We're Still Sinking With the Titanic
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“… but is happening out in the open for every neglected, second-rate passenger to see….”
Yep!
But … but … even if there are MSM program after programs explaining it
people that I’ve talked with have yet to feel that they have been affected
Inflation?, (cost of products), have gone up but its the slow boil of the frog. It still has not made the people take action. Besides, most people feel that its out of their control so they might as well accept it.
They are not even making plans “to get out of dodge city”A lot people are not taking what is happening seriously, but at the same time, there are more now than a few years ago who understand the ongoing collapse and the fact that they need to take care of themselves and their families, thanks in no small part to the Automatic Earth:-)
John
“The corporate/banking elites and their corrupt public servants”
You forgot to strikethrough the word “public”.
I think the real reason most people are not pulling their money out of banks is because the economy looks like it is getting better…..we have been hearing the same thing for years that we are going into a depression….and years later we are still waiting…you can only cry wolf so many times.
You’d have to be blind and have your fingers in your ears singing “la-la-la” to think the economy was getting better. A few cherry-picked data points, such as one’s social circle, has nothing to do with the overall state of the national or global economy. A broad picture is more accurate – and that quite clearly points to an on-going financial/political crisis that is NOT being “solved”.
Many passengers aboard the Titanic refused to believe there was a problem for over an hour after hitting the iceberg. It’s not about crying wolf – just timely warning. This isn’t a Hollywood disaster movie where everything happens in 2 hours, though. Pay attention.
It’s not cry wolf. This is not an alarmist blog, although it doesn’t mean we shouldn’t be alarmed. There’s not like this magic day when everything is going to go haywire. It’s a relatively slow and deceptive process; it’s the gradual road to hell, soft underfoot, without sudden turnings, without milestones, without signposts. I imagine many people who read this blog have already come to their own conclusions. In my case it has made me a marginal, which is why it’s nice to read and hear from people who think in a similar way.
Dear NZSanctuary
I have been paying attention,,,,,I did not say me, I said most people..and most people go by what they hear on tv. etc. And what the TV has been saying lately is the economy is getting better…I have been listening to Nicole Foss, Gerald Celente etc. for over a year, telling me that the economy is going to collapse….I have been buying extra food, salmon, pasta, sauce etc. All I am going to say is when people keep on hearing the economy is fine (from the news) and they see the TSX going up, it does look like everything is fine and it will get to the point that people will not listen to people like nicole foss, because what nicole is telling us and what the news is telling us is two different things….. and that is a shame…..It is very, very difficult to take what is happening seriously. It’s a fascinating and frightening debacle as it unfolds. But it is extremely difficult to “take seriously” when everything flies in the face of the things we’ve been trained to believe over our entire lifetime, and bigger more powerful entities don’t seem to want to help change our minds. You have to be a real “weirdo” to see through the smoke and mirrors and “take it seriously”.
davisherb post=413 wrote: anyone know a good estimate of how much the baqnks took in the fraud…they settled for $40 billion?
That’s a tough thing to estimate, but I can assure you it’s many, many more multiples of of the several billion the banks will be forced to pay (after deducting credits from the taxpayer-funded HAMP).
For instance, total compensation packages (salaries, benefits and bonuses) at the the 7 largest US banks were worth about $300 billion for only 2010 and 2011, while investment banker compensation alone for GS, JPM and Morgan Stanley was almost $40 billion for only 2011.
https://www.newbottomline.com/report_big_bank_bonuses_in_2011#_edn1
Most, if not all, of those people owe their jobs to extensive mortgage fraud (such as the “fraudclosure” issue) and, of course, massive public bailouts. Some form of fraud is basically in the investment banker’s job description.
The whole system is fraudulent. Remember, the mega banks control the Federal Reserve System via their mega bank representation on the Fed’s Board of directors (Jamie “Don’t hate me b/c I’m successful”Demon and Lloyd “God’s Work” Blankfein). The Bankster Stream Media will never “connect the dots” that the Fed’s Board of Directors knew about the quadrillion in derivatives the whole time – and so did the Fed. This crisis was engineered – on purpose – and the bankster stream media is running interference to protect the architects of this criminal activity.
