Meltdown Part 2: "A Global Financial Tsunami"
Two days ago we posted the first episode in the must watch four part "Meltdown" series from Al Jazeera looking at the key events that brought the world to the edge 3 years ago. With the final quarter of the year upon us, and with massive redemption requests hitting deeply underwater hedge funds, not to mention with a macro and micro economic global financial environment that is the worst it has been since the fall of 2008, we once again stand on the verge of yet another Great Financial Crisis. And although our politicians and leaders refuse to learn from the past, we are confident our readers are far more intelligent. Which is why here is the next part in the Meltdown Series: "A Great Financial Tsunami." Because while insanity may be doing the same thing over and over expeting a different result, sheer idiocy is constantly refusing to learn from the past, and expecting a present which "is different this time."
From Al Jazeera:
In the second episode of Meltdown, we look at how the financial tsunami swept the world. We hear about a renegade executive who nearly destroyed the global financial system and the US treasury secretary who bailed out his friends.
Henry 'Hank' Paulson, the former CEO of Goldman Sachs and later an economic advisor to the US government; refused to bail out global financial services firm - the Lehman Brothers. Paulson said it was not the role of government to save private businesses.
Lehman's failure had repercussions around the world. Millions of people lost their life savings. Pension plans were decimated.
Christine Lagarde, the French finance minister at the time and a close friend of Paulson's, publicly described Paulson's decision on Lehman "horrendous".
Markets from London and Paris to Shanghai fell. An epidemic of fear caused the world's major banks to stop lending, ending the year in protests and industrial action.
Click here to watch the first part of this series, The men who crashed the world.
Meltdown Part 2: A Global Financial Tsunami
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Redemtions needed to be in yesterday yes? Wonder what the final tally is.
On a side note BoA still having issues with their on-line banking, though it is functioning better.
Most of us would have been better off if the bankster criminals were allowed to be financially destroyed, lehmanned into the garbage pit of history. The subsequent TARP and bailouts have resulted in a sovereign debt crisis, whilst the original criminals made off with trillions. Yes, initially it would have been a horror story, but what is coming now is far worse. Get ready to be part of history as the crashes of 2011 and 2012 will supercede the early 1930´s.
Oh man! I didn't want to be part of history! I've been enjoying my quite and peaceful life!
I do agree with you. I think that any day now the morning headlines will be will much more severe.
Another part of history for 2011 is OccupyWallStreet. The article in Wikipedia is worth reading.
More cognitive dissonance:
The Economist: "Be afraid (unless we print a hell of a lot more money, then everything will be alright)"
http://azizonomics.com/2011/10/01/the-economist-be-afraid-unless-we-print-a-lot-more-money/
Who reads that Liberaltarian rag anyway?
Liberals.
They believe in the free markets...until Wall St needs a bailout and the wealthy need more money "to keep the economy going." I can't believe anyone would read that bullshit. I would add Neo-Cons to Liberals to the answer of who reads The Economist.
I used to read the Economist until I realised they are unerringly wrong on every conclusion they ever reach. At the time i stopped reading it I did not appreciate the value of a contrary indicator, and by the time i had gained such an appreciation the blogs had arrived and I stopped reading print altogether.
Their conclusions almost always lead to government intervention (at least the few articles I read). ZH easily replaces the Economist as having facts not everyone knows, while usually having a better opinion on it as well.
I would like to see a version of this that includes the unspoken $16T bailout. This downplays the actions taken and it plays up the credibility of 'leaders.' The collusion at the highest level isn't well detailed, but even without it the series is exceptional.
"Fuck the Fed" protest in Boston Fed by OccupyBoston TODAY!
http://www.youtube.com/watch?v=0fV0YjQQzYk&feature=related
Never could have imagined, but it is happening.
I'm calling Bullshit on this movie and ZeroHedge for promoting it. In my opinion it is a propaganda piece and I wouldn't be surprised if ZH is engaged in a paid promotion, cross promotion, or other type of scheme. Or maybe it was a couple of box seats for the World Series, who knows.
I'm not going to waste my time disecting the entire part 2. Just a few points.
First, (and it was so obvious), during the introduction of the movie we are told "Only now are the key players being held to account." Oh really? I missed the part about the indictments and the handcuffs.
