The Beginning Of The End
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The Big Banks Are Recklessly Gambling With Our Money, And It Will Cause The Global Financial System To Collapse

The Big Banks Are Recklessly Gambling With Our Money, And It Will Cause The Global Financial System To Collapse - Photo by Jamie AdamsHave you ever wondered how the big banks make such enormous mountains of money?  Well, the truth is that much of it is made by gambling recklessly.  If they win on their bets, they become fabulously wealthy.  If they lose on their bets, they know that the government will come in and arrange for the banks to be bailed out because they are “too big to fail”.  Either they will be bailed out by the government using our tax dollars, or as we just witnessed in Cyprus, they will be allowed to “recapitalize” themselves by stealing money directly from our bank accounts.  So if they win, they win big.  If they lose, someone else will come in and clean up the mess.  This creates a tremendous incentive for the bankers to “go for it”, because there is simply not enough pain in this equation for those that are taking the risks.  If the big Wall Street banks had been allowed to collapse back in 2008, that would have caused a massive change of behavior on Wall Street.  But instead, the big banks are still recklessly gambling with our money as if the last financial crisis never even happened.  In the end, the reckless behavior of these big banks is going to cause the entire global financial system to collapse.

Have you noticed how most news reports about Cyprus don’t even get into the reasons why the big banks in Cyprus collapsed?

Well, the truth is that they collapsed because they were making incredibly reckless bets with the money that had been entrusted to them.  In a recent article, Ron Paul explained how the situation played out once the bets started to go bad…

The dramatic recent events in Cyprus have highlighted the fundamental weakness in the European banking system and the extreme fragility of fractional reserve banking. Cypriot banks invested heavily in Greek sovereign debt, and last summer’s Greek debt restructuring resulted in losses equivalent to more than 25 percent of Cyprus’ GDP. These banks then took their bad investments to the government, demanding a bailout from an already beleaguered Cypriot treasury. The government of Cyprus then turned to the European Union (EU) for a bailout.

If those bets had turned out to be profitable, the bankers would have kept all of the profits.  But those bets turned out to be big losers, and private bank accounts in Cyprus are now being raided to pay the bill.  Unfortunately, as Ron Paul noted, what just happened in Cyprus is already being touted as a “template” for future bank bailouts all over the globe…

The elites in the EU and IMF failed to learn their lesson from the popular backlash to these tax proposals, and have openly talked about using Cyprus as a template for future bank bailouts. This raises the prospect of raids on bank accounts, pension funds, and any investments the government can get its hands on. In other words, no one’s money is safe in any financial institution in Europe. Bank runs are now a certainty in future crises, as the people realize that they do not really own the money in their accounts. How long before bureaucrat and banker try that here?

Unfortunately, all of this is the predictable result of a fiat paper money system combined with fractional reserve banking. When governments and banks collude to monopolize the monetary system so that they can create money out of thin air, the result is a business cycle that wreaks havoc on the economy. Pyramiding more and more loans on top of a tiny base of money will create an economic house of cards just waiting to collapse. The situation in Cyprus should be both a lesson and a warning to the United States.

This is an example of what can happen when the dominoes start to fall.  The banks of Cyprus failed because Greek debt went bad.  And the Greeks were using derivatives to try to hide the true scope of their debt problems.  The following is what Jim Sinclair recently told King World News

When people say that the Cypriot banks lost because of being in Greek debt, what was one of the Greeks’ greatest sins? They used over-the-counter derivatives in order to hide the real condition of their balance sheet.

Depositor money, brokerage money, and clearing house money have been tangled up in the mountain of derivatives as the banks have used this cash to speculate in an attempt to make huge bonuses for bank executives.

As I have written about so many times, the global quadrillion dollar derivatives bubble is one of the greatest threats that the global financial system is facing.  As Sinclair explained to King World News, when this derivatives bubble bursts and the losses start soaring, the big banks are going to want to raid private bank accounts just like the banks in Cyprus were able to…

What do you think happens when Buffett reports that he made $10 billion in derivatives? Somebody else lost $10 billion and it was most likely one financial institution. There is no question that what we are seeing right now is not isolated to Cyprus. It has happened everywhere, but is has been camouflaged by making the depositors and the banks whole. What Cyprus will reveal is that losses do not stop with the bank’s capital. Losses roar right through bank capital and take depositors’ money.

