Considering the worlds deficits and imbalances, this shouldn't come as a surprise: how many prestigious degrees are there among the global elites? Are they just ignorant or have they gone bonkers while succumbing unrestricted stupid greed?
This tells you how dire and surreal the world situation really is. World citizens have been completely abandoned by their lawmakers and financial institutions, which are now in 'cannibalistic mode', fighting and dancing around the remains of a 'mega-toxic-debt carcass'. The ' Kerviel-SoGen Affaire' illustrates this perfectly. Societe Generale missed 75 warning signs on the activities of rogue trader Jerome Kerviel, the times.uk revealed. Read my lips: seventy-five! It gets outrageously funnier. Mr Kerviel got a €60,000 bonus for 2006 and €300,000 bonus for 2007. The article goes on:
"At this stage of the investigations, there is no evidence of embezzlement or internal or external complicity," the report said. Bear in mind that the French bank' losses totaled €4.9 billion..
As for the European elites, it all comes down to which 'scum' is on the menu. Hear this: Massive suspicion of fraud report (funding worth £100 million a year) won't be published, say Euro-MPs. Another example is that of fund manager John Paulson who cashed up to $4 billion speculating against the housing bubble and whose adviser was no other than Sir Alan Greenspan. By telling the Gulf Sates to drop dollar, which game is the Maestro playing exactly?
Since Greenspan will be remembered as the engineer of the Great Fall of America, the Federal Reserve Bank of New York doesn't deserve a "presumptive triple-A" but a 'mid-grade junk' credit quality instead. Do you agree? Have 'they' never heard of the Law Of Diminishing Returns? Seven years later, in gold terms today, the market is down more than 70 per cent from its peak in the year 2000, acknowledges Mark Farber, known as Dr Doom. Bernanke policy to 'Destroy' U.S. Dollar, he concluded. Dr Doom should be trusted and here is why: as of 03/07, The Federal Reserve on its website announced two initiatives to address heightened liquidity pressures in term funding market; considering that the nonborrowed reserves went negative one month ago or so, it looks like the panic mode is now a step closer. But for the Dr Doom crowd the game is over: The Fed's rescue attempt has failed. In his article titled 'The Upcoming Financial Pandemic', Roubini explains how the contagion will spread.
A Culture of Greed. Stupid greed nonetheless. Fake greed. 'Greed' cannot help when one is ignorant; most Wall Street players do not know the name of the game. Kings become beggars and play musical chairs. Today central bankers and their cheerleaders ask one another to neutralize currency volatility and to keep inflation in check while trying to find a way to get rid of their own dollar/foreign reserves; they all know how American's reckless policies have set in motion several calamities - moral hazards - that are going wrench the entire planet.
A Revolt Of The Debt-Slaves In Sight?
Despite the corruption running deep, Regulators Hope to Make Wall Street Pay for Its Role in Subprime-Mortgage-Fueled Housing Bust. Duh! Do they mean that we'll see several of those several spectacular and massive settlements, which do not have any other purpose than tone down persistent rumors while enriching the law firms cartel? Let's not kid ourselves. What we need is to challenge the entire power pyramid instead of putting band-aids here and there (useless reforms) because obviously doing so doesn't work anymore. Ludicrously complex' bank products are being attacked as the financial firms are in the hole for an additional $600 billion, Bloomberg reports early March.
Out if curiosity, did you read in the press about this 'Home Owners' Loan Corporation ? I do not wish you to freak out, but you ought to know that The HOLC was part of the Home Owner's Refinancing Act, a Franklin D. Roosevelt New Deal agency established in 1933... during the Great Depression. So what?, you ask. It is a plan that Congress might resurrect (NYTimes 02/24), upon the advice of former Federal Reserve Vice Chairman Alan Blinder. We're on the brink of a (world) depression! Irony or cynicism, you decide: the guardian.uk, recently said that bank crises 'increase rate of heart attacks'.
Toward the end of February, Roubini, a prominent Keynesian economist whose reports rather brilliantly highlight the fraudulent premises of the system, forecast the next big event: 1 0 to 15 Million Households Likely to Walk Away from their Homes/Mortgages. There are consumers who bought a condo or a house even knowing that the monthly mortgage payments could be hardly met - but thought that the endless increase of their house value would rescue them anyway. It didn't play out this way: Subprime loans are defaulting even before being reset. 'Debt prison' could be a lifetime sentence as some lenders are working to create harsher penalties for those people. What is going to happen now that even Greenspan himself admitted that the US Growth is at Zero. With the banks turning off the credit pipeline and more Americans are maxing out their credit cards to stay afloat, an upcoming economic contraction is just more than a certainty.
While in the US more homeowners began to walk away instead of paying their mortgages, in the UK, going bankrupt starts to be accepted as a way of life as going bust loses its stigma. In short they turn their backs and step away while shrugging. More candidates for the biggest-selling drugs of all time: antidepressants, which are now bashed by a recent UK study. What if they also did not work because people did not address the causes that make them depressed in the frist place? How can people believe in a system providing them with estimates and predictions that turn out always being false over a given period of time?
If we dare to honestly analyze all our attempts to revolutionize societies we must admit to having failed miserably. As our system was becoming more organized and socialized apparently it ended up generating has more (economic) slaves than 400 years ago. No more denial: money control doesn't work. 
It has never worked! What They know is that controlling the money supply leads to failures. They also know better how to protect their assets in time or economic hardship; that starvation, death and terror are keys to keep humans begging for protection. Time to go back to square one whatever may happen to the system, the latter is going to dismantle itself even if we do not intervene anyway. But instead of adding oil onto the fire by starting a bloody revolution, that very revolution should take place within our inner selves. There is no fight to win other than the motto: no force and no fraud. Therefore must we attribute the exponential growth of debt to a theft, thus a institutionalized coercive fraud which itself nurtures myriads of (un)intended nasty consequences.
True liberals, in the classic sense, refute government intervention. They have nothing in common with 'modern day liberals'. The latter don't seem to grasp that their altruism is highly inimical to their professed belief in liberty, Ben O'Neill asserts. He asks us to bear in mind that some of the largest Western charitable organizations were founded in the 19th century, at a time when the market was a lot free-er. Since then the expansion of the welfare programs has parasited the meaning of charity and damaged the charitable ethic. And as a matter of fact, he's absolutely right. Here is a compelling example: under the pretense of addressing global warming, the biofuel market has caused commodities to skyrocket (surging wheat, corn prices) all of which provoked riots around the globe, particularly in poorer countries. As a result, Zeigler, the UN Special Rapporteur on the right to food, told reporters in New York the following:
It is a crime against humanity to convert agricultural productivesoil into soil which produces food stuff that will be burned into biofuel
All causes of hunger are man-made, it's a problem of access, not
overpopulation or underproduction, and can be changed by human decision
That you believe in global warming or not shouldn't be the focus here, but its link to pollution and overconsumerism, hence superdebtism should be. So, now we are on the brink of man-made food shortages because we simply consumed our way to happiness, is that right? If the Elites were so smart, how does it comes that our brilliant politicians have let this consumerism grow out of control? For the sake of their 'own musty pulp economics'?
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