Posted on 10/09/2011 4:02:47 PM PDT by Razzz42
We as a society must stop pretending. Most of us think that we still have money in the bank to protect, so we go along with the game of extend and pretend. For some of us, the game has already ended. The rapacious zero interest rate policy that I call Bernankecide has already robbed millions of savers of their life savings. This is the reality that has yet to hit home for many Americans who are content to wallow in the status quo. Unfortunately, the longer it takes for them to wake up, the worse their, and our, fate will be.
My mother and millions of other senior citizens are among the victims of the game that policy makers and those who empower them are playing. Their life savings are gone because Bernankecide, the financial genocide of the elderly, forced them to spend their principal. Now the government is indirectly confiscating 8% of my income because I must support my mother. That percentage is likely to grow as her health deteriorates.
Millions of other boomers are in the same boat. They are forced to pay this immoral hidden tax because Ben Bernanke decided that the innocent must pay for the sins of the guilty. While Bernanke’s ZIRP goes on allowing the banksters to continue to collect their fat bonuses, it steals the savings of millions of Americans, eliminates their disposable income, and cuts the spending power of millions of others who must now support those rendered destitute. The guilty benefit, and the innocent are punished.
Bernanke knows that, yet he continues to side with the criminal bankers in support of the financial genocide of the super elderly, and their children, the baby boomers who must increasingly support them.
Among the OWS protesters are those calling for forgiveness of student loans. They may be acting in their own self interest, but it is a just cause, and must be a part of the cleansing of the system. The student loan thing is a long running racket that preys on the inexperience of children and young people just starting out in life. When I was 20 years old I trusted the system (wrongly). What did you know at age 18 or 20?
The fact is that the people’s “savings” that funded those loans, including the fake savings backed by phony assets that have yet to be written down, are already gone. These loans cannot be repaid. Bond holders must get wiped out. Then we’re all going to have to take a haircut. The student loans can’t be repaid because these kids either can’t get jobs at all or can’t get jobs with pay high enough to pay the loans. These loans never had any backing. They were fake from the moment they were issued. But the issuers didn’t care. They got their fees up front.
The student loans are the tip of the iceberg. Bankers have made and sold trillions of dollars worth of loans that they knew, or should have known, could not be repaid. That’s fraud. It must be prosecuted. Today, central bankers and governments are refunding those loans, knowing that a substantial portion of them cannot be repaid. Worse, they are buying them above par because of today’s fake low interest rates. Then they guarantee them by obligating us and future generations to repay them. This is criminal.
I figure that at least a third of our deposits are worthless because they have no assets behind them. Those running the scam know that. Those investing in the scam know it. But they don’t care because they get to collect their fees off the top. That is a system that institutionalizes theft. It must be changed to a performance based model. If you don’t earn a positive return, you don’t get paid. Instead, governments have taken over the scam while transferring wealth to and protecting the criminals who built the system.
If you are blaming the protesters, or are mystified by them, then you just don’t get it. Denial is part of the problem. Too many people have yet to wake up to the fact that they have already been victimized. They are playing along with the dishonest shell game of extend and pretend that the Fed and other central banks and governments are running. It’s time to get real, wake up, and face the music. The longer the game goes on, the worse the consequences for the 99%, and ultimately for the 1%, whose ranks will be decimated at some point, and probably not peacefully if this scam is allowed to continue for much longer.
As long as we continue to avoid cleansing the system of the fraud, as long as we refuse to put the fraudsters in jail, they will continue to bleed us dry. If those in charge of administering justice, like President See No Evil Obama and his worthless AG Eric Holder, refuse to do their jobs and seek to punish the guilty, our society and our culture could spiral into chaos and mob rule. Those in the top 1% who are responsible for this fraud, either directly by running it, or indirectly by supporting it financially, must ultimately be brought to justice or society will perish. There’s no way out other than reform, or revolution, or societal collapse. Those are the choices I see. We had better take the first one, and take it now.
So stop worrying about yourself, and start worrying about the future of your children and grandchildren. The government practice of constantly doubling down in support of the fraud is only digging a deeper and deeper hole. Demand reform of the system now. End the fraud now. Make the guilty pay. Instead of rewarding the bankers, prosecute them. They knew, or should have known, that the loans they were making and selling to others could never be repaid. But they did not care. They only cared that they got their fees up front, and their bonuses in the end.
