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.
Don’t need a “reset”; need Congress to quit spending more money than they collect, so the Benbernank won’t have the opportunity to print money and drive interest rates to zero.
40-50 years ago, the Fed budget was “nearly” balanced and anyone could get 4% on passbook savings accounts; that should never have ended. If we didn’t have a profligate government making promises that could never be kept, it probably wouldn’t have ended.
I believe he is saying his mother's return on her savings went to zero, so she couldn't live on the interest anymore, so she had to spend the principal.
I've seen this myself. One of my retirement accounts in money-market funds used to pay $400-500 per month. Now it pays literally under $1.00 per month.
This burns me. On one hand,college students think they know everything about anything because they just learned it for the first time in some Dumbass College Course 101.
They think the power of the vote, the power of real morality and the power of seeing things with "fresh eyes" gives them some kind of special anointed status. They are special, and there is nobody who can compete with them for the attention the political parties (read Democrats) pay to them.
But...are they that, or are they victims of "the inexperience of children and young people just starting out in life"?
I was a young college student once, but I had a leg up on them: I had been in the military, and did a four year hitch. I had responsibility and life experiences under my belt. I signed legal contracts for things, but was prepared to stand by them. I didn't want to incur $100,000 worth of loans, so I went to a state college. That was MY CHOICE. Nobody twisted my arm, it was MY decision. But even then, I thought I knew everything. These ignorant turds down there don't have life experiences deeper than mom and dad paying for their tuition, their car and the insurance for it.
Screw them. I hope all those losers down there rot.
He's complaining that Fed zero interest rates to banks drove down interest income for elderly conservative savings account investors, thus they had to use principle to cover living expenses and they lost enough principle to hurt.
These protesters are and the Tea Party are opposite sides of the same coin. They both see massive problems for this country, although they disagree in the causes and solutions. I personally think neither party offers a solution. The problem for the USA is the Federal Reserve (global banking cartel) and globalism.
The Federal Reserve robs savers and middle class wage earners through inflation.
Globalism pits American workers against 3rd world workers who earn 95% less. This is a battle they could not possibly win.
More and more people are beginning to realize we are in big trouble. This is only the beginning.
People who have made sound decisions, based on what they could afford are now being punished for doing so while those that made irresponsible decisions are being treated as victims and heros of the movement.
People who have made sound decisions, based on what they could afford are now being punished for doing so while those that made irresponsible decisions are being treated as victims and heros of the movement.
I agree with you. Unfortunately Soros & Co apparently see this chaos as their opportunity to replace our constitution with whatever it is they want - communism apparently. And the media apparently sees this as a great story - the destruction of the US of A and reconfigured as the Soviet US of A. Just think of the headlines! /s
I agree completely.
I strongly disagree. These stinking pieces of crap protesting in New York have NO sound principles about ANYTHING. The foundation of their entire thought process is a mistake and a lie. Just because they have one component or another that might be commonsense that does not give them any standing whatsoever.
I can say that drinking antifreeze is a bad thing, those turds can say the same thing, but that does not give them any cache of logic, is simply means they are right on one thing.
The Tea Party may not have all the answers either, but they DAMN sure have a better basic approach to the issues at hand than any single one of those brainless nitwits in New York. This country would be far better off following the advice of even one of the most ignorant Tea Party members than the smartest of those stinking protesters.
I am not a betting man, but here is something I would bet large sums of money on: Take ten Tea Party Members and ten of these "Occupy Wall Street" losers at random, have each group write down three concepts to flesh out and implement in government, and see which ones result in a healthier country.
If you say that the Tea Party and the protesters are two sides of a coin, if you mean one is good and one is evil, or that one is logical and one is illogical, or that one loves America and one hates America, then I would agree with you, yes. They are two sides of a coin.
It seems a small showing of bored teenagers, and paid union thugs more than anything else. The stunning Irony of the the Communists paying kids to protest capitalism is just delicious.
Say, that’s catchy. We should call them the Flea Party.
Because a lot of people on this site are economic morons brainwashed by the likes of rush and hannity.
these protesters are right to protest the banks, but their goals are wrong, and they need to protest the federal reserve and govt as well.
Get a book called Creature from Jeykll Island and you will learn the reality of the mess we are in.
I believe the Boston Fed gave the marching orders directing banks to give out the CRA "toxic asset" loans that would never be repaid.
People who made right decisions are also punished by the banking cartel. I really don’t think many on this site are informed as to what is going on w our ponzi scam nation.
our entire nation is one giant ponzi scheme right now and people are waking up to it.
I stole it from another FReeper.
Flea party, Fleabaggers... Love it.
Obama and Andy Cuomo are both on YouTube video admitting exactly what you said. Look it up. It’s crazy. Obama is in a YouTube clip discussing this.
when leftists morons defend him I slam them we these facts and his complicity in the ponzi scam and they have nothing.
Lee Adler said terrible things about Ronald Reagan the day he died. That’s why I quit his website. I could go on with a 100 or a 1,000 examples of his left wing lunacy but I won’t. I’ll just say charitably he is one of those Jews who doesn’t believe his own religion.
The sheer stupidity of so many kids is really astounding... Maybe they should look into suing their high school guidance counselors, as well as the financial aid offices of their colleges.
There are people who have graduated from college owing hundreds of thousands of dollars with degrees preparing them for jobs paying $20,000 a year, if they can even find a job! Many of those jobs being teaching the same useless course material at a university!
The slightest bit of thought about what they were doing would have kept them from doing it!
Mark
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