Archive for the Banks and Banking System Category

Seeing 2020:  Federal Reserve Logic:  QE =/= QE.  Print, Lie, Print, Lie, Print, Lie.  The Great Financial Coup D’état Rages On. (January 6, 2020)

Posted in Banks and Banking System, Federal Reserve, Interest Rates, Kleptocracy, Repurchase Agreement on January 6, 2020 by e-commentary.org

. . .

K          “A year ago, Federal Reserve Chairman Powell repudiated a noble but doomed experiment.  After he raised interest rates in an effort to reach a normal, rational and traditional level, he and many others realized that interest rates can never ever ever ever ever be raised again and must be reduced to zero or less than zero to avoid financial collapse.”

J          “On January 30, as I recall, Powell relented because the Federal Reserve realized that the economic and financial system was again on the edge of collapse.  On September 17, as I recall, when the Federal Reserve again recognized that collapse was immanent, it opened up the coffers via the overnight repurchase market and shoveled free money to the banks and hedge funds.  And the free money is still flowing freely.”

. . .

K          “The entire financial and the political system is built on a deep and abiding faith in and reliance upon distrust.  Everyone in the banking and hedge fund world possesses enough self-awareness to know that she and he are corrupt and dishonest to the core.  And everyone in the banking and hedge fund world knows that the others in the banking and hedge fund world are corrupt and dishonest to the core.  Perfect knowledge in a world of otherwise imperfect knowledge.  Profound and well-founded distrust undergirds all decisions.”

J          “Actions and behavior are predictable, if one seeks to predict actions and behavior.  No banker or hedge funder wants to lend to another banker or hedge funder because each if given half an opportunity will not pay the money back.  Thus, they simply steal the money that is given freely by the Federal Reserve.  And the free money is still flowing freely.”       

. . .

K          “Now going on a dozen years, the Great Financial Coup D’état rages on and on and on.”

J          “And on and on and on and on and on without public input or congressional approval or MSM comment.  And the free money is still flowing freely.”

. . .

J          “Print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print. print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, print, and then rinse and repeat.”

K          “And then lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie, lie and then rinse and repeat.”

. . .

[See the incisive and insightful commentary in “Wall Street On Parade” researched and written by Pam Martens and Russ Martens; David B. Collum, the other Dave who provides a review of the events of the departing year, delivers his written “2019 Year in Review” in two parts and a podcast titled “Pandemonium” in his own inimitable way available at Peak Prosperity.]

[See the e-commentary at “Quantitative Easing = Money Printing (January 19, 2015)” published five years ago discussing the ongoing Quantitative Easing currently in overdrive and part of the Second Great Bank Bailout taking place without public input, congressional approval or MSM comment; “Coups d’état, Bail Outs And Bail Ins:  Clio’s Diary/Chronology.  Oh, And Happy Constitution Day! (September 17, 2018)” published on the ten year anniversary of the Great Financial Coup D’état; and “Twenty Sixteen (January 4, 2016)” published four years ago at the dawn of the year on the prospects for economic collapse in the near future.]

Bumper stickers of the week:

Print, baby, print

Lie, baby, lie

Not all debt is repaid, but all debt is paid

And the free money is still flowing freely

Does Any Institution In America Function? Oh, And Happy Friday The 13th! (December 9, 2019)

Posted in Academia, Banks and Banking System, Congress, Democrats, Federal Courts, Federal Reserve, Institutions, Jurisprudence Award, Kleptocracy, Law, Medicine, MIC, MICAC, Military, MSM, Noble Prize in Jurisprudence, Pushitzer, Pushitzer Prize In Commentary, Republicans, Supreme Court on December 9, 2019 by e-commentary.org

. . .

J          “I need one more day.”

. . .

K          “You don’t have to name three, just nominate one.”

J          “One institution after the other after the other after the other after the other after the other after the other has failed and continues to fail.  And that is even after lowering the standards to the point that the bar is on the floor.  One more day, I need.”

. . .

K          “The legal system at every level is a fraud and a racket.  We live in a country with many, many, many rules and many, many, many laws, but we do not live in a country that believes in or adheres to the rule of law.  There is no law, there is only ideology.”

J          “The medical and health care / sick careless system is a racket and a fraud.  I drive by the health insurance company skyscraper and reflect that not one person in the monolith has ever applied a band aid to a patient.  There is no care, there is only profitability.”

. . .

K          “The economic system is rigged at every step and turn to loot every last dollar from the people for the benefit of the Kleptocrats.  What is the end game for the expendable consumers who soon will have nothing left to bleed?”

