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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Tuesday, November 27, 2012

The Financial System: FUBAR by Goldman Sachs and Others

Let me get this straight:  there is $67 trillion floating around in the black hole called The Shadow Banking System.  Only banks deal there, not ordinary citizens.  The $67 trillion are not normal assets but are loans or borrowings amongst the banks of the world.  In other words, the $67 trillion is DEBT owed from one bank to another.  That is why the financial system has been royally screwed.  There are not enough people in the world to pay off that debt and there is not enough public property to privatize to pay off that debt.  Nevertheless, austerity is being imposed for just such a purpose.

Now the banks are pretending that the citizens of the world or their governments owe this money to them.  What a scam the banks have pulled off!  How long are the central bankers, the treasury officials and the finance ministers going to play this charade for us?  Is it to play out until we all are slaves to the banks?

There are no banking executives in jail for fraud because there are not enough jail cells to hold them all.

In spite of what PM Harper has said, Canada's banks did not get by unscathed.  Harper has finally admitted to bailing out the CMHC which is the insurer for mortgages that banks create.  He may call the purpose "adding liquidity" but you can also call it "bailout" because money went from the government into the banks.  The amount of the bailout was $75 billion (some figures say $114 billion).  Our wonderful Governor of the Bank of Canada, Mark Carney, formerly of Goldman Sachs, presided over that bailout.  Canadian banks also borrowed from the Federal Reserve discount window and one bank profited from the AIG bailout.  Carney is being rewarded by going from the frying pan into the fire (The Bank of England).  Bless him!

If anyone would care to explain the $67 trillion, please feel free to do so.  As far as I can tell, all this derivative dealing in the shadow system just creates austerity for us and big salaries and bonuses for the bankers like Lloyd Blankfein of Goldman Sachs.

Goldman Sachs Completes Economic Takeover of Europe
Paul Joseph Watson - Market Daily News

Paul Joseph Watson: The “surprise” announcement that Canadian Mark Carney is to be appointed Governor of the Bank of England means that the 2012 Bilderberg attendee completes Goldman Sachs’ virtual domination over all the major economies of Europe. Carney’s appointment has come as a shock to many who expected current BoE deputy governor Paul Tucker to get the nod, but it’s not a surprise for us given that we forecast back in April Carney would be headhunted for the position.
Carney is a former 13-year veteran of Goldman Sachs and was involved in the 1998 Russian financial crisis which was exacerbated by Goldman advising Russia while simultaneously betting against the country’s ability to pay its debt.
Carney’s appointment arrives just six months after he attended the 2012 Bilderberg conference in Chantilly, Virginia, an annual confab of over a hundred of the most powerful people on the planet who have routinely flexed their kingmaker status.
The Guardian reports that Carney is “largely unknown outside the cloistered circles of central bankers and financial regulators,” why is why his appointment came as a surprise to many, including JP Morgan’s Malcolm Barr who considered Paul Tucker to be a “shoo-in” for the job.
Carney’s status as a foreign national is cited as one of the reasons his selection came as a shock, but being Canadian he is after all a “subject” of the Queen of England, who confirmed his appointment after he was recommended to her by Prime Minister David Cameron.
The presence of Carney at this year’s Bilderberg confab undoubtedly helped him curry favor amongst the global elite and helped him to secure the position as Governor of the BoE, just as it has aided other luminaries in exalting them to higher office, such as Herman Van Rompuy, who was picked as President of the European Union just days after he attended a Bilderberg Group dinner meeting.
Read the whole article here


LiberatedCit said...

Where Is THAT ($1.7 - $10.2 Trillion) Going To Come From?
Correct answer is YOU
Your tax money is about to be blown in Greece

Why Inequality Is Rising Under President Obama

Joyce R said...

I always enjoy your links, LiberatedCit.  Thanks

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