Bankers in lockstep across the globe — coincidence?

Extrapolate the details in the following article by David Noakes to the bank crisis in the US and you get a plausible explanation for a disaster whose causes so far have not been explained or even investigated.

The author blames deregulation, although that was a secondary cause in the US. In the American media, deregulation is often blamed as well but without even a hint at the supposed mechanisms by which a “lack of regulation” might have operated to bring down the banks, and particularly how this would have happened simultaneously all over the globe. Indeed keen observers outside the elitist system have pointed out plausible causes and plausible mechanisms for our banks’ failures, such as the CRA and Fanny-Freddy and the complete lack of documentation and lack of down payments required by those semi-government Democrat-managed entities for mortgage lending. Laigle’s Forum is one of the few sites that has even attempted to tackle this issue in some depth. We find that rather than just simple deregulation or lack of regulation, it was in fact over-regulation that wrought the havoc. Specifically, Clinton had strengthened the CRA, requiring banks to make $1 trillion in loans to “underserved communities.” The only way to accomplish this was to force them into requiring no documentation of income and no down payment, absolutely suicidal policies. Bush, put up a meek fight, then went right along, urging a Zero Downpayment Initiative at his HUD web site in 2005.

But I have published the following article to show the striking similarity between the behavior of bankers on both our continents.

Knowing the extent of corruption among money managers, the below-described situation in the UK does not seem so far fetched a scenario for this country either.

Is there a clue in here for us? Note that managers of failed institutions here also got bonuses and exorbitant salaries, and none left in shame. No shame was shown on either side of the Atlantic and no one has apologized for bringing down Western finance and threatening the financial security of every citizen of dozens of countries. No accountability was demanded by government. And indeed, a dissident British banker was murdered for protesting the bad policies in place there (see below).

Compare this with the strong arm tactics used in the US when some banks wanted to refuse the bailout money. Wasn’t it really hush money?

Is it really plausible that the bizarre behavior witnessed in US banks would have mirrored the behavior of bankers on the other side of the Atlantic just by accident? How about the bailouts? They happened in concert all over Europe as well, over the protests of the citizenry, especially in Britain. Here, 90% of all calls to the US Congress urged lawmakers to vote against the bailout.

One thing is certain: International elitists in government and finance do not operate independently of each other, they are basically all in agreement, they use their willing media lackeys to overcome the public’s mistrust, and public mistrust of them is at an all-time high everywhere. There is no debate over the “wisdom” of the bailouts, no hint that the payments would be accompanied by any change in policy or regulations. And this despite the whispered accusation that bank failures were due to under-regulation – an accusation that catapulted ultra-elite, ultra-Left, ultra-incompetent Obama to power. Why wouldn’t bailout payments under Obama be predicated then on the passage of new regulations and strict compliance therewith?

Clearly, the public is being led around by their noses by an international group of cynical idealists and elitists who think we are all stupid.

It is a miracle that we have not yet seen massive protests.

But then, our bellies are still full.

Just wait…

Donald Hank

 

Did directors deliberately destroy their own banks?

By David Noakes

The Royal Bank of Scotland (RBS) went from assets of plus £88 billion in 1999 to estimated liabilities of minus £1.3 trillion in 2009 – equal to a year’s income (GDP) for the whole of Great Britain. If Directors with mental disabilities had been appointed, they might have reduced the bank’s value by half. But to utterly destroy it on so stupendous a scale took real knowledge and determination.

It seems clear the wholesale mismanagement and corruption of banks by their directors was not unbelievable incompetence, but criminal. The government huffs and puffs at bonuses and pensions paid as a reward for failure, but then in every case it lets those corrupt payments, totaling billions of pounds, stand without passing legislation to confiscate.

It looks as though these huge bonuses and pensions were intentionally paid to compensate directors precisely for destroying their own banks, and for a job well done.

HSBC quietly possesses an ethical, Christian board. They are well managed, profitable, and took no part in creating this crisis. Standard Chartered Bank’s profits actually went up, even in 2008/9.

