A Brief History of Modern Financial Policy Malfeasance
Or, how to turn the millennial generation into woke communists. Or rather, how Gen X is going to inherit the earth
[post too long for email, about half images]
This post is inspired by two things: first, by a post someone on Substack Notes restacked, I didn’t finish and didn’t save and now I can’t remember who it was who restacked it or who wrote it, so I am trying in a way to recreate it here with my own spin; also, lately Fox News and CNBC wringing their proverbial hands about how the American Dream is out of reach for young people, like that is suddenly a problem without context, like it just suddenly happened.
I am only going to deal with financial policy since 1971, or just a bit longer than the space of my lifetime. There is no shortage of financial policy malfeasance before that, not least the creation of the Federal Reserve, but that is beyond the purview of this piece. This is focused on the financial policy malfeasance people who are still living are responsible for.
In 1971, President Nixon took America off the gold standard. The gold standard pegs the dollar to a fixed amount of gold, in other words, you can’t just print as much money as you want, without gold to back it up. Economists will say the amount of gold is limited so money-printing cannot keep up with deficits in times of war and such. That is another way of saying, if the dollar is not tied to gold, then we can make as much war and print as much money as we want. Read: Vietnam, Cambodia, Lebanon, Grenada, Libya, The Tanker War, Panama, The Gulf War, the Iraq War, Somalia, Yugoslavia, Haiti, Kosovo, the War in Afghanistan, Pakistan, Syria, Lybia again, Uganda, Niger, Ukraine, Israel, Yemen (since 2002), the War on Terror, the War on Poverty, the War on Drugs, the War on Covid, the War on Misinformation = $34 trillion in debt, AKA excess money printing AKA elite thievery.
That’s just the wars on the official list.
Printing so much money facilitates the increased financialization of everything, such that making money with money is a lot easier than making money by making tangible things (except bombs), therefore we saw the hollowing out of the American productive economy beginning in earnest in the seventies, building momentum in the 80’s and 90’s, turning America into a service economy based mostly on financial derivatives, government and NGO growth, educating the managerial class, corporate consolidation/monopoly, making people sick and treating sick people… and making weapons.
Derivatives. That is a word hardly anyone knows. There are derivatives in math, and derivatives in finance. Derivatives in finance are sometimes known as weapons of mass destruction, as we saw in the credit collapse of 2008.
Key Highlights
Derivatives are powerful financial contracts whose value is linked to the value or performance of an underlying asset or instrument and take the form of simple and more complicated versions of options, futures, forwards and swaps.
Users of derivatives include hedgers, arbitrageurs, speculators and margin traders.
Derivatives are traded over-the-counter bilaterally between two counterparties but are also traded on exchanges.
https://corporatefinanceinstitute.com/resources/derivatives/derivatives/
As in 2008, there might be many times the derivatives as the value of the actual asset or product. Currently, global derivatives market is well over $1 quadrillion dollars, or 1000 trillion dollars, compared to total yearly, global gross domestic product at about 100 Trillion.
It was actually Bill Clinton, when he wasn’t pedoing on Epstein’s Pedo Island Paradise, most responsible for the credit bubble pre-2008 hyperdrive, deregulating the banks, repealing the Glass/Steagal Act in the mid 90’s, separating the glorified gambling aspect of banking from people’s deposits. Fake cowboy Baby Bush declared America an “ownership society,” giving tacit support to banks to give a mortgage to people practically on life-support, and to pile ten times the derivatives onto those effectively brain-dead mortgages.
I worked in the mortgage chop shop at Uber Bank in 2012, a few hundred of us wading through hundreds of thousands of mortgages in default, packaging them up to sell to Fanny and Freddie (Government) for 100cents on the dollar (or 200cents or more, for all I know). (Here is how I got myself fired from that job, on the Dec 21 Mayan Apocalypse Solstice, LOL.)
Not to give a pass to Reagan and Bush the Elder, who together increased the national debt 350%, from a trillion to $4.5 trillion. Not to give a pass to either party or any president, though the current zombified specimen is the King of this madness, adding $6+ trillion in three years, officially, and really Obama, Trump and Biden are practically indistinguishable in that regard.
