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New Law Would Make Taxpayers Potentially Liable For TRILLIONS In Derivatives Losses

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Derivatives - Banksters - Public DomainIf the quadrillion dollar derivatives bubble implodes, who should be stuck with the bill?  Well, if the “too big to fail” banks have their way it will be you and I.  Right now, lobbyists for the big Wall Street banks are pushing really hard to include an extremely insidious provision in a bill that would keep the federal government funded past the upcoming December 11th deadline.  This provision would allow these big banks to trade derivatives through subsidiaries that are federally insured by the FDIC.  What this would mean is that the big banks would be able to continue their incredibly reckless derivatives trading without having to worry about the downside.  If they win on their bets, the big banks would keep all of the profits.  If they lose on their bets, the federal government would come in and bail them out using taxpayer money.  In other words, it would essentially be a “heads I win, tails you lose” proposition.

Just imagine the following scenario.  I go to Las Vegas and I place a million dollar bet on who will win the Super Bowl this year.  If I am correct, I keep all of the winnings.  If I lose, federal law requires you to bail me out and give me the million dollars that I just lost.

Does that sound fair?

Of course not!  In fact, it is utter insanity.  But through their influence in Congress, this is exactly what the big Wall Street banks are attempting to pull off.  And according to the Huffington Post, there is a very good chance that this provision will be in the final bill that will soon be voted on…

According to multiple Democratic sources, banks are pushing hard to include the controversial provision in funding legislation that would keep the government operating after Dec. 11. Top negotiators in the House are taking the derivatives provision seriously, and may include it in the final bill, the sources said.

Sadly, most Americans don’t understand how derivatives work and so there is very little public outrage.

But the truth is that people should be marching in the streets over this.  If this provision becomes law, the American people could potentially be on the hook for absolutely massive losses

The bank perks are not a traditional budget item. They would allow financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp. — potentially putting taxpayers on the hook for losses caused by the risky contracts.

This is not the first time these banks have tried to pull off such a coup.  As Michael Krieger of Liberty Blitzkrieg has detailed, bank lobbyists tried to do a similar thing last year…

Five years after the Wall Street coup of 2008, it appears the U.S. House of Representatives is as bought and paid for as ever. We heard about the Citigroup crafted legislation currently being pushed through Congress back in May when Mother Jones reported on it. Fortunately, they included the following image in their article:

Derivatives Bill From Liberty Blitzkrieg

Unsurprisingly, the main backer of the bill is notorious Wall Street lackey Jim Himes (D-Conn.), a former Goldman Sachs employee who has discovered lobbyist payoffs can be just as lucrative as a career in financial services. The last time Mr. Himes made an appearance on these pages was in March 2013 in my piece: Congress Moves to DEREGULATE Wall Street.

Fortunately, it was stopped in the Senate at that time.

But that is the thing with bank lobbyists.  They are like Terminators – they never, ever, ever give up.

And they now have more of a sense of urgency then ever, because we are moving into a period of time when the big banks may begin losing tremendous amounts of money on derivatives contracts.

For example, the rapidly plunging price of oil could potentially mean gigantic losses for the big banks.  Many large shale oil producers locked in their profits for 2015 and 2016 through derivatives contracts when the price of oil was above $100 a barrel.  As I write this, the price of oil is down to $65 a barrel, and many analysts expect it to go much lower.

So guess who is on the other end of many of those trades?

The big banks.

Their computer models never anticipated that the price of oil would fall by more than 40 dollars in less than six months.  A loss of 40, 50 or even 60 dollars per barrel would be catastrophic.

No wonder they want legislation that will protect them.

And commodity derivatives are just part of the story.  Over the past couple of decades, Wall Street has been transformed into the largest casino in the history of the world.  At this point, the amounts of money that these “too big to fail” banks are potentially on the hook for are absolutely mind blowing.