This could have all been avoided if we had allowed the big Wall Street banks to collapse back in 2008.  Reckless behavior would have been greatly punished and banks would have chosen to do business differently in the future.

David Stockman, the former director of the Office of Management and Budget under President Ronald Reagan, says that because we bailed out the big banks it was a signal to them that they could go back and freely engage in the same kind of reckless behavior that they were involved in previously

Essentially there was a cleansing run on the wholesale funding market in the canyons of Wall Street going on. It would have worked its will, just like JP Morgan allowed it to happen in 1907 when we did not have the Fed getting in the way. Because they stopped it in its tracks after the AIG bailout and then all the alphabet soup of different lines that the Fed threw out, and then the enactment of TARP, the last two investment banks standing were rescued, Goldman and Morgan [Stanley], and they should not have been. As a result of being rescued and having the cleansing liquidation of rotten balance sheets stopped, within a few weeks and certainly months they were back to the same old games, such that Goldman Sachs got $10 billion dollars for the fiscal year that started three months later after that check went out, which was October 2008. For the fiscal 2009 year, Goldman Sachs generated what I call a $29 billion surplus – $13 billion of net income after tax, and on top of that $16 billion of salaries and bonuses, 95% of it which was bonuses.

Therefore, the idea that they were on death’s door does not stack up. Even if they had been, it would not make any difference to the health of the financial system. These firms are supposed to come and go, and if people make really bad bets, if they have a trillion dollar balance sheet with six, seven, eight hundred billion dollars worth of hot-money short-term funding, then they ought to take their just reward, because it would create lessons, it would create discipline. So all the new firms that would have been formed out of the remnants of Goldman Sachs where everybody lost their stock values – which for most of these partners is tens of millions, hundreds of millions – when they formed a new firm, I doubt whether they would have gone back to the old game. What happened was the Fed stopped everything in its tracks, kept Goldman Sachs intact, the reckless Goldman Sachs and the reckless Morgan Stanley, everyone quickly recovered their stock value and the game continues. This is one of the evils that comes from this kind of deep intervention in the capital and money markets.

The lessons that we were supposed to learn from the crisis of 2008 have not been learned.

Instead, the lure of huge returns and big bonuses has caused a return to the exact same behavior that caused the crisis of 2008 in the first place.  The following is one example of this phenomenon from a recent article by Wolf Richter

The craziness on Wall Street, the reckless for-the-moment-only behavior that led to the Financial Crisis, is back.

This time it’s Citigroup that is once again concocting “synthetic” securities, like those that had wreaked havoc five years ago. And once again, it’s using them to shuffle off risks through the filters of Wall Street to people who might never know.

What bubbled to the surface is that Citigroup is selling synthetic securities that yield 13% to 15% annually—synthetic because they’re based on credit derivatives. Apparently, Citi has a bunch of shipping loans on its books, and it’s trying to protect itself against default. In return for succulent interest payments, investors will take on some of the risks of these loans.

Yes, the Dow hit another new all-time high today.  But the derivatives bubble that hangs over the global economy like a sword of Damocles could burst at literally any moment.  When it does, the damage is going to be incalculable.

In a previous article entitled “Why Is The World Economy Doomed? The Global Financial Pyramid Scheme By The Numbers“, I noted a couple of statistics that show why derivatives are such an enormous problem…

-$212,525,587,000,000 – According to the U.S. government, this is the notional value of the derivatives that are being held by the top 25 banks in the United States.  But those banks only have total assets of about 8.9 trillion dollars combined.  In other words, the exposure of our largest banks to derivatives outweighs their total assets by a ratio of about 24 to 1.

-$600,000,000,000,000 to $1,500,000,000,000,000 – The estimates of the total notional value of all global derivatives generally fall within this range.  At the high end of the range, the ratio of derivatives to global GDP is more than 21 to 1.

