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The Next Shoe Drops Just 2 Days After The Last One
Submitted by Simon Black of Sovereign Man blog,
Imagine for a moment that you have a neighbor who is in debt up to his eyeballs.
This guy is flat broke. He’s racked up six figures worth of consumer debt wasted on worthless knick-knacks. About the only thing he has of any value is his big, beautiful house.
It’s a gorgeous home. Ornate, elegant. It’s by far the nicest in the neighborhood.
You’d think he would want to take pretty good care of it given that it’s his only remaining asset. It would make sense to keep the grass cut, the pool clean, and the roof in good condition.
At a minimum, it would at least make sense to do absolutely nothing.
But no. Your neighbor is such a moron, he decides to ‘renovate’ with a chainsaw and a stick of dynamite.
Needless to say, it doesn’t take very long for your neighbor to destroy the only worthwhile asset he had left.
It’s such an eyesore, in fact, everyone else on the block wants to move.
I know what you’re thinking– no one would ever be so stupid. Yes they would. Because that’s exactly what the US government is doing to the banking system.
Two days ago in our latest Podcast release, I told you about how the US is destroying its banking system.
Just like our pretend neighbor, it’s as if they’re deliberately trying to weaken one of the few things that still gives the US a shred of power in the world anymore.
Global commerce would grind to a halt if it weren’t for the interbank system in New York. This gives the US tremendous power in the world.
Yet everything they’re doing, from devaluing the currency to shutting down interbank ‘nostro’ accounts to regulating everyone on the planet, is EXACTLY what you would do if your goal was to destroy your banking system.
Rather than repeat myself from Monday’s podcast, though, I wanted to alert you to a new development.
The FT reported yesterday that JP Morgan has started freezing accounts, declining credit card charges, and terminating customer relationships with foreign diplomats and politicians.
All of this is under pressure from the US government to scrutinize banking relationships with ‘politically exposed persons’, or PEPs.
(Only foreign PEPs, of course. Members of Congress can bank without any problems.)
Jose Ocampo, a former finance minister of Colombia, told the FT “I had all my money frozen. I am being treated like a criminal.”
I had lunch on Monday in New York with a friend of mine who used to be a minister in Macedonia. He told me he was also being heavily scrutinized, even though he had retired long ago.
Apparently once you’re a PEP, you’re always a PEP. So banks are simply shutting these relationships down.
Talk about shi**ing where you eat!
Banks and governments are in bed with each other. And by unilaterally severing their ties with foreign politicians, the US is practically begging its former clients to create an alternative system that doesn’t rely on the US.
This is such an insane story. And it’s happening so quickly.
It was just 8 days ago that Bank of America embarrassingly admitted they had been overstating their capital for years.
And just two days ago the US imposed this ridiculous FATCA deadline. And now this.
Practically every day, the US goes deeper into debt. They print more money. They create more absurd regulations. And they deliberately make themselves weaker.
How long can this persist before there’s a major reset?
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Orwell on steroids!
Once you're a PEP, you're always a PERP.
PEP Walks? PEP Boys?
Quid pro quo.
The price they pay for the Govt/SEC "looking the other way" in the post recession witch hunt.
CRISIS BY DESIGN!!!!!
How long can this persist before there’s a major reset?
Judging by the can-kicking so far, quite a while.
These are all part of the capital controls to keep dumb ass Americans locked into US Treasuries and FRN's even as the volume of them go to infinity and the value goes to zero.
Occam's razor. Destroying the US is precisely what they have in mind, and have had since Clinton signed NAFTA. The last place anyone would look for terrorists and invaders is DC, right? This is what happens when Big$$ owns the process, the media and the DOJ. By the time We the People understand what is happening, its going to be too late to save any of it.
Is that a form of herpies?
08 MAY 2014
Pandora's Box - The Repeal of Glass-Steagall
.."Lest we forget this 'broadly bipartisan effort' to set the predator class free. And they remain largely unemcumbered, unindicted, and unashamed.
Today I have signed into law S. 900, the Gramm-Leach-Bliley Act of 1999. This historic legislation will modernize our financial services laws, stimulating greater innovation and competition in the financial services industry. America's consumers, communities, and its overall economy should reap the benefits of this Act.
