http://uk.youtube.com/watch?v=vVkFb26u9g8
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stevieo64 |
financial meltdown explained |
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Here is a short video explaining how money is created from virtually nothing and how the banking system works. It also shows exactly why we're in the
global financial s**t we're in today. If you weren't concerned before this wait till you've watched it
http://uk.youtube.com/watch?v=vVkFb26u9g8 My greatest fear in life is not being remembered when I'm dead - Anon |
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belladonna |
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He's a proper little ray of sunshine, isn't he ?
Actually, folks, this really is worth looking at, when you have time. Although quite crudely animated (IMO) the message is clear enough for a financial dunce like me to understand and I learned a lot ...like, we're all DOOMED !!!! ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Here we are stranded - somehow it seems the same, beware. Here comes the Quiet Life again? |
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o2bInvisible |
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Yeah I watched all 5 parts ( totals about 1 hour about ).
It said > U.S.Presedent W. Wilson tried to prevent the secretive Federal Reserve Bank ( they create a false sense of currency ) but was trumped, then President R. Nixon got rid of the gold standard ... it be great if Obama got rid of the Federal Reserve and made money = value instead of debt, but it isn't going that way so far, is it ? "They" ( our so called representatives) seem to be currently trying to re-inflate a dying system that has proven it can't work. They are putting off an inevitable total collapse, it seems. Collectively, we have to show the awareness/will to create/demand a "money = actual value" system we all can trust in. (Not enough people seem to have that figured out yet for there to be a consensus however.) Great topic. Thanks for starting this thread. |
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RememberGenie |
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Oops Steve I did watch it and meant to get back on and say thanks for posting. I now have a clearer understanding of just how much %+%% we are in. Ta petal!!
Temet Nosce
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stevieo64 |
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Hi there, i didn't want to spread doom and gloom but i think everyone should watch this. The term house of cards springs to mind. I'm no communist but
capitalism based on this banking/financial model was is doomed to failure. Perhaps this crisis should be treated as 'ground zero' and the world should
get its head together to create a new financial system. Anyway what do i know?
My greatest fear in life is not being remembered when I'm dead - Anon |
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stevieo64 |
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Shouldn't these people be held accountable for their actions. Certain people in certain positions must have known that highly risky lending/ trading of money/loans would result in what we are seeing today and its going to get worse. After all these bankers and traders are supposed to be the cream of our intelligentsia {ha!} An example, a trader at Lehmans in New York would have a salary of $164,000 but if he met his annual targets would get a bonus of £5m, so you can understand their motive of risky trading. As you can see i've got a bee in my bonnet about this but the more i read about the detail the more incredulous it gets and it affects nearly everyone. {rant over} My greatest fear in life is not being remembered when I'm dead - Anon |
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birgittesc |
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Ah, the good old Money As Debt, a very good documentary indeed! For those interested in this subject, The Money Masters is also a
must see, as well as America: From Freedom to Fascism by my hero Aaron Russo.
Aevericka BirgitteSC.com Birgitte's Kate Bush Page "Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius -- and a lot of courage -- to move in the opposite direction." -- Albert Einstein |
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o2bInvisible |
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Breakthrough news !
The Swiss bank tax evaders and illegal funds types are in for an unpleasant development - a Swiss bank won't play that "game" anymore - here's a copy/paste from the New Your Times : Tax cheats beware: Swiss bank UBS, accused by the U.S. of helping 17,000 Americans hide their cash from the IRS, is giving up the names of secret account holders as part of a deal to avoid prosecution that also includes paying a $780 million settlement. The Swiss bank account has been synonymous with shady accounting for hundreds of years, but the UBS deal threatens to wipe away that tradition. "The Swiss are saying that this is the end of Swiss banking as they knew it," an offshore tax expert told the New York Times. "Nobody will trust the security of the Swiss bank account." |
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Mondo Sinistro |
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A few days ago I started looking at these clips, although I've only seen part of it. I have to strike a contrarian note. I don't see what the fuss is
about. I really don't. This is standard tin-foil-hat fodder, more Coast To Coast stuff. Let's just do a bit of a reality check. First of all, the Fed
has been around for nearly 100 years now, and in that time we've had major changes in the way the economic system works. We've had periods of low
interest rates, periods of high. Periods with steeply progressive tax rates, and times like now with a fairly flat tax structure. Periods of much regulation,
periods with less. High inflation, low inflation. Growth, and recession. War, and peace, and quasi-war (big military-industrial complex). We've seen it
all. So if you ask what is behind the recent CHANGES, why would you point your finger at one of the relatively few things that is a CONSTANT?
Whether you like this or that aspect of the Fed or not, it's not the cause of the problem. If so, why wasn't it causing the same problem in 1950? Or 1970? Same for the gold standard, or fiat money. I'm sure there are various pros and cons, but the system can work well or poorly under either arrangement. To focus on this is to ignore a whole host of other things--most of all, attitudes and perceptions--that more urgently need fixing. BTW why are people in this presentation talking as if the way the Fed creates money is some deep, dark secret that--OH MY GOD, WE HAVE EXPOSED SOMETHING SO EVIL YOU WON'T EVEN BELIEVE WHEN YOU HEAR IT!! He11, we were taught where money comes from--that is, the way the Fed works--back in the twelfth grade of school! What's the big secret? |
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stevieo64 |
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O2binvisible, its such a radical and correct thing for a US president to do isn't it. Its almost too good to be true. How many billions in revenue will
that create? Its a pity Gordon won't follow suit though, I don't think Eddie George will let him. What will Obama do next... scrap the Federal Reserve!
