Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

The Con of the Decade
Of Two Minds Blog ^ | 7/8/2010 | Charles Hugh Smith

Posted on 07/10/2010 9:48:52 PM PDT by delapaz

Since the Federal government could potentially inflate away these trillions in Treasuries, buy enough elected officials to force austerity so inflation remains tame. In essence, these private banks and corporations now own the revenue stream of the Federal government and its taxpayers. Neat con, and the marks will never understand how "saving our financial system" led to their servitude to the very interests they bailed out.

The circle is now complete: in "saving our financial system," the public borrowed trillions and transferred the money to private Power Elites, who then buy the public debt with the money swindled out of the taxpayer. Then the taxpayers transfer more wealth every year to the Power Elites/Plutocracy in the form of interest on the Treasury debt. The Power Elites will own the debt that was taken on to bail them out of bad private bets: this is the culmination of privatized gains, socialized risk.

In effect, it's a Third World/colonial scam on a gigantic scale: plunder the public treasury, then buy the debt which was borrowed and transferred to your pockets. You are buying the country with money you borrowed from its taxpayers. No despot could do better.

(Excerpt) Read more at oftwominds.com ...


TOPICS: Business/Economy; Crime/Corruption; Editorial
KEYWORDS: bailout; belongsinbloggers; corruption; economy; finance; obamanomics; stimulus; tarp

1 posted on 07/10/2010 9:48:54 PM PDT by delapaz
[ Post Reply | Private Reply | View Replies]

To: delapaz

The Con of the Century would have been much more accurate. It is sad but definitely worth reading... I am not a conspiracy theorist but the whole bailout scheme reeks of conspiracy and George Soros making profits out of the whole mess really stinks.


2 posted on 07/10/2010 9:55:22 PM PDT by volunbeer (Dear heaven.... we really need President Reagan again!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: delapaz

Dumb question but I will go ahead. What would prevent the Fed from simply dumping the money into the stock market and becoming the major shareholder in each and every publicly traded company?


3 posted on 07/10/2010 9:57:10 PM PDT by ScoopAmma (We are led by the Resident -in Chief; aka part-time member of Webelo Troop 44)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ScoopAmma

Games within games within games. We need to knock over the board and force everyone to start from scratch.


4 posted on 07/10/2010 10:01:16 PM PDT by Louis Foxwell (He is the son of soulless slavers, not the son of soulful slaves.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: delapaz

‘You are buying the country with money you borrowed from its taxpayers.’

Worse still, the People’s Republic of China is buying up the US in just this way.


5 posted on 07/10/2010 10:02:21 PM PDT by Jack Hammer
[ Post Reply | Private Reply | To 1 | View Replies]

To: delapaz

In which low income people who got free houses by defaulting on mortgages they never should have qualified for are re-labeled “Power Elites” and held up as bogeymen for you to fear by means of a slight-of-hand trick performed by an idiot who didn’t himself know that’s what he was doing.


6 posted on 07/10/2010 10:05:55 PM PDT by Nick Danger (Pin the fail on the donkey)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ScoopAmma

Why own what you already control?

Control is the lever of power, not ownership and attendant responsibility/liability.


7 posted on 07/10/2010 10:06:15 PM PDT by J Edgar
[ Post Reply | Private Reply | To 3 | View Replies]

To: delapaz

G W Bush laid the foundation for this, and executed the transition manuaver just prior to leaving office! IMHO

BUSH and NWO are kissing cousins IMHO


8 posted on 07/10/2010 10:08:26 PM PDT by J Edgar
[ Post Reply | Private Reply | To 1 | View Replies]

To: Amos the Prophet

I have questioned this for years. Am I off-base?


9 posted on 07/10/2010 10:08:55 PM PDT by ScoopAmma (We are led by the Resident -in Chief; aka part-time member of Webelo Troop 44)
[ Post Reply | Private Reply | To 4 | View Replies]

To: delapaz
I'm not so sure, it's hard to top the Global Warming scam and the sales job in getting Obama elected president as some of the biggest of the last decade or more.
10 posted on 07/10/2010 10:14:17 PM PDT by highlander_UW (Education is too important to abdicate control of it to the government)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ScoopAmma

How do you know they are not doing this now? It’s not like there is ever an audit or anything.


11 posted on 07/10/2010 10:16:17 PM PDT by delapaz
[ Post Reply | Private Reply | To 3 | View Replies]

To: delapaz; All
From the article: The police had mounted communications antennae on it [the Eiffel Tower] and therefore wanted it kept up. It was perhaps then the first cell tower.

Err, what? This guy needs to check his sources. The tower was built for the 1889 Universal Exhibition. That's a tad early for radio, or any kind of wireless.

12 posted on 07/10/2010 10:19:10 PM PDT by FrogBurger (Always compare news articles from different sources. When they fully agree, you can be sure it's BS.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: delapaz

sfl


13 posted on 07/10/2010 10:25:16 PM PDT by phockthis
[ Post Reply | Private Reply | To 1 | View Replies]

To: ScoopAmma

When facing reality seems like paranoia, fear is legitimate and justified.


