How To Balance a Cheque Book. Obama Style
Letemdangle
Published
08/05/2011
What you do is collect 15% of GDP, (gross domestic product) and pay out 24%, thereby ensuring a call from the bank asking, "What the fuck dude"? Then you create more money to cover your cost until your money isn't worth anything, or the rest of the world gets tired of you sending in cluster bombs to encourage the use of the US dollar as the reserve currency.
In either scenario the final result is your debts are worthless. Its like paying someone back a million dollars with money that has no value. Those stories of Germans, before the second world war, buying a loaf of bread with a wheelbarrow full of money gives you the idea.
The banks sold bundles of mortgages as triple A, secretly knowing that they would fail and then knowingly placed bets that those same mortgages would fail against the purchasers of said loans. These bets, known as derivatives were so highly leveraged that the monetary gains that were realized by the banks created monetary gains so vast that all the wealth on the planet would not even come close. Those gains are at this time only theoretical, but legal and owed to the entities that created the derivative. How could this have been allowed to happen? Well from what I can understand, nobody could be turned away from buying a home due to some changes in law starting with Bill Clinton.
Basically, the promise by those home buyers were sold and bet against by the lending institutions. Since it was the home buyer who, quite predictably failed to meet their obligation, the responsibility falls to them. Who are these people? The poor people or lower income people.
Should the banks having followed the law in approving bad loans be held responsible for this horrific outcome? Should the banks be blamed for taking advantage of an obvious opportunity to purposely short investors and other nations? Only, if it was through their scheming that precipitated those events. Was their a conspiracy to in debt the American people? The rewards were tempting enough and those who placed the highly leveraged derivatives knew it in fact was not a risk, leaving that part out of the bundles they sold. There are many examples of corporate schemes to in debt nations to such an extent that the resources of the nation become the assets of the corporation. South America and Indonesia are filled with these successful conspiracies.
How can America relieve itself of this massive debt? How can the theoretical moneys be paid? There are only two ways. Lifelong indebtedness for as long as that country exists or by devaluing the money to such an extent that those who are owed the money no longer desire it, because it has no more use than yesterdays newspaper.
What does this mean for the poor and middle class. Either serfdom if the dollar retains value or a few years of extreme hardship until the debts are written off. The nation will rebuild, if wars can be averted, in that scenario, America will need strong allies and I for one will stand with them.
In either scenario the final result is your debts are worthless. Its like paying someone back a million dollars with money that has no value. Those stories of Germans, before the second world war, buying a loaf of bread with a wheelbarrow full of money gives you the idea.
The banks sold bundles of mortgages as triple A, secretly knowing that they would fail and then knowingly placed bets that those same mortgages would fail against the purchasers of said loans. These bets, known as derivatives were so highly leveraged that the monetary gains that were realized by the banks created monetary gains so vast that all the wealth on the planet would not even come close. Those gains are at this time only theoretical, but legal and owed to the entities that created the derivative. How could this have been allowed to happen? Well from what I can understand, nobody could be turned away from buying a home due to some changes in law starting with Bill Clinton.
Basically, the promise by those home buyers were sold and bet against by the lending institutions. Since it was the home buyer who, quite predictably failed to meet their obligation, the responsibility falls to them. Who are these people? The poor people or lower income people.
Should the banks having followed the law in approving bad loans be held responsible for this horrific outcome? Should the banks be blamed for taking advantage of an obvious opportunity to purposely short investors and other nations? Only, if it was through their scheming that precipitated those events. Was their a conspiracy to in debt the American people? The rewards were tempting enough and those who placed the highly leveraged derivatives knew it in fact was not a risk, leaving that part out of the bundles they sold. There are many examples of corporate schemes to in debt nations to such an extent that the resources of the nation become the assets of the corporation. South America and Indonesia are filled with these successful conspiracies.
How can America relieve itself of this massive debt? How can the theoretical moneys be paid? There are only two ways. Lifelong indebtedness for as long as that country exists or by devaluing the money to such an extent that those who are owed the money no longer desire it, because it has no more use than yesterdays newspaper.
What does this mean for the poor and middle class. Either serfdom if the dollar retains value or a few years of extreme hardship until the debts are written off. The nation will rebuild, if wars can be averted, in that scenario, America will need strong allies and I for one will stand with them.
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