Bankster Fraud Has Driven 100 Million Into Poverty, Killing Many

We Are Witnessing a Financial Holocaust Brought on by the Banksters … Which Is Causing Many Deaths

Fraud caused the Great Depression and the current financial crisis, and the economy will never recover until fraud is prosecuted.

Fraud is the business model adopted by the giant banks. See this.

The Obama administration has made it official policy not to prosecute fraud.  Indeed, the “watchdogs” in D.C. are so corrupt that they are as easily bribed as a policeman in a third world banana republic.

The mouthpieces in Wall Street and D.C.  pretend that financial  fraud (like Libor) is a “victimless crime“.

But the World Bank notes that the financial crisis  – you know, the one caused by financial fraud – has driven between 64 and  100 million people into destitution.

Some estimate the figure to be much higher. For example, one 2009 study estimated that 140 million people would be driven into poverty in Asia alone.

AP reported in 2009:

The global financial crisis has pushed the ranks of the hungry to a record 1 billion people … United Nations food officials said Friday in Rome.

This is not just a matter of having less money for entertainment or luxury goods.  Increased poverty leads to an earlier death.

As the Los Angeles times notes:

Poverty appears to trump smoking, obesity and education as a health burden, potentially causing a loss of 8.2 years of perfect health.

This is not an abstract concept. A lot of kids will die due to Wall Street fraud:

The global financial crisis sweeping through Wall Street and the European banking sector will touch the lives of the world’s most vulnerable, pushing millions into deeper poverty and leading to the deaths of thousands of children, according to a new United Nations study.

***

The report highlighted the prospect of an increase of between 200,000 and 400,000 in infant mortality and that child malnutrition, already rising, will be one of the main drivers of higher child death rates.

While developing countries will be hardest hit, increased poverty and hunger are hitting the U.S., Britain and other first world countries are as well. The inability of the newly-poor to pay to heat their homes also kills.

Paul Moore – former Head of Risk at HBOS – says that the financial crisis has resulted in the greatest humanitarian crisis since WWII.

Moore says that we are witnessing a “financial holocaust” brought on by the banksters … with huge numbers of potential deaths in the works unless we fundamentally change the system.

This entry was posted in Business / Economics, Politics / World News. Bookmark the permalink.
  • Jim

    “Victimless” crimes are ambitiously prosecuted by the Feds everyday, so this is a copout.

  • Carl Herman

    Excellent, GW; thank you. And then there’s the choice to bail-out the banksters versus the reneged promises to end poverty that kills a million children every month in gruesome pain:

    http://www.washingtonsblog.com/2011/11/the-1’s-“leaders”-allow-a-million-children-to-die-every-month-from-preventable-poverty.html

    Excerpt:
    Despite the investment to save a million children’s lives from preventable poverty being just 0.7% of our gross national income, despite that every historical case of ending poverty reduces population growth rates, and despite US promises to make that investment at global summits, the 1% “leadership” in government and corporate media renege on all promises and allow this crushing torture, these excruciating and prolonged death spirals of children.

    Since the 1%’s reneged promises from just 1996, the total deaths from preventable poverty is conservatively greater than from all wars, revolutions, murders, accidents, and suicides in the 20th century.* In the past 20 years, and since the 1990 World Summit for Children where the promise to end poverty was again sincerely pledged, total deaths from poverty eclipse all the above categories of death in all known human history.**

    • eah

      “versus the reneged promises to end poverty”

      Honest question: How do you propose we “end poverty”?

  • Laura

    Well, how can we fix this, how do we prosecute this? There has to be a way to do it. I should be going to college, and living a good life. I should be looking forward to my college and career plans and getting married and raising a family. Am I the only one who still believes in the old values that America used to rely on?

    • http://booksbyoliver.com MountainHome

      Laura, I agree. We continue to hear what horrible things our government & banks do to the American people and yet no one gives us a solution. The negative reporting just gets to be old for me & I go to something else.

      • George

        The solution is: Work locally. Be involved.
        “Montesquieu, held that republics worked best in small geographic area, where elected representatives remained close to the interests of the citizens who elected them.” Otherwise you have empire, not republic.
        Check the Free state project in NH. They make an impact on the state by introducing new laws that promote more freedom, more transparency and accountability from the state.

    • Bev

      There has to be many pivot points.

      To help the Enlightenment:

      http://markcrispinmiller.com/2012/08/petition-to-pardon-don-siegelman-urgent/

      Petition to pardon Don Siegelman! (URGENT!)

      Petition for the commutation of sentence or pardon of Governor Siegelman

      http://www.change.org/petitions/president-obama-restore-justice-please-pardon-gov-don-siegelman

      ……

      Also, from his daughter Dana Siegelman:

      http://markcrispinmiller.com/2012/08/terrestrial-mailing-address-for-siegelman-petitions/

      Information from Dana Siegelman:

      Hard copy petitions may also be done for Governor Siegelman.

      Les Siegelman
      1827 1st Ave. N.
      Suite 102
      Birmingham, AL 35203

      Send names/signatures and addresses and email address, if they have one.

      If you have not signed the online petition yet, please take a moment.

      …………….

      Because:
      via:
      http://markcrispinmiller.com/2012/08/siegelman-prosecution-has-ties-to-911-and-some-bad-juju-at-an-alabama-air-force-base/

      http://legalschnauzer.blogspot.com/2012/08/siegelman-prosecution-has-ties-to-911.html

      August 8, 2012

      Siegelman Prosecution Has Ties to 9/11 and Ugly Activities at an Alabama Air Force Base

      The prosecution of former Alabama governor Don Siegelman was driven in part by a desire to cover up activity related to the terrorist attacks of September 11, 2001, according to a new report from a Washington, D.C.-based investigative journalist.

      Maxwell Air Force Base in Montgomery was a hotbed of 9/11 activity, according to the Wayne Madsen Report (WMR), and forces close to the Bush family were concerned that a Democratic governor might get wind of the misconduct and expose it.

      Mohamed Atta, who is believed to have flown American Airlines Flight 11 into the North Tower of the World Trade Center, was among the Saudi, Egyptian, and Iranian pilots trained at Maxwell. Part of Atta’s training came under the auspices of Doss Aviation, a Colorado company that was owned in part by an Alabama lawyer and entrepreneur named Mark Fuller. President George W. Bush appointed Fuller to the federal bench in 2002, and the judge went on to oversee the trial of Siegelman and codefendant Richard Scrushy.

    • Eugene

      Try: American Creation: Triumphs and Tragedies at the Founding of the Republic, by Joseph Ellis. “Then Madison took yet another theoretical step, generally regarded by most historians and constitutional scholars as his most brilliant contribution to modern political science. The conventional assumption, most famously articulated by Montesquieu, held that republics worked best in small geographic area, where elected representatives remained close to the interests of the citizens who elected them. This prevailing assumption had in fact shaped the argument against parliamentary authority during the pre-revolutionary debates over British taxation and was the major reason why control of the purse was vested in the colonial, then state, assemblies. But Madison had just spent many pages in `Vices’ demonstrating that proximity to the electorate had not produced responsible political behavior by state legislators. Quite the opposite: the overwhelming evidence, as Madison read it, revealed a discernible pattern of gross irresponsibility, a cacophony of shrill voices, a veritable kaleidoscope of local interests with no collective cohesion whatsoever.” (p.105)

      “Montesquieu, held that republics worked best in small geographic area, where elected representatives remained close to the interests of the citizens who elected them.” Thats why I call for decentralization and diversification. Status quo aint gonna work as it never worked out.

      In 1993 someone in USA wrote: “In 1971, Virginia attorney (later Supreme Court Justice) Lewis Powell wrote a memorandum for the United States Chamber of Commerce. As Justice For Sale describes it, Powell warned against zealous environmentalists, consumer activists and others who “propagandize against the system, seeking insidiously and constantly to sabotage it.” It was time, Powell said, “for the wisdom, ingenuity and resources of American business to be marshalled against those who would destroy it.”

      A successful corporate counterattack, in Powell’s view, would require broad-based and coordinated activism on campuses, in the media, in political arenas and — most importantly — in the courts: “Under our constitutional system, especially with an activist-minded Supreme Court, the judiciary may be the most important instrument for social, economic and political change,” Powell wrote. ” “Corporate money has also been rushed by multimillions to corporate fronts such as the American Enterprise Institute, the Heritage Foundation, the Manhattan Institute for Policy Research, the Insurance Information Institute, the Product Liability Coordinating Committee, and the American Tort Reform Association (ATRA). (The ATRA is made up of corporation trade groups such as the National Association of Manufacturers, the Chemical Manufacturers Association, the Pharmaceutical Manufacturers Association — thus giving corporations a decoy and accomplice group two full steps removed from their board rooms.) Judge Robert Bork, Irving Kristol, and law schools at Stanford, Yale, Columbia, George Mason, Chicago and Virginia universities have also been beneficiaries of this corporate largess. ”
      http://www.ratical.org/corporations/Justice4sale.html

      • Eugene

        “Montesquieu, held that republics worked best in small geographic area, where elected representatives remained close to the interests of the citizens who elected them.” Otherwise you have empire, not republic, with Jus Gentium.