I don't think the word Fraud was mentioned once in part two of this thing. We do get to see a clip of Congresswoman Marcy Kaptor telling foreclosure defendants to "resist the sheriff". A few minutes later... cut to riots in Europe.
No mention of the infamous 3 page bank bailout proposal by Secretary Paulson, which contained this gem:
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
The piece of garbage (my opinion) spends about 8 minutes trashing Iceland for not allowing the foreign Banks to perform another financial coup d'etat. No mention that Iceland's unemployment rate dropped from a high of 9.3% about two years ago to its current 6.7%. The thing ends with something about China's economy collapsing because they engage in "brutal capitalism" where factories are allowed to go bankrupt and close down. Of course the main theme being, we musn't ever let that happen to a big global bank.
As for the title, Meltdown... pffft. There was no meltdown, there was a robbery and a coup d'etat as Max Keiser described it a few years ago:
http://www.youtube.com/watch?v=VSwWy4E6I04
As for the title of part two, with its focus on some of the European sovereign debt, I would go with Full Tilt Poker European Style.
If you don't hack out the roots, the weed will come back.
Paper fiat money buys EVERYTHING. When there's a player in the game who can print money, that player ends up with all the property.
As always, the destruction of peoples' lives is and will be blamed on the willing pigs who feed at the trough. But after you butcher them, if the trough is still there, another swarm of them will compete to take their places. The booboisie will revel in bloodlust as the current round of pigs are dismembered, while allowing their future to be owned by the same master.
Paper money steals the underlying value out of an entire economy, by destroying property rights in currency. Beyond this, everything else is heat and noise.
Damned straight, it's propaganda. A big Red Herring, smacked across the face.
End the Fed, restore constitutional money. Or BE OWNED. Forever.
@careless whisper, not able to devote full attention to piece, but it sure seems that way. Propaganda. Andrew Ross Sorkin is king of propoganda machine. Come on Al Jezeera, you can do better than this. We need movie from Matt Taiibi
Actually AJ just rehashing CBC Doczone fluff; I wondered why so much Cdn content specially wtf finance minister Fuckerty would have to say that would be of much relevance to the rest of the world..... putz
Excellent points.
How ironic that al jazeera is supportive of the status quo.
The mistake was not the allowing Lehman to fail but the ensuing reversal which negate the potential positive affects of the former.
EXACTLY! The problem with this piece it is tries to wrap up very long and complicated story all neat and tidy. They want to make the ignorant general public think that everything has been uncovered, and here are ALL of the players and ALL of the plays that made the "world crash possible This is an evil, insidious deception. They should have called this "The Scapegoats Part Duh".
Al Jezeera is still just running cover for the legions of other devils that are still yanking levers, filling their pockets, and passing it on to their elitist progeny while the rest of the World burns.
People like Christine Legarde of the French Finance ministry (now head of the of the IMF... hmm that's wierd), playing stupid about the surprise of shared risk in the global banking system? They are truying to condition us to believe that bailouts are the economic panacea. In reality is that it only delays the inevitable, because the bill just keeps growing. The abyss is still there and we are still edging closer to it. Now, thanks to these clowns the fall is going to be harder as well.
Al Jezeera is our new Global Propaganda Ministry, enjoy
In the second episode of Meltdown, we look at how the financial tsunami swept the world. We hear about a renegade executive who nearly destroyed the global financial system and the US treasury secretary who bailed out his friends.
Henry 'Hank' Paulson, the former CEO of Goldman Sachs and later an economic advisor to the US government; refused to bail out global financial services firm - the Lehman Brothers. Paulson said it was not the role of government to save private businesses.
In a world chock full of global financial terrorists I can think of no one more deserving of a PGM than this guy.
@mendigo, @ whstklwr, @ Hugh_Jorgan
Some people believe that Al Jazeera is controlled and financed by the British government through MI6. I haven't done any research on the subject. I have no idea if that is true. More and more people seem to have a healthy skepticism of the news, movies, tv shows, etc. so that's bad news for the propagandists; and since the Rothchilds bought the Weather Chanel last year, well....
hand in glove with the military "owning the weather" and commercial "weather modification" nationwide, among other delightful toys they play with.
nothing's "real" - disney dystopia. . .
