids wailing for something they shouldn't have, people mechanically going down a list, they were so unaware of the calamity unfolding...Are we like the guys holding the up the sign that says "Repent! The End of the World is Nigh! I can't be alone in this..it is getting surreal. My pantry is so full, I am embarrassed. I asked my sister to check with her bank in Toronto to get me a some Canadian maples. I could hear the eye roll in her tone of voice. I am sure Noah looked a little stupid too building an ark in the desert...I don't want to be right, I just want to be prepared.
I hear you, I've often used the same analogy with the guy with the sign. I've had friends and acquaintances laugh at my year+ supply of food in a spare bedroom. But what I've noticed is those friends are slowly turning around. As things get darker they start seeing that maybe there is some wisdom in doing that.
Personally I don't care about being mocked, instead I work on my friends and family. Some of them have come around, and have even bought food and PMs in case something happens. So you can make a difference in the lives of those around you. And even if you don't prep a little extra for them, I have prepared a bit more because my sister isn't as well prepared as I would like. And I'm with you I want to be wrong more then anything else. Because if we are right then there is a lot of bad times for a lot of good people ahead.
It would seem the answer is in the hands of each and everyone of us. Those that unfortunately are not debt free and have not diversified their asset base to prepare for contingencies, would have the united power of wiping out the bankers, domestic and international, in one fell swoop. A REVOLUTION OF NON-PAYMENT. If everyone together and worldwide defaults on the usury created by fiat currencies, than all they have plundered is worthless paper and ink. Financials of every stripe would fold because there would not be enough people to collect or foreclose on the entire population on all continents, the slate would be wiped clean and human kind can begin again.
We have been watching the beginning of exactly this process for the past year. Increasing numbers of ordinary folk are already defaulting out of anger and hopelessness. When the percentage of these personal defaults reaches a tipping point again as it did last Fall, the system based upon these debts will once again tip into crisis. It's all going on in the numbers, and we the posters here are the audience. The remarkable thing is the vast group of the population who has no idea what is happening and believes that the recovery is underway and grey skies are behind us. The media is a very powerful thing. Of course the central banks still have more cards to play and they will fight this process with every tool they can think of. --Boris
In fact, it will get exponentially worse each time. Due to the compounding nature of the debt=money formula, each successive failure will be far worse than the previous, due to the devaluated money that we have. In the 80s, the bank's losses wiped out all of the earned profits in the history of western banking. It happened again in the 90s. It happened again in the 00s. Each decade our money becomes more and more worthless, as compared to previous decades. $1 at the creation of the Federal Reserve in Jan 1913 is worth $0.0495 today. So, it's not surprising that each successive bank failure, in whatever form it takes, is exponentially worse than the previous. If we make it through this one, the next banking crisis will be even BIGGER, probably double or triple what we are seeing now, because that is how our money system works.
Great post, big guy.
Yup, they are running the Big Con - obvious to any and all paying attention, not so obvious to the dunderheads.
The end of predatory capitalism is not too far off.
And still there are waaaay too many out there who cannot fathom the direct connection between those debt-financed billionaires and the problems of today?
A World living in ignorance of the past has horrifying consequences.
Seven years ago I remember some government fool writing that the Great Depression could not recur due to the governmental safeguards put in place since the 30s. Every year, more of the world's institutional memory shrinks,fades and dies off. That's why new schemes are almost always created from the ashes of the old ones. The old reliables known as arrogance, greed and power have set up most of society's destructive ills for centuries.
The only structural differnce between Great Depression II and GD I is the creation of the super-computer and a patently confusing unregulated Ponzi called worldwide derivatives . Even the banker's futile attempts to juice the equitites markets circa 1930 is eerily similar.
The economic tensions of today will morph into the birth of savage geopolitical war zones around the Globe.....with weapons and missles everywhere. Every bit of it will be planted in the soil of economic defaults and political betrayals mixed with desperation.
Failed global economic policy is now irreversible. Managing through the coming catastrophy is what it's all about when the shelf life of international fraud expires ( and it ALWAYS expires ).
