Shock Report: Federal Reserve to Backstop Bank of America’s European Derivatives
- Posted on October 22, 2011 at 5:08am by
Becket Adams
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Courtesy The Daily Bail
Bank of America (BofA) is shifting derivatives in its Merrill investment-banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC, reports the Daily Bail.
What does this mean?
It means that the BofA’s European derivatives are now going to be “backstopped” (i.e. supported) by U.S. taxpayers. What is even more shocking is that, according to the same Daily report, Bank of America did not even seek or receive regulatory approval for this; they “just did it at the request of frightened counterparties.”
Given the dismal financial situation in the eurozone, the Fed and the FDIC are now bickering back and forth as to whether or not this is a good idea. The FDIC (“which would have to pay off depositors in the event of a bank failure”) disagrees with the transfers while the Federal Reserve “has signaled that it favors moving the derivatives to give relief to the bank holding company,” reports Bloomberg.
Daily Bail reports:
This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input . . . JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.
What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan.
A CDS is a credit default swap. It’s a lot like an insurance policy in that it requires the seller of the CDS to compensate the buyer in the event of loan default. Bank of America and JP Morgan have been selling these at an almost breakneck pace.
Get that? The FDIC is now insuring trillions in CDS contracts sold by Bank of America and J.P. Morgan. Where do you think the FDIC gets the money to compensate the buyers of said CDS contracts?
The Daily report continues:
Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.
This is a recipe for Armageddon. Bernanke is absolutely insane. No wonder Geithner has been hopping all over Europe begging and cajoling leaders to put together a massive bailout of troubled banks.
His worst nightmare is Eurozone bank defaults leading to the collapse of the large U.S. banks who have been happily selling default insurance on European banks since the crisis began.
Some regulators are not terribly happy with the move and are currently discussing how best to protect FDIC banking operations.
“The concern is that there is always an enormous temptation to dump the losers on the insured institution,” said William Black, professor of economics and law at the University of Missouri-Kansas City and a former bank regulator, in a recent Bloomberg article.
“We should have fairly tight restrictions on that,” he added.
Not surprisingly, those involved in this latest move by the Feds and Bank of America are remaining quiet about the whole deal.
Jerry Dubrowski, a spokesman Bank of America, declined to give Bloomberg a comment but only said (via email) that Bank of America “continues to accommodate the needs of our clients through each of our multiple trading entities, including Bank of America NA [referring to the company’s deposit-taking unit].”
Barbara Hagenbaugh, a Fed spokeswoman, told Bloomberg that she couldn’t discuss supervision of specific institutions.
Greg Hernandez, an FDIC spokesman, declined to comment.
Read the Full Bloomberg Report Here.
(H/T The Daily Bail)
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Comments (146)
BlackCrow
Posted on October 22, 2011 at 3:53pmJust remember Herman Cain was a Governor of the Atlanta Federal Reserve bank.
The “fix” is in Y’all.
Report Post »colt1860
Posted on October 22, 2011 at 4:22pmCain said he would reappoint Greenspan as chairman of the Fed, and that he would not get rid of the Fed. Romney said he thinks Bernanke is doing a good job, and that he would reappoint him chairman of the Fed. He also said that Congress should not control our currency and that private banks should, he would not get rid of the Fed. Gingrich doesn‘t like the Fed and thinks they’re doing a terrible job, but would not get rid of the Fed. They’ve all said this in previous debates this year. There’s only one candidate who has been ignored and slandered by the mainstream media because he understands the root of the problem and wants to get rid of the Fed.
On a side note. I wouldn’t be surprised if Cain flip flopped and changed positions again, like he did regarding TARP, Al Awlaki assassination, bank bailouts, raising the debt ceiling, housing bubble, gun rights, 2008 recession, Federal Reserve audit and foreign policy. I‘ve noticed that lots of Cain’s new followers also supported Perry before, and before Perry, they supported Romney. All these candidates change depending on the audience or topic of the day.
Report Post »V-MAN MACE
Posted on October 22, 2011 at 4:49pmHerman’s buddies over there are bailing out foreign banks, again.
Abolish the Federal Reserve.
Ron Paul 2012.
Report Post »chazman
Posted on October 22, 2011 at 6:48pm… I just read a story on the Drudge Report that said some European banks could start failing within two weeks! Man oh man, we’ve been sold down the river, boys and girls. At least we know who the players are. They should be made to pay dearly … with extreme prejudice! Start with that evil queer, BAWNEE FWANKS!!!
Report Post »kindling
Posted on October 22, 2011 at 7:24pmMy heart is skipping with stress…..WE ARE SO SCREWED!!!!
