First of all can I just say thank you for reading this, my first post on this new blog. I hope you find it entertaining and that you’ll read more of my crazy ramblings in the weeks and months ahead. They’ll cover all sorts of stuff, political, personal or just plain out there in the ether. I’m not as mad as you’d think. Stay tuned. Now, for the topic at hand.
This new film about how the banks caused the financial crash is based only partly in truth. It sets out how the banks are responsible for shafting us all, but they were as much the victim as everyone else. Like many problems today in this paradise called Earth it was actually created by the GOVERNMENT OF THE US of A. Yes, that’s right, they did it DELIBERATELY. Exactly when the ball was first put in motion I cannot say, but what I can say is that the first stage I can attribute directly to them comes in 1999. This was the year that the US Government CHOSE to scrap the Glass-Steagall Act of 1933.
This piece of legislation was put in place after the depression of the late 1920’s & early 1930;s to force banks to separate their high risk investment banking from retail customers banking. They had gambled with not just their own money but their customers money too and when things went bad it hammered everyone. It worked well, keeping the markets relatively stable for 66 years while ensuring retail customers (such as you and I) were fairly well protected from the volatility of the markets. Banks could only lose their own money now and not yours.
The “Why?” behind scrapping it is unclear to me, and many other economics students, it worked well and protected everyone, yet they scrapped it completely. This gave banks the ability to use customer money to gamble with once again. But for the first 4 years they didn’t take the bait, much to the annoyance of the government. So, the powers that be created a carrot so tempting that they knew the banks wouldn’t be able to resist, they decided to put all the social housing stock up for sale to the tenants living in them, in the same way Britain had done in the early 80’s with the council house sell off. The greedy bankers (change the b if you wish) saw themselves having the chance to get their hands on some prime real estate and the opportunity was one they couldn’t resist.
They begin to lend money, like crazy to social housing tenants so they could buy their homes. The competition was so fierce that they didn’t take much notice of borrowers ability to pay the mortgages they were signing up for and it quickly spiralled out of control. When they realised in 2006 just how far these banks had overstretched themselves it was too late, the damage was done and they knew things were about to go pear-shaped so they did the dishonourable thing and decided to package up all those mortgages into appealing blocks and sold them to other greedy banks while forgetting to tell them that they were buying a whole heap of problems. When those banks realised what had happened they could do nothing about it and as the information hit the markets they overheated and collapsed causing the mess of 2008.
Where did I get all the detail above? From a blog run by Time magazine called the “Curious Capitalist”. I believe it is still on their website if you’d care to look back. Visit their website and search for it there to see for yourself. Since that time politicians the world over have been bad mouthing the banks for causing the disaster but it was the US government who shuffled the cards and dealt the hand, they had rigged the game, knowing the banks would not be able to stay away from such a potential goldmine. Would that they had properly credit checked everyone and only loaned money to those who could actually make the repayments.
Since the crash the administration has put a bit of legislation into place, similar to Glass-Steagall called “The Volcker Rule” but consensus among many respected economists is that it will NOT prevent the failure of the very largest financial institutions in the future and despite this they let it stand as is, a ticking bomb just waiting for them to press the button again.
WHY THOUGH? You rightly ask. Look at what happened to the markets and almost every company listed on them, the share prices plummeted. It was at this point the people with money, the top 2% swept in and bought for themselves huge amounts of shares for a fraction of their previous values, allowing them to consolidate their control on the business world. They made an absolute fortune. But I don not believe that they are done yet. I see America gearing up to something very nasty indeed, I truly believe that they intend at some point to default on their national debt. No, I’m not joking, I’m dead serious!
In recent years they have, on an annual basis almost failed to agree the new borrowing limit for their government, leaving employees unpaid for a couple of months with government shut down while they debated, putting huge strain on the markets. They did this for several years running. But then, worryingly they started to agree to UNRESTRICTED spending by government. UNRESTRICTED! I believe that they intend soon to announce the default, the wealthy 2% are sitting on an absolute fortune. A fortune they have amassed over several years, even decades by selling to governments the world over high priced goods and services, particularly weapons and munitions.
If they do default it will have a crippling effect globally hurting America’s biggest economic rival the hardest, China, because they hold a large portion of America’s debt and would be ruined if the US defaults. It will be the 98% who are hurt by the this, the elite 2% will however reap huge rewards once again. For as markets crash dive to their lowest EVER levels the wealthy can ride in, on their white chargers (recently painted that colour) and clean up, buying failing company after failing company for a fraction of their true value. They will be hailed HEROES by governments, the media and the people for saving their economies and their individual jobs, but they shouldn’t be because they are the ones who crafted and executed this master plan. They made it happen and are totally disinterested in the 98%. They care not one iota for how many die through suicides, or how many people lose their homes. They are only interested in the money and how to get it from your pockets to theirs in the fastest possible time.
When do I think that this will come? I predict that it will be within the first term of office of Donald Trump once he is elected, and trust me he WILL be. He is one of the few who stand to benefit from it however so he’ll have to make it look like its the fault of the congress or senate. He will no doubt say that he is bitterly sorry that they caused such utter devastation but away from the camera’s he will be wetting himself laughing while bathing in liquid gold. When you look at the past 17 years at what has been done and you consider my words you will realise that although it sounds far-fetched that it is in fact clear as crystal and you can see that they simply can’t not do it, they have too much to gain, total and utter economic control of the planet, borders and national governments will be totally meaningless. Governments will be powerless against them and either through the TTIP and CETA treaties, as well as the ones for the Asian areas across the Pacific or because they will be able to threaten absolute economic ruin for any government who does anything to try and stop them doing whatever they wish. They could simply close factories etc en-mass plunging nations into massed unemployment and depression.
It’s a scary picture I paint for our future but the more I see things progress the more I see this coming. It haunts my dreams and believe me when I say that I don’t ever want to be able to say “I told you so” to anyone, but I fear that the plan is now unstoppable, the pieces are in place and its their move. If you have faith then pray I am wrong, if you haven’t any then cross EVERYTHING you possibly can. We wont have long to wait now. Remember where you read this and start planning for it, do what they have been doing recently, buy up as much in gold as you can afford because it is this, not paper money that will have value when the explosion comes. You have been warned. Thanks for reading,