--- In FairfieldLife@yahoogroups.com, "Rick Archer" <[EMAIL PROTECTED]> wrote:
Excellent article. All you need to know: "Double-dipping welfare moms? Illegal immigrants? Muslim terrorists? It's anyone - except, of course, the bankers and the Federal Reserve - or so say again and again America's corrupt corporate media in whose interest it is for Americans to mistakenly blame others for the real cause of its woes." "The people will pay, the rich will profit." "Even greater financial disaster will result from Paulson's taxpayer bailout of his wealthy Wall Street friends." > From a friend: > > > > Friends, > > I have been reading feverishly these past several months as our markets have entered turbulent times. The financial crisis America finds itself immersed in is summarized by the author below and echoed by more than a handful of market experts who publish respected newsletters. I chose Schoon's reflections to pass along because 1) Schoon is very readable and 2) He summarizes much of what I've learned these past months. If the point of view expressed below offends some, I apologize. The delete button is nearby... > > So that I can get a sense of how this article is being received, if moved to do so, let me know what you think of it.? > > Steve > > > > > > > > By Darryl Robert Schoon (author of How to Survive the Crisis and Prosper in the Process) > > > > There is nothing more dangerous than when those responsible for a nation's troubles are believed to be its savior. > > > > If the truth be known - and someday it will be - central banks are at the very center of today's problems. Indeed, they caused them. Today's disintegration of capital markets based on debt-based paper began in 1913 with the creation of the US Federal Reserve Bank, the central bank of the US. > > ...Debt-based paper money has led nations and the world down a very dangerous path. Facilitating expansion by encumbering future revenues with compounding debt inevitably indebts individuals, businesses, and governments beyond their ability to repay. > > In the beginning, production expands, needs are met and everyone goes home happy. In the end, everyone's home gets repossessed. This is when the amount of debt has grown so large, governments, businesses, and consumers collapse under its collective weight. > > That's where we are today. We lived off tomorrow and tomorrow has arrived. What a surprise. > > Although in the past, continuing central bank intervention has proved inadequate, the ignorant, unknowing and desperate are yet again hoping that Paulson's latest plan will save them. But the collective solutions of Bernanke, Paulson, et. al. will again prove wanting. > > Indeed, Paulson's and Bernanke's continuing attempts to reverse the accelerating credit contraction will only make the final rendering all the more devastating.? > > Some are alleging that the US government's accelerating bailout of banks, insurance companies et. al. is socialism. Although it is government intervention in extremis, such intervention in the markets does not constitute socialism. > > The bailout of investment banks and corporations by the US government is fascism; the control and intervention of government by corporate interests designed to further corporate and state control. The multi-trillion dollar state support of JP Morgan, AIG, Fannie Mae and Freddie Mac and now perhaps soon GM, Ford, and Chrysler is fascism, not socialism. > > The August 2007 credit contraction was like a financial earthquake that unexpectedly shook global markets. It began as a series of crises that have continually escalated demanding greater and greater taxpayer resources. > > Now, the house itself is on fire but the cause and the proposed solution are always the same. The cause is always investment bank greed. The proposed solution is always more taxpayer money to bailout out more investment banks. This is not a solution. This is societal blackmail. > > When the US handed over the issuance of its money to the Federal Reserve in 1913 it did so in violation of the US Constitution. It illegally gave the right to issue US currency to a private bank and set in motion forces that would lead to today's extraordinary crisis. > > Today's extraordinary banking crisis was not unexpected - as private bankers claim and we believe. Today's crisis was inevitable and was in fact prophesized long before it happened. We were warned about this very occurrence two hundred years ago by no less than a founding father of the American republic, Thomas Jefferson. > > I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. > > Jefferson's prophecy has now come true and, yet, we act surprised; and, if we are, it is because the corporate controlled media has effectively misled Americans about the cause of their problems. > > Double-dipping welfare moms? Illegal immigrants? Muslim terrorists? It's anyone - except, of course, the bankers and the Federal Reserve - or so say again and again America's corrupt corporate media in whose interest it is for Americans to mistakenly blame others for the real cause of its woes. > > Otherwise, Americans, left on their own, might wake up. > > It is bankers such as Henry Paulson who are responsible for America's disintegrating and imploding economy. Since 1913 America has allowed private bankers to control the issuance of America's money and now, in the very midst of the problems they themselves created, the bankers through Paulson's plan are seeking unsupervised control over America's economy complete with immunity from any future criminal prosecution. > > This is because the bankers not only want America to bail them out, they are planning to steal their assets back in the process. > > The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets. > > Through his plan, Treasury Secretary Henry Paulson aims to avert a credit freeze that would bring the financial system and the world's largest economy to a standstill. The bill would prevent courts from reviewing actions taken under its authority. [bold, Schoon] > > "He's asking for a huge amount of power,'' said Nouriel Roubini, an economist at New York University. "He's saying, 'Trust me, I'm going to do it right if you give me absolute control.' This is not a monarchy.'' > > The investment banks are even now intending to violate the law in Paulson's proposed government takeover and redistribution of bank assets. It is in the redistribution and sale of bank assets where the crimes will occur - crimes which will be granted pre-existing immunity from judicial prosecution under Paulson's proposal. > > This same caveat - immunity from subsequent criminal prosecution - was also written into the authorization of the original Resolution Trust Corporation which disposed of government seized property after the Savings & Loan crisis. > > The reason no one remembers the hundreds of billions of dollars of seized property from Savings & Loans listed for sale by the RTC is because it never happened. > > The greatest wealth transfer in recent history happened when taxpayer money was used to liquidate S&L properties which were then "sold" to well-connected insiders in transactions immune from criminal prosecution for literally pennies on the dollar. > > The soon-to-be owned bank assets under Paulson's plan will not be sold to the highest bidders in an open and fair auction, they will be disposed of again to pools of the wealthy and well-connected at highly discounted insider valuations. The people will pay, the rich will profit. > > No, this isn't a monarchy. This is fascism. > > THE FOX IS IN THE HENHOUSE > > Today, investment banker Henry Paulson, former CEO of investment bank Goldman Sachs is US Secretary of the Treasury. This is no coincidence. Thomas Jefferson would not be surprised. > > Paulson's plan to bail out the banks is being presented to American citizens as a fait accompli, as a necessary step to prevent the complete meltdown of our financial system. Paulson's plan is exactly what every venal, opportunistic and self-serving banker would propose as a solution to America's problems in such circumstances. > > When this is all over - and someday it will be - it is my hope that we will have learned the lessons that we have now forgotten. That bankers, like vicious dogs, must always be kept on short leashes for the public safety and public good (neutering should also be a requirement); and, that gold and silver, not credit and debt, are the only foundation of sound money. > > PREDICTIONS > > (1) Paulson's bailout of investment banks giving bankers total control over America's economy will be rushed through Congress and quickly signed into law damaging international perceptions of US creditworthiness which will lead to further uncertainty in the markets. US Treasuries and the US dollar will ultimately bear the long term consequences of Paulson's self-serving short term "solution". > > Conclusion: Even greater financial disaster will result from Paulson's taxpayer bailout of his wealthy Wall Street friends. > > (2) Written into the investment banking bailout law will be provisions expanding the police powers of the state, e.g. Congressman Ron Paul noted the recent passage of the housing bill contained the requirement that by 2009 "every credit card transaction will be reported to the IRS". > > Conclusion: Fascism is the new zeitgeist. > > This, too, shall pass. >
