While You Are Watching Swine Flu…

“The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight-of-hand that was ever invented. Banking was conceived in inequity and born in sin... But if you want to continue to be slaves of the bankers and pay the cost of your own slavery, then let the bankers continue to create money and control credit .”  Josiah Charles Stamp English Economist President of the Bank of England in the 1920's and the 2nd richest man in Great Britain, 1880-1941

“The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight-of-hand that was ever invented. Banking was conceived in inequity and born in sin... But if you want to continue to be slaves of the bankers and pay the cost of your own slavery, then let the bankers continue to create money and control credit .” Josiah Charles Stamp English Economist President of the Bank of England in the 1920's and the 2nd richest man in Great Britain, 1880-1941

While everyone is watching the new swine flu outbreak, some really interesting facts are coming to light about the top three in the banking business and how they manipulated everything and everyone in order to cause the current financial collapse.

In September of 2008 the setup was like this: Treasury Secretary Henry M. Paulson Jr., Federal Reserve Chairman Ben S. Bernanke and Timothy F. Geithner, the president of the Federal Reserve.  Now, of course, they have different titles.  Today Timothy Geithner is TreasurySecretary, Henry M. Paulson is Obama’s adviser, and Ben S. Bernanke is Federal Reserve Chairman of the Board of Governors.  These are the three who have engineered the collapse of the united States financial markets, the bank failures, and who wrote the rules for making all those toxic assets available on the markets.  These men should be in a Federal prison doing 200 years for plotting the downfall of America’s financial stability.

But then, we can look to Congress back in 1913 to actually lay the blame.  Congress ever proves its stupidity and avarice when it comes to money.  Greed, it seems, is always the downfall of *good* men.

Just before the swine flu outbreak Timothy Geithner spilled his guts about the amount of fraud going on with the bailouts.  There has been no news on this issue since the flu coverage took over.  Why is that?  Has it all be swept away?  Is all the fraud over with?  Can we rest easy now???  No.  While the flu situation is real, it is awful convenient that it comes at just this moment in time…

Fraud concerns overshadow Geithner’s TARP testimony

By: Susan Ferrechio
Chief Congressional Correspondent

04/21/09 7:47 PM

Amid dire warnings of “staggering” fraud and waste, Treasury Secretary Timothy F. Geithner told a congressional oversight panel that the Troubled Asset Relief Program aimed at rescuing the nation’s financial institutions has had “mixed” results and that he needed more power to keep the $3 trillion program on track.

Geithner was grilled by the five-member TARP oversight panel, made up of lawmakers and outside experts charged with monitoring the massive bailout program being run by Geithner that has already handed out $590 billion.

Barofsky also pointed to concerns about who has “sought to influence decision making by treasury or bank regulators in considering and deciding on applications for funding from individual banks.”

Barofsky’s report lays out the staggering vulnerability of taxpayers.   The report is 250 pages long and filled with condemnation concerning the bailouts.  Did you hear about this?  No?  Well, gosh, I wonder why not?  Again, it is ever so convenient that the flu epidemic came up just now don’t you think?  This, of course, turns our attention away from the fraud being perpetrated on We the People by those in the know.

And while Geithner maintains his assertions that the bailout is going well, the fact is that banks AREN’T lending, interest rates are very high considering the prime interest rate, (the rate bankers loan eachother money), is down to zero, and they are printing paper like it is going out of style!  But Geithner wants even MORE money and power given to him.  Do you trust this guy?

In America it used to be that if a business couldn’t stay afloat it died.  End of story.  (List of Bank Failures) Another business simply took its place, leaving the economy robust at all times.  What has happened to common sense and free enterprise?  Our economy was much healthier before we allowed bankers to ruin everything.  And while the bankers have a lot of power, it is We the People who allow them to handle our money.  Take that money away and they have nothing.

Thievery Under the TARP

by Robert Scheer

AIG is just one example in a bailout that has left the financial conglomerates unsupervised as they spend taxpayer money in what the report termed a government program of “unprecedented scope, scale and complexity,” putting the public and the Treasury Department in the dark as to how the money is being used by the very tycoons who got us into this mess. “The American people have a right to know how their tax dollars are being used,” Barofsky wrote in the report, which sharply criticized the government for failing to hold financial institutions accountable.