Beginning with introduction of an Administration-sponsored bill in 1997, my Administration has worked vigorously to produce financial services legislation that would not only spur greater competition, but also protect the rights of consumers and guarantee that expanded financial services firms would meet the needs of America's underserved communities. Passage of this legislation by an overwhelming, bipartisan majority of the Congress demonstrates that we have met that goal.
The Gramm-Leach-Bliley Act makes the most important legislative changes to the structure of the U.S. financial system since the 1930s. Financial services firms will be authorized to conduct a wide range of financial activities, allowing them freedom to innovate in the digital age.
The Act succeeds in repealing provisions of the Glass-Steagall Act that, since the Great Depression, have restricted affiliations between banks and securities firms. It also amends the Bank Holding Company Act to remove restrictions on affiliations between banks and insurance companies. Finally, it grants banks significant new authority to conduct most newly 'authorized activities through financial subsidiaries.
Removal of barriers to competition will enhance the stability of our financial services system. Financial services firms will be able to diversify their product offerings and thus their sources of revenue. They will also be better equipped to compete in global financial markets...
William J. Clinton, November 8, 1999" jca
http://jessescrossroadscafe.blogspot.com/2014/05/pandoras-box-repeal-of-...
Glass-Steagall: one of the few instances where government regulation worked.
Repeal of GS led to financial inbreeding and its kraken offspring.
Took less than 10 years to blow it up
Re: Removal of barriers to competition will enhance the stability of our financial services system. Financial services firms will be able to diversify their product offerings and thus their sources of revenue. They will also be better equipped to compete in global financial markets...
Well, it's the honest hardworking bankers - who work hard for a living and pay taxes, unlike those goddamn people on welfare - are the most moral and honest people on the planet and it's people like this that made this goddamn country what it is today, and not those goddamn people living off the goddamn government and expecting handouts forever, THAT'S for godDAMN sure!
"Financial services firms will be able to diversify their product offerings and thus their sources of revenue."
FS firms produce nothing of any value. They just move electrons around, and suck up all the money in the economy while doing so. The reason we were a strong nation in 1968? The FS industry comprised less than 3% of GDP. The reason we're in the shitter now? The same bunch are closer to 38% now, and control considerably more. Diversify as they like, they still produce nothing but debt. Its fucked up, but if a nation has no Basic Industry, it has no strength in its economy.
Thursday Humor, Pt. 2
Imagine, it only took them 7-8 years to destroy the world's economy. What talented people they are!
The politicians who voted for G-L-B, along with Bill Clinton, were all idiots or corrupt or are criminals (or all of the above). They should be held accountable, along with the bankers, for the mess they've created.
...The politicians who voted for G-L-B, along with Bill Clinton, WERE all idiots or corrupt or are criminals (or all of the above)
Nothing has changed, THEY still are. I think? ;-)
Looney
And you think the popular vote actually had a damned thing to do with it?
When they speak of "Americans" they don't mean you and me. They mean the members of their "club." So it makes sense that the club members made out fabulously just as promised. You and me were not considered any more than the cattle in the barn.
We are headed for a global economic fuster cluck of epic proportions. Meantime, the government is focused on cattle eating scrub in Elkbutt Nevada without a license...
And transgender based equal pay & hiring practices!
Just another distraction!
Wether it be sports, sex, or "Dancing With the Stars", it's all distractions from what's really going on.
Lots of shoes. Must be a centiped.
it sounds like the usa bankers are getting a bit desparate. this looks like they want to remind everyone where they made their money and where they like to keep it safe. typical character of a criminal enterprise, the bouncer is the most important guy in the club.
The kleptocratic boot is always looking for something or someone to stomp.
How's that Patriot Act working out ?
Wonderfully, even Mao or Stalin couldn't have seen this shit. Well, Stalin would have seen it. Russkies will never trust Nazis, just got them to build their rockets, hehe.
USA USA!
Evidence #456843215745 the Obama administration is actually infiltrated by Chinese and Russian spies.