Report Post »Lamarr01
Posted on October 22, 2011 at 8:52pmAlex Jones reported this two days ago. He can be a sensationalist so I hoped it wasn’t true. I felt sick and now I feel sicker. If America has the strength and faith to endure this, what kind of country will we be left with?
Report Post »louise
Posted on October 22, 2011 at 9:09pmLamarr01,
Report Post »I have been reading a lot this evening and I, like you, have a big knot in my stomach. Just read on Drudge where we are going to be downgraded again soon. All I can say is to prepare as best you can.
Don’t know if you are a praying man, but I hope so. Only God can set things right.
Patrick Henry II
Posted on October 22, 2011 at 10:54pmYou do not even have the basic facts correct. KC (where Cain actually was) was a more constitutional board that he served on so that people like Bernanke would not. I would probably appoint Ron Paul to the fed. Would that make him a commie?
Report Post »ProbIemSoIver
Posted on October 23, 2011 at 12:53amThe Federal Reserve is a Private Bank and is NOT a government agency.It is America’s pimp-daddy. The federal reserve is only involved with our government due to our 1933 bankruptcy. They have had us by the balls ever since. We are broke, so how can we finance Europe ?
Just more loans when we are already under water, so they never lose control of us, as their slaves.
FDR promised that you would be collateral for the 1933 Bailout. The FEDS never relinquished control of you and I.
http://www.youtube.com/watch?v=IlCs7u1ihws
Report Post »MR_ANDERSON
Posted on October 23, 2011 at 3:02amWhen you post incorrect statements, you invalidate your entire statement.
It was either the fed in Missouri or Kansas, not Georgia.
Report Post »umreb78
Posted on October 24, 2011 at 4:09pmCrow: You need to check your facts. Cain was never associated with the Atlanta Fed…It was the KC FED, but that’s not why I am responding. In interest of full disclosure, I am a GINGRICH supporter w/ Cain as my 2nd choice. I question though, how much you actually know about HC’s time at the Fed. Seems that too many Conservatives are hammering Cain and refusing to support him for that involvement…and most of them are merely repeating something they heard from somebody else. There IS NO PERFECT CANDIDATE and before assassinating HC for his stint at the KC Fed, I am curious as to how much you actually know about the real power of a Fed Governor…One vote out twelve and as a practical matter, the 12 Govs have little real impact on Fed actions anyway. The FED Chairman is essentially an dictator and it is the Chairman that really makes virtually all of the policy decisions. If you are going to criticize HC (or anybody else for anything else), a good question would be, “Have I done my own reserach on _______? And does that research give me a basis for my conclusion.” Maybe you have, but I doubt it…One of our biggest opponents in trying to help save America is the constant publc outcries and criticisms from (mainly) the media…The same one who doesn’t do its own homework.
Report Post »wolverine
Posted on October 22, 2011 at 3:46pmKeep your powder dry and your food supplies handy because the law of the gun is coming when people can’t buy food
Report Post »Vechorik
Posted on October 23, 2011 at 7:25amWhy hasn’t the Blaze posted this important info in the business section?
What Obama could do to gold people are holding in their hands!
http://www.youtube.com/watch?v=dbrsI8S4Tro
Report Post »Meyvn
Posted on October 23, 2011 at 7:46am@Vechorik: The same thing Roosevelt did on April 5, 1933. This is why I won’t buy gold. Guns, bullets, food, water and things make more sense.
Report Post »dirigo
Posted on October 24, 2011 at 8:06amSo true WOLVERINE! We need to protect ourselves from criminals and from the Gov’t.! If they know who has gun permits they will start with them first. Only have available those items which have a paper trail. All others need to be kept separate in order for the gov’t not to take them!
Report Post »Stay safe and always be prepared!
God Bless America!
Vechorik
Posted on October 24, 2011 at 1:09pmWell it’s worse, Obama doesn’t have to take the gold, laws could be put in place that place any amount of tax on it — even 90% — to use gold, would have to do a 1099, or something similar.
Bottom line, gold is not as safe as many thought it is. That has been my question all along about gold. It’s great to have it — but how would one spend it? THAT’S the big problem.
Report Post »COASTIE90
Posted on October 22, 2011 at 3:24pmThis is from both political parties. They must be well healed by the banking industry! Why are we backing these banks? There is always risk with investments, it shouldn’t be put on the backs of the US taxpayers. You people quite posting “American”, that is all inclusive of the two american continents.
