The Other Shoe?Posted: July 5, 2011 | |
“The Other Shoe?”
This is just a reminder from my archives. Originally published in June of 2009, this post shows how central banks work the Bait-And-Switch and the Shell Game. We will see this repeated in Greece, Ireland, Portugal, Spain and any other country that bought into the Ponzi scheme. We see interest charged on ledger entries. In reality, the legal definition of money never entered into the transaction and the rhetoric that went with it. Interest is charged on fiction and nations pay with reality. This is how central banks conquer countries with the stroke of a pen.
Just when we thought there was quiet on the bailout front, we get news. Some of the biggest banks are ready to repay billions, but only if the administration will let them. Debt moves from one ledger to another, they call it paid, and the experts are still nervous. We should not buy cars from these people. The repeat offenders have gone way past three strikes, robbing Peter to pay Paul. Apparently, every silver cloud has a manure lining. The short little article in the June 8th Denver Post, written by Binyamin Applebaum and David Cho of the Washington Post covered the bases, pretty well. At least the article acknowledged that this wasn’t actually repayment, but refinancing, through other government programs. This is the same kind of fancy bookkeeping that kept Bernie Madoff out of trouble, for so long. Oh, excuse me. We have experts, now. Are they more expert than they were, in September? They can’t be very bright if they don’t see the same debt load, sucking the life out of the alleged recovery, that I see.
Since September, official statements have implied a perpetual state of revolving debt. The trigger on the next phase of the collapse could be the same funds listed as assets on different institutions books, as assets. In the fractional banking system, that has been possible and by all accounts at various times in history, accepted practice. If currency that doesn’t actually exist can be loaned, how do you prove who really doesn’t have it? there is no pea under any of the walnut shells. Better put some extra currency in the mattress. The pea might be under there.
Some of the quotes from the article are better than reading the comics. The title says, “Doubt lingers ……. “. Oh. That’s what that smell is. The part that stinks is that government borrowed debt and all the taxpayers get is the obligation to pay the interest. In the case of Chrysler, the get stuck with all of it. If the banks get out of the bailout plan, they are then free to pay their executives big bonuses, again. This looks like the second round of the same scam. The only change is that the taxpayers are deeper in debt than ever before. The only change in process is that the economy is now a board game without rules.
The article addresses the concern that all of this bailout activity has created an “artificial environment”. Does this suggest that there was anything real in the last 2 or 3 decades? Alice encounters the White Rabbit on the Planet of the Apes. Yes, that could happen, . . . . . on TV. It’s more likely that small businesses will collapse in droves as the bottom drops out of consumer spending. Microsoft threatened to move jobs out of the U. S. if they don’t get tax breaks on their foreign profits. Could this be the start of something big? Will we hear a “stay the course” speech in the Fall? At present, the “course” may be messy slog through the international swamp. I did say that foreign demands would overwhelm domestic regulation. As reported in the June 9th Denver Post, Canada and the EU are upset about “America first” stipulations on the use of stimulus funds. We’ll see where that comes out. U. S. taxpayers money, U. S. taxpayers jobs. Plainly, this is not the foreigner’s house. It’s not a good time to be sacrificing U. S. jobs. “Unemployed Congresspeople” has a nice ring to it. Since U. S. taxpayers are on the hook for all that stimulus funny money, giving it away to Canada and Europe would bring on economic storm clouds, at a very inopportune time. In fact, the taxpayers are paying for the jobs of the Federal corporation and every stick of furniture in the place. In fact, fire the whole bunch and let the State legislatures run the place. The farther this crisis goes, the more obvious it becomes that the Federal corporation is pricing itself out of the marketplace.
This is one of those moments when the Globalist agenda is out in the open, for all to see. That indicates enough trouble on the horizon, even if there were no mismanagement and embezzlement. For those gluttons for punishment that still believe in staying on to pay their fair share of the Federal debt, at least speak in terms that can be understood. As long as people insist on underwriting bad debt, they have a proprietary claim on both their jobs and the Federal payroll. If domestic jobs fall by the wayside, it should be Federal jobs that go, first. Accountability without punishment is lawlessness.