Free markets in a America is a myth. We have monopolists who are continuously propped up by government support.
A free market America would have let the money center banks go belly up so the free markets could cleanse themselves.
I recall it was the huge banks in Japan that prompted the U. S. to encourage U. S. banks to merge into unmanageable mega-bigness. Didn't Japan experience a still ongoing economic crush despite having megabanks too?
And now free markets simply means U. S. producers and manufacturers should shut down so companies in second and third world labor markets can become the new monopolists.
It was partly the banks that encouraged the huge concentrations in industry after industry because in their thinking it is easier to make one mega loan - and watch it (fail) - than make many smaller loans. But the megalenders have found out the borrowers are now so big the bank now works for them. Think about it. The borrowers can and do just liquidate and walk away.
The banks have to figure out how to get their huge megaloans back. How to get the mega derivatives unwound. How to make one huge loan to a lot of foreign low wage workers they wanted brought in.
When the banks started favoring a few businesses in each industry in order to consolidate them for lending efficiency they started down the free market path that leads to corporate welfare.
Tuesday, July 7, 2009
Wednesday, June 24, 2009
Inconsistent Journalism
The misfortune of South Carolina Mark Sanford is a personal tragedy that has been splashed all over the news pages.
Sanford had the misfortune of being in the wrong state at the wrong time.
Not too long ago a sitting governor of Colorado was rumored to have sired one, maybe two, children out of wedlock. This rumor was so pervasive and just under the surface -- but unlike the dramas of Elliot Spitzer or Sanford or several other prominent U. S. senators and candidates, the Colorado story never saw the light of day.
On a Valentine's Day the alternative weekly Westword acknowledged the rumor by printing a humorous speculation on whom the governor's paramor might be. It touched a wide variety of personalities, even male, making the rumor all the more humorous.
But why was it never publicized as was Spitzer and now Sanford and so many others?
The unanswered question was whether one, or maybe two, of the alleged unwed mothers were also state or public employees and if any public money had been involved in any of this.
My source, an officer at the Denver Press Club, said it was two children and that the media had agreed not to run the story in exchange for the governor not running for any office again.
A Republican candidate for the U. S. Senate in Illinois will have his sealed divorce records opened from pressure from the Chicago Tribune. This paved the way for the candidate to step down and give his opponent Barack Obama an easy win.
Politics is a rough and tumble, poltiical life and death spectator sport.
But not in Colorado.
Recently the Rocky Mountain News shuttered its doors. The news staff was put out on the street.
Did Colorado residents become any less informed? Judging from how some people are treated, compared with others around the nation, apparently not.
Sanford had the misfortune of being in the wrong state at the wrong time.
Not too long ago a sitting governor of Colorado was rumored to have sired one, maybe two, children out of wedlock. This rumor was so pervasive and just under the surface -- but unlike the dramas of Elliot Spitzer or Sanford or several other prominent U. S. senators and candidates, the Colorado story never saw the light of day.
On a Valentine's Day the alternative weekly Westword acknowledged the rumor by printing a humorous speculation on whom the governor's paramor might be. It touched a wide variety of personalities, even male, making the rumor all the more humorous.
But why was it never publicized as was Spitzer and now Sanford and so many others?
The unanswered question was whether one, or maybe two, of the alleged unwed mothers were also state or public employees and if any public money had been involved in any of this.
My source, an officer at the Denver Press Club, said it was two children and that the media had agreed not to run the story in exchange for the governor not running for any office again.
A Republican candidate for the U. S. Senate in Illinois will have his sealed divorce records opened from pressure from the Chicago Tribune. This paved the way for the candidate to step down and give his opponent Barack Obama an easy win.
Politics is a rough and tumble, poltiical life and death spectator sport.
But not in Colorado.
Recently the Rocky Mountain News shuttered its doors. The news staff was put out on the street.
Did Colorado residents become any less informed? Judging from how some people are treated, compared with others around the nation, apparently not.
