Posts Tagged ‘Vested interests’
Exploiting productive people

Peasants used to be the primary productive class. They were the ones slaving away to support those living off their labor. Now it’s the capitalists, skilled workers, risk takers and the thrifty whose wealth is being expropriated. The money is no longer given to retainers, but welfare recipients and others who can be trusted to vote the right way. The blood sucking vampires living off the sweat of the working people are not courtiers or capitalists in any true sense of the word, but the connected class.

It’s the bribery of population segments which is behind the retribalisation of the West. But look around, countries which remained tribalised did not enrich their people. Neither will a retribalised West. We have inherited a legacy of wealth, but we can cannibalize and live off it for only so long.

But the privileged elite either do not know or do not care. To hell with the national interest, their only concern is their own interest. They are desperately clinging on to power. They are the truely bitter clingers.

Hello privileged elite, we see you for what you are. You’re not just parasites, but parasitoids. Survival of our civilisation necessitates the removal of your corrosive and corrupting influence. Earn your money in a free market, not through government largess. That includes greenies, much of the finance sector and other corporate welfare recipients as well as individual dependents.

With so many bought already, it is no surprise that they have the numbers in this on-going death spiral. The growth of debt/GDP reveals by just how much they have exceeded the capacity of our society, their host, to support them. They will kill it and our way of life if we do not contain them. We can but hope enough of them realize it’s in their and their children’s longer term best interest to side with us – the productive people.

We exploited peasants when they produced the surplus which was expropriated. Now it is capitalists, skilled workers, risk takers and savers being exploited. With peasants we realized that it was in all our interests that they continued to be productive, to feed us. It’s the same with our current productive classes. Communists might have been willing to starve millions for the greater good, others were not. We must not allow the productive classes ot be persecuted “for the greater good”. Loopy lefty ideology must not be allowed to run rampant over our rights and our way of life. It’s not just time to say enough, but well past it.

 
Inside Job

Inside Job is a great documentary. When I viewed it the cinema audience clapped at the end. Watch it here for free (Hat tip Jesse).

It does an excellent job of highlighting the corruption behind the Global Financial Crisis. But it does not cover the deliberate breaking of the law on the transfer of property titles in many states. The lack of criminal prosecutions of senior bankers in relation to this is beyond scandalous, it proof of how far down the path of crony capitalism America has strayed. Let’s hope this is not another case of where the USA leads, the rest of the English speaking developed world follows.

If the legal system continues to fail to do its job there will eventually be a wholesale loss of trust in the system. When that happens the country becomes ungovernable by anything other than brute force and terror. Let’s not go there. That’s why this report of a sheriff launching a criminal investigation for mortgage fraud is so heartening:

Oh Mr. Sheriffs — GO GET ‘EM!: Christopher Conley, High Sheriff of Carroll County NH, holds a press conference at the County complex on 7/2/12. He announces that he is forming a task force to investigate mortgage fraud. Fraud is occurring across the United States. Properties being foreclosed on that are owned outright. Financial institutions that stake claim to a property without a deed. The Sheriff states: “In each case there is no accountability be the financial institution, no one to present a reply, no decision maker to speak with. If you are a property owner and are experiencing any of the above. Contact the Sheriff at CarrollCountysheriff@carrollcountynh.net, Carroll County Sheriff’s Office, Attn: Deputy Brian King, PO Box 190, Ossipee, NH 03864, 539-2285 x317. Hat tip Market Ticker Guy

There is more at stake than many realize. The tide of sleaze and corruption must be turned around before the descent into despotism and anarchy. Otherwise the resultant conflagration will leave civil war like levels of carnage. The lives of many will be brutal and short or brutally cut short.

Since the making of Inside job we have had the MF Global theft of segregated accounts and the LIBOR manipulation scandal. The public exposure of the LIBOR manipulation will turn many trusting of people into a diehard cynics. The implications of the manipulations are enormous:

The Libor Scandal Explained: Barclays Bank has today been fined a combined £290M by regulators in the USA, UK and EU for manipulating the LIBOR; an acronym which stands for “London Interbank Offered Rate”. If you think this doesn’t sound sexy, you’re right. But if you think it isn’t critically important and one of the worst scandals to be exposed from the GFC so far, you’re wrong. The LIBOR is meant to be an objectively-set interest rate. It is used as the reference rate for an estimate $350 trillion in derivatives, not to mention an unknowable number of mortgages, international loans and financing arrangements. Many GFC scandals have involved institutions and hedge funds swindling each other out of paper wealth which never really existed. This one has involved one or more banks ripping off any number of governments, businesses, pensions funds and homeowners, and the fines so far are only the precursor to civil lawsuits and further criminal investigations. Hat John “Dinkum” Wagner.

MF Global shows you that you can’t be sure your money is safe anywhere in the system. A recipe for money under the mattress, falling prices and a full on depression if ever there was one. Of course many have been aware of this problem for some time – do check out some of the links in the attached document. Allocated accounts aren’t what they used to be. “What’s mine is mine and what’s yours is mine too” comes to mind. Who else might that have appealed to?