When the derivatives bubble finally bursts, where are we going to get the trillions upon trillions of dollars that will be needed to “fix” things this time?

And sadly, the reality is that we are quickly running out of time.

It is important to keep watching Europe.  As I noted the other day, the European banking system as a whole is leveraged about 26 to 1 at this point.  When Lehman Brothers finally collapsed, it was leveraged about 30 to 1.

And the economic crisis over in Europe just continues to get worse.  It was announced on Tuesday that the unemployment rate in the eurozone is at an all-time record high of 12 percent, and the latest manufacturing numbers show that manufacturing activity over in Europe is in the process of collapsing.

So don’t be fooled by the fact that the Dow keeps setting new all-time record highs.  This bubble of false hope will be very short-lived.

The unfortunate truth is that the global financial system is a complete and total mess, and at this point a collapse appears to be inevitable.

Gambling With Our Money - Photo by Antoine Taveneaux

  • MichaelfromTheEconomicCollapse

    I was on TruNews with Rick Wiles today, and if you would like to listen to the broadcast, you can find it posted right here…

    http://www.trunews.com/listen/

    If you enjoyed the program, please let Rick know.

    Thanks!

    Michael

    • DownWithLibs

      Once again, Michael, thanks for all of your hard work in pulling these articles together. I have told you that in the past, but as you and I both know, by shining a light on the truth, you are an enemy of the state (you know – “forget al quaeda, it’s Christians that are the enemy!!”) Before they shut you down (or haul you off to a FEMA camp!), I feel it necessary to let you know how valuable you and others like you are to those of us trying to navigate our way around this mind field that the “elite” among us have laid out. I put my trust in God, however, to do my part, I need accurate information. People like yourself doing this day in and day out do take an enormous risk by digging out the skeletons in the elite’s closets. Just so you know, none of that is lost on me.

      • MichaelfromTheEconomicCollapse

        Thank you so much for those kind words. I spend countless hours in front of the computer, and it encourages me greatly when I hear that people really enjoy the work that I do.

        And hopefully people will really enjoy the book that I am writing which is scheduled to be out later this month.

        Michael

        • K

          When your book comes out. Please post where it is available. Not any bookstores, out in the sticks.

    • Graham

      I have to say…

      You sound a bit older than you look in the picture at the top of the page!

      What type of law did you practice? How much do you know about the “Universal Commercial Code (UCC) system?

      Let me know if you get a chance to review the UCC Filings by the “People’s Trust 1776″. I put the instructions on how to clarify them in an older post.

      I know they exist within the UCC system and I have heard the commentary about the filings by the Australian MP Anne Bressington during a talk radio show.

      • MichaelfromTheEconomicCollapse

        I pretty much did whatever the law firm that I was working for at the time needed. But during my last couple of years in law I mostly worked on stuff related to Fannie Mae.

        Michael

      • MichaelfromTheEconomicCollapse

        By the way, how old do people think that I look?

        Michael

        • DiscouragedOne

          Are we that self-conscious? 40s.

        • Graham

          Your pic could pass for late 30’s, but is more likely “somewhere” in the 40’s. Re your voice on radio, sounds 50’s.

          How old are you?

      • Graham

        Correction:-

        Uniform Commercial Code (UCC)

        …not “Universal”.

    • K

      Good job on the broadcast.

    • Mondobeyondo

      Hey, I missed out on that! Too busy filing my federal income taxes and so forth.

      • K

        Mondo, if you go to the website. A rebroadcast is available.

        • Mondobeyondo

          K:
          Thanks! I’ll check out the link above.
          Mondo

    • Rodster

      Rick posed a great question towards the end. Which was, are the banksters and elites so scared of the inevitable that by stealing peoples money the serfs would take their money out and buy things with it before it’s stolen.

      It’s something I had not thought about until I recently started buying MRE’s after I read of the Cyprus fallout. So yeah, subconsciously it had an effect on me without me realizing it.