Report Post »colt1860
Posted on October 23, 2011 at 4:50pmBUSTED! Bank of America Lobbyist Tells Rick Perry They’ll Help Him Out
youtube.com/watch?v=1F0RQLFybtw
X Gov. Rick Perry Attends Bilderberg in Istanbul, 2007
youtube.com/watch?v=90jfQrb4wAE
Perry’s North American Highway
youtube.com/watch?v=yXdhph3pwXk
Perry signed into law a Bill to support instate tuition for illegal aliens, rejected a proposed bill resembling that of Arizona‘s SB1070 and hasn’t done much to stop the growing number and size of sanctuary Cities in his State. Many of the jobs created in Texas are federally funded jobs and Government positions. Very much resembling Maryland’s (my State) rapid development around the DC area due to massive federal jobs and funds comming into the State. One of the reasons why buisnesses are moving to Texas is because there is abundant cheap labour without the hassle of adding benefits or a long term contract for their employees, thanks to illegal aliens. His dealings with companies and their interests concerns me, see his support for the Trans-Texas Corridor (a massive private-land grab and intended for a NAU) and his executive order for an HPV Vaccine. His State’s debt has doubled during his Governorship. Texas has ranked, during his two terms, as one of the lowest perfoming States in Public Education. About 60,000 anchor babies are born in the State annually. He had originally avoided or ignored a proposed bill restricting the TSA.
Report Post »lukerw
Posted on October 22, 2011 at 3:10pmThere is not one Economist in the World… who can explain the Formulas for Value and Risk in a DERIVATIVE!
Report Post »roadkingmike62
Posted on October 22, 2011 at 3:01pmAll of this has been laid out in the early 1900′s and can be read about in “The Creature from Jekyll Island” by G. Edward Griffin. If you want to understand what has happened, what is going on right now and will be the final outcome you had better get a copy FAST!
Report Post »kindling
Posted on October 23, 2011 at 2:19pmAs soon as I read your post I jumped in the car and ran out to a book store and bought that book. I figure I may as well know why my stomach is churning and heart is skipping beats. I stayed up last night and read but fell into a sleep full of horrible scenes. At least with this book in my hands I will know who did this to us. To bad all those protesters don’t read this book and pull up stakes and move the protest where it belongs.
Report Post »Madmadgrandma
Posted on October 22, 2011 at 3:01pmBy the time we “fat dumb Americans” figure it out, it’ll be too late to repeal Dodd-Frank and Obamacare…It’ll be Armageddon…and it’ll be hideous…Martial Law and elections cancelled…America, your dictatorship has arrived.
Report Post »lukerw
Posted on October 22, 2011 at 3:22pmIt is not that American’s are Stupid. It is that they Trust a Representative Government… where the people in Power have been adulterating the truth for generations. To be a Politican or Candidate or supporter… now means to be able to Lie without regard to the Criminality!
Report Post »netmail
Posted on October 22, 2011 at 3:30pmYes, and if Obama and his ilk are reelected in 2012 (by hook or by crook), then what?? Why isn’t this a topic for discussion now?? It should be.
Report Post »Lamarr01
Posted on October 22, 2011 at 9:03pmIt’s already too late. The derivatives market has been festering for several years. The mortgage bubble expanded during the Clinton administration. The Federal debt bubble expanded with the Afghanistan and Iraq wars. The decision to cover the bad mortgage debt with bad Federal debt sealed out fate.
Report Post »Bill Rowland
Posted on October 23, 2011 at 6:48amObumbler won’t be re elected – there won’t be any elections. As soon as he admits to himself that he will lose he will encourage riots and declare martial law. He will be helped in encouraging the riots by the ususal crowd. Fancy Nancy, Hapless Harry, Barney baby, Maxine,Cynthia, Rev Al, and Wassermann-Schultz, and the paid union agitators.
Lock and load!
OMG
Report Post »colt1860
Posted on October 22, 2011 at 2:52pm@YepImConservative “The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen. The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustainable economic growth has delivered this crisis to us. Instead of economic growth and stable prices, (The Fed) has given us a system of government and finance that now threatens the world financial and political institutions. Pursuing the same policy of excessive spending, debt expansion and monetary inflation can only compound the problems that prevent the required corrections. Doubling the money supply didn’t work, quadrupling it won’t work either. Buying up the bad debt of privileged institutions and dumping worthless assets on the American people is morally wrong and economically futile.” Representative from Texas Ron Paul questioning Federal Reserve Chairman Ben Bernanke.
Watch the Money Masters http://www.youtube.com/watch?v=lXb-LrVkuwM
You’re right. Congress better take back their Constitutional Power to control our currency. We should not be handing over our Government’s constitutional duty to provide the Citizenry with sound money and just weights and measures to the private and international bankers.
