the Secret of Oz

james armstrong james36armstrong at
Wed Sep 15 23:10:51 BST 2010

This video both explains  the  financial crisis and predicts a coming worse world financial crisis. 
It says," let the  banks fail, only by doing so  will we end their stealing of  tax payers moiney in the form of  interest on  govenment bonds
( issued every week by the Treasury ) and  in the form of  interest on the 'money'  (actually credit or debt ) which they undemocratically issue when it should be  the sole right of  government to print money.
Government shoiuld responsibly print coinage and notage as cash  and forbid banks to pass off  credit as 'money'.
It  slags off bank issued 'money' and also  the need for a gold backed currency.  ( Churchill was a gold standard backer)
Enthusiasts for Gold are manipulative plutocrats says the  film.

By co-incidence I have been mulling over the 'other' criminals in our high streets- the   Buiilding Societies.
(really banks  with Building Society logos.)
Their chicanery is shown up in the following example.
When someone with a mortgage cannot continue to pay the instalments they are three times losers and the banks in  most cases six tiime  winners.
The householder is repossessed. Why? 
(S)He loses his savings  in the  house.
(S)He loses  his home when he is repossessed, children their school,   loses  neighbours and sometimes his and her jobs if local .
(S) He even loses  every week even when still repaying - because hisher  £200,000 house is costing herhim  in reality  £428,000 bythe time he repays the loan plus interest over  25 years.
What does thebank lose?
Firstly 99% of borrowers dont default.
Secondly How can a BS lose if at the time of default he gets t he property (since he holds the title deeds)?
Thirdly , the  deposit of ten per cent, plus the ten or twenty? per cent of capital repaid at the time of repossession,
covers any loss of value when houses have so called negative equity.

In other words  Building Scoiety loans are already  a bum deal.
We need to  expose this .
The solution is to make the BS and the  customer share equally in any default.
Practically the  borrower may lose part of his  savings in the property,but should retain occupation- now as a tenant.
The BS  will go into the deal open eyed, knowing that they share responsibilty if the customer defaults.
We forget something called integrity.  IN GB we've got it in spades.  Ask any business person who will tell you 95 % of customers  who you give credit to , pay up on time.  The worst defaulters are not  joe bloggs but shyster businesses.

Governments put themselves unnecessarily in the hands of the bankers by not bothering to  be their own bankers.  (Bank of England is an independent company- not  a national bank)
Heres a question.
Why does a board member of Roththchilde Bank sit in on all cabinet meetings?
(Remember that Rothschilde are teh bankers who lent HMG th ready money to buy the Suez Canal)
Rememeber Rothschilde have branches in most capitals of the world.
Remember Rothschilde with theri other hat on , buy the government bonds , at interest ,every week that the Treasury issues.       
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