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Chossudovsky: The Financial Crisis and the Bank Bailout (Video) 2009-09-23 0:00
"The stated objective of the bank bailout programs is to alleviate the banks' burden of bad debts and non-performing loans. In actuality what is happening is that these massive amounts of money are being used by a handful of institutions to consolidate their position in global banking.
The exposure of the banks, largely the result of derivative trade, is estimated in the tens of trillions of dollars, to the extent that the amounts and guarantees granted by the Treasury and the Fed will not resolve the crisis. Nor are they intended to resolve the crisis.
The mainstream media suggests that the banks are being nationalized as a result of TARP, In fact, it is exactly the opposite: the State is being taken over by the banks, the State is being privatized. The establishment of a Worldwide unipolar financial system is part of the broader project of the Wall Street financial elites to establish the contours of a world government.
In a bitter irony, the recipients of the bailout under TARP and Obama's proposed $750 billion aid to financial institutions are the creditors of the federal government. The Wall Street banks are the brokers and underwriters of the US public debt, although they hold only a portion of the debt, they transact and trade in US dollar denominated public debt instruments Worldwide.
They act as creditors of the US State. They evaluate the creditworthiness of the US government, they rank the public debt through Moody's and Standard and Poor. They control the US Treasury, the Federal Reserve Board and the US Congress. They oversee and dictate fiscal and monetary policy, ensuring that the State acts in their interest.
Since the Reagan era, Wall Street dominates most areas of economic and social policy. It sets the budgetary agenda, ensuring the curtailment of social expenditures. Wall Street preaches balanced budgets but the practice has been lobbying for the elimination of corporate taxes, the granting of handouts to corporations, tax write-offs in mergers and acquisitions etc, all of which lead to a spiralling public debt.
The Federal Reserve System: Circular and Contradictory Relationship
The Federal Reserve system is a privately owned central bank. While the Federal Reserve Board is a government body, the process of money creation is controlled by the 12 Federal Reserve Banks, which are privately owned.
The shareholders of the Federal Reserve banks (with the New York Federal Reserve Bank playing a dominant role) are among America's most powerful financial institutions.
While the Federal Reserve can create money "out of thin air", the multibillion outlays of the Treasury (including the Bush and Obama bank bailouts) will require the emission of public debt in the form of Treasury Bills and government bonds. Part of these T-Bills will of course also be held by the Fed.
US financial institutions oversee the US public debt. They are involved in the sale of treasury bills and government bonds on financial markets in the US and around the World. But they also hold part of the public debt. In this regard, they are the creditors of the US government. Part of this increased public debt required to rescue the banks will be financed or brokered by the same financial institutions which are the object of the bank rescue plan.
We are dealing with a pernicious circular relationship. When the banks pressured the Treasury to assist them in the form of a major bank rescue operation, it was understood from the outset that the banks would in turn assist the Treasury in financing the handouts of which they are the recipients.
To finance the bank bailout, the Treasury needs to run a massive budget deficit, which in turn requires a staggering increase of the US public debt.
Public opinion has been misled. The US government is in a sense financing its own indebtedness: the money granted to the banks is in part financed by borrowing from the banks.
The banks lend money to the government and with the money they lend to the government, the Treasury finances the bailout. In turn, the banks impose conditionalities on the management of the US public debt. They dictate how the money should be spent. They impose "fiscal responsibility"; they dictate massive cuts in social expenditures which result in the collapse and/or privatization of public services. They impose the privatization of urban infrastructure, roads, sewer and water systems, public recreational areas, everything is up for privatization.
The recipient banks are the beneficiaries as well as the creditors. As creditors, they will oblige the government a) to slash expenditures b) to run up the public debt through the issuing of treasury bills and government bonds.
This public debt crisis is all the more serious because the US federal government does not control monetary policy. All public debt operations go through the Federal reserve, which is in charge of monetary policy, acting on behalf of private financial interests. The government as such has no authority over money creation. This means that public debt operations essentially serve the interests of the banks."
Islamic State 'blows up Palmyra arch' 2015-10-06 21:37
Palmyra's Arch of Triumph was built by the Romans in the second Century AD
Islamic State militants in northern Syria have blown up another monument in the ancient city of Palmyra, officials and local sources say.
The Arch of Triumph was "pulverised" by the militants who control the city, a Palmyra activist told AFP news agency.
It is thought to have been ...
ISIS on the Run: Russian Airstrikes Totally Obliterate Terrorist Forces in Just 72 Hours 2015-10-06 4:38 Russia has just achieved, in 72 hours, what the West failed to do in an entire year.
The Su-34 – World’s best machinery for annihilating terrorists.
Numerous news outlets are now reporting that ISIS forces are in total disarray and even, in some cases, completely on the run following the start of Russian airstrikes last week.
Russian Lt. Gen. Andrei Kartapolov said that ...
Oregon Gunman Left Hate-Filled Note and Long Struggled with Mental Issues, Sources Say 2015-10-05 23:21
The gunman who carried out the deadly attack on Umpqua Community College was described Friday as a “hate-filled” individual, with anti-religion and white supremacist leanings who has long struggled with mental health issues, law enforcement sources said.
Officials said Friday they had recovered 13 weapons tied to the shooter, Chris Harper Mercer, 26. Six were found at the college, seven were ...
This is Dildoween 2015-10-05 23:07
Halloween is a fitting metaphor for a society rank with the stench of its own decay. Youtube sensation Uncuck the Right accordingly presents all your favorite alt-right anti-Cultural-Marxist memes in one convenient song and video for the "season of spooks." Enjoy but don't hand out any more free candy.