"Seven years ago I remember some government fool writing that the Great Depression could not recur due to the governmental safeguards ..."
And the funny thing is, they removed all those saveguards by ten years ago.....
Oops sorry for the double up. However after thinking about the prize some, maybe it should be for "Smiling Confident Evil".
...and the award for Best Bank Drama goes to...
Good read indeed:
http://www.telegraph.co.uk/news/features/7280559/Our-world-balances-on-a...
In my view the issue is systemic. If you don't change the system, you will have the same problem over and over again.
No, the problem is far worse today, they are just lying more about those stats.....
....and the Academy Award for Best Bank Drama goes to...
I doubt it. The world of finance is hardly restricted to one country with Goldman Sucks' tentacles well-placed at all key financial nexuses (nexi?) in the world.
Global finance knows national boundaries, and we only see the names that are here in the disUnited States. Chances are the men hidden and in plain sight behind the curtain at the IMF, BIS, and others have been in collusion long before America could lay claim to the fraudulent First Causer mantle.
a gentle reminder that usa debt is now too big to pay:
"One stark and sobering way to frame the crisis is this: if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by America’s citizens since the nation’s founding 235 years ago, the government would remain totally bankrupt.
According to the Federal Reserve’s most recent report on wealth, America’s private net worth was $53.4 trillion as of September, 2009. But at the same time, America’s debt and unfunded liabilities totaled at least $120,000,000,000,000.00 ($120 trillion), or 225% of the citizens’ net worth. Even if the government expropriated every dollar of private wealth in the nation, it would still have a deficit of $66,600,000,000,000.00 ($66.6 trillion), equal to $214,286.00 for every man, woman and child in America and roughly 500% of GDP. If the government does not directly seize the nation’s private wealth, then it will require $389,610 from each and every citizen to balance the country’s books. State, county and municipal debts and deficits are additional, already elephantine in many states (e.g., California, Illinois, New Jersey and New York) and growing at an alarming rate nationwide. In addition to the federal government, dozens of states are already bankrupt and sinking deeper into the morass every day."
http://www.321gold.com/editorials/dougherty/dougherty012210.html
off topic but interesting take on how j p morgan denied us utopia:
"...All this was known to the ruthless financier J. P. Morgan, still angry and smarting at his own backing of Edison and DC power systems being soundly defeated by Tesla's much more practical AC power systems. So he was already setting up the total suppression of Tesla, by first breaking his backer Westinghouse (which he did) and then deliberately breaking Tesla (which he did also).
Morgan had already had his technical advisors check the work of Tesla, and they found that Tesla's confounded "energy freely from the active medium" systems (asymmetric systems) were for real.
As a result, Morgan's tech advisors did a group analysis on the Heaviside equations and showed that the Heaviside equations were still ASYMMETRICAL -- and thus they still contained some of those confounded Tesla "free excess energy from the active medium" (i.e., asymmetric) systems. At Morgan's bidding, Lorentz was then elicited to eliminate those "free energy from the active medium" systems from this new-fangled electrical engineering that was being formed.
...Hence before the very birth of EE, the model and subject were already deliberately mutilated and crippled to prevent free energy from the vacuum systems -- i.e., such systems as now have been rigorously developed and demonstrated by Klimov et al. and validated by both the Los Alamos National Laboratory and the National Recoverable Energy Laboratory. The work of Klimov et al. is rigorously published in leading physics and nanocrystalline journals, and it is now accepted in both fields -- and INDEPENDENTLY verified by those two great national labs."
http://www.cheniere.org/correspondence/030110.htm
Here at Livermore we just use mirrors. Same thing.
Money is the fraud!
Paul Grignon made a very explicit video/course to explain why money is the fraud, as money is debt and not a positive value.
video are here :
http://moneyasdebt.net/
and here for french speekers:
http://bankster.tv/
All other frauds are just small frauds compare to the monetary system.
Good crisis 2.O everyone!
Fraud my ass, this is THEFT - call a spade a spade.
Meanwhile, bonuses are up for the money sluts on theft street et.al.
but risk-passing through fraud is quite simply the root of what's going on.