Research the Coinage act of 1792. The Act implemented exactly what Congress had the sole Power to do, “To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and M
Report Post »A Conservatarian
Posted on October 22, 2011 at 3:01pmGlad you‘re out and about tellin’ em what for Colt.
Report Post »A Conservatarian
Posted on October 22, 2011 at 3:05pmII dunno if you were talkin to me or YupImAConservative dude, I’ve watched the money masters. I came to the conclusion that the FED was corrupt back in 2004. It took me reading Atlas Shrugged first, then investigating the nature of fractional reserve banking and fiat money vs. a gold standard and full reserve banking. Finally the last year I started watching the money masters and more of the prison planet stuff. It’s good to see others out there that realized how dangerous the Fed folk are; I enjoy your posts bud!
Report Post »colt1860
Posted on October 22, 2011 at 3:37pmI was responding to YepImConservative. He mentioned that Congress should have questions of their own about the Federal Reserve and other Banks.
\@A CONSERVATARIAN Thanks. I‘m glad you’re well informed also. The more Citizens know about this root of the problem the quicker we can get to solving it.
Report Post »Vechorik
Posted on October 23, 2011 at 7:33am“The Coinage act of 1792. The Act implemented exactly what Congress had the sole Power to do, “To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.”
LOL Yeah, like I need the government telling me how long a yardstick should be! Ron Paul warned of this insanity. He was speaking of it just yesterday. Too bad not more people listen. They’re too concerned with the presidential beauty contest.
I think people (me included) just don’t understand. Dr. Paul explains it in simple language and I trust him.
http://www.youtube.com/watch?v=C83qaxj1iOE&feature=watch_response
Report Post »Meyvn
Posted on October 23, 2011 at 7:53am@Vechorik: Yeah… beauty contests, height and oratory competitions. It’s pathetic.
Report Post »colt1860
Posted on October 23, 2011 at 4:15pm@VECHORIK Sorry, I don‘t get what’s funny. The Constitution says Congress has the Power to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.
A quick summary:
“The Coinage Act or the Mint Act, passed by the United States Congress on April 2, 1792, established the United States Mint and regulated the coinage of the United States. The long title of the legislation is An act establishing a mint, and regulating the Coins of the United States. This act established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency. By the Act, the Mint was to be situated at the seat of government of the United States. The five original officers of the U.S. Mint were a Director, an Assayer, a Chief Coiner, an Engraver, and a Treasurer (not the same as the Secretary of the Treasury). The Act allowed that one person could perform the functions of Chief Coiner and Engraver. The Assayer, Chief Coiner and Treasurer were required to post a $10,000 bond with the Secretary of the Treasury” http://en.wikipedia.org/wiki/Coinage_Act_of_1792
Report Post »TeaPartyPatriot
Posted on October 22, 2011 at 2:27pmEver wonder why the lunatic-left d-cRAT socialist extremists go after banks – BUT do not go after the one person in America who guarantees their MULTI-BILLION DOLLAR PROFITS ?
The top priority of bailout bernanke and his feckless fed is to ENSURE MASSIVE MULTI-BILLION DOLLAR PROFITS FOR BIG BANKS and WALL STREET CRONY CAPITALISTS, especially their masters at Government (Goldman) Sacks-full-of-money.
BUT, the reckless, treasonous bailout bernanke is PROTECTED from the lunatic-left extremists because he also does everything possible to help get OBOZO re-elected, including devaluing the dollar, keeping rates at zero and continuing to ignore inflation and the many asset bubbles his irresponsible actions have created – all of which cause great harm and suffering to average middle class and poor Americans both now and for the long term. Don’t forget, more bank/wall street profits = more crony capitalist campaign contributions to OBOZO.
Report Post »colt1860
Posted on October 22, 2011 at 2:40pmInteresting. Is this why the left wing media wants Romney also? His top donors are:
Goldman Sachs $354,700
Credit Suisse Group $195,250
Morgan Stanley $185,800
HIG Capital $176,500
Barclays $155,250
http://www.opensecrets.org/pres12/contriball.php?cycle=2012
Report Post »Jefferson
Posted on October 22, 2011 at 3:00pmWe have such LITTLE transparency as it is with the Fed. The ONLY transparency that has came has been because of the persistence of Ron Paul pushing for an audit.
Report Post »Just a PARTIAL audit revealed that they were giving at least 5 TRILLION DOLLARS of OUR MONEY TO FOREIGN BANKS!!
