Monday, March 9, 2009

SAR #9068

A system based on theft and fraud is not sustainable.

Last One Out, Turn Off the Lights: Asked if the taxpayers could know where the money was going, Bernanke responded "No!" Much of it went to European banks through their bookie, AIG, whose casual disregard for the law tells us that the systematic looting of the US will continue. Your children's future is being stolen and you can't do anything to stop it. Neither a market, a system, nor a government that permits this level of unapologetic organized theft is sustainable. And not one damned word in the popular media.

Identity Theft: This fiscal year, the State Deparatment gets $40 billion, Defense gets $700 billion.

All our AIGs in one basket: The Fed gave US taxpayer money to AIG, which gave it to (in descending order) Goldman Sachs, Deutsche Bank (Germany), Merrill Lynch, Société Générale (France), Calyon (Credit Agricole, France), Barclays (UK), Rabobank (Netherlands), Danske (Denmark), HSBC (UK), Royal Bank of Scotland (UK), Banco Santander (Spain) . This was the US government using AIG to covertly bail out the major banks of Europe. Feel better now?

Bouncing Ball: Central banks continue to buy large amounts of US Treasury debt. Why? And what will they do when the US inflates away the value? Will the defrauded citizens of other countries remain as happy to be defrauded and robbed as Americans seem to be?

Bidding War: Observing Petraeus' Iraqi solution, the Taliban is paying 500-1,000 Afghanis [$10-20] a day for men to fight the Americans. Do I hear $25?

Paper or Plastic: It cost more to get money out of a Citi ATM than it does to buy a share of Citi.

Moral of the Hazard: If you don't have to pay for your house, why do I have to pay for mine? How big a house do you get to live in if the economy forces you out of work - as opposed to lying about your income and buying more than you can afford?

Keeping Score: The Sudanese Government, upset that their leader has been indicted by the ICC for war crimes, has decided to let a million refugees starve. I don't think this will actually help his defense.

The Right's Rights: Ken Starr (yes, that Ken Starr) believes that no one has any rights that cannot be revoked by majority rule. Republicans no longer have the majority, else they'd erase the idea that we all have "certain unalienable Rights". Certainly Bush thought it would have been better that way.

Observation: "The new term of abuse is “socialist”: “liberal” obviously doesn’t scare people anymore."

Carbon-Nation: There will be a brief struggle between a carbon tax scheme to effectively lower CO2 emissions at no net cost to the consumer and a 'cap and trade' charade in which the rich pay the poor to suffer, while not reducing either CO2 or profits. The 'cap and trade' system, a proven failure, will win out.

Keep Your Eye on the Pea: The Congress is about to let the Financial Accounting Standards Board "overhaul" the mark-to-market rules to permit wider use of the mark-to-fantasy desires of the audited.

The Road to Redemption: The number of FHA-backed borrowers who default before making a single payment has tripled in the last year. The spike in quick defaults follows the pattern that preceded the collapse of the subprime market. Shh, don't tell Obama.

Market Theory: If you provide a good product or valuable service, customers will flock to you door, if you don't they wont. That's basic economics. It also explains why no one wants to invest in banks, brokerages, stocks, bonds, and, and, and... The marks got wise to the con.


fajensen said...

Central banks are buying US treasuries because: while they know full well that the US will default on the debt, they do not know what else to do because when the US does default The Universe comes to a rapid stop - as far as bankers and their government minions are concerned. So they keep lending & hoping - irrational escalation @ work.

An amusing side-effect is that the US is sucking in all the available credit so f.ex. Turkey cannot have any: The Turkish lira and the stock market are tanking; Turkey is begging for IMF funding.

Yet another failed islamic state is being created:

Darfur: *When* has the UN actually achieved anything apart from the building of permanent refugee camps?

Anonymous said...

"And not one damned word in the popular media."

And the alternative and contrarian commentators called this Crash and Burn. So too will you have your day. There will be a day of reckoning and recognition of the Truth just as there has been the predicted Crash and Burn.

Keep up the good work and the truth telling.

Anonymous said...

Moral of the Hazard: If you don't have to pay for your house, why do I have to pay for mine? How big a house do you get to live in if the economy forces you out of work - as opposed to lying about your income and buying more than you can afford?

Actually, I'm thinking of not paying at all. First of all, I may get a good sharkie lawyer, arrange a bankruptcy, call my local Ward Healer, who will call Congressman X who will call Judge Y and get me a nice CRAMDOWN. or Secondly, I might ask my friend over at FNM or FRE or FHA or.... to disappear my Mortgage completely as there is no real accounting in the FED GOVERNMENT and no real auditing. Should be just a keystroke or two to do the job. When all this Crashes and Burns, who's to know? Who will check? It will be time to move on, we don't have time for...............