All my life I heard from the likes of Public Radio, it pays to get your college degree, there really is no better option to achieve the American Dream. They should have said, kids, we need you to finance a grand expansion in liberal, professional managerial women living the American dream without a husband or children. That and, we are going to load you up with debt so you are forced to work for governments, corporations or banks. SorrA, most of you will never have the American Dream; having a house, spouse and kids is white supremacy anyway.
Ha. Ha.
Meanwhile since 1980 the Fed has used black magic to create the CPI index of inflation, which is inflation for the Wall Street set, while there is real inflation for the rest of us.
On the separation between GDP per capita and income per capita. Almost all the gains went to the investor class, and to billionaires, the past 50 years.
During the Great Recession I simply referred to the aftermath of the credit bubble of 2003-2008, the greatest transfer of wealth up the social pyramid in the history of the world, dwarfing the tech bubble of 1999-2000, which dwarfed the Savings and Loan crisis of the mid 80’s. I said at the time, as Obama, rather than holding bankers accountable, gave them the keys to the kingdom, the next bubble/transfer of wealth would dwarf the Great Recession.
Remember, from 2010 to 2014, the Federal Reserve printed 5trillion of excess dollars (officially) to float the big banks and institutional investors, which they used to buy up the wreckage of the 2008 collapse for pennies on the dollar.
Fast forward to 2019, October. The REPO market started tanking, the overnight loans banks would give each other for liquidity, started to founder, rates on those loans skyrocketing. Very quietly, the Fed started printing 100billion each month, 15bil more than during the Great Recession, to float the big banks. But it was not enough. Fears of another collapse, this one so much worse than 2008, because the structural problems were not fixed….
Enter Covid, stage left (a bioweapon long in the works), lockdowns, a total halt to economic activity, businesses and citizens going bankrupt, old people dying like mad, all kinds of property coming onto the market, print 10trillion in two years (officially), banks, billionaires and institutional investors buy up the wreckage of the economy for pennies on the dollar, inflation for the rest of us skyrockets. The stock market heads to the moon. Banks are liquid again. You and I and most people are made poorer, less economically secure, fewer prospects for the future….
1. Emmerson Family – 2,411,000 Acres
2. John Malone – 2,200,000 Acres
3. Ted Turner – 2,000,000 Acres
4. Reed Family – 1,661,000 Acres
5. Stan Kroenke – 1,627,500 Acres
6. Irving Family – 1,267,792 Acres
7. Buck Family – 1,236,000 Acres
8. Singleton Family – 1,110,000 Acres
9. Brad Kelley – 1,000,000 Acres
10. King Ranch Heirs – 911,215 Acres
https://landreport.com/land-report-100
Regular American citizens are now forced to compete for land against billionaires foreign and domestic, pension funds, hedge funds, private equity funds, all of whom/which have access essentially to unlimited credit, aka money printing.
Because it is not just the Federal Reserve that “prints” money. Regular banks do it too. If Uber Bank gives the Emmerson family a 200mil loan to buy more timber land, they create 200mil out of nothing, plus the interest. Emmerson family makes money, bank makes money, the rest of us eat the inflation, our dollars purchasing less every year, while wages grow at less than CPI inflation, considerably less than working class inflation. This is how an ownership society is turned into a nation of insecure renters, this is how free sovereign citizens are turned into feudal peasants.
• In a time when most Americans have suffered a loss of real take-home pay, 74% of elites say they are financially better off today than in the past versus 20% of all Americans.
• Nearly six in ten say there is too much individual freedom in America – double the rate of all Americans.
• More than two-thirds (67%) favor rationing of vital energy and food sources to combat the threat of climate change.
• In stark contrast to the rest of America, 70% of the Elites trust the government to “do the right thing most of the time.”
• Two-thirds (67%) say teachers and other educational professionals should decide what children are taught rather than letting parents decide.
• Somewhere between half and two-thirds favor banning things like SUVs, gas stoves, air conditioning, and non-essential air travel to protect the environment.
• About six of ten elites have a favorable opinion of the so-called talking professions—lawyers, lobbyists, politicians, and journalists.
• President Joe Biden enjoys an 84% job approval rating from this group – roughly twice as high as the general public.
It turns out, they have already worked out the white paper details. It is only a matter of action now.
