http://www.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo
QuoteWhen a little birdie dropped the End Game memo through my window, its content was so explosive, so sick and plain evil, I just couldn't believe it.
The Memo confirmed every conspiracy freak's fantasy: that in the late 1990s, the top US Treasury officials secretly conspired with a small cabal of banker big-shots to rip apart financial regulation across the planet. When you see 26.3 percent unemployment in Spain, desperation and hunger in Greece, riots in Indonesia and Detroit in bankruptcy, go back to this End Game memo, the genesis of the blood and tears.
The Treasury official playing the bankers' secret End Game was Larry Summers. Today, Summers is Barack Obama's leading choice for Chairman of the US Federal Reserve, the world's central bank. If the confidential memo is authentic, then Summers shouldn't be serving on the Fed, he should be serving hard time in some dungeon reserved for the criminally insane of the finance world.
The memo is authentic.
QuoteBut what was the use of turning US banks into derivatives casinos if money would flee to nations with safer banking laws?
The answer conceived by the Big Bank Five: eliminate controls on banks in every nation on the planet — in one single move. It was as brilliant as it was insanely dangerous.
How could they pull off this mad caper? The bankers' and Summers' game was to use the Financial Services Agreement (or FSA), an abstruse and benign addendum to the international trade agreements policed by the World Trade Organisation.
Until the bankers began their play, the WTO agreements dealt simply with trade in goods – that is, my cars for your bananas. The new rules devised by Summers and the banks would force all nations to accept trade in "bads" – toxic assets like financial derivatives.
Until the bankers' re-draft of the FSA, each nation controlled and chartered the banks within their own borders. The new rules of the game would force every nation to open their markets to Citibank, JP Morgan and their derivatives "products".
And all 156 nations in the WTO would have to smash down their own Glass-Steagall divisions between commercial savings banks and the investment banks that gamble with derivatives.
The job of turning the FSA into the bankers' battering ram was given to Geithner, who was named Ambassador to the World Trade Organisation.
This has long been suspected, but it's nice to get some confirmation. They shattered global financial regulations to allow the "big five" to engage in casino capitalism - and that's why, when it all went to shit, the crisis went global.
Quote from: Cain on August 23, 2013, 12:25:21 PM
http://www.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo
QuoteWhen a little birdie dropped the End Game memo through my window, its content was so explosive, so sick and plain evil, I just couldn't believe it.
The Memo confirmed every conspiracy freak's fantasy: that in the late 1990s, the top US Treasury officials secretly conspired with a small cabal of banker big-shots to rip apart financial regulation across the planet. When you see 26.3 percent unemployment in Spain, desperation and hunger in Greece, riots in Indonesia and Detroit in bankruptcy, go back to this End Game memo, the genesis of the blood and tears.
The Treasury official playing the bankers' secret End Game was Larry Summers. Today, Summers is Barack Obama's leading choice for Chairman of the US Federal Reserve, the world's central bank. If the confidential memo is authentic, then Summers shouldn't be serving on the Fed, he should be serving hard time in some dungeon reserved for the criminally insane of the finance world.
The memo is authentic.
QuoteBut what was the use of turning US banks into derivatives casinos if money would flee to nations with safer banking laws?
The answer conceived by the Big Bank Five: eliminate controls on banks in every nation on the planet — in one single move. It was as brilliant as it was insanely dangerous.
How could they pull off this mad caper? The bankers' and Summers' game was to use the Financial Services Agreement (or FSA), an abstruse and benign addendum to the international trade agreements policed by the World Trade Organisation.
Until the bankers began their play, the WTO agreements dealt simply with trade in goods – that is, my cars for your bananas. The new rules devised by Summers and the banks would force all nations to accept trade in "bads" – toxic assets like financial derivatives.
Until the bankers' re-draft of the FSA, each nation controlled and chartered the banks within their own borders. The new rules of the game would force every nation to open their markets to Citibank, JP Morgan and their derivatives "products".
And all 156 nations in the WTO would have to smash down their own Glass-Steagall divisions between commercial savings banks and the investment banks that gamble with derivatives.
The job of turning the FSA into the bankers' battering ram was given to Geithner, who was named Ambassador to the World Trade Organisation.
This has long been suspected, but it's nice to get some confirmation. They shattered global financial regulations to allow the "big five" to engage in casino capitalism - and that's why, when it all went to shit, the crisis went global.
Well shit.
There goes my 'Because people are idiots, stop being paranoid.' theory.
QuoteWhy in the world would any nation agree to let its banking system be boarded and seized by financial pirates like JP Morgan?
The answer, in the case of Ecuador, was bananas. Ecuador was truly a banana republic. The yellow fruit was that nation's life-and-death source of hard currency. If it refused to sign the new FSA, Ecuador could feed its bananas to the monkeys and go back into bankruptcy. Ecuador signed.
And so on – with every single nation bullied into signing.
Every nation but one, I should say. Brazil's new President, Inacio Lula da Silva, refused. In retaliation, Brazil was threatened with a virtual embargo of its products by the European Union's Trade Commissioner, one Peter Mandelson, according to another confidential memo I got my hands on. But Lula's refusenik stance paid off for Brazil which, alone among Western nations, survived and thrived during the 2007-9 bank crisis.
China signed – but got its pound of flesh in return. It opened its banking sector a crack in return for access and control of the US auto parts and other markets. (Swiftly, two million US jobs shifted to China.)
The fucking scale of this is staggering. The number of people that are implicitly involved in this is just incredible.