Before that, Bernanke told Ron Paul that he didn;t have to tell him, or the American people WHAT they did with 2 TRILLION dollars. THIS IS OUTRAGEOUS!!
Herman Cain is the the establishment’s Ohmamma for the co-opted Tea Party. If you fall for this guy or ANY of them besides Ron Paul, then you are making one of the worst mistakes of your life.
We are at the most PIVOTAL moment in our history.
DON’T GET FOOLED AGAIN AMERICA!!
Jefferson
Posted on October 22, 2011 at 3:09pmOne other point.
Report Post »The Federal Reserve is NOT some manager at Burger King, that you can “call up” as Herman Cain says, and get a balance sheet from them. If you believe THAT, then I have some oceanfront property in in Nebraska I’d like to sell you.
The united States economy is not a “value menu” at some fast food restaurant, that can be rescued by “FIXING THE FEDERAL RESERVE.” The MUST BE REIGNED IN, and or abolished.
Fractional reserve banking is a SCAM. Anyone who supports it is ignorant of the damage they have done to our economy, and ultimately our country.
Herman Cain LAUGHED at those who were trying to warn us of the oncoming collapse. Just DAYS before it hit.
HOW CAN YOU EXPECT HIM TO “FIX” ANYTHING, IF HE DIDN’T SEE IT COMING IN THE FIRST PLACE??
IT’S EITHER RON PAUL, OR THIS COUNTRY IS GOING TO FALL.
Its as simple as that. The rest are either puppets, or stooges.
WAKE UP!!! THE HOUSE IS ON FIRE!!
jb.kibs
Posted on October 22, 2011 at 9:44pmthat’s what i say Jefferson.
Report Post »Ron Paul, or this Country WILL fall.
A Conservatarian
Posted on October 22, 2011 at 2:08pmAmsel (Amschel) Bauer Mayer Rothschild:
“Let me issue and control a Nation’s money and I care not who makes its laws”.
Letter written from London by the Rothschilds to their New York agents introducing their banking method into America: “The few who can understand the system will be either so interested in its profits, or so dependent on its favours, that there will be no opposition from that class, while, on the other hand, that great body of people, mentally incapable of comprehending the tremendous advantage that Capital derives from the system, will bear its burden without complaint and, perhaps, without even suspecting that the system is inimical to their interests.”
:) wakey wakey my fellow citizens.
Report Post »dogpatch65
Posted on October 22, 2011 at 4:40pmYeah, here’s another view of the same thing. Isn’t it funny how thall of this seems to be pointing toward a massive collapse:
Report Post »http://markamerica.com/2011/10/22/weakening-america-the-federal-reserves-latest-risky-scheme/
A Conservatarian
Posted on October 22, 2011 at 6:38pmDog its been on the way for quite some time. The universe will always demand a balanced equation and what it takes to balance this equation regarding the Fed? My goodness, it will take nothing short of a revolution and I’m not talking some sort of lefty loo take over the country craziness; it will take a revolution in this nation regarding how people understand money. Our money represents our value, we have allowed our value to be systematically destroyed and have voted into various laws, or own demise.
Report Post »WeThePeople1117
Posted on October 22, 2011 at 2:02pmOK America just stay silent, bend over and grab your ankles, cause here it comes
Report Post »niterider
Posted on October 22, 2011 at 2:01pmlooking at the enormity of the problem: $79 TRILLION PLUS……I found myself relieved that I would not have to pay one dime toward it. Seriously. When the bill comes due: the dollar will be worthless and in one day unacceptable as currency. Maybe another currency will be printed but it also will be worthless. Taxpayers will not pay for this debt, they won’t be able to…..unless the taxman comes looking for chickens, goats, …..oh, yeah and he will recieve lead.
Report Post »colt1860
Posted on October 22, 2011 at 2:20pmAnother currency? Maybe a one world currency or a North American Union Amero?
Research the Coinage act of 1792. The Act implemented exactly what Congress had the sole Power to do, “To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”.
Report Post »louise
Posted on October 22, 2011 at 4:29pmColt,
Don’t know if you or anyone caught this yesterday, but the first Mexican carrier entered the United States. A few years ago the talk was about the North American Union. The Amero as currency. the NAFTA superhighway cutting the USA in half straight up the middle with the main hub in Kansas. Then the news came of the underwater tunnel from Russia which would in effect open up roadway from Russia clear down to South America. Add to these things all the rest of the unrest, natural disasters, and wars and rumours of wars. God told us it would happen this way. People, repent and be turned by God now.
I found this article in the Chicago Sun Times this morning…http://www.suntimes.com/business/8339554-420/first-mexican-truck-to-enter-us-under-nafta-provision.html
Anyone who knows about the NAU and the Nafta Superhighway…it is chilling.
