Forum Post: Professor William K. Black --- "We've Decriminalized Fraud" !!! (Video)
Posted 11 years ago on Aug. 14, 2012, 11:06 p.m. EST by shadz66
(19985)
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Professor William Black --- "We've Decriminalized Fraud" !!!
"Each crisis is getting bigger by an order of magnitude." Meaning the next financial meltdown is assured to be much greater that the last. Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Professor William Black.
Professor William Black is a former bank regulator and professor of law and economics, he says, "Outright fraud caused the great recession and they are able to do it now with impunity."
radix omnium malorum est cupiditas ...
Wow, 17 mins in he talks about Bernankes Relationship to the Keating Five & to the Savings & Loan Scandal. Bernanke is total Crony and totally guilty in protecting fraudulent practices that create the "Worlds Biggest Fraud in History". That is all the Proof you need.
Demand Bernanke Resign or Be Prosecuted this year. Demand Obama force him Out. The Sequestor is the Perfect Crisis to push for Investigations, Resignations, and Prosecutions.
Ditto and 'CRY OUT! INDIGNEZ VOUS!', by Stephane Hessel, 93 :
http://therearenosunglasses.files.wordpress.com/2011/01/cry-out_.pdf .
e tenebris, lux ...
Much Thanks. Just 2 pages in I feel Inspired in a concrete way about our shared heritage in the USA... But also in this struggle to reclaim the promise of the USA ... This Link shows clear policies, clear goals, and true progressive government ... all in just the first 2 pages.
Many thanx back 'Ma' - Stephane Hessel is an inspiration & the link above is well worth anyone's consideration. Solidarity Siempre !!
paz y luz ...
New William K. Black Article:
Rep. Conyers Needs our Support to Kill the Sequestration's Austerity by William K. Black, Posted: 03/01/2013
http://www.huffingtonpost.com/william-k-black/john-conyers-sequestration_b_2788711.html?utm_hp_ref=business
"....We have been strangling the economic recovery through economic incompetence -- and worse is in store because President Obama continues to embrace (1) the self-inflicted wound of austerity, (2) austerity primarily through cuts in vital social programs that are already under-funded, and (3) attacking the safety net by reducing Social Security and Medicare benefits. The latest insanity is the sequester -- the fourth act of austerity in the last 20 months. The August 2011 budget deal caused large cuts to social spending. The January 2013 "fiscal cliff" deal increased taxes on the wealthy and ended the moratorium on collecting the full payroll tax. The sequester will be the fourth assault on our already weak economic recovery. We have a jobs crisis in America -- not a government spending crisis and the cumulative effect of these four acts of austerity has caused a certainty of weak growth and a serious risk that we will throw our economy back into recession. The Eurozone's recession -- caused by austerity -- greatly adds to the risk to our economy because Europe remains our leading trading partner..."
"...The good news is that Representative John Conyers has made the Obama's task simple by sponsoring exactly that clean bill in the one sentence form many of us have been urging: "Section 251A of the Balanced Budget and Emergency Deficit Control Act of 1985 is repealed." Amen..."
"...I propose that we launch an effort, open to all, to support Conyers' bill and demand that our representatives in the House and the Senate promptly enact it...."
Click on the LINK to Read the whole article.....
thx. real good info. conyers does great work. I will support him--call his office--and spread the word. I also signed the petition on naked short selling -- can you help spread the word on that too? (there's a post about it on this site--or just go to petition link. http://signon.org/sign/stop-wall-street-from
Wow, I missed this. This is IMPORTANT. The Game is Rigged and Naked Short Selling is Counterfeit. It is Fraud unless the stock or asset is borrowed ... usually for a fee ... I can't drive down the cost of your apartment or house without owning it and selling it. It is like selling down all the units in a Condo Complex, but not having ownership or interest in the Condo Complex. It is Fraud.
Thanx. I'll get on this one. Good Job.
Thanks for the video.
We have to keep pushing to stop the fraud, even when it seems success is impossible. The Mary Jo White SEC confirmation hearings are coming up--let's make the senators do their job. Here's a start. Please sign this petition. http://signon.org/sign/stop-wall-street-from Stop Wall Street From Fraudulent Trades That Short Sell & Undermine the American Dream The Wall Street trading practice known as “naked short selling” is destroying the American dream by threatening our economy while robbing investors, businesses, retirees, homeowners, and hard-working Americans of trillions of dollars and jobs. This illegal practice helped bring down our economy in 2008 and is a concern of all Americans—both Republicans and Democrats. We demand that the White House and members of the Senate Banking Committee and House Financial Services Committee work with new leadership at the SEC and a new Congress to put an end to naked short selling, once and for all!
The Banking Corporations can be considered the peak of the dark pyramid and fuel and feed off all the worst excesses of 'Parasitic Purely For Private Profit' Crapitalism. Thnx for your strong comment and link & in case you missed it -
This is an extraordinary film about the creation of 'The American Corporation' - its global economic dominance and its psychopathic tendencies.
e tenebris, lux ...
Here's a very sad story of how a big bank bullied a man to death:
http://www.laweekly.com/2013-03-07/news/wells-fargo-typo-victim-dead-larry-delassus/
With disbelief and fury did I read your very effective and affecting link, which I recommend to all readers.
Also fyi :
fiat fustitia ruat caelum ...
"Whether it’s the 50 million Americans who are living in food-insecure households (which means they are struggling with hunger), or the fact that 1-out-of-2 kids in America will, at some time in their childhood, have to rely on federal assistance for food. This is happening in the richest country in the world, and the problem is only getting worse."
"In 1980, we had 200 food banks. Now we have over 40,000 food banks, soup kitchens and pantries, and yet the problem persists."
I guess W's "thousand points of light" didn't work. Why? Because charity is not the answer. We should not have any need for charity in the richest nation on earth. People should not be at the mercy of the benevolence of others in order to eat.
Yep - plain and simple TRUTH
People dependent on the whimsical largesse of others is a prescription for Dickensian Neo-feudalism and Neo-liberal, Libertopian magical thinking and it is of course exactly where ALEC & The Koch-heads (good name for a nihilist, death-metal band ?!!) would like to take Americans and others !!