    • condaggitt

      good show Michael meanwhile everyone is coming up with every way to disarm white people. If you look at all the gun control legislation being proposed and will pass ask yourself does it apply to black people? The answer is No because black people never go to gun shows.

      And nothing so far has indicated severe mandatory jail sentences for possessing and /or using an illegal gun..nothing.

      Just give us one morsel it will apply evenly, Just put the TSA body scanners at all public housing projects dont want to be scanned for drugs or guns well move and pay your own rent.

      Face it Ohbewanna is a black racist…and that’s exactly what the bankers wanted.

    • markthetruth

      What i got out of Broadcast.

      IMF=US Controlled ” Intentional Money Fraud ”

      the end…

  • K

    Good article. But you know, I am not sure. Even if the banks had been allowed to fail. That the true rich folks and bankers, would have learned anything. Their level of wealth is very hard to understand. We are talking about people who consider a 100 million dollar loss, just the cost of doing business. No, some of them needed to go to jail. But in what passes for the U.S. now, that will never happen. They have a word for the class, that laws did not apply to, Royalty. That is who they think they are. And it seems there are very few left in this Country, who even have the courage to object to this concept.

    • Mondobeyondo

      Would it have been worse if the banks had been allowed to fail? Just let them all go under, like Bear Stearns and Lehman Brothers?

      I don’t know. Would have been an excellent chance for our banking system to start from scratch, to replace the present Fed-ruln, um RUN, fractional reserve system with something better. But then, all us citizens, businesses, corporations, etc. would have been financially ruined…

      • http://twitter.com/larryliang1994 Larry Liang

        Lets look at history. 1920-1921 depression and Iceland situation.

      • arizonadiane

        I think the problem is, the multi-multi-rich just like getting richer and don’t care about the little people. In 2008 even if they let the big banks fail, there are too many rich running the show so they would never let that happen. They don’t want a re-set – they care only about how much more they can get and where that leaves them. In charge.

      • cschuz

        So do you think we will be spared now?

      • D Thomas

        We just delayed the ruin with the bailout, sort of like avoiding a pothole to fall off a cliff

  • markthetruth

    This is the ” MONOPOLY WORLD WAR ” who could steal the most money from everyone. And own the world, only until the next game.

    the end…

  • vae victis

    If we had allowed the banks to collapse and the auto companies to collapse, we’d be living in a very different world right.

    In reality, there is no solution to this crisis that isn’t necessarily a bigger crisis.

    • Graham

      I think it is obvious that the “whole system” as we know it has to collapse, and it looks all the more likely depending on how far down the rabbit hole you go.

      I believe a completely different world be a very good thing, providing the people maintained their sovereignty and had a say in what happens. Call it direct democracy, although I don’t think a democracy as we know it today is much more than mob rule. That form clearly has to end.

      Obviously what I’m saying will require a completely different level of thinking and awareness. I don’t see this as an issue if you consider the “hundredth monkey effect”.

    • Bad Kitty Cat

      They should have let them failed, and corrected the system. I don’t know why they are afraid to let a correction happen–it will just make it a big crisis.

      • vae victis

        Because they know a “correction” is a euphemism for an economic collapse. Those in power want to hold that off as long as possible. Maybe they believe they can avoid it entirely.

  • Graham

    The Emperor clearly has no clothes. Time for a completely new “Paradigm”. The wheels are already in motion. It is just a matter of time before more align with what’s happening in the background. Many will remain skeptical, which is fine.

    I will personally standby the UCC filings by the “People’s Public Trust 1776″ until it is no longer feasible to do so. Those who have a thorough knowledge and understanding of both the above, will likely share a very similar view.

    It’s the most ingenious solution I’ve ever seen and is allegedly causing major headaches for the corrupt powers that be/were. If those powers suddenly announce a new financial system, rumour has it that it will have absolutely no backbone. If it happens, question everything about very carefully.

    All Cororate Governments and Banks have been legally foreclosed upon. This includes the Federal Reserve System and the Bank of International Settlements.

    This occurred in late 2012 and after 30 days of non rebuttal, it was announced on 26 December 2012 after the filings became international law.