Mikla....you nailed it....
ie no skin in the game securitizations....passed on by AAA stamping what is CCC.....
It that is not fraud ...what is...?
..........................................
Another blatant US Govt. FRAUD....
The DELIBERATE raising of taxes on certain citizens while redistributing the innocent's savings to the losers....
A forced 0% interest rate is a 100% tax on savers....
A dilution of the currency....is a tax on savers....
But the US Govt. calls this BLANTANT TAX INCREASE....a same tax rate policy....
YEAH ?
JUST. BUY. GOLD. 400% return in 10 years. It doesn't get better than this.
I said the same thing in 2000 when the NASDAQ had returned 15 Times your money in nine years.
I remember talking to a friend of mine in either 1997 or 1998. The guy is smart, has a PhD, and he just could not get the concept of "free" service as practiced on the Internet.
I told him, right there and then: "This whole thing is a fraud, it's a scam, it's pure speculation and it is going to collapse like a house of cards". That was after reading - a couple of days earlier - the famous Wired issue on the "New Economy", and thinking: "Either I don't understand economy, or this guy is full of it".
Gold, IMHO, is different than the current (and past) scams: its value will never go down to zero - it will always be valuable for some (maybe even all) people. Think of all the people who invested their life savings in dozens of dot-coms, only to see them bomb one after the other. Or the poor guys, working at Enron, who invested all the 401(k) in Enron stocks.
Gold is the ultimate insurance. Sure, it can (and probably will) lose value, even a lot of value. But, if you have a choice between losing 100% of your wealth and losing, say, 25%, what would you take?
This is why I invest in gold bullions. Make of that what you will.
Buy physical gold bullion & take delivery.
Thanks for the insightful post, Smartknowledgeu. Unfortunately, there can be no meaningful reform until the 'You can't handle the truth' mentality is replaced with truth an honesty. Oh, crap.
Very clear, very good article.
Much of the current system is really as simple as this: Fraud. We're talking "go-to-jail" fraud.
Lots of people don't want to understand the monetary system, and the structure of CDO's, CDS''s, etc. However, they do understand the simplicity of fraud, and that's what drives our system today.
Derivatives are most certainly a problem, but risk-passing through fraud is quite simply the root of what's going on.
Just plain thieves.
In the olden days they just used to string them up.
Now the problem is that they are in control and are stringing us up.
Always a pleasure reading your posts, thank you sir.
Our main exports are Debt and War. Consumers have had bad experiences with both faulty product lines. The profiteers should be busted and the illicit gains recovered. There was little societal benefit and the massive gains accrued to the oligarchs.
Exporting debt and war works. The problem occurs when one can no longer achieve this. Dont want to sound racist but it is all about timing when the chickens come home to roost.
William K. Black - professor of economics and law, and the senior regulator during the S & L crisis - says that that the government's entire strategy now - as during the S&L crisis - is to cover up how bad things are ("the entire strategy is to keep people from getting the facts")
I've read countless news headlines recently about how economists are "surprised" over an "unexpectedly bad" economic indicator.
But it's not surprising at all. It's no mystery.
The government hasn't taken the necessary actions, and has instead been doing all of the wrong things.
Let's recap.
The leading monetary economist told the Wall Street Journal that this was not a liquidity crisis, but an insolvency crisis. She said that Bernanke is fighting the last war, and is taking the wrong approach. Nobel economist Paul Krugman and leading economist James Galbraith agree. They say that the government's attempts to prop up the price of toxic assets no one wants is not helpful.
The Central Banks' Central Bank (BIS) slammed the easy credit policy of the Fed and other central banks, the failure to regulate the shadow banking system, "the use of gimmicks and palliatives", and said that anything other than (1) letting asset prices fall to their true market value, (2) increasing savings rates, and (3) forcing companies to write off bad debts "will only make things worse".
WHO OWNS the FED????
WHO are those men behind the curtain, frantically pulling strings???
The Goddamned BANKING OLIGARCHS, that's WHO! The Goldman's and JP Morgan's of the World!!