For all of its criticism of the original program, designed by the Bush administration, the report was equally severe in denouncing the Obama administration’s plan to partner with hedge funds and other private capital groups to buy up the “toxic” holdings of the banks. Charging that the plan carries “significant fraud risks,” the inspector general’s report pointed out that almost all of the risk in this new trillion-dollar plan is being borne by the taxpayers. The so-called private investors would be able to put up money they borrowed from the Fed through “nonrecourse” loans, meaning if the toxic assets purchased prove too toxic and the scheme failed, the private investors could just walk away without repaying the Fed for those loans.

A report by the GAO on the TARP program can be found HERE: This report is only 72 pages long and has found so many problems with the TARP program that it should instantly be stopped and everything reassessed.  I am still looking for the other report.  While plenty of sources talk about it, it doesn’t seem to be one in the public domain.  Another curiosity.  Why shouldn’t the public know of the problems this program forces them to pay for or leaves them vulnerable to???

You can watch a 2 hour 4 minute video of the hearing on C-Span HERE: Anyone who wants to know the real story should watch this.  It is very enlightening!  Be prepared for lots of Geithner lies…

“Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs.”

–Thomas Jefferson letter to Thomas Cooper, 1814.

No, they weren’t all conspiracy theories. Just as we have been warning for so long against the federal reserve and bankers, now all the information we warned of is coming to light. Well, not all, but certainly it is enough that any reason capable person should be ready to tear down all the secrecy surrounding the Federal Reserve, a private corporation.

Ron Paul’s H.R. 1207, Federal Reserve Transparency Act of 2009, is a bill which would open up the Federal Reserve for the first time ever and audit their books.  It is very needed legislation whose time has come.  Contact Congress and let them know you support H.R.1207!

The difference between money and debt is very important.  Until American’s understand that difference we will have those in charge who are out to bilk you of your hard earned wealth.  Before 1913 American’s kept 100% of the money they earned.  Now, they only get around 60%.

Money

“Money” is a convenient replacement for barter in an economy. Instead of my giving you five pounds of carrots, so you wash my car, then you trade the carrots for a new shirt, and the clothing store then trades the carrots to a trucker that brings them their inventory, we all just agree to use a ten-dollar bill. Because a nation’s money supply represents that nation’s “wealth” — the sum total of goods, services, and resources available in an economy/nation — it needs to have a fixed value relative to the number/amount of goods, services, and resources within the nation.

Debt

“Debt” is not money. Instead, it’s a charge against future money. But even though it’s a charge against future money, it can still be spent as if it was today’s money — except that it must be repaid with interest. And therefore debt must have some sort of a balanced relationship to the total size of the economy — albeit the future economy — for it not to be destabilizing.

And then we have a case in point of the fraud being perpetrated on the American people by those who know the ins and outs of money so well, and can make things so complicated that we can’t follow them in their machinations.

Busting Bank of America

A case study in how to spread systemic financial risk.

In the name of containing “systemic risk,” our regulators spread it. In order to keep Mr. Lewis quiet, they all but ordered him to deceive his own shareholders. And in the name of restoring financial confidence, they have so mistreated Bank of America that bank executives everywhere have concluded that neither Treasury nor the Federal Reserve can be trusted.

Mr. Lewis has told investigators for New York Attorney General Andrew Cuomo that in December Mr. Paulson threatened him not to cancel a deal to buy Merrill Lynch. BofA had discovered billions of dollars in undisclosed Merrill losses, and Mr. Lewis was considering invoking his rights under a material adverse condition clause to kill the merger. But Washington decided that America’s financial system couldn’t withstand a Merrill failure, and that BofA had to risk its own solvency to save it. So then-Treasury Secretary Paulson, who says he was acting at the direction of Federal Reserve Chairman Bernanke, told Mr. Lewis that the feds would fire him and his board if they didn’t complete the deal.

The revolving door at the federal Reserve and whatever administration happens to be  employing them are getting horrible advice from bankers bent on cheating, lying, deceiving, stealing, and anything else they have to do, (murder???) to get what they want and control the American economy.  Isn’t it funny how President Kennedy set out to strip these banker’s power away and then was suddenly murdered???  But I digress…

The Bailout Is a Fraud That Could Bring Down Obama

By Ruth Conniff, The Progressive. Posted April 23, 2009.

In a financial crisis like the current one, Warren explains, the government has three choices: 1. Liquidate failed banks. (That’s what happened in the S&L crisis. The government took over institutions, fired the managers, wiped out investors, but protected depositors. A lot of savings and loans simply went out of business.) 2. Put them in receivership. (That’s what Sweden did in the 1990s: failed managers were fired and replaced, depositors were protected, and the banks were returned to private hands under new management with healthier balance sheets.) or 3. Subsidize the banks. This last option is what led Japan to its “lost decade” — the real value of bank assets are obscured, as the government funnels tax money into insolvent banks, propping them up indefinitely. This last is the approach the United States is now taking.