J          “The MSM media is a wholly owned subsidiary of the Kleptocrats.  The message is tightly controlled by obedient droves of stenographers.  As a first step, everyone should skip ‘The Wall Street Journal’ and jump over to ‘Wall Street On Parade’ produced by Pam Martens and Russ Martens.”

K          “Academia is a substantially owned subsidiary of the Kleptocrats.  The message on the critical issues is also controlled and shaped by the corporate sponsors.  The campus buildings are all named for brigands; their kids and grandkids are admitted to skip the classes conducted in the namesake halls.  The hallowed halls are hollow holes.  The MIC is now expanded to include Congress and Academia in the MICAC.”

. . .

K          “Every agency from the Federal Aviation Administration (FAA) to the Federal Maritime Commission (FMC) – in the air and on the sea – is corrupt and incompetent.  Regulatory capture exists at just about every regulatory agency.”

J          “Furlough the ‘L’ out of the Bureau of Labor Statistics (B“L”S).  To determine the real rates of unemployment, a citizen must search in the shadows at “Shadow Government Statistics” prepared and analyzed by the dedicated and informed John Williams.”

K          “And then there is the Federal Reserve.  Probably no other institution, less one and perhaps two, has inflicted more grief and despair on the ordinary citizen with less publicity and notoriety than the Federal Reserve.”

J          “And related agencies such as the Securities And Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Federal Deposit Insurance Corporation (FDIC) are pernicious because they fool the citizen into believing that someone is watching out for him or her.”

K          “And the Department of Defense (DoD) exists primarily to spend money, drop bombs, and kill people but not to provide for the common defense.”

. . .

J          “The CIA and the FBI are a threat to every citizen at home and abroad and now may be affiliated with and advancing the interests of one political party.”

K          “The police in every burg and borough are paramilitary forces occupying the city and the county and the country.  Very few understand that the real Occupy movement in America grinds on.”

. . .

K          “Even many of the vaunted NGOs (Non-Governmental Organizations) surreptitiously serve the government’s interests.  The  Organisation for the Prohibition of Chemical Weapons (OPCW) is a front for the MICAC and shielded by the MSM that advances the propaganda.”

. . .

J          “Local EMTs and fire departments are generally contributing to the public good.”

. . .

J          “The National Credit Union Administration (NCUA) is a credit worthy institution administering its duties dutifully.”

K          “Despite unrelenting opposition from the White House, Republicans and industry, the Environmental Protection Agency (EPA) is doing what it can to reduce the plundering and the pummeling of the Planet.” 

. . .

K          “The ACLU is fighting the good fight.”

J          “Planned Parenthood is improving our plight.”

. . .

[See “Journalist:  Newsweek Suppressed OPCW Scandal And Threatened Me With Legal Action” and other articles in “caitlinjohnstone.com” by Caitlin Johnstone, the 2019 recipient of the Pushitzer Prize In Commentary, dated December 8, 2019 and the discussion of e-con-omics in “Against Economics” in “The New York Review of Books” by David Graeber dated December 5, 2019.]

[See the e-commentary at “Here Comes Da Judge; Dere Goes Da Justice (August 31, 2015)”, “The FBI File:  The American Imprimatur Of Success (January 18, 2016)”, “Suing Law Schools; Suing Gun Makers.  Oh, And Happy Law Day! (April 30, 2018)” and “Clinton, Inc., Trump, Inc., Bush, Inc., Kennedy, Inc., O’Bama, Inc. (October 24, 2016)”.]

Bumper stickers of the week:

“Every great cause begins as a movement, becomes a business, and eventually degenerates into a racket.”  Eric Hoffer

America is a racket not a republic.

“If the misery of the poor not be caused by the laws of nature, but by our institutions, great is our sin.”  Charles Darwin 

There is nothing you can do to make any material change of any kind in any way today.

“Start where you are.  Use what you have.  Do what you can.”  Arthur Ashe

Mr. Mueller – The National Mirror – Comes To Town (July 29, 2019)

Posted in Banks and Banking System, Deep State, Middle East on July 29, 2019 by e-commentary.org

. . .

J          “Republicans spin the exoneration and vindication angle.  Democrats spin the demonization and vilification angle.  The Republicans show blinded fealty to Trumpi not to Republicanism or conservatism.  The Democrats show fealty to blind self-destructiveness.”

K          “We just don’t get it.  We just can’t get it.  Bombs are ready to fall and banks are ready to fail and yet we get more side shows to distract the populace.”

J          “The National Mirror of the month is part of The National Distraction.”

K          “There is more to the back story that may emerge.  Stay tuned.”

. . .

[See the e-commentary at “Russian Interference; Russian Collusion (February 26, 2018)” and “The Release Of The Redacted Robert Rorschach Report (April 22, 2019)”.]