  • Handog

    It’s all good for our de facto Dictator.
    “Next week Justin Timberlake, Al Green, Queen Latifah, and many others will perform at the White House in a “Memphis Soul” concert, the White House announced today.”

    • jokyjo

      Bread and circuses for everyone!

  • Mondobeyondo

    What’s happening to our financial system is more painful to watch than that Kevin Ware broken leg incident at the NCAA basketball game. Whew, that was awful… awful. Owwwwww.

    Anyway, ummm. Wall Street is nothing more or nothing less than Las Vegas, a couple of time zones east. They play more or less the same game, and it’s more or less rigged the same way. The house (i.e. Wall Street investment bankers) always win. The rest of us, apart from maybe 4 or 5 lucky few people, always lose in the long run.

    What difference does it make to you and me, if the Dow keeps hitting record highs? If you (still) have a 401(k), I understand. But I’m no longer invested in the Dow. I made the wise decision/foolish mistake/idiot move, take your pick, of cashing out of my 401(k) several years ago. I am sure many of you don’t have retirement investment programs. (Does McDonald’s offer a 401(k) program?)

    Live and learn. I’ve lived a lot and learned a lot.

    Here comes the crash course university speed course!! Ughhhh!! Well, to quote Mick Jagger… “You can’t always get what you want – but if you try sometimes, you just might find, you get what you need.”

    In other words – surf, or die.

  • http://twitter.com/JailBanksters JailBanksters

    I think they are make even crazier bets now than any time before 2008. The Banks are getting desperate now to create more debt, and if they can’t create debt they have to double down on Red, if they Loose you will have to refund their money.

  • 2Gary2

    There are no gaps in the workforce. None. What there are plenty of is
    businesses who are too cheap to pay going rates and are finding less and
    less qualified workers willing to work for those wages. But give all
    the illegals paperwork and open the floodgates to cheap highly skilled
    workers in exchange for citizenship, and all you do is lower the wages
    for everyone but themselves…

    Stop the greedy corporate pigs…

    • cschuz

      Gary, I don’t know about other small business but our margins are paper thin and some of us have been spending our retirement just to try to stay in business. The big banks have been allowed to steal from the US taxpayer and the lack of security on the border has left the middle-class to compete with 3rd World countries.

  • http://www.facebook.com/andras.farago.948 Faragó András

    i m waitnig for the big crash, but never comes. why?

    • jaded

      where were you in 1929 or 2008? it’s coming… again.

  • http://www.facebook.com/andras.farago.948 Faragó András

    i’ve a lot of derivatives that performs well in hard times. but sp500 reaches every day new highs. no correction, no pullbacks. a begin to worry about the market.

    the article is too much ado about nothing.

    • Mondobeyondo

      Famous next-to-last words.
      “Everything’s fine.”
      “Iceberg? What iceberg?”
      “The stock market is going nowhere but UP!”

      Hear me now, and believe me later….

  • Blackhawk

    On top of their exposure to Greek debt, the Cypriot banks experienced an internal bank run two weeks before everybody knew, according to a ZeroHedge article. In other words, the insiders funnelled all their funds out leaving ordinary people with the losses.
    The propaganda machine was reassuring everybody that things are going fine, while the ones behind it were silently exiting.
    A lesson to be learnt for anyone who pays attention!

    • PeaceAngel

      It was the Russian mafia who had billions in laundered money in both these two banks and they were tipped off because the Cypriot bank officials are afraid of them. Reporters in Russia are reporting that they will “kill” anyone who tries to take any of the money that still is in those two banks. It is also being reported that Greek tycoons were laundering money through these two banks as well. Their propaganda machine is just like ours. They will lie to us up to the last moment. That was visible in the movie “Too Big to Fail.”

  • .

    The author of this article concisely demonstrates his ignorance of economics. It’s nice for for fearmongering sheep like most of the respondents here.

    • Makati1

      Economists don’t even understand economics. Why else do we have a screwed up, suicidal financial system? All they know is greed and looking back to predict the future, Well the future is going to be nothing like the past. We are about to go to the resources pantry and find it empty and moldy.

