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OpEdNews Op Eds    H3'ed 3/1/15

What Large Banks Don't Want You to Know

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Message Joseph Clifford
Banksters - Get Out of Jail
Banksters - Get Out of Jail
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There are many topics and ideas corporate America would rather you not know anything about, for fear you might want change which would hurt their interests. One well-kept secret in this country is the emergence of a movement to bring you public banks. Many probably do not know they exist or what they are, however most of us know that we are controlled by the large corporate banks and financial interests who dictate policy to the US government, who then dictate what the banks want, to citizens. The power of the financial world over the US government and our lives is enormous. They brought the entire world to its knees in 2008, but because of their enormous power no one was held accountable for the economic destruction of millions around the world. The US government argued that banks were too big to fail, then turned around and took 12 trillion dollars from the economy without even asking your permission, and bailed out the banks. You were not even consulted. The 12 trillion was simply taken and given, with no strings attached. This is the perfect example of "corporate welfare"; taking from the poor and giving to the rich. No outcry from those who usually whine about the illegal immigrant getting $10 from the US government for food stamps, because you have been trained and conditioned to scapegoat the little defenseless guy, while not saying a word about a 12 trillion dollar transfer of wealth to banks.

The 12 trillion was given unconditionally with no demands for reforms of any kind. Indeed many of the banks took the money and one of their first acts was to give their CEO's gargantuan increases in salaries. Nothing has changed since 2008 and the banks are set to collapse again. Large banks currently hold about 280 trillion dollars in derivatives. You will pay again, but the rules have been changed since 2008, and now when a bank needs a bailout, depositors will pay. How come you did not know this?

Other countries do things differently, but you are not allowed to hear about Iceland and how they handled the banks. They refused to pay off the loans to large banks saying it was not the fault of the people or the country. Banks were irresponsible and therefore should not expect the public of Iceland to bail them out. Probably never heard this huh? The people of Iceland had a national referendum and voted not to pay back the banks. The financial establishment of Europe came down on Iceland with all kinds of threats and dire warnings, saying they would not survive and their economy would collapse if they refused to pay back loans to banks. The people persisted, did not pay off banks, and despite all the predictions of doom and gloom by financial experts, not only survived but has the strongest economy in Europe.

The people of Iceland however were not done; they wanted the bank leaders prosecuted for fraud and financial misconduct. Bet you never heard that either huh? The executives of the three largest banks were taken to court and found guilty, and the decision was upheld by the Supreme Court of Iceland. At some point they will be sentenced! Bank executives doing jail time is another well-kept secret in this country.

Syriza in Greece, also is blaming banks for their economic disaster and is proposing an alternative. They want the banks to be owned by the public and will move to do so in the near future, which explains the attempt by the financial interests of Europe to smear Syriza by calling it "radical" and "extremist".

A little known phenomena in this country is the growing movement to have public banks. Public banks are owned by the people through their respective states or cities. They do not try to show a profit, and do not take risks or speculate in derivatives; they just give out loans, usually to other state agencies, and the money spent by those agencies improves the lives of the community. A novel concept. Public banks have no high paying CEO's, take no risks, and insure that loans stay in state to help the economy and the lives of the people. Can it work? Already does! North Dakota has had a state public bank for years. It outperforms everyone, including Goldman Sachs. Germany, Switzerland, Ireland, China, Brazil, India, Greece, and states such as New Mexico and Colorado are exploring public banks, but you may not be aware of it. They do not want you to know, for knowledge is power! If the public really knew about public banks, they would want them! Not good for those who control you.

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Joe Clifford lives in Rhode Island and has written a regular column for an online newspaper and has contributed many articles to various RI newspapers. His articles deal almost exclusively with American Foreign policy but ventures into other (more...)

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