Financial Bailout: America’s Own KleptocracyMichael Hudson
Global Research
September 23, 2008
On Sunday, September 7, the Treasury took on the $5.3 trillion mortgage exposure of Fannie Mae and Freddie Mac, whose heads already had been removed for accounting fraud.
On Monday, September 15, Lehman Brothers went bankrupt, when prospective Wall Street buyers couldn’t gain any sense of reality from its financial books. On Wednesday the Federal Reserve agreed to make good for at least $85 billion in the just-pretend “insured” winnings owed to financial gamblers who bet on computer-driven trades in junk mortgages and bought counter-party coverage from the A.I.G. (the American International Group, whose head Maurice Greenberg already had been removed a few years back for accounting fraud).
But it is Friday, September 19, that will go down as a turning point in American history. The White House committed at least half a trillion dollars more to re-inflate real estate prices in an attempt to support the market value junk mortgages - mortgages issued far beyond the ability of debtors to pay and far above the going market price of the collateral being pledged.
11 comments:
Didn't I tell ya to get outta the US$?
Yes. You did Mike.
Credit, where credit is due.
However, does exchanging one paper currency for another, really make any difference?
DV...
"However, does exchanging one paper currency for another, really make any difference?"
Not really. Plus if it was mostly paper, at least it would have some value - the paper it's printed on. Since the vast majority of fiat currency US$, Yen, and Euro etc., however, ain't nothing but ledger entries on computer hard drives, there is no intrinsic vale there whatsoever.
Temporarily, though, it's best to stay in everything but US$s.
Cause that "bailout" which ain't nothing but a fascist transfer of power, is gonna cost a lot more than 700 billion. They're gonna have to pump trillions (estmate is up to 9 trillion) into the economy. Buy gold, go into Euros, buy oil stocks, and anything having to do with war.
Sorry. Not into the "economy", I meant into the financial sector.
Bust see Mike.
I don't think that is forward thinking enough.
Buying, investing, hording ... assumes so many other variables will stay the same.
Assume one manages to accumulate more ... more ... money. Then what?
As my pops says - would walking around with a pocket full of Krugerrands have helped you in the Katrina aftermath?
Not really.
Our entire nation will be a New Orleans post levy break, in a matter of months.
Ammunition. Water. Energy. Security. Food.
Fuck a couple hundred grand in an online account.
Randall Robinson saw this coming. He broke out watching the sunset and sunrise.
Quitting America: The Departure of a Black Man From His Native Land.
Randall Robinson is quitting America, and this book charts his journey from the most powerful nation on earth to the tiny tropical island where his wife was born. His search for a more peaceful and hospitable place grew out of the disappointment and increasing sense of abandonment he felt in the land of his own birthan America that has sapped the creative energies of his race and has transfigured humanity.
Here, in a culture that is as different from America as black is from white, Robinson shares why he needs to escape the racism he has fought all his life. Yet America is never far from his mind. The current state of political and socioeconomic affairs and why our leadership will continue to fall short of our expectations continue to inform his writing.
DV...
"Bust see Mike..."
Yeah, when that particular time comes, it comes. Gonna be a lot of killin'. Best be prepared for it.
"Buy gold, go into Euros, buy oil stocks, and anything having to do with war.
Ammunition. Water. Energy. Security. Food."
Very solid advice. Financial security is the first hedge or levee. Any ticker tape rec's? But if that gets breached, then yea, you wanna have some Mad Max survival supplies too.
whacha mean by "Mad Max" supplies Byrd?
Get ready DV because they are coming. Several bloggers today have pointed to this obviously disturbing article from Army Times.
http://www.armytimes.com/news/2008/09/army_homeland_090708w/ You got your tool for the meltdown
As in "Mad Max" the post-Apocalyptic movie.
Let's put it this ways, here might be how you stay ahead of the wreckage (some steps having already been passed up) while maximizing each step:
1) Sell all your real estate investments before housing bust & reinvest that in stocks, etc
2) Sell your stocks before market crashes (as it is now) and hold in more stable positions (CDs, bonds, cash, etc)
3) As USD continues to slide, convert USD into monetary commodities like metals, oil, other better currencies (stuff that has universal value, if no direct value to you)
4) Convert monetary commodities into stuff of actual use and value to you and others (supplies for sustainable living & survival - this could include some weaponry for home defense, too)
Now, this is just a general flow chart for shifting of some of your funds. I'm not saying do a full 100% conversion at each step (or that you can't skip steps), lest you end up with $X00K worth of tuna fish & ammo at the end, lol. That's impractical and you still want to keep a diverse portfolio to spread your risk, of course. Cuz, the future is always unpredictable, so who knows? The big crash in the late 80s bounced back big from the dotcom bubble - so who knows if another bubble might pop up to? In that case, bargain hunters now could end up huge winners.
But barring that, point is that as the dominos fall, you want to stay just ahead of them. While also staying in just long enough to maximize your returns.
Well, we are now watching the fall of the American Empire, as orchestrated by the infestation and usurpation of Jewish financial/societal terrorists particularly since WWII. Once these parasites take control of your money (see FRB) and mind (via the media), you have but a few decades to live.
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