Everyone Needs to Remimber as posted on ZH: "The Collapse Is Coming...And Goldman Rules The World"
Reference past post: http://www.zerohedge.com/news/bbc-speechless-trader-tells-truth-collapse-comingand-goldman-rules-world
We are all beholden to GS and Lord Blankfein really believes he is God.
Doesn't anybody question why during the Greece protest they had Goldman Sachs on Banners directing much of their problems on GS.
Please: When the Fuck can we keep focused on who is doing what to who.
Surely, Lloyd Blankfein's 100 million dollar bonus was NOT earned after he was bailed out by Hank Paulson and Neel Kashkari, both prior GS employees.
Where is Neel Kashkari now. Guess: The Bond King Pimco. The circus continues.
I haven't viewed part 1, but got half way through Part 2 (and turned it off) and came to similar conclusions.
There are so many of these 'doco's', as a sort of financial fig-leaf for public theft on a mega-global scale and they all deliberately soft-soap and pander to what was really done by these unforgiveable schemeing master-bastards.
I don't like what I'm seeing Tyler, it's reinforcing the "we saved the world" bullshit themes of GS and Co (as in 'co'-dependents). All that is missing is Ben as TIME "Man of the Year", and a shitty worthless nobel peace prize.
And I just luvs how they use the muzik from the movie "Fog of War" to add to the pseudo-financial and pseudo-intellectual pseudo-concern for the rest of the world ... and the usual confusion themes (i.e. whocouldanode ... it all like ... just happened dude ...).
I subscribed for a while pre-internet until the following conversation:
Me: I just read (past tense) 'X' in the Economist. It was interesting.
Acquaintance: Hmm I used to be a student too...
I would add neocons as well. Good point.
What planet do you live on, brother? You think liberals believe in bailouts and giving the wealthy more money? No politician who supported the bailouts is actually a liberal. They are corrupt corporatists, masquerading as liberals. Actual liberals have no representatives in Washington, outside of a few who are dismissed as radicals, and that has been the case for my entire life. Don't call Obama or Clinton liberals, please.
While you're at it, please don't call fascist, corporatist scumbags like Bush, Cheney, Romney or Perry "conservatives" either.
Amen
Like conservatives didn't get them elected? Own your mistakes.
It's a safe bet conservatives didn't elect the current Buttfuck-in-Chief. You and your compadres can own that, but we all get to own the clusterfuck.
But the people YOU elected CREATED the clusterfuck!
YOU have no idea if I voted or voted for. Irrespective of who wins elections, tacit acceptance by the public of decades of malfeasance on the part of their elected officials of any stripe in exchange for a whiff of the public trough is the clusterfuck, not the irrelevant divisive mirage of differing political philosophies.
It doesn't matter who you elect or don't elect. Politicians don't give a fuck about you. So keep voting for whoever makes you feel the best because you are giving your consent to get fucked. Politicians are parasites and career politicians are the lowliest scum ever shat out of a womb. Career politicians aren't competent enough to get a real job so they make their job fucking everybody or at the least inconveniencing people. They're all a joke on their little reality show. They need to be laughed at so they'll go away, not worshipped or hated depending on which way the wind blows.
I can trace this CF all the way back to 1913. Do you really want to play a 100 year old blame game or can we just agree that all Americans are being screwed by everybody at the top?
I'll agree if you also acknowledge that amrkns are screwing everyone else, globally.
it's a top down thing, and amrka is NOT even near the bottom of the screw pile.
yet.
Once again the Berkeley jester shows its ignorance. If you can't see the Democrats in your own district filling their pockets, you need to get your head out more.
It's obvious why Wall St money flew to the Obama campaign (I wouldn't be surprised if TARP money didn't end up getting rerouted to the greatest campaign warchest in history - so large it was "inauditable"). When you look at the unrest, only Obama could stem the tide of public agitation. It was a brilliant plan - for about three years. Occupy Wall Street shows that the power of cash is experiencing a shortened half-life.
There's only one Party. Democrats and Republicans are both progressive fascists with different rhetoric. They disagree on shit that doesn't matter.
They disagree ONLY on shit that doesn't matter. Fixed it.
They disagree only on shit that makes the most farcical spectacle for the circus.
(she did vote against Gramm-Leach-Bliley though, to her credit)
A word only means what you want it to. In the 80s in the UK the Conservatives were liberal, and the Labour party was conservative.
