On Friday, March 10, Silicon Valley Bank (SVB) collapsed and was taken over by federal regulators. SVB was the 16th largest bank in the country and its bankruptcy was the second largest in U.S. history, following Washington Mutual in 2008. Despite its size, SVB was
The crux of this crime here is that there was no consent given.
People were deceived into thinking that banks actually protected their money, that it was insured properly etc.
The truth is, that banks have deceptively used the money that the courts say is not even your money, once it is in the bank, to make wildly speculative "investments".
When we don't prosecute criminals we have crimes.
And we almost never prosecute white collar financial crime.
At this point the Fed should be pressured to intervene when there's a "safe harbor" stampede for collateral and then let the matter play out in court all the way up to the Supremes. Isn't it time for the Federalist Society to decide whose side they're on? As the Fed most recently demonstrated in 2019 the repo market can be stabilized. Let the OTC derivatives junkies twist in the wind. That's a better solution than anything North Dakota can deliver.
Bush jr. as I recall, allowed the M3 money supply information to go unreported thus bringing the system collapse ever closer and the timing would be known only to few.
The removal of Glass-Stegall was the harbinger of financial system collapse. Permitting credit default swaps and bargaining of mortgage debt, was basically switching on the fan to hasten the collapse of the house of cards. The system cannot now be saved, which is what the WEF is waiting for. However, the Resistance Movement will create its own currencies and barter systems and reconstruct genuine social credit, which is exactly what Hitler did when he took Germany from hyper-inflation and 45% unemployment, to making Germany the industrial powerhouse of Europe. I think we are about to see the aftermath of that episode of history repeated. However, having been force-fed faux-history, most people will not recognise it. Fail to learn from history and we are forced to repeat it.
We can only HOPE that derivatives "NETTING" and "SETTLEMENT POOLING" between counterparties means all those quadrillion dollar derivatives are CURRENT, and paid, and not in ARREARS!!!
Ellen, I recently saw an episode of the Corbett report talking about the financial collapse of 08, and whether reinstating Glass Stegal would have prevented it. Turns out that it would not have as it was just a part of a bigger financial regulation bill. The collapse was not due to the division of the banking system being undivided, it was the government mandating the loans from fanny and Freddie. The derivative's being sold off as gold standard with no regulation had nothing to do with what Glass-Stegal prevented. Is this a correct assessment? I trust your knowledge in this area, Jack.
"collapse" is a scary image - financial collapse does not precipitate a physical collapse - all buildings bridges tunnels roads remain 'pristine' - which is the reason financial collapses are 'arranged' by financiers - thing is - the collapse allows the bankers to reorganize the financial economy more to their liking which under 'stable' conditions they could not do - a financial system more favourable to 'the people' could also not be arranged when the financial system is 'stable' - rather than the bankers nudging the system in a 'new' direction the people can nudge the system - in canada the people own the central bank - however since 1967 when the Bank of Canada act was amended to allow interest bearing deposits from the BIS other central banks and international financial organizations - our public utility central bank is operated 'as if' it was a private for profit central bank - the people of canada (100% of the shareholders) need only to force the Bank of Canada to close all deposit accounts and recall the Governor of the BoC from the managing board of the BIS to create a stable national economy capable of providing an open trading system through the 'collapse' which is actually just the banks loosing on their 'side bets' at the black jack table
The crux of this crime here is that there was no consent given.
People were deceived into thinking that banks actually protected their money, that it was insured properly etc.
The truth is, that banks have deceptively used the money that the courts say is not even your money, once it is in the bank, to make wildly speculative "investments".
When we don't prosecute criminals we have crimes.
And we almost never prosecute white collar financial crime.
At this point the Fed should be pressured to intervene when there's a "safe harbor" stampede for collateral and then let the matter play out in court all the way up to the Supremes. Isn't it time for the Federalist Society to decide whose side they're on? As the Fed most recently demonstrated in 2019 the repo market can be stabilized. Let the OTC derivatives junkies twist in the wind. That's a better solution than anything North Dakota can deliver.
Bush jr. as I recall, allowed the M3 money supply information to go unreported thus bringing the system collapse ever closer and the timing would be known only to few.
The removal of Glass-Stegall was the harbinger of financial system collapse. Permitting credit default swaps and bargaining of mortgage debt, was basically switching on the fan to hasten the collapse of the house of cards. The system cannot now be saved, which is what the WEF is waiting for. However, the Resistance Movement will create its own currencies and barter systems and reconstruct genuine social credit, which is exactly what Hitler did when he took Germany from hyper-inflation and 45% unemployment, to making Germany the industrial powerhouse of Europe. I think we are about to see the aftermath of that episode of history repeated. However, having been force-fed faux-history, most people will not recognise it. Fail to learn from history and we are forced to repeat it.
We can only HOPE that derivatives "NETTING" and "SETTLEMENT POOLING" between counterparties means all those quadrillion dollar derivatives are CURRENT, and paid, and not in ARREARS!!!
Ellen, I recently saw an episode of the Corbett report talking about the financial collapse of 08, and whether reinstating Glass Stegal would have prevented it. Turns out that it would not have as it was just a part of a bigger financial regulation bill. The collapse was not due to the division of the banking system being undivided, it was the government mandating the loans from fanny and Freddie. The derivative's being sold off as gold standard with no regulation had nothing to do with what Glass-Stegal prevented. Is this a correct assessment? I trust your knowledge in this area, Jack.
"collapse" is a scary image - financial collapse does not precipitate a physical collapse - all buildings bridges tunnels roads remain 'pristine' - which is the reason financial collapses are 'arranged' by financiers - thing is - the collapse allows the bankers to reorganize the financial economy more to their liking which under 'stable' conditions they could not do - a financial system more favourable to 'the people' could also not be arranged when the financial system is 'stable' - rather than the bankers nudging the system in a 'new' direction the people can nudge the system - in canada the people own the central bank - however since 1967 when the Bank of Canada act was amended to allow interest bearing deposits from the BIS other central banks and international financial organizations - our public utility central bank is operated 'as if' it was a private for profit central bank - the people of canada (100% of the shareholders) need only to force the Bank of Canada to close all deposit accounts and recall the Governor of the BoC from the managing board of the BIS to create a stable national economy capable of providing an open trading system through the 'collapse' which is actually just the banks loosing on their 'side bets' at the black jack table
thanks
Thank you Ellen. I love the public bank option as a sound, people-friendly and long-term solution!!