~ The Trouble with America ~ ID 2337 Oct 13, 2008 ~ Chapter 23 ~ Oh 1 Digital Press
My Literary friend Kurt laughed at me when he saw the number of news articles that I had accumulated on the US and world economy since March 18, 2008 when the so-called ’housing bubble’ began to burst with failure of three financial institutions, most notably Bear-Stearns. He thought it was rather odd that I would bother to gather information on a problem that seems to be occurring in another country although he did mention that as of yesterday, Oct 11, 2008, his RSP’s invested in stocks had devalued considerably and was in a panic to change their location but nothing would be open until Tuesday. Many of the collected stories had come from underground sources such as Alternet that does not shrink when it comes to naming names and putting the blame right in the lap of the Republicans. Lyndon LaRouche’s Political Action Committee, however, does not show such political liaison and tends to appear completely independent when he calls for sweeping changes in the way money is handled within government and society. He goes beyond those that vilify the fed and the (previoUS admin) for the problems and attacks English banking influence. Others name the IMF (International Monetary fund) and the WB (World Bank) for the American and World economic woes as if there was a co-coordinated force specifically orchestrated to bring the economy to it’s collective knee so that a cashing out, of sorts, could take place it this mega game of Monopoly. That is just a fancy way of saying that this is just one of those times in history when the big banks like J P Morgan get to gobble up their smaller competitors like Bear-Stearns. Big fish eating smaller ones.
Well the trouble with America could be just that simple. The governments have given way to Oligarchy and almost all decision making happens behind the scenes and it only concerns money and nothing else. Looking back at my collected news this seems to be the underlying theme. The main stream news does not report the doubts about the fed not really being federal and does not expose the common knowledge that it is actually a cartel of private Banks and has no clear mandate even to collect taxes. The news stories in 2001 and 2004 about the voting system being perverted, thwarted, ignored and defeated by the (previoUS admin) have all but been lost on the mainstream channels and the general public of the US seems to feel comfortable with their Democracy being undone by gun toting Texans. Americans still live in the wild west at least mentally.
America extends from the South Pole to the North but only one country has been doing all the bullying since the Spanish, English and French stopped their colonizing efforts years ago. One of the news stories points out that the US has started almost 200 skirmishes, coups, takeovers, assassinations and outright wars ending in the latest efforts in Afghanistan and Iraq and now threatening Pakistan and Iran. As a Canadian I have a criminal record on account of these American bullies and my countrymen are embroiled in a conflict based on American greed for oil. We have allowed the great American dream to become the dream of the world and all of us want the pool, barbecue, boat and trailer, Winnebago and a car for every member of the family. When we want a house all we expect to do is take a trip to the bank and bingo! time to move in. We want all the kids to be able to attend University, eat anything we feel like and have medical coverage when we get sick, welfare when we are broke and Unemployment Insurance when the fish are running. Like many of the richer Americans we want the opportunity to work in a big glass building and have nothing to do but play the financial markets and make the most ridiculous sums of money ever by accomplishing absolutely zip. Barring that we want to take our over inflated wages and invest them in secret and quite immoral schemes that promise to generate unimaginable profits magically through financial manipulations designed only to trick the unwary. Can all these expectations come crashing down around our ears? You bet your sweet booty!
Kurt pointed out to me that adjustable rate mortgages have been around for years and he’s right, Canadian banks sell them all the time and it simply means that the rate is tied to the current prime. If you change the legal wording of the contract just slightly, so that the unwary would not notice, you are able to sell a mortgage contract that is not really an agreement of anything. If you remove the regulation on the banking institutions so that they can play in the stock markets and affiliate with other financial institutions you can sell mortgages to Joe America that can be altered later to anything that the holder demands. Since 2001 this practice became legal thanks to the likes of men like Senator Gramm and others passing deregulation bills legalizing chicanery. As long as the house prices kept soaring (2001 to 2007) the perpetrators were protected because all the contracts they sold were secured with larger and larger value but as soon as the market started a slight nose dive, the (expletive) began to hit the fan and the typical smooshing sound of bankruptcy was heard around the world. A variety of other questionable practices have since been revealed such as ’naked short selling’ on the stock market. I won’t pretend to understand what this is and would doubt if anyone other than those doing this every day have any idea how this financial hedge makes profit but it does. Naked shorting means the buyer takes an option on shares that he does not own and sells them betting their price will drop in the near future and collects accordingly should this occur. This is considered to be a hedge fund that supposedly protects financial experts from other losses by covering all bets but it again only works when the economy is flying high. Also revealed are massive clerical errors or a class of legal misdemeanors that allow criminal financiers to escape unscathed. Stock brokers can sell stock that they do not have and keep on selling it to destroy smaller companies and it’s just called unfulfilled orders and falls under the catagory of clerical mistake. The whole affair is exacerbated by the ten trillion national debt, creative GNP accounting and future entitlements of Medicaid and Old age security reputed to be fifty trillion or more.
