"The current 'global meltdown' can be summed up in one word: Mortgage, the glue that holds usury together at every level." - Tom Dennen 'Grand Theft, Planet"
You get into a mortgage at around twenty-five years of age and get out at around forty-five, twenty years later, those twenty years being the best, most productive years of your life, mostly spent working like a donkey.
This system is a not-so-subtle theft of wealth, and we accept it 'just because it's the system'. But if, as 'Hidden Hand' economist Adam Smith has it in his 'Wealth of Nations', "Work is the basis of all wealth, all well-being, while monopoly and cartels are obstacles for the beneficial processes,” then most of us have been robbed of a lifetime of well-being.
And Donkey's Years are too long for investors - the acceleration in the rate of change today is reflected on an asymptotic curve and no one waits twenty years anymore for returns - Getting your money now is much more fun.
So we change some rules.
Your mortgage has now become a 'structured' commodity and commodities are what drive sales on the exchanges of the world.
I get my money today and take a smaller, but immediate, profit.
TAKE THE MONEY AND RUN
The next buyers make money, everyone doubles their money, but the next guys also want an immediate return, rename the package and sell it off again.
And that's where it started: Debts were renamed, repackaged and turned into garbage commodities that were sold, over and over again throughout the investment world.
If you belong to a school board in a small town in Iceland , you may have invested some of that board's money in one of those sub prime ‘derivatives'.
Crunch time:
“Where's my return?” cries the prefect in the little Icelandic School Board.
“There is none,” reply Northern Rock, Lehman Brothers, Freddy and Fannie Mac et al holding bailout bags full of a future that can no longer be derived from bad debt.
All deliberately organized and implemented. With the collusion of the Bush Administration and the privately owned Federal Reserve Bank: Alan Greenspan, in the early 2000s, brought The Fed's interest rate down to one percent.
The lenders grabbed as much of that cheap money as possible, lent it out on sub-prime ARMS deals and hoarded against the sup prime foreclosure crisis at which point they (still are) buying vast tracts of residential properties at fire sale prices. The same is happening with the Fed's interest so low it's almost free money, in fact trillions of dollars of ‘bailout' money is free, and the banks are hoarding again without saying anything about what's been done with the money, instead of lending the money into the market to ‘restart' the economy.
That this is all orchestrated and planned is hidden in the unexamined truth behind the sudden disappearance from the American scene of the Governor of the State of New York, the man accused and charged by the U.S. Federal government of transgressing the Mann Act, which makes illegal the transport of people from one State to another (across State Lines) for “thepurposes of prostitution.”
Former New York Governor Elliot Spitzer was cleared in the first week of November, 2008 of a serious offense against the Mann A ct, a much more serious Federal Offense as opposed to a State Offense against prostitution laws.
Well, they didn't really clear him; they just 'declined to prosecute'.
Why? The Bush administration's job was done: It has been universally accepted that the political assassination of Elliot Spitzer was engineered by the Bush administration because of his public accusations against the United States Federal Reserve Bank (Lincoln, Kennedy, Iraq, Iran, Pakistan et. al.) and the top Wall Street bankers and lending institutions of a predatory lending practice called 'sub-prime' mortgaging.
Spritzer and most of the other fifty state governors were watching their constituents being robbed by Wall Street through this lending practice, losing their livelihoods, losing their houses, losing their pensions, losing their lifetime accumulation of wealth.
Once this practice was integrated into the banking system, it was - many believe deliberately - allowed to escalate into trillions of dollars of international Triple- A securities loans backed by massively (unknown to global purchasers) defaulting loans and sold to the European and other global bankers who are reported to be 'furious' with Wall Street and (right now, Europe, China and a host of others) are pulling out of the dollar.
China and Arab Emirates are clubbing together supporting the Yuan as the world's default currency, but I would add, “watch the Yen.”
Russia and Iran are coupled on the tote in the sense that the A mero/Israeli insanity of attacking Iran – by definition an attack on Russia – would precipitate WW3.
Because the bankers love money more than life itself - yours. - Tom dennen from Grand Theft, Planet.
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