Surmounting the Gold Confiscation or Financial Collapse Scenario

Friday, September 10, 2010
By Paul Martin

By: DeepCaster_LLC
Market Oracle
Sep 10, 2010

“It is absurd that the United States has a central bank that is more accountable to the financial industry than it is to the public.”

“The Rally against Obamacare for the Banks” Dean Baker, The Guardian, 9/23/09

“…Only liquidation of the biggest banks can enable a recovery, period!! Of course, the process is complicated, especially politically. Actually, it is more than political, since the big banks control the USGovt. The response reaction from gold & silver will give loud messages to systemic failure, as money is wasted, invested in failure, and directed to the elite troughs…

The major 100 banks in the US are almost without exception insolvent, and thus do not lend. Sure, they boast a positive book value, but only after given permission to use phony FASB accounting rules. They can declare their assets at any value they wish. In fact, on many debt securities, they actually declare unrealized losses as gains…The FDIC came out this week to announce the Q2 list of problem banks went from 775 in number to 829…The main thrust of the limp activity is monetary creation, banker welfare, absurd programs, and war spending…

The American Intl Group episode was disguised from its true nature as a Goldman Sachs bailout. In fact, the record has been somewhat clearly told that the AIG nationalization enabled GSax to be first in line for credit default contract redemptions, at full price. They saved $11 billion in the nationalization and butting in line. There are advantages to acting as the USDept Treasury administrator. Many other big banks had favorable redemptions on similar insurance contracts. The wreckage of the entire US banking sector was thus covered up from the insurance perspective, preventing a credit derivative blowup…

The Rest…HERE

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