The Banks, Or The Country
Karl Denninger links to Charles Hugh Smith in discussing Foreclosuregate and its consequences; read both articles in full.
Key grafs:
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...Either there is due process of law or you have a kleptocracy/"banana republic" oligarchy. At present, that is the decision we face as a nation. If the banking Elites and their partners in the Central State (Fed and Treasury) are allowed to "win" and gut the property laws of the states, then the U.S.A. will be revealed as a kleptocracy/"banana republic" oligarchy.
If state [mortgage and land title] laws are upheld, then the "too big to fail" banks are insolvent and they will fail. Then the question of kleptocracy arises once again: will the banks be allowed to fail as per Classic Capitalism, that is, their owners and managers will have to absorb the losses of that bankruptcy/failure, or will the Central State use its powers to collect taxes and cover the private losses of the Bank/Financial Power Elites? Privatizing profits and socializing losses has been the entire game plan since the global house of cards collapsed in 2008.
It's decision time, citizens. Either the banks/Central State "win" and we are a kleptocracy/ "banana republic," or they lose and the U.S. mortgage/ banking sector implodes and is either formally socialized (i.e. owned lock, stock and barrel by the Central State) or rebuilt from scratch without big banks, Federal guarantees and the Fed's incestuous interventions. ("We create the credit that enables the mortgage, you issue the mortgage, and then we buy the mortgage.")
There is no "fix" or half-measure that can patch this over now...
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And when the facts of our "banana republic" status and the death of the rule of law is clear, expect more lawlessness.
From all corners...
10 Comments:
This is the crux of the biscuit.
Denninger's link doesn't work...
The same laws that no longer protect me and my 3-5 digit finances and life, no longer protect their 11-15 digit finances and lives. They need to consider how valuable all of this paper/digital loot is with the rough touch of hemp around the collar.
I already know the answer: without a working law-based USA, it ain't worth $h1t. Welcome to the jungle, baby.
Cheers.
Fixed link to KD. Thanks.
"Rough touch of hemp." That's poetry.
A photographer who tried for years finally got the shot he was trying for last week: The Statue of Liberty being struck by lightning.
Of course it happens quite often. A tall metal structure surrounded by water. Just, people don't catch it.
An omen.
http://hotair.com/archives/2008/10/12/the-quotes-that-explain-the-entire-financial-meltdown/
Deliberate high-risk, "affirmative action" lending to help people who would never have been able to afford [big, expensive] homes at all, says Andrew Cuomo.
With the knowledge that the bottom was designed to drop out of the economy at any time.
My wife and I bought our sufficient house for $78,000 in 1994 or so. As-is, vintage 1970s fixer-upper, not a McMansion.
Crux of the biscuit? More like the edge of the fire after leaving the frying pan!
Agree. Good article and well said. However, I offer one correction:
A Kleptocracy as defined by Murphy, is a "government of thieves".
Their power vs. your feelings.
How will you reconcile those two? Seriously. Will guns be the answer?
You've got to be freaking kidding. This ain't 1775.
mustmustmust read:
http://dailycaller.com/2010/10/14/thedc-op-ed-one-nation-under-fraud
include the comments!
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