Fascist Business Model Crumbles

[Ghost Dog]

by Jim Willie

Some, extremely important developments in the grand pathogenesis that reflects the deep decay and deterioration in the US financial structure. The most recent events pertaining to mortgage loans, home foreclosures, and disclosed fraud carry great potential to open extremely wide cracks in the American social order. Revealed systemic fraud is slowly coming into the open. Civil disobedience has already entered the arena of popular protest. However, the recent events surrounding illegal home foreclosure seizure of properties elevates the exposed fraud to a very clear high new level. This is a boil ready to break open, releasing financial puss.

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The quintessential core of the Fascist Business Model is not the merger, but the conquest of the USDept Treasury by Goldman Sachs. New Treasury Secretaries must come from the marbled halls of Goldman Sachs with full pedigree in order to perpetuate entrenched ongoing activities, including vast role programs under the USGovt roof, in particular the Fannie Mae clearing house operations. Observe the Wall Street mortgage bond fraud, conflict of interest, counterfeit bonds, naked bond shorting, high frequency trade skimming, hidden monetization of USTreasury auctions, and the MERS database reliance. The MERS database and countless home foreclosures are at the center of legal investigations. Even a sitting US Senator has called for investigation of JPMorgan, Bank of America, and GMAC, regardless of their size, prominence, influence, or prestige. Not a single conviction has come to the elite in South Manhattan for criminal felonies of grotesque type. Again, if the theft or fraud is in the $billions, then chalk it up to extreme skill, outstanding research, exclusive pedigree, and a tradition of excellence, but never felony actions or shades of malfeasance. The TARP Fund has been declared a victory, saving the US human strain from depression and extinction. Please! Give me a break! Not mentioned in the TARP Fund disbursement is the payoffs for foreign investors extorting money from culpable Wall Street firms, even rumors of payoffs to quiet the death threats to Wall Street executives. The $700 billion did not go to mortgage portfolio relief, but instead to Wall Street firm preferred bank stock, the stuff of family fortunes and trust funds, vigorously protected. The TARP Funds still remain without an independent audit. As Paul Volcker said in his unprecedented diatribe harangue last week, the Financial Regulatory Overhaul Bill started out with strong motive to reduce the US Federal Reserve powers, but ended up giving it even more power. Credit goes to the $200 million lobby budget by Wall Street firms handed to the USCongress, the biggest pack of losers, petty thieves, influence peddlers, compromised hacks, and babbling idiots perhaps in existence.

At great risk is the breakdown of faith and trust in the USDollar and USTreasury Bond internationally, from a climax collapse of the Fascist Business Model itself. The deep hidden costs of the Fascist Business Model are diverse inefficiency, layered cost to the privileged corporatocracy, crushed middle class, interrupted capital formation, lost income engines, and the social effect of a recognized two-tier justice system. The primary threads of criminal fraud serve as its hallmark glue for cohesion. At great risk is the breakdown of contract law and legal obligation, a cornerstone of American commerce, even commerce globally. At risk is the revenue stream for the big banks, many of which are dirty up their ears in bond fraud creation, misrepresentation of bond sales, predatory lending, duplicate mortgage titles in bond securities, document forgery, and disguised property theft. If a significant portion of the American public decides to scoff at their legal obligation to pay on loans, initially here with home loans, but later possibly with car loans and credit card loans, then the US financial system will plunge into darkness and surely collapse.

The nation is at the doorstep of systemic failure, greatly at risk of the social accelerant of Civil Disobedience tossed on the fires of anger from betrayal, and despair from loss. Capitalism has failed in the United States of America, simply put. Its capitalist spirit was crushed by unsound money managed by a squatting central bank, raids upon the national gold treasury, abandonment of industry, wretched economic theories, labor union backlash, the high cost of military pursuit, price inflation (in particular labor) from war expenditures, and banking policy that encouraged a series of asset bubbles. The population is vulnerable to disseminated disease like the Swine Flu, vulnerable to poverty from wrecked wealth engines and wrecked wealth repositories, vulnerable to foreign blockade of imported supplies, vulnerable to resistance to high crimes being declared terrorist activities, vulnerable to information restrictions from internet censorship, vulnerable to incarceration of the dispossessed in FEMA Camps, and vulnerable to police suppression against efforts toward survival. The nation has never been closer to class war in its history. The nation is witnessing a climax of a systemic debt cycle. The Macro credit cycle is in the process of declaring the USGovt debt condition as unfixable and growing worse each year, a macro bankruptcy process at work. We finally see the USGovt dealing unsuccessfully with insolvency. Inescapable is the Macro credit cycle, where the USEconomy is drowning in oceans of debt, the US banks are stuck with toxic debt, the US households are weighed down by excess debt, US industry with its legitimate income is long gone to Asia, and the USGovt new debt issuance is as much a burden as debt service. The nation is plunging slowly into the Third World. Systemic failure has advanced in a grand tragic pathogenesis. The escalating gold price is urgent response.

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/... http://www.marketoracle.co.uk/Article23276.html

I suppose this could be viewed as a hypothetical 'smart teabagger'-type take on the economic situation. Though perhaps prone to (poetic) exaggeration, I see much to agree with here, though, especially in terms of the erosion of Rule of Law. Significant events are in progress.

[Recursion]

1. Maybe he fell for that joke about Geithner?

New Treasury Secretaries must come from the marbled halls of Goldman Sachs with full pedigree in order to perpetuate entrenched ongoing activities

Except, of course, for the current Treasury Secretary who has never worked for Goldman, and has been a public servant for most of his career. He passed up 7-figure private equity opportunities to make low six-figures at the NY Fed (yes, I'd love to make low-six-figures too, but I'm not going to shit on a guy who passed up 7 figures for it).