World Affairs Brief, July 18, 2008. Commentary and Insights on a Troubled World.
Joel Skousen.
http://www.worldaffairsbrief.com/PROTECTING THEIR OWN
All the hype from Congress and the White House about bailing out establishment financial institutions only to "save America from the ravages of a depression" is merely a cover for a systematic protection racket aimed at saving those who brought this debacle upon us--and profited during the run-up. Now they want to profit on the way down too. As Darryl Schoon put it (bluntly), "Once the most powerful and productive economy in the world, the US, indebted by bankers and government spending beyond its ability to repay, is headed towards sovereign bankruptcy. The recent request by US Treasury Secretary--and more importantly former Chairman and CEO of investment bank Goldman Sachs-- Henry Paulson to bail out Fannie Mae and Freddy Mac with US taxpayer dollars is but another indication of this destructive and parasitic relationship between bankers, government and the economy. That a private banker from a large Wall Street investment bank is also Secretary of the US Treasury is no coincidence. It is also no coincidence that once again, public monies from the US Treasury are being used to rescue private bankers and to indemnify their losses." This week I will attempt to illuminate the incestuous relationship between these financial Powers That Be (PTB) and how they intend to sap America's individual wealth in order to salvage their crumbling speculative empire.
Schoon goes on to describe how government has "the fox guarding the henhouse" by selecting major players in Wall Street brokerage houses and investment banks to serve as Sec. of the Treasury. Most bailouts have been engineered by these Treasury chiefs--directly benefitting there former employers.
"Receiving taxpayer dollars from the US Treasury for their private benefit is not new to Goldman Sachs. In the 1990s, when the Mexican government defaulted on its bonds, investors at Goldman Sachs stood to lose billions of dollars. They didn't. Buried deep in the subsequent $40 billion US bailout of Mexico was a $4 billion payment to Goldman Sachs, gratis of the US Treasury indemnifying Goldman Sachs against any losses on their investment in Mexican bonds. The fact that current US Treasury Secretary and former Goldman Sachs CEO Henry Paulson also recently used US funds to underwrite JP Morgan Chase's private buyout of investment bank Bear Stearns and is now proposing to do the same with Fannie Mae and Freddie Mac is to be expected. For investment bankers, using public money to privately profit is business as usual."
Jim Rogers, Chairman of Rogers Holdings summarized saying, "They're ruining what has been one of the greatest economies in the world, [Bernanke and Paulson] are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this." --and pay we will, through rampant inflation.
So the lessson is to buy more bank stocks!
If the taxpayers will foot the bill, then go for it.
Hey, if the banks go under, they'll be no taxes to collect. Then we'll all take up residence in those FEMA Club Meds you been telling me about!
The way I see it, even if this is true, we're all screwed anyway.
One guy says the world is ending and another guy says it's not!
Who do you believe? Depends on who has the most fear.
Posted by Nalod:
So the lessson is to buy more bank stocks!
If the taxpayers will foot the bill, then go for it.
Hey, if the banks go under, they'll be no taxes to collect. Then we'll all take up residence in those FEMA Club Meds you been telling me about!
Nalod you cant take money with you when they make you take the chip in your wrist or behind your ear or forehead.