Finally, I append for later reflection :
Resistance Is Fertile !!!
consilio e animis ...
"People dependent on the whimsical largesse of others is a prescription for Dickensian Neo-feudalism and Neo-liberal, Libertopian magical thinking and it is of course exactly where ALEC & The Koch-heads (good name for a nihilist, death-metal band ?!!) would like to take Americans and others !!"
I love the way you put that.
And, from the article: "The issue is really quite simple, as long as we have ruling elites joined at the hip to Big Capital, running the show, they will never, not in a million years entertain the idea of doing away with the present economic system—which is the cause of all our miseries—and replacing it with a saner and more modest way of earning a buck, there’s too much at stake and for so few, dammit! Only we, the so-called people can do that, they won’t even begin to change things unless we either force them to or failing that, get rid of them."
This is the truth, because they want us to think that the economy is as organic as a tree growing from the earth's soil, as the sun shining in the sky, but it's not. It's man made. And, it can be re-made by man to work for ALL people, not just the few greedy grubbers at the top. We must never give up the fight for this.
"The issue is really quite simple, as long as we have ruling elites joined at the hip to Big Capital, running the show, they will never, not in a million years entertain the idea of doing away with the present economic system - which is the cause of all our miseries - and replacing it with a saner and more modest way of earning a buck, there’s too much at stake and for so few, dammit! Only we, the so-called people can do that, they won’t even begin to change things unless we either force them to or failing that, get rid of them." - Repeated because it is warranted to do so !! As is :
There is a downloadable 'PowerPoint Presentation' for onward transmission and solidarity @ u & yrs.
pax ...
Prof. Wm. Black is one of the ''Economists For Bernie (who'll) Speak Up'' ...
multum in parvo ....
"Bernie's plan is not only better, but actually, essential." Prof. Black from your excellent link.
what's his plan ?
I don't think it's clear.
https://berniesanders.com/issues/
His platform/plan is all laid out in the above link, how to pay for everything too. It's all there.
sanders supports and argues necessity of war
as can be plainly seen in his issues
Thanks
what's the plan ?
Do you need spoonfeeding?!!! Read: https://berniesanders.com/issues/
THEN u can feel totally free to comment, critique, criticize or question!!
You're a''math-brain'' scientist Matt so why not apply some reasoning?!
ad iudicium ...
sanders supports and argues necessity of war
I will not
[Removed]
Fraud, extortion, grift, loan sharking, confidence games, etc.
Like I said, just like the mafia.
Prof. Wm. K. Black on 'DemocracyNow!' :
We now need a new Elliot Ness for sure and probably a whole crew of them just like Prof. Bill Black.
verum ex absurdo ...
At this point, it's an Elliot Ness that can operate Worldwide that we need.
More like a peoples James Bond.
A "peoples James Bond" !!! Hmmm, I like !! Or maybe a cadre of them !
A non-violent crack corps of expert kidnappers who nab banxters to order, talk to them with compassion and sustained factual information while on strict diet of bread, water & porridge, only ever releasing them when 'Stockholm Syndrome' is well set in ... hey, whaddya mean 'Wake Up' ?!!! Also please consider :
Obama’s chief of staff, Lew was an executive at Citigroup from 2006 to 2008 at the time of the financial crisis. He backed financial deregulations efforts while he headed the Office of Management and Budget under President Bill Clinton. During that time, Clinton enacted two key laws to deregulate Wall Street: the Financial Services Modernization Act of 1999 & the Commodity Futures Modernization Act of 2000.
spero meliora ...
I guess he convinced them that since he fucked it all up, he's the only one who can unfuck it, and they bought that shit.
I left off con man in my previous list.
Still just like the mafia..
Yep, just like The Mafia - but without the 'honour amongst thieves' !!! Jacob Lew is a bought and paid for Bankster's Stooge, who'll only serve The Parasitic 0.01% !! We need a cadre of pro-99% James Bonds for sure !!! Here's insight into why :
multum in parvo ...
Hmmm, the parasitic 1%.
You'll find them on the right.
http://mashable.com/2013/03/02/wealth-inequality/
Re. The Parasitic 0.01% & their 1% lackeys :
fiat lux ...
Don't forget the wonders of deregulated student debt.
http://www.addictinginfo.org/2013/03/09/student-debt-crushes-borrowers-and-threatens-the-u-s-economy/
Re. Student Debt, thanx for that very strong link, further to which, I also append :
"US Student Debt Almost Tripled Between 2004 And 2012" : http://www.floatingpath.com/2013/03/02/student-debt-tripled-2004-2012/ ;
http://www.occupystudentdebtcampaign.org/ ;
http://occupystudentdebt.com/ ;
http://studentloanjustice.org./ &
"Money Is A Form Of Social Control", by Michael Snyder : http://www.informationclearinghouse.info/article34028.htm .
radix omnium malorum est cupiditas ...
Regulators that Failled about 15 Minutes in he talks about the key government Crooks in the 2008 Financial Crisis.
"Freedom is both one of the most basic and one of the most precarious rights. Freedom is meaningless if it does not ensure equal rights and therefore solidarity. This is why everything should be seen as a whole. The freedom which governs more and more the financialized markets, at the service of a few, and incompatible with equality and fraternity, has already caused considerable damage." from :
Prof. Wm. Black, Prof. Michael Hudson, Prof. Noam Chomsly, Prof. Michael Parrenti, Prof. Richard Wolff, Amb. Stephane Hessel - perhaps these olds have something to teach the younglings - who in the final analysis will have to re-learn some lessons of the past as they try to take our world forward for The 99% and NOT backwards for the 1%.
dum spiro spero ...
Stephane Hessel in this article raises many ideas and proposes a central question: how can a group of unrepresented people, unelected people, people with no power change the country, the people, and the politics.
He challenges me with some great principals, but he raises unresolved questions for me. He shows me that I must research deeper before I can publish my views accurately. He talks about Freedom, democracy, and rights for people. And he holds other views that are a little new in how he has developed them.