Infiltrated??? Hahahahahahahahahahahahahahahahaa....au contraire mon frere, Oblunder is a narcissitic prostiture, he is fo-sale. Obooger doesnt care about russia, iran, N.korea or china but he does care about being emperor Tiberias, he is itching to declare marshall law, that is when hope fades in this democratic process and we will have to eradiceate him, time to finally it get on.
I hope you shoot better than you spell.
When you dominate and require obedience it generally is never without a focused purpose. The President is pushing the major global banks to abdicate their financial positions in the United States! That will severly weaken the economy and create a terrible situation requiring immediate emergency Government action.
The President will reluctantly with great regret and loathing have to insist that a State of Emergency exists.
Why anyone would bank with JPMorgue or any of it's cohorts is beyond me. These diplomats have tons of offshore alternatives.
I moved all my shit to a credit union in '07.
True story.
I was in the local Habitat for Humanity ReStore (thrift) today and overheard the manager lining out one of the volunteers to start pulling all of the faucets off the sinks and chuck in the scrap bin.
See, the EPA had paid them a visit and told them in no uncertain terms that they could not sell used faucets, as there was no guarantee that the used faucets meet RoHS standards. Needless to say, I was fuckin' livid. Part of the bargain is getting a nice older (quality) US made faucet with that gently used stainless steel sink. I would bet that a US-built unit from the 70s or 80s has less lead in it than the new Chinese one that you now have to buy at Home Despot.
Mutherfuckin' .gov is out of control.
You think they are out of control. They think this is all according to plan.
Don't you think some of these PEP's are going to want some of their wealth in precious metals outside of the US banking system? They may have no choice.
And once again, Bitcoin must be mentioned: Move it anywhere, instantly with no middleman or delivery agent required.
BitCoin has a small, but invaluable, role to play. It's unfathomable to me that more people here don't get that.
But I suppose most Americans have never had to worry about getting their funds out of a failed jurisdiction on a moment's notice.
Yet.
Satoshi strikes again!
I know what you’re thinking– no one would ever be so stupid. Yes they would. Because that’s exactly what the US government is doing to the banking system.
It is being done on purpose. It really doesn't matter which territority's paper backs the energy reserves in the empire. This place is going to be nothing more than a subjigated police state penal colony to mass produce weapons among other things to be shipped to NATO or whichever entity is to be tasked with security of the empire. As long as 'leaders' and their organizations are puppets nothing changes,
As long as...
As long as the suckers keep obeying.
"God bless America" is a fucking idol.
Our government has forgotten the old maxim "Pecunia non olet". There is no such thing as "dirty money"; a dollar is a dollar, regardless of how it was acquired.
Before 9/11, four dollars bought five euros. Since then, it's been four euros for five dollars. Why?
Because any bank in the world that handles non-trivial amounts of dollars needs a connection to the Federal Reserve via the SWIFT network. The Patriot Act allowed the US government to cut off banks, and seize their dollars, on the mere suspicion of abetting "terrorist" activity.
So Columbian drug dealers, Nigerian e-mail scammers, Russian child pornographers, and other shady characters abandoned the dollar and now do their banking in the Eurozone, where banks have more of a don't ask, don't tell attitude toward criminal activities.
I guess Kyle Bass comment about killing the dollar has more and more credibility every day.
I would hardly call our banking system a big beautiful mansion. It's more like a haunted house terrorizing the neighborhood. It needs torn down so we can start rebuilding.
Taken with Brandon Smith's article yesterday it makes perfect sense.
I am suprised they are not labelled Terrorist PEPs.
The US has a lot more assets than its banking system. Natural resources, the rule of law, stable government, strong civil society, excellent higher education... yes they're not as good as they once were, and BO and his pals are doing everything they can to destroy what we have left, but the anti-American derpitude around here has to stop.
You lost me at rule of law.
Your're an idiot. Right?
He destroyed you with one line and he's the idiot?
I don't think it is an anti-American turpitude that is prevalent in these pages, but a rejection of American leadership bent on the total destruction of a Constitutional Republic.
Patriotism is not waving a flag and taking a gun to violate international law. It is the restoration of a lost republic and the rule of law, particularly Constitutional law.
An open society cannot survive the level of secrecy endemic in the descent of the US Government over the course of time since 911.