There is also a great article by Chuck Baldwin on http://www.newswithviews.com
Report Post »It is a survival check list.
louise
Posted on October 22, 2011 at 7:24pmThis just in….
http://www.thestatecolumn.com/ohio/ron-paul-wins-ohio-republican-straw-poll/
ALRIGHT!!! 53% of the vote!
Report Post »We need Ron Paul more than ever.
LadyVet
Posted on October 22, 2011 at 1:43pm“the Fed and the FDIC are now bickering back and forth as to whether or not this is a good idea. ” Nothing to bicker about here, this is a VERY BAD idea for the American taxpayer!! This is enough to get me thinking that I should join the losers OWS protests. THIS IS NOT GOOD FOR AMERICA!! How can the taxpayer put a stop to this garbage? The Dodd-Frank bank bill didn’t address this because Dodd and Frank were paid off by the big banks, we must put an end to the endless dollars supplied to congress by the big lobbyists, they are selling America down the drain for short term profits.
Report Post »A Conservatarian
Posted on October 22, 2011 at 2:02pmWatch out Lady ;) pretty soon you’ll be one of those dreaded “Paulies” I do agree with you about OWS though. If those lefty loons could actually make a cogent argument about WHY the banks are bad? I‘d agree with their position but they can’t put it all together. Here’s the bottom line, the Federal Reserve is a NON PROFIT ORGANIZATION. Now, when a bank is chartered through the FED they are mandated a 6% Cap Rate return on investment. To have any non profit organization allowed to get a 6% ROI is a crime and it’s illegal for any other NPO to mandate a profit. If I go out and purchase a building, a warehouse lets say with a tenant paying for a lease that gives me a 6% return on my investment, I have to pay capital gains tax, but not the banks! None of OWS twits understand how corrupt the FED is or how corrupt fractional reserve banking is and how the follies of Keynesian econmics erode our sovereignty. The Austrian school is 100% correct, if I see the OWS people actually getting some intelligence and voicing these concerns? I’ll be down there right next to them in no time.
Report Post »drphil69
Posted on October 22, 2011 at 1:12pmGreat, so BHO knows he’s going down, so when EU goes down, so will we… most likely under a new Pres, if the EU can manage to survive that long.
A Revolution every once and awhile is a good thing. I am satisfied watching the OWS loons, with their Dem supporters, start it. It will be easy to pick out the starving city folk heading for the farmland, and reward them with lead, at high velocity of course… if it comes to that.
Doesn’t the left love Darwin? Survival of the fittest is returning… BE PREPARED.
Report Post »NJTMATO
Posted on October 22, 2011 at 1:39pmDrPhil69……..Gotcha!!! (I mean that not the way it sounds) I am one of the ones that “get’s it” as I’m sure many other Blazers do. Getting prepared still…….stocking up and spreading the word, even if someone doesn’t want to hear it, I give them a couple of minutes so that I can say I tried to warn you….too bad if you don’t get it. I’ll pray for them – and you!
Report Post »Lamarr01
Posted on October 22, 2011 at 8:47pmWhen violence breaks out, Obama can declare martial law. We fill find out all those FEMA camps that don’t exist are stocked will food, water, fuel, clothing and medicine. The fences and guard towers are not to keep people out but rather to protect the “ruling class” on the inside.
Report Post »TiocFaidhArLa
Posted on October 22, 2011 at 1:01pmCall your local representatives and congressmen. Flood there offices with calls and letters, have your friends do the same. Bring attention to it. Reading news articles and complaining does nothing.
Report Post »Elaine P
Posted on October 22, 2011 at 9:15pmAlso, Send this Article to everyone you know. Put it on Facebook where millions can see it. Put it on everything you can. We need to get the tea party groups in each state to take out ads in all their newspapers with this Article. Maybe even get it to the Protesters on Wall Street. The group that needs to know this the most is the young people because they are the ones who will get stuck with this, if JESUS does not come back soon. We need to get these young people educated about what this means for them and their future. As for me, I along with most everyone else in my age group will be expired. What do you think our children/grandchildren are going to say about us for letting this happen? I want my children and grandchildren to know I did everything I could to turn this around, what about all of you?
Report Post »louise
Posted on October 22, 2011 at 9:36pmElaine, I’m right there with ya.
