IT CAN NOT HAPPEN TO ME. GUESS WHAT? IT WILL !!
Chapter 17 Breaking Up the Banks.
“A GREEDY MAN BRINGS TROUBLE TO HIS FAMILY, BUT HE WHO HATES BRIBES WILL LIVE.” PROVERBS 15:27 When an industry is at the top or number one it has no place to go but down. This has been my observation for over 55 years. In the US Army it is called OJT (On the Job Training). WE as citizens going into our local bank should be warned WATCH OUT- THERE IS NO SUCH THING AS FREE LUNCH.
Albert Einstein said man’s greatest invention is compound interest. Banks love it when they can put it to use to an unsuspecting public. Any funds one gets to work down the principal will find that it has expanded. At some point one will not be able to pay that principal or off.
A funny thing happen on the way to the bank. They did it to themselves. Easy credit will kill the goose every time. You see in order to gain more wealth , banks had to issue more debt in order to lend more. GREED – it is a killer. Once one starts making and spending money; one needs more. It is at the very top that one takes chances in order to gain more. Usually these chances are at the detriment of us the average citizen trying to provide for a family.
The names of Corzine, LIBOR, JP Morgan-Chase; Dimon and Weill mean little to the average citizen-until they want to pay off debt. This is when the “Rule of 72” comes into play. It is very simple. Just divide the interest rate you are paying into 72. Your answer is how many years the bank is doubling its money on you. So if you are paying an 8% mortgage for 30 years divided by 72 is every 9 years. To me that seems fair because you are using the banks money. Credit cards can work on a monthly basis and now one is “going where no man has gone before”-STAR TREK. Once a debt is in outer space it is up to the courts (and the courts have to follow the law) the debtor is a pawn to spineless attorneys who seek a quick reward for returning a pittance to the lender. This is legal larceny and a USURY law supported by all nations would halt this practice and create more jobs and distribute more wealth over a wider area.
Once a bank has you in their indebtedness you lose your freedom. The more debt you take on; the deeper the hole you are in. If you are a lawmaker, one should open their safe deposit boxes. IN the days of yesteryear, politicians would accept tax free municipal bonds, but today they have to be registered. Now one finds cash that has been unreported?
So Nothing big can happen until elections are held, because it is more likely that the legislators involved with any kind of finances are on the take. So our votes are very important. We must elect enough new members that a group can control any committee. This has to be done in a bipartisan spirit.
So to break up the banks in a meaningful term we must have a majority turnover in world wide elections. WE must enforce a strong Usury Law for the protection of us all.
When JP Morgan has outrageous short positions in Gold and Silver futures on the COMEX and the CFTC is powerless to enforce them against this giant bank. The CFTC entire budget is around $200-$300 million while JP Morgan could spend $5 billion defending their illegal position. When a giant bank can out maneuver their government of laws – the bank should be broken up rather quickly.
My next chapters will have to do with the brokerage and financial management part of the break up.
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