Submitted by Charles Hugh Smith from Of Two Minds
The Necessity Of Resisting Financial Tyrrany
It's time we defended liberty and democracy against financial tyranny: take your money out of Wall Street and the "too big to fail" banks, and stop funding their fraud, churn and subversion of democracy.
June 14th is a national day of resistance against economic tyranny. We all need to do our part. The good folks at AmpedStatus.org have hosted this site: Acts of Resistance: What Are You Going To Do On June 14th to Rebel Against Economic Tyranny? Demonstrations and public actions are being planned in a number of cities.
If you cannot attend the public events, then consider taking direct action against Wall Street and the "too big to fail" banks. Direct action boils down to this simple act: remove your money from their grasp. Your money fuels their exploitation, their fraud, their skimming, their lobbying and thus their sabotage of democracy. If we all take our money out of their grasp, then they will shrink or expire.
If you haven't already, move your IRA and other accounts out of Wall Street and "too big to fail" banks. Move the accounts to online firms, local credit unions or local banks. Yes, there are still locally owned and controlled banks. Moving your money to them is a direct-action statement against financial tyranny.
This can be painful. I had a 20-year business bond with my broker, and it was painful to pull the account away from him. But I explained why, and he understood; of course he understood.
Removing your shares and money is important because Wall Street and the TBTF banks use your money to churn profits for themselves. Your shares are sold short, your cash lent out on a daily basis, etc., and the proceeds are used to subvert democracy via lobbying and campaign donations, and to pay for the financial Elites' mansions and yachts and tax attorneys.
The TBTF banks reap enormous profits from credit card and debit card transactions. Using cash instead of paying them a slice of every transaction is another direct-action way to "starve the beast."
A critically important blow against financial tyranny is paying off all high-interest credit cards and other debt owed to Wall Street (margin debt) or the TBTF banks. You earn .01% on your cash, but the banks skim 18% on your credit card debt.
Although this isn't an option for most people, in the longer term, a very powerful direct action is paying off your mortgage and not getting another one. The same can be said of auto loans and student loans. The single most important direct action is to remove debt from their churn machine. Without any home mortgages to securitize, Wall Street can't spin off derivatives of that debt and book profits by packaging and selling it.
A debt-free society where citizens refuse to give their money to Wall Street is a society freed of the financial tyranny that has strangled the economy and democracy. We as a society have been brainwashed into believing debt benefits us; but that is a lie. Debt actually enslaves us in more ways than one: it enslaves us financially, and gives the Power Elites the means to enslave us politically.
Demonstrations are good, but direct action by millions of citizens is even better. Don't take on $100,000 of debt you cannot dismiss in bankruptcy to get a marginal college degree; find another path that includes financial freedom. Don't fall for the consumerist fantasy of "aspirational spending"--focus on self-expression and enterprise, not on buying a lot of crap with debt that only enriches Wall Street and the big banks.
Focus on paying off debt, even if it means sacrificing consumption.Paying off debt is a political action now, not just a financial act in favor of freedom. Paying off debt, removing your money from the greedy grasp of Wall Street and the TBTF banks-- these are blows for liberty and against the financial tyranny which is destroying the nation.
Yes, we still have a mortgage, but we are devoted to paying it down in advance. We have no auto loans, no student loans, no credit card debt, and we use cash at the grocery stores and farmer's markets. Every dime we each remove from Wall Street and the TBTF banks is a direct action against tyranny and a meaningful reinforcement of democracy and liberty.