Quote from: :regret: on August 23, 2013, 12:29:25 PM
Quote from: Cain on August 23, 2013, 12:25:21 PM
http://www.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo
QuoteWhen a little birdie dropped the End Game memo through my window, its content was so explosive, so sick and plain evil, I just couldn't believe it.
The Memo confirmed every conspiracy freak?s fantasy: that in the late 1990s, the top US Treasury officials secretly conspired with a small cabal of banker big-shots to rip apart financial regulation across the planet. When you see 26.3 percent unemployment in Spain, desperation and hunger in Greece, riots in Indonesia and Detroit in bankruptcy, go back to this End Game memo, the genesis of the blood and tears.
The Treasury official playing the bankers? secret End Game was Larry Summers. Today, Summers is Barack Obama?s leading choice for Chairman of the US Federal Reserve, the world?s central bank. If the confidential memo is authentic, then Summers shouldn?t be serving on the Fed, he should be serving hard time in some dungeon reserved for the criminally insane of the finance world.
The memo is authentic.
QuoteBut what was the use of turning US banks into derivatives casinos if money would flee to nations with safer banking laws?
The answer conceived by the Big Bank Five: eliminate controls on banks in every nation on the planet ? in one single move. It was as brilliant as it was insanely dangerous.
How could they pull off this mad caper? The bankers? and Summers? game was to use the Financial Services Agreement (or FSA), an abstruse and benign addendum to the international trade agreements policed by the World Trade Organisation.
Until the bankers began their play, the WTO agreements dealt simply with trade in goods ? that is, my cars for your bananas. The new rules devised by Summers and the banks would force all nations to accept trade in ?bads? ? toxic assets like financial derivatives.
Until the bankers? re-draft of the FSA, each nation controlled and chartered the banks within their own borders. The new rules of the game would force every nation to open their markets to Citibank, JP Morgan and their derivatives ?products?.
And all 156 nations in the WTO would have to smash down their own Glass-Steagall divisions between commercial savings banks and the investment banks that gamble with derivatives.
The job of turning the FSA into the bankers? battering ram was given to Geithner, who was named Ambassador to the World Trade Organisation.
This has long been suspected, but it's nice to get some confirmation. They shattered global financial regulations to allow the "big five" to engage in casino capitalism - and that's why, when it all went to shit, the crisis went global.
Well shit.
There goes my 'Because people are idiots, stop being paranoid.' theory.
Yep.
Well, there's my morning dose of depressing.
Unsurprised. Being the king of a bank is no different from being the king of a country. Only bent fucks need apply, because if you're kosher and play by the rules the bent fucks will be one step ahead of you, paradoxically managing to stab you in the back while they're there.
Who is head of the WTO?
Who is CEO of Microsoft?
Who is president of Guatemala?
The answer to these, and any questions like them, is "A bent fuck". It's a default position with very few (mostly unicorn-based) exceptions. Works along the same lines as natural selection.
So when there's an "international banking crisis", I automatically assume it's a heist. Check back, I'm sure I'd have said as much at the time. Even if the whole collapse wasn't orchestrated (which it turns out it was) the whole way it fell apart, right down to the "derivatives" scam, was the result of bent fucks rifling the tills.
Bearing in mind the fact that most of these guys are practically untouchable, on account of they own the organisations which make the laws that don't apply to them. The same organisations which make laws preventing the rest of us from dragging them out into the street and ripping their heads off. We either fight (yeah, right) or we put up with it.
Case in point - this memo should be enough to get hundreds of people lobbed in dungeons and left to rot. Fact is the news is way too busy explaining to me why the Syrian thing is not a "humanitarian crisis" because no oil is being harmed. The news which is owned and run by whom?
Oh yeah, that's right - a bent fuck (see above)
Same bent fuck who's just about to buy the only news outlet that's mentioned the memo so far.
Well, fuck.
Thanks for putting this in its own thread. I do my best to follow Financial Fuckery but I get dizzy.
Getting lit on fire is too good for these people
There's no reason to get depressed here. I'm sure if we just get more people to vote, or send in a petition, this will get fixed.
I'm fucking around and getting shitfaced this weekend, otherwise I probably still wouldn't be down for some of that.
Being right has really completely ceased being gratifying.
Quote from: LMNO, PhD (life continues) on August 23, 2013, 01:42:47 PM
Well, there's my morning dose of depressing.
This makes me less depressed. When things are the result of an actual conspiracy that makes it much easier to actually do something about it. Still not easy, but much more possible than if it is a result of the system being broken.
But what if it was a conspiracy to break the system?
It's still easier than the system just being broken. We have a blueprint to failure, and by reversing it we can, presumably, prevent it from happening again.
It is quite possible we will not do so, but it is not as bad as not knowing what we can do to fix things.
This is how they train you. "The universe is as I expected" in increasingly strong doses.
Pretty soon, you'll put up with anything.
And you can't do anything in the meantime, because you have no "mass". One person can do jack and shit, but there's no ball rolling to gather lots of people, which could accomplish something.
They know this.
And soon all you'll allow yourself to hope for is that their arrogance, greed, and hubris will eventually reach such a critical mass that the whole world falls apart and reduces humanity to the Stone Age.
Quote from: Pergamos on August 23, 2013, 09:40:08 PM
It's still easier than the system just being broken. We have a blueprint to failure, and by reversing it we can, presumably, prevent it from happening again.
It is quite possible we will not do so, but it is not as bad as not knowing what we can do to fix things.
But what if the system is shaped just so to make this kind of conspiracy easy? Maybe even likely. You would be reenacting the tragedy of Sisyphus.