"Capital must protect itself in every possible way, both by combination and legislation. Debts must be collected, mortgages foreclosed as rapidly as possible.
When, through process of law, the common people lose their homes, they will become more docile and more easily governed through the strong arm of the government applied by a central power of wealth under leading financiers.
These truths are well known among our principal men, who are now engaged in forming an imperialism to govern the world. By dividing the voter through the political party system, we can get them to expend their energies in fighting for questions of no importance.
It is thus, by discrete action, we can secure for ourselves that which has been so well planned and so successfully accomplished."
- Montagu Norman, Governor of The Bank Of England, addressing the United States Bankers' Association, NYC 1924
Bankster Norman served as Governor of the Bank of England from 1920 to 1924. The Bank of England is the US equivalent of the Federal Reserve. It is the Bank of England that determines how much money is created, not the people. Of course, the banks get the money first, then LEND it out to us proles which we must repay with interest.
This quote best describes bankster policy as it pertains on how to govern us "common people." One quick glance at how the lenders come down on student loan borrowers is indicative of how "capital must protect itself at all costs." Interesting how at least back in Norman's time there was actual gold backing the capital or loan that was lent out. Now its simply an addition on a accounting ledger on the banks asset side. In addition, the fiatsco with MERS and the robosigning fraudclosure issue whereby banks are foreclosing on homes they don't even own shows how powerful the lending institutions have become.
Of course, individual borrowers don't have enough blood to be sucked for the international lenders so now they have decided to tear Greece apart. Privatization of public assets, health care and pension spending cuts, wage cuts, and more cuts just so that the international bankster cartel doesn't have to report any losses. God forbid the banks have to do some writedowns on their greek debt portfolio or the world will come to an end! Of course the coward Greek politicians bend over again to the demands of their overlords. Look, the fact remains that the Greek public sector is terribly bloated , corrupt, and needs to be reduced in order for the real economy to grow. But what is completely unconscionable is the fact that the LENDERS DO NOT SUFFER ANY LOSSES. AGAIN! THE LENDERS WALK AWAY CLEAN getting paid 100 cents on the dollar. I hope one day the "common people" wake up to the reality that these lending institutions are sucking the life out of the real economy.
This particular quote is of paramount importance: By dividing the voter through the political party system, we can get them to expend their energies in fighting for questions of no importance. The fools yell and scream at each other on MSNBC or FOX about this party or that party or stem cell research or abortion rights, gay marriage, etc while the banksters continue to rob us blind. People need to wake up and realize that the bankster cartel is running a wholesale looting operation on the productive citizens of the world.
Well they can go to hell. For starters, I've pulled almost all my money out of the banking system and leave just enough for some payments. Cash, gold, silver and mattress baby. If everyone pulled their money out of the big 5 banks (JPM, Citi, B of A, Wells, US Bank) the entire system would crash within a week. For the time being they still hold tremendous power over congress and the public at large and the mainstream media continuous to perpetuate the myth that WE NEED THE BANKS OR WE GO BACK TO THE STONE AGE. Hopefully, the people wake up to this lie soon.
Subprime JD: A blog dedicated to exposing the law school and higher education scam.
DEBTORS' REVOLT begins now.
ReplyDeleteThe middle class is being rendered into modern-day indentured citizens. Our Founders revolted against England over far, far less.
Reject indentured servitude. Stop dealing with your creditors, stop paying back your loans. Help grow our DEBTORS' REVOLT: the intentional default-en-masse.
Just stop paying your student loans, etc. If enough people - doesn't need to be everyone, just a critical mass, say 25% - intentionally default, the financial sector will spiral into a desirable collapse.
I and many others are now doing this. Join us.
JPR
This quote sounds about right. This is why I plead with my friends to not get caught up in the Dem/Repub arguments. They're all cut from the same cloth. It's basically a Hegelian dialectic where synthesis comes from the extremes - or something like that - maybe one of you UG humanities majors can expound upon this - I was a science major. In any event, these people want us to be so distracted by bread and circuses, e.g., reality tv, sporting events, etc.) that we are unable to focus on their misdeeds. Get your head out of your ass people and wake up.
ReplyDeleteYou basically have it right. The Hegelian dialectic is comprised of three cognitive states: Thesis, Antithesis, and Synthesis. Thesis represents the status quo. Antithesis represents divergent ideas, policies, and the like. After a certain period of time, the thesis and antithesis merge into a synthesis (a unification of the two ideas, policies, etc.), thereby creating a new thesis.
ReplyDeleteMore plainly put, the Hegelian dialectic functions as: Problem, Reaction, Solution. The government creates (or allows) a problem to occur, waits for the reaction by the public who collectively demands government action, then it rolls out its prepackaged "solution." Think Patriot Act.
Lambs to the slaughter. Easy peasy Japanesy.
Do you have a link, Subprime, to the speech transcripts?
ReplyDeleteWhen we say Hegelian what we are essentially seeing is Kabbalism. This is a Kallaistic system. The right wing Pillar of Severity and Left Wing Pillar of Mercy. This is Satanic.