        • Eugene

          Not many people are aware that English language is Vulgar Latin with 50% words from Norman french- another Vulgar Latin. London was built as fort by british slaves, and origins of “English” common law roots in Jus Gentium. With modifications by another invaders of The Isles: Germs, Viks, Normans, Will The Orange. Jus Gentium governed provinces without giving Jus Civicum to its inhabitants. So it is easy to manipulate by elites, as it happening right before our eyes.

  • http://blogdredd.blogspot.com/ Dredd

    What Carl Herman said.

    Great job GW.

  • olde reb

    The economic fraud is systemic. The system set up by the Federal Reserve hides the value of inflation within the FRBNY’s secret handling of the Treasury auction accounts. The Fed hides $4 billion profit EVERY DAY ($1.5 trillion annually) that appears to legally belong to the government. Ref. FEDERAL RESERVE HEIST, http://www.scribd.com/doc/101937790 and RIP OFF BY THE FEDERAL RESERVE, http://www.scribd.com/doc/48194264. This is the source of the transfer of wealth from the working class to the “financiers,” It is the cause of the destruction of the middle class.

  • http://rehmat1.com/ Rehmat

    Calling bankster fraud “Holocaust” will sure get the author an “anti-Semite” Medal from Abraham Foxman, the national director of ADL.

    American Jewish writer, MJ Rosenberg, wrote in the Jewish Journal (October 14, 2011): “An ugly old tradition is back: exploiting anti-Semitism to break the backs of popular movements that threaten the power of the wealthiest 1 percent of our population. It is being used to undermine the Occupy Wall Street movement, which has conservatives in a state of near panic.”

    http://rehmat1.com/2011/10/16/is-occupy-wall-street-movement-anti-jewish/

  • http://www.naturalmoney.org niphtrique

    The crisis can be fixed… and fast. After that we do not need the big banks and big government. Look at the following:

    On July 5th 1932, in the middle of the Great Depression, the Austrian town of Wörgl introduced a complementary currency. Wörgl was in trouble and was prepared to try anything. Of its population of 4,500, a total of 1,500 people were without a job and 200 families were penniless. The mayor Michael Unterguggenberger had a long list of projects he wanted to accomplish, but there was hardly any money to carry them out. These projects included paving roads, streetlights, extending water distribution across the whole town, and planting trees along the streets.

    Rather than spending the 40,000 Austrian schillings in the town’s coffers to start these projects off, he deposited them in a local savings bank as a guarantee to back the issue of a type of complimentary currency known as scrip money. The Wörgl currency required a monthly stamp to be stuck on all the circulating notes for them to remain valid, amounting 1% of the each note’s value. The money raised was used to run a soup kitchen that fed 220 families.

    Because nobody wanted to pay the holding tax, everyone receiving the notes would spend them as fast as possible. The 40,000 schilling deposit allowed anyone to exchange scrip for 98 per cent of its value in schillings but this offer was rarely taken up. Of all the business in town, only the railway station and the post office refused to accept the local money. Over the 13-month period the project ran, the council not only carried out all the intended works projects, but also built new houses, a reservoir, a ski jump and a bridge.

    The key to its success was the fast circulation of the scrip money within the local economy, 14 times higher than the Schilling. This in turn increased trade, creating extra employment. At the time of the project, unemployment in Wörgl dropped while it rose in the rest of Austria. Six neighbouring villages copied the system successfully. The French Prime Minister, Eduoard Dalladier, made a special visit to see the ‘miracle of Wörgl’. In January 1933, the project was replicated in the neighbouring city of Kirchbuhl, and in June 1933, Unterguggenburger addressed a meeting with representatives from 170 different towns and villages. Two hundred Austrian townships were interested in adopting the idea. At this point the central bank panicked and decided to assert its monopoly rights by banning complementary currencies.

    If the experiment had not been banned, everybody would be using scrip money today. The example shows that scrip money can end the grip of banks, large corporations and centralised governments over the destiny of ordinary people. This money combined with a ban on charging interest creates a more efficient financial system and can help to solve many problems the world is facing today. It can work without a large organisation. One small but committed community like Wörgl can be enough to change the world completely and forever.

    • George

      Have you heard of Bitcoins?

  • gozounlimited

    Wall Street was bailed out at the expense of life on Main Street.
    The Nazi Banksters’ Crimes – Ripple Effect
    Muad’Dib’s latest hard-hitting documentary about the innumerable crimes of the Ashke-Nazi Banksters…… see video: http://www.youtube.com/watch?v=GTkGJsE0Ptk

  • mmckinl

    “A single death is a tragedy; a million deaths is a statistic … “

  • http://usurykills.blogspot.com olrailbird

    How do we fix this? Stop believing it is OK to charge interest on money.

    Usury kills.

