Friday, January 9, 2009
The 2008 Credit Crunch Swindle
Friday, January 09, 2009 | 
Posted by
Chris Waner
The 2008 credit market statistics are out and the results prove just how much the government and banking interests control the game. Robert Higgs, Senior Fellow in Political Economy for the Independent Institute and editor of The Independent Review, writing for mises.org, has called the 2008 credit crunch a hoax. He points out that the statistics show that at no time was there a net decline in the credit market in 2008 but only a brief plateau in mid 2008. What does this mean? That means that we are trillions of dollars further in debt because Bernanke, Paulson, Bush, and the big banking interests were faking it.
But faking it to what end. Well let's look at what happened. The Federal Reserve (the Fed) has purchased hundreds of billions of dollars in Treasury Bonds with money that they printed out of thin air that the American citizens have to pay back with interest to the Fed's shareholders--international bankers--money which they will have less of because of the dramatic inflation caused by printing 1.4 trillion dollars. Treasury Secretary Paulson sold the idea into Congress as a means of buying toxic assets, but instead he used the first half of the money to give bankers big bonuses, buy stock in the banks, and enlarge the size and scope of the federal government. The second half of the money he has ordered to be released, but refuses to tell us where it's going or how it's going to be spent, calling disclosure "unproductive."
If that wasn't enough, major land shifts are underway in the banking community. Just as in 1907, 1919, 1929, 1971, and 1984 a massive consolidation of banking is happening right under our noses. Institutions are being systematically bankrupted, and who is waiting in the wings but even larger banks aided and abetted by the federal government. These Goliaths are buying up the defunct banks, companies, houses, cars, and assets of all kinds. The result is that now fewer and fewer people own more and more of the nations wealth. This is the business cycle at work. Unfortunately, that's just the economic impact. As Higgs writes:
The beauty of the Great Hoax of 2008, from the perspective of the ruling class, is that is was also a Great Scare, and such scares invariably serve as pretexts for the rulers' most audacious assaults on the peasants' lives, liberties, and purses.
What can we expect to see? More of what we've experienced over the last few months: inflationary spending, more regulation, more taxation (yes, a tax was levied to help pay for the bailouts), more government ownership in corporations, more multinational corporations in bed with big government, more lies, more deceit, more corruption, more money, freedom, and liberty for them, and a whole lot less for you and me.
Labels:
Economics
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1 comments:
what if I told the IRS that disclosure was "unproductive"? Totally unrelated to this matter, but I just watched a documentary on WACO. Everything taken together and our government makes me sick
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