Report Post »We have two grown children and 2 grandchildren. We are doing all we can to sound the alarm and warn people. I have come to this conclusion:
Most people are so busy trying to pay their bills, that they do not have a clue what will be staring them in the face very very soon. They don’t have time to research and read and educate themselves on this stuff…..however that is not an excuse. That is where we older folks can help out. Talk to them and condense it down somewhat so they can take it in and think about it. Problem is, most don’t want to hear or know about it because it “depresses” them.
So what to do?
What I have been doing is trying to stock up so I have essentials I can give to family and others who will be in need. Preparing myself spiritually and physically as best I can. Just wish that people would hear the warnings. I wrote earlier on here that I have a knot in my stomach….and I do. I have known in my spirit for several years that something bad is coming. Just wish people would listen.
God bless
ProbIemSoIver
Posted on October 23, 2011 at 1:06amWhy In the Hell does the Greatest Country on Earth need a Loan ? Especially from a Private Bank, full of Global Criminals that are destroying and overtaking that Country ?
Report Post »It’s the Multi-Trillion Dollar Question.
A Conservatarian
Posted on October 22, 2011 at 12:51pmSome of you hear are just too precious. Does anyone on this site actually think that Obama can tell Bernanke what to do? Does anyone here actually think that Bush 2 told Greenspan what to do (as in gave orders that were followed). Is anyone here under the delusional thought that the FED is controlled by the President/Congress/Senate? I promise I wont laugh if you say yes, there was a time I thought so too. There was a time I thought the FED was a government entity. Enough of the Ran Paul crap, I don’t care WHO says it, they’re my man: Audit/Abolish the FED. They don’t care about the citizens, they care about investment return. Anyone not thinking so:: “The FDIC (“which would have to pay off depositors in the event of a bank failure”) disagrees with the transfers while the Federal Reserve “has signaled that it favors moving the derivatives to give relief to the bank holding company,” reports Bloomberg.” The best thing possible for any ‘sick’ part of capitalism? LET IT DIE. Nope, they will USE the american citizen as a form of insurance instead (who do you think bankrolls the FDIC, WE DO). Now, WE ARE ON THE HOOK for the choices made by people who are not our elected representatives. Anyone that is ok with this situation needs to get their head examined.
Report Post »flfshrmn
Posted on October 22, 2011 at 2:21pmYou ever heard of Agenda 21?
Report Post »This whole global system is all a part of the UN “Ant Farm” strategy for humanity. The whole system is WWF style governance, they are the bad guys…..then we will be the clowns, they are taking the boot now but, then in a few years we will be taking the boot as we did with George Bush……get it?
louise
Posted on October 22, 2011 at 5:15pmwhich is why we need Ron Paul as President. The rest of the republicans don’t have a clue about this.
Report Post »shogun459
Posted on October 22, 2011 at 12:45pmSo… Still have paper money? Are you deaf?
WE ARE TOAST
The only question now is how soon will the fall come?
Report Post »INTHEMATRIX
Posted on October 22, 2011 at 2:03pmGod stocks, gold,silver,wheat,corn,livestock oh yea, my personal fav, LOTS AND LOTS OF GUNS AND AMMO.
Report Post »colt1860
Posted on October 22, 2011 at 2:12pmYep. Lots of guns and ammo here also.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” Henry Ford
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.” -Woodrow Wilson, after signing the Federal Reserve into existence.
Report Post »As I See It
Posted on October 22, 2011 at 12:41pmLord have mercy – I’m an employee, my 401k and retirement are tied up with them – time to start taking evasive measures.
Report Post »OneFunR6
Posted on October 23, 2011 at 5:13pmBetter to take a 24% ‘haircut’ right NOW, than get ‘scalped’ jut a little later….
I did already, and feel sooo much better!
Report Post »What was ‘my’ ‘money’ – in ‘their’ hands…..
is NOW MY food,gold,gun and ammo,…
IN MY HANDS.
ThatsNotWhatIHeard
Posted on October 22, 2011 at 12:36pmThis really isn’t that surprising.
Report Post »flfshrmn
Posted on October 22, 2011 at 12:30pmIs this a part of the New World Order “No Rothschild Left Behind Policy?”
Report Post »flfshrmn
Posted on October 22, 2011 at 12:26pmWhat if there are problems pawning off the “Benny Bucks?”
Report Post »It seems they are becoming the new world currency.
And, once again the tax payes are on the hook for it all while the government allows the Banksters to save their own a$$es!
Repubs and Dems alike are criminals.
Watchingtheweasels
Posted on October 22, 2011 at 11:12amYou have to look no further than deeds like this to see why capitalism has gotten a bad name among some sectors in US society.