    • chilller

      You are wise beyond your years…how old are you…4…?

  • Makati1

    Any fool still in the markets or banks deserve what is coming. It is coming to your bank, eventually. Nowhere in the world is safe.

    • Hambone

      I’m with you. I pulled what little I had in (401ks, etc) out several months ago. I must confess, it is hard watching the market continue to rise — all those gains I could have made.

      In the end, I believe Michael (and others) are right. It’s a house of cards that’s going to come crashing down, and I’ll be happy that I got out when I did.

      • Snelly

        My question is: after you take your 401K and cash it out (after 10%+ penalty for early withdrawl) what do you DO with it??? No place seems safe to hide it away …

        • Sammy

          Gold and silver in a fire proof box at home. There are lots of ideas of safe hiding places on the net. There is still less chance a thief will find it than the banks helping themselves.

        • Mondobeyondo

          Gold and silver coins or buillion, would be my suggestion. Those are tangible assets that will hold their value, no matter what happens to the U.S. dollar, or any other fiat currency for that matter.

          What to do with it? That’s up to you. But – definitely do NOT put it in a bank safe deposit box! (In a “banking crisis”, those would be the first places to be shut down!) Maybe your mom’s jewelry box…I dunno.

          • Snelly

            That’s funny … my mom’s jewelry box … I’m a bit old for that! Unfortunately not old enough to cash out my 401K without penalty (I still have 18 1/2 yrs to go) … I am having serious anxiety about that after having diligently stashed away as much as possible for the last 15 yrs. Of course I do not want to end up holding the empty bag after the banking system takes all my hard earned $ but this is a big shift on a personal level … STRESS!

          • K

            Perhaps I can help. Grabbing the retirement accounts, has been discussed in D.C. on several occasions Since they would issue a Treasury obligation. in exchange for the money. They could convince most people, that it is not stealing. Therefore I believe going after the retirement accounts is most likely.If you decide to act, should you go into gold and silver, maybe. As long as you remember, gold and silver can go down as well as up. Remember just a short while ago, people said housing could only go up. Now as to the banks taking your money. In Cypress, in Canada, and in the U.S. the rules speak of a failed bank. Small and well rated banks and credit unions have much smaller of a chance at failing. Example both banks my money is in, have less then a billion in assets. If somehow in spite of their high rating they failed. The FDIC could easily pay off the insured amounts, in those banks with no problem. Might I go into silver at some point maybe. But not yet.

  • Ralfine

    Nooo, you got it all wrong. Its all the fault of the welfare recipients. Cut the welfare to nothing and everything will be fine.

    You should thank the rich on your knees that they graciously give you the opportunity to increase your experience and their wealth.

  • http://www.facebook.com/david.byrden David Byrden

    I don’t think it’s correct to say that banks “create money out of thin air” when they give a loan.

    What happens is that the banker creates equal amounts of POSITIVE and NEGATIVE money. The sum total of the money is still zero. Nothing is created.

    Then, she hands you the positive money to spend; but she doesn’t hand you the negative money, because we don’t print negative currency notes, because people would burn them! Instead, she holds your negative money and obliges you to gradually cancel it out with positive money.

    Money has not been created; it has been moved around the calendar. A loan allows you to move money from the future into today. (In olden times, we moved money from the PAST into today; this was called “saving”. )

    • Hambone

      That’s not entirely true. In order for a bank to loan money, it only needs to hold assests that are a small fraction (something like 10%) of the total amount it loans. So, if a bank has depositor accounts totallying $1,000,000, it can actually loan out ten times that amount. I may be wrong on the 10%, but it’s around that number.

      While “out of thin air” may be hyperbole, it is leveraging money that’s not there. Since we live in a society where hard currency isn’t needed to back a loan, it’s not like we expect a pile of bills when we get a loan.

    • Mondobeyondo

      The Fed creates money all the time.

