Taxpayers are rightfully angrier than ever before about the state of the U.S. economy and the government’s handling of the financial crisis; perhaps even more so than the Colonists at the original Tea Party. After all, it appears that the only group benefiting during this painful slide into recession are the very people who caused the crisis — The Banks.
On the verge of bankruptcy in 2008, the banks are now once again making record profits and paying record bonuses, while nearly every other industry struggles to keep their head above water. The banks seem to have designed the system where all businesses and individuals are dependent on them for credit, and without new lending industry grinds to a halt. Given that banks can make risk-free profits by front running the stock market and selling $600 trillion of worthless derivatives for monster gains, there seems to be little motivation for them to lend money at today’s record-low interest rates.
Average Americans continue to be looted by this bank-controlled economic system through taxation and other more subtle ways:
1. Bailouts/TARP — The major banks warned in 2008 that their massively over-leveraged Ponzi scheme was about to take down the world financial system, and demanded a taxpayer bailout or else the sky would fall. Well, they got their bailout which may be upwards of $23 trillion between direct cash infusions and accounting write-downs, which amounts to around $76,667 for every citizen. The Federal Reserve also secretly bailed out foreign economies to at least the tune of $500 billion.
2. Predatory Lending — The banks have long practiced predatory lending to Third World countries, private businesses, and individuals. This strategic over-lending creates a situation where banks anticipate and manufacture default to obtain real assets. Since banks lend money they don’t have by making accounting adjustments, private bankers and their cohorts could conceivably, over time, own everything “real” in the world from money they created out of thin air.
On the verge of bankruptcy in 2008, the banks are now once again making record profits and paying record bonuses, while nearly every other industry struggles to keep their head above water. The banks seem to have designed the system where all businesses and individuals are dependent on them for credit, and without new lending industry grinds to a halt. Given that banks can make risk-free profits by front running the stock market and selling $600 trillion of worthless derivatives for monster gains, there seems to be little motivation for them to lend money at today’s record-low interest rates or without Collateral.
3. Credit Cards — From marketing to teenagers with “Happy Meal-style” gifts and toys at sign-up, to Mafia-style loansharking with usury interest rates, banks use credit cards to further enslave the public. According to the credit card repayment calculator, if you owe $6,000 on a credit card with a 20 percent interest rate and only pay the minimum payment each time, it will take you 54 years to pay off that credit card. During those 54 years you will pay $26,168 in interest rate charges in addition to the $6,000 in principal that you are required to pay back. (Source)
There are some sources where you can calculate your loan payment. We have found car loan payment calculator here where you need to select payment frequency, down payment, loan interest like details and get fully done calculation automatically foe your loan payment.
4. Stock Market — The Goldman Sachs-dominated scheme called “front running” is where brokers use computer programs with intricate algorithms to buy or sell nanoseconds before large orders from the public. Originally designed to prevent this activity, these programs have been hijacked to “Beat the Street.” It’s the ultimate in insider trading, likened to a poker player being able to see his opponent’s cards. Is it any wonder why four of the largest U.S. banks (Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup) had zero days of trading losses during the first quarter of 2010?
5. Pensions/401(k) — Although severely weakened by stock market manipulation and other fraudulent behavior, Pensions and 401(k) retirement savings plans still represent a large portion of the people’s remaining liquid wealth — and the banks want it. Nearly $4 trillion worth of retirement savings was wiped out in the first weeks of 2008, where half of the losses were traditional pension plans, while another 46 million people were riding the stock market with 401(k). It was estimated in 2009 that two-thirds of public sector pension plans were underfunded to the tune of $430 billion. Long term, these public pensions are reportedly underfunded by $3.5 trillion due to banks using the contributions to prop up toxic junk.
6. Social Security — Social Security represents a $40 trillion unfunded liability. It is estimated that taxes must be raised substantially and benefits must be slashed to cover this gap. Through no fault of Social Security contributors and recipients, the government has completely mismanaged the program while other debts eat up any chance of actually making good on the entitlements promised to the working public. According to their “austerity” playbook, the International Monetary Fund (IMF) recommends that the U.S. squeeze Social Security to cover their ever-growing debts to banks.
