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05 February 2015

Global Conflict Discussion (Part 5): Austerity & Great Recession

What are we told is the solution to the global financial crisis caused by financial megaliths deemed "too big to fail"? Austerity: the seemingly innocent code-word for ginormous piles of trickle-down feces. Austerity generally comes in two forms: cuts to public services and increased tax rates. In 2008, a third austerity method was utilized, governments called it: bailouts. All three methods of austerity translate into giving the banksters more money. Are you fucking kidding me? Give banksters money, when they readily show their incompetence, rather, their greed, corruption, lack of conscience, and unabashed arrogance. 

The Founding Fathers were right when they warned us of the dangers of giving the banks too much power. During the Great Recession  (i.e., The Great Depression, pt. II) the international financial cartels effectively crippled all the nations by demanding tribute in between harvests - as if a field can be reaped before it is sown. And, the whole situation stinks of fertilizer. Austerity is in essence, a poor tax for being fucked over by the rich. 

So, how does bailout austerity work: the concerned government takes over debts that financial institutions fraudulently entered into with citizens (ignorant of the fraud). Financial institutions take money from citizens, then if unable to receive payment, they take the collateral and charge the debt off on their income taxes. The unwary citizen risks owing debt for an object (house, car, etc.) that has been repossessed ("taken back"). In addition to taking back items, the financial institutions most likely also sold off the original bad loan in batches called derivatives

"Nasty little buggers," these derivatives, they're like an international game of 3-Card Monty dealt by Cardini. Often when an item is repossessed, the bank resells it by making a new loan with some other unsuspecting citizen. In these instances, the bank makes money from writing the item off (tax credit), from selling the debt (derivative), from the original debt-holder who pays the bank to save their credit score, and from the new debt-holder who purchased the repossessed item. What a scam! Four payouts on one bad bet, er hm, I mean loan.

Pax et Poema.


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