      Creation, by definition, is making something out of nothing. You don’t create a house or a computer or an automobile. You simply manipulate existing materials, then shape, mold, cook, and form them to make a house, computer, macaroni, Big Mac, whatever,.

      To create something, you need to make something that doesn’t exist, You can’t even do this with energy! (Energy is neither created nor destroyed).

      The biggest problem with our present fiat money system…”You need a $100,000 loan? Poof! It shall be done!” Sooooo – do you have any assets to back up that loan? Or is the bank going to “create” those too?

    • Zeck

      We may disagree on how money is made but there is no doubt that it is made and increased over time. The increase in the number of dollars in the market per capita causes the value of it to be worth less over time. At different times, money is either made faster or slower, but the number of dollars is almost always being increased. Right now most countries around the world are in a race to devalue their currency, if for no other reason than it makes buying their goods cheaper on the world market, but it makes those same goods and other countries goods more expensive in country, hence inflation.

  • Mondobeyondo

    “$212,525,587,000,000 – According to the U.S. government, this is the notional value of the derivatives that are being held by the top 25 banks in the United States. But those banks only have total assets of about 8.9 trillion dollars combined.”

    I’m quite certain, that that is more money that exists on planet Earth – paper, computerized, precious metals or otherwise.

    All bubbles pop eventually. The derivatives bubble is no different. When it does pop, Look. Out.

    All your financial wealth and assets will be washed out to sea, just like that 2004 tsunami that hit Indonesia. Don’t listen to the financial big wigs or your financial planner. They’ll tell you, “Whoa, dude…surf’s up! You gotta get in, right NOW!” Don’t do it!! If you do, you will perish.

  • Mondobeyondo

    “Oh no, we’re all gonna die!”

    Yes, we are. We’re all gonna eventually die.
    There’s a reason why we’re gonna die.
    But that’s best left for a religious forum…ahem.

    Having said that – make the most of your life as you possibly can. Help a neighbor who has no food or no water, or a car. (Yes, they’re out there. You don’t see them? How long have you been looking for them?)

  • Patriot Alice

    The Free Market is dead, we live in a managed economy now. Managed by people who have limited insight…This is like a lot of people living from paycheck to paycheck.. Not a good way to manage your finances..

  • Kt

    “All your ‘Bank Account’ are belong to us!” -The Banker

  • http://www.facebook.com/bryan.neideffer Bryan Neideffer

    please read the book of revelation.

  • TKS

    Michael, first of all, I’m a long-time reader who has enjoyed your blog for the past few years and I have learned a lot. You are performing a valuable public service. I have come to the conclusion that there are psychopaths running our government, Wall Street, the “Lamestream Media” and the Federal Reserve. The Cyprus banking “bail-in” told me all I needed to know that the banksters and the elite are getting desperate and would stop at nothing to get a hold of our bank accounts, IRAs, and 401Ks. We have been sold down the river. The politicians have stood by and allowed corporations to send good jobs overseas, eviscerating our manufacturing-based economy in the process. The thing that makes me angry is that the politicians allow the economy to be wrecked then turn around blame those who are unemployed because of the wrecked economy. They (the unemployed) are to blame for their predicament (the unemployed are drug addicts, moochers, etc). If this had been a normal recession and recovery, many of those that have been unemployed would have found jobs by now but the elites don’t want this. They would rather see people suffer while they get rich. The elite have no conscience. If any of our commenters are currently unemployed right now (as I am), DO NOT BLAME YOURSELF OR GET DOWN ON YOURSELF. Things are happening in this economy and country beyond your control. The is evil afoot in our government, on Wall Street, even in the media. My only comfort right now is my Christian faith and the knowledge that one of these days the elite and those who have had a hand in the downfall of our country will have to face their maker. They have forgotten that we come into this world naked and we will leave this world naked. You cannot take your money with you when you die. The elite will learn this lesson the hard way one of these days and I hope it’s sooner rather than later. I will close with this – maybe the banksters and the elite will take away all my money and financial resources but they can never take away the things that really matter: my faith in God and the knowledge that Jesus Christ died for my sins, the love of my family, and the wonderful memories I have made during my life.

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