Thursday, June 18, 2009
Incompetent Federal Reserve
An open letter to Congress.
The alarm bells are ringing.
Why would the failed Federal Reserve Bank be given broader powers? The Federal Reserve should be abolished, not given broader responsibility.
Years ago Forbes Magazine rightly noted The Fed always targets interest rates either too high or too low, resulting in major damage control measures. Do you like having to bankrupt the U.S. with more and more rescue programs that should have been avoided in the first place?
Recent Holocaust Center visitor von Brunn apparently was set off years ago when he attended a national real estate broker meeting in Washington, D.C. At the meeting, then Fed Chairman Paul Volcker said "You will hate me because tomorrow I am going to bankrupt you."
What kind of enlightened, 21st Century government gives a private bank the power to repeatedly bankrupt its citizens and businesses with artificial business manipulations?
And I again ask why every Fed chairman in my long lifetime has been Jewish. If there has to be a Fed, and there doesn't, why isn't the chairman appointed from a broader gene pool?
The kindly Wikepedia said Arthur Burns, a foreign born Jew, did not know what he was doing and he caused the subsequent runaway inflation of the 1970s.
Home grown Jewish Fed chairman Alan Greenspan told Ron Paul in Congressional testimony that he could not define money and really did not know what it was.
If these people do not know what they are doing, cannot define money, why are they in charge of anything so powerful as a central bank, which again should be abolished.
When George Green was unsuccedssfully recruited to be chairman for the Jimmy Carter presidential campaign, Green told his recruiters, who included Ted Kennedy and Canadian prime minister Trudeau, he was a Republican. Then Fed chairman Paul Volcker told Green his party affiliation was irrelevant because "we control both parties"
Please prove Volcker wrong. Prove you can give back bank donations and do the Andrew Jackson thing and work for a better America.
Do not consider this anti Semtitic because the Semites are the Arabs. Most modern Jews are from a Mongol-Turkish sub tribe that converted around 700 AD while living in their true homeland on the north shore of the Black Sea. Arabs look like Arabs and modern Jews mostly do not, due to genetics, a science that is more knowable than economics.
I have said nothing about Semites, a separate foreign policy issue.
Again, why is the top Fed job immune from affirmative action and picked from such a narrow gene pool? This message had to be blunt because being nice and polite clearly has not worked for Joe Six pack to get his message through to the elites..
Please look at the bigger picture and restore America. Please stop shoving America into a partial world order.
It won't be a New World Order because Russia, China and India have grown a pair and announced central bank economics and the greedy forces behind it are too destructive to serve humanity.
Paul Volcker back then could care less about the economic pain he would cause Americans. Maybe the Fed should be bankrupted so its insulated work force can get a feel for what they have done to so many.Sincerely,
The alarm bells are ringing.
Why would the failed Federal Reserve Bank be given broader powers? The Federal Reserve should be abolished, not given broader responsibility.
Years ago Forbes Magazine rightly noted The Fed always targets interest rates either too high or too low, resulting in major damage control measures. Do you like having to bankrupt the U.S. with more and more rescue programs that should have been avoided in the first place?
Recent Holocaust Center visitor von Brunn apparently was set off years ago when he attended a national real estate broker meeting in Washington, D.C. At the meeting, then Fed Chairman Paul Volcker said "You will hate me because tomorrow I am going to bankrupt you."
What kind of enlightened, 21st Century government gives a private bank the power to repeatedly bankrupt its citizens and businesses with artificial business manipulations?
And I again ask why every Fed chairman in my long lifetime has been Jewish. If there has to be a Fed, and there doesn't, why isn't the chairman appointed from a broader gene pool?
The kindly Wikepedia said Arthur Burns, a foreign born Jew, did not know what he was doing and he caused the subsequent runaway inflation of the 1970s.
Home grown Jewish Fed chairman Alan Greenspan told Ron Paul in Congressional testimony that he could not define money and really did not know what it was.