As you read this, there are five Wall Street banks that each have more than 40 trillion dollars in exposure to derivatives.  The following numbers come from the OCC’s most recent quarterly report (see Table 2)

JPMorgan Chase

Total Assets: $2,520,336,000,000 (about 2.5 trillion dollars)

Total Exposure To Derivatives: $68,326,075,000,000 (more than 68 trillion dollars)

Citibank

Total Assets: $1,909,715,000,000 (slightly more than 1.9 trillion dollars)

Total Exposure To Derivatives: $61,753,462,000,000 (more than 61 trillion dollars)

Goldman Sachs

Total Assets: $860,008,000,000 (less than a trillion dollars)

Total Exposure To Derivatives: $57,695,156,000,000 (more than 57 trillion dollars)

Bank Of America

Total Assets: $2,172,001,000,000 (a bit more than 2.1 trillion dollars)

Total Exposure To Derivatives: $55,472,434,000,000 (more than 55 trillion dollars)

Morgan Stanley

Total Assets: $826,568,000,000 (less than a trillion dollars)

Total Exposure To Derivatives: $44,134,518,000,000 (more than 44 trillion dollars)

Those that follow my website regularly will note that the derivatives exposure for the top four banks has gone up significantly since I last wrote about this just a few months ago.

Do you want to be on the hook for all of that?

Keep in mind that the U.S. national debt is only about 18 trillion dollars at this point.

So why in the world would we want to guarantee losses that could potentially be far greater than our entire national debt?

Only a complete and utter fool would financially guarantee these incredibly reckless bets.

Please contact your representatives in Congress and tell them that you do not want to be on the hook for the derivatives losses of the big Wall Street banks.

When this derivatives bubble finally implodes and these big banks go down (and they inevitably will), we do not want them to take down the rest of us with them.

  • K

    If you recall, I predicted this in a previous post. So no surprise. For those of you who are foolish enough to think the Republicans will stop this, good luck. Both major parties are equally corrupt. What will it take to convince you?

    • alan

      We have a one party system ran by bankers.

    • T.

      “Only a complete and utter fool would financially guarantee these incredibly reckless bets”. This is an accurate description of our present “Outgoing” Congress. This begs the question, What good would it do to – “Contact your representative in Congress and tell them that you do not want to be on the hook for the Derivative losses of the big Wall Street Banks”? The “Incestuous” criminality between Congress and Wall Street Banks will only End when this whole Gigantic Corrupt Monetary System implodes. PERIOD.

      • Guest

        I agree. Contacting your “representative” in Washington about anything is a waste of time for the simple reason that they don’t represent us.

        • Ernster M

          God needs to destroy the devil now before it’s to late. The devil is A real asshole i’ll tell you.

          • Guest

            You obviously don’t know the Scriptures. The devil, also know as Satan, is a created being. The devil will never cease to exist. God has prepared a place called Hell for the devil and the fallen angels. The devil and his angels will one day be cast into the lake of fire where they will be for eternity.

            It’s ridiculous for you to call the devil names. You are no match for the devil. He is very powerful and could destroy you if he were permitted to do so.

          • Aripho

            Huh?

          • Richard O. Mann

            Satan is just doing what he was created to do. He can do nothing more.

      • Guest

        It’s now a government Of the Wall Street Banks, By the Wall Street Banks and For the Wall Street Banks.

      • Hot Rain

        I just read Putin’s national address (dec 5) then I came here and read your post. Yes, I firmly believe we, as a nation, are nothing more than a punch line. And your right, what good would anything do.
        As we worry about racism, or some other bullsh*t de jour, the world is moving quickly away from us. We are seen as ‘isolationists’. In a global environment, this amounts to suicide. And as I now know the US is building a massive worldwide missle defense system (?) we must surely be seen as a threat. “America is a threat to Russia and the world”.. Vladimir Putin
        I believe we have much bigger issues pending than to constantly worry about banks, stocks and the DC Fruitcakes…

        • T.

          Putin is Right – Only because of the “GANGSTERS” that have Captured our Government – With their Wall Street money.

          • Ernster M

            The buck needs to go it’s A very evil thing. All those greety billioneirs have all the money anyway.

          • kfilly

            The only problem is that whatever replaces the dollar will be more insidious. How about a new global digital currency the elites can turn off if they don’t approve of your purchases?