"...We need global governance, not a one world state which would be an absurdity, but a system of cooperation between states which is based on democratic principles..."
I know I have more to read and more to learn about stopping war, supporting social programs, and returning democracy to the USA.
1) National Referendums, votes by the people on issues like war, war spending, defense spending, Drone Strikes, Torture, Rendition, controlling costs for medications and for medical treatment.
2) Reduction of US and States Secrets. Some technology and weapons should be secret, but not the whole US Government and not anything about the Federal Budget, Federal Audits, Federal Spending, and DHS.
3) FOI Act strengthening, opening up government, Glasnost.
4) Anti-Trust Strengthening, FTC emphasis on Monopolies, Oligopolies, and Fraud foist on consumers, including GMO Labeling, limiting drug company advertisments, drug company marketing to school teachers, pharmacist, and doctors....
5) End Corporate Personhood.
So, forgive the repetition but once again ...
And thanx for another thoughtful and thought provoking reply.
ad iudicium ...
The world has turned up-side down shadzy.....and it is almost laughable
The status quo who perpetuate and justify fraud and malfeasance are considered good citizens
While those people who want a return to the rule of law are viewed as RADICALS, and are arrested
It would be funny, if you did not take into account all the human misery that has been caused by the REAL criminals
~Odin~
Sequestration is an affectation and for The 99%, extreme austerity for is the real intention !! Thanx for your heartfelt comment which speaks deep truths & again :
"Banksters - William Black tells the real truth" : https://www.youtube.com/watch?v=J8CqaHTygSc .
Further, "If Labor and community groups united in a demand of ‘No Cuts, Tax the Rich’ and organized massive mobilizations, there would be a very different public debate happening right now. It’s not too late for these groups to tear themselves from the jaws of their attackers." from :
"Gradually the mainstream is realizing that the 2008 meltdown was brought on by fraud....pure and simple...., and that epiphany only bodes well for our struggle" - amen and solidarity !!
fiat justitia ...
Everyone should listen to professor Black
All these cuts go into effect March 1st, that's today
Perhaps some of the people affected will go on to learn the full extent of what has been going on in this country for the past 30 plus years, and will join us for May Day
Getting labor more involved in our struggle is another key to our success
Here's one I missed about your British hooligans/Bankers, until i got it at an OWS event last night, and it's in the NY Times, no less
http://www.nytimes.com/2012/12/12/opinion/hsbc-too-big-to-indict.html
Hence some of the people on M1 Day may have a strange accent ;-)
~Odin~
Austerity may lead to Whistlerblowers in Government ... and who knows maybe in the corporate world as Layoffs pick up momentum. 2002-2012 was a lost decade for democracy, but maybe 2013-2022 will see Reform, Prosecutions, and a cleaning out of the US Senate & US House Of Represenattives and Federal Regulators.
Sequestration may be the Final Straw on top of False Wars, Bloated Executive Compensation, Crony Capitalism, RICO Violations, Corporate Lobbying, Off Shore Tax Shelters, Corporate Welfare, Public Private Partnerships, different Tax Rules for Wealthy, Different Set of Laws for TBTF Wall Street banks, Etc....
I just got a news flash on my phone, "Let the cuts begin Obama signs...." You're right in implying that as more and more people feel the pain of all the BS that has went on, they will search for the truth, and like I said earlier, this obviously bodes well for us
And when they arrive at the same conclusions that most of us have here, this movement has the potential to grow to the critical mass of people that we need to get the sea change in the way our political and financial institutions are run
And we must NOT settle for anything less and that means keeping the pressure on in any and every way, minus violence
Although i have been overly optimistic before, I feel that we are now entering into an excelerated pace of dissent in the realization of how corrupted government has become
Chris Hedges who covered the uprisings in Eastern Europe, said something like, 'There's no way to predict how long it will take',
But the Tide has definitely turned for the first time in over thirty years, That's for sure!
Good post, thanks
~Odin~
Thank you. Always nice to read your words.
That's nice of you to say. But i have learned much from all the posters here, and from all that I observe in NYC
Unlike VQ did, I never want to overstate what I do in NY, in at best my once a week trips up there, because so many others do so much more
Rather I try to link what is going on there in an honest way with the forum
I consider this a young people's rev, by the simple fact that they will be on this planet for far longer than me
They have the most to lose, but fortunately for all of us they also have the most energy
I am there to make amends, if you will...to support them in whatever way I can... for my generation having taken its eye off the ball
Most importantly though, I am here for the sake of my granddaughter... Very simply, I want her to grow up in a better world
~Odin~
Well said, lets seek balance, share vision, and demonstrate an open mind.
MA, re: whistleblowers
Maybe, maybe not. From Mother Jones
When it comes to protecting whistleblowers, President Obama's track record has been fairly bleak. In his first term, he trampled over them on his quest to aggressively prosecute government leakers. But Obama's legacy
http://www.motherjones.com/mojo/2012/11/president-obama-signs-law-upgrading-whistleblower-protections
I agree, the "No Fear Act" in the Federal Government is some kind of Propanda Campaign that Federal Lawyers are responsible for at this point. Obama, Holder, Mueller in the FBI ... they are prosecuting CIA and other Whistleblowers that don't tow the line and support war, torture, kidnaping, holding without legal representation, lies that support war and the continutation of war, .... and as in Bob Woodward ... Media is shut out, they lose access to do their job if they don't publish the talking points and stay with the message that war is good, we bring democracy, war is justified, war on terror is justified, we treat all people good even while destroying their economy, injecting money to war lords causing inbalance in their economies, destroying lives, homes, businesses, and bringing disease, murder, torture, and destruction.
Anyway we see Whistleblowers being destroyed just like Aaron Schwarts and Julian Assuange. The US Government is not following the constitution and does not recognize soveriegnty of other countries and other people. It is classism. It is racist. It is anti-Christian.
And these fascist are in control of our government.
The "cuts" are nothing more that a slowdown in the rate of spending. It amounts to less than 3% of the budget.
The debate that is not in progress is how we got here, and who should pay for it
~Odin~
and who gets to collect for it
Taxpayers do not have to.Spending cuts will do it.