ReplyDeleteI have a question: What exactly would occur if there was a mass-default? I mean other than the selling of the loans to a collection agency and then being harassed by individuals not covered under the FDCPA....what would happen?
ReplyDeleteI am all for action. Go go go. Is this the proper way to go about it though?
(I am not trolling, I am seriously asking. A mass-default is not something I had ever considered before.)
Could Sallie Mae and their contract collectors force a liquidation of assets? I mean if you've defaulted, and you actually accumulated belongings amounting to something (house, car, boat, etc.) couldn't they seize and auction off in an attempt to recoup the money they put out?
ReplyDeleteWe are not exactly talking about the mortgage crisis, are we? The government loaned the money to the students through Sallie Mae, so the institutions of higher learning actually have already collected their cash. The schools are not the recipients of the interest, the government is. They're willing to reach in to bank accounts, retirement, disability, inheritance, etc., to get what they deemed is theirs.
Am I wrong in this? if so, can someone explain why?
(once again, I am not trolling, just seeking answers)
Steven,
ReplyDeleteYou said "They're willing to reach in to bank accounts, retirement, disability, inheritance, etc., to get what they deemed is theirs"
All of the above is correct and shows just how "austere" student loan terms are. This makes a critical mass event as described by other readers much more difficult to pursue as a means against fighting back against the student loan debt trap.
Eventually, I do envision a point where there will be so many student loan debtors in default with blown out credit scores that some time of action will have to occur. For the time being those that can pay are paying and the ones in default languish in default. However, it is also true that the college bubble is at its mania high with tuition skyrocketing but decent paying jobs lacking.
Right now we are at the phase where awareness is growing with main stream media outlets discussing whether or not college is worth it at these prices. As the economy continues to act like a zombie with insufficient job growth, we may very well reach a critical mass moment. At some point we should start seeing protests erupt over this madness and personally I can't wait.
The ABA meets in August to consider accrediting a foreign law school:
ReplyDeletehttp://www.law.com/jsp/tal/PubArticleFriendlyAL.jsp?id=1202494858380
"Lehman has long hoped to make the Peking University School of Transnational Law (STL) the first law school outside the United States to be accredited by the ABA, which would allow its graduates to take the bar exam in any U.S. state."
So say there are mass defaults, destroyed credit scores, and the equivalent of debtor's prison for these individuals....What then?
ReplyDeleteThis is not the mortgage crisis that allowed for 'structured default' or 'here are the keys and my middle figure, I'm done' situations. There is no escape from this. Even death does not allow for forgiveness of these loans. One's estate is reconciled against liens/debts before it even pays for the funeral.
Instead of a mass-default, I am once again advocating starting at the local/state level, and working our way up. Some are already doing so. While I realize that most have full-time obligations to pay the bills, even just talking amongst their relatives and acquaintances at social functions helps to get the message out.
Do a bit of research. Find out what the ethics laws are in your state regarding lobbying and get to work.
Steven @8:17,
ReplyDeleteI respectfully disagree with your idea that political action and "getting the message out" has any possibility of changing a thing. The system that perpetuates the current problem is fully captured by special interests; in effect, democracy has become an illusion, an illusion that causes good-hearted folks to believe that they are actually capable of doing something by 'getting to work' as voters.
I believe we are beyond that point where political action has any value, at least with regards to the management of the eocnomy and especially the debt crisis - just wait, see what starts happening around 2013 when default rates start skyrocketing. I believe that our democracy is become an oligarchy, and that the only way to change things is to hit the *reset* button - through aggressive action, if necessary.
I therefore agree with Anonymous @1:56 and would support a mass-default movement like this. Not as an fuming anarchist or Che-loving schmuck or other-such dumbass, but as a rationalist who believes that the American system has fallen too far off-course to be corrected from within.
The pigs and "high priests" of capital have always been in favor of protecting their interests. These bitches would sell their own mothers for $8.12 plus shipping and handling.
ReplyDeleteWhy is this quote so hard for some people to accept?
@ 9:02: "I believe that our democracy is become an oligarchy, and that the only way to change things is to hit the *reset* button - through aggressive action, if necessary."
ReplyDeletePersonally, I'm hoping for secession. My opinion is that the empire is now too big to be governed effectively. Ask yourself how much in common someone in Kansas has with someone from California (or otherwise). Once the dominoes start to fall, I see states going off on their own (or collections of states), which is probably a better and more efficient way to run things. Example - do you trust the federal government to manage/regulate health insurance? I don't. I think this is an area that would be best left to the states - and indeed many states are coming up with their own ideas instead of waiting for incompetents in congress to arrive at a reasonable solution.
Get down on your knees and implore the God: "Where do I fit in?"
ReplyDeletehttp://www2.goldmansachs.com/careers/index.html
Obama to the youth of America: "Answer a few questions about yourself and find out how you can make a difference at Goldman Sachs. I did! Arbeit Macht Frie."
ReplyDeletehttp://www2.goldmansachs.com/careers/index.html