People’s foul nature echoes down the ages. It is not just in adversity that the character of a man is revealed, but in their moments of greatest triumph. It is not just absolute power that corrupts, little Hitlers can spring up anywhere. Perhaps there was more to the old fashioned cultural pressure to be a gracious winner than first meets the eye. It evolved in the culture for a reason, it may have increased the ability of the culture to propagate through time. I’m not sure if the bragging self aggrandizement of much of contemporary English speaking society will prove similarly helpful for its constituents. Time will tell.

In the mean time, stay safe. Do not trust even formally trustworthy brands with your money. There are tougher times ahead, but they will not be totally unprecedented. History may not repeat, but it does rhyme. The nimble and quick witted can not just survive, but thrive. Although life being what it is even the best of us can be caught by black or grey swan events. But setting in place fall back options now, while it is still possible, can pay enormous dividends. Your health as well as your wealth may depend on it.

There are actions and options you can take to maximize your freedom of movement in the troubled times ahead. These will greatly increase your chance of maintaining some control over your destiny. Let’s do what we can now so we can later be called happy. Happy in times when the truth of the old adage “Until he is dead, do not yet call a man happy, but only lucky.” becomes more apparent. But these will be the subject of future posts.

 
Splendid links

A mixed bag of material I’ve wanted to write on, but have not had time:

GAO: Almost Half of Bailed Banks Repaid the Government With Money “From Other Federal Programs”:  The Government Accountability Office continues its subtle war on the talking point used by Treasury that “TARP made money”. Here’s the GAO, with a report out today.

As of January 31, 2012, 341 institutions had exited CPP, almost half by repaying CPP with funds from other federal programs. Institutions continue to exit CPP, but the number of institutions missing scheduled dividend or interest payments has increased.

A bit of humor from which the chart at the top of the post was taken:

Meeting Of Central Bankers, “Godfather” Style: One of the best scenes in the original Godfather movie was the meeting of the heads of the Five Families when Don Corleone attempts to settle the war… right before the scene starts, the camera pans the front of a large, stone building. That building was the Federal Reserve Bank of New York (h/t Dan)… reconstruct the scene and substitute the heads of the Five Families with the heads of some central banks and finance ministries.

Not sure why this its not front page news:

9/11 Commissioner and Co-Chair of Congressional Inquiry into 9/11 Say in Sworn Declarations that Saudi Government Linked to 9/11 Attacks:  Two Senators with Access to Classified Information Say Saudi Government Backed 9/11 Attack

Two former senators – one a 9/11 Commissioner, the other the co-chair of the joint Congressional inquiry into 9/11 – state in sworn declarations that the Saudi government backed the 9/11 attack.

Another profound post by John Robb:

 Are You Robust or Resilient? To make this easier, let’s start with a fun example. In the second installment of the excellent Terminator movie series, Arnold Schwarzenegger was cast as a robot called a Terminator. This robot was what we could call a robust system. A robust system is able to absorb a terrific amount of damage before it fails.

In the movie, the Terminator faced off against a new superior series of robot, the liquid metal T-1000. In contrast to Arnold’s robust robot, the liquid metal T-1000 was a resilient system. This meant that if the T-1000 was blown apart, the parts could and would quickly reassemble themselves back into a fully functional version of itself.

Roger Scruton hits the nail on the head:

 The nation state is the best guarantor of democracy, freedom and human rights: Recent attempts to transcend the nation state by creating some kind of transnational political order have ended up either as totalitarian dictatorships like the former Soviet Union, or as unaccountable bureaucracies, like the European Union. In spite of this, the idea of the nation is under attack—either despised as an atavistic form of social unity, or even condemned as a cause of war and conflict, to be broken down and replaced by more enlightened and more universal forms of jurisdiction

Europe’s been living in the bezzle and now reality is asserting itself:

 Wolf Richter: Deep Trouble at the Core of the Eurozone: In France, new vehicle registrations have been plunging. Already down 17.8% in December and 20.7% in January compared to prior year, they sank 20.2% in February. Year to date, the results were even worse than they appear. With 43 selling days in 2012, against 41 in 2011, sales per selling day were down 24.2%. French automakers suffered the most. In February, PSA Peugeot Citroën was down 29.2% and Renault 28.5%.

China is also wobbling:

World Bank warns: China is a ticking time bomb: The World Bank warns that China’s corrupt state-owned companies have created a Chinese Super Rich class aligning communist party bosses and corporate executives.

And neither has any interest in the World Bank’s call for reforming their incestuous economic system — which is exactly the same problem with America’s conspiracy between our Super Rich, Wall Street CEOs and Washington politicians.

The numbers may be dated, but explanation will still hold. Given the number of sovereign defaults we have coming up we probably should understand this stuff:

How gross and net CDS notionals really work: According to the DTCC, there is $75bn gross notional outstanding for CDS contracts referencing Greece. However, on a net basis this figure reduces substantially to $3.7bn.

Interesting video:

Michael Hudson: A Planned Economy for the 1%

Psychopaths will not be restricted to Wall Street:

One Out Of Every Ten Wall Street Employees Is A Psychopath, Say Researchers

It’s the proportion that counts. But this does not change the fact you are probably better off with psychopaths employed in the private sector than government. While wall street bankers may have done much damage, the likes of Stalin puts them into perspective.