Since Labour came to power in 97 they and the Conservative / Liberal coalition since 2010 have been fascist. Or at least corporatist.
wake up. the you versus me labels of democrat/republican; conservative/liberal; gay/straight; left-wing/right-wing; etc, etc ad infinitum are used for one purpose and one purpose only: to assure division between the peoples because there is strength in unity and in numbers. Regardless of labels you and I have much more IN common than NOT in common. I believe we agree we are being gutted by big brother government and industry.
cheers
SheHunter
Not so sure about the "industry" part because it lumps everyone together; and not all industry acts in a manner repulsive to the majority of Americans... Other than that? Bingo.
Just a suggestion... don't read anything written by a witchdoctor (I mean economist... same thing). If you don't think this is correct, start looking into how we teach, train and utilize most modern economists. It is not a science. It is closer to a religion... a system of beliefs justified and reinforced by bad statistics.
From wiki:
"The following day the group Anonymous released a video in which they threatened the New York Police Department with the an ultimatum: We, as it is our duty to uphold the freedoms of the people will constitute a declaration of war against the NYPD if the brutality does not stop.
If we hear of brutality in the next 36 hours then we will take you down from the internet as you have taken the protesters voices from the airwaves. The 36 hours passed without incident."
link or it never happened.
I here by annouce that Tyler Durden is NO MOoRE.
He has been kid napped and is being held captive Asssannge.
His voice replaced with ........?
The ones that created will find a solution then blame the little guy.
Kinda like the mortgages, Blame the guy that was taking out a mortgage 3 times bigger than he can afford. But the banks, oh they had no clue.
http://www.dailyjobcuts.com
.
huge .
If you took out a mortgage that is 3 times bigger than you can afford, then you are to be blamed. No more explanation required.
You are correct, but then don't cry ( the banks ) When they dont get paid. Thats the point. They gave crazy loans, knowing they will never be repaid.
Pretty simple, the Bank didn't have to give loans, they knew never were going to get repaid. They did because there was a bigger game plan in place. If you can't see that, well i'm sorry
And you just confirmed my point. Don't take the blame, blame the little guy
There's enough blame apportionment to go around. Its never as clear as one side or the other.
sometimes I wake up in a cold sweat, dreaming that the world is being engulfed in a huge tsunami of blame.
Dream no more. This is election season. Just be sure to avoid getting poked in the eye with all the finger pointing and knuckle jabbing.
I guess a tsunami of closed gas stations would be worse.
I live in So Cal. Will you tell me who to vote for, as I have no intention of listening to radio or television until it's over.
2012 >sigh< I wouldn't mind a military junta.
@RSloane, you are completely correct. LOTS of blame to go around.
But. At the end of the game, the bank ends up with the property.
Having done nothing to earn it except to create the currency to buy it with.
And if the bank is lucky, it gets bailed out, besides everything else. If not, it still ...
ends up with the property.
Cheap Loans after 9/11 were actually US Government Policy,
blaming the Banks alone for all the mess is just plain ignorant of the facts.
after the dotcom bust and 9/11 Greenspan put interest Rates to Zero and Freddy Mac and Fanny May were created by the US Government and the FED with a Home for every American promise in Mind and for a few years it actually worked and no-one complained during the Goldilock Years. Along came Bush and started 2 wars, each costing trillions and that was the start of the end for the US of A. The crime is that now, you have Zero Interest Rate Policy (ZIRP) yet again, forecast by the FED to last many years ....
Americans thought they were save with low Rates forever, and believed that every American would have a home...
after all, this was America, the land of the free
where every American could Dream, every American would own a home, with 2 cars and 2.5 Kids
until George Bush, Dick Cheney and the Neo-cons came along and killed the American Dream,
and then sold it for a 15 trillion Dollar Nightmare...
wr;)
The issue seems more like a disconnect of responsibility all around, both little guys and the banks. With hungry Sachsians breathing down their necks to securitize and sell off loans, the banks had zero reason to care if the loans would ever be paid - they only owned them for a few seconds at a time. What's funny is that they then bought some back as CDOs - like the left hand not knowing what the right hand was doing. They knew they were selling crap into the market - no reason to care. Did they think that then buying the same sort of crap back from the same market would be OK? Ohhh, but it was rated AAA! Total circle jerk.
