Signs of the Times – part 28

Signs of the Times – part 28

Originally Posted, March 22, 2013.

“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”  Lord Acton, 1834–1902, English Historian and Politician.

“The Botching of the Cyprus Bailout: Worse Than Lehman Brothers.” Headline, Forbes Magazine, March 17, 2013.

“Wow! Call the cops, they’re robbing the banks.” Have you heard of ‘insider trading?’  Well now we have a new crime – it’s called: ‘insider bank robbery.’

Last week a tremor went through the world (especially the financial and political world).  This is because a new line was crossed; a precedent was set, a new benchmark was put in place – the bankers are taking our money because they need it more than we do.  Did they ask our permission? No!  Are they going to compensate us? No!  They are simply going to take it – with or without our consent.  This is what we usually call theft.  But down the rabbit hole, in this Alice in Wonderland world that we live in, this is the new normal.

How would you feel if you had to give 10% of your savings to the bankers?  This was the demand that suddenly faced bank customers in the small island nation of Cyprus last week.  The people were outraged – their trust in the banks was gone – they tried to withdraw all their money.  Why would those who have the ability to create money out of thin air, want a portion of ordinary people’s savings accounts? What is going on?  Several things are going on:

  1. This is a ‘Sign of the Times’ – it is a sign about how desperate the organ grinders are, to keep the monkeys dancing – the music must keep playing, the soothing lullaby needs to continue to be sung – otherwise people might wake up. Trust me – they are wide awake in Cyprus.   As the Titanic was sinking, it is alleged, that the management locked the lower classes in the lower decks of the ship (because there were lot enough lifeboats).  This time as the ‘ship of state’ goes down, the management are first going to rob the people and then lock them up.  If they succeed in Cyprus you and I will be next.
  2. The reason they are looking for new sources of finance is because the debt burden (worldwide, except in China), is so huge that, they have to look under every stone (bank account, pension fund, investment fund etc.), to see what they can plunder next.  For example, in the United States alone the total debt burden (national and private) is approximately 56 trillion dollars.  However, there is only approximately 9 trillion dollars in circulation in the total American economy.  So if the debt is to paid off, every American bank account would have to be emptied, then an additional 47 Trillion Dollars would have to be found from somewhere – “has anybody thought of giving ‘La La Land’ a call yet?” Obviously, these huge sums of money cannot be paid back.  Nevertheless, the interest payments have to continue to be paid – as soon as there is serious defaulting on the debt payments – the whole house of cards comes down – no more time to rearrange the deck chairs on the Titanic – the music stops – all the monkeys stop dancing.
  3. This is an experiment.  The Cypriot problem is just small change to the European Union, it could easily be fixed.  So why the insistence on a policy that is not only unfair but also very dangerous to the very banking industry that they are trying to save (this is very much a self-imposed wound that they are insisting upon – like shooting yourself in the foot).  Many pundits and commentators are aghast at this Cypriot proposal.  They are all talking about the danger to the banking industry, of sparking a bank run (already happening in Cyprus), but the greater danger is having the fear spreading to larger economies.  This risk is very real.  So why would the powers that be take such a gamble?  The answer is because it is an experiment – they are watching to see how the people affected will react – if everything goes to plan they will do it elsewhere.  So it does not really matter whether the Cypriot Government approves the 10% haircut plan or not.  [It is possible that another solution for the Cypriot problem will be found].  And it is no accident that this new precedent has been first proposed in a very small nation like Cyprus.  [Just imagine, what would happen, if this was first tried in America?].  It is being trialed in Cyprus because if anything seriously goes wrong it can be easily contained – and lessons can be learned for future reference.
  4. British historian, A.J.P. Taylor said, “No matter what reasons for war are given, the real reason is always an economic one.”  The economic crashes of the early 20thCentury resulted in the First World War.  The economic crash (known as the Great Depression), resulted in the Second World War.  It is only due to criminal wizardry that we have survived as long as we have since the last great crash and World War II.  But once they start stealing the contents of our bank accounts to keep the ship afloat, surely, that must be the beginning of the end.  Is World War III inevitable? – Heaven help us!  Don’t call the cops – they won’t come – call the people.

God bless, Bruce Telfer.

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