It’s time to reset and start over. We will all pay a price in the short run, but the longer we wait, the steeper the price will become. Reform and reset now is the only way to begin a real recovery. Stop the fraud, return to the rule of law, prosecute the bankers, punish the guilty, figure out what our assets are really worth and pay us a fair return, and most importantly, return basic standards of fairness and ethical behavior, something that many in society must relearn. It must be done. There is no other way, no other reasonable choice. Failure to act now will consign us to a future in hell.
Almost like America has reached "the fullness of time" and everything is in place for a revolutionary change.
I wonder where Fast and Furious was supposed to fit in? Disarm us by popular demand?
Schiff has execellent youtube vids on this subject.
ibtz
“It’s time to reset and start over.”
What’s that supposed to mean?
It means the leaches are running out of blood, so they want to eat the host.
Great...so not only did we buy a house that we could afford we sent our kids to community college and they worked so they wouldn't be saddled with student loans. What idiots we were!/s
The protesters are idiots, but that’s the headline writer, not the author. The author just says they are right about student loans. I think the article is pretty much on target. The Ivy League grifters are stealing our kids future to protect the the megabanks.
Mr. Adler is your typical, run of the mill, everyday liberal ass hat. His piece, augmented with his further comments to those who disagreed with him make that as plain as day. One of the comments on this tripe goes on to say that the REAL problem is that the USSC has judges on its panel like Thomas, Scalia, Roberts, et al.
Mr. Adler deserves no further attention, except to laugh at his circus clown economics review.
My apologies to circus clowns everywhere.
So it's OUR FAULT that some jughead with a master's degree in "minority women's studies" can't get a job or make enough money to pay off 10 years worth of student loans?
The colleges and universities aren't blameless in all of this!!! Bogus classes. Bogus "perfessors". Bogus diplomas. Bogus education. Go stand with the freeloading fleabaggers. You're one of them anyway.
I can’t stand wi the protesters. I have to work.
They have a right to peaceably assemble and petition for redress of their grievances. They can even talk in code about “resetting and starting over,” and we have the right to reply to them,
“Quit your bitching, go home, and get back to work, like the rest of us” particularly since I have a definite impression that many of these characters were swallowing `Hope & Change’ whole three years ago.
I don’t stand with the protesters, but he is right about the 0% interest banks pay on savings.
many peopleput money away for their retirement and it is being eaten up by low interest.
My own savings is being eaten up by inflation. They pay 1.5% and inflations causes me to lose money every week .
The frightening thing is that hyper-inflation is coming and will eat it even quicker.
You may as well put your money in a glass jar and bury it.
I was reading an article posted today (and I read both left and right) because I don’t trust either politicians or the MSM, that said Dem Sen Chuck Schumer basically gets all the money from Wall Street and then divvies it out to certain members that he chooses in the US Congress.
Could that be true?
The author and the protesters should be standing outside the White House!
Adler is dead right about the federal reserve and bernake. The banking system we have is a massive ponzi scam. The govt finances it scams and deficits and wars by this ponzi scam.
The protestors don’t get this. Our govt banking education media complex has destroyed this nation and unless we bring back manufacturing, production, real and sound money, end the wars, get our finances in order, boot the illegals out, do away w the public sector mafia, etc we are headed for collapse.
You know if the protest would even include some sort of decent outcome or reality vision which included Christ even though it may be not present on the world presently(ie..the birds of the field do not sow or reap for food why do you oh men of little faith...)at least be into a supernatural reality focus, but no..all ya hear is it’s not right over throw it....turn it to the commie vision which ends up in a shack with a bag of taters and a few bottles of vodka for every comrade..but it is also becoming evident our financial system has been reduced to nothing more than a shell game with none of the “investments” ever being there when its time to pay..
I personally could have some patience with them if it was some religious quest...but from what I have heard its pathetic...awwww jeeeez
How is it that always on FR anyone recognising that the financial whores to the government racketers have destroyed the thrifty.
That they have ruined the honest investor.
And that they have burned the very principal of honest productive work in the furnace of greed is thereby compared to a Nazi by one poster after another?
Pretty much, .....he's just pissed because the bankers were smarter that his Marxist DemoRat government thugs, and prevented him from giving away their money along with the taxpayers.
People need to start laying some blame at their own damn feet as well. Nobody forces most people to have debt and frankly we can’t expect responsible government if we aren’t responsible ourselves.
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