My greatest fear in life is not being remembered when I'm dead - Anon |
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stevieo64 |
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Hi Mondo, there's no secret to fractional reserve lending but what a crazy system, designed only to make a very few people extremely wealthy at the expense of the rest. Do you not see a problem with the Federal Reserve being privately owned by effectively the same people who own the Bank of England. "Whosoever controls the volume of money in any country is absolute master of all industry and commerce... And when you realise that the entire
system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression
originate."
My greatest fear in life is not being remembered when I'm dead - Anon |
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Mondo Sinistro |
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I didn't say it was not a problem. And I'm not at all surprised that the rich and powerful would design a system that serves their interests. But
again, I ask you how it is that this same system was in place when the overall economy was working well, and when it was not. And the quote you just cited in
fact draws attention to my claim--periods of inflation and depression occurred prior to the creation of the Federal Reserve, such as when Garfield was
President, and in fact AFAIK pretty much were allowed to run their course. Since the 1930s we have in fact had the longest period without a major economic
contraction since the creation of the US. If the Fed was such a cause of this problem, how did that in fact happen?
BTW, just wondering--the Fed pertains to the US. What other countries have similar systems? |
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stevieo64 |
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The Federal Reserve became the only lender of money to the US government in 1913 under President Woodrow Wilson and has remained so since. The Bank of England
is privately owned {by same people who own the Fed}. Virtually every country in the world {including China and Russia}has a central bank owned by the same
people. So in a nutshell virtually all the money in the world is lent out to governments by the same people. Back to the 1929 stock market crash, between 1929
and 1933, 40bn dollars were taken out of circulation by the fed, by not lending money out. I believe that this is what is happening in this current crisis and
probably for the same reasons.
My greatest fear in life is not being remembered when I'm dead - Anon |
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Rokateman |
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Sorry to be pedantic Stevie but the Bank OF England was nationalised by the Labour Government in 1946
I'm straight & into Kate ... so are probably next ... well I am paranoid
Marvyn & Dougal rule OK |
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o2bInvisible |
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Protesters visit AIG officials' lavish Conn. homesSunday, March 22, 2009
(03-22) 04:29 PDT Fairfield, Conn. (AP) --
A busload of activists representing working- and middle-class families paid visits Saturday to the lavish homes of American International Group executives to protest the tens of millions of dollars in bonuses awarded by the struggling insurance company after it received a massive federal bailout.
About 40 protesters sought to urge AIG executives who received a portion of the $165 million in bonuses to do more to help families.
"We think $165 million could be used in a more appropriate way to keep people in their homes, create more jobs and health care," said Emeline Bravo-Blackport, a gardener. She marveled at AIG executive James Haas' colonial house, which has stunning views of a golf course and the Long Island Sound. The Fairfield house is "another part of the world" from her life in nearby Bridgeport, which flirted with bankruptcy in the 1990s and still struggles with foreclosures and unemployment." "Lord, I wonder what it's like to live in a house that size," she said. Another protester, Claire Jeffery, of Bloomfield, said she's on the verge of foreclosure. She works as a housekeeper; her husband, a truck driver, can't find work. "I love my home," she said. "I really want people to help us." News of the bonuses last week ignited a firestorm of controversy and even death threats against AIG employees. The company, which is based in New York, has received $182.5 billion in federal aid and now is about 80 percent government-owned, while the national housing and job markets have collapsed as the country spirals into a crippling recession. American International Group Inc. has said it was contractually obligated to give the retention bonuses, payments designed to keep valued employees from quitting, to people in its financial products unit, based in Wilton, Conn. Congress began action on a bill that would tax 90 percent of the bonuses, and the company's chief executive urged anyone who received more than $100,000 to return at least half. AIG has argued that retention bonuses are crucial to pulling the company out of its crisis. Without the bonuses, the company says, top employees who best understand AIG's business would leave. The company, in response to the protests, said all its employees were "working very hard to pay back the government and help the U.S. economy recover." "The people working at AIG today are part of the solution, not part of the problem," company spokeswoman Christina Pretto said in an e-mailed statement. Besides Haas' home, protesters on Saturday also visited the Fairfield home of AIG executive Douglas Poling. They were met both times by security guards. They left letters that acknowledged some executives, including Haas and Poling, are giving up the money but that asked them to support higher taxes on families earning more than $500,000 a year. "You have a wonderful opportunity to help your neighbors in Connecticut," the letters said. "We ask you to consider the experiences of families struggling in this economy." Afterward, the group protested at the office of AIG's financial products division in Wilton, where they waved signs and chanted, "Money for the needy, not for the greedy!" There were no arrests. Mary Huguley, of Hartford, said AIG executives should share their wealth with people like her sister, who is facing foreclosure. "You ought to share it, and God will bless you for doing it," she said. The protests came amid new questions about the retention bonuses. State Attorney General Richard Blumenthal said Saturday that documents turned over to his office by AIG appeared to show that the company paid $53 million more in bonuses to its financial products division than previously reported. AIG said Blumenthal was wrong. It said the payments to which he referred had been made months ago and had been disclosed to the U.S Department of the Treasury.
Last Edited By: o2bInvisible
March 22, 2009 15:16:52.
Edited 1 times.
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