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Last fall, the US had two choices: save the US dollar or save the crazy banking gnomes and their horrid monster, the Derivatives Beast. Bernanke and everyone at the top of the US government system told Ron Paul to drop dead and told the US public to go to hell and even though it was unpopular, they bailed out the banking gnomes, made them even richer and more powerful than before and killed the US dollar.
The childish concepts behind the floating fiat currency/free trade system says that if a country has a trade deficit, their currency should fall in value and thus, right the wrong. Well, this obviously didn’t work. As capital was sucked out of the US via ‘free trade’ it was replaced by the Derivatives Beast. When this faux insurance/capital game was launched, the bankers latched onto it and grew it until it was bigger than a century of global GDP, so to speak. This useless fictional system still rules the roost.
Bernanke’s fake dollar rescue program assurances are designed to mollify our trade rivals. He wants them to believe this swill. Ditto, the US public. So, Bernanke, how has bailing out the gnomes ‘created jobs’? Eh? We have near-record post WWII unemployment and in manufacturing, the jobs are less than a quarter of what they were in Nixon’s day.
Last edited by floridasandy; 11-17-2009 at 06:49 AM..
it is interesting when you think about it that all of these actions come back to "bribing the bully". it is just another example, in a long series of examples, of REWARDING BAD BEHAVIOR, although now it is on a much larger scale.
i am glad to see that some americans are standing against this.
bernanke has made repeated mistakes, and yet he is still in charge!
CIT was doomed from day one and there was zero reason to save it. But the biggest bankers needed to untangle themselves from the Derivatives Beast’s business with CIT before deep sixing it. CIT, like all the other banks, capitalized itself with the Japanese carry trade currency game. When that ended with a crash in August, 2007, there was no more easy credit for US dollar systems to buy.
Now, with the US being the bubble maker as we are now the global FX carry trade locus, credit card companies are unilaterally raising their rates to customers to around 30% while the US government subsidizes the Federal Reserve’s business so they can hand out loans to all and sundry within the international banking system at near 0% interest. Note the immense spreads for people like Citigroup, a major credit card ponzi operation.
Of course, people can’t discharge their credit card debts by dumping it into their longterm home loans as in past years. But housing values are no longer in bubble mode (someone inform Bernanke about this!) so there is no credit creation power in the domestic housing markets. So consumers are not buying stuff all that much anymore and the retailers are suffering and jobs are disappearing and the schemes of Geithner, Paulson and Bernanke to save us by saving only the banking gnomes are failing.
it is outrageous that we think by ignoring what is going on things will just fix themselves! we are a country that was built by the brave and now some people just want to just pull the blankets over their heads while all of this is going on.
people think that if they avoid the:
1.banking / wall street fraud
2. the afghanistan / iraq / pakistan wars
3. the corporate bonus issues
4. the real estate problems, (particularly banks hiding their losses by sitting on them, keeping prices in a bubble),
5.the FDIC bankruptcy issues
6. the rising commercial delinquencies
7. the rising credit card rates for individuals, with virtually no savings reward by these same banks
8. the rising unemployment
9. the fact that americans are falling deeper into the hole daily
that it simply will just all go away. .......
on a personal note, it is OUTRAGEOUS to pay the taliban if they don't shoot at our soldiers! if the allied countries are going to do that, why would we even stay in these "wars"? seriously, what is the point?
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