But take the case of Abbey National. In July 2004 their risk management officer, Richard Chang, was objecting that the run down of the bank by directors was deliberate (it resulted in the Bank’s ownership being transferred to a European Bank, Santander.)  The HBOS whistleblower alleged the same.

Anonymous documents then arrived at the board with similar suggestions, with additional evidence of sexual impropriety among Directors. Richard denied he had sent them, but was called in for a two and a half hour interrogation by the directors at the hands of Kroll corporate security, during which he was bullied and threatened, and at the end he was found dead five floors below at the bottom of the internal Atrium in Abbey’s London head office in Euston.

The courts, CPS, coroner, FSA, directors and police have closed ranks to prevent a criminal prosecution or investigation. These services all have large numbers of freemasons in their senior structures.

High ranking Freemasonry runs right through this banking crisis. All the failed banks, Northern Rock, Abbey, RBS, Halifax Bank of Scotland (HBOS) had Freemasonry controlling their boards. Gordon Brown is a 33rd degree Scottish Rite Freemason, as was Tony Blair; there are 400,000 of them in Britain.

Brown’s job seems to be to take advantage of the destruction of the banks, by pouring far too much of our economy into those ready made back holes, which will destroy the Pound Sterling.

The crisis was caused by the USA and EU governments deregulating banks in 1999. Massive, self collapsing bubbles predictably formed in every market including housing, stocks, and derivatives. It is deregulation that enabled corrupt boards to wreck their own banks. They now have estimated liabilities of £7.2 trillion or £250,000 per household; they should now go bust; Britain cannot afford to save them.

Freemasonry and Common Purpose are the European Unions’ foot soldiers on the ground in Britain. They know the EU dictatorship cannot be built while there is a strong Britain on the doorstep; we stopped them twice before in 1918 and 1945, and Britain has to be destroyed if the dictatorship is to succeed.

These British traitors get their massive payoffs for handing Britain to the EU on a plate, poverty stricken and stripped of democratic defences.

Many of those won’t realise that the initial deflation of the recession they worked so hard to create will, with the trillions Brown is borrowing for the banks, turn into hyper inflation with super high interest rates, and in two years they could be starving with the rest of us, their gravy trains and bribe money useless, their houses repossessed, as ours will be.

If you wish to avoid this ghastly future, you need to do your part now in talking to people about a General Strike against the EU, our government, Law Lords, and all the senior officials who are so deliberately sabotaging our nation.                                                                 David Noakes. eutruth.org.uk. 07974 437 097

How to make a leftist squirm

Is America more immoral than Russia?

Recently the prelate of the Russian Orthodox Church gave a speech before the EU and admonished Europe for her lack of morality.

The mayor of Moscow bashed heads to stop a “gay” parade.

Christian decency and morality is on the rise in what was once the Russian Republic of the atheistic Soviet Union. A friend from my church is a missionary there and he agrees with me that Russia is much more moral than the U.S. and Europe in many ways (despite obvious shortcomings).

Good and evil are mobile. God does not have a single steady home except in the hearts of Christians, and right now, it looks like He may have moved his headquarters to a highly unlikely, more Christian-friendly venue. At any rate, He is still alive and doing quite well.

Ironically, Russia may at some point become the counterbalance for good against some vast evil empire in the West. God works in mysterious ways…

LF editors

 

How to deal with an Obamacrat

Yesterday I met a Democrat at the polling place who was handing out literature for a local candidate. I asked him about his candidate and he described him but concluded “I am further to the left than he is.”

I said “You are a leftist?”

He said he was.

I immediately said: “What caused the bank crash?”

He was taken aback but blurted out the usual nonsense about “lack of regulation.”

I said “what about the CRA?”

He had never heard of it.

I said “the Community Reinvestment Act.”

No, he never had heard of it.

I said “I’m not going to do your homework for you. Look it up. You democrats think the newspapers are God’s infallible word. You assume everything you read or hear on ABC or CNN is true and you let them make up your mind for you. Yet now when I mention the CRA it is clear even to you that you lack even the most rudimentary information on which to base your vote and your ideology.”

I went in to vote and when I passed this guy out front, he looked at me inquisitively and said: “Community Reinvestment Act, right?”

Bless his heart. He obviously was going to look it up. He wanted to know the truth. The only thing between him and the truth were the media, Obama, McCain and Bush!

Who can blame him?

Maybe one mind has been reached with the truth.

Donald Hank

 

Deregulation did not cause crisis
by James Gattuso
Issue 119 – November 5, 2008

“The trouble with the world is not that people know too little, but that they know so many things that aren’t true.”–attributed to Mark Twain

Easy answers are seldom correct ones. That principle seems to be at work as the nation struggles to discover the causes of the financial crisis now rocking the economy. Looking for a simple and politically convenient villain, many politicians have blamed deregulation by the Bush Administration.

House Speaker Nancy Pelosi, for instance, stated last month that “the Bush Administration’s eight long years of failed deregulation policies have resulted in our nation’s largest bailout ever, leaving the American taxpayers on the hook potentially for billions of dollars. Similarly, presidential candidate Barack Obama asserted in the second presidential debate that “the biggest problem in this whole process was the deregulation of the financial system.”

But there is one problem with this answer: Financial services were not deregulated during the Bush Administration. If there ever was an “era of deregulation” in the financial world, it ended long ago. And the changes made then are for the most part non-controversial today.

Read more

A modern-day Lafayette rallies the troops

A modern-day Lafayette rallies the troops

Fellow Conservatives, forget everything you “know” about the French right now.

Yes, it is true that they have long dabbled in socialism and big government (statism), and their country’s economic policies show it. But likewise, our country’s economic policies show our own flirtation with these disastrous policies. In fact, since the big bailout scam, we are far more socialist than any European country had been heretofore! (Unfortunately, EU countries are catching up quickly, implementing their own bailout schemes).

That is why it is so absolutely refreshing, in fact, invigorating, to read a French author like the Hayek Institute’s Vincent Benard commenting so accurately on the causes of the bank crisis. Mr. Benard “gets it” better than many American conservatives.

In a German-language article dedicated to our German friends, I invited precisely this kind of criticism of American socialist policies from right-thinking Europeans, because, as I and others have pointed out at Laigle’s Forum, it is American socialism that has driven the bank crisis that threatens the very existence of our friends and allies abroad, and voices of protest from European conservatives (BTW, they call themselves “liberals” but the meaning is the opposite of the accepted meaning here) are just as welcome now in this war of ideas as was Lafayette’s valuable support of George Washington’s war efforts.

After all, the enemy is the same:  a government that does not represent the people. And a few good Europeans are volunteering their assistance again.

The article, which follows, is not a translation. Mr. Benard writes in his own words in English this time.

This is the second of his commentaries to appear at Laigle’s Forum. I look forward to reading and posting more of his work and hope that America will soon take note of this gifted writer and thinker.

Donald Hank

  Continue reading

Obama can’t fix what his party broke

Obama can’t fix what his party broke

 

by Donald Hank

Before reading further, make sure you see this amazing video:

http://www.youtube.com/watch?v=H5tZc8oH–o

 

Did you see the debate last night?

Despite his relaxed exterior,and his pontifications on the economy, Obama was on the defensive, as well he should have been. McCain knew stuff he didn’t know, like the difference between a strategy and a tactic, or the names of presidents in Eastern Europe. After McCain rattled off these names and associated facts, Obama could only say “I agree with Senator McCain on this.” It was obviously all he could say. And then there was the gaffe about “taking out” Pakistan. And the misquote of Kissinger. Not a good night for Barack.

McCain was like a father lecturing to a son who hadn’t done his homework.

Again, Obama tried to make the claim that McCain is a laissez-faire capitalist who wants no regulation of the Fanny Mae and Freddy Mac, and, unfortunately, McCain muffed his chance to really explain the crash mechanism as well as Barack’s (and the Democrats’) primary role in the crash. Republican politicians seems to have little understanding of this mechanism, but it is all important for voters to know.