Who will be victimized by those spending cuts?...hmmm
~Odin~
Only those that obama choose to make headlines.
No, it goes far beyond that, and please don't try to get me into the 'ol... left/dem... vs... right/repub battle .....as we are well aware that is how 'they' have been able to control us for so long and forward the nefarious neoliberal agenda
Both parties stink, and answer to the corrupt elite
One party pretends it is Robin Hood and that they are for the people....., and the other party promotes its agenda via an independent Marlboro-man-type-man image
The only problem and hypocrisy is the M man likes $ociali$m for himself, and capitalism for everyone else
And BTW, didn't one of the Marlboro men die of cancer...RIP...and wasn't he on SS/disability and medicare before he passed?
~Odin~
The Robin Hood legend was that Robin Hood took the tax money that the govt took from the citizens and gave it back to the people.
Well that analogy made sense in the era of Feudalism, but now the new lords are the CEOs of our Corporatocracy. If Robin Hood was real, those individuals would be the ones he'd go after. those non tax paying, entitled whiners, who are highly subsidized by your taxes, are what is robbing the people. Year after year they rape the federal coffers and expect to be lionized by the people.
Talk about a sense of entitlement, these parasites make the government look like a shepherd. The bureaucrats may be sustained by the tax payer, but their services are much more needed than the subsidies that corporate America receives. Corporate America is what is robin' the hood.
My analogy, although not perfect perhaps is close enough
You get the picture
~Odin~
Why the sock puppets Mr. shadows?
If by that you mean it won't mean a lick of difference to the 1% you are correct.
On the other hand it will negatively affect children in every State it affects, but only the poor and middle class.........
Destroying Democracy a State at a time.
Is Jim Mesinna your best friend and talking points advisor?
Yes Mr. Allison, of course Mr. Allison.
ad hominem.
Perhaps it's Stephanie Cutter.
You should get out of your retirement home today and meet some new people. Take a walk. Life is not finished just because you are old, you can always start new projects to infuse passion within your dying self. Try flying a kite. Try asking a girl out for a date. Why live in isolation? Life is too beautiful for that.
Tell that to the shills on here that are paid by ows .
I do, I do... I say it all the time to DKAtoday, the biggest democrat shill here.
Linking to another Black post: http://occupywallst.org/forum/post-your-favorite-bill-black-video-financial-cris/
MonetizingDiscontent's post re. Wm. Black from a year ago :
Thanx 'ndeg' for the cross reference.
respice, adspice, prospice ...
I missed this one. I thought it was an article I guess. Watching it now. Pretty good stuff. 1000 Felony Convictions by Bill Black, 90% conviction rate, and 3000 cases total handled. I'm not familiar with USAWatchdog.com either...see some good stuff.
De-Regulation, Defacto De-criminalization, De-supervison, = Criminogenic Environment.
You don't have to be able to Read "Tea Leaves" to see the Fraud and the Crisis Coming. 1989 Bill Black set up the Resolution Trust Corporation to clean up the Savings & Loan bancruptcies. Congress learned they didn't ever want to get involved in hearings on any of their major contributors (Charles Keating).
So Congress (or the mafia) told Obama to Hire Geithner the Failed NY Federal Reserve Director (a Republican), so that they would keep deregulators and keep avoiding any prosecutions.
He Names Names. He says abject Failures Hired were:
A) Mary Shipiro
B) Tim Geithner
C) Ben Bernanke (the only one with statutury authority to prevent the Financial Crisis by changing the regulations)
D) Alan Greenspan (again was asked to regulate and had the power to change the laws and regulations but refused)
Welcome to the Banana Republic of the USA. Banana States of America.
Bank(st)ers can and will still make profits - as they have done for centuries - but people should have an opportunity to bank with ethical (& perhaps publicly owned) banks. The best ethical practices should be present in the 'market place' and should be promoted, incentivised and rewarded 'in the market place' so we the people - The 99% - can make informed choices and perhaps only 'Publicly Owned Banks' can do this - which is exactly why The Infernal Banksters will fight this idea tooth and nail !!!
Further, some other points on the matter of 'Publicly Owned Banks' :
1) Democratic Accountability and oversight over behaviour such as led to The 2008 Financial Crisis ;
2) Prevention / removal of a culture of short-termism and 'perverse incentives' & of 'perverse incentives' ;
3) Profits to be ploughed back into "Society" rather than to 'private shareholders' (Foreign or otherwise) ;
4) Driving out 'bad banking practice' and favour / instil 'ethical' practices and behaviour ;
5) Genuine rewarding of savers - NOT fleecing them and driving them towards 'sharks' ;
6) A far more fair, rational, longer-term & more socially responsible outlook for lending ;
7) Reigning in dubious practices ("Innovative Financial Products" - CDOs, CDS's, 'Mortgage Backed Securities', et al & outright fraudulent behaviour - Bernie Madoff / Jon Corzine / MF Global, et al) ;
8) Re-instilling Public Confidence by Accepting / Realising that Banking & Financial Services can NOT just be left to 'Selfish Short-Term Profit Motives' ;
9) Have you ever heard of The State Owned "Bank Of North Dakota" ? IF NOT, why not d'you think ? ( http://en.wikipedia.org/wiki/Bank_of_North_Dakota and http://banknd.nd.gov/ ) ;
10) Reintroduction of 'Glass Steagal'.
Of course there is some degree of overlap in my points and almost guaranteed that one could argue the toss, so from a purely US perspective - I'll seek to leave you with something more substantial to read, reflect and ruminate upon :
ad iudicium ...
I would guide you toward business language. I wish I had more knowledge of banking. Of course the spirit of what you have written is agreeable. I'm guessing that Credit Unions don't have the problems that we are talking about here. There are good ideas here. State banks like ND. Ethics. Incentives for running a clean conservative bank. There is no democracy in banking or business. Perhaps a COOP Bank could try that. Remember the old Israeli Farming cooperatives...was it called a commune? But here are some hurdles:
1) Fraudulent Independent Accounting Firms.
2) Fraudulent Ratings Agencies.
3) FDIC seems unwilling to regulate banks.