  • El

    Want to fix it? Stop borrowing money. Stop playing in their game. Live within your means. If you can’t pay for it without borrowing, don’t buy it. It is as simple as that. Contrary to what we have all been led to believe, we don’t actually NEED everything we see on television, and frankly, trying to “keep up with the Jones’” is old-fashioned. Just say no!

    • George

      I agrees with you but it is not enough.
      Even if you reduce their economy control from us, they still can use the legislative and juridic system.
      The solution is to bring back the authority to a smaller level of state or even city.

  • http://rehmat1.com/ Rehmat

    Iran has set an example how to rescue the world from these banksters.

    Iranian Press TV reported on July 30 that a Tehran court has sentenced to death four people convicted in the biggest embezzlement case, involving US$2.6 billion, in the country’s history.

    “Of 39 defendants, whose charges were heard, the court’s judge has sentenced four to death and two others to life imprisonment. The remaining defendants received prison terms of 25 years, 20 years, 10 years, and less,” reported Press TV.

    http://rehmat1.com/2012/08/06/iranian-judge-hang-the-crook-bankers/

  • Elm

    Whether banksters are Jewish or not is beside the point. If banksters are Jewish then they have by-en-large victimized millions of who are allegedly their own people. Joseph Farrell in his book Babylon’s Banksters lays out the historical scenerio.

    The philosophical engine of the economy is skewed towards British born economic theorist & economic feudalist Thomas Malthus wherein labor is exploited for profit rather than accorded its own right – that labor is surreptitiously cast as a cost of doing business to the employer rather than upheld as an esset of production in & of its own right – that labor has a prior & superior claim upon the wealth it produces – that labor is neither a call nor a demand upon the wealth or capital of another, that all labor produces its own wage no matter at what stage of production.

    To the foregoing points, American born economic philosopher & author Henry George handily refutes the Malthusian Pretense & exposes the relationship between an emergent poverty in the midst of what appears to be economic progress. Indeed, an agglomeration of access to the means of producing wealth into the hands of a Monopolistic & Feudalistic elite, & a disenfranchisement of the people from the means of producing wealth for their own sake & the sake of their families & community is a primary cause of poverty & economic servitide.

    See, both Malthus’ essay on population & Progress & Poverty by Henry George. What the future of the American economy is depending upon, is a move away from a closed system of limited potential & possibility based upon taxation, spending & a destruction of wealth, towards a stakeholder & dividend based economy of unlimited possibility & potential predicated upon innovation & production & preservation of wealth. The current system is one of mutual predation which is akin to a body with cancer, ultimately consuming itself. We must move towards an economy of mutual affirmation in which all can aspire to become their best. Time is of the essence.

    • http://rehmat1.com/ Rehmat

      Well, there is whole gang of Zionist propagandists who are brainwashing the public that banksters are not behind the financial Holocaust. For example, Adam Davidson, the Zionist Jew co-founder and co-host of Planet Money, a co-production of NPR and Alex Blumberg, the producer of ‘This American Life’.

      “This was a crisis that was caused by willing participation of every single person. Nobody was coerced. And there was fraud. But that was not what caused the crisis. What caused the crisis was something bigger and more systemic that required the involvement of everybody at every step,” said Davidson.

      Barack Obama’s Treasure Secretary, Zionist Jew Timothy Geithner is one of their fans. He applauded Davidson’s statement: “Yeah, they did a good job“.

      http://rehmat1.com/2012/08/13/banksters-financial-holocaust/

  • http://politicdiscourse.com J. Palmer

    Great post.
    For more on how banks get away with their crimes see the following article:
    http://politicdiscourse.com/2012/08/11/recession-101-how-goldman-got-away-with-murder/

  • Robert Zraick

    If you are looking for solutions, I suggest you look into the mirror and ask how you can push back. Nothing will change as long as we just put up with this.

    We have to start saying no to these things. They are wrong and evil. The next time
    I hear someone say, “my country right or wrong.” I will really have to retrain myself from punching him in the nose. Stop living in fear. Stop acting like cowards. It is the only way to beat the tyrants and Bankers. It has always been like this.

    Government will not fix any of this. Stop believing all the lies.

  • John Steinsvold

    An Alternative to Capitalism (if the people knew about it, they would demand it)

    Several decades ago, Margaret Thatcher claimed: “There is no alternative”.
    She was referring to capitalism. Today, this negative attitude still persists.

    I would like to offer an alternative to capitalism for the American people to consider.
    Please click on the following link. It will take you to an essay titled: “Home of the Brave?”
    which was published by the Athenaeum Library of Philosophy:

    http://evans-experientialism.freewebspace.com/steinsvold.htm

    John Steinsvold

    “Insanity is doing the same thing over and over and expecting a different result.”
    ~ Albert Einstein

  • Toadfish

    Awesome. I love it. Powerful stuff, keep it up.

 

 

Twitter