To date most folks have both heard and read many articles concerning the current financial debacle that threatens the very financial fabric of this nation and the world at large, but there’s very little solid material that will turn the average reader into a “subject matter expert” within 20 minutes of less, allowing for the time to both read and digest the material. It seems there’s bits and pieces of the story about and surely you will not hear the truth from the talking heads manning the mainstream media or our ‘concerned’ members of Congress…!
So without further ado I will simply supply two of the best articles ever published concerning this financial debacle with all its seedy details and nuances.
I thought I’d also offer some suggestions on my part that will work and address the core corruption that’s gotten us into this nightmarish situation to date.
> The only transparent and just solution I can see is that unregulated derivatives must be outlawed on a worldwide basis with the existing one’s ordered to be unwound within a two year period or less even if the issuing party and counter parties take a loss on the premiums paid or losses in the underlying instruments.
> Garbage instruments such as CDO’s (collateralized debt obligations) and CDS’s (credit default swaps) or any variation thereof should never be allowed to surface again upon the worlds financial scene. Any newly created instrument must pass stringent muster by the the regulating authorities before they can be initiated in the marketplace
> The ties between banking and insurance; again, need to be summarily unlinked by statute.
Gramm-Leach-Bliley Act needs to be repealed with the reinstitution of legislation similar to the depression era Glass-Steagall Act of the 30’s with even more stringency than the original.
> Players in this current debacle that are linked outright to criminal activity need to be brought to justice under existing RICO statutes. There must be a price to pay for this heinous crime against the world financial system and its derivative victims.
> Failing or failed institutions need to go into FDIC/FSLIC receivership or bankruptcy as needed with their assets liquidated in the marketplace or written off at a loss…period!
The only way for recovery is for us to take the garbage to the curb and start anew. There’s no easy way out of this, but the end result will be a new dawn for a viable global economy supported by a paradigm of aboveboard, banking and insurance practices.
Our duplicitous leaders attempting to “monetize” these massive debts via the printing of money and the creation of a false sense of security by backing the existing bad debts with the same are creating an even more damaging situation of “hyper-stagflation”; ie., an ever-cratering job loss situation along with an ever-accelerating increase in prices both at the wholesale and retail level. Commodities will again become a moonshot allowing another round at the gaming tables for these shadowy, planetary-destroying “buck junkies”…!
My thanks goes out to both the Village Voice and Rolling Stone for providing these superb articles. It is my hope that not only my fellow CHB readers take the time to read these articles, but others on the www do so also. I thought I’d simply provide a single point of reference for the knowledge base that’s necessary to understand this unfolding nightmare.
They’ve sown the wind and unfortunately all of us are going to reap the whirlwind…!
Carl Nemo **==
15 thoughts on “The truth shall make you very ill…!”
I think a lot are guilty of that, Carl, and I tend to gravitate toward those who buck the “lemming” mentality.
Well, I found a more creative way to post it at Twitter, and so far, it hasn’t been removed. Let’s hope some readers figure it out and come to the light, lol.
Thanks Ladywolf55 for the positive feedback. Bear with me, but I’m not familiar with Twitter. I’ve heard the term and should probably research the website.
Many sites impose various forms of censorship, the worst kind being that which isn’t covered by any disclosed guidelines. I also know that my handle Carl Nemo is not welcome on many politically based sites. More often than not, my posts are intercepted by SPAM filters although I’m not engaged in posting common SPAM. I guess mine is classed as “thought SPAM” which is a modern era variant for what folks knew as a “thought crime”; ie., in the Orwellian sense, but that was back in ’84’… /:|
Carl Nemo **==
Can you believe it? Not five minutes after I posted that link to Twitter, they removed it! It was simply a link to this article, nothing which violated their rules. Unbelievable.. total censorship in this country now.
Excellent commentary, Carl. I sent the link out at Twitter. Hopefully, many will read your article and the two articles you’ve posted here. Perhaps you will be able to “start a few fires in a few minds”.
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