And since this all began in the US, I'd suppose that to quell some of the blowback the fed jumped in when TSHTF and helped some of the overseas suckers that bought in too.
Else our purported allies would have raised much more hue and cry, even though by then, they were doing the same stuff, following our lead.
Pretty sordid all around. About the only blameless are people who weren't on either side of any of those trades -- already paid off their homes, no debt, or renting. And not chasing "safe yeild" in their retirement fund with "Set and Forget" (Tm) idiotic "investing" in those flawed instruments, because hey, they were "safe".
As if, you could make money without risk. If it's too good to be true, well, it is. The more and better traders out there, the more the risk/reward ratio is a constant. Does no one get that?
I once knew a guy who was near the forefront of making AAA rated stuff from junk bonds. Last I heard, they are still looking for him... He sold the stuff to Europe...
Very good.
Now toss in some sub rosa machinations of the Hubbert claque in the military. A couple of wars with oil rich countries in the Middle East. A couple of threats to other oil rich nations. And the fact that 2005 was the peak year for oil production (Winston Smith is probably massaging that number as we speak).
Yep, a toasty toddy to sit around the Holiday fire and yammer about in a couple of months. :o)
were you aware of the fact that a lot of people were "targeted" to take out mortgages ? unscrupulous mortgages brokers actually went into predominantly black churches & lured unsuspecting & naive people into getting houses, a dream for most to own a nice new home. yes, dear CAPITALISTROCK, many were the targets of the mortgage business; just as many young people were targets of the student loan industry.
All i know is that when i was a young person in the late 1960's NO BANK IN THEIR RIGHT MIND WOULD HAVE LOAND ME UNLIMITED CREDIT FOR ANYTHING ! i'm calling it like it is, risky lending policies, the banks get what they deserve.
Both borrower and lender are equally at fault
Widen your focus a little bit. The bank holds title to the property in exchange for a few hours work (to make sure the borrower is 'worthy', ha!) and when the borrower defaults, the bank keeps the property, and the borrowers are still on the hook for the entire amount of the debt, except with the government as debt collection agency this time (untold trillions of 'public debt').
Very few of us saw the bubblescam and refrained from buying into the housing market. And we were universally treated with contempt in the media and culture for calling it out for what it was. Most people were like fish in an aquarium -- you want to buy a place to live, this is what you do, everyone else is doing it. Some of us ate hamburger while our neighbors ate steak. Try explaining that to someone who has no concept of what money is. All you get for your effort is derision. There is no satisfaction in seeing them fail. Paper money destroys lives. My only hope is that this time people will wake up to that underlying truth and reject it forever. I know, it's a forlorn hope.
When we bought house in 2005 lender told us to borrow more money becuase house worth more money in 2006. Then she told us we can use money for what we want, use for remodel, or buy new car. Really? we said, how do you know house worth more in 2006?
Because house value don't ever go down, she said.
We had to fight with lender abut it. She put in paper work, and we make her take it out.
Insider Tip: people with criminal records can't even work at McDonald's but they sure can sell real estate.
In a certain way she might have been right.
The value of the house might not really change. The PRICE however is a different story..
no. yes, the borrower was guilty of uninformed hope and opportunistic greed, but he did not have a legal obligation to be financially responsible.
bankers, realtors, financial advisors, mortgage specialists on the other hand did have a legal responsibility with respect to the law, due dilligence,
federal lending standards and proctection against fraud. as "professionals" the legal onus was on them to protect the buyer despite his optimisim.
these are not equal faults. the hopelessly optimisric consumer's liability ends at him losing his house. that's it.
the "professional"'s failure is liable for disbarment, delicensing, delisting, indictment, fines, lawsuits, reparation, and prison.
no. yes, the borrower was guilty of uninformed hope and opportunistic greed, but he did not have a legal obligation to be financially responsible.
bankers, realtors, financial advisors, mortgage specialists on the other hand did have a legal responsibility with respect to the law, due dilligence,
//////////////////////////////////////////////////////////////////////////
Legality is only one facet of that issue.
Structurally, the borrower has no incidence in the doing.
That is division of labour. Bankers, realtors, financial advisors, mortgage specialists are paid what they are paid because they know better than the non specialized personal.