Download these charts and let the sheer magnitude of the worldwide fraud sink in… and then consider the tight grip on the media’s throat to keep these truths “hidden in plain view.” No Pulitzer Prize will be awarded for exposing this… maybe a pink slip prize, though…
Weapons of Mass Debt
https://kvisit.com/SyPbKAQDebt Dollar Tyranny
https://kvisit.com/SgoDLAQIt’s *all* fraud and any good that came of it is by sheer accident.
The Traitor is the Plague
@michelesnyder
My rant is a general one directed at the line of thinking that is encouraged in us. I come across it regularly, as I’m sure most people here do. I probably misinterpreted your original posting a little.Can you imagine what kind of wealth you could have amassed from 1980 if you knew, at that time, that the goal was to blow the world’s biggest credit bubbler in human history – such inside information is a “gold mine.”
Not only did the insiders know what they were going to do (insiders control the Fed), they rigged the tax system so their ill gotten gains would only be taxed at 15% while the working serfs would be taxed double or triple on the scraps from that credit bubble table.
It’s.
All.
Fraud.
“Gold and money are separate things, gold is the trick mechanism by which you can control money. That is the root of all evil” [Thomas Edison]. It’s not WHAT backs our money, it’s WHO controls its quantity.
https://s6.zetaboards.com/Bill_Still_Reforum/topic/1177306/1/
WHO are a bunch of criminal Ponzi operators that have no sense of compassion towards anyone outside their group.
While I was viewing “A Film Unfinished” (Netflix), a documentary about film footage Hitler commissioned of the ghettos weeks before he sent those in the ghetto off to the concentration camps, when I asked myself, “what is the difference between this ghetto and sub Saharan Africa other than 1. Location, lack of walls and numbers of people being oppressed?”
Are these same financial criminals running neo-ghettos of death at a much grander scale than Hitler could ever envision, only under a better craft0dr narrative and public relations veneer?
If so, does this give an indication as to WHO we are actually dealing with?
State Memorandum 200 [pdf]
nixon.archives.gov/virtuallibrary/documents/nssm/nssm_200.pdf
Some good topics of discussion are covered…
Unwelcome Guests:
https://www.unwelcomeguests.net/Editor%27s_ChoiceA ripost of an insightful and [overly] generous comment from Business Insider on this article. I’ve always had a lot of respect for the intellectual integrity of Austrian economic oriented libertarians, even though I disagree with the premise that “free markets” should (can) reign at large scales.
ludwigVonMises wrote: I have worked on Wall Street since the late 1980’s on the sell side in Fixed Income, Equity and Credit Derivatives until 2000. I am shocked that Ashvin gets it so right. I have claimed since I understood the game (i clued in some time around 1989 – unfortunately you play be the rules of the game or die on WS and I hoped the system would be revamped organically not through break-down) that multiple accounting systems that deviated from mark-to-market on both asset and liability sides of financial statements are what allowed us to structure transactions to take advantage of “arbitrage” that did not exist if everyone was on the same side.
Example: CDS started in the mid-1990s precisely because we figured out the sellers were insurance companies who wrote them as insurance contracts and could use “actuarial” valuations (and I am an Actuary so I know this) and therefore have a different accounting value than banks or hedge funds who treated them on a mark-to-market basis. So a transaction could (and still does) get done with both parties assigning DIFFERENT values and both claiming a profit – plus huge spread for the dealer/structurer (me and my fellow IBs would get bonuses on this and not have to deal with the future when reality and fantasy must mean-revert). If all were on the same accounting regime (I think mark-to-market is the only way to go) then 95% of these transactions would never occur in the first place.
As i said I am shocked that a young guy like Ashvin gets it when so many of my contemporaries think it is healthy and normal to have many schemes to value the same thing and most of them (all but mark-to-market) are subjective and up for constant revisions – until it is too late. But in reality it is not that difficult to figure out it just takes logic and a filter for all the marketing hype that comes from those who still benefit from the game. I only engage in a world of pure-M-T-M now and I sleep better for it.
We are closer to too late now than we are to room for the fiction to continue.
Look at
https://market-ticker.org/akcs-www?post=202272jal said …
I get it!
“It is rather instructive to look back just 10 years to see how badly you have been screwed”Now… I’m afraid to ask …
Look ahead 10 years to see how badly we will be screwed.
Your chart show bad bad times ahead.
Is there any way that it can be changed?
How can the 01.00% possibly generate enough cash flow from the 99%, (raising prices), to keep from accelerating their own demise.