7. Inflation — The Federal Reserve’s shadowy printing presses have created an estimated $23.7 trillion in credits, grants, loans and guarantees, and that is just the paper backed by taxpayers. The fractional reserve banking system is one where banks can create loans (money) based on a fraction of their reserves, which inherently weakens the strength of the dollar. Inflation ends up being a hidden tax on those who worked hard, played by the rules, and saved their pennies. You have been paying for this hidden tax ever since the Federal Reserve was created in 1913, coincidentally the same year the income tax was passed. To make matters worse, many experts now predict that America is headed toward hyperinflation. For an in-depth education on how money creation creates a tax on every dollar printed please watch The Money Masters and Money as Debt.
8. Commodity Prices — Banks use the commodity casino to manipulate food prices as another way to line their pockets and starve the public. There is a direct correlation between food costs and oil prices, so when they drive up oil on speculation, food tends to follow suit. During oil’s record run up to $147 per barrel in 2008, the price of rice tripled in six months. Between the ominous signs of food shortages and predictions of $200/bbl oil in the near future, you can expect to pay much more of your hard-earned crippled dollars to eat. Obviously, inflation — especially hyperinflation — also causes commodity prices to spike, since they trade in U.S. dollars.
9. Debt and Deficits — Banks make it easy for politicians to love credit as much as everyone else, only their shiny new toys are things like pork projects for their states, wars, and mandated private healthcare. You can almost see the commercial: “You can have all this today, get re-elected tomorrow, and in a decade your successor can figure out how to pay for it.” Recent reports show continued record deficits, while total debt and unfunded liabilities are figured to be $138 trillion — around ten times annual GDP. Furthermore, the U.S. national debt has already surpassed the IMF default threshold of 90% GDP which will trigger austerity measures on the American public.
10. Wars — When the original reasons for wars don’t pan out, and the secondary reasons don’t add up, you can bet the real reason in the first place was money. Indeed, wars are the biggest moneymakers for the banks and the fastest way for them to imprison countries with debt. Wars have historically been manipulated by the banks funding both sides, much like they fund both political parties. In fact, some historians suggest that the American Civil War was actually a battle between Lincoln’s Greenback vs. the “oligarchy of high finance.” Ultimately, Lincoln was killed along with his Greenback and the private banking cartel ruled America once more.
All of this is leading to a loss of financial independence — The masters of manipulation — the money changers — have rigged the system from every angle and continue to loot all of us. We would be wise to learn about the history of money and banking in our economy, which is a compendium of booms and busts orchestrated by private banks. Wars, fiat currencies that lead to inflation, and obscure financial instruments are their tools of the trade to consolidate wealth at the top, while the foundation of the pyramid scheme — the hardworking taxpayers — are fleeced again and again.
Even with the freeing of the slaves.. banks and businesses turned the negative into a positive.
“Ok, you won.. you want to free the slaves? Ok… just as long as you expand on who has what rights, by pork-bellying legislation that lets us poor business folks pass property and other human right entitlements onto our companies. B/c it’s our companies that make this nation great. And how can they keep making this nation great if they die when the owner dies?”
Today, we have Exxon, BP Oil, Corning, Proctor & Gamble, etc, etc, etc…
Companies that last forever while the people running them die over time. Since the companies can buy up property, own patents, etc.. people that work for them invent things, and the company owns it. The company gets money and can use it to buy land and property…
As long as the companies keep running and making money, they can keep vacuuming up property and wealth.
And companies are the bed fellows of banks.. the banks are owned and ran by a few people, while companies are their own entities. They pass wealth back and forth.. companies borrow money to buy things and make money, then pay the banks back.. banks essentially “lend energy” to the companies to vacuum up more wealth then the company pays back the “energy and then some” as a thank you.
We are moving into what cyberpunk futurists call the “mega corp” phase of human history… where companies and banks will be so big they buy and sell countries (and the people within them). and thus they can set their own rules, have their own private police forces, etc… all b/c they have all the money and thus they make the rules.
B/c government can make all the rules they want, but if they can’t afford (pay) to enforce them then it’s just a pie-in-the-sky wishlist that nobody takes seriously.
Companies and banks have the wealth. Companies and banks (both being companies that live long after owners and workers die) have already made internal codes of conducts and rules that they expect employees to follow above and beyond normal governmental law or even trumping governmental law.
Worst thing Lincoln did was legalize companies to have rights like people.