Thread: The Trap: Behind The Curtain

The Trap: Behind The Curtain
Jim Kirwan
9-20-8

All the financial markets are showing green lights, joyous profits! Have real profits returned to the world markets! NO, this is a response to the proclamation, underwritten yesterday by the central banks with $247 billion: What an insignificant amount to pay to guarantee tens of trillions in illegal profits down the road. Yet apparently the gullible, determined-to-believe-followers have apparently taken the bait!

This is a trap of global proportions designed to complete the shell game over 'the ownership society's' claims on everything that matters, to them. What's at stake is the future of everyone who works, all pension funds, and any remaining idea of retirement after the public has been irrevocably chained to a bailout plan that has no limits!

"US government policy has encouraged recklessness - most recently by taking extraordinary measures to privatize gains while socializing losses. As part of the agenda of its so-called ownership society (excepting ownership of responsibility by powerful bankers and insurers who fail) the govt. even sought to privatize public obligations - recall the Bush proposal to privatize social security. So why not play fast and loose if the rules are heads I win tails you lose?" (1)

All of this has been quietly put into play over the decades beginning with Reagan and continuing through Bush senior, Clinton, and finally to be enacted under Bush Jr. A lot of time went into this segregation of profits from costs, along with massive offshore operations that have hidden the true nature of all that has now failed. No records are available of these "private transactions" which 'the people' are now about to be locked-into paying off.

No oversight has been done throughout the last eight years. From the congress to the SEC to the courts! No one has been responsible for reining in any of the outrageous behavior throughout the entire financial community: hence this near total collapse should not have been a surprise-yet obviously the extent of the corruption has shocked most ordinary people-as severely as it has threatened the entire structure of Wall Street and the entire financial community on a global scale.

There were warnings of a more subtle nature, if only the public and the unions had been paying attention. Bill Fletcher on Democracy Now:
"Think about the Silverado Savings and Loan debacle at the end of the '80s. You know, any time capital, big business, finds itself threatened, all of this whole thing about a free market just goes right out the window. And it's at that point that they're looking for government bailouts, for the government to step in and save them. And that happened in Silverado Savings and Loan.

But for working people, for farmers in the 1980s in the Midwest, for working people more generally, when they are being squeezed, the political operatives that represent the interests of big business step in and say, "No, no, no, no. You are not entitled to a bailout. You are not entitled to welfare. You are basically out of luck." And just as you described, during a period when we were perhaps a little bit more stable economically, the Republicans were able to move that legislation in, that

But now we have-what?-Wall Street, where we're suffering as a result of the irresponsible, absolutely irresponsible, investments in game planning-playing by these individuals. And what happens? Government is forced to bail them out. Otherwise, we are in complete meltdown." (2)

By the way Obama's running mate led the way in passing the draconian bankruptcy laws that currently punish ordinary people and protect the Corporations! Interestingly, the current foreclosures are only demanded on the primary home a person owns, second homes and more are excluded from Biden's legislation.

If you liked Patriot Acts, One and Two, or HR 1955 & S1959 (Thought- control legislation) then you're going to love this one because it's another "VOTE ONLY DO NOT READ," in the interests of National Security of course, and the panicked need to appear to get a solution quickly!
Congress cannot be trusted; they've proven this so many times over with all their wars, with the blunted impeachment attempts, with FEMA and with every other major failure of oversight responsibility during the last eight years!

What his trap amounts to is a reverse-version of The Federal Deposit Insurance Corporation. FDIC was created to protect our money: this piece of the unfolding treason will be created to insure that every citizen will be saddled with enough debt to permanently enslave us, while freeing the gambler's, the power- brokers and the banks to reap all the profits while mandating our compliance to pay them for all their mistakes - even though

"We" have no idea of how huge this debt might eventually turn out to be!

When was the last time you signed any agreement without first looking at the books? Given the scale of this pending "solution" to the international monetary collapse, is it not necessary to give the public a full and unflinching accounting of what actually happened-along with the heads of those that let this happen!

This will all be accomplished, again, without congress even reading the legislation (per Pelosi's orders), so that congress can maintain their deniability once this dagger is discovered for what it truly is - the end of individual profits and the beginning of total control over all the financial assets' of this nation.

