You are working for the ownership class! Spelled out here!

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Re: You are working for the ownership class! Spelled out her

Postby vanlose kid » Tue Nov 09, 2010 10:43 am

alright, another follow up, this is really important and i think that as many RI folks as possible should view these lessons so i'm posting them here in full.


lesson 2

lesson 3 (intro)

lesson 3

lesson 4

lesson 5



*

immense power: the system is rigged all the way down.

*
"Teach them to think. Work against the government." – Wittgenstein.
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Re: You are working for the ownership class! Spelled out her

Postby Peachtree Pam » Tue Nov 09, 2010 12:44 pm

From Washington's blog. It is long but worth every second of the time to read it.

http://georgewashington2.blogspot.com/

How to Save America In One Week


Many people think we just have to sit here and take it.

Many others are starting to call for revolution. See this, this, this, this and this. (For those who are calling for revolution, please read the postscript).

But there may be a third way.

As I wrote a year ago:

As MSNBC news correspondent Jonathan Capehart tells Dylan Ratigan, the main problem is that people aren't making enough noise. Capehart says that the people not only have to "burn up the phone lines to Congress", but also to hit the streets and protest in D.C.

Even though most politicians are totally corrupt, if many millions of Americans poured into the streets of D.C., a critical mass would be reached, and the politicians would start changing things in a hurry.

As [liberal] PhD ecnonomist Dean Baker points out:

The elites hate to acknowledge it, but when large numbers of ordinary people are moved to action, it changes the narrow political world where the elites call the shots. Inside accounts reveal the extent to which Johnson and Nixon’s conduct of the Vietnam War was constrained by the huge anti-war movement. It was the civil rights movement, not compelling arguments, that convinced members of Congress to end legal racial discrimination. More recently, the townhall meetings, dominated by people opposed to health care reform, have been a serious roadblock for those pushing reform….

A big turnout ... can make a real difference.

Baker is right about Vietnam.

Specifically - according to Daniel Ellsberg and many others - Richard Nixon actually planned on dropping a nuclear bomb on Vietnam Nixon also said he didn't care what the American people thought. He said that -- no matter what the public did or said -- he was going to escalate the war in Vietnam.

However, a well-known biographer says that Nixon backed off when hundreds of thousands of people turned out in Washington, D.C. to protest an escalation of the war.

Similarly, no matter how completely sold-out to the Wall Street giants D.C. politicians are, they would start paying attention to their real employers - the American people - if we make enough noise.

If 3 million Americans all peacefully surrounded the White House and Capitol Hill, holding signs saying "We're Not Leaving Until the Too Big to Fails which Caused the Economic Crisis are Reined In", things would change pretty fast.

3 million might sound like a lot of people. But many millions of people read popular alternative financial and economic news sites. You are probably one of millions of people who will read this essay (by the time it is published by some of the larger sites).

In other words, it's not even a question of convincing other people to go. We - those who read alternative financial websites - could do it ourselves.

If millions of us don't go protest in D.C., it's because we are choosing not to sacrifice a tiny bit in order to change things.

The bad guys are only winning because we - the American people - aren't making enough noise.

Not Now . . .

It is human nature to try to put things off until tomorrow. Tomorrow, when things are easier, we'll do it...

It is easy to despair that it is already too late. Should we whine and give up hope?

Well, about a month before the American Revolutionary War, Patrick Henry said:

They tell us, sir, that we are weak; unable to cope with so formidable an adversary. But when shall we be stronger? Will it be the next week, or the next year?

If not now, when? Like Patrick Henry asked, when will we be stronger? When will the robber barons be weaker?

If we're going to save America through non-violent protests, now is the time.

To hell with circumstances; I create opportunities.
- Bruce Lee

There is no act too small, no act too bold. The history of social change is the history of millions of actions, small and large, coming together at points in history and creating a power that governments cannot suppress.
- Howard Zinn, historian

The power of an aroused public is unbeatable.
- Dr. Helen Caldicott

The most powerful weapon on earth is the human soul on fire.
-Ferdinand Foch

In times of danger large groups rise to the highest pitch of enthusiasm, courage and sacrifice . . . Mankind will be refashioned and history rewritten when this law is understood and obeyed.
-Helen Keller

Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it's the only thing that ever has.
- Margaret Mead

We must remember that one determined person can make a significant difference, and that a small group of determined people can change the course of history.
-Sonia Johnson