These practices and hundreds more systematically pilfer middle America’s funds and tend to concentrate the profit in the richest pockets. They are not universal and all other countries have much more stringent market rules but have been forced by this immense American market to buy into these financial’s not really knowing what they were. Normally a default in any loan will leave the recourse of foreclosure to the holder of the contract and he could reclaim the majority of his losses by reselling the property. This works less perfectly if the property is deflated and not at all if the instrument has been sold to another institution that cannot repossess. So as the properties began to deflate and as repossessions mounted foreign owners of this tainted paper had no recourse except to write it down (write off) and as this spiral increased all their liquid assets began to evaporate. These contracts were all now classified as financial derivatives and their source was not a matter of public knowledge since they were traded freely on the open market as instruments secured by real estate, which they really were not. They were not secured by anything and since the origin of any contract was so nebulous there were other little bits of added foulness such as ’non existent contracts’ being lumped in as a form of imaginary leverage so that when we started going downhill there was nothing to do but free fall and to this date that is still happening.
But that still isn’t the trouble with America. The history books in our schools don’t mention that Franklin Delano Roosevelt did everything in his power to cause us to go to war with Japan including allowing Pearl Harbour to happen. They don’t bother to mention that the military industrial complex is the banks biggest moneymaker and if you make bombs you need to blow stuff up with them to earn money from their manufacture. The school children don’t have to know that the CIA is employed full time attempting to create conflict around the world so that the oligarchs can show profit. They don’t have to know that true democracy has not been practiced in the ’Land of the Free’ for over a hundred years and all government decisions including our environment is made based on it’s profitability. No sense in telling them that there isn’t really a two party system in USA or that the Canadian government is utterly controlled by the American and world elite (rich) as are many other countries of the world. They don’t have to know that both Obama and McCain have something in common, namely their complete lack of ability in economic affairs and complete lack of opportunity to influence anything that the banksters want for America or the World. No our history books have got it all wrong and perhaps the history that is being written on the web will rectify this and that’s what I hope.
The web is the one bright light in all this. Those people on the periphery of 9-11 such as those survived by all the plane crash victims would have no real support in their position of doubt if it weren’t for the fact that we have free speech world wide and a readily available forum for real discussion. All of them knew, when it happened that the terrorists were in the Whitehouse and their own government FBI was telling them fantastic lies about their relatives passing and were themselves involved. They knew that the threatening nature of the FBI and federal authorities was dead serious and they could do nothing more than hold impotent vigils and protests that mainstream media would ignore or deliberately misinterpret. They were comforted by the fact that when they went on the web they could find protests movies such as ’Zeitgeist’ that may be a bit over the edge the other way, but at least a voice of very potent protest that will eventually show results. The world is given the knowledge of all these underhanded methods to gain control of other countries and regions holding wealth in oil and many relish the demise of world America and it’s false ideals and fake principles.
America fathered the web and put it up with the idea that it could eventually be controlled but then began to realize that monitoring conversation amongst two individuals can be accomplished but monitoring world wide collective conversation cannot. The biggest downfall of control of the web for those that would do so is the simple lack of world wide consensus. America keeps coming up with more BS all the time and with a controlled media we tended to swallow more of this, but now when they say they are trying to protect artists by cutting p2p (Peer to Peer file sharing) and controlling this part of the web the people counter with the bare fact that the artists have already been raped by the promoters and it’s just another false flag American BS event coming down the tube. Thanks to the web we now know that all wars have been financed and created by the speculators of world banking and that the shock and awe of ’Shock and Awe’ is that we may have this inflicted on us again and again until we find a way of stopping it.
Could it be that there is a collective consciousness that relates our mistrust and disgust of typical government, the banking establishment, environmental decision making, the warmongers and the cartels to a world economic disaster? The poorest of us have very little to loose. Collecting the news stories of the worlds richest squirming in their diminishing returns is good fun indeed. Could we keep this downturn going until all the dirty laundry is exposed and everyone is finally confessed of their sins. I personally would really love to see the fed go broke and the world bank and IMF crumble internally never to arise again as a force that controls everything. I personally would love to see the day when America wakes up and the Federal debt is wiped clean because there is no institution that can support it’s foolishly greedy claim of ten trillion fiat bucks owing. I personally would love to see the day when democracy returns to the legislatures and they all sit to discuss the real meaning of ’Green’ and the honest senators and politicians are the only ones in power because the web provides an educated consensus amongst voters. This is the real problem with America. We all are tempted to turn a blind eye to chicanery when we ourselves profit. We don’t see the child mutilated by our bombs and if we do we rely on the doubt factor in which they themselves were at fault somehow construed by media whores and corrupt politicians. We need to take responsibility of all our morals and stop living in the dark. We are gentle loving humans by nature and greed is the thing that drives us to murder for profit. We have been unable to overcome these criminals and now they are caught in their own stew so it’s time for us to wrest control from them and play another game for humanity called ’justice’ or ’freedom’ or ’democracy’ and drop this full time obsession with the age old money game.
Chapter Twenty-four Chapter Twenty-four Plain
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