Folks, I had written a column on Bush’s role in the bank crashes that some thought was blasphemous, but what I said had to be said and no one else was willing to say it (that’s what Laigle’s Forum is all about, you know). And now we know the role Bush played in bringing down the banks. So is the bank crash all about Bush?

Not by a long shot, although he aided and abetted. It is more about Obama, his pals and his party. Much more.

I believe Bush’s role is related to his blind belief in New Age Christianity. As I have shown in various columns, evangelical Christians have been brainwashed by the Left into accepting what we might call “Christian socialism,” which includes teachings of globalism and surrender of sovereignty. Mainstream pastors now talk as though God had added an eleventh commandment: Thou shalt share the wealth. Indeed, my Brazilian colleague Olavo de Carvalho showed that the revolutionary mindset, which we now call the Left, started as a Christian heresy in the 13th century. Strangely, this heresy, which teaches that Christians must build the kingdom of God by eliminating social injustice, is now becoming the dominant doctrine in America, to our great peril, and the latest financial crash is its spawn. This heresy was first introduced into the American church by way of the far Christian Left (Jim Wallis, Tony Campolo) and was mainstreamed by preachers like Robert Schuller and later his protégées such as Rick Warren as well as supposedly “conservative” church leaders. If this sounds like blasphemy to you, you are no doubt a true believer in the emergent church’s New Age teachings. Beware.

But yes, the crash is really mostly about Obama and his party, which sabotaged American business.  Characteristically of the Left, they behaved like naughty school kids who made the spitballs and let other kids throw them. That’s how it works. There are always some smart aleck troublemakers who are highly popular and the other, shy kids with a good upbringing, want to imitate them. Pretty soon the kids with the good upbringing are the worst offenders in the schoolyard and the smart alecks are posing as angels, laughing up their sleeves as the poor suckers get punished.

Naughty boy Jimmy Carter (another Christian leftist, by the way) started things off by introducing the Community Reinvestment Act in 1977, which the Democrats passed. This was a typical Carter goody-goody initiative to bring housing to people who would only get housing if you twisted their arms and made them pay no more than they would pay to rent. You know, the group we used to be called poor credit risks. Now we call them the “underserved.”

The program was modestly dimensioned at first and ran with no major glitches until Clinton took it into high gear, demanding $1 trillion in sub-prime mortgages, with the semi-government bureaucracies Fanny Mae and Freddy Mac leading the charge. Banks that could not or would not comply were punished. Punished for implementing nothing other than good business practice, mind you! (Remember that government-business partnerships are a feature of fascism, hardly the American way).

Then Bush morphed into Clinton on steroids and all but doubled the percentage of subprime loans, but added the cherry to the sundae with his “zero down payment initiative.”

There were a few futile attempts to put the brakes on, notably Senator McCain’s attempt in 2005 to enact the Housing Enterprise Regulatory Act. The Democrats blocked it. Obama doesn’t want you to know any of this, and the networks and mainstream media are helping him hide it and sell his fiction.

In all fairness to Bush, he too had tried to rein in Fanny and Freddy, back in 2003, but ran up against the Democrats.

So while Bush must take some of the blame, because he did push for higher percentages of sub-prime mortgages and his administration did write the disgraceful “Zero-Downpayment Initiative,” he was, after all, just following the Democrats’ lead and, I believed, trying, in a bungling way, to be a good little Christian, guided, unfortunately, by principles of the Christian Left, which had subtly and gradually become the mainstream in America.

Bottom line: while Obama claims regulation is necessary and accuses McCain of not wanting it, it was McCain himself who tried to introduce regulatory legislation that would help remedy the damage done by the Democrats through over-regulation of the socialist kind.

Keep that in mind when you go to the polls.

 

 

Another video on the subject:

http://www.youtube.com/watch?v=usvG-s_Ssb0