You let one ant stand up to us - then they all might stand up. Those puny little ants outnumber us a 100 to one. And if they ever figure that out, there goes our way of life.
- Hopper (a grasshopper who is the leader of the gang of thugs who are stealing money from the other bugs, speaking to fellow grasshoppers in the Disney/Pixar movie A Bug's Life)

If you don't like the news, go out and make some news of your own.
- Scoop Nisker

Similarly, conservative financial writer Karl Denninger writes today:

You - America - You - can fix this tomorrow. Put 500,000 people around The Treasury and The Fed in Washington DC and refuse to leave until Geithner and Bernanke both resign and depart and the FDIC goes through all four of the largest banks, marks their "stuff" to market, and resolves all that are insolvent. Lay peaceful siege, MLK-style.

Denninger wrote last week:

Everyone wants a way to save them - an investment strategy, a place to hide their assets, etc.

Let me give you the answer folks, and you're not going to like it:

There is only one way, and that is to save everyone. That is, to force this crap to stop - by whatever means are necessary - and possible.

Yeah, that's a strong statement. It's also true.

Let's presume that we don't do this. That Bernanke does his QE2 thing as threatened and announced. It won't work - it can't, because the commodity price ramps will cause margin compression and destruction of those in the middle and lower classes. That in turn means people buy less, which means employers fire, not hire.

That in turn will cause him to believe he has to do more. This is his thesis. So he will.

And that will in turn impose even more effective tax on America.

At some point one of two things happens: Either the world blows the dollar off and it literally collapses in value by half in the space of a few days, or we get into a printing spiral that debases the currency so fast that prices change between the time you go to work and get home. But your wages won't go up because of exporting our labor to China, so you will slowly - or not-so-slowly - be unable to buy necessities - food and energy, along with medical care.

Either way the end point is the same. The government becomes unable to issue Social Security, Medicare and Medicaid checks, along with paying people like the Military. At the same time you're literally being starved to death. In desperation the government will then attempt to seize everything through some form - whether it be through massive fines and forfeiture, or whether it is through simple tax increases. That of course will simply make it worse.

You can try to hide in something like Gold, but it won't do you a bit of good. The government is not that dumb. They already have in the law provisions requiring reporting of transactions over $600. They'll go to a fully-electronic currency (we're damn close to being there now) and force clearing of all transactions through The Fed. This will effectively create a 100% reportable - and taxable - data stream.

If you try to barter around it, and you will, they'll fix that too. Treasury will simply expand the already existing IRS program for "rats." Your neighbor and everyone else will be "enticed" with a 20% reward for all "off-grid" transactions that they report. And civil forfeiture will be used to literally steal everything you own when - not if - you get caught.

Forget it folks, unless you're planning on going Rambo. And if you're going to do that, you may as well get started now. You'll go to prison or die - but over time people dying for what they believe is nothing new. We call them terrorists when they lose - and freedom fighters when they win. In 1776 a bunch of men decided they had enough, and they pledged their lives, their fortunes and their sacred honors. They, in aggregate, won and thus are "freedom fighters" - but some of them also died.

All the noise I hear - all words and bluster behind keyboards but no gunshots - tell me that nobody's prepared to do that. So quit babbling about it. All that does is get you on the No-Fly list and a visit from the guys in the black (and armored) Escalades. Don't bother with "sound and fury" nonsense. You're not only wasting your breath you'll get arrested - for nothing.

No, the only solution is for the people to get ****ed off enough to rise up peacefully but in a form and fashion that makes clear that we're not talking, we're demanding. We're putting in front of Congress and other officials positions that are not "polite requests" - they're instructions, as all citizens are entitled to put forward to their elected officials.

The people en-masse must come to the conclusion that this will not be allowed to stand.

Enforcement of that mandate does not require unlawful acts. There may be some people who decide to embark on them, but that's not the message that is being sent or intended.

No, instead the message to send is that we have choices that are lawful and peaceful, and we will exercise them in full.

* We will not do business with banksters who caused this or any merchant who does.

* We will not work overtime or even work hard; we will instead engage in consumer withdrawal, making as little as possible and drawing as much from the government as we can. That is, we will try to suck the government teat dry and lawfully minimize what we give both to big corporations and government.

