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Friday, May 14, 2010

Fascist Fed Cartel & Banksters Run the Financial System and the Country

Items of Interest:

This idea that our financial system is rigged to benefit the banksters keeps getting hammered home. David Goldman's definition of fascism, "control without ownership," perfectly describes the current Federal Reserve based financial system dominating the United States.

David Goldman / Inner Workings:
It’s all political now -- Now that the state and the banks have merged in a corporatist alliance, all market news is political news... the banks and governments are partners in the attempt to reflate the world economy through deficits comprising a double-digit proportion of GDP in most of the major economies. The banks finance the governments, with money that they borrow from the governments. That’s why many banks showed a profit during every single trading day of the first quarter: with a steep yield curve and nearly zero-cost funding, you have to go out of your way to lose money.

This symbiosis means that the banking system is in effective government control. As my friend Michael Ledeen – an expert on Italian fascism among many other fields – this is “control without ownership,” or fascism, rather than socialism. Governments and banks will wrangle over the spoils. When the banks look fat the government will use them as a political whipping boy or milk them for taxes; when the banks’ holdings of government securities threaten to topple them, as in Europe last week, the governments will pledge a trillion dollars–and borrow it from the banks.
Nelson Hultberg / The Daily Bell:
The Fed Is a Fascist Cartel

Zero Hedge:
First Fed Invoice For Bailing Out Europe Is In: The Damage - $9.2 Billion

Fascist Soup:
Ron Paul: Audit The Fed, End the Inflation Tax, Before It’s Too Late!

Dylan Ratigan / Wallstcheatsheet.com:
We Need a Value-Creating Society as Opposed to a Value-Extracting Society – with Dylan Ratigan

Dan Pfeiffer / The White House Blog:
Putting the Economy at Risk to Protect Wall Street Profits

Todd Harrison / Minyanville:
Attack on Wall Street Heats Up

Socio-Economics History Blog:
Chomsky Warns Of Risk Of Fascism In America!
America's Ten Most Corrupt Capitalists -- The financial crisis has unveiled a new set of public villains—corrupt corporate capitalists who leveraged their connections in government for their own personal profit. During the Clinton and Bush administrations, many of these schemers were worshiped as geniuses, heroes or icons of American progress. But today we know these opportunists for what they are: Deregulatory hacks hellbent on making a profit at any cost. Without further ado, here are the 10 most corrupt capitalists in the U.S. economy...
Nassim Taleb calls out the trio of fraudsters: Geithner, Summers and Bernanke.

Louise Story / NY Times:
Cuomo Is Said to Question Banks’ Influence on Ratings -- The New York attorney general is said to be scrutinizing eight banks that may have provided misleading information to rating agencies to inflate the grades of securities.

Zachery Kouwe / Dealbreaker:   More Subpoenas for Big Banks, This Time from Cuomo

Credit rating agencies in the spotlight —  The New York attorney-general's office is investigating not only if Wall Street banks manipulated the process of achieving high ratings for mortgage-backed securities, but also if rating agencies allowed themselves to be co-opted...

Tomoeh Murakami Tse / Wash Post Business:
N.Y. Attorney General Cuomo opens probe to learn if 8 banks misled credit raters   —  NEW YORK -- New York Attorney General Andrew M. Cuomo has launched a probe into eight large banks to determine whether they provided misleading information to credit-rating agencies, according to sources with knowledge of the investigation...

Fascist Fat Police coming?

Penny Starr / CNSNews:
The Federal Fat Police: Bill Would Require Government to Track Body Mass of American Children  — A bill introduced this month in Congress would put the federal and state governments in the business of tracking how fat, or skinny, American children are.

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia