HR 4173: Congress promises banksters $4 trillion without hearings next time they cry, “Bailout!”
(EXAMINER) Prominent financial futurist Gerald Celente calls what the oligarchic collusion of government and banksters are doing to the American public as economic rape. Bailout overseer and Harvard law professor Elizabeth Warren calls it reckless gambling. After the year of the world’s largest transfer of wealth from US taxpayers to banksters, Congress is telling the US taxpayers, “TARP off,” byguaranteeing the banksters another $4 TRILLION next time they claim they’re holding the US economy hostage. The bill also limits debate to 10 hours, which could be eagerly construed to mean no hearings.
$4 trillion is ~$40,000 per average US household. The last so-called bailout also didn’t have any hearings; that is, expert testimony of how the public interest could best be served through public policy. Are we being financially raped? Are we feeding gambling addicts in a tragic-comic Ponzi scheme? And most importantly, is there an answer that ends the crisis and moves America forward?
My professional answer: yes to all three.
The bailout is unnecessary. All insolvent institutions should have been shut-down and taken over by the government in conservative bankruptcy proceedings. The reorganization will be discussed in a moment. However, it was the government that allowed unregulated gambling and profits on the way up, and then subsidized the banksters’ losses on the way down without hearings to consider the mounting professional economic criticism. The politicians are pimps. The taxpayers are “servicing” the banksters.
The reorganization necessary should only come after a Truth and Reconciliation (T&R) process to get the whole truth out of our financial and political “leaders.” We’re being played, but it’s unclear what their objective really is. Because both parties’ “leadership” are criminally complicit, we should peel-away those willing to testify with an exchange of no prosecution for the total truth. Those who conceal and/or don’t participate will be prosecuted from what is discovered when the window of T&R closes.
The structural solutions are simple once we have political leadership acting for the public good. Among them:
1.) Over $1 trillion in annual public benefits from ending banks creating bank credit as debt for our monetary system, and enacting monetary reform for public-created money for the direct payment of public goods and services. This idea was supported by 86% of teaching economic professors and many of America’s brightest historical minds. Nobel Prize-winning economist Milton Friedman was among the supporters, envisioning less inflation than our current monetary system.
2.) Paying our $12 trillion national debt easily and without inflation as new money is created as the banks’ ability to create credit from nothing is slowed. The savings of the annual interest payment to taxpayers is over $400 billion every year.
3.) Full employment. The government becomes the employer of last resort for infrastructure improvement that returns more than the cost of the projects, and thereby lowing prices.
4.) 2% mortgages, 6% credit cards, 5% interest paid on deposits from state-owned banks.
As a professional teacher of economics, our experience is that the above information is best communicated with a visual aid, such as through the video Money as Debt in my article on monetary reform and/or Zeitgeist Addendum.
The obvious nature of these solutions exposes the corporate media as propagandists for not informing Americans on these trillion dollar issues of crucial public importance.