no third solution

Blogging about liberty, anarchy, economics and politics

Bailouts, Bullsh*t and Blackmail: How Banks Profit in the 21st Century

August 27th, 2009

In case you’re still not convinced that the banksters are holding us all hostage,  essentially blackmailing us under the repeated threat of “systemic collapse”, I have one question for you: how much more evidence do you need? Virtually nobody wanted to help them out, but they took $7.4 Trillion dollars anyways!  In other words, under color of law, they stole six months of your hard work, so as to perpetuate a massive check-kiting pyramid scheme.

As it turns out, six months of your labor wasn’t enough. And adding insult to injury, not only do they want more money (from you), they want no accountability so badly, even after having ripped you off for $7.4 Trillion, that they are to make your life even shittier what with the “complete economic collapse” thingamajig. At Zero Hedge, Tyler Durden calls this “Racketeering 101.”

The players are: ABN Amro, Chase, US Bank, Wells Fargo, Bank of America, The Bank of New York, Deutsche Bank, HSBC, etc. — a veritable “Who’s Who” of motherfucking scumbags, political profiteers and rent-seekers extraordinaire, who together have siphoned off or otherwise managed to destroy more wealth than any World War.

The reasons put forth by the CHA simply do not hold up under scrutiny: “The severe competitive harm that public disclosure of their identity will cause,” and the argument that “negative rumors about a bank’s financial condition – even completely unfounded rumors – have caused competitive harm, including bank runs and failures.”

Spin. Let’s rephrase: “The severe competitive harm that public disclosure of their crimes will cause,” and the argument that “facts about a bank’s insolvent financial condition” will cause people to avoid them like the Plague.  Puts things in perspective, doesn’t it?

If mere “rumors” of insolvency set in motion certain events leading up to the eventual failure, we can logically conclude that the bank was insolvent in the first place. Public awareness exposes the fraud sooner, but awareness didn’t cause the insolvency. If these banks are worried about “rumors”, it’s because they’re trying to pass themselves off as solvent to delay their reckoning and steal a few more billion dollars from you before the whole system comes crashing down. In other words: they’re broken, and they know it.

The only people who want to obscure the facts and suppress the truth are those people who profit from lies.

They say the world will end, “teh economy will collapse” unless we help them.  They’re fucking wrong. I say: Let’s call that bluff. Let’s see it all collapse.  We can do without any of them, but they can’t do without us.

Their world might very well end, but I don’t see anything wrong with that.

no third solution

Blogging about liberty, anarchy, economics and politics