4) State & Federal Bank Examiners seem to fail in New York where I presume most of the Fraud takes place.
5) OCC, Office of the Comptroller of the Currency, is a bank examiner and also seems unwilling to act, go public, protest, or be a whistleblower.
6) We see the DOJ unwilling to act on Fraud, the biggest Fraud in the History of the World. Eric Holder serves as the AG, director of the DOJ, and serves at the pleasure of the PResident (Head US PR guy). Presumably and according to Bill Black the EO has approved of non-prosecution.
7) Is it possible the problems fall mostly on New York, CFTC, SEC, FDIC, OCC, and other feds. Maybe the States are doing a good job with examining banks.??
http://www.investinganswers.com/financial-dictionary/laws-regulations/office-comptroller-currency-occ-934
The very nature of 'Accounting' ; 'Double Entry Book Keeping' ; 'Credit ergo Debit' & of course 'Usury - Compound Interest', warrants much consideration, reflection and outrage !!! Thanx for your thought provoking comment.
verb. sat. sap. ...
There was an Interview on Max kaiser with a guy from Netherlands involved with Bitcoin. Apparently there is a new form that is Triple Entry Accounting. The digital encoding for security with unique credit as money requires triple entry accounting to verify and validate.
video with Jeromil that was about replacing money with digital medium of exchange, Bitcoin. https://www.youtube.com/watch?v=ydfE-9E3Ans
http://stuffexists.com/bitcoin/
http://ia700801.us.archive.org/5/items/MaxKeiserRadio-TheTruthAboutMarkets-03December2011/TaM-031211.mp3
http://www.youtube.com/watch?v=sFSbj-MidPw
http://liedra.net/bitcointalk.mov
Re. "the nature of Accounting", thanx you for another thought provoking reply and excellent links.
pax et lux ...
I was thinking of you about 2 hours ago. Ralph Nader was on NPR Radio Interview. He sounds strong as he raises his voice and brings a new book, 17 Solutions.
http://tunein.com/topic/?topicId=41813646 (Paul W. Smith Interview 6 Oct 2012 only a short audio)
1) Recover our Congress.
2) Recover our nerve that we can change congress.
3) Recover control of our tax money and budget.
4) Recover Employment.
(all it takes is for a few people to start a movement)
One solution is about nationalizing Corporations or at least some big Corporations. Very good idea. Nader is very lucid and has solutions for us all. And of course recommends people shun cynicism, becuase the powers that be ...... WANT us to surrender and give up on solututions and activism. But the solution to bad government is active and knowledgeable voters.
http://www.kqed.org/a/forum/R201210110900 (Audio Interview with Truthout)
http://aworldthatjustmightwork.com/podcast/ (Free Forum with Terrence McNally)
http://nader.org/
Nader is now 78 Years old and has been an activist since at least 1964 (50 years). He became a big lawyer to help people.
Your Link above is dumbed down too much for eductional purposes for any adult in the USA. I've done research on the Budget. Howard Mason's Numbers are correct, but he doesn't have any insight.
1 the Mandatory portion of the Budget is funded out of separate Trust Funds. So it is not like he says. It is not like we pay the mandatory Social Programs first from the same money that we use for Discretionary Federal Spending like the DOD.... The money is different and doesn't get comingled.
In other words I like his focus on Outlays. This is the only way to explain and start to understand the explosion of Outlays. Without an Emergency we have to firmly state that money can not be stolen from Trust accounts to run the government. In the Event of an Emergency, it would be possible to borrow funds from Trust Funds like Social Security or Medicare. In Vietnam they borrowed money from Social Security...
2 the Net Interest had been kept between $250 Billion and $200 Billion under Bush actually decreasing over time. It is a complicated process with many financial Schemes going on. The Budget shows Net Interest has crept up to $250 - $300 Billion these days. The narrator is on the right track, interest rates have to go up soon, and the complexity indicates more risk in my opinion. However I think the Narrator goes too far in saying that all the Individual and Corporate Taxes can not pay all the Interest on federal borrowing. The total of financed dollars is proably like $1 Trillion or ever $1.4 T as he says ... but there are trust funds and financial schemes in place. I'm not sure he can really stretch the point here. Net Interest is different from Total Financing of the federal budget.
Okay overall I guess it is a good video. The OMB has been putting out the same charts and data. What can be done list of 3 items is pretty accurate. But the Author really is a "Debt Cliff" doom & Gloomer who doesn't have an answer and may not be an Economist or know much about money.
I say we need a plan for stimulus, construction jobs for highways and schools. Then we need a simple tax plan. Then we need to shift money from the Military Expansion and hardware programs to economic investments. Then we need to look at writing off debt like student loans, bad mortgages, bad derivatives, bad TBTF schemes.... Can we nationalize some of the TBTF Debt owed by the federal government? Then just write off federal debt. Then let's regulate Banks to stop them from leveraging (creating more debt and credit for their own gambling like increasing margins on the exchanges). Break up TBTF. Try to cap Tuition and mortgage and personal loans. Try to increse interest paid to Individual Savings Accounts. Try national or state banks to encourage small business loans. Allow the Treasury to create dollars without TBTF Banks (National or State Credit and Debt creation). Federal Budget Spending stimulates the economy so we want to keep the dollars flowing in the economy by shifting spending to places where we want to invest. R&D, Science, Technology, Hazardous Waste, waste disposal, Recycling, road work, Bridges, Schools, education, transportation & Distribution 20 years in the future...etc.
Prof. Wm. K. Black is on a par with Dr. Michael Hudson on these matters and thus I append the following for a historical perspective of the situation we are all in :
"Since the Renaissance ... bankers have shifted their political support to democracies. This did not reflect egalitarian or liberal political convictions as such, but rather a desire for better security for their loans. As James Steuart explained in 1767, royal borrowings remained private affairs rather than truly public debts. For a sovereign’s debts to become binding upon the entire nation, elected representatives had to enact the taxes to pay their interest charges."
respice, adspice, prospice ...
Ah they posted the Interview w Ralph Nader:
http://news.iowapublicradio.org/post/ralph-nader-and-seventeen-solutions
Thanks I was just cruising over to information clearing house.
