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Activist Post
Reuters and wanttoknow.info provide prima facie evidence that the US 1% runs Wall Street as rigged-casino gambling to transfer wealth from the 99% to themselves. The amount of money fraudulently gambled is not millions of dollars, not billions, not even tens of trillions, but over five hundred trillion ($532,000,000,000,000).
Look at Demonocracy’s images to get an idea of this magnitude of money.
Let this sink in: $532 trillion means that the 1% US banksters gamble over $5 million dollars for every US household and $1.7 million for every American.
It also means that the 1% has cooperation from “leadership” in Congress, law enforcement, and almost all corporate media to have this gambling as the core of the 99%’s mortgages and pension funds, with the criminal fraud of representing this as “investments,” “regulated,” and “fair.”
Ending global poverty would be accomplished with an annual investment of $100 billion a year for ten years. This would save the lives of a million children who die from preventable poverty each month, is less than 0.7% of the developed countries’ GNI, has reduced population growth rates in every historical case, and is the best way the CIA concludes to reduce terrorism. The annual amount to end poverty is 0.02% of what the top five US banks gamble every year.
Excerpts from Reuters and www.wanttoknow.info:
(Reuters) - U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department's criminal division, were partners for years at a Washington law firm that represented a Who's Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows.... Reuters reported in December that under Holder and Breuer, the Justice Department hasn't brought any criminal cases against big banks or other companies involved in mortgage servicing, even though copious evidence has surfaced of apparent criminal violations in foreclosure cases.After 15 years of my own research after US political leadership reneged on all promises (public and private) to end poverty after we led to create the Microcredit Summit in 1997, here's my best explanation of what's driving economics:
OCC’s Quarterly Report on Bank Trading and Derivatives Activities: Third Quarter 2011
December 2011, OCC (U.S. Office of the Comptroller of the Currency, Administrator of National Banks)
http://www.occ.gov/topics/capital-markets/financial-markets/trading/derivatives/dq311.pdf
The OCC’s quarterly report on trading revenues and bank derivatives activities is based on Call Report information provided by all insured U.S. commercial banks and trust companies, reports filed by U.S. financial holding companies, and other published data. The notional amount of derivatives held by insured U.S. commercial banks decreased $1.4 trillion, or 0.6%, from the second quarter of 2011 to $248 trillion. Notional derivatives are 5.7% higher than at the same time last year. Derivatives activity in the U.S. banking system continues to be dominated by a small group of large financial institutions. Five large commercial banks represent 96% of the total banking industry notional amounts. Insured commercial banks have more limited legal authorities than do their holding companies.
Note: Graphs in this report show that the holding companies for the top five banks also control massive amounts of derivatives totaling $326 trillion! The holding companies JPMorgan Chase, BofA, Morgan Stanley, Citigroup, and Goldman Sachs have over $311 trillion in derivatives, 95% of the total U.S. market. So these banks and their holding companies combined own $532 trillion in derivatives, equivalent to roughly $75,000 for every person on the planet. What are the bankers doing? If the above link fails, click here.
How an economics teacher presents Occupy's economic argument, victory
Carl Herman is a National Board Certified Teacher in economics, government, and history. His hobby is research, education, and lobbying for improved public policy. A principal project of his 30-years’ experience working with US “leadership” in government, economics and corporate media was to grow the citizen’s lobby, RESULTS, that led to two UN Summits (1990 World Summit for Children - the largest meeting of heads of state in world history - and the 1997 Microcredit Summit - topic of the 2006 Nobel Peace Prize). Because US political leadership of both parties reneged on each and every public and private promise to end poverty, and US corporate media behaved as their political propagandists, Carl shifted his hobby to "follow the money." His conclusions are explained and documented in these two articles (academic/professional voice, and more passionate citizen voice):
Open proposal for US revolution: end unlawful wars, parasitic economics
Common Sense for new American Revolution: revolt from US government by dicts
He can be reached at Carl_Herman@post.harvard.edu
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7 comments:
We all know that if the Adults or even one Adult of the House makes the Rules for that Household has a Gambling Addiction, then that all the People of that Household will suffer financially.
This Financial Suffering leads to other forms of suffering, and there is no need to talk on that here, but we all should know that there are always consequences for actions, and for lack of actions.
The Banks should be greatly regulated so as to not engage in Gambling, and every Country needs its own National Bank and Central Bank, even though Regulated Private Banks can exist.
Governments should realize that they are the Problem and not the Solution when they go beyond their Minimum Need and Reasons for their existence.
Even if one Government may be Honest and Competent and Good; the problem remains that if they are not Minimalist Governments, then those who follow will only expand Government, thus expanding Incompetence and Corruption and Poverty.
I am not saying that Countries should not own certain Strategic Companies related to their Resources, because Foreigners are always ready and ever eager to exploit others, but these Government owned Companies need to be Managed and Properly Regulated for the Benefit of the Citizens of the Country.
In a Genuinely Properly Regulated Free Enterprise Economy, with Free and Equal Competition, there should be no such thing as too big to fail, because being too big in a Free Enterprise Economy will increase the likelihood of failure, and suggests that the Country is a Fascist Mafia State posing as a Democracy.
Save a nation, burn a bank today!
When will we as a people WTF UP!!!!!
This article is of course misleading at best
The NOTIONAL value of the options is $536 Trillion.
The NOTIONAL value is the face price of the stocks controlled. So if I buy $800 call on google for next month and pay $5 for it, the notional value will be 100xGoog= $61,236 of 'notional value'. So $5 could increase the notional vale of the derivatives market by $61,236, but there is no risk of Goog hitting $800 so it is no big deal. Notional value is a red herring
'Pin Risk' is the real scam in derivatives
Feb. 13 10:45 AM "anonymous": so, this gambling is "no big deal" you say.
And the most important offering you have is that it is "misleading" to communicate the documentation of criminal economic fraud related to these big banks that destroyed so much of the 99%'s investments, the ties they have to "Justice" Department "leadership who do not prosecute, and a million children dying every month from preventable poverty from a lack of investment?
Yes, I think these dying children, their families, and anyone who stands for unalienable rights and love would certainly agree that the contrast of the banksters' "investments" in whatever value you care to measure in gambling and the life-and-death of these people is leading people in a wrong direction.
At best.
And just what is your proposal to build a brighter future? You show no evidence of reading info linked on Occupy's economic argument and victory.
im worth 1.7 milli
To Carl:
I called it 'misleading' because I didn't want to be insulting and say that the article conveys no information and is just a fear mongering red herring of an article, but since you pushed the issue...
You didn't document anything. You only showed that you either have no idea what the notional value of a derivatives contract means or you didn't research the article before you re-posted it.
Every derivatives contract has a party and a counter party. It is a zero-sum game unlike stocks. In order to have a contract there must be two parties and the risk is contained between the two of them.
You need to pick up a book and read about economics because I don't think you have a clue about what you are talking about. The crux of your argument seems to be: A>dead babies, B>? C>Therefore derivatives are bad
My solution? Don't allow stock to be purchased on margin, reintroduce glass-stegal and move the fed interest rate up to 10% and allow the free market to decide what a good rate would be. If those three things were done, it would be a lot harder to scam the system.
Do you even know what 'pin risk' is?
Why don't you protest something useful?
What is inherently wrong with derivatives?
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