If I join the mafia and I swear to secrecy to hide the crimes I conduct or am aware of, than that is the code of a criminal organization. That is not the goal for continuing an open and free society governed by the rule of law. Of course, do you suggest that we are only American when we support the criminal syndicate of the current US Government?
I think you are confused about what anti-Americanism is. Anti-Americanism is not about rolling over and playing dead every time a Congressional pawn passes obscene laws. Anti-Americanism is conducting expeditionary wars and invading countries that represent no threat to US sovereignity. Anti-Americanism is conducted by domestic enemies who undermine the rule of Constitutional law. True Americans speak out against the obscenity of the current US Government
Rule of law, I fell around laughing, only surpassed by 'excellent higher education', had to agree with you on stable government though, it does not matter who you vote for, red or blue it is the same Government, now that's stable!
The U.S. is either (1) being set up to fail big time or (2) the 1% are trying to protect their big piles of money. I go back and forth between the two because I just can't believe the people who run our country are that stupid. Or are they??
Greed, selfishness, and hubris overcoming intelligence, selflessness, and common sense.
I believe it is the right question, and I believe it is 1. The world elite want to end the American experiment for reasons only they understand. They are pushing all the right buttons to bring about total collapse. They have destroyed the industrial base, small farmer, small entrepeneur. They are in the process of destorying our technological base (NSA as a vector), and the final straw will be the financial base.
The idea is to isolate the US, in their thinking to allow it to wage war without all these binding interconnections. They have impoverished the populace, yup, almost the whole country is a debt slave to the banks. They have the final hammer with the food supply, hence any local small scale food production is attacked. They have been debasing the currency as the method to destory any local wealth, and then they "loan" out the clownbuxs to enslave. Debasement, monopoly with hidden ownership, capture of the government, it is quite sophisticated, and obviously multigenerational.
One interesting conclusion I have reached is they must be confident in the total capture of the voting system at this point. It will become clear in some finite timeline, that the destruction of the US is the goal, but anyone who wants to reverse that situation will be unable to achieve office. We have already been told it is either a Bush or Clinton that will be the next ceremonial head of state to keep the destruction on track.
Looks like interesting times ahead. One man's opinion.
Obama hates the USA just as Gorbachev hated the Soviet Union. His sympathies have always been with the "rest of world". He hinted at this in his books. I said long ago that Obama is our Gorbachev. Gorbachev was able to deliberately destroy the USSR without any of his contemporaries realizing it until it was too late. What if Obama, operating as an anthropologist viewing us from outside (as his mother trained him), spotted our Achilles Heels long ago, and is acting on them without hardly anyone realizing it? He has more opposition than Gorby had merely because our political system is different, but no one has been able to stop him. He got reelected.
The implication is that OBAMA is a MANCHURIAN CANDIDATE.
I meant to say: One of MANY MANCHURIAN candidates.
But we gave him such a nice white house to live in.
Or... Maybe there is no world elite, perhaps our Politicians are really as brain dead as they appear.
Also a free pass to the do not fly list.
A part of me wonders what Joe Rogan's podcast will be like when 1970s style runaway inflation hits. I'm really curious to hear what uneducated people think about inflation. Where does it come from, who causes it, who should we be lynching, etc.
What were people saying in the 70s? What was the word on the street? Did people blame the president? Foreigners? USSR?
Yawn. Yeah, I'd lose a lot of sleep if the US megabanks were knocked down a few pegs on the ladder of global financial control. LOL
"Imagine, it only took them 7-8 years to destroy the world's economy. What talented people they are!"
More like 14 years. Maybe more. Peak labor participation was some time around 2000-2001. I use the labor participation percentage because I think that's a fair reflection of the economy. Things like GDP don't matter. We're facing a demographic decline, so it's not unexpected for GDP to drop or for stocks to go down. What shouldn't drop is employment rates. A 65 year old retiring doesn't explain why so many 20-30 year olds are unemployed, underemployed, or still living with parents.
Supposing that the bureaucrats behind these moves aren't insanely stupid, it makes one wonder what their true agenda really is. I'll bet the new "one world currency" has been printed and is warehoused for distribution right now. And probably sooner than we think.
Its not another bloody BITCOIN currency is it?, Phonestar will be beside himself.