* We will NOT cooperate with law enforcement. "You have the right to remain silent" is an absolute. This already takes place in parts of America - go try to investigate a crime in some gang-ridden place. Nobody will talk. Well, we can make that the rule everywhere - we can make the decision that the government is a bunch of gangsters, and we will not help them. Our eyes are closed when it comes to Government. All we will respond with is a polite "Have a nice day."

* We WILL picket, protest, and show up in front of banksters and politicians homes - not just offices. We have a right of free speech in The Constitution and we will use it. You don't have to listen, but the streets are PUBLIC PLACES. Peaceful protests - but lots of them, in your face, every single day. Public shaming is very effective. If you want to be in a public role - running a big publicly-traded bank or in a political office you're fair game to have signs waved in your face no matter where you are. Sure, they'll withdraw from the public - that's fine. Guess what? Barricading themselves inside a fort hurts them - and their families - more than it hurts us.

* We WILL intentionally ostracize both banksters and politicians. We will NOT cut their hair, sell them gas or groceries, or fix their air conditioners. A Bankster comes into church, they sit in an empty pew - nobody will get within 10' of them. Communion? Surely you jest. You want 20% of our income as a tax due to QE2? Fine. You can have it, but you're cutting your own hair, your own grass, and fixing your own damn car. We won't rent you an apartment, we won't quote your new windows or a new roof. In short, we're going to say "screw you", and every time we see you on the street, we're going to say it literally and loudly, just to make sure you understand. If that drives them into isolation, that's good, not bad. The Amish call it "shunning." It's part of your civil rights - you have a right to freedom of association, which includes the right not to associate. Guess what - being a bankster or politician isn't a protected class.

Look, at this point folks we have a former Chief Underwriter for Citibank who has testified under oath, in written form, that they were knowingly making bad loans to people. It wasn't an accident, and it wasn't carelessness - certainly not when they took these knowingly-bad loans and sold them to investors.

Yet people still [do business with the too big to fail banks who have committed massive fraud on America].

Its your dollar.

This nation is yours.

Its currency is yours.

And the actions of these people - Bernanke, Congress and the rest - ultimately only happen because you consent.

Are you going to continue to consent?

Once more, can I ask why? Do you like being screwed? Do you like high taxes - especially illegally-imposed back-door taxes used to fill in the holes in the fraudsters' balance sheets - the very holes that were created through the process that caused you, or your neighbor, to wind up with a bubble house and an un-affordable mortgage - one that was or will be foreclosed upon?

Let's assume you refuse to continue to consent.

If you choose to protest, to withdraw consent, and to engage in every lawful act available to you to stop it, when do you consider the job "done" and stop?

That's up to the politicians, but I'll put forward my standards for what would be "sufficient" for me to call my job done and stop writing Tickers.

The politicians can choose tomorrow to initiate forensic audits, mark everything to the market, force the bogus loans out into the open and, likely, take these firms into receivership. Detonate the bad debt, renegotiate the loans that are viable and have a lower loss in doing so rather than foreclosing, clear the balance sheets. Break the big banks up, bar the executives from any financial or publicly-traded firm for life. Refer anything crooked found to prosecutors with instructions to not only prosecute but seek forfeiture of all the ill-gotten gains. Impeach Bernanke and make clear, through changes to law if necessary, that "price stability" means just that - we all go to the store seeking mild deflation every day, and we insist that The Fed both stop trying to prevent it and leave those with savings able to earn a decent low-risk return by ceasing their tampering with interest rates and protection of scammers and frauds.

If and when they make that decision, we the people stop, because we will no longer have anything to be ****ed off about.

Until then, we don't - and if that means that the banksters and politicians wind up with hair down to their ankles, a leaky roof, a broken car and a hundred people waving signs in their faces every time they open their door?

So be it.

Will you step up, or are you going to continue to consent to being assaulted?

And see this.

How can both liberals and conservatives be calling for the same thing - massive protests against the banking elites and their water-carriers in D.C.?

Because that's what all Americans want.

While the elites have tried to divide and conquer America into a false left-versus-right dichotomy, all Americans want the rule of law to be enforced.

All Americans want the big boys to be held accountable to the same laws that we have to follow.

All Americans want there to be a level playing field so that the little guy has a chance to compete fairly.

For liberals, remember Martin Luther King Jr. and Gandhi.

For conservatives, this is what Jesus would do: kick the moneychangers out of the temple.

You know it ... now act.

We can save America in a week if we follow the call ...