Bumper sticker of the week:

It’s Mueller Time [on a Miller Beer label]

Strait of Hormuz or Deutsche Bank?  Deriving Derivatives (July 8, 2019)

Posted in Banks and Banking System, Collapse, War on July 8, 2019 by e-commentary.org

. . .

K          “Strait of Hormuz.”

J          “Deutsche Bank.”

. . .

J          “You may be right.  Tip a ship.  That may do it.  The United States may even tip its own ship over and blame it on Iran to get things going.”

K          “You may be right.  The cancer is in the banking sector.  The contagion will spread from there.”

. . .  

[See the e-commentary at “Twenty Sixteen (January 4, 2016)”.]

Bumper sticker of the week:

Nobody ever died from overexposure to education

“Monitoring The Masses:  The Card And The Chip (January 12, 2015)” Revisited:  The “Fondle Slab” Enslaves Us All (January 28, 2019)

Posted in Apple, Banks and Banking System, Cell Phones, Credit Unions, Privacy, Technology on January 28, 2019 by e-commentary.org

. . .

X          “We are doing it to ourselves.  The ‘Chip’ is not even implanted; the ‘Card’ is never discarded.  The ‘Chip’ and the ‘Card’ are consolidated into the ‘Fondle Slab’ we call our Cell Phone, our electronic love machine.”

Y          “The Cell Phone is a hard ‘Card’ embedded with the ‘Chip’ and cherished and adored as the most important possession and appendage of each and every subject.”

X          “The ‘Fondle Slab’ is the first thing we scramble for in the morning, the constant companion we clutch and caress throughout the day, and the last thing we embrace at night.”

Y          “They can access and assess the pictures we take and see who and what we saw and what we did and where we were when we took the pictures.  Who, what, when, where . . . and surely why.  And without asking us or paying us.”        

X          “We pass on buying infant formula to pay for the Slab.”

Y          “The enemy has been met.”

. . .

[See the article “Holding U.S. Treasurys?  Beware: Uncle Sam Can’t Account For $21 Trillion” in “Forbes” magazine by Professor Laurence Kotlikoff dated January 9, 2019 and an acknowledgement of his and Professor Mark Skidmore’s pioneering work looking behind the curtain at dodgy government accounting at “Third Annual Noble Prize In Eco-nomics (October 8, 2018)”.]

[See the article discussing excessive spending and trust betrayed by J. Mark Watters and Sarah Vega with the National Credit Union Administration (NCUA) titled “A $450 dinner, $45 whisky: Political appointee, aide ring up the expenses” in “The Washington Post” by Robert O’Harrow, Jr. dated January 19, 2019.]

[See the e-commentary at “Monitoring The Masses:  The Card And The Chip (January 12, 2015)” and “The Mandibles, FRNs, SDRs, IMF, G20, WTD! (September 5, 2016)”.]

Bumper stickers of the week:

Big Brother in a little box

We have met . . .

Coups d’état, Bail Outs And Bail Ins:  Clio’s Diary/Chronology.  Oh, And Happy Constitution Day! (September 17, 2018)

Posted in Bailout/Bribe, Banks and Banking System on September 17, 2018 by e-commentary.org

. . .

K          “September 15 is the ten year anniversary of the Great Financial Coup d’état of 2018.”

J          “We. Just. Will. Not. Learn.”

. . .

Recent Coups d’état:

2000:  Political coup d’état – by the Republican judicial branch / Supreme Court, Inc. when it rejected the franchise / election and counting of votes by citizens, appointed Bush, Jr. as President, set in place subsequent coups d’état and cemented the dominion of the Kleptocracy to supplant a democracy.

1999 – 2008:  “Pogo” participation by the populace in the Economic coup d’état – by the ordinary people who lost their senses, judgment and perspective with considerable encouragement by the powers that be that be very powerful.  The populace invested money in companies that could not even promise blue sky, pursued returns that were inconceivable and “rented” homes they could never afford.  The people unwittingly participated in and ratified the insanity and criminality.  Blame is everywhere.

2008:  Economic coup d’état – by the Democrats and Republicans in the executive and legislative branches who cooperated in looting the public fisc for the benefit of the few / 1 % / Kleptocrats at a devastating cost to the public and in particular innocent and uninvolved future generations who must finance the at least 4.2 Trillion dollar ($4,200,000,000,000.00) giveaway.  Give or take.  Probably give another 1 Trillion dollars to the number that was given away.

2016:  Populist coup d’état – by a demagogue Republican President / executive branch buffoon and charlatan who fooled a genuinely angry, frightened and desperate public to vote for him and installed an oligarch and his oligarchy to run the Kleptocracy.

