First, the banksters hoodwinked an angry public into bailing out their collateralized-debt obligations and derivative Ponzi scheme to the tune of what may turn out to be over $600 Trillion dollars. Derivatives are nothing more than bets on other bets, on other bets, that are all completely worthless. So, we can assume that the taxpayer will be victimized for at least that amount for derivatives alone. That’s about $2 million dollars for every man, woman, and child in America, or $100,000 for every person in the world.
They bet big with your investment money, got fat, then lost thousands of times more than everything real on Earth combined. Then, representatives of the people bailed them out (including bonuses) while they laughed all the way to their respective banks. Since government officials are doing their best to reject transparency, we can also only assume this number is much, much larger.
Sadly, their derivative Ponzi scheme is the least of the public’s current problems regarding the banks. The international banks’ economic hit men have successfully enslaved-by-debt everything from nations, entire industries, state and local governments (who will need their bailout soon), and nearly every person on the planet. Even if an individual doesn't have any bank financing or credit cards, they still pay the private Federal Reserve through inflation. As author of Confessions of an Economic Hit Man, John Perkins, would say: the time has come for the banks to collect their “pound of flesh” from average citizens by way of your pensions. For an enlightening explanation of how economic hit men enslave entire countries please watch the video below:
Today, the word “austerity” is becoming commonplace in European countries, and America may indeed be next on the chopping block. The IMF is pushing economically-weak European countries into austerity measures that target average citizens for debts their government owes to banks, including slashing and looting pension guarantees. Incidentally, the U.S. national debt, plus unfunded liabilities and personal and private debt, puts America in far worse shape than all European countries combined.
As we near the End Game, the banksters and their government accomplices are coming for the last of your wealth -- your retirement money. Recent headlines about the IMF “pressing the U.S.“ to reduce its debt is the first sign of things to come. They have already methodically gutted the assets of most public pension funds by knowingly investing those funds in toxic junk. In late 2009, Mark Brenner wrote an excellent article titled Pensions: The Next Casualty for Wall Street which gave a breakdown of the dismal state of pensions:
Nearly $4 trillion worth of retirement savings were wiped out in the first weeks of the 2008 financial freefall. Half of the drop was concentrated in traditional pension plans, also known as defined-benefit plans. While most workers in these plans haven’t had their monthly benefits cut, unlike the 46 million people riding the stock market with 401(k) defined-contribution plans, the storm clouds are gathering.
Furthermore, we’ve also seen the captains of “private” industry pump their bottom line for years with their worker’s pension contributions (much like the federal government has done with Social Security receivables). When it comes time to pay the pensions they dump the obligation onto the taxpayer through the Pension Benefit Guarantee Corporation which was reported to be $12.9 billion in the red for 2009. Once again, the taxpayers are funding their own servitude while the ownership class pillages on the way up and on the way down.
I can’t help but be reminded that warnings of this day went unheard. This George Carlin clip below sternly warned that the “owners of this country” will ultimately come for your retirement -- but, hey, who was listening to a comedian?
That’s right, the day is rapidly approaching where they’ll come for your retirement. Screw your guarantees you thought you worked your whole life for. Apparently, contractual law does not apply to the servant class. However, we all remember Hank Paulson and Tim Geithner arguing that the reason they must use taxpayer money to pay 100-cents-on-the-dollar for AIG’s rancid obligations was because it would be wrong to break contractual laws. I guess we shouldn’t be surprised that they only respect contractual law when they are taking from the poor and giving to their elite partners in crime.