Postscript: George Orwell - author of 1984 - pointed out in the Tribune (October 19, 1945), the effectiveness of arms in preventing tyranny partly depends on whether the average citizen can afford the current weapon of choice possessed by the government:

The connection between the discovery of gunpowder and the overthrow of feudalism by the bourgeoisie has been pointed out over and over again. And though I have no doubt exceptions can be brought forward, I think the following rule would be found generally true: that ages in which the dominant weapon is expensive or difficult to make will tend to be ages of despotism, whereas when the dominant weapon is cheap and simple, the common people have a chance. Thus, for example, tanks, battleships and bombing planes are inherently tyrannical weapons, while rifles, muskets, long-bows and hand-grenades are inherently democratic weapons. A complex weapon makes the strong stronger, while a simple weapon--so long as there is no answer to it--gives claws to the weak.

The great age of democracy and of national self-determination was the age of the musket and the rifle. After the invention of the flintlock, and before the invention of the percussion cap, the musket was a fairly efficient weapon, and at the same time so simple that it could be produced almost anywhere. Its combination of qualities made possible the success of the American and French revolutions, and made a popular insurrection a more serious business than it could be in our own day. After the musket came the breech-loading rifle. This was a comparatively complex thing, but it could still be produced in scores of countries, and it was cheap, easily smuggled and economical of ammunition. Even the most backward nation could always get hold of rifles from one source or another, so that Boers, Bulgars, Abyssinians, Moroccans--even Tibetans--could put up a fight for their independence, sometimes with success. But thereafter every development in military technique has favoured the State as against the individual, and the industrialised country as against the backward one ...The one thing that might reverse it is the discovery of a weapon--or, to put it more broadly, of a method of fighting--not dependent on huge concentrations
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Re: You are working for the ownership class! Spelled out her

Postby Nordic » Tue Nov 09, 2010 2:07 pm

I wish Washingtonsblog would change his format, of his site, or whatever it is you do, to make his links pop up on Facebook. I've tried to share his stuff on Facebook, and it just comes up with the generic Washington'sBlog site, and it says absolutely nothing about the specific article I'm trying to show off. It looks boring and nobody has any idea what the article is about, and it looks like if you click on it it will go to some home page.

It's frustrating when you're trying to spread stuff around, especially his stuff, because he's SO DAMN GOOD everybody should be reading it.
"He who wounds the ecosphere literally wounds God" -- Philip K. Dick
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Re: You are working for the ownership class! Spelled out her

Postby chump » Wed Nov 10, 2010 1:00 am

I read that GW blog article yesterday. It reminded me of this story that a close acquaintance once told me - about something that happened to him, while he was in a Texas prison; many, many years ago.

He was in there for five years, actually, for a marijuana offense. Essential to the experience of being in a Texas prison was slaving away in the hot, hot Texas sun. Certain contractors in the area were allowed to take advantage of the cheap prison labor; and oh-h-h, the jobs they needed to do: Digging ditches, shovelling pigshit, picking cotton... whatever. Ughh.

But some jobs were better than others. Once, my buddy got picked to work with a prison labor construction crew going to work on a building in one of those hot Texas towns - with real live women walking out on the street. In fact, my friend was picked to be the construction foreman; looking at the plans and laying out some walls for the other guys to beat on. Most excellent. But, that day there was a couple of guards brutally breaking a group of prisoners doing concrete work. They wouldn't give the exhausted men any water or a break. Some of the workers were about to pass out from the heat and prostration. Well, the bunch of them started yelling at the guard; and some of the other guards rushed over to see what was going on.

My buddy saw what was going on and felt that it was his place to step forward and explain to the other guards exactly why those prisoners were upset; basically that it was hot outside, even hotter than usual, and that the men hadn't had enough water and that they were being overworked. Apparently whatever he said made sense. The prisoners surely did appreciate it. Conditions improved as a result. Nevertheless, my buddy was thrown into solitary confinement, some kind of hot box, naked - for instigating; and then he got to shovel hot pigshit.

I don't know why I was reminded of that. I mostly agree that some kind of mass mobilization would be effective to make things better. But I don't see enough people ready to do it - yet.