          • T.

            Yes – It’s Coming.

          • Leave it to Beaver

            666

      • QuibONO

        Reality:
        The gullible, ignorant people will implode 1st.
        The Retards ALWAYS lose. (sorry to present this truth)

        • T.

          Agree.

        • alan

          “Life’s hard. It’s even harder when you’re stupid.”


          John Wayne

    • Priszilla

      “More evidence”?
      Lol

    • none

      K:
      Just imagine the following scenario. I go to Texas and I place a million food stamp ATM cards on illegal aliens. To see if they will become productive, tax paying citizens this year. If I am correct, I keep all of the political credit. If I lose, federal law requires you to pay out the million dollars that I just lost.

      • Hot Rain

        Excellent post.
        All your food stamp illegals are moving latterly into the GOM region. I see a lot of mini-no-english markets popping up. Where is THAT money coming from?

    • kfilly

      This is totally an oligarchy. The rich ruling over all of their peasants. Is it any wonder why the likes of Bill Gates, Oprah Winfrey, Ted Turner, Michael Bloomberg, and Mark Zuckerberg advocate gun control? They are the one percent the sheep should go after when the system implodes. These tyrants prefer you coming after them with rocks rather than guns. However, most sheeple are too ignorant to even know who there real enemies are.

      • K

        Very true. I have always felt it would start during a winter. For what it is worth. I have a bad feeling, about this winter.

    • will

      They need to tie the derivatives losses to take all the pension, 401k, Roth IRA, savings, investment accounts etc. Silver is trading about 7 dollars less than mining costs. The game is almost over. The most gold ever in a month just left the Fed in NY this month. We are in an oil price war with the Saudis. I say we have 3 to 6 months tops before the real crash, this is the time in the next 30 days to get out, and into real assets, and pay everything off. After the 4th quarter results and 1st quarter of 2015. You will really start to see it around Jan Feb, war when Mars is closer to the earth in 2015. Market will be in crash mode Sept 2015 before the end of the month. You better have food and water. Once they can’t manipulate the market and print money, it will get really bad and it will be in the open. Turn to Jesus, all of this that is happening and the fear of what is coming, the fear alone is destroying everyones hope.
      Even if you have everything you think you need, you will not be able to protect it. Everything is in Gods hands, prepare what you can and help who you can. In the end we will all stand before God and give account of what we have done with our time here, it will all be like a fast movie, before our and God eyes, we will see who we truly were what motivated us, the good and the bad. What will he say to you? Depart from me or Enter in to the kingdom. God be with all of you, whatever side you are on, but know that you can always turn around and go the right way but only while you have time.

  • jakartaman

    STOP paying taxes to a corrupt agency(IRS) and government.
    To do otherwise is just stupid

    • Guest

      I don’t mess with the IRS. I pay what I owe in federal income tax, though the federal income tax is unconstitutional. Do you know who Peter Schiff is? His elderly father, Irwin Schiff, is in prison for tax evasion.

      • Mudpie

        I do not mess with the IRS either. Powerful, evil agency.

    • alan

      Just start bartering.

    • energizedmortal

      Record numbers of Americans are denouncing their citizenship

  • alan

    A little paper and ink will fix that right up.

  • Mike Smithy

    Perhaps sometime in the not too distant future the peasants with pitchforks will adorn lamp posts with the heads of the bankster class.

  • Bill

    How can the taxpayer possibly survive with the government pulling on one arm and the bankers pulling on the other? The taxpayer is being ripped to shreds. We are doomed.