If these people do not know what they are doing, cannot define money, why are they in charge of anything so powerful as a central bank, which again should be abolished.
When George Green was unsuccedssfully recruited to be chairman for the Jimmy Carter presidential campaign, Green told his recruiters, who included Ted Kennedy and Canadian prime minister Trudeau, he was a Republican. Then Fed chairman Paul Volcker told Green his party affiliation was irrelevant because "we control both parties"
Please prove Volcker wrong. Prove you can give back bank donations and do the Andrew Jackson thing and work for a better America.
Do not consider this anti Semtitic because the Semites are the Arabs. Most modern Jews are from a Mongol-Turkish sub tribe that converted around 700 AD while living in their true homeland on the north shore of the Black Sea. Arabs look like Arabs and modern Jews mostly do not, due to genetics, a science that is more knowable than economics.
I have said nothing about Semites, a separate foreign policy issue.
Again, why is the top Fed job immune from affirmative action and picked from such a narrow gene pool? This message had to be blunt because being nice and polite clearly has not worked for Joe Six pack to get his message through to the elites..
Please look at the bigger picture and restore America. Please stop shoving America into a partial world order.
It won't be a New World Order because Russia, China and India have grown a pair and announced central bank economics and the greedy forces behind it are too destructive to serve humanity.
Paul Volcker back then could care less about the economic pain he would cause Americans. Maybe the Fed should be bankrupted so its insulated work force can get a feel for what they have done to so many.Sincerely,
Thursday, June 4, 2009
Watching Ben Bernanke today reminded me of the terrible damage the privately owned Federal Reserve has again inflicted on the American people.
This privately owned bank's latest fiasco has done more damage to this nation than Russia and China could accomplish by direct bombing.
Congress and the President have forgotten that just four or five years ago Alan Greenspan and then Bernanke began jacking up interest rates to accomplish what we are seeing - the puncture of an economic bubble the Fed created in the first place. This time the damage was so sudden and widespread the Fed had to backtrack - but it was too late. And now we're in a hell of a mess.
The Fed is primarily an agent for inflating money supply so that wage earners can keep up with usurious interest charges used to keep the people in bondage. The Fed has lowered the value of the 1913 dollar to just a nickle today.
The Fed is a mistake and it should be abolished. Congress has the authority to regulate money in a more honest fashion to promote a stable economy.
Forbes magazine more than 20 years ago noted the Fed is continuously guilty of excessive expansion and then contractions. The primary beneficiaries of these manipulations are the investment bankers who can sell stock they don't own going up and then pocket more profits by selling stock they don't own as prices go down.
I realize the danger you all face in Congress for resisting the Federal bank cartel. The czar was taken out, in part, because he resisted a central bank for Russian. So Russia got centralized everything as punishment. But if you all hang together, you will not hang. They will crawl back under the rocks from which they came.
Hopefully on the north shore of the Black Sea, but Russia will not take them back. I also point out that every Fed chairman in my long lifetime has been a Khazar, confounding the ethnic distribution pattern of even the white Wasp network.
Pushiness does not relate to integrity and true managerial ability and serving the broader public interest. Before you all rush to praise the Fed as a hero, I challenge you to abolish this enemy of the people before it kills the nation - and your anticipated pensions too.
If Congress truly wants to see a prosperous United States, and not just a component of an unmanageably large and unsustainable world government, I urge itto be intellectually honest and kill this beast spawned in secret on Jekyll Island by robber barons whose robbing and pillaging has gone on long enough.
Congressman Grayson was questioning a Fed Reserve woman a few days ago and she had no idea where the money went.
The price of freedom is eternal vigilance, and American leadership has been asleep for too long. I read the executive branch study a few years ago - was it LBJ - that stated a strong economy is a major component of national security. The central bank has weakened us once again. Andrew Jackson is rolling in his grave at Hermitage, Tennessee.