Carry on.
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Re: You are working for the ownership class! Spelled out her

Postby Nordic » Wed Nov 10, 2010 1:11 am

Yeah, most people will worry that such action might put a ding in their credit rating, and they won't be able to buy that overpriced particle-board box they've had their eye on ......
"He who wounds the ecosphere literally wounds God" -- Philip K. Dick
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Re: You are working for the ownership class! Spelled out her

Postby Elvis » Wed Nov 10, 2010 1:14 pm

Peachtree Pam wrote:* We will not do business with banksters


This is one of my favorite prescriptions---don't give banks your money! (Use credit unions.) Don't give them your paycheck, don't borrow money from them, don't let them collect interest and fees from you, don't let them own your stuff. Deny them your money. Don't participate.

I would love to see 3,000,000 people march on Washington D.C.,but people can also, in enough numbers, make a difference without leaving the farm: just ignore the banks!

(I'm sure the banking industry would somehow fight this, try to pass laws, etc., but this could be checked if people stayed mad enough.)

When I went to open a credit union account, the lady was thrilled when I said, "I'm fed up with the banking system, I like how credit unions are owned by the depositors." She said, "That's what I like to hear!"

Great piece, Pam, thanks for posting it.
“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.” ― Joan Robinson
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Re: You are working for the ownership class! Spelled out her

Postby Nordic » Wed Nov 10, 2010 1:16 pm

I tried, but my industry's credit union turned me down because my credit score was so low. Ironic, considering it was the banks themselves that started the dominos falling insofar as my credit score. Advanta Bank, anyone? Now bankrupt themselves and out of business, under the gun of huge lawsuits.

What a weird fucking world.
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Re: You are working for the ownership class! Spelled out her

Postby Elvis » Wed Nov 10, 2010 1:31 pm

Nordic wrote:credit union turned me down because my credit score was so low.

Yet banks will still have you? That seems odd. Or maybe not.

My situation was sort of the reverse, it seemed like banks were more strict, more likely to turn me away, while the credit union seemed glad to have me.

In any case, Nordic, there are probably other credit unions in your area you could look into. Credit unions have really opened their doors to a wider base; most of the CUs in my area are open to anyone living in the county.

Going back to that 3,000,000 people number, I wonder what the effect would be if next week 3,000,000 Americans closed their bank accounts and severed ties with them. Maybe not a huge effect but it might catch on.
“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.” ― Joan Robinson
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Re: You are working for the ownership class! Spelled out her

Postby vanlose kid » Thu Nov 11, 2010 7:42 am



UK House of commons: Douglas Carswell introduces bill proposing full-reserve banking and explains why.

*
"Teach them to think. Work against the government." – Wittgenstein.
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Re: You are working for the ownership class! Spelled out her

Postby Bruce Dazzling » Thu Nov 11, 2010 11:58 am

vanlose kid wrote:

UK House of commons: Douglas Carswell introduces bill proposing full-reserve banking and explains why.

*


Great proposal!

I just posted this to my Facebook page, where it will either be ignored or ridiculed as pie in the sky, because, you know, us crazy progressives shouldn't let our search for perfection be the enemy of what's good for the bankers and the politicians.

I hope Douglas Carswell doesn't plan on driving through Dealy Plaza any time soon...
"Arrogance is experiential and environmental in cause. Human experience can make and unmake arrogance. Ours is about to get unmade."

~ Joe Bageant R.I.P.

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Re: You are working for the ownership class! Spelled out her

Postby chump » Thu Nov 11, 2010 7:12 pm

I haven't seen this here yet. To me, this story is a microcosm of what has happened to the world's economy - again and again and again. These guys are so smart. Make a bunch of bad loans, package the junk and sell them as bogusly rated AAA, organize their buddies on Wall Street to bet on the impending crash, then, to "add injury to insult", call the regulators and the press to explode the news that something is wrong with the portfolio. There might be a fall guy here and there, but most of them will get away with it. They got the money.

http://www.voltairenet.org/article167456.html

Ackermann’s Deutsche Bank Follies: Chickens Come Home to Roost
by F. William Engdahl*

The earlier filing of fraud charges against Wall Street banking titan Goldman Sachs by the US Government Securities and Exchange Commission (SEC) was only the tip of a huge fraud iceberg. Now a US mortgage insurer has charged one of the most aggressive banks involved in the US subprime mortgage scam of fraud. The bank is none other than Deutsche Bank. This case is also likely to be just the “tip of a very big iceberg.”

Since he left his post as president of the Swiss-US Credit Suisse bank to go to Deutsche Bank, Swiss banker Josef Ackermann has focused on making the premier German bank into an imitation of the major Wall Street banks. It seems he has succeeded only too well.