  • havedogwilltravel

    The T E T D is this just a nice wording, for Catastrophic ponzi scam of the American people and a few foreign investors.BIG BANKS that made millions of families loose their dream homes, due to corporate corruption and the ill writing of the FEDERAL GOVERNMENT’S LAWS OF THE BANKING INDUSTRY. All guilty parties should be liable for this catastrophic damage. How much of the bailout money is still owed? Is Fox news allowed to answer this question, its up there with the Monsanto’s article that you tried to pay off two of your own journalist, but they choose not to become your puppeteers. Banks now a days don’t have a real paper trail, but the E-TRAIL has been hacked, at least that is what the big buck banking law firms are singing to the D O J .
    MAY THIS HOLIDAY SEASON BE YOUR BEST! L14ALONGTIME

  • havedogwilltravel

    All of those good ole laws that have been modified by government law makers , are catching up with Congress, the ones that promise all, but choose to do the opposite. Our government needs to hire some mathematicians that can be honest and of course correct with their findings .CALL IT THE GEORGE WASHINGTON FEDERAL AUDIT OF THE CENTURY!

  • MeMadMax

    Heh…

    You think trillions of dollars worth of derivatives is a big number….

    Once they pass this, it will give them the green light to blow this up so much that trillions will seem like pocket change….

    • QuibONO

      ‘Trillions, Quadrillions’ just numbers.
      It will all blow up in the banksters face IF the foolish, ignorant masses ever wake up to these truths.

      (but don’t hold yer breath)

  • Len Mullen

    It will be you and me not you and I.

    Here’s a tip for you Mr. Smarty Pants: if you are not sure if it should be you and me or you and I, leave off the ‘you and’. In this case…

    Well, if the “too big to fail” banks have their way it will be you and I.

    try, “if the ‘too big to fail’ banks have their way it will be I.”

    Then try, “if the ‘too big to fail’ banks have their way it will be me.”

    Since me sounds right, you should say, “Well, if the ‘too big to fail’ banks have their way it will be you and me.”

    If you cannot handle third grade grammar, I cannot embrace your economics diatribes.

    • Guest

      So you’re going to throw the baby out with the bath water?

    • JasonD

      Shut up

      • Mike Smithy

        It would appear that the message is completely lost on Lenny as well as the vast majority of Americans.

    • None of your business

      Lenny is asking for another swirly.

    • Mike

      You’re an idiot.

      • Len Mullen

        Maybe, but I don’t sound like one in conversation. Watch idiocracy if you get a chance.

  • packrat666

    MetLife has a very large exposure also.

  • Aeffesstoo

    Taxpayers won’t be bailing these folks out, dollar holders will be.

    • QuibONO

      Bail-Ins are on the books now.

      • JailBanksters

        You gotta make sure you Bail-Out before they Bail you in.

        • Mike Smithy

          +100
          At this juncture, a person would be better off having their money in their mattress.

      • Mike Smithy

        Yep. Any funds that you may have in a bank account belongs to the bank and in the event of a default, you will get an IOU or credits in the way of useless bank stocks. Unfortunately, most people just aren’t paying attention to how the politician and banksters are rearranging the chess board.

  • Tatiana Covington

    The derivatives’ numbers look like the mileages run up by the Starship Enterprise.

    • Ernster M

      Warren Buffett is A goofy looking man and Jamie Diamond is A very cute looking man.

    • alan

      Set printer for warp nine, engage!

      • ee

        lol

    • ee

      That’s awesome Tatiana!

  • Mudpie

    So vile. Not the country I grew up in.

  • danbax

    so how will this affect the average Joe? will my taxes increase? Will they take money out of my bank account?

    • Hot Rain

      Money kept in a bank is now seen as debt. ?. Look it up. When foreign investors start pulling back, a crash is not far off. Once the collapse scenario has started, all US bank accounts, wages, pensions, SS, will be up for grabs (confiscation)Taxes will surge, food will skyrocket, gas/ energy will be unaffordable. (Please note that our “basic supplies” come from a very organized ‘grid system’) Unemployment will soar as businesses will close at lightening speed. America will become very dangerous, especially if you are Caucasian.
      At this time Martial law will be declared. The issuing of ‘ration’ cards will begin, (food, gas, movement ) Most likely there will be microchipping. Decline this and you will starve.
      The US is already set up in “numbered zones”. These zones will become borders. Movement will be confined to your zone. I am Zone 3.
      The above collapse scenario, I believe, is the most accurate and logical. These conclusions come from years of watching financial, social, educational, and Federal policies, laws, behaviors, ect..
      A country does simply cave in on itself. The root causes are tyranny and greed, and in our case, an added dose of insanity.