It is how division of labour works. After pushing for division of labour, demanding non specialists to perform better than specialists is insane as the aim of labour division is that specialized populations perform better than non specialized populations.
Unsurprisingly, in this US driven world, US citizens through capitalism have brought in consequences they do not want to put up with.
Borrowers (save in extreme cases) have no responsibility in what happened as a result of specialization due to division of labour.
I dont expect this to stay there. In this US world order, more and more, specialists are going to shift the burden of their mistakes on the non specialists. I expect cases like a physician mistaking a tumour for a fat cyst to lay the blame on the patient, encouraged by the crowd of common US citizens who will tell that is all the fault of the patient who should have known better.
It is much more than an episodic crisis. Actually, we are through a period of time where US citizenism is exposed for meaning what it means: that is nothing.
Oh fucking wake up ... you've heard of shadow banks and derivatives right? ... so trying to put the mere borrower in the same class as the these ubiquitous lender ponzi-crooks is about as fucked-up a set of values as one can get.
I don't see it that way at all.
Bankers, by extending credit to people who should never have been offered loans in the first place, simply drove prices higher on housing. They willingly violated their own rules and guidelines for lending, and then went crying to the government to bail them out when the magnitude of their fraud caught up with them.
Easy money is the carrot of instant gratification that bankers dangle in front us. If people had to actually save to buy a house, housing prices would be a whole lot lower. Now, the problems are compounded because the government took that private debt onto their books, magnifying the effects of all that easy money and saddling the country with an even larger debt burden since all of this "easy money" was borrowed with interest.
Wall Street and their rentboy politicians defines fraud as capitalism...
but it ain't neccessarily so.
Sad but true
.
.
CAPITALISM = MOTHER OF ALL PONZI SCHEMES
CapitalistRock
"then you are to be blamed" Not so...
The blame falls entirely on Greenspan and the Fed. Irrational Exuberance was Rational Exuberance.
A Fed that destoyed the purchasing power of the dollar, while inflatiing fixed assets can hardly call the victims of its scheme "irrational".
Seems you can't see the forest for the trees.
Don't be harsh on CapRoc
It's the way of the world
.
"My candle burns at both ends;
It will not last the night;
But ah, my foes, and oh, my friends—
It gives a lovely light!"
What fucking horseshit. How comfortable it must feel to just lay 100% of the blame at the feet of the little guy while completely absolving an entire industry (or even economy) whose sole purpose was to manufacture garbage loans and pawn them off on the gullible. But hey, that's capitalism, right, and it "rocks" doesn't it?
Most people COULD afford them as they were sold, and bought the line of fantasy that rising realestate prices would enable them to refi at a later date with a load of equity. Expecting every working stiff to understand the nuances of financial bubbles, especially with todays education system set up to keep them woefully ignorant of the workings of same, is unrealistic.
Joe Schmuck has to have a place to live, near a decent job. All the houses in the area are 20X an annual salary due to a flood of easy cheap credit pyramiding the realestate prices up. WTH do you expect him to do? The logical end result would be, the banks get slaughtered in the popping of the bubble, and Joe, and everyone elses "credit rating" gets crushed, but it doesn't matter because the houses drop back to 2-5X annual salary range and Joe can save for that, and rent is cheap in the meantime.
The new banks that arise would, for a time, be awefull damn careful of who they lend to. But NOooooo, we have to buy the bullshit line that the original banks were TBTF, and now the realestate is essentially "locked up" because no one will release it at realistic market prices, not to mention the titles are all screwed 9 ways to sunday from the goofy MBS packaging standards...
Peasants are never "part of" history, but rather, victims of it. The elites make decisions that move the world. Your power and wealth are irrelevant compared to them. Fiat money is the tangible incarnation of power, the ability to make ones will reality, and you have near zero of it so far as they are concerned. The reason they can print infinite amounts of fiat currency is because their power is infinite.
Do not be so grandiose in your thinking. We are like algae floating on the ocean, and the elite are Poseidon. We go where they wish us to go.
So just give up and die already, asswipe.
The rest of us will continue to fight against the evil to which you are so cowardly and spinelessly resigned.
As things start heating up, all the blowhards and cowards really start coming out of the woodwork. Fuck them, cowards are hypocrites are pigs are the state are the banks are the enemy. Don't lose heart fight fans.