Assured Guaranty Ltd., owner of Assured Guaranty Mortgage Insurance Company of New York has sued affiliates of Deutsche Bank AG over $312 million of mortgage-backed securities (MBS), the controversial bonds that the bond insurer guaranteed and says were “plagued by rampant fraud and misrepresentations.”

Assured Guaranty is asking a judge to force Deutsche Bank to repurchase the loans, on which the insurer has already paid almost $60 million in loss claims with potential for tens of millions of dollars more. The suit was filed in New York State Supreme Court against DB Structured Products Inc. and ACE Securities Corp. The bond insurer, backed by billionaire Wilbur Ross, is also seeking reimbursement for the claims paid and for future losses. This is major.

When asked by the press, a spokesman for Deutsche Bank in New York declined to comment.

“The entire pools of loans that Deutsche Bank securitized and to a large degree originated in the transactions are plagued by rampant fraud and misrepresentations and an abdication of sound origination and underwriting practices,” Assured stated in its New York court filing.

They further declared, “more than 83 percent of 1,306 defaulted loans examined in one of the transactions…breached Deutsche Bank’s representations and warranties.” In plain English language, they claim Deutsche Bank lied. In the second deal, Home Equity Loan Trust, 86 percent of the 1,774 loans breached the agreements, Assured said. [1]

The Wall Street model backfires

According to members of the Frankfurt financial community, Joe Ackermann came to Deutsche Bank with the clear goal of making the traditional German bank a competitor to the most successful Wall Street investment banks.

The only problem, as began to emerge with the explosion of the US Financial Tsunami in 2007 around Wall Street’s securitization of bundles of thousands of individual low quality, high-risk home mortgages—dubbed “sub-prime” as in junk quality—is that the success “model” of Wall Street was based on fraud to begin with. That’s the model for mega-profits and giga-bonuses that Ackermann’s Deutsche Bank has been apparently building its business on.

In recent weeks it has emerged that perhaps millions of US homeowners had been fraudulently tricked into signing mortgages in which their true costs were hidden only to explode some years after they signed the loan agreement with the lender, forcing them to default and the banks to repossess the homes, so-called bank foreclosure. Now legal action is also hitting Germany’s esteemed Deutsche Bank.

‘Stupid Germans…’

According to Bloomberg financial writer and author, Michael Lewis, under Ackermann’s leadership at Deutsche Bank, the bank, through its New York offices, set out to outdo Goldman Sachs in the home mortgage securitization bonanza of the past decade. Lewis documents the fact that Deutsche Bank in New York was selling what it knew were toxic waste or junk mortgage bonds and other exotic financial instruments based on US subprime mortgages to “stupid German investors in Duesseldorf” as one Deutsche Bank New York bond trader told Lewis. [2]

The “stupid German investors in Duesseldorf” it turns out, were the German state-owned bank, IKB, the daughter of the German state Kreditanstalt für Wiederaufbau. The interesting point is that Ackermann’s DB sold what were allegedly fraudulently-constructed “AAA” CDO’s or Collateralized Debt Obligations, some of the highest risk derivatives from Wall Street mortgages to IKB at a time Deutsche Bank knew or should have known that the US mortgage default crisis was beginning to explode.

In effect it appears that the DB dumped its toxic waste onto IKB. At the same time Deutsche Bank was selling exotic US real estate collateralized debt obligations too the “stupid German investors” at IKB, it was aggressively organizing other Wall Street banks and hedge fund managers to bet on the crash of that same mortgage bubble. No one at Deutsche Bank headquarters in Frankfurt seemed to mind so long as the profits rolled in from all parties. [3]

To add injury to insult, or even more injury to injury, Deutsche Bank’s Ackermann personally sent a notice to the head of the German bank regulator, BaFin head, Jochen Sanio, on July 27, 2007, kindly alerting the German regulators that IKB held a pile of toxic bonds and that the bank could be in trouble. Ackermann even went public to the press and admitted he knew for certain, because Deutsche Bank had sold the toxic financial securities to IKB. [4]

That announcement by Ackermann is credited with bringing IKB to the brink of bankruptcy and necessitating a state taxpayer rescue of billions. What the charitable Josef Ackermann did not divulge is how much profit his bank might have made in the collapse of IKB. The collapse of IKB was the catalyst to explode the multi-trillion dollar US financial bubble worldwide, a bubble which today is far from deflated.