If you want to hear someone absolutely destroy that approach to the current crisis, check out a round of recent interviews with William Black, the professor of economics and law at the University of Missouri who was deputy director of the Federal Savings and Loan Insurance Corp. during the S&L crisis in the 1980s. Black, who liquidated a few banks in his time and earned the eternal enmity of Charles Keating, minces no words in describing the massive fraud by bankers and the regulators, including Treasury Secretary Tim Geithner, whom he describes as abetting them.

The video highlighted just above with William Black is so important for Americans to understand.  William Black calls these institutions liars, swindlers, fraud, fraudulent, scandalous, and disconcerting.  The fraud found in each loan examined was incredible.  And the fraud was intentional.  The banking industry did this on purpose.  It is premeditated fraud against the American economy.  Both the lending agency and the rating agency were partners in the fraud against We the People. Berny Madoff was peanuts compared to what the bankers and raters have done and Bernie Madoff faces up to 150 years in prison.  Imagine then what Geithner, Bernanke and Paulson should face?

Our financial system became a massive pondsy scheme.  Why haven’t these people been arrested and tried?  Because it all came to light AFTER it was all over.  In September of 2004 the FBI warned that there was an epidemic of fraud being perpetrated by the bankers and the loans they were making. With the transfer of 500 agents from the FBI after 9/11, the prosecution of these bankers stopped.  Read the story HERE: Through all of this you will see how the bankers manipulated, threatened, twisted and coerced those under their sphere of influence to get what they wanted.  The video will make you angry when you realize just HOW MUCH FRAUD was directed towards American taxpayers!

Geithner is currently in the process of covering up the real problems.  Geithner and those with him don’t want to find the problems because they are the problem.  If we fire Geithner and the bankers that caused the problems and put honest men in charge, their first priority would be to FIND THE SOURCE OF THE PROBLEM, and that Geithner won’t allow.

These bankers are in league with eachother and will do anything they have to do to continue business as usual.  Right now Geithner claims in public that it will take another 2 trillion dollars, (1 trillion equals  a thousand billion), to fix the financial meltdown.  He is setting Americans up for more bailout money being confiscated by the government and the bankers, to cover up the fraud the bankers perpetrated.  At the same time they are allowing the banks to report that they are solvent and fully capitalized when the reality is that they are NOT!

Watch the Video with Bill Moyers and William Black.  Both statements made by Geithner cannot be true.  Either the banks are fine and they don’t need 2 Trillion, or they need the 2 Trillion dollars because they are NOT fine.  Be careful what you hear when listening to these liars.  Be watchful of Congress as they seem incapable of figuring out the truth from the lies.

Geithner was one of the TOP REGULATORS, (although he refused to do the job and so technically didn’t regulate),  during the entire time of the subprime lending scandal.  He cannot be trusted to tell the truth.  The man should be imprisoned, not allowed the top financial position in these united States.  When will the truth come out???  When will Congress See through the lies???  When will SENSE come to the market?  Geithner was there when the FBI announced their investigation and did NOTHING.  HE is all part of this, wrapped up so tightly in it that Obama was a fool to have him with him.  He may just take Obama down if it all comes out.

We have laws on the books that would have stopped all of this.

TITLE 12 > CHAPTER 16 > § 1831o

§ 1831o. Prompt corrective action

(a) Resolving problems to protect Deposit Insurance Fund

(1) Purpose

The purpose of this section is to resolve the problems of insured depository institutions at the least possible long-term loss to the Deposit Insurance Fund.
(2) Prompt corrective action required

Each appropriate Federal banking agency and the Corporation (acting in the Corporation’s capacity as the insurer of depository institutions under this chapter) shall carry out the purpose of this section by taking prompt corrective action to resolve the problems of insured depository institutions.
Time to close these banks.  Time to put those in prison who perpetrated the frauds.  Time and past that truth and transparency came into government.  Time for Obama to BE POTUS!  Time to stop the fraud.  Time to take back our power and place those in prison who deserve it.

Other articles to read:

A bunch of articles can be found here:

AIG Bonus Bombshell Raises New Questions About Goldman Sachs

Timothy Geithner’s toxic plan

Lewis Testifies U.S. Urged Silence on Deal

In Crucible of Crisis, Paulson, Bernanke, Geithner Forge a Committee of Three

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~ by justmytruth on April 28, 2009.

One Response to “While You Are Watching Swine Flu…”

  1. Great, thanks! ^_^

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