Servo Permaneo Bovis Provestri
Prof. Wm. K. Black on 'DemocracyNow! : ,
"William Black, a white-collar criminologist, former financial regulator, and author of "The Best Way to Rob a Bank is to Own One." Black teaches economics and law at the University of Missouri-Kansas City and recently took part in Occupy Kansas City. "If you look [at the Occupy protests], not just nationwide, but worldwide, you will see some pretty consistent themes developing," Black says. "Those themes include: we have to deal with the systemically dangerous institutions, the 20 biggest banks that the administration is saying are ticking time bombs, that as soon as one of them fails, we go back into a global crisis. We should fix that. There’s no reason to have institutions that large. That’s a theme. That accountability is a theme, that we should put these felons in prison... That we should get jobs now, and that we should deal with the foreclosure crisis. So those are four very common themes that you can see in virtually any of these protest sites... I think, over time, you won’t necessarily have some grand written agenda, but you’ll have, as I say, increasing consensus. And it’s a very broad consensus."
re. "servo permaneo bovis provestri" - nil desperandum ...
Si tacuisses, philosophus mansisses
Sort of like Don't go silent into that Good Nite.
http://occupywallst.org/forum/political-distortions-erode-us-public-confidence/ (Looks like I never got a visitor or a comment back in April)
http://occupywallst.org/forum/political-impotence-interpersonal-skills-judgement/
I've got Democracy now on "absoloute Fraud, when you use decit, when you get me to trust you, and you deceive me, there is no more acid against Trust".
Am not sure what that quite means but I've got to get on with my day, so ... vale .
"If you had kept your silence, you would have stayed a philosopher" But you became an activist. http://en.wiktionary.org/wiki/Appendix:List_of_Latin_phrases_(P%E2%80%93Z)#S
Thanks for this. Bill Black is one of the few calling it like it is. Awesome!
From William K. Black and many others it's absolutely clear that our problems' causes are known. So, why can't we fix them? A criminal cabal is running the country.
A criminal cabal is running the country.
"Formula For Fraud" with William K. Black - from the first Italian economic Summit on Modern Money Theory in Rimini, Italy. How to become a billionaire - the four necessary ingredients in the recipe for fraud ; the three sure consequences of banking control fraud ; the total gutting of the underwriting process ; Gresham's Law ; The Business Roundtable ; hyperinflation of a bubble." :
Re. the excellent and inestimable Professor William K. Black :
As you say 'kw' : "Bill Black is one of the few calling it like it is." & the more of us get clued up about The Banksters and their Crimes the better especially with a view to September 17th & onwards :
fiat lux ...
"Iceland Shows the Way : Top Economists: Iceland Did It Right … And Everyone Else Is Doing It Wrong", by 'WashingtonsBlog' :
"Letting the banks go bust – instead of perpetually bailing them out – is the right way to go."
radix omnium malorum est cupiditas ...
This is not an issue I'm an expert on but would it not be more stabilizing just to take over the ownership of the bank ? Bank X is in trouble and on the edge of going bust - govt buys the shares for a nickle each. Seemed to work with GM
The govt paid about $10 more per sh of gm stock than it is currently worth.
Nationalise The Banks ?!!!
I can go with that very, very easily !!
http://publicbankinginstitute.org/home.htm !
ad iudicium ...
Tweeted.
Re.'The LIBOR Scandal & Extreme Bankster Larceny', please see these three excellent explanatory links :
"LIBOR $candal Explained : The Largest Banking Scandal In History - AGAIN" : http://www.accountingdegree.net/numbers/libor.php (Graphics)
"Dennis Kucinich Explains 'LIBOR'" : http://www.youtube.com/watch?v=fcyX6Hlqldk (Video) &
"The Biggest Financial Scam In World History & Why The LIBOR Scandal is So Important to you" by Washington's Blog (July 06, 2012) "There have been numerous big banking scandals recently. But the Libor scandal is the biggest financial scam in world history." : http://www.informationclearinghouse.info/article31768.htm .
e tenebris, lux ...
Thanks.
Bookmarked : "LIBOR $candal Explained : The Largest Banking Scandal In History - AGAIN" : http://www.accountingdegree.net/numbers/libor.php .
And watched the quick video: "Dennis Kucinich Explains 'LIBOR'" : http://www.youtube.com/watch?v=fcyX6Hlqldk .
Many thanx for your regular 'tweeting', sharing & onward transmissions. It is an important function and it all helps in the efforts towards Education ; Agitation & Organisation !!!
dum spiro, spero ...
Thank you for your continuing efforts to educate. This is what needs to be shared and circulated - Education - if we are to get the public united and active.
Keep-on Keeping-on.
"K.O. ; K.O." !! Absolutely bro' ! & thus :
http://www.youtube.com/watch?v=t-l91O9VxN0 (Curtis Mayfield)
http://www.youtube.com/watch?v=SibgDQWU85g (The Redskins).
per ardua ad astra ...
{:-])
Re. Prof. Wm. K. Black :
http://neweconomicperspectives.org/ ,
http://en.wikipedia.org/wiki/William_K._Black ,
http://law.umkc.edu/faculty-staff/people/black-william.asp ,
http://www.pbs.org/moyers/journal/04032009/watch.html (Bill Moyers & Wm. Black, Video) &
http://www.financialsense.com/contributors/william-black/2011/11/25/banking-system-rotten-to-the-core .
fiat lux ...
Here's the top ten MIC fraudsters.
War profiteers the lot of them.
http://www.freep.com/article/20130310/BUSINESS07/130310012/10-companies-profiting-the-most-from-war
Can do it like FDR and tax the crap out of all of their owners, operators and investors?
90% looks to be about the plan.
I do it, just to hear them squeal.
Since 1995, civil RICO claims can rarely be predicated on securities fraud.
I'd say Congress and the President changing the RICO act in this regard is just another sign of Racketeering for a Criminal Organization.
Since then, securities fraud, aka a bulk of the financial crisis, has hit record numbers.
