Friday Feedback: More Wall Street Trickery

friday feedbackEach Friday, LA Progressive presents a comment we editors find to be most profound, insightful, or just plain unusual — we then highlight the comment in an effort to bring attention to the broad range of positions taken by our readers. This week, go99ers reacts to Ellen Brown’s “Wall Street Confidence Trick: Interest Rate Swaps Bankrupting Local Governments:”

Here is yet another disturbing example of how the 1% are getting wealthier – “interest rate swaps”. And guess who is manipulating them so the 1% don’t have to pay up? The biggest of the already fat Wall Street cats. What a surprise. The more we look, the uglier it gets. So JPMorganChase and the Muppeteers have found yet another way to make lots more for themselves.

Banks are endlessly profiting at the expense and the financial health of state and local governments, while legalized graft, in the form of lobbyists, funnel back millions to those very same elected politicians, all made legal through the Supreme Court ruling of Citizens United. The best government money can buy!

This past week, ex- employee of the month Greg Smith said that Goldman-Sachs referred to our local bureaucrats and the gullible suckers at the raw end of a swindle as “muppets.” So according to them, WE are all muppets, suckers to be swindled. WOW!!!!

What is capitalism today? Here’s a brutal and in my opinion, accurate definition: “Capitalism … is completely dependent upon derivatives . We live in a global sea of variable interest rates, exchange rates, and default rates. There is no stable ground on which to anchor the economic ship, so financial products for ‘hedging against risk’ have been sold to governments and corporations as essentials of business and trade. But this ‘financial engineering’ is sold, not by disinterested third parties, but by the very sharks who stand to profit from their counterparties’ loss. Fairness is thrown out in favor of gaming the system. Deals tend to be rigged and contracts to be misleading.”

goldman sachsOne might imagine that somewhere, in some deep, dark hidden place, the puppetmasters are laughing at us as they pull the strings and manipulate us into running in one direction or another while they gleefully harvest the earnings that are gotten from the fearmongering that they have created, and which keeps the world on the brink of financial collapse. I mean, haven’t we all heard that “Now is the best time to buy gold.” ???? or “You can get an amortized thirty-year-loan at 3.5% for five years.” That’s what they were doing before, and they’re still doing it.

There is no apparent solid financial foundation. It all appears to be a slick shell game, all smoke and mirrors. Is it any wonder that the economies of countries throughout the world are teetering on the brink of collapse?

Can we save ourselves from drowning in this “global sea of variable interest rates, exchange rates, and default rates”? According to Ellen Brown “We can avoid the derivatives trap by cutting out the middlemen and creating our own credit…” We can do this by creating state, city, county, and local public banks based on the model of North Dakota.

Here is yet another disturbing example of how the 1% are getting wealthier – “interest rate swaps”. And guess who is manipulating them so the 1% don’t have to pay up? The biggest of the already fat Wall Street cats. What a surprise. The more we look, the uglier it gets. So JPMorganChase and the Muppeteers have found yet another way to make lots more for themselves.

Banks are endlessly profiting at the expense and the financial health of state and local governments, while legalized graft, in the form of lobbyists, funnel back millions to those very same elected politicians, all made legal through the Supreme Court ruling of Citizens United. The best government money can buy!

This past week, ex- employee of the month Greg Smith said that Goldman-Sachs referred to our local bureaucrats and the gullible suckers at the raw end of a swindle as “muppets.” So according to them, WE are all muppets, suckers to be swindled. WOW!!!!

What is capitalism today? Here’s a brutal and in my opinion, accurate definition: “Capitalism … is completely dependent upon derivatives . We live in a global sea of variable interest rates, exchange rates, and default rates. There is no stable ground on which to anchor the economic ship, so financial products for ‘hedging against risk’ have been sold to governments and corporations as essentials of business and trade. But this ‘financial engineering’ is sold, not by disinterested third parties, but by the very sharks who stand to profit from their counterparties’ loss. Fairness is thrown out in favor of gaming the system. Deals tend to be rigged and contracts to be misleading.”

One might imagine that somewhere, in some deep, dark hidden place, the puppetmasters are laughing at us as they pull the strings and manipulate us into running in one direction or another while they gleefully harvest the earnings that are gotten from the fearmongering that they have created, and which keeps the world on the brink of financial collapse. I mean, haven’t we all heard that “Now is the best time to buy gold.” ???? or “You can get an amortized thirty-year-loan at 3.5% for five years.” That’s what they were doing before, and they’re still doing it.

There is no apparent solid financial foundation. It all appears to be a slick shell game, all smoke and mirrors. Is it any wonder that the economies of countries throughout the world are teetering on the brink of collapse?

Can we save ourselves from drowning in this “global sea of variable interest rates, exchange rates, and default rates”? According to Ellen Brown “We can avoid the derivatives trap by cutting out the middlemen and creating our own credit…” We can do this by creating state, city, county, and local public banks based on the model of North Dakota.

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