2022 - Fed raises rates faster than any time in history. The few with liquid access to that 10trillion, those who own the debt, are made vastly richer, those without such access, foreclosures and defaults rise precipitously - the few buy up the wreckage. Rinse and repeat, until the few are the only ones who own anything.
Now the latest gig in this elitist taking - The Intrinsic Exchange Group and “Natural Asset Companies” selling shares internationally, to buy up federal land and some private, to take it out of production, as in, no longer used to feed or clothe people, no more hunting, fishing, no more building materials, no drilling, mining, nothing but recreation for elites. Ostensibly to “protect” resources, to make the resource “sustainable”, it is simply another iteration, Wall Street generated, of World Economic Forum (WEF), Rockefeller Foundation, Bill Gates, UN 30-30, ESG investment ideology, a globalist, total control, anti-human, eugenics depopulation scheme - to save the planet.
Conclusion
I remember what I was told. Resources are unlimited, there is no limit to progress, you will work less for more over time, consume consume consume onward unto the stars. Now it’s like, you racistbigotxenophobemisogynisttranshaternatzee source of all evil straight white conservative male, fascist anglo supremacist toxic masculine waste of a life in need of replacement(?)
The moral of this sorry tale is, the silent generation set up the gaming of the system, the boomers ran with it, GenX has been waiting patiently to stick a fork in it and go to some gold n’ silver/bitcoin hybrid system, millennials have turned trannie communist, making common cause with Boomers to go globalist CBDC, upjump X and otherwise lay waste to Western Civilization and America.
Not gonna happen.
(
’s perspective is more important to me than all the prancing preening GAE mockingbird elite combined. )CBDC, or Central Bank Digital Currency, is the final culmination of silent generation gaming of the system, Boomers running with it, gross financial policy malfeasance, the petty control freak’s ultimate dream. Vested Boomers get to keep their retirement, Millennials get to cancel whoever they want especially genX, eat yer bugz, sleep in yer pod, drive yer scooter, take yer bi-monthly mRNA multi-boosters, suck on yer gender astroturfing hormone lollipops, work in the killing fields masculine white males while military-aged migrants crack the whip.
Yeah, not gonna happen. It’ll come to this before it comes to that.
It’s funny to me, the solution from control freaks is always more control, more centralization, more digital oversight, more censorship, drive thee off the land to save the planet, starve and freeze for all we care - and you WILL like it.
I’m more like, relocalization, decentralization, individual, family and community empowerment, return to the land healing the land and people. Becoming a productive rather than service economy again with a stable currency, good, meaningful work for those who want to work, too bad for you if you don’t, go ahead, wander the earth in rags with your hand out. Down with control freaks, we cast thee to the very edges of the earth - or the very depths if you put up too much of a stink!
Ha Ha! Such financial policy malfeasance is going to die with the boomers. Wait your turn, Millennials.
GenX has some restructuring/building to do.
Starting in 1973 I was that liberal, professional managerial woman living the American dream without a husband or children. Well, it was not the American Dream. I was divorced, had worked full time to complete a college degree, and never could afford a home of my own. I was able to buy a car. My income increased s l o w l y. But for the most part I was safe from economic downturns. I lived with credit card debt until the late 1990s, when I threw the cards away. That was truly liberating. I taught myself how to go into stores and not buy anything. More liberation.
It’s clear that government is working well for the Elites, aka the 1%, while it works against us working stiffs. Where does the President and Congress get off spending taxpayer money on foreign dictators? While constraining my freedom and employment opportunities?
As for “education professionals”, they have been corrupting public education for way too long. And shame on the government for enticing students to borrow huge amounts of money in order to pay tuition at over-rated colleges.
Since 2020 the so-called talking professions have proven to be enemies of the people.
Taking land out of production is surely evil. The perpetrators (traitors) have no authentic interest in saving the planet, they only want to control “us”, we the people. We must JUST SAY NO!
I remember at one point trying to understand the technical details of derivatives. My conclusions were:
1) the technical details are not understandable by normal people; only people with very high-level math skills.
2) the only people who can understand how they work in practice are the people use and manipulate them in practice.
3) for normal people, the only way we can understand them is by calling what they are: a scam.
I've long tried to understand how the financial and monetary systems work, with very little success. It could be that I'm just not smart enough, but I honestly think that it is because thye are designed to be un-understandable. They're designed only to be manipulated by the people who are in positions to manipulate them.