  • JailBanksters

    This is the same as 2008 except 100x larger
    Privatize the Profits, and Socialize the Loses.

    It’s like you go to the Casino and lose all your doh, you then force everyone in your street to pay you $100 so you can go back to the casino tomorrow to win your money back. If you win, you keep it, you don’t share it.

    The few Million they spent on Lobbyists to Bribe Politicians was worth every penny to make it happen.

    • XSANDIEGOCA

      100 to 1 payoff. Nowhere else do you get a return like what you get in Congress.

  • BoardWalk

    Of course we have the “Wall Street Senator” Chuck Schumer who always has our back.

  • chilller

    If this didn’t start a run on burning banks to the ground…then the comatose sheeple are truly a lost cause…

  • Priszilla

    It’s capitalism. What do you expect? Seriously.
    You couls read this kund of stuff in communist propaganda for decades now. And in any anti globalisation rally.

    • Mike Smithy

      This is not Capitalism. It’s Fascism.

      • Priszilla

        Fascism is just another form of capitalism. As are imperialism and militarism.
        The aim is always to increase profit by any means possible.

        • Malcolm Reynolds

          Fascism is just another form of capitalism

          HAHAHAHAHAHAHAHAHA!!

          Ummm, no.

          • Priszilla

            Explain Auschwitz, please.

          • Malcolm Reynolds

            Explain the state enslaving and murdering people?
            That’s your great example of capitalism?

            Well, so far ‘the state enslaving people’ is an EXCELLENT description of the democratic party.

            And we know that the Democratic party, aka the progressive party, is anti-capitalist and highly fascist.

            So….

            You’re more obtuse than I initially thought. …and that’s saying something.

          • Priszilla

            OK, if that’s too difficult for you. Explain Buna Monowwitz. That was a camp built on demand of I.G. Farben (a company) to utilize slave labour.

            So, according to you, fascism is anti-communist and anti-capitalist?

            Interesting. You are a prime example of American brainwashing by your mass media.

          • Robert (qslv)

            Explain Pol Poi, please.

          • Priszilla

            Pol Pot got arms from America because Vietnam was his enemy. And when Vietnam finally removed him the West was shouting: “Vietnamese aggression”

          • SFTOBEY

            Thank you Malcolm. And Semper Fi Marine. A very Merry Christmas and a Happy New Year to you and yours. (Or Happy Hanukkah if you happen to be Jewish.)

        • Hot Rain

          Ditto. Reality bites when your stupid. Hence the personal attacks..

        • Robert Zraick

          Sorry Prizilla, you have been misinformed as to the meaning of capitalism.

          We have never even tried it. We have corporatism, or cronyism.

          Capitalism s actually a very good system, which have never been tried.

          I do understand that the propaganda which wants to blame capitalism for everything has been very effective.

          • Priszilla

            Well, Capitalism is about capital, hence the name.

            And Marx said, capitalism is necessary. It isn’t nice, but very necessary, and there is no way around it and you can’t bypass it.

            And every capitalist MUST strive for highest profit by danger of being swept aside by the competition.

            And that requires to get more customers, cheaper resources, cheaper labour, mergers and acquisitions, monopolisation. And well, capitalim isn’t just an ideology that is introduced by someone, or a model to follow.

            Capitalism just describes an economic behaviour by a sum of people who own means of production.

            You have workers on one side who sell their life time to get money, and there are owners who buy that time and make the workers to produce more value than is necessary to survive. And that extra value they keep for themselves.

            That’s the technical description. Nothing to do with morality or cronyism.

    • Malcolm Reynolds

      Seriously. You couls read this kund of stuff in communist propaganda for decades now.

      Along with a plethora of other easily verified lies…. what’s your point aside from the atrocious English?

      • VigilanteCaregiver

        Mal, do a web search; “Utah to seize own land from government”

        The feds have until Dec. 31 of this year to hand over 33.5 million acres or we’re taking it!

