If only we’d embraced “Too Big to Bail” instead of “Too Big to Fail”, we might have prevented “Too Big to Jail.”
After two years of continuous decline, fiscally responsible homeowners are finally upside down on their homes, according to ZILLOW. So the freedom of mobility they took for granted a couple years ago has evaporated. Their lenders will not refi, without a huge chunk of cash, equivalent to roughly 20% of the newly depressed value, and that chunk of cash is growing in proportion to the accelerated depreciation.
But the artificial value of the mortgage backed securities on Too Big To Fail bank balance sheets remains the same as their peak artificial market value, thanks to accounting rule changes made to accommodate the banks. Therefore as real prices continue to collapse, the bailout is growing in proportion to the accelerated depreciation.
Likewise, as jobs which the artificial bubble economy supported deleverage, and employment continues to collapse, the ability to make mortgage payments collapses with it, and loan defaults (including mortgage foreclosures) accelerate.
But the artificial value of the synthetic collateralized debt obligations remains the same as their peak artificial market value, when the bubble economy provided bubble jobs in real estate, construction, mortgage underwriting – you name it. Therefore, as employment continues to collapse, the bailout is growing in proportion to the accelerated defaults.
And a good way to view the situation, is to look at Goldman’s predatory exploitation of the neoCONomy which they helped to create, in the following article:
While lacking the nuances of the firm’s Abacus insider trading scandal, in which the firm bet openly against clients, here the wager was even more sinister: in essence while making markets in names in which Goldman was often the only axe, it would subsequently, knowing full well which client has how much protection on, take advantage of this information and create artificial squeezes in any direction it desired. Furthermore, by controlling the variation margin on any position, Goldman could force its own clients to collapse on their positions, at massive losses, just so Goldman would make a profit, and Goldman’s own traders could make another record bonus.
… while Goldman was obviously making a market in CDOs, with or without one party knowing who or what the other party in the synthetic transaction was, in this case Goldman was the only beneficiary, and it can no longer use the “we are making markets defense” – in fact, there is no defense. This is not insider trading: this is the worst form of abdication of client responsibilities imaginable.
And while Goldman surely represents the most deplorable of the most heinous of financial felons ever to con an entire nation-state, they are but one pea in a global pod of like institutions, which exploited the world’s middle class with a coordinated con, an artficial, synthetic fantasy neoCONomy, which the world’s middle classes are extorted to support, as the reality of collapse exacts its inverse and expanding toll, in a cyclical vortex of deleveraging.
And that is what a CON or a PONZI scheme really is. An artificial or synthetic reality that the scammer cons his victims into believing in, so that he can take your money before you realize that its all a scam.
And we have institutionalized this criminal activity on a global scale, and governments are enforcing the CON, and rewarding the criminals.
And I just thought it might be easier to realize that, by pointing out how the illegitimate con artist, and the legitimate con artist, are one in the same, using the same jargon of the CON … artificial … synthetic. The words sound more legit, when they get filtered through the complex world of high finance, but they really mean the same thing: the CON.
And in this strange new world where Bradley Manning is held up as a hero, instead of a traitor, by people you thought you knew, it might be easier to understand. Especially when you consider that people who should be in a jail cell with Bernie Madoff, are living the life of luxury, and YOU are paying for it.
If only we’d embraced “Too Big to Bail” instead of “Too Big to Fail”, we might have prevented “Too Big to Jail.”
NUREMBERG PRINCIPLES
Principle I
Principle I states, “Any person who commits an act which constitutes a crime under international law is responsible therefor and liable to punishment.”
Principle II
Principle II states, “The fact that internal law does not impose a penalty for an act which constitutes a crime under international law does not relieve the person who committed the act from responsibility under international law.”
Principle III
Principle III states, “The fact that a person who committed an act which constitutes a crime under international law acted as Head of State or responsible government official does not relieve him from responsibility under international law.”
Principle IV
Principle IV states: “The fact that a person acted pursuant to order of his Government or of a superior does not relieve him from responsibility under international law, provided a moral choice was in fact possible to him”.
This principle could be paraphrased as follows: “It is not an acceptable excuse to say ‘I was just following my superior’s orders’”.
Previous to the time of the Nuremberg Trials, this excuse was known in common parlance as “Superior Orders“. After the prominent, high profile event of the Nuremberg Trials, that excuse is now referred to by many as “Nuremberg Defense“. In recent times, a third term, “Lawful orders” has become common parlance for some people. All three terms are in use today, and they all have slightly different nuances of meaning, depending on the context in which they are used.
Barry Soetoro
Nuremberg Principle IV is legally supported by the jurisprudence found in certain articles in the Universal Declaration of Human Rights which deal indirectly with conscientious objection. It is also supported by the principles found in paragraph 171 of the Handbook on Procedures and Criteria for Determining Refugee Status which was issued by the Office of the United Nations High Commissioner for Refugees (UNHCR). Those principles deal with the conditions under which conscientious objectors can apply for refugee status in another country if they face persecution in their own country for refusing to participate in an illegal war.
Principle V
Principle V states, “Any person charged with a crime under international law has the right to a fair trial on the facts and law.”
Principle VI
Principle VI states,
“The crimes hereinafter set out are punishable as crimes under international law:
- (a) Crimes against peace:
- (i) Planning, preparation, initiation or waging of a war of aggression or a war in violation of international treaties, agreements or assurances;
- (ii) Participation in a common plan or conspiracy for the accomplishment of any of the acts mentioned under (i).
- (b) War crimes:
- Violations of the laws or customs of war which include, but are not limited to, murder, ill-treatment or deportation of slave labor or for any other purpose of the civilian population of or in occupied territory; murder or ill-treatment of prisoners of war or persons on the Seas, killing of hostages, plunder of public or private property, wanton destruction of cities, towns, or villages, or devastation not justified by military necessity.
Georeg Soros
- Murder, extermination, enslavement, deportation and other inhumane acts done against any civilian population, or persecutions on political, racial, or religious grounds, when such acts are done or such persecutions are carried on in execution of or in connection with any crime against peace or any war crime.”
Principle VII
Principle VII states, “Complicity in the commission of a crime against peace, a war crime, or a crime against humanity as set forth in Principle VI is a crime under international law.”
And trials there must be. No matter the cost, the nest of vipers on Capitol Hill, and all of the traitors in the government at large, must be brought to task for their behavior, or a free America is doomed.
Political Vel Craft 