Bail ins are coming. ALL major banks are technically insolvent as they have exposure to derivatives and cds than actual assets- if they were normal businesses they would be allowed or forced to fold. All taxpayers are still technically on the hook, previously a government would foot the bill and pass on the cost, now it's depositors actual money at risk, money which in law is a credit to the bank, not legally owned by the depositor- the account holder. Many derivatives contracts are linked to oil prices or interest rates and as the worldwide economy is tanking, and there is plenty of evidence for this, these contracts WILL take down some big players. JPMorgan, citi, BoA, Deutsch bank, and many others use off book accounting to hide their actual liabilities and the whole cabal is fraudulent on an unbelievable scale. When confidence in the system falls, it will collapse and trillions in wealth will be confiscated.
The global monetary system was designed by bankers for bankers and they get a cut at every step in the process.
They are given the privilege of creating money out of thin air (fractional reserve banking), which they can then lend out and charge interest on.
There is only one task they have to carry out and that is to lend the money prudently to people that can pay them back plus the interest.
Could it be any easier, with no manufacturing, supply and distribution chains to worry about?
What are bankers like at prudent lending?
“What is wrong with lending more money into the Chinese stock market?” Chinese banker recently
“What is wrong with lending more money into real estate?” Chinese banker last year
“What is wrong with lending more money to Greece?” European banker pre-2010
“What is wrong with a NINA (no income no asset) mortgage?” US banker pre-2008
“What is wrong with lending more money into real estate?” US banker pre-2008
“What is wrong with lending more money into real estate?” Irish banker pre-2008
“What is wrong with lending more money into real estate?” Spanish banker pre-2008
“What is wrong with lending more money into real estate?” Japanese banker pre-1989
“What is wrong with lending more money into real estate?” UK banker pre-1989
“What is wrong with lending more money into the US stock market?” US banker pre-1929
Globally incompetent at the only job they have to do.
Shouldn’t we be asking why bankers are so useless rather than bailing them out?
No comments:
Post a Comment