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The Con of the Decade
Of Two Minds Blog ^ | 7/8/2010 | Charles Hugh Smith

Posted on 07/10/2010 9:48:52 PM PDT by delapaz

Since the Federal government could potentially inflate away these trillions in Treasuries, buy enough elected officials to force austerity so inflation remains tame. In essence, these private banks and corporations now own the revenue stream of the Federal government and its taxpayers. Neat con, and the marks will never understand how "saving our financial system" led to their servitude to the very interests they bailed out.

The circle is now complete: in "saving our financial system," the public borrowed trillions and transferred the money to private Power Elites, who then buy the public debt with the money swindled out of the taxpayer. Then the taxpayers transfer more wealth every year to the Power Elites/Plutocracy in the form of interest on the Treasury debt. The Power Elites will own the debt that was taken on to bail them out of bad private bets: this is the culmination of privatized gains, socialized risk.

In effect, it's a Third World/colonial scam on a gigantic scale: plunder the public treasury, then buy the debt which was borrowed and transferred to your pockets. You are buying the country with money you borrowed from its taxpayers. No despot could do better.

(Excerpt) Read more at oftwominds.com ...


TOPICS: Business/Economy; Crime/Corruption; Editorial
KEYWORDS: bailout; belongsinbloggers; corruption; economy; finance; obamanomics; stimulus; tarp
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1 posted on 07/10/2010 9:48:54 PM PDT by delapaz
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To: delapaz

The Con of the Century would have been much more accurate. It is sad but definitely worth reading... I am not a conspiracy theorist but the whole bailout scheme reeks of conspiracy and George Soros making profits out of the whole mess really stinks.


2 posted on 07/10/2010 9:55:22 PM PDT by volunbeer (Dear heaven.... we really need President Reagan again!)
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To: delapaz

Dumb question but I will go ahead. What would prevent the Fed from simply dumping the money into the stock market and becoming the major shareholder in each and every publicly traded company?


3 posted on 07/10/2010 9:57:10 PM PDT by ScoopAmma (We are led by the Resident -in Chief; aka part-time member of Webelo Troop 44)
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To: ScoopAmma

Games within games within games. We need to knock over the board and force everyone to start from scratch.


4 posted on 07/10/2010 10:01:16 PM PDT by Louis Foxwell (He is the son of soulless slavers, not the son of soulful slaves.)
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To: delapaz

‘You are buying the country with money you borrowed from its taxpayers.’

Worse still, the People’s Republic of China is buying up the US in just this way.


5 posted on 07/10/2010 10:02:21 PM PDT by Jack Hammer
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To: delapaz

In which low income people who got free houses by defaulting on mortgages they never should have qualified for are re-labeled “Power Elites” and held up as bogeymen for you to fear by means of a slight-of-hand trick performed by an idiot who didn’t himself know that’s what he was doing.


6 posted on 07/10/2010 10:05:55 PM PDT by Nick Danger (Pin the fail on the donkey)
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To: ScoopAmma

Why own what you already control?

Control is the lever of power, not ownership and attendant responsibility/liability.


7 posted on 07/10/2010 10:06:15 PM PDT by J Edgar
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To: delapaz

G W Bush laid the foundation for this, and executed the transition manuaver just prior to leaving office! IMHO

BUSH and NWO are kissing cousins IMHO


8 posted on 07/10/2010 10:08:26 PM PDT by J Edgar
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To: Amos the Prophet

I have questioned this for years. Am I off-base?


9 posted on 07/10/2010 10:08:55 PM PDT by ScoopAmma (We are led by the Resident -in Chief; aka part-time member of Webelo Troop 44)
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To: delapaz
I'm not so sure, it's hard to top the Global Warming scam and the sales job in getting Obama elected president as some of the biggest of the last decade or more.
10 posted on 07/10/2010 10:14:17 PM PDT by highlander_UW (Education is too important to abdicate control of it to the government)
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To: ScoopAmma

How do you know they are not doing this now? It’s not like there is ever an audit or anything.


11 posted on 07/10/2010 10:16:17 PM PDT by delapaz
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To: delapaz; All
From the article: The police had mounted communications antennae on it [the Eiffel Tower] and therefore wanted it kept up. It was perhaps then the first cell tower.

Err, what? This guy needs to check his sources. The tower was built for the 1889 Universal Exhibition. That's a tad early for radio, or any kind of wireless.

12 posted on 07/10/2010 10:19:10 PM PDT by FrogBurger (Always compare news articles from different sources. When they fully agree, you can be sure it's BS.)
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To: delapaz

sfl


13 posted on 07/10/2010 10:25:16 PM PDT by phockthis
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To: ScoopAmma

When facing reality seems like paranoia, fear is legitimate and justified.


14 posted on 07/10/2010 10:42:23 PM PDT by Louis Foxwell (He is the son of soulless slavers, not the son of soulful slaves.)
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To: delapaz
Sounds like what HENRY F. POTTER did to the town, and tried to do to GEORGE BAILEY, in the movie 'It's a Wonderful Life'.


15 posted on 07/10/2010 10:45:14 PM PDT by UCANSEE2 (The Last Boy Scout)
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To: delapaz

The link goes to the website but not the article.
http://www.oftwominds.com/blogjuly10/con-of-decade07-10.html

A second article is also available which completes the scheme.

http://www.oftwominds.com/blogjuly10/con-of-decade-pt2-07-10.html

I don’t know enough to make a meaningful comment but it does seem that something is wrong about what is going on.


16 posted on 07/10/2010 11:10:19 PM PDT by Bhoy
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To: J Edgar

I don’t think Bush knew enough to understand what was happening and was in a panic. Remember he returned to DC during the campaign and Obo didn’t. That’s always seemed interesting.


17 posted on 07/10/2010 11:13:29 PM PDT by Bhoy
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To: Bhoy
My patience to see Bush as Innocent faltered when I learned that Jack Snowe, Treasury Secretary resign and joined the Investor group that bought Chrysler, which then in turn was bailed at taxpayer expense!
18 posted on 07/10/2010 11:21:17 PM PDT by J Edgar
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To: J Edgar
"Control is the lever of power, not ownership and attendant responsibility/liability"

Property is a pretty good indicator of control.

Look, the Commies think they are redistributing wealth? I'd hate to be in the shoes of those who are only getting the redistributed part.

Republicans who think they are getting the shaft aren't working hard enough to change their own minds.

America, the Land of Opportunity, get on the control side.

yitbos

19 posted on 07/10/2010 11:44:48 PM PDT by bruinbirdman ("Those who control language control minds.")
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To: ScoopAmma
Dumb question but I will go ahead. What would prevent the Fed from simply dumping the money into the stock market and becoming the major shareholder in each and every publicly traded company?

Answer: Why pay for something you already have, and if you want more, you can get it for free?

The government already controls virtually aspect of virtually every company in some form or fashion. Begin with the tax code. Throw in employment, environmental, health, safety, product liability, zoning, licensing, certification, and other assorted regulations. Guess what ... you're there.

If all that's not enough, the government can direct the actions of institutional holders (i.e. pension funds, banks, insurance companies, universities, etc.) that own vast blocks (in many instances even controlling interest) in publicly traded companies.

And if all that's still not enough, the government can simply pass a law and take over, say, health care, insurance, banking, and auto industries.

20 posted on 07/11/2010 4:43:32 AM PDT by Zakeet (The Big Wee Wee -- rapidly moving America from WTF to SNAFU to FUBAR)
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