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Best summation of the global financial crisis out there.

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go west young man Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-25-11 08:54 AM
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Best summation of the global financial crisis out there.
Just a reminder about the real cause of the financial crisis:

Devastating Deregulation of financial and banking systems facilitated by "campaign contributions" (AKA Bribes/pay offs) to politicians, presidents Etc.

Disastrous decision to allow private banks to create money through Fractional reserve banking allowing reckless and money creating on the scale of 33 x the Banks depository flooding the world with debt.

Trillions in Derivative gambling and speculation ridiculously leveraging the markets and indexes making them unstable. The amount of derivatives still present in the system are estimated at 100 x the world GDP!! (time bomb waiting to explode)

Tax avoidance by banks and corporations to the tune of 10s if not 100s of billions

Government Bail outs undermining the entire principle of true free market capitalism, causing insane moral hazard and risk taking as all risks and private bank losses are passed onto the innocent tax payer.

Insane Financial sector Bonuses totaling 15-20 billion per year causing reckless behavior and massive risk taking.

Lending to people who would never be able to pay back loans(subprime lending) The (responsibility has to fall with the lenders for being so stupid and irresponsible)

100% proven Market and index manipulation in the Silver and Gold markets by massively naked short selling silver and gold Exchange traded fund ETF's especially.

Banks loading up countries with fraudulent debt by selling them toxic (CDSs CDOs) and then hiding this debt to get them membership into the EU where they would not survive amongst much larger economies which was a major catalyst which led to the implosion of the Euro zone so the Troika (IMF, ECB, EU) can move in and then asset strip all the genuine valuable services from these countries.

Subprime mortgages and predatory lending time bombs -causing 1000's of foreclosures on innocent American people especially.

Credit debt Obligations rated AAA when they should have been rated junk Credit default swaps also majorly leveraging the financial systems.

Global elite Fighting illegal undemocratic wars with no vote for the people of the countries involved - Spending billions on mass genocide

Corrupt rating agencies, no accountability ,no police investigations, no Jurisdiction. Corrupt politicians
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