BS: Global Financial Collapse

Subject: BS: Global Financial Collapse
From: Songwronger
Date: 13 Jul 12 - 10:17 PM

All the industry and labor in the world generates about 65 trillion dollars per year. The planet's derivatives debt currently totals to nearly 2 quadrillion dollars. About 15 times what all the work in the world can produce annually.

And the derivatives investments continue. Each bailout you hear about is just an extortion of some country by the big multinational banks. They threaten to ruin the country unless its government takes out another loan--a loan the taxpayers of that country are signed on to repay. And the banks invest the money in worthless derivatives. The taxpayers get nothing except debt to pass along to their descendants.

This can't go on forever. Either the process runs its course or the countries of the world call a stop to it. Either way the global economy as we know it collapses. So what should we do?

Subject: RE: BS: Global Financial Collapse
From: Bobert
Date: 13 Jul 12 - 10:24 PM

Have to agree with you on this one, Wronger...

Banks have all but quit loaning to Joe Sixpack... All they do is loan to each other and it's one big ass circle jerk of smoke and mirrors with them taking "commissions" and "bonuses"... In other words, taking what cash is left on the table for themselves...

It's purdy fucked up...

B~

Subject: RE: BS: Global Financial Collapse
From: GUEST,999
Date: 13 Jul 12 - 10:30 PM

The financial world collapsed a decade ago. Why is it all of a sudden a problem?

Subject: RE: BS: Global Financial Collapse
From: Songwronger
Date: 13 Jul 12 - 10:32 PM

Iceland's found a way to deal with the situation, I believe. 4 years ago they were facing hard times, took some harsh measures, and now they're doing pretty well.

I believe they just forgave all mortgages. That's what nations should be doing. Imagine what forgiving all mortgages in the U.S. would do to stimulate the economy, all that money freed up to start new businesses, expand properties, hire contractors, tool up to produce widgets.

Subject: RE: BS: Global Financial Collapse
From: Songwronger
Date: 13 Jul 12 - 10:39 PM

We still have options, 999. But they're fading fast. I saw lots of headlines today about arresting bankers, and that's a good sign. Put them on trial, put legislation back in place to stop speculation, write off the derivatives debt, and hunker down for the harsh 10-year period of financial correction. That's the way I hope things work out.

Subject: RE: BS: Global Financial Collapse
From: GUEST,Guest from Sanity
Date: 13 Jul 12 - 10:56 PM

As posted on another thread.."it's like the snake eating its own tail".

I've said for sometime that you have to watch the derivative market. When they can't find any buyers, for unsecured hopes of bullshit...the the bottom falls out...The end game 'remedy' is what you want to beware of.......
Until then, I'll use the angst being squeezed out of humanity, and speak to her, and about her, let her know she's not alone...in music.

Yes, we know it's scheduled for collapse....and everybody in the top of the parties is playing their part.

Just in case you wondered....

GfS

Subject: RE: BS: Global Financial Collapse
From: Sawzaw
Date: 13 Jul 12 - 11:00 PM

Is this what happened to Greece?

Subject: RE: BS: Global Financial Collapse
From: GUEST,999
Date: 13 Jul 12 - 11:03 PM

You are, so far as I'm concerned, right I could hug you in public. But really, the worst is ahead. Better will come after. Those who get through it will be tougher and wiser for the experience. As we are seeing now, the rich are beginning to eat each other. They are grasping at people like Romney, who despite his wealth is just another in it for himself piece of shit. So, even when they grab it they lose it at once. Life has a few tough edges.

Subject: RE: BS: Global Financial Collapse
From: GUEST,999
Date: 13 Jul 12 - 11:05 PM

That post was written for Songwronger.

Subject: RE: BS: Global Financial Collapse
From: GUEST,999
Date: 13 Jul 12 - 11:19 PM

"For the last two years the mainstream media has been painting a picture of the economic crisis in the euro-zone as one of governments spending too much on social welfare programs, leading to large budget deficits and debt. This reflects a right-wing, free market view that crises of overproduction under capitalism are because of 'too much government intervention' in the economy. The poster-child for this story has been Greece, whose large government budget deficit of about 15% of Greek GDP (total production of goods and services) and large government debt (which went as high as 160% of Greek GDP), triggered the crisis in 2010. In response, the big capitalists and their politicians called for more and more austerity in the form of tax increases, spending cuts and reduction in workers' pensions and employment protection."