14 posted on 07/10/2010 10:42:23 PM PDT by Louis Foxwell (He is the son of soulless slavers, not the son of soulful slaves.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: delapaz
Sounds like what HENRY F. POTTER did to the town, and tried to do to GEORGE BAILEY, in the movie 'It's a Wonderful Life'.


15 posted on 07/10/2010 10:45:14 PM PDT by UCANSEE2 (The Last Boy Scout)
[ Post Reply | Private Reply | To 1 | View Replies]

To: delapaz

The link goes to the website but not the article.
http://www.oftwominds.com/blogjuly10/con-of-decade07-10.html

A second article is also available which completes the scheme.

http://www.oftwominds.com/blogjuly10/con-of-decade-pt2-07-10.html

I don’t know enough to make a meaningful comment but it does seem that something is wrong about what is going on.


16 posted on 07/10/2010 11:10:19 PM PDT by Bhoy
[ Post Reply | Private Reply | To 1 | View Replies]

To: J Edgar

I don’t think Bush knew enough to understand what was happening and was in a panic. Remember he returned to DC during the campaign and Obo didn’t. That’s always seemed interesting.


17 posted on 07/10/2010 11:13:29 PM PDT by Bhoy
[ Post Reply | Private Reply | To 8 | View Replies]

To: Bhoy
My patience to see Bush as Innocent faltered when I learned that Jack Snowe, Treasury Secretary resign and joined the Investor group that bought Chrysler, which then in turn was bailed at taxpayer expense!
18 posted on 07/10/2010 11:21:17 PM PDT by J Edgar
[ Post Reply | Private Reply | To 17 | View Replies]

To: J Edgar
"Control is the lever of power, not ownership and attendant responsibility/liability"

Property is a pretty good indicator of control.

Look, the Commies think they are redistributing wealth? I'd hate to be in the shoes of those who are only getting the redistributed part.

Republicans who think they are getting the shaft aren't working hard enough to change their own minds.

America, the Land of Opportunity, get on the control side.

yitbos

19 posted on 07/10/2010 11:44:48 PM PDT by bruinbirdman ("Those who control language control minds.")
[ Post Reply | Private Reply | To 7 | View Replies]

To: ScoopAmma
Dumb question but I will go ahead. What would prevent the Fed from simply dumping the money into the stock market and becoming the major shareholder in each and every publicly traded company?

Answer: Why pay for something you already have, and if you want more, you can get it for free?

The government already controls virtually aspect of virtually every company in some form or fashion. Begin with the tax code. Throw in employment, environmental, health, safety, product liability, zoning, licensing, certification, and other assorted regulations. Guess what ... you're there.

If all that's not enough, the government can direct the actions of institutional holders (i.e. pension funds, banks, insurance companies, universities, etc.) that own vast blocks (in many instances even controlling interest) in publicly traded companies.

And if all that's still not enough, the government can simply pass a law and take over, say, health care, insurance, banking, and auto industries.

20 posted on 07/11/2010 4:43:32 AM PDT by Zakeet (The Big Wee Wee -- rapidly moving America from WTF to SNAFU to FUBAR)
[ Post Reply | Private Reply | To 3 | View Replies]

To: delapaz
The circle is now complete: in "saving our financial system," the public borrowed trillions and transferred the money to private Power Elites, who then buy the public debt with the money swindled out of the taxpayer. Then the taxpayers transfer more wealth every year to the Power Elites/Plutocracy in the form of interest on the Treasury debt.

Brilliant! The banks borrowed TARP money at 5% interest (plus warrants) so that they could buy 3 month T-Bills that currently pay 0.15% interest.

That's how they became the Power Elites/Plutocracy, by flunking out of math class. Moron.

21 posted on 07/11/2010 5:36:53 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: delapaz
The first paragraph says it all. Nice gig if you can get it. I wonder if any on the left, any supporters, read and grasp this and still think it's a good idea?
22 posted on 07/11/2010 2:42:22 PM PDT by fortunecookie (Please pray for Anna, age 7, who waits for a new kidney.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: FrogBurger

In 1889, Gustave Eiffel began to fit the peak of the tower as an observation station to measure the speed of wind. He also encouraged several scientific experiments including Foucault’s giant pendulum, a mercury barometer and the first experiment of radio transmission. In 1898, Eugene Ducretet at the Pantheon, received signals from the tower.

http://corrosion-doctors.org/Landmarks/eiffel-history.htm


23 posted on 07/11/2010 2:57:20 PM PDT by Richard Kimball (We're all criminals. They just haven't figured out what some of us have done yet.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Toddsterpatriot
No, the power elites got the money by giving pitifully small bribes in the form of campaign contributions. The congress passed this despite broad opposition from the public. The power elite got the money with no obligations. The taxpayer got the bill, with no benefit.