Notable, as well, is the fact that two days after being sued for fraud in New York court, Deutsche Bank announced that it had set aside more in compensation for employees of its corporate and investment bank in the first nine months of 2010 than had Goldman Sachs. Deutsche Bank reserved enough money to pay a bonus of 285,352 euros to each of the 16,194 workers at the division, which includes transaction banking, company data show.

But that money goes only to a handful of top traders whose bonus is likely in the tens of millions. “The market continues to be very competitive and top talent has its value and its price and we cannot ignore that fact,” Deutsche Bank Chief Financial Officer Stefan Krause said according to a report in Business Week magazine. “And the beat goes on, and the beat goes on, on, on, on …” as the song goes.


Get out of debt. That is the number one way to not feed the bank. Banking is scam. Money is a contrivance. The true value lies in the things that money can buy... (and of course those things money can't buy). When you take out a loan, the bank essentially creates the money by entering it into the ledger - rarely do people take out a loan in cash; and then you pay it back with hard earned dollars. I don't quite understand how a bank can fail; unless there is fraud - or maybe a run on the bank.

A run on the bank? How could a boycott like that be organized? Isn't 12/7 supposed to be the day when a lot of people are going to close their bank accounts? http://www.godlikeproductions.com/forum ... 236512/pg1 I wonder how many will do it? The banks'll probably don't mind getting rid of the ones that will. But, "if you could get everybody to do it, it would work."
http://blacklistednews.com/MSNBC-host-D ... 6/Y/M.html

There are many things to consider. If you have a substantial amount of money, and assuming that you have all your loans paid off, when you close your account, do you think that you'll get cash? Unless you make a special arrangement, probably not. Especially if there is a run on the bank! Where would you keep it if you did? Even if you transferred that money into a credit union account, don't credit unions ultimately keep their money in a bank? I know that mine does. So, what do you do with the money? Buy precious metals? Oil? Essentials? Where do you keep that? I guess that's why banks were invented in the first place.
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Re: You are working for the ownership class! Spelled out her

Postby Elvis » Thu Nov 11, 2010 8:58 pm

chump wrote:don't credit unions ultimately keep their money in a bank?


Bloody hell...I did not know that.

What to do with the money in general is a good question; maybe there are some creative answers.

Lemme put on my thinking cap...
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“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.” ― Joan Robinson
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Re: You are working for the ownership class! Spelled out her

Postby Wombaticus Rex » Thu Nov 11, 2010 9:25 pm

LMFAO @ the notion that Credit Unions are somehow breaking the cycle. They are better systems but money is ultimately controlled by the same people who control the major banks. Top-level corporate elite control is enacted at the currency level in this country. JP Morgan runs food stamps, multinational mergers and interstate systems, our Chase accounts are really not a big part of their life support system. Credit Unions already make up over 40% of the EAP accounts anyway...has the revolution happened yet? By all means, let's get that up past 50%, but let's not have any illusions about "sticking it to The Man."

Consumer accounts are small fry. EAP is just people with money to put into an account, people paying bills....you could get 75% of American EAP on credit union accounts and major banks would still have vastly more assets because most of their liquid funds come from corporations, not individual taxpayers/workers.

chump wrote:So, what do you do with the money? Buy precious metals? Oil? Essentials? Where do you keep that? I guess that's why banks were invented in the first place.


As my friend Otto Maddock puts it: "Get your money out of money and into food production and infrastructure NOW."
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Re: You are working for the ownership class! Spelled out her

Postby Elvis » Thu Nov 11, 2010 10:09 pm

Wombaticus Rex wrote:Credit Unions already make up over 40% of the EAP accounts anyway...has the revolution happened yet? By all means, let's get that up past 50%, but let's not have any illusions about "sticking it to The Man."


Thanks for that statistic, and yeah, I can see that consumers switching from big banks to credit unions won't make a huge difference, but they should do it on principle.
“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.” ― Joan Robinson
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Re: You are working for the ownership class! Spelled out her

Postby wintler2 » Thu Nov 11, 2010 11:01 pm

Credit unions aren't a threat to banks in b.a.u, but they are unarguably less-bad.

Also, if a credit union has its assets within the community, and there is some genuine productive activity in the community on which to base the local economy, then the credit union (and its members) would be the ideal institution to support an alternative currency, when the day comes that enough people understand the effects of $ devaluation.
Which would be a huge leap forward for that community, done right.
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