Subject: RE: BS: Global Financial Collapse
From: Stu
Date: 14 Jul 12 - 06:59 AM

The only people who believe on continuous, sustainable, endless growth are idiots and economists.

Subject: RE: BS: Global Financial Collapse
From: GUEST,999
Date: 14 Jul 12 - 06:13 PM

The notion of endless growth in a closed system is as close to stupidity as makes no never mind.

Subject: RE: BS: Global Financial Collapse
From: gnu
Date: 14 Jul 12 - 06:26 PM

"Iceland's found a way to deal with the situation, I believe. 4 years ago they were facing hard times, took some harsh measures, and now they're doing pretty well.

I believe they just forgave all mortgages."

skarpi lost his house.

Subject: RE: BS: Global Financial Collapse
From: Jack the Sailor
Date: 14 Jul 12 - 06:38 PM

I think that I am agreeing with SAWZ. Bailing out AiG so that they could pay off bets by Goldman Sachs and European banks was a Hank Paulson "mistake" in my opinion. But what is currently happening in Europe is not a problem with derivatives. It was several things, in Iceland and Ireland it was banks getting too big for the country and the country bailing them out when they failed. In Greece and to a much lesser extent Italy and Portugal, it was borrowing at German rates without German discipline. In Spain it was a housing bubble.

In all cases there is decreased revenue after the sovereign credit bubble burst,

There is plenty of money in Europe. The crisis is because of differences in fiscal philosophies between Eurozone capitals and the lack of a central bank. That will eventually be fixed. Europe will recover.

Subject: RE: BS: Global Financial Collapse
From: Jack the Sailor
Date: 14 Jul 12 - 08:05 PM

Yeah Gnu. Iceland may be doing fine, but I think the ordinary people there ware paying dearly for the bankers' recklessness.

Subject: RE: BS: Global Financial Collapse
From: Bobert
Date: 14 Jul 12 - 08:15 PM

Forgiving debt these days is interesting...

Bank of American has a program where they will forgive $150,000 of debt on existing mortgages and guess what???

The folks they have offered it to want no part of because they they...

...don't trust Bank of America...

Actually, Iceland isn't doing fine... They got sucked into the big game late and got crushed... Forgiving their own people's debt doesn't fix that with the bets they made in the global market...

B~

Subject: RE: BS: Global Financial Collapse
From: Songwronger
Date: 15 Jul 12 - 10:19 PM

The people of Iceland didn't make bets in the global market. Some of their corrupt leaders colluded with British bankers and EU bankers to burden the taxpayers of Iceland with debt. And the people of Iceland rebelled:

It's probably not a concept that most U.S. banks and lawmakers want to think about, but the fact is, Iceland's economy has grown by leaps and bounds since the government there implemented widespread debt forgiveness for many of its citizens.

The initiative came about following protests by Icelanders in 2008-2009 who were angry at the country's leaders and bankers for its fiscal and economic collapse. At one point, protestors gathered around the Parliament building and pelted it with rocks.

Iceland forgives mortgage debt to save its economy

Iceland has potentially set a new trend in the finance community. According to Business Insider, their government has hired an ex-cop; a white collar crime bounty hunter who wants to make sure the bankster criminals pay the price for their elaborate crimes....

While many criminals that have already been caught still await their sentencing, Hauksson is actively on the prowl to find more felons. With plenty of places to run, but nowhere to hide, some big bankers are surely weak in the knees and stressed to the core.

Who's to say other countries aren't already doing the very same thing in order to crack down on the greed and fraudulence that led to the latest overwhelming economic collapse?...

Bounty Hunters Unleashed on Crooked Bankers

Iceland's economy is improving now from quarter to quarter, unlike the dying European countries that are being sucked dry by ruinous loans and austerity-preaching politicians. Other countries need to follow Iceland's example.

Subject: RE: BS: Global Financial Collapse
From: Jack the Sailor
Date: 16 Jul 12 - 04:16 PM

From: gnu - PM
Date: 14 Jul 12 - 06:26 PM


skarpi lost his house.

