Posted: 3/28/2013 8:18:32 AM EDT
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I guess when I look back at my Uncle's mistrust of banks, bankers and our .gov, I now completely understand where he was coming from.
Let's remember what happened a few months ago with MF Global: Corzine's company, MF Global decided to buy reverse repos from Italy on junk Spanish bonds. So in a repo or repurchase agreement, Italy needed to raise cash fast so, it allowed MF Global to buy reverse repos, that is where MF Global buys junk Spanish bonds from Italy and Italy agrees to buy them back with a profit going to MF Global ( as long as interest rates don't spike on the Spanish junk bonds )... Well, these transactions are kept off the books but, they used the junk bonds to go back to the FED's discount window to use the said junk bonds as collateral to get another almost zero percent interest loan from the FED's discount window to buy more junk Spanish bonds ( see where this is going? ).... and then MF Global leverages themselves up 30-40 times... Well, it was a bad bet and interest rates spiked and MF Global was out of business overnight.... All of that collateral was bullshit to begin with and this is how our financial institutions work these days. Corzine used customer investment accounts to pay off Goldman margin calls.... the only bagholders in this were the folks off the street that had investment accounts with MF Global and Corzine didn't spend a day in jail. Corzine used 1.2 Billion dollars in customer accounts to settle with Goldman. Now we have the bankers going directly after customer accounts right in the open. If anyone has ANY confidence in our banking system or our .gov, it's not as if the writing isn't already on the wall. Those with influence in D.C. will use that to break every law on the book and none will be prosecuted... EVER. In recent news... when europe was worried about folks short selling stocks... they outlawed short selling. When our banks were insolvent with toxic debt, they changed the mark to market rules so they could keep the bad loans on their books at full value. Greece defaults on debt... they call it voluntary so no derivitive contracts have to be paid to those that hold credit default swaps. Cyprus needs funds, they go directly after the depositors now. Our FED is stealing our money by holding interest rates at zero, while at the same time printing over 1T a year ( 85B per month ) devaluing our dollar and stealing value from anything saved. What a crock of shit. These bastards depend of the ignorance of the public at large... If this were commonly known, nobody would put up with it but, since the bankers use big words and double talk, they're allowed to steal and steal and steal while or .gov is complicit in the crime. Am I getting any of this wrong? |
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What I want to know....is when will their rope run out....all they are doing is playing a card game trying to push back the day of reckoning onto another politician down the road while they build up their fortunes today...
Our crooks over here are eyeing our pension plans if not our savings. I don't have a lot and I can't really touch my retirement accounts but I'm atleast considering pulling my savings out of the banks. It's not like I'm earning anything on it anyway. I used to think that if you invested in stocks, at least you owned something but with all the games they are playing these days, I'm thinking cold hard cash or gold would be better investment than banks or securities. |
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Quoted:
What I want to know....is when will their rope run out....all they are doing is playing a card game trying to push back the day of reckoning onto another politician down the road while they build up their fortunes today... Our crooks over here are eyeing our pension plans if not our savings. I don't have a lot and I can't really touch my retirement accounts but I'm atleast considering pulling my savings out of the banks. It's not like I'm earning anything on it anyway. I used to think that if you invested in stocks, at least you owned something but with all the games they are playing these days, I'm thinking cold hard cash or gold would be better investment than banks or securities. I tend to agree with you. Paper is getting to be only worth the paper it's printed on. Possession of hard assets may be the safest way to go. It doesn't have to be gold or silver but, it does have to be a hard asset that you have possession of. I contend that this is the biggest tragedy that anyone with half a brain can prepare for. That being said, 95% of folks out there will do nothing. If we look at Cyprus alone and project a bank closures like they've had ( which doesn't seemed far fetched to me at all ).... It would be good to have some extra food on hand... a few thousand dollars in cash in a safe somewhere in your possession etc. If we get a full meltdown, you'd need a lot more things.... but, long term... it may be good to put all your liquidity into hard assets.... PMs, productive land... things like that... I don't trust these bastards anymore... not any of them. They have already been robbing us blind but, they've been a LOT more aggressive lately.... folks should be paying attention. |
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Corzine used customer investment accounts to pay off Goldman margin calls.... the only bagholders in this were the folks off the street that had investment accounts with MF Global and Corzine didn't spend a day in jail. Corzine used 1.2 Billion dollars in customer accounts to settle with Goldman.
I have no earthly idea why he isn't behind bars or dead. 
Other than the fact that he was a high muckety muck in the (D) party. |
| There is no accountability in the global financial system. And they've bought and paid for the entire global political system to ensure that. That's why they can steal other people's money to pay their debts with impunity. All they have to do is threaten tanks in the streets if you don't give them what you want just like Hank Paulson did. |
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Quoted:
There is no accountability in the global financial system. And they've bought and paid for the entire global political system to ensure that. That's why they can steal other people's money to pay their debts with impunity. All they have to do is threaten tanks in the streets if you don't give them what you want just like Hank Paulson did. Yep, and because of the way banking rules are structured, they very well could implode the whole damned thing if taxpayers didn't make good on their wild bets. Hell, if during the mortgage crisis our banks were forced to mark their bad loans to market value, they'd have all gone under. Then they hold a gun to our heads and say, "either fix us or we'll tank your entire economy". |
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Quoted:
Corzine used customer investment accounts to pay off Goldman margin calls.... the only bagholders in this were the folks off the street that had investment accounts with MF Global and Corzine didn't spend a day in jail. Corzine used 1.2 Billion dollars in customer accounts to settle with Goldman.
I have no earthly idea why he isn't behind bars or dead.
Other than the fact that he was a high muckety muck in the (D) party. Yep... the guy robs blind from the investment accounts and walks... No charges filed... no fines.... not even a slap on the wrist. |
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Quoted:
Corzine used customer investment accounts to pay off Goldman margin calls.... the only bagholders in this were the folks off the street that had investment accounts with MF Global and Corzine didn't spend a day in jail. Corzine used 1.2 Billion dollars in customer accounts to settle with Goldman.
I have no earthly idea why he isn't behind bars or dead.
Other than the fact that he was a high muckety muck in the (D) party. $5 - $30k plate dinners in Manhattan for the Whine Haus, that's why. He paid his ticket to freedom. |