        • Malcolm Reynolds

          Our state congress passed a bill about this not too long ago.
          At the time it was described, it sounded like it had no teeth. I guess it did. Good. Screw the feds.

          • VigilanteCaregiver

            Hey, check out the Christmas Greed article a few steps back. Gay Veteran lost the debate again.

      • Priszilla

        Sorry. My phone is really bad in spell checking. Or my thumb is too large. Or the road too bumpy.

        My point: it isn’t a new discovery that the taxpayer has to foot all bills. Plenty of time to prepare and shrug it off.

        • Malcolm Reynolds

          You meant to say

          How about this communist propaganda: the worker only gets paid a fraction of the value he is adding to a product.

          What about it? We’ve already had the conversation. You have a fundamental lack of understanding of how the world works and you’re plain ol historically illiterate because you think failed, murderous political ideologies will cause you to fair better.

          And that’s reflected in your erroneous belief that the retard that puts a pickle and squeezes the ketchup on my burger is somehow the one person out of all of them that added the most value to the product.

          • Priszilla

            Without the pickle squeezer you’d have to put the ketchup on your burger by yourself.
            The idea isn’t that he is the most important person in this particular process.
            The point is, that the owner of the joint would not have any profit, if he paid the worker the same amount he added to the raw material in value.

            You still don’t get it, do you?

            You have the costs of the burger, the ketchup, the pickle, the rent, the worker.
            Now the owner needs to sell the pickled ketchuped burger for a higher price than the sum of these costs.

            So, where is the difference coming from? Only from the work putting place, burger, ketchup and pickle together. Either he does it himself – self-exploitation, or by hiring someone and paying him a fraction of the value that is added to the sum of the raw materials cost.

            This is just plain maths.

            $Meat+$Pickle+$Ketchup+
            $Wage+$Rent+$Profit=$Price
            $Raw=$Meat+$Pickle+$Ketchup+$Rent

            $Price=$Raw+$Work
            $Profit=$Work-$Wage

            And however you turn it, you need the work to make a burger from meat, ketchup and pickle.
            Without that work you are a grocer, not a diner.
            And even with a grocer, meat, pickle and ketchup do not miraculously turn into gold by sitting in a freezer.

            Hence, without worker no profit.
            Would that make a worker an important part in the process?

          • Priszilla is right. Profit is nothing more than the difference between revenues, costs, and salaries, equating to what owners are able to take in. It is a consequence of mathematics, and in excessive amounts is a theft from workers.

    • Hot Rain

      You are right. Kudos on the propaganda remark. Capitalism only works for the ‘upper crust’. Eventually, it wears out at the expense of the country and its people. We are seeing this now.
      When it all goes, I hope to be in Europe. Which will have problems, but not like the US. The Eurasian Union that takes full effect on Jan1st will be a good thing. I hope.

  • XSANDIEGOCA

    Shades of the S&L bailout but this is bigger, much bigger. This is Evil.

  • Kim

    economic slavery.

  • Kim

    this is so completely repulsive that I don’t have words. tragic.

  • Wise Guy

    Republicans & Democrats= Two wings of the same bird.

    • Mary Wink

      Or as Gerald Celente calls them, The Bloods and The Crips.

  • jakartaman

    Only if we let them – If you are a patriot you would not be paying taxes now to a criminal IRS and corrupt Government.

  • PhDProfessor

    “If they win on their bets, the big banks would keep all of the profits. If they lose on their bets, the federal government would come in and bail them out using taxpayer money. In other words, it would essentially be a “heads I win, tails you lose” proposition.”
    ~~~~~~~~~~~~~
    Privatize the profits, Socialize the losses. Funny how the Wall Street banking cartel and corporate oligarchs are always extolling the virtues of capitalism over socialism until they’re the ones who need their losses socialized.

  • randyfreedom

    This could be the sign that the derivatives bubble is about to pop.

  • sherlock32555

    This will not stop until the people rise up and put a sop to this. Did they rise up with tarp no not a peep out of them!