Naked Capitalism has an excellent piece breaking down some of the legal issues involved in the extensive fraudclosure debacle, specifically in the jurisdiction of California. It concludes by referencing an attorney who believes the meager and circular settlement by the banks could lead to “social upheaval”.
San Francisco Foreclosure Audit Elicits Predictable Responses from Securitization Mess Deniers
When the robosigning scandal broke, I recall seeing Barry Ritholtz on a financial TV show, in which the other interviewees were arguing “Well, this really can’t be that bad, only a few people lost their homes due to a mistake.” Barry got close to apoplectic, cited an example of an erroneous foreclosure, and said, “This should never happen.” We had a system in place that was slow and deliberate because a roof over one’s head is a basic safety need, and if people have invested a lot to make sure they aren’t at the mercy of a landlord, they expect that if they meet their end of the deal, and make good faith efforts to perform if they suffer a major economic reversal, that the law will protect them. We’ve now learned that the idea of equal protection under the law is a joke, even for homes, which have long been, as Levitin stresses, treated as a special category.
I got a call from an attorney in Texas who has done both class action and title clearing for oil and gas rights deals (hence he’s seen MERS up close and ugly) having a Howard Beale moment over the mortgage settlement. He said he was convinced if the settlement went through, it would be seen as the day when property rights were shown to have no meaning and it would eventually lead to social upheaval. I’m not sure many people in the heartlands will react as viscerally as he did, but when you undermine the foundations of a society or to use the Biblical metaphor, sow the wind, you can expect to harvest a whirlwind.
The “Titanic” metaphor is overused and, in this case, abused. The Cameron movie version had little to do with the reality of the actual 1912 event though I won’t argue with the substance of your post.
In fact, a number of first class passengers died. Like the recent cruise ship disaster off the coast of Italy, large passenger ships are hard to evacuate. The crew of the Titanic, more than the passengers, decided who would be offered those seats and first
class passengers were more accessible. It wasn’t a malevolent decision just a practical one and that is the real metaphor for our times.Saving millions of homeowners our thousands of passengers is difficult. It creates a chaotic situation where panic is likely to set in and eliminate the ability of those in charge be they a ship’s company or government regulators to exercise control.
Would just like to add that the complicity of our disgusting press is never given it’s proper credit in the aid and adulation it gives to the Bankster filth that have destroyed our way of life.
sangell,
Sorry, but just about everything you said is BS and most everyone here knows it. First of all, a system that is structured to make it more “practical” to save the lives of a wealthy minority class in times of crisis is a “malevelont” one in my book. The fact that the ship was drastically under-equipped with lifeboats under the logic of British regulations, safety regulations were skimped in the name of low costs/”efficiency” and that lower-class passengers found it much more difficult to hear about the crisis, let alone make it to the lifeboats, speaks volumes.
Second, many more people could have been saved, and it is simply naive to think that class awareness didn’t factor into the decisions of everyone involved, top to bottom, from before the ship set out to sea to its last hours/minutes. But lastly, like you said, it is just a metaphor, and, like I said, the reality of our situation now is out in the open and staring just about everyone in the face.
Saving millions of homeowners our thousands of passengers is difficult. It creates a chaotic situation where panic is likely to set in and eliminate the ability of those in charge be they a ship’s company or government regulators to exercise control.
Nonsense. There is no way to “save” the standards of living we have become accustomed to in the developed world, but that is completely different from saying we must sacrifice all the stored wealth and lives of billions of people to [futilely] attempt to save a system that only benefits a tiny minority. There is nothing practical or orderly about the policies that have been enacted over the last few years. It is painfully obvious that they are simply making the process collapse much worse for much more people as it occurs, and nearly guaranteeing mass bloodshed in the not too distant future.
I agree with you, Ash. The elite are making it worse for everyone, and there really is no excusing or rationalizing their behavior.
What I cannot understand is the argument the worst is behind us. If this were the case, if The Fed had actually solved the problem and we are now moving forward, it would defy logic. Because if this were the case, if it was simply a matter of just printing massive amounts of money to get us out of a debt crisis, then there would be no real risk, previously or now. We just turn on the printing presses each time there is a financial crisis and our problems are solved. It is impossible to know what time frame it will take but it seems a given that there is still hell to pay. I just wish I could get a better understanding of how and more precisely when, this will play out.
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