Activist Post
Taxpayers are rightfully angrier than ever before about the state of the U.S. economy and the government's handling of the financial crisis; perhaps even more so than the Colonists at the original Tea Party. After all, it appears that the only group benefiting during this painful slide into recession are the very people who caused the crisis -- The Banks.
On the verge of bankruptcy in 2008, the banks are now once again making
record profits and paying record bonuses, while nearly every other industry struggles to keep their head above water. The banks seem to have designed the system where all businesses and individuals are dependent on them for credit, and without new lending industry grinds to a halt. Given that banks can make risk-free profits by
front running the stock market and selling
$600 trillion of worthless derivatives for monster gains, there seems to be little motivation for them to lend money at today's record-low interest rates.
Average Americans continue to be looted by this bank-controlled economic system through taxation and other more subtle ways:
1.
Bailouts/TARP -- The major banks warned in 2008 that their massively over-leveraged Ponzi scheme was about to take down the world financial system, and demanded a taxpayer bailout or else the sky would fall. Well, they got their bailout which may be upwards of
$23 trillion between direct cash infusions and accounting write-downs, which amounts to around $76,667 for every citizen. The Federal Reserve also secretly
bailed out foreign economies to at least the tune of $500 billion.
2.
Predatory Lending -- The banks have long practiced
predatory lending to Third World countries, private businesses, and individuals. This strategic over-lending creates a situation where banks anticipate and manufacture default to obtain real assets. Since banks lend money they don't have by making accounting adjustments, private bankers and their cohorts could conceivably, over time, own everything "real" in the world from money they created out of thin air.
3.
Credit Cards -- From marketing to teenagers with "Happy Meal-style" gifts and toys at sign-up, to Mafia-style loansharking with
usury interest rates, banks use credit cards to further enslave the public. According to the
credit card repayment calculator, if you owe $6,000 on a credit card with a 20 percent interest rate and only pay the minimum payment each time, it will take you 54 years to pay off that credit card. During those 54 years you will pay $26,168 in interest rate charges in addition to the $6,000 in principal that you are required to pay back. (
Source)
4.
Stock Market -- The Goldman Sachs-dominated scheme called "
front running" is where brokers use computer programs with intricate algorithms to buy or sell nanoseconds before large orders from the public. Originally designed to prevent this activity, these programs have been hijacked to "Beat the Street." It's the ultimate in insider trading, likened to a poker player being able to see his opponent's cards. Is it any wonder why four of the largest U.S. banks (Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup) had
zero days of trading losses during the first quarter of 2010?
5.
Pensions/401(k) -- Although severely
weakened by stock market manipulation and other fraudulent behavior, Pensions and 401(k) retirement savings plans still represent a large portion of the people's remaining liquid wealth -- and the
banks want it. Nearly $4 trillion worth of retirement savings was wiped out in the first weeks of 2008, where half of the losses were traditional pension plans, while another 46 million people were riding the stock market with 401(k). It was
estimated in 2009 that two-thirds of public sector pension plans were underfunded to the tune of $430 billion. Long term, these public pensions are reportedly
underfunded by $3.5 trillion due to banks using the contributions to prop up toxic junk.
6.
Social Security -- Social Security represents a
$40 trillion unfunded liability. It is estimated that taxes must be raised substantially and benefits must be slashed to cover this gap. Through no fault of Social Security contributors and recipients, the government has completely mismanaged the program while other debts eat up any chance of actually making good on the entitlements promised to the working public. According to their "austerity" playbook, the International Monetary Fund
(IMF) recommends that the U.S. squeeze Social Security to cover their ever-growing debts to banks.
7.
Inflation -- The Federal Reserve's shadowy printing presses have created an estimated
$23.7 trillion in credits, grants, loans and guarantees, and that is just the paper backed by taxpayers. The
fractional reserve banking system is one where banks can create loans (money) based on a fraction of their reserves, which inherently weakens the strength of the dollar. Inflation ends up being a hidden tax on those who worked hard, played by the rules, and saved their pennies. You have been paying for this
hidden tax ever since the Federal Reserve was created in 1913, coincidentally the same year the income tax was passed. To make matters worse, many experts now predict that
America is headed toward hyperinflation. For an in-depth education on how money creation creates a tax on every dollar printed please watch
The Money Masters and
Money as Debt.
8.
Commodity Prices -- B
anks use the commodity casino to manipulate food prices as another way to line their pockets and starve the public. There is a direct correlation between food costs and oil prices, so when they drive up oil on speculation, food tends to follow suit. During oil's record run up to $147 per barrel in 2008, the price of rice tripled in six months. Between the ominous signs of food shortages and predictions of $200/bbl oil in the near future, you can expect to pay much more of your hard-earned crippled dollars to eat. Obviously, inflation -- especially hyperinflation -- also causes commodity prices to spike, since they trade in U.S. dollars.
9.
Debt and Deficits --
Banks make it easy for politicians to love credit as much as everyone else, only their shiny new toys are things like pork projects for their states, wars, and mandated private healthcare. You can almost see the commercial: "You can have all this today, get re-elected tomorrow, and in a decade your successor can figure out how to pay for it." Recent reports show continued record deficits, while total debt and unfunded liabilities are figured to be $138 trillion -- around ten times annual GDP. Furthermore, the U.S. national debt has already surpassed the IMF default threshold of 90% GDP which will trigger austerity measures on the American public.
10.
Wars -- When the original reasons for wars don't pan out, and the secondary reasons don't add up, you can bet the real reason in the first place was
money. Indeed, wars are the biggest moneymakers for the banks and the fastest way for them to imprison countries with debt. Wars have historically been manipulated by the banks
funding both sides, much like they fund both political parties. In fact, some historians suggest that the American Civil War was actually a battle between
Lincoln's Greenback vs. the "oligarchy of high finance." Ultimately, Lincoln was killed along with his Greenback and the private banking cartel ruled America once more.
All of this is leading to a loss of financial independence -- The masters of manipulation -- the money changers -- have rigged the system from every angle and continue to loot all of us. We would be wise to learn about the
history of money and banking
in our economy, which is a compendium of booms and busts orchestrated by private banks. Wars, fiat currencies that lead to inflation, and obscure financial instruments are their tools of the trade to consolidate wealth at the top, while the foundation of the pyramid scheme -- the hardworking taxpayers -- are fleeced again and again.
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Michael Snyder