You call this heating up?
lol.
Oh man, you probably get all excited watching shit like golf, too.
I'm just bringing some people back to reality. The reality that peaceful civil disobedience will not win this fight.
Wake me up when the shooting starts. Until then it's just a bunch of spoiled upper middle class hipsters trying to relive the 60's with the addition of Guy Faux masks.
the important thing is to fuck them up in any way you can. for pride if for no other reason.
Who is "them?"
Do they have marks on "them?"
Do they wear suits? Are they a certain color? Do they driver a certain type of vehicle? Do they live in a certain area? Are they all complicit in criminal behavior--such as profiting on the misery of entire social classes?
Be careful of who you decide to lump in with "them"; I can assure you when you start down that path, there are going to be innocent people that will suffer.
MarketWatchTerrorist
" their power is infinite."
Not so. The Federal Reserve is a construction dependent on the Economy of the USA. Move the Fed to an island in the Pacific and see what power of printing they would have. Without the implicit backing of the U.S. economy the Fed would be dead.
As the U.S. economy continues slipping into the abyss, the Fed is loading up on Kryptonite.
You are watching the Last Hurrah of the Fed. They can print like crazy, to try to fill the insolvency hole in the criminal banking and derivative cesspool, or they can attempt an orderly liquidation of the dead carcasses.
explicit backing of the government gun through legal tender laws
Fixed it forya.
The economy runs on oil. The U.S. controls the oil trade via its awesome military power.
I would argue that the Federal Reserve and its fiat dollars are not backed by anything other than the strength of the United States military, which is actually a not insignificant thing to be backed by.
The power I speak of is not dollars. You misunderstand me. The fiat dollar is a tangible incarnation of power. All power stems from the ability to inflict violence.
If you want to learn about the revolution that started in Germany in the 60's with Protests against the Vietnam war and the Munich Opympics 1972 conflict and the struggle that continues world-wide against the new face of fascism: American imperialism supported by the western establishments, many of whom have a Nazi past, then see this film made by the Producer and scriptwriter Bernd Eichinger (PERFUME - STORY OF A MURDERER, DOWNFALL):
The Baader Meinhof Complex
Germany in the 1970s: Murderous bomb attacks, the threat of terrorism and the fear of the enemy inside are rocking the very foundations of the still fragile German democracy. The radicalized children of the Nazi generation led by Andreas Baader (Moritz Bleibtreu), Ulrike Meinhof (Martina Gedeck) and Gudrun Ensslin (Johanna Wokalek) are fighting a violent war against what they perceive as the new face of fascism: American imperialism supported by the German establishment, many of whom have a Nazi past. Their aim is to create a more human society but by employing inhuman means they not only spread terror and bloodshed, they also lose their own humanity. The man who understands them is also their hunter: the head of the German police force Horst Herold (Bruno Ganz). And while he succeeds in his relentless pursuit of the young terrorists, he knows hes only dealing with the tip of the iceberg.
Producer and scriptwriter Bernd Eichinger (PERFUME - STORY OF A MURDERER, DOWNFALL) brings Stefan Austs standard work on RAF terrorism, THE BAADER MEINHOF COMPLEX to the big screen for Constantin Film. Director Uli Edel (LAST EXIT TO BROOKLYN, ZOO) presents the dramatic events that shook the democratic foundations of the Federal Republic of Germany from 1967 to the German Autumn of 1977.
http://youtu.be/6IVKAAsqcrI
http://en.wikipedia.org/wiki/The_Baader_Meinhof_Complex
Well said Russki! +1
If we allowed the market to work as it should we would have been climbing out of the pit now rather than digging deeper. In the end, the pain will be worse... The Baby Boomers have never made the hard choice, the right choice, and now we are going to have to pick up the pieces and rebuild... Sad...
you blame the Baby Boomers ?
let me guess...you are probably 24-34, still living at home of the hard choices your Mom and Dad made
by having to support their useless son or daughter who expected a free ride ?
I guess you could always start playing college football or get some other fool to support and pay for you ?
wake up to the real world - don't blame others for your own crap !
get off your ass and stop complaining and blaming your Mom or Dad ...
fucking dickhead !
die off you fucking old dinosaur hippies