Georgi Stankov, April 12, 2016
Each big Ponzi scheme of the ruling banksters cabal consists of two parties – a few criminals who have nothing to offer appeal to the greed of the masses who give them the little they possess. For further information ask Bernie MADoff. This man stands for the US kleptocracy as a collective brand. Their evil creation is the US of Accounting Gimmicks. However the Potemkin facade of this crumbling Empire of Evil is now getting big cracks.
In addition to the fiscal gap of $300 trillion of the US of Accounting Gimmicks a further huge hole is gaping in the pension funds. As Financial Times has just reported:
“The US public pension system has developed a $3.4tn funding hole that will pile pressure on cities and states to cut spending or raise taxes to avoid Detroit-style bankruptcies. According to academic research shared exclusively with FT, the collective funding shortfall of US public pension funds is three times larger than official figures showed, and is getting bigger… (A three time bigger fraud than the official balance sheets reveal seems to be an invariant rule of all accounting gimmicks of the US banksters cabal. We had the same relation with the fiscal gap. Note, George). Large pension shortfalls have already played a role in driving several US cities, including Detroit in Michigan and San Bernardino in California, to file for bankruptcy. The fear is other cities will soon become insolvent due to the size of their pension deficits… Currently, states and local governments contribute 7.3% of revenues to public pension plans, but this would need to increase to an average of 17.5% of revenues to stop any further rises in the funding gap. Several cities and states, including California, Illinois, New Jersey, Chicago and Austin, would need to put at least 20% of their revenues into their pension plans to prevent a rise in their deficits, while Nevada would have to contribute almost 40%.“
Indeed fraud is everywhere as far as the eye can see. Goldman has been fined today to pay $5.1 billlion for forging triple A mortgage products. Hot on the heels of Wells Fargo’s $1.2 billion settlement, Bloomberg reports that Goldman Sachs will pay $5.1 billion to settle a U.S. probe into its handling of mortgage-backed securities involving allegations that loans weren’t properly vetted before being sold to investors as high-quality bonds.
“This resolution holds Goldman Sachs accountable for its serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail,” said Acting Associate Attorney General Stuart Delery. As AP reports, The Justice Department announced a $5 billion settlement with Goldman Sachs over the sale of mortgage-backed securities leading up to the 2008 financial crisis.”
This proves that the subprime mortgage crisis was deliberately instigated by the big Orion banks to crash the housing market in the USA and they knew exactly what crimes they did from the very beginning. Reuters reports also today about this criminal behavior of all banks in the west:
“Lawsuits and misconduct fines have cost Britain’s largest retail banks and customer-owned lenders almost 53 billion pounds ($74.86 billion) over the past 15 years. The scale of the payouts has hampered banks’ efforts to rebuild capital, restricted the amount they are able to lend and reduced dividends for investors. Britain’s banks have been hit by scandals ranging from the manipulation of foreign exchange and benchmark interest rates to the mis-selling of loan insurance and complex interest-rate hedging products. While lenders have struggled to return money to shareholders because of the charges, they have continued to pay billions of pounds in bonuses to staff, the study by the independent think-tank New City Agenda said.”
No wonder that all British banks are bankrupt since 2008 as I have repeatedly reported in previous articles (see also Reggie Middleton on the banking crisis below). Now if one considers that each dollar fine for the banks stands for at least 10 to 1oo times the amount of fraudulent Ponzi schemes of the banks, you can figure out how big the banksters crimes really are. But until now no banksters have been indicted, and no shareholder has taken them to court. However, this can change any moment now as Cameron experiences these days:
David Cameron accepts blame over mishandling of Panama Papers questions – video News, The Guardian
“The 1% hide their money offshore – then use it to corrupt our democracy“, the Guardian blames the British banksters cabal in its editorial of today pointing at Cameron: “From US billionaires to City barons, the super-rich are buying political influence as never before. Our politicians now work for them, not for us.”
As I said, every Ponzi scheme – at the individual, corporate or state level – involves two parties: a few cabal scoundrels and the rest of humanity as their victims. The biggest Ponzi scheme in the world is the US of Accounting Gimmicks. The fiscal gap of more that $300 billion of this evil government has a dialectical opposite side – the total impoverishment of the American population as Michael Snyder has meticulously collected in facts and statistics below. The US economy is like Dr. Jekyll and Mr. Hide: Mr. Hide is responsible for the governmental Accounting Gimmicks and is blackmailing the industrious Dr. Jekyll, who stands for the working population, to give him all his money. The end result is the Greatest and Longest Depression of all time, under which the Japanese economy is now imploding as a former IMF chief economist admits: “Japan’s “Endgame” Scenario Is Now In Play” followed by the USA and the EU (see video below):
“The systematic destruction of the American way of life is happening all around us, and yet most people have no idea what is happening. Once upon a time in America, if you were responsible and hard working you could get a good paying job that could support a middle class lifestyle for an entire family even if you only had a high school education. Things weren’t perfect, but generally almost everyone in the entire country was able to take care of themselves without government assistance. We worked hard