There is a worldwide effort to cover up the truth about the causes of the economic crisis (one main one being bad loans made deliberately and then disguised by bundling into “derivatives” for resale).
A column by Steph Jasky at FedUpUSA shows just how completely some lending institutions ignored their own lending rules and common sense.
Here is a tip of the iceberg example.
This quote is a bombshell:
Ambac found that 97 percent of 6,533 loans it reviewed across 12 securitizations sponsored by Countrywide didn’t conform to the lender’s underwriting guidelines
Steph Jasky is one of the few reporting this kind of information. One reason for the silence is that such analyses seem a bit technical to many of us. But the main reason is that the mainstream — and even much of the “conservative” media — are ignoring it. After all, GW Bush participated by urging banks to issue no-downpayment loans. (He didn’t do this because he was conservative. He did it because he was not conservative and because he believed in the Global Elite’s wealth redistribution program).
Recently, a conference featuring top economic experts and a few knowledgeable others (like dissident EU Parliament Member Nigel Farage) was held in Germany. Even without any publicity from the mainstream press, 700 attendees showed up. The general consensus was that the euro should never have been devised and rammed down European throats in the first place and that the chickens were about to come home to roost in the form of a collapse of that currency, despite all the futile attempts to bail it out — or rather in large part because of these attempts to tamper with natural and universally applicable economic laws and common sense.
The only mainstream media rep that showed up was Russia Today, which spent the entire day interviewing at the conference.
How is it that the media both here and in Europe refuse to talk about the causes and possible cures of the worst economic crisis since the Great Depression?
The non-conspiracy theorists insist this amazing concurrence of non-coverage throughout the West — and the concurrence of abysmal banking procedures on both sides of the Atlantic — is simply a coincidence.
Whatever the case may be, it is time to educate the public and throw out ALL politicians who voted for bailouts and phony “stimulus” packages in the most gargantuan transfer of wealth from the poor and middle class to the rich in world history.
It is no wonder that the gap between rich and poor widened last year.
It widened not because capitalism failed but because capitalism is being supplanted by Public-Private Enterprises and government pressure on business and finance to sponsor wealth redistribution schemes.
Barney Frank is the new face of “capitalism.”
On the other hand, the news cover-ups are not working as well as they used to. In the US, we have talk radio and Glenn Beck pummeling the Ruling Class very hard on a nearly daily basis and gradually changing America’s mind. As for Europe, there is anger spilling out everywhere over the bailouts.
The below email I received from a European friend recently illustrates that the grassroots are about to rebel. A friend reminded me that most of the protests reported below were instigated by unions and that would make them left of center. No doubt that is true. However, whether they realize it or not, the protesters are highlighting the main point: The bailouts of the euro and the bankers with shoddy lending practices that have marked the European response to the worldwide crisis (and I need to add: the US response as well) were a sign of profound corruption and gross abuse of the trust the people had invested in their leadership. The ensuing breach between elite and grassroots is profound and quite likely irreparable. And the bottom line is that, even if this is a case of one leftist group playing against another, the group in power, the Global Elite, is now on the losing end in terms of popular support.
Whether the people will ever figure out that the loss of economic freedom and big government were the real culprits, and not, for example, the lack of care from the nanny state, remains to be seen. But the elite are taking a thrashing, and that, at the very least, is interesting to watch.
Just a few of the many protests and demonstrations across the EU state over the past few weeks……..
Spain. Some of the latest protests against the Spanish government’s planned spending cuts turned violent.
In Madrid, police said that some 40 people had been arrested since the strike began in the early hours of Wednesday morning.
In Barcelona, demonstrators hurled objects at security forces and set fire to a police vehicle.
Meanwhile, protesters in Valencia tried to storm a government building. Several were injured in the clashes.
Ministers say the austerity measures are necessary to boost an economy where 20 percent of the workforce is currently unemployed. Unions countered that ordinary people are being made to pick up the tab for mistakes made by bankers and traders Scuffles break out during Spanish protests
Brussels was the scene of one of the biggest demonstrations against government austerity measures.
Tens of thousands of people marched through the Belgian capital to protest against plans unions say will slow economic recovery and punish the poor.
“They are pitting people against each other by relocating businesses to increase profit margins instead of improving conditions. It is scandalous and people have had enough,” said one CGT union member.
Similar sentiments were shared by demonstrators taking part in marches in ten other capitals across Europe.
Police in Brussels say more than 200 people were arrested for minor offences.
Copyright © 2010 euronews
Tags: Demonstration, Europe, Trade unions
Romanian workers protest over austerity measures – nocomment
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