This administration needs to stop obfuscating and talking in circles and just answer this question!! Then they need to fully audit this SHAM of our democracy, shut it down, and JAIL THOSE responsible for the biggest transfer of wealth in our nation's history.
WHERE is the justice? The American people and the world are waiting. Stop the drivel, and start prosecuting these looters!
Once a thief always a thief,
Lets be honest here the banking fraud is understood, CEOs and friends have been at it for years via share options, Diluting existing shareholders/pensions,
The Western governments are at it too, The system is corrupt to the core,
The biggest fraud of all is globalisation for me,
0Hers know this fact hence low stock exposure and gold and silver as not only a hedge against inflation but against fraud,
A total collapse of the system and a revolution is the only option to remove such systemic fraud/corruption so buy silver as well as gold as gold may become contraband in the powers last gasp to hang on.
I like this site, When will 0hedge become contraband?
I don't know whether it was the sudden realization that 8.8 earthquakes actually happen or what, but over the last few weeks there's been a major outbreak of sober people brushing aside the Panglossian fluff bunnies who have been dominating the discourse until now.
A post2 at SeekingAlpha, for example, neatly encapsulates this new realism in just a pair of bullet points:
**We have spent more than we have earned, and one day will have to pay back the borrowed money we spent.
**Someone has to pay for the borrowing (unless we default), and those people will, at some point in the future, not have money to spend.
Greed is still king in the markets, but it's hard to see how this can last much longer.
I feel a bit like Lisa Simpson in Australia, when she noticed a marquee with the text "Yahoo Serious film festival" Her response was, -I know all the words, but it makes no sense.
With that in mind, perhaps the blog entry needs to be rewritten. It's all over the place as it stands now.
The most important point of all is this....
Is it not the case that society's best fabric...that enables companies of all stripes to produce and be in business are savers ?
Well here it is....
The Crony driven governments of the USA and the UK have SPIT IN THE FACE OF SAVERS....and have basically told that them directly that their total premise of comprising the very fabric of production...is to be pissed upon....
SAVERS are having their money diluted.....and when those that have not saved....and those that made the big mistakes lose....and would be bringing prices down....the USA and UK Govts. populist bullshitters are taxing 100% of the interest of these very savers...and trying to force prices up.....THUS TAXING DOUBLE ....WHAT THE SAVERS SHOULD HAVE HAD COMING TO THEM....in the form of honest lower prices....
..................................................
And not one of the HARVARD QUEEN economists have recognized stealing from those that did things right .....is actually stealing ....and is economically incorrect....in a normal price driven economy....
The name of the economies should be changed to abnormal economic mutations forced by the wrongheaded academics that have no personal penalty for their mutated and wrongheaded thinking....
............................................
FRAUD....MONETARY MUTATION.... is a cancer of the dregs ....not the fabric of society....and has been crony driven.....in exchange for whatever it was/is that the cronies want for each other....having nothing to do with a PROPER economy....
...........................................
FRAUD....IS OK.....
And if FRAUD IS OK......
What does this suggest about the end game ?
The Bush and Obama administration solely represent a crony government which knows nothing more than the promotion of economic cancer.....
Just remember ....FRAUD IS OK.....
And is it not comforting to note that these public slime are still being paid ?
FOR WHAT ?
Just the opposite should be happening....they should all be in jail for promoting and abetting FRAUD....and have all their wealth taken from them....
"The Crony driven governments of the USA and the UK have SPIT IN THE FACE OF SAVERS"
Otter: "You fucked up, you trusted us. Now AIG will buy your brother a new car!"
Oh right sorry, your brother is fucked too.
You're right. I'm a saver, and I'm pissed. I am doing things about it however:
- Remove all money from US banks
- Minimize your tax liability
- Keep your money out of circulation
- Don't contribute to retirement plans
- Tell everyone you know
Buy physical Gold with ALL YOU GOT. That will pretty much get rid of all capital gains taxes on your "investments" - forever. Welcome to the utopia of cash physical Gold and say fuck you to the IRS.
You are right GG. I need to be a bit heavier on the old yellow metal. I know a very good place o/s to get some too, think I'll get that ball rolling.