Subject: RE: BS: Global Financial Collapse
From: ollaimh
Date: 16 Jul 12 - 11:59 PM

i like the idea of bounty hunters for bankers, but that would almost certainly lead to a military coup in the u.s.a.. the right would not let their stranglehold on the financial industry and its stranghlehold on america go down without a fight.

the creation of private armies during the war in iraq is a sea change. the private"contractors" out number the regular army in iraq. this is just the beginning unless it's stopped now and i don't see anyone worried azbout it.

after the junk bond scandal the financial sector realized that the regulators and the congress were the enemy. they effectively moved to control them and now they run the bod rating agencies, the regulatyors and the american financial policy. in addition they have a private army. the final step. as long as americans sheepishly accept the parody of democracy they will stay on the sidelines but if there is any threat of real reform, even the weak types of reform of the roosevelt years--well--expect trouble

Subject: RE: BS: Global Financial Collapse
From: Songwronger
Date: 16 Sep 12 - 08:49 PM

Here's a cheerful piece:

This Is Your Final Warning: The Worst Financial Disaster In 500 Years Is Nigh

My Debt Cancellation hero is Professor Steve Keen of Australia.

He said in a recent video

1) We have the greatest level of debt to GDP to cancel in 500 years which means we are approaching the greatest Depression in 500 years. That means the greatest levels of Austerity unemployment, wage cuts, defaults, bankruptcies and starvation in 500 years in Europe, North America and the rest of the world. Of course if we followed Dr Keen's advice on Debt Cancellation we know for a certainty: 'This need not be.'

2) The nations which have been deindustrialized (emphasis on America) will face the hardest landing when debts are cancelled and we are forced to face reality. He said he feared for the fate of those people in deindustrialized nations when the paper Bubble is pierced....

There will be an economic shock within 4 weeks. I believe its purpose will be to stampede the voters into voting for Romney as Obama has outlived his usefulness. Both men are puppets of the New World Order. This period before the elections might well be your last chance to stock up on food before the dollar crashes.

http://vidrebel.wordpress.com/2012/09/14/this-is-your-final-warning-the-worst-financial-disaster-in-500-years-is-nigh/

I think he's right about an event within a month. Could just be oil restrictions due to war, or something bigger. Obama will be blamed for losing Americans a substantial part of their wealth, and he'll be kicked out. But Romney will be infinitely worse than Obama. Romney brags about being an asset stripper. At some point we'll see a "bank holiday," and the dollar will be devalued. Your new dollar will buy half of what it used to. And then we'll see hyperinflation transfer the dollar into first-rate toilet paper. Al Gore will then show his fat face in public again and try to talk us into accepting the bullshit carbon credit system as our "new money." It'll be a "global currency" that's "good for the environment" and will "bring us together" under an "enlightened government."

Subject: RE: BS: Global Financial Collapse
From: Henry Krinkle
Date: 17 Sep 12 - 02:04 AM

Yes. Prez al-Obama is a puppet. I've said so many times. And I get rewarded with cursing and insults.
(:-( ))=

Subject: RE: BS: Global Financial Collapse
From: GUEST,Tony
Date: 17 Sep 12 - 04:43 AM

I can't remember a time when there wasn't someone predicting imminent financial collapse.

I always believe them, no matter how many times they turn out wrong. The fact is, I'm amazed that this pyramid scheme has gone on as long as it has. It's got to run out of suckers eventually. If it all goes down tomorrow I wouldn't be surprised.

But I never buy the silver and gold that's usually advertised on the doom-sayers' web sites. If the system goes down, I'll go down with it. I don't want to sit around and watch the poor people die.

Subject: RE: BS: Global Financial Collapse
From: GUEST,Eliza
Date: 17 Sep 12 - 06:42 AM

Inflation is a distinct possibility. And yet the blasted Banks continue to accost customers in their branches trying to persuade them to take out loans, mortgages etc. I was approached just last week, and offered a loan (secured on my house!) of a large sum, in spite of the fact that I'm on a Pension and am Old. Of course, the Life Insurance propositions came next. The print-outs of these dastardly suggestions showed that the employee would receive quite a goodly commission had I been daft enough to go for it. I personally think that it should be illegal to push these things. If one wants to discuss loans etc one can make an appointment, but otherwise, leave folk in peace!