Report Post »motonutt
Posted on October 22, 2011 at 12:30pmAs Glen has been shouting from the roof tops….be ready. Do you think it’s just a coincidence that we are testing the obama media control button on Nov. 9th? It’s going to be a Saul Alynski orgasm….The obama admin. is just waiting for a chance and the “excuse” to enact marshal law.
Report Post »hauschild
Posted on October 22, 2011 at 11:12amI saw this one coming from an ocean away.
Report Post »Snowleopard {gallery of cat folks}
Posted on October 22, 2011 at 10:58amMr Obama and Bernanke are salvatating right now with the death knell of Europe going on louder and louder; the collapse of Europe will begin the downfall of America as well…and this will allow the insane one of the White House to complete his takeover once and for all.
Report Post »http://artinphoenix.com/gallery/grimm (cat folk gallery)
colt1860
Posted on October 22, 2011 at 2:16pm“The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen. The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustainable economic growth has delivered this crisis to us. Instead of economic growth and stable prices, (The Fed) has given us a system of government and finance that now threatens the world financial and political institutions. Pursuing the same policy of excessive spending, debt expansion and monetary inflation can only compound the problems that prevent the required corrections. Doubling the money supply didn’t work, quadrupling it won’t work either. Buying up the bad debt of privileged institutions and dumping worthless assets on the American people is morally wrong and economically futile.” Representative from Texas Ron Paul questioning Federal Reserve Chairman Ben Bernanke.
Watch the Money Masters http://www.youtube.com/watch?v=lXb-LrVkuwM
Report Post »Lamarr01
Posted on October 22, 2011 at 8:38pmThis crisis has been planned for a long time. The destruction of debt by the devaluation of currency. A few big banks will end up owning everything. There is $600 – $1,500 TRILLION in the derivative market.The crash of the mortgage market was only a $17 trillion loss.
Report Post »YepImaConservative
Posted on October 22, 2011 at 10:50amIf neither the Fed nor Bank of America will explain what’s going on here, the only hope may be for Congress to start asking its own questions.
Report Post »jesuswasgay
Posted on October 22, 2011 at 12:21pmCongress is bought and paid for by these miserable banks and corporations. It won’t do any good. The end, I fear, is truly near.
Report Post »hidden_lion
Posted on October 22, 2011 at 12:44pmDefinitely we are doomed, the whole thing is going to come down. What the f are/were they thinking.
Report Post »colt1860
Posted on October 22, 2011 at 2:08pm@YepImConservative Questions? There have been congressmen trying to do the same thing for decades now. The Federal Reserve and its representatives will give us a dance around the question and tell us only what they believe is in their best interest. We should conduct a complete and open audit of this private entity. The American people deserve to know how their money is being laundered around the world and manipulated to advance and protect global Marxist initiatives.
“Examining the organization and function of the Federal Reserve Banks, and applying the relevant factors, we conclude that the Reserve Banks are not federal instrumentalities for purposes of the FTCA, but are independent, privately owned and locally controlled corporations… Each Federal Reserve Bank is a separate corporation owned by commercial banks in its region.” Lewis v. United States, 680 F.2d 1239 (1982) John L. Lewis, Plaintiff/Appellant, v. United States of America, Defendant/Appellee. No. 80-5905 United States Court of Appeals, Ninth Circuit. Submitted March 2, 1982. Decided April 19, 1982. As Amended June 24, 1982. http://law.justia.com/cases/federal/appellate-courts/F2/680/1239/200393/
Report Post »Concerned_Teacher
Posted on October 22, 2011 at 10:49amThis sounds like the silver bullet that will kill our economy. J.P. Morgan with $79 Trillion that we’re insuring, along with an unknown amount by B of A!! These numbers dwarf all real world economic activity.
Report Post »Lamarr01
Posted on October 22, 2011 at 9:47pmThe Federal Reserve is a private corporation is no more of a Federal agency that Federal Express. JP Morgan and BofA own voting shares in the FED and sit on the board of directors. Goldman Sachs and some banks in Europe own the other voting shares. Bernanke and the Board of Governors get their paychecks from the FED or the member banks. These banks have moved the derivatives from an investment account to a banking account.
he Glass-Steagall Act of the 1930′s built a wall between the risky investment accounts and the Federally insured banking accounts. This wall was broken down during the Reagan administration for the Savings and Loans resulting in fraud like “Whitewater” and the Savings and Loan bailouts. The wall was broken down for the banks during the Clinton administration leading to the mess we are in.
A derivative is a contract between two parties. Hedge funds like the one Mitt Romney founded traded these contracts and made a lot of money because no one understood what they were. The hedge funds and banks had enough money to convince Dodd and Barney Frank this invisible market should not be regulated.
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