And who's the chief racketeer? Eric Holder -- the lynchpin in the machinery of control fraud, the keystone in the edifice of fraud. He arrogantly believes his position entitles him to decide who is indictable or not and that we just have to accept whatever bullshit he dishes out. But he has crossed the line and become a felonius accessory-after-the-fact to too-numerous-to-count felonies.
First Wall St. was taken over by control fraud schemes, now the U.S. government has become one vast control fraud operation.
OWS needs to demand honest service for an honest tax dollar.
If Eric Holder were merely the worst A.G. in history, it would be a step up. He belongs in jail along with the Wall St. banksters.
I thought about Eric Holder the other night. Him virtually sitting on his hands through all this, and not pursing criminal charges is an example of how politicized and unjust our Justice Dept has become
~Odin~
Eric Holder, the indispensable inside man.
Eric Holder, the complicit. "...indispensable inside man."
One wonders how all these people sleep at night, and what they tell their children
~Odin~
It can be easily argued and it's increasingly clear to some, that the U$A has become 'captured and corporate controlled' by Finance Crapitalism in a de faco, coup d'etat that has been unfolding over the last 40 years, with the 2008 GFC being just the culmination of this process.
For a period of time, Elliot Sptizer looked like he may have a go at 'The Money Trust' - but look what went on to happen to him !! Also, MattTaibbi is second to none on these matters, ergo - I append :
It can only be a Criminal Conspiracy, imho - NOT to use RICO statutes against Wall Street Larceny and it shows just how far 'Moral Hazard' and 'Conflicts of Interest' have given way to 'Regulatory Capture' and like I say - 'Coup d'Etat' !!
ad iudicium ...
HSBS also proved that there is no Justice System. And that it's really "Just Us in the System."
the corporate takeover is real.
But the masses still want to act like someone funded by Goldman Sachs is the solution.
'The Masses' are treated like mushrooms - kept in the dark and fed shit !!! We are mind-managed into thinking we live in a 'democracy', whereas demoCRAZY deMOCKERYcy is the nearer the mark !! How's this for some unalloyed truth :
"Banksters - Wm. K. Black tells the real truth" : https://www.youtube.com/watch?v=J8CqaHTygSc ?!
fiat lux et fiat justitia ...
Wish you were the Kiwi shadz 'cause I'd marry you in a heart-beat! lol
~Odin~
Unlike 'Trashy', I'm strictly a breeder so steady on sailor !!! I'm very much spoken for, so 'fraid I'll have to take a rain check there !! No free 'chicker' either, lol ! However, here's some 'money for nothing' :
'CRY OUT! INDIGNEZ VOUS!', by Stephane Hessel, 93 : http://therearenosunglasses.files.wordpress.com/2011/01/cry-out_.pdf & for context please see :
"Resistance Fighter Stéphane Hessel Has Died", by Lina Sankari, 'l'Humanite' : http://truth-out.org/news/item/14862-resistance-fighter-stephane-hessel-has-died .
Prof. Wm. Black, Prof. Michael Hudson, Prof. Noam Chomsly, Prof. Michael Parrenti, Prof. Richard Wolff, Amb. Stephane Hessel - perhaps these olds have something to teach the younglings - who in the final analysis will have to re-learn some lessons of the past as they try to take our world forward for The 99% and NOT backwards for the 1%. Solidarity @ you, yours & OTS.
pax, amor et lux ...
Thanks shadz for that education. What a great mind Stephane Hessel had, and the fact that a Brit honored this Frenchman, albeit immigrant is honorable, and indicative of what all of us must do in the new world we want
Hessel knew long before Occupy surfaced that governments were ill-equipped to handle the problems that we face today, and that our dilemmas both old and new are inter-related, namely the wealth disparity and protecting the planet today. He said,
"This is the way forward, collectively, so that the citizens - and not the existing power structures - can open the way to a complete and necessary overhaul of the way the global economy functions."
This brings me back to the consensus debate. Although I do not have the patience for the process, or the debate itself now, I'm glad that other people in Occupy do, while the rest of us wage our struggle in more direct ways. So in practice, some people in Occupy are in an exploratory phase in how we can build a more participatory system that can handle the problems of the 21st century and beyond, and that is a really good thing.
As i have implied recently, it has been so heartening for me to see the many young people shed their "indifference" for a new "politicized and mobilized" being. And while this rev was born out of outrage, it is being conducted for the most part with the more sustainable, positive concepts of hope, justice, and determination, not vengence, anger, and retribution. I see that in NYC, I do. But admittedly i must remind and check myself of being negative once in a while.
We can learn a lot from past struggles as we have talked about recently. While the principles to wage the struggles seem to be the same, the answers of course are not always the same because the problems are new. It's very validating and comforting that we have so many great minds on our side. And as our struggle advances, more and more people who are still blinded by greed will defect to our side as they will realize, there is nothing radical about wanting a better world for their children to grow up in. Naieve of me? No, just hopeful & on that basis;
Just h'rd... consd'r yurs'lf hnr'd..U'd B the 1st... 2 know h're, or anywh're, my main res'n 4 B'ing h're wil B incr'sd by 1 come Sept! O'co'rse that me'ns me hv'ng 2 quell m're of me 'ol unsav'ry sal'or hab'ts. 1st ;-) & 2nd ;-( ...lol
Solidarity...~Odin~
A thoughtful, thought provoking & uplifting reply, to which I append in appreciation & for later reflection :
We need big changes to the economic system to get it working for all people not just the wealthy and corporations and we need a society that has a community focus, not a Randian, selfish, egomaniacal one. However, more importantly right now ... Congratulations Comrade :-) & in honour and compliment :
High 5 & Solidarity Sailorman at the excellent news and may all your flotilla find safe harbours ~*~ & re. below - 'look to the past ; look to the present ; look to the future'. Sincere best wishes to you O, be well.
respice, adspice, prospice ...
Thanks, though the wording on my last comment could have better. I have been working on improving my writing for some time, anyway
It's amazing to me how the big banks have taken over so completely the reins of our financial system, and hence of us
But it is because of that outrageous greed that this has come to a head
Had they had been a bit less greedy, we probably wouldn't be here
It is when people realize that not only their future, but their progeny's future, as well as all of humanity's well-being is at stake, will we succeed, And as we have rightly concluded, along with people like Phil Rockstroh - that time is drawing nearer
Thanks for riding the "Friendship Train" with me...song good..Gladys good, but the audience needed a shot of adrenalin, or maybe a couple of Scotches
And a heartfelt Thanks for the well wishes. Grandpa is going to sea in some turbulent waters, so that the little 'boats' can stay in safe harbour until they are ready for sea, at which time I suspect that they will have a combo of salty, rebel blood in them.
Solidarity
~Odin~
Your wording was just fine and that audience watching Gladys Knight give that amazing performance were Very English and in the 1970's, so therefore needed both "a shot of adrenalin" AND "a couple of Scotches" and possibly even a fat line of 'Bolivian Marching Powder'! However, more pertinently to the subject of this thread and indeed O.W.S., I append :
Infographics on the distribution of wealth in America, highlighting both the inequality and the difference between our perception of inequality and the actual numbers. The reality is often not what we think it is.
Thanx for your thanks 'Gramps' :-) Here's wishing your flotilla all your recalcitrance, charm, sense of community and righteous outrage & with the wee 'new vessel' in mind, I'll again submit that :
Solidarity 'O'.
pax, amor et lux ...
If that had been a mostly Occupy audience, no doubt the cops would have gotten a ring not for having protested Gladys & Co., but instead the few fuddy duddys... in support of G & The P's...lol
For anyone who thinks that this huge wealth disparity grew from some kind of natural phenomena, as opposed to a rigged, corrupt system,
They are oblivious to the facts, which is where we and our efforts to reach out & educate come in, and viewing this link would be a good start
My love extends far beyond my family, and well into the people who give so much of themselves to see that this movement succeeds.
Occupy may not have done everything right, BUT what they have done well supercedes by far any of what we may have done wrong.
The camraderie, the love that grows between people struggling together for honorable reasons amongst all the corruption in this world is a wonderful thing to witness, and it is a great harbinger of the World We All Want & that we know is Possible
~Odin~
Addendum: The winds have turned, and although mild, they are blowing on our stern now
"Economic Policy Deception : Prof Michael Hudson" :
http://www.informationclearinghouse.info/article34246.htm (Audio) &
http://michael-hudson.com/ .
Prof Michael Hudson engages in a wide ranging analysis of the advantages to wealth that money printing and poor tax policy produce. From China to NY, Latvia to Greece, Spain to Australia this is the news we should be getting. Many thanx for your impassioned comment above & Solidarity 'O'.
pax et lux ...
The More You Know....the more rotten you realize it is...good links
It's amusing to me that we are considered the RADICALS when mostly what we want is the rule of law to be restored
But nevertheless, I as well as everyone else here that supports Occupy Wall Street should wear the label that has been given to us as Badge Of Honor
We need you here shadz to keep reminding us that we are in a world-wide revolution
While the distance between us in miles is many, it is few in being kindred spirits...
Thanks for all you do, and Solidarity my friend,...~Odin~
The 'Truth' Is A Revolutionary Concept in the Empire Of Lies ... & I further append a very wide-ranging and interesting audio interview with Dr. Michael Hudson, from Bonnie Faulkner's 'Guns and Butter' radio show for KPFA in San Francisco :
Re. ''The New Junk Economics : From Democracy to Neoliberal Oligarchy" with financial economist and historian, Dr. Michael Hudson. Discussion about the Federal Reserve ; money as debt ; Fed Chairman Ben Bernanke's misconception of the causes of the great depression of the 1930's ; classical political economy versus anti-classical, so-called "neoclassical", economics ; the labor theory of value ; the dollar carry trade ; government deficit spending & Greece.
Click where it says "download" & is underlined. No download as such .. it will just go into the audio file. Thanx for your kind and encouraging words 'O' & respect, love and solidarity to you and yours and all @ OTS for M23 & beyond.
consilio et animis ...
Good interview showing the continuation on how the institutionalization of fraud has occurred, and how it will play out on the 99%
How could it advances so far, without people of conscience, power and intelligence speaking up far sooner
I remember talking to a guy who leases the cranberry growing rights at a state park. This was in the autumn before Occupy. Anyway as the bogs were being harvested, we got into a discussion on the sorry state of our economy, and he expressed a very dismal view for the future.
This blue jean, flannel shirt wearing guy seemed very knowledgeable on the economy for a cranberry grower. So I asked him if he did this full time knowing that he had bogs of his own. He said no, that his main job was that he was a professor of economics at Rutgers here in NJ.
~Odin~
"we have known for decades that these are frauds" - William Black
here's a cool comment from the video you linked - "If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
Current monetary policy is just printing trillions and giving it to banks and corporations.
Jefferson.
http://www.themoneymasters.com/the-money-masters/famous-quotations-on-banking/
Here's a site with a few more bankster quotes...
http://occupywallst.org/forum/best-elite-bankster-quotes-a-private-central-bank-/
Despite these warnings, Woodrow Wilson signed the 1913 Federal Reserve Act. A few years later he wrote: I am a most unhappy man. I have unwittingly ruined my country.
Thanks for the Link. I should forward to others....
Well thank you kind sir. Its strange how these quotes affect people. Like all of a sudden, something clicks.
We are up late aren't we. ... and having some funny computer problems on my end.
Yep...hope your computer recovers. We wouldn't want to miss any of your informative posts. This one's goodnight I'm afraid...I'm at 4:15 am.
"Fictitious Debt and Manipulation of People - Dr. Michael Hudson" :
"The whole issue about whether the United States has a debt problem is largely fictitious."
I have come across that excellent quote above before and I do believe that some POTUS or other said it. Jefferson ? Lincoln ? Maybe someone else but in any case - extremely prescient then and relevant now, so thanx for quoting it here. I just rewatched the Prof. Wm. K. Black eight minute video above and now need a medicinal, exotic, self-rolled cigarette to calm down again lol & =======##~~~' and sad sigh.
veritas vos liberabit ...
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