This privately owned bank's latest fiasco has done more damage to this nation than Russia and China could accomplish by direct bombing.
Congress and the President have forgotten that just four or five years ago Alan Greenspan and then Bernanke began jacking up interest rates to accomplish what we are seeing - the puncture of an economic bubble the Fed created in the first place. This time the damage was so sudden and widespread the Fed had to backtrack - but it was too late. And now we're in a hell of a mess.
The Fed is primarily an agent for inflating money supply so that wage earners can keep up with usurious interest charges used to keep the people in bondage. The Fed has lowered the value of the 1913 dollar to just a nickle today.
The Fed is a mistake and it should be abolished. Congress has the authority to regulate money in a more honest fashion to promote a stable economy.
Forbes magazine more than 20 years ago noted the Fed is continuously guilty of excessive expansion and then contractions. The primary beneficiaries of these manipulations are the investment bankers who can sell stock they don't own going up and then pocket more profits by selling stock they don't own as prices go down.
I realize the danger you all face in Congress for resisting the Federal bank cartel. The czar was taken out, in part, because he resisted a central bank for Russian. So Russia got centralized everything as punishment. But if you all hang together, you will not hang. They will crawl back under the rocks from which they came.
Hopefully on the north shore of the Black Sea, but Russia will not take them back. I also point out that every Fed chairman in my long lifetime has been a Khazar, confounding the ethnic distribution pattern of even the white Wasp network.
Pushiness does not relate to integrity and true managerial ability and serving the broader public interest. Before you all rush to praise the Fed as a hero, I challenge you to abolish this enemy of the people before it kills the nation - and your anticipated pensions too.
If Congress truly wants to see a prosperous United States, and not just a component of an unmanageably large and unsustainable world government, I urge itto be intellectually honest and kill this beast spawned in secret on Jekyll Island by robber barons whose robbing and pillaging has gone on long enough.
Congressman Grayson was questioning a Fed Reserve woman a few days ago and she had no idea where the money went.
The price of freedom is eternal vigilance, and American leadership has been asleep for too long. I read the executive branch study a few years ago - was it LBJ - that stated a strong economy is a major component of national security. The central bank has weakened us once again. Andrew Jackson is rolling in his grave at Hermitage, Tennessee.
Wednesday, April 22, 2009
A man told CNBC the other night that he made his bank credit card payment a day or two late -- and the bank immediately raised his interest rate from 11 percent to a punitive 29 percent.
He noted the payment had been late because the due date was on a Sunday and he thought he had a grace period.
But all across America banks have been routinely looking for any excuse to charge 29 percent interest rates - even to this guy who had been a loyal bank customer for 20 years.
The television advisor said he should have made his payment a week in advance and the banks are doing all they can to stay in business.
So when the TARP money is being given to the banks because they, in effect, are overdrawn and can’t make their payments, why aren’t taxpayers extracting the same ruthless 29 percent interest rate from the deadbeat banks?
I think by now every American should realize the banking system is primarily a control mechanism to keep the citizens in bondage.
Once again, I point out that the globalists have relentlessly pushed for wage deflation in the U. S. by shipping jobs overseas and then bringing in cheap foreign labor to drive down wages toward a global average.
So there is no way the U. S. banking system can survive - and neither can its customers afford 29 percent interest rates.
When consumers borrow $100,000 to buy a house the banking system only creates $100,000 -- often out of thin air -- to give to the seller. But the borrowers will have to pay back up to three times that amount over the life of the mortgage. To help accomplish that, the Federal Reserve Bank continually inflates money supply so that extra money is in circulation so workers can get inflation-driven wage increases and capture money from the system to pay back the interest as well as the principal owed.
The two trillion the Fed has created out of thin air to plug the black holes in the banking balance sheets will have to be paid back with interest presumably, so the taxpayers will have to pay back up six trillion dollars to the Fed over time, including the compound interest.