Think of the guys who steal $2500 air conditioners and sell them for scrap for $50. Since their cost was zero, they have $50 profit. The homeowner, OTOH, has a $2500 loss. The TARP, etc, was simply a legal way to do that. Legal, because congress writes the laws.

I'm no fan of anarchists, but one anarchist book had a pretty interesting claim: "There is no moral obligation to follow laws, because laws are written by the powerful to protect the powerful."

24 posted on 07/11/2010 3:04:46 PM PDT by Richard Kimball (We're all criminals. They just haven't figured out what some of us have done yet.)
[ Post Reply | Private Reply | To 21 | View Replies]

To: Richard Kimball
The power elite got the money with no obligations.

Except the paying it back with interest (and warrants) part.

The taxpayer got the bill, with no benefit.

Except for the part about it getting paid back with interest (and warrants) and the benefit of not having the banking system collapse.

Think of the guys who steal $2500 air conditioners and sell them for scrap for $50. Since their cost was zero, they have $50 profit.

Except for the 5% interest cost (plus warrants) for the TARP money.

The TARP, etc, was simply a legal way to do that.

Exactly! A legal way to lend money and save the banking system.

I'm no fan of anarchists

Well you have that going for you.

25 posted on 07/11/2010 4:41:26 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 24 | View Replies]

To: delapaz
Soros...."give me what I want....and I'll make you President of the United States"

(cough...before I destroy both you...and it...cough)

26 posted on 07/11/2010 4:46:34 PM PDT by RckyRaCoCo
[ Post Reply | Private Reply | To 1 | View Replies]

To: Toddsterpatriot; Richard Kimball
The power elite got the money with no obligations.

Except the paying it back with interest (and warrants) part.

Wow, a living, breathing tool.

Who do you work for? Or does your trust fund pay for your slavish posting endeavors?

Got any openings at Transnational Headquarters Inc?


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

27 posted on 07/11/2010 4:50:14 PM PDT by The Comedian (Evil can only succeed if good men don't point at it and laugh.)
[ Post Reply | Private Reply | To 25 | View Replies]

To: The Comedian

Interest too complicated for you too?


28 posted on 07/11/2010 4:51:44 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 27 | View Replies]

To: Toddsterpatriot
Interest too complicated for you too?

Yeah, must be.

Who do you work for?


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

29 posted on 07/11/2010 4:59:23 PM PDT by The Comedian (Evil can only succeed if good men don't point at it and laugh.)
[ Post Reply | Private Reply | To 28 | View Replies]

To: Toddsterpatriot
Let's see, you're schooling people here in basic math and economics and they want to know who you work for?

LOL!

It appears summer school is in session.

30 posted on 07/12/2010 11:28:44 AM PDT by Mase (Save me from the people who would save me from myself!)
[ Post Reply | Private Reply | To 28 | View Replies]

To: Toddsterpatriot
Let's see, you're schooling people here in basic math and economics and they want to know who you work for?

LOL!

It appears summer school is in session.

31 posted on 07/12/2010 11:28:44 AM PDT by Mase (Save me from the people who would save me from myself!)
[ Post Reply | Private Reply | To 28 | View Replies]

To: Mase

I guess if I work for Goldman or the Fed, they’ll suddenly understand how interest is charged on loans.


32 posted on 07/12/2010 11:32:09 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 30 | View Replies]

To: Toddsterpatriot
I don't think there will be any understanding coming from your opponents, sudden or otherwise.

Math (along with many other things) is hard.

33 posted on 07/12/2010 11:40:38 AM PDT by Mase (Save me from the people who would save me from myself!)
[ Post Reply | Private Reply | To 32 | View Replies]

To: delapaz

You sound like you hate capitalism and hate america first. Everyone at FreeRepublic knows debt is prosperity and a country is only free and prosperous if they can generate “money” out of thin air.

Everyone knows that you have to listen to the bankers because they are smarter and better than us.

I think I speak for everyone at FreeRepublic when I say we need to respect proper authority and show reverence for those in power who think they are smarter and better than us.


34 posted on 07/21/2010 6:33:55 AM PDT by MichiganConservative (A government big enough to do unto the people you don't like will get to doing unto you soon enough.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Toddsterpatriot

Do you work for Soros or Goldman Sachs?

You are a total tool, but you like to point out how smart you are.

Therefore, you are evil, cause you probably are too smart to be ignorant and say the things you say.

How much are you making off the fleecing and destruction of America and the continued enslavement of the people?


35 posted on 07/21/2010 6:38:51 AM PDT by MichiganConservative (A government big enough to do unto the people you don't like will get to doing unto you soon enough.)
[ Post Reply | Private Reply | To 25 | View Replies]

To: MichiganConservative
you like to point out how smart you are

Next to guys like you, you bet.

you probably are too smart to be ignorant and say the things you say.

Simple math still too difficult for you?

36 posted on 07/21/2010 7:43:18 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 35 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson