The first thing that should happen is the ELECTED leaders of the g-7 should issue individual executive orders for banks to add liquidity and stop hoarding infusions or face penalty of government loan lock-out.Currently banks around the world have been receiving billions in infusions to provide liquidity and refuse to pass on taxpayer dollars to taxpayers. That is the entire problem. There is no reason for it to be an imperative that these faux private institutions to have the discretion over the entire global economy. Money flows from taxpayer to treasury to the central bank where it is given to private banks to lend to the public their own money at loan-shark rates. It's a quasi free-market system of private profits and public risk. If it is not fixed now, it won't be fixed until it actually collapses completely. The banking cartel has created the biggest criminal hoax in history. Banks are now an extra middle-man and are currently clogging the system by receiving endless taxpayer infusions(half trillion today while you're reading this) and refused to pass them on. This open fact of cash hoarding banks is in the background as people try to blame first time home-owners and the poor, instead of laying it all at the feet of the banks and the cowardice governments that allow them to write all the rules and regulations.
Rules that defeat every suggestion for consumer protection. That rid the market place of innovation and competition as everything that isn't part of the socialistic banking welfare program is a scam and fraud. I told you when I set up aid4families that the difference was not risk but socialism. That I wasn't doing the same old dance you get from all the other firms and banks which was to tell you that I was totally competent but if I'm not, the government will fix it. That's what everyone considered to be "safe" investments, without understanding any of the details. Fraudsters and scammers can barely get any ink as the biggest fraud in history unravels. Now everyone has an opinion on what should be done but spent the past few years trying to shut me up that there was even a problem. Today everyone and the banking system was suppose to be chugging along smoothly, while I sat in jail for questioning the divine wisdom of the system. Instead, I'm typing this while watching my warnings come to life before my eyes. IT IS TIME TO PLACE BLAME, IT IS TIME TO HOLD PEOPLE ACCOUNTABLE, ME AND ANYONE ELSE WHO CHALLENGED THIS FINANCIAL OLIGARCHY HAS BEEN QUICKLY BLAMED, JUDGED AND CONDEMNED! It will never be the same again, this is not '87 or 2000, it's the culmination of quickly trying to paper over '87 and 2000. How can we save a flawed, fraudulent system? by passing on generations of debt? Nope, not going to happen.
The poor were the plug in this septic bath that kept everyone else afloat. People who pay 10 -20% of their income in consumption taxes for roads that loop-hole chasing, tax abatement, offshore accounting businesses use. The poor who pay 20 - 30% in interest on secured credit cards, cars and homes, so the rest you can enjoy 0%, 2% and 5% rates. It wasn't homes they couldn't afford but interest only loans that increased the monthly payments til they doubled or tripled. Studies also show that most of the people that received these vampire mortgages QUALIFIED for a regular mortgages but lacked choice in lenders because of cultural marginalization i.e. minorities and the poor. Anyone who thinks the people COULDN'T AFFORD the homes has never been outside of their small bumpkin town. If any of you had ever ventured out beyond the town limits, you would quickly find that rent in the city is generally double the amount of suburban and rural mortgages. So the argument that people should have kept paying 1500 in rent instead of getting a $1000 a month mortgage is more than insane. The homeowners asked for relief in the form of steady payments and not letting them go to $2000 and $3000. It was the vampire mortgage not the people. None of the smug jerks who sided with the banks against the homeowners could afford for their mortgage to double twice a year. So if not being able to afford a doubling mortgage payment every few months makes you undeserving, then...
I don't write for contemporary readers because they are indoctrinated to repeat what corporate editors tell their writers to print and teleprompter readers to say when they have no in-depth knowledge on any subject. The importance of what I write is for posterity. When the next generation looks back and wonders why people didn't question the financial system til it crashed I can show that I not only spoke about it but took concrete action to save people. When they wonder why all the solutions for the crash were just ways to set ourselves up for a repeat crash, they will find that I gave a solution based on the actual problem.
So what do we know. That 15months of giving the banks trillions has not freed the credit markets and that the central banks who have more power than the government went ahead and approved a half trillion dollar infusion anyway. After the public rejected the idea. Democracy hasn't eliminated class issues but entrenched them because most people can't think of any solution that doesn't turn over all power and wealth to those self proclaimed better pedigree with elite university degrees from wealthy families. The government will no longer be able to play favorites and subsidize these crooks