But wait, the globalists have been successful in busting wage inflation, commodity inflation - so why can’t Congress see that the system is clearly broken and cannot be fixed by just throwing fiat dollars at the disaster?
But even a simple minded Congress should see that 29 percent interest charges for bank customers should be levied on the banks as well. It is time to modify the bankers’ irresponsible behavioral patterns.
He noted the payment had been late because the due date was on a Sunday and he thought he had a grace period.
But all across America banks have been routinely looking for any excuse to charge 29 percent interest rates - even to this guy who had been a loyal bank customer for 20 years.
The television advisor said he should have made his payment a week in advance and the banks are doing all they can to stay in business.
So when the TARP money is being given to the banks because they, in effect, are overdrawn and can’t make their payments, why aren’t taxpayers extracting the same ruthless 29 percent interest rate from the deadbeat banks?
I think by now every American should realize the banking system is primarily a control mechanism to keep the citizens in bondage.
Once again, I point out that the globalists have relentlessly pushed for wage deflation in the U. S. by shipping jobs overseas and then bringing in cheap foreign labor to drive down wages toward a global average.
So there is no way the U. S. banking system can survive - and neither can its customers afford 29 percent interest rates.
When consumers borrow $100,000 to buy a house the banking system only creates $100,000 -- often out of thin air -- to give to the seller. But the borrowers will have to pay back up to three times that amount over the life of the mortgage. To help accomplish that, the Federal Reserve Bank continually inflates money supply so that extra money is in circulation so workers can get inflation-driven wage increases and capture money from the system to pay back the interest as well as the principal owed.
The two trillion the Fed has created out of thin air to plug the black holes in the banking balance sheets will have to be paid back with interest presumably, so the taxpayers will have to pay back up six trillion dollars to the Fed over time, including the compound interest.
But wait, the globalists have been successful in busting wage inflation, commodity inflation - so why can’t Congress see that the system is clearly broken and cannot be fixed by just throwing fiat dollars at the disaster?
But even a simple minded Congress should see that 29 percent interest charges for bank customers should be levied on the banks as well. It is time to modify the bankers’ irresponsible behavioral patterns.
Friday, October 3, 2008
The financial crisis - It's deeper than they know.
Wachovia, WAMU were like large beached whales caught in the outgoing tide.
So bigger whales farther out in the deeper water are taking over their fallen brothers.
But what is the point of creating ever bigger whales, any one of which has the expanded capacity to do even greater harm than the smaller ones they absorbed?
Let's change metaphors now and call these bigger whales in the deeper water ships. How long can these ships continue to take on water before they sink too?
As I have said before, one of the major trends causing the financial calamity - other than fraud and unbridaled greed- is that the investment-bank led destruction of jobs through foreign outsourcing, combined with deliberately open borders to bring in cheap foreign labor, has caused wage stagflation.
But the usury system requires ever inflating wages so that borrowers can keep up with usury payments. Otherwise, the lenders would eventually soak up all the money. That is the role of the "inflation fighting Fed": to continually inflate money supply. It has done so admirably, driving the value of a dollar down to a nickle since 1913. (Don't argue that government causes inflation because it could not do so unless the privately-owned Fed accomodates guvmint and prints the money that the government then borrows, agreeing to pay back interest. Ralistically, the government turned over the money printing operation to the central bank.).
The banking system needs inflation to keep the system running.
But the current wage stagflation has hit that need head on and it was the banks that are caving in, due to the resulting deflation.
The Fed can inflate all it wants and pump that into the lenders - but it does no good. The borrowers wallets have to be inflated and they aren't. so banking appears to be doomed ala 1929 - 1933.
Bank A is not loaning to Bank B because Bank A knows that when Bank B gives the money to Company C to build inventory, Company C's customers can't get money from Bank D to buy the product because of tighter lending standards, so Company C won't be able to pay back to Bank B who will not be able to pay back Bank A.
