All Hail Our Banking Overlords!
We work for them, plain & simple
By Chris Martenson
July 20, 2015 "Information
You really have to be paying attention to see what’s
truly going on these days. The keepers of the system, that is the
banking elites, now openly control everything — though you’d never
know that by listening to the media.
Eurozone backs €7bn bridging loan
Jul 16, 2105
Eurozone ministers have agreed to give
Greece a €7bn (£5bn) bridging loan from an EU-wide fund to keep
its finances afloat until a
bailout is approved.
The loan is expected to be confirmed on Friday
by all EU member states.
In another development, the European Central
Bank (ECB) agreed to increase emergency funding to Greece for
the first time since it was frozen in June.
The decisions were made after Greek MPs passed
tough reforms as part of a eurozone bailout deal.
How generous of the finance ministers of all those
EU member states to agree to a “bridge loan” that will help Greece
“keep its finances afloat”. This should provide the people of Greece
with a bit of breathing room, right? Maybe access to their bank
accounts (finally!), perhaps?
No, not at all. Here’s what the entirety of the
“”loan”” will go towards instead:
The bridging loan means Greece will be able to
repay debts to the ECB and IMF on Monday.
Ummmm…that “money” will not ever go anywhere near
This is all merely electronic window-dressing for
entirely esoteric bookkeeping purposes. Servers will blink at one
location in Europe as digital 1s and 0s are transmitted to another.
The electronic balances at the ECB and the IMF will change, but not
The people of Greece will see none of it. Nor will
they see their bank accounts unfrozen.
This act of banker “largess” is, of course, of,
by, and entirely for the bankers. It has nothing to do with Greece
or its people, about whom the banker class cannot care less.
But, they hide this disdain under and increasingly
thin and condescending veneer of graciousness. Take, for example,
the recently-announced ‘generosity’ of the powers that be — that is,
the banking powers that be — which will permit the long
suffering depositors to…*cough*…deposit more money into the banks:
Greece: Banks Can Reopen … for
Jul 17, 2015
Greek banks will reopen Monday after a
three-week closure, the country’s deputy finance minister says,
though withdrawal restrictions will stay in place. Bank
customers “can deposit cash, they can transfer money
from one account to the other,” but they can’t withdraw money except
at ATMs, the official says, and a withdrawal limit of 60 euros ($67)
a day will stay in place, he said, though Greek authorities are
working on a plan to allow people to roll over access to their
funds so that if they don’t make it to a bank machine one day,
they can take out 120 euros the next day.
Yeah, depositing more money into the Greek
banking system is exactly what all 12 remaining Greek idiots are
clamoring to do…everybody else just wants their money back,
Obviously, the only rational response of anybody
in Europe watching this charade of theft continue would be to
sell gold, right? (which has happened vigorously ever since the
Greek crisis began) Because, you know, nothing says “confidence”
quite like selling your gold so you can then park that money in a
bank that may not let you withdraw it again.
Of course, we here at Peak Prosperity hold to the
view that everything, and we mean everything, in our
””markets”” is stage-managed. And that especially includes gold. The
central banks are demanding and commanding complete fealty to their
story line, no exceptions tolerated. We are at that all-or-nothing
moment in history when everything either works out perfectly or it
all falls apart.
Savers have to be punished so debtors can be
Why? Because if debtors are rescued, that makes it
possible for more debts to be issued in the future..
And why is that important? Because the banking
system needs ever more loans in order to survive.
Why do we slavishly feed a banking system that is
rapacious, insatiable and always threatening calamity whenever it
doesn’t get exactly everything it wants, when it wants it? That
is a question nobody in power is willing to address.
Why not? Because there’s no good reason to do it —
unless you’re a bank, or one of the many proxy agents (like
politicians) receiving kick-backs from the banks.
We have a banking system that feeds on the blood,
sweat and tears of the public. But the public’s collective output is
no longer ‘enough’ to subsidize everything that central planners
have promised. So with a stagnating/shrinking pie – surprise! – the
group that writes the rules, the banks, has decided that they should
be the ones to get as much of it as possible.
Naturally, this will not work for very long.
History is replete with examples why it can’t. Just consider the
root meaning of “bankrupt” which has an interesting history:
The word actually comes from Italian banca
rotta, a broken bench (not a rotten one, as the false
friend of Italian rotta might suggest — it’s from Latin
rumpere, to break). The bench was a literal one,
however: it was the usual Italian word for a money dealer’s
table. In his dictionary, the great Dr Johnson retold the
legend that when an Italian money trader became insolvent, his
table was broken.
To “break the banker’s table” means to smash the
money lender’s physical place of business after they have taken or
lost all of your wealth. It’s speaks of an act of anger by the
betrayed. And that’s where the banking system finds itself again and
again over time, for the exact same reasons all through history —
today being no different in anything but scale and complexity.
You have to read past the headlines today because
they quite often say exactly the opposite of what’s actually
happening. Like today’s description spinning GE’s 2Q, $1.38 billion
earnings loss as a 5% rise in profits.
The bankers and financiers are badly overplaying
their hands, again, and people are starting to catch on to the scam.
Real wealth is tangible things produced with
tangible effort. Loans made out of thin-air ‘money’ require no
effort and are entirely ephemeral. But if those loans are used to
acquire real ownership of real assets, then something has been
exchanged for nothing and one party is getting screwed.
That’s what has just happened in Greece. And
expect it to happen increasingly elsewhere, as Charles Hughes Smith
and I recently discussed in this week’s
excellent Off The Cuff podcast.
If you had asked me ten years ago if there was any
chance of Greece becoming a failed state within a decade, I would
have said ‘No, no chance.’ But here we are. In ten years,
I suspect, we’ll be marveling over all the other failed states as
the rot proceeds from the outside in. Again, Charles does a
wonderful job articulating why in his recent report
More Sovereign Defaults Are Coming.
There’s simply too much debt and too little cheap
oil for there to be any other trajectory to this story. Boneheadedly,
our leadership is so out-of-touch that their best response to this
set of predicaments is to sacrifice the populace of an entire
developed nation (for generations to come) just to keep the status
quo stumbling along for a bit longer.
We need to all prepare for the inevitability that,
as the rot proceeds, the people of Greece will not be the only
casualties of the banks’ attempts at self-preservation. They’ll try
to throw all of us under the bus before taking any losses
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