2017:  Judicial coup d’état – the Supreme Court, Inc. is now a wholly owned subsidiary of the Republican Party, Inc. occupied by Five Red Rich Republican “Catholic” Corporatist “White” Boys . . . And All By-Products Of The S.I.C.

2018:  Judicial coup d’état – the coup de grace in the making.

Recent And Projected Bail Outs And “Bail Ins”:

1998:  Banks/Wall Street bail out Long Term Capital Management

2008, September and October:  Federal Reserve bails out Banks/Wall Street.  See above.                                        

20__:  International Monetary Fund (IMF) bails out Federal Reserve; Taxpayers bail out or “bail in” the Banks/Wall Street.

20__:  God bails out the International Monetary Fund (IMF); No one bails out Taxpayers.

20__:  God files Chapter 11 Reorganization; Taxpayers file Chapter 7 Liquidation.

. . .

[See “In 2008, America Stopped Believing in the American Dream” in “New York” Magazine by Frank Rich dated August 6, 2018.]

[See the e-commentary at “Futile Efforts (September 29, 2008)”, “A Bleak Day:  The Trillion Dollar Tragedy (October 6, 2008)”, “Bailouts: Out; Bail Ins: In; Slowly Boilin’ The Frog (April 15, 2013)”, “Globalizing The Bail In (July 8, 2013)”, “September 15, 2008 – The Date That Should Live In Infamy (September 16, 2013)”,“‘Bail Ins’ Are Globalized; ‘Bail Outs’ Are Bailed Back In; No Bail For Bankers (December 29, 2014)”, “Punt, Pass And Kick:  The End Is Far (February 24, 2014)” and “They Can Print Money (November 2, 2015)”.]

Bumper sticker of the week:

So, help us God, so help us God.

To Be (In Debt), Or Not To Be (In Debt), what is the answer? (July 23, 2018)

Posted in Banks and Banking System, Debt/Deficits, Interest Rates, LIBOR, Wall Street on July 23, 2018 by e-commentary.org

. . .

K          “The argument and the aspiration is that there will be a debt jubilee relieving them of debt.  Acquire the debt now and be ready for the great debt reset.”

J          “Yet someone else expects to be paid on that debt and may not be jubilant if there is a jubilee.  Few will voluntarily release the debt of another.  That is the dreaded counterparty risk.” 

K          “I remind others that foreclosures continued unabated throughout the First Great Depression.”

. . .

J          “Another observation is that the government’s only solution to debilitating debt and deficits is to keep printing money and then in desperation to inflate the economy and prices.  The debtors who can maintain their cash flow may be able to ride the government’s coat tails and pay their debts with dollars worth substantially less.”

K          “The dollars may be worth less, but the homeowner/renters will be forced to pay more dollars.  I am confident that even someone who has a fixed rate mortgage will discover that the interest rate is nonetheless cranked upward unilaterally by the financial players.  The scandalous LIBOR interest rate scheme is disappearing which may vitiate some loan agreements.  And sure enough, the courts will not offer any hope or redress to the homeowner.”

J          “But the judges will make their tee times.”

. . .

J          “Student loan debt is expressly not dischargeable in bankruptcy and serves to enslave the kids who may be the ones to spearhead a jubilee.”

. . .

K          “If you are in debt, you are in servitude to someone else.”

J          “No question.  But not everyone is free to make the choice to be debt free.”

. . .

[See the e-commentary at “National Financial Literacy Month: Teaching Financial Literacy In The ‘Debt Age’ (April 25, 2016)”.]

[See “The Most Important Number in Finance Is Going Away.  Wall St. Isn’t Prepared” in “The New York Times” by Matt Phillips dated July 19, 2018.]

Bumper stickers of the week:

Debt is not so good

“Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.”  Ogden Nash 

Economics And Finance:  Girls v. Boys (June 4, 2018)

Posted in Banks and Banking System, Bernanke, Federal Reserve, Gender, Greenspan on June 4, 2018 by e-commentary.org

. . .

K          “What do Nomi Prins, Terry Gross, Yves Smith, Lynette Zang, Catherine Austin Fitts, Nicole Foss, Ellen Brown, Danielle DiMartino Booth, Brooksley Born, Sheila Bair, Janet Tavakoli, Gail Tverberg, Gretchen Morgenson, Michelle Singletary and Lionel Shriver have in common?”

J          “ . . .  How many guesses?”

K          “Who’s counting?  Take your time.  The face-off does not fall for an hour.”

J          “ . . .  They all have vowels in their names.”

K          “To a person.  Nothing gets by you.”

J          “Nothing.  Not.  a.  chance.”

. . .

J          “And consonants, too.  Two consonants, too.”

. . .

K         “No ‘Québec’ in any of the names.”

. . .

K          “What do Allan Greenspan, Philip Gramm, Larry Summers, Tim Geithner, Ben Bernanke, Hank Paulsen, and Robert Rubin have in common?”

J          “They too have vowels in their names, but they never should have been allowed to get near the bowels of the body politic.”

K          “They never should have been allowed to have any proximity to the bourse, the boardroom or the blackboard.”

. . .

[See the e-commentary at “The Kids (At The Fed) Are Not Alright (January 30, 2012)”.]

Bumper stickers of the week:

Girls are alright

From available sources, Ben Bernanke made the following statements and prognostications:

July 2005:  “We’ve never had a decline in house prices on a nationwide basis.”

November 2005:  “With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.”

March 2007:  “All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.”

October 2007:  “It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions.”

January 2008:  “The U.S. economy has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself.”

And last but definitely not least when it comes to misleading and dangerous drivel:

January 2008:  “The Federal Reserve is not currently forecasting a recession.”

Terrorized By Trumpi’s Tariffs (March 5, 2018)

Posted in Automobiles/Automobile Industry, Banks and Banking System, Blue States / Red States, Currency, Kleptocracy, South, Tariffs, Trumpi, War on March 5, 2018 by e-commentary.org

. . .

K          “In his latest Twitter tantrum, Trumpi announced that he is going to terrorize the world with tariffs.”

J          “He is a twit.  Everyone but Trumpi knows that tariffs are tarrible.”

. . .

K          “Trumpi may place tariffs on foreign cars.  The BMWs manufactured in the foreign country of South Carolina and the Volkswagens made in the foreign country of Tennessee and the Mercedes made in the foreign country of Alabama all will be tariffed.”

J          “The South is the New Germany.  Lindsay Graham is the Senator from South Carolina, New Germany.”

K          “The South is also the New Japan.  The Toyotas from the foreign country of Kentucky also will be tariffed.  Mitch McConnell is the Senator from Kentucky, New Japan.  Someone said that other countries may place a tariff on Kentucky bourbon.  That will get Mitch in a tither.”

J          “What if other nations boycott Harley-Davidson?  They are made in Paul Ryan country.”

. . .

K          “Makes you wonder if most of the Red States are actually foreign countries.  We may soon need a passport to visit and transit.”

. . .

J          “Tariffs are a toll that takes such a toll.”

. . .

K          “A boycott of Harley-Davidson . . . now them is fighin’ words.  And that’s the problem.  A trade war often becomes a war war.”

J          “Trade wars often become currency wars.  Currency wars often become trade wars.  A currency war combined with a trade war almost always becomes a war war.”

. . .

K          “Putin sent a message on March 1 to the U.S. that seems to have been lost in translation and buried in the cacophony of chaos.  If the U.S. attacks, Russia will respond.”

J          “No one is listening over the din.”

K          “No one is listening.  Too many hurricanes are hurling toward the house of cards.”

. . .

[March 8 – International Women’s Day]

[See the e-commentary at “Bankruptcy Auto Companies (December 8, 2008)” on the auto industry in the South.]

Bumper stickers of the week:

The chaos is getting even more chaotic.

Trade War -> Currency War; Currency War -> Trade War; Trade War + Currency War -> War War

Divas And Divos At Davos (January 29, 2018)

Posted in Antitrust, Banks and Banking System, Globalization, Kleptocracy, Rackets on January 29, 2018 by e-commentary.org

. . .

K          “I like their knife.”

J          “The common folk need a people’s Davos.”

. . .

K          “The world is not flat.  From afar, it is a mysterious big blue marble with swirling white clouds.  Up close, it is one long unlevel playing field with all the big players playing a game with the little players.”

J          “When you think about it, ‘globalization’ is an anagram derived from neo-colonialism and neo-imperialism and neo-capitalism and neo-consumerism.”

. . .

K          “When the one one-thousandths of one percent (.001 %) get together, you know they are up to no good.”

J          “They fix prices, but they do not fix problems.”

. . .

K          “They say that a conspiracy is two or more people working together for one end.”

J          “My theory is that they are conspiring to put the fix on us.”

. . .

[See the e-commentary at “Humanity’s Motto:  To Enslave And To Colonize (January 27, 2014)”, “The ‘Superfluous Consumer’ (July 27, 2015)” and “Is The American Consumer Irrelevant? (December 12, 2011)”.]

Bumper sticker of the week:

“Qu’ils mangent de la brioche”