  • Meccaisbabylonthegreat

    I’m asking a question here for any to respond. It’s an honest question as I’m not an economist and therefore don’t know the answer to my question. So…please don’t think I’m an idiot!
    Could all this be a stab at Russia? We are more or less on the brink of WWIII at the moment with Russia set up to be our primary adversary in such a war. Russia’s economy is (from what I read) tremendously dependent on oil exports. Could the “powers that be” be attempting to destroy their profits from oil? I know it seems like if they keep it up for too long, they’ll destroy us as well, but maybe they have some way to keep us afloat during such a crisis?? The Russians wouldn’t be too well able to fight a war if they’re broke, but we couldn’t either. I’m just asking.

  • Bruce

    Dont be fooled the smoke and mirrors routine. Obama care is a windfall of profits for insurance companies and the medical establishment. The pharmacutical industry got their windfall with Medicare part D. The republicans DO NOT oppose Obama care in reality. They are decieving YOU! Big business runs America AND the white house. Now it’s time for the banks to get another favor. Unless and until we get ALL lobbyist out of Washington we do not stand a chance.
    The recent racial carnage is but a puposeful distraction, a shell game where you are left dismayed. That’s why the National guard was NOT in place when they KNEW all hell was going to break out. Why do you think the announcement was made at night? The distractions ARE intentional. This recent reduction in fuel prices is also orchestrated as part of an elaborate show. The director is named GREED and the producer is named EVIL and the audience is full of idiots!

  • Richard O. Mann

    Yep. The Republicans and Democrats are two sides of the same coin. It’s a heads they win, tails we loose set up. I’m going to venture that the US has maybe a year left if that much. If it still stands with pretty much the same status quo as now, come January 2016, I will be very surprised. Truthfully, if we make it to June 2015, I will be surprised. But, we shall see.

  • Bruce

    Don’t be fooled by all the news about immigration. The politicians do not care one bit about immigates. About their families needs or woes. They will allow this immigration (amnesty) to pass because it represents cheap labor. Busineses want cheap labor and they WILL get it. Why do you think the minimum wage bill has not passed? Why do you think Obama care premiums went sky high this year? Because the puppet masters will make SURE businesses get cheap labor, keep the labor pool at it’s knees and make people pay into the profit machine.

    • Mike Smithy

      Bruce, you are half right. The Democrats want the illegal votes to expand their power base. Both parties are in it together, but for different reasons. It’s just another example of war on the middle class.

  • velisetremis

    It seems like the US Government is working hard to ensure another financial collapse! Correct me if I’m wrong?

  • VigilanteCaregiver

    NIA is reporting foreign nationals are running on the fed res for their gold bullion. 1.35 million troy oz. so far.

  • Jack

    Michael please do an article about Walmart being allowed in various cities all over the US to add an extra percentage of sales tax to customers receipts by the county to pay for loans, roads, etc.

    I only noticed this after I happened to look at my receipt and saw that I was being charged almost 8% sales tax. Since I own a small business and as far as I was aware the tax rate was a little over 5% I did some research and what I found was exceedingly disturbing.

  • Rando

    Someone correct me if I’m wrong, but wasn’t this agreed upon at the recent G20 meeting in Brisbane; a done deal just waiting to be implemented(?)

  • Hot Rain

    I caught that in his speech. No amount of capital can save the US. Those same foreign investors have no where to go, for now. When they start returning to their own countries for ‘safer’ investments, our collapse scenario will have begun.
    Let’s watch what happens when the Eurasian Union takes effect on Jan 1.
    And, FYI, China’s richest city, Ordos, has collapsed. Read that on China Daily.

  • Hondo Stone

    The wicked shall do wickedly, but they shall not escape.
    Fret not because of the wicked, for they shall soon be cut down as the grass and whither as the green herb.
    Their day is coming very soon and they shall be without hope and without mercy.
    Keep looking up all you who are in Christ, for our Hope and Joy is soon to come!

  • oh god

    These are all Airport trades via terms used on the floor of CBOT in the 90s. The exchanges,Cftc are all a giant joke. Floor traders would be thrown off the exchange and possible brought up on criminal charges for a fraction of this.