Subject: RE: BS: Global Financial Collapse
From: GUEST,nobody in particular
Date: 17 Sep 12 - 02:22 PM

Krinkle is correct. Maybe this time you could vote for Obamney and vote for changeless change!
How your country can be so blind to what is simply apparent is staggering, and scary!
Even in here, Bobert and Jack attack Sawzaw, for his posts, and offer nothing but spit and hot air, without a countering of information.
As a result, Bobert and Jack make Sawzaw look credible, and themselves lok like imbeciles. It would be better for you two, and serve the rest of the readers, if you would include a countering argument, instead of calling Swazaw, or for that matter, anyone who posts a comment, contrary to your baseless opinions.
At least post the base from where you disagree, and perhaps you may not look so childishly stubborn, and illiterate!
Just a suggestion, so we can understand your point of view, other than just being irritated. As it is now you are, you are behaving as if you were wearing a wet diaper, and blaming the opposite political party!

Subject: RE: BS: Global Financial Collapse
From: pdq
Date: 17 Sep 12 - 02:38 PM

Nobody for President!

Subject: RE: BS: Global Financial Collapse
From: Henry Krinkle
Date: 17 Sep 12 - 03:06 PM

HEAR!!!!!HEAR!!!!!!!!
(:-( D)=

Subject: RE: BS: Global Financial Collapse
From: Lizzie Cornish 1
Date: 17 Sep 12 - 04:02 PM

Become your own Leaders, as Chief Oren Lyons keeps trying to tell people...

Of course, everyone thinks it's going to be Financial. This is because they're all so damned focussed on $ or the £ that the Arctic Melt isn't even on their radar..

I'm with Bruce, as ever, in that tough times are a-comin'.....but what lies on the other side is going to be SO MUCH BETTER, eventually.

We CANNOT go on like this, not financially, but Spiritually. We have come so far away from who we once were that we no longer know ourselves any longer...

From Disconnection to Reconnection is coming...

Be GLAD to Be Alive Throughout it All, every single moment, no matter what those moments may hold, for you are livng through Amazing Change, and although many won't make it, those who DO have the most incredibly important job ahead of them..

It is the Time When Humans Finally Realise That They Are Merely a PART of the Great Picture of Life...a Time when finally, we will be put back in touch with ourselves, with each other, with every other species and with Mother Earth.....

Hold on tight....and Smile..

Subject: RE: BS: Global Financial Collapse
From: Songwronger
Date: 10 Oct 12 - 10:03 PM

A depressing article, written a couple of days ago:

...Yesterday I saw a piece on Fox News that I found very alarming. It attempted to convince we the igmo people to take money out of our bank accounts and pay off our credit cards.   This is highly unusual for this time of year as we are coming up on the harvest, which is the best the economy in the US gets all year long. It is this time of year that the campaign to encourage us to charge more takes off. You know, as in early Christmas shopping.

It is like this. Not if, but when, the runs on banks start, the credit card companies stand to lose a lot of money. When the economy crashes millions more jobs are going to disappear overnight. There will be no paychecks, no unemployment, and no bank accounts after they are frozen. The transfer of wealth will be complete and those left holding IOUs are going to be shit out of luck, and that would be the credit card companies.

They are going to have to invoke full blown martial law as the mad scramble to grab any tangible wealth begins. The foreign countries we supposedly owe money to are going to be demanding food and other real property in lieu of the worthless dollar....

http://fromthetrenchesworldreport.com/us-economy-in-final-death-throes/23050/

Subject: RE: BS: Global Financial Collapse
From: Rapparee
Date: 10 Oct 12 - 10:35 PM

It's okay; I have plenty of ammunition.

Subject: RE: BS: Global Financial Collapse
From: Greg F.
Date: 11 Oct 12 - 09:13 AM

More shit from ShitWringer. Imagine my syrprise.

Subject: RE: BS: Global Financial Collapse
From: Little Hawk
Date: 11 Oct 12 - 12:00 PM

Who are "igmo" people?