G20 Suggestion that won't be Heard
When the G20 sits down to discuss the global economic crisis that the US caused, a Malaysian has some ideas that are worth hearing, before they are rejected by the Great Powers.
Basically he calls for currencies to be backed by a gold standard, a currency speculation ban and investments be tied to production that benefits mankind rather than individual wealth creation.
Consider the CRA that caused the latest economic crisis. At face value it seemed noble, make it possible for more people to buy and own a home. Homeowners are vested in the system, hence will take better care of their home, be participating members of their community, become part of solutions rather than hectoring outsiders and build wealth in a community.
But the system was corrupted almost from the beginning by home buyers, home sellers, brokers, banks and speculators who each tried to get rich fast. CRA was instantly turned into a ponzi scheme that had nothing to do with the original purpose of the legislation.
A TV network was created to show scam artists and the soon to be fleeced how to get in on the action. In some parts of the country people bought million dollar homes that they couldn't afford to live in that they intended to sell to other people that couldn't afford to live in them either, everyone just living month to month, kicking the impossible can down the road hoping to cash out before it all collapsed. Meanwhile real estate agents, brokers, home improvement stores and contractors made a ton of money.
I remember my wife watching some Flip That House show and hearing some arrogant prick say "No one will buy that house with the tiny bathroom and kitchen". Both looked big enough to me and I thought who the hell do people think they are, pampered princes? Is the bathroom big enough to crap and wash in? Is the kichen big enough to cook and eat in? You aren't going to ballroom dance in either room. At the turn of the 20th century most homes didn't have either a bathroom or kitchen. Now people want a bedroom sized bathroom (or three) and a restaurant kitchen in their home? Oh you must have granite counter tops and stainless steel appliances or people will think you a hick.
Once the system was front loaded, the Masters of Ponzi (i.e.banksters) figured out how to make bigger fortunes carving up and hiding these "investments" for greedy marks, who also wanted something for nothing. The whole scam grew until it could no longer grow, then it collapsed. The Masters did their work so well, that even two years later it is almost impossible to unwind the ponzi scheme. No one knows who has what.
So trillions of dollars were created from thin air, spread through the global financial system and then just disappeared. The Masters of Ponzi who made their fortune early, then got out before the ponzi collapsed are ahead of the game. Everyone else? Fucked.
The worst of it is that the entire system is infected with ponzi residual so no one knows what anything is really worth. Consider that no one even knows what any currency is worth at this stage of the game. Since institutional trust was utterly ruined by this debacle, no one knows who or what to believe. So everyone hunkers down until it sorts itself out. Which could be ten years, or never.
I just wanted a job that I could perform well that would pay enough to buy a house, some middle class comforts, save some money for when I grow old so I could raise a family. Not much. But everything to me. Now that time has run out for me, everything is uncertain. What is my house worth? What are my pensions worth? What are my savings worth? Hell, what is a dollar worth?
No one will be prosecuted for this disaster, this crime against humanity. National and international leadership have no idea how to get us out of the crisis. Real people are and will continue to suffer. No one cares. Everyone is just looking out for hisself as best he can.
The Malaysian has some sound ideas but no one will listen at the G20 meeting. His ideas don't provide the flexibility that the get-rich-from-nothing and Masters of Ponzi crowds need to rob humanity at will. And humanity won't track them down and put a pitchfork through their black hearts to stop the madness. So the next economic crisis is already an ever expanding bubble.
Basically he calls for currencies to be backed by a gold standard, a currency speculation ban and investments be tied to production that benefits mankind rather than individual wealth creation.
Consider the CRA that caused the latest economic crisis. At face value it seemed noble, make it possible for more people to buy and own a home. Homeowners are vested in the system, hence will take better care of their home, be participating members of their community, become part of solutions rather than hectoring outsiders and build wealth in a community.
But the system was corrupted almost from the beginning by home buyers, home sellers, brokers, banks and speculators who each tried to get rich fast. CRA was instantly turned into a ponzi scheme that had nothing to do with the original purpose of the legislation.
A TV network was created to show scam artists and the soon to be fleeced how to get in on the action. In some parts of the country people bought million dollar homes that they couldn't afford to live in that they intended to sell to other people that couldn't afford to live in them either, everyone just living month to month, kicking the impossible can down the road hoping to cash out before it all collapsed. Meanwhile real estate agents, brokers, home improvement stores and contractors made a ton of money.
I remember my wife watching some Flip That House show and hearing some arrogant prick say "No one will buy that house with the tiny bathroom and kitchen". Both looked big enough to me and I thought who the hell do people think they are, pampered princes? Is the bathroom big enough to crap and wash in? Is the kichen big enough to cook and eat in? You aren't going to ballroom dance in either room. At the turn of the 20th century most homes didn't have either a bathroom or kitchen. Now people want a bedroom sized bathroom (or three) and a restaurant kitchen in their home? Oh you must have granite counter tops and stainless steel appliances or people will think you a hick.
Once the system was front loaded, the Masters of Ponzi (i.e.banksters) figured out how to make bigger fortunes carving up and hiding these "investments" for greedy marks, who also wanted something for nothing. The whole scam grew until it could no longer grow, then it collapsed. The Masters did their work so well, that even two years later it is almost impossible to unwind the ponzi scheme. No one knows who has what.
So trillions of dollars were created from thin air, spread through the global financial system and then just disappeared. The Masters of Ponzi who made their fortune early, then got out before the ponzi collapsed are ahead of the game. Everyone else? Fucked.
The worst of it is that the entire system is infected with ponzi residual so no one knows what anything is really worth. Consider that no one even knows what any currency is worth at this stage of the game. Since institutional trust was utterly ruined by this debacle, no one knows who or what to believe. So everyone hunkers down until it sorts itself out. Which could be ten years, or never.
I just wanted a job that I could perform well that would pay enough to buy a house, some middle class comforts, save some money for when I grow old so I could raise a family. Not much. But everything to me. Now that time has run out for me, everything is uncertain. What is my house worth? What are my pensions worth? What are my savings worth? Hell, what is a dollar worth?
No one will be prosecuted for this disaster, this crime against humanity. National and international leadership have no idea how to get us out of the crisis. Real people are and will continue to suffer. No one cares. Everyone is just looking out for hisself as best he can.
The Malaysian has some sound ideas but no one will listen at the G20 meeting. His ideas don't provide the flexibility that the get-rich-from-nothing and Masters of Ponzi crowds need to rob humanity at will. And humanity won't track them down and put a pitchfork through their black hearts to stop the madness. So the next economic crisis is already an ever expanding bubble.
posted by lugh lampfhota at 10:52 AM
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