The situation is so simple to figure out. And impossible to solve without the entire economy shrinking its balance sheets, with all the accompanying pain.
So bigger whales farther out in the deeper water are taking over their fallen brothers.
But what is the point of creating ever bigger whales, any one of which has the expanded capacity to do even greater harm than the smaller ones they absorbed?
Let's change metaphors now and call these bigger whales in the deeper water ships. How long can these ships continue to take on water before they sink too?
As I have said before, one of the major trends causing the financial calamity - other than fraud and unbridaled greed- is that the investment-bank led destruction of jobs through foreign outsourcing, combined with deliberately open borders to bring in cheap foreign labor, has caused wage stagflation.
But the usury system requires ever inflating wages so that borrowers can keep up with usury payments. Otherwise, the lenders would eventually soak up all the money. That is the role of the "inflation fighting Fed": to continually inflate money supply. It has done so admirably, driving the value of a dollar down to a nickle since 1913. (Don't argue that government causes inflation because it could not do so unless the privately-owned Fed accomodates guvmint and prints the money that the government then borrows, agreeing to pay back interest. Ralistically, the government turned over the money printing operation to the central bank.).
The banking system needs inflation to keep the system running.
But the current wage stagflation has hit that need head on and it was the banks that are caving in, due to the resulting deflation.
The Fed can inflate all it wants and pump that into the lenders - but it does no good. The borrowers wallets have to be inflated and they aren't. so banking appears to be doomed ala 1929 - 1933.
Bank A is not loaning to Bank B because Bank A knows that when Bank B gives the money to Company C to build inventory, Company C's customers can't get money from Bank D to buy the product because of tighter lending standards, so Company C won't be able to pay back to Bank B who will not be able to pay back Bank A.
The situation is so simple to figure out. And impossible to solve without the entire economy shrinking its balance sheets, with all the accompanying pain.
Tuesday, September 23, 2008
Bail Out Wall Street from the Bottom Up, Not Top Down
Congress should not gallop ahead at full speed to fix in 48 hours a problem that has been building for years.
Paulson and the government until now have favored funneling the money into the top, instead of starting at the bottom.
Amount from $300 to $1,200 were given away as a tax refund. The government giveth.
But I calculate the $700 billion bailout Paulsen requests for Wall Street comes out to $9,333 - before interest - for each of the roughly 75 million tax paying households in the U. S. Of course, the cost for the previous takeovers and bailouts swell the per household tax bill even higher.
Why not have Congress give the $9,333 instead to teach house hold, with the restriction it could be used to only pay down debt or save in a financial institution or one of the identified financial services stocks. People in debt would repay lenders, which would help both. And people not in debt would invest savings or stock in the financial system, helping to build liquidity. Financial systems that can't be helped by this plan because they are too far gone would be allowed to go bankrupt under the cleansing mechanism of Darwinian free market forces.
Congress has to realize the current $700 billion mess is just the latest in a series of crises still to come. That is how it has been playing out all year.
Paulson and the government until now have favored funneling the money into the top, instead of starting at the bottom.
Amount from $300 to $1,200 were given away as a tax refund. The government giveth.
But I calculate the $700 billion bailout Paulsen requests for Wall Street comes out to $9,333 - before interest - for each of the roughly 75 million tax paying households in the U. S. Of course, the cost for the previous takeovers and bailouts swell the per household tax bill even higher.
Why not have Congress give the $9,333 instead to teach house hold, with the restriction it could be used to only pay down debt or save in a financial institution or one of the identified financial services stocks. People in debt would repay lenders, which would help both. And people not in debt would invest savings or stock in the financial system, helping to build liquidity. Financial systems that can't be helped by this plan because they are too far gone would be allowed to go bankrupt under the cleansing mechanism of Darwinian free market forces.
Congress has to realize the current $700 billion mess is just the latest in a series of crises still to come. That is how it has been playing out all year.
Subscribe to:
Posts (Atom)