  • oh god

    Aiaport trades are where you take on too much leverage and go to Ohare to a non extradition country.They dont need to do that they already are offshore.

  • William Pagnini

    during the Greece crisis of a few years back, the government snuck in a ‘bail in’ program on a trial basis. when the people of Greece went to the bank or atm machine, they discovered that their money was ‘frozen’ by the banks and they were denied access. Here in Canada our Conservative party (holds the majority of our 308 seat House of Commons,) snuck in our version of the ‘bail in’ reform in our last federal budget. i have seen first hand how this works since i was a temporary ‘victim’ of this. the bail in basically states that if your financial institution finds itself on the wrong end of the financial collapse, they can then take all your money to save the bank and there is nothing you can do about this. of course, here in Canad we will be told to put a claim in with CDIC – our deposit insurance – but any amount over $100K will be lost. so you see we have our criminal banking system too.

  • cooperbry

    There’s no need to worry. The government will never pay their debts and the people will never backstop the government.

  • Robert Zraick

    A resolution was passed at the latest G20 which proposed exactly this. All the central banks in the western monetary system are in bankrupt countries, U.S. included because of an un payable national debt.

    The U.S. Banks came to congress and we got TARP (the bailouts to the banks by the taxpayers.) This was because the banks committed fraud and instead of going to jail, they got paid, paid themselves bonuses, and this worked so well for them that they have started to do even more of it.

    The bank of Cypress needed money so they just took it out of the savings accounts of their depositors last year.

    This created quite a stir but they got away with it.

    Ne the banks are getting ready to do it all again but rather than waiting until they get caught and have to go to the government (taxpayers) for a bailout, they said at the G20, that depositors were no longer depositors, but would now be “investors” in the banks.

    Meaning your money is no longer on deposit in the banks but now is your investment in them. Or another way of putting it. You now have no money in the bank but have invested in the bank.

    This makes future looting much easier. They stated their intent at the G20, now they want to sneak this in to the funding bill.

    They are planing to commit fraud and if they fail, they will take your money to pay for their crimes.

    I would suggest that you withdraw all your money from the banks, purchase something of tangible value with it to protect yourself, and keep a small amount of your cash as “investments” to the banks. Keep what you need to do business, but not more than you can afford to lose.

    Because they will eventually take it from you.

    We bailed out a bunch of criminals and they are back to rob us again.

  • AntonioOssa

    THESE BAILOUTS WILL ONLY HASTEN THE DOWNFALL OF AMERICA AS WE KNOW IT!

  • jack loach

    Swiss Bank
    Accounts. Dec.. 2014.

    Is your monies safe
    in these accounts —- definitely NOT.

    Would you get your
    money back if every body decided to withdraw all their accounts –
    NO WAY.

    Economic Experts
    say that there would only enough money to repay 50% of their clients.

    Are you going to be
    in the 50% — that loose your money.– Get it out NOW.

    2012 — – June.
    — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank.Switzerland. in
    order to collect large fees. ( Like MADOFF) —Even after the SEC in
    the USA uncovered the fraud Pictet continued to charge fees and drain
    whatever was left in these accounts. Estimated that $90,000,000
    million lost in this Pictet Ponzi scheme.

    2012 – – – July.
    — De – Spiegel. — states – Pictet Bank uses a letterbox
    company in

    Panama
    and a tax loophole involving investments in London to gain

    German
    millionaires as clients.

    2012
    – – – August —- German Opposition Leader accuses Swiss Banks of
    “organised crime.”

    All
    the fines that crooked Swiss banks have incurred in the last few
    years exceeds £75.Billion.

    It
    is also calculated that the secrecy ” agreements” with
    regards to tax evation by their clients will cost the banks another
    £450 Billion.( paid out of your monies.)

    The
    banks are panicking — the are quickly restructuring their banks
    —- from partnerships —

    to
    ” LIMITED COMPANIES.” —– this will probably mean that
    in the future — they could

    pay
    you only 10% of your monies ” if you are one of the lucky ones”
    —- and it be legal.

    Google
    —- The Crimes of —- Pictet & Cie Bank.

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