This is a trap from which there will be no escape if we do not stop this from happening, before it too becomes "law"!

kirwanstudios@sbcglobal.net
1) On Ethics, Deregulation and Financial Chaos http:// www.informationclearinghouse.info/article20800.htm

2) Solidarity Divided & a New Path Â* Bill Fletcher http:// www.democracynow.org/2008/9/19/amidst_w ... r_activist

3) Paulson: Bailout Plan Will Need Congressional Approval: http:// www.nysun.com/business/paulson-financia ... eed/86191/

http://www.rense.com/general83/trap.htm

Why did the Fed provide $180B to overseas banks?
By CHRISTOPHER S. RUGABER

The Federal Reserve on Thursday nearly quadrupled the dollars it provides to foreign central banks as part of a coordinated effort to inject liquidity into the global financial system.

What follows are questions and answers about what the Fed did and why.

Q. How much money is involved?

A. The Fed increased temporary currency agreements, or "swap lines," that it already has in place with the European Central Bank to $110 billion and with the Swiss National Bank to $27 billion.

It also set up new swap lines of $60 billion with the Bank of Japan, $40 billion with the Bank of England, and $10 billion with the Bank of Canada.

All told, the Fed increased the amount of dollars available under the agreements by $180 billion to $247 billion.

Foreign officials already have said how they plan to use the money: the ECB will provide up to $40 billion in overnight loans to European banks, while the Bank of England said it will inject $40 billion into the system.

Q. What exactly is a "swap line"?

A. They enable the Fed to provide dollars to overseas central banks in exchange for an equal amount of that country's currency. The arrangements are temporary and set to expire Jan. 30.

Overseas banks use the dollars to lend to their own commercial banks, many of which, like U.S. banks, are in dire need of short-term dollar loans.

Q. Why are the central banks and the Fed throwing so much money around?

A. The central banks are providing the short-term loans because the commercial banks are reluctant to lend to each other due to the ongoing credit crisis. In essence, banks worldwide are now borrowing from their central banks rather than from each other, said Adam Posen, deputy director of the Peterson Institute for International Economics in Washington, D.C.

In the wake of the collapse of Lehman Brothers Holdings Inc. and the U.S. government's takeover of American International Group Inc., major banks in the U.S., Europe and Asia have scrambled to conserve their capital and are reluctant to provide the overnight loans to each other that are the lifeblood of the financial system.

Banks use overnight loans to clear transactions and maintain the level of reserves they're required to have by regulators.

Q. What is the Fed doing in the United States?

A. The Fed also is providing huge, short-term loans to U.S. banks to address the liquidity crisis. The New York Federal Reserve Bank provided $100 billion in overnight loans Thursday and $5 billion in 14-day loans. The Fed regularly makes short term loans but rarely on such a large scale.

Q. Will all of this work?

A. Economists generally believe that these measures are helping the banking system muddle through the current crunch.

"While the credit lines have not reversed the financial crisis they have probably prevented it from being worse," Wachovia senior economist Mark Vitner wrote in a research note.

But the temporary loans are only stopgap in nature and don't necessarily encourage banks to resume lending to each other. The Fed could come under increasing pressure to cut the short-term rate it controls in order to loosen credit markets. The Fed decided against taking that step on Tuesday, in part because it is worried that lower rates could worsen inflation.

http://www.businessweek.com/ap/financia ... 9C5085.htm

This all seems so unreal. All along I've been reading about all if this, the intentional collapse of our economy and I believed it and have been preparing for tough times. But a small part of me hoped, and tried to believe it wasn't true.

Everyone in this country needs to write Ron Paul in for president. Although, things are so far along that even he won't be able to help us

And they talk about the American people over financing they're homes?
Yet the banks WAY over finance their assets and then say the American People are the problem? Yeah, Right!

As far as people using the equity in their homes for lines of credit, this is nothing new and people have been doing this every since real estate has been around, Yet the politicians want to act as if this is something new and wrong, how do you think these big time real estate and big business people got where they are, by borrowing against their assets, to get more capital to invest, thats how.

While the American people might have borrowed up to 120% of their homes value, the crooks on wall street were borrowing up to 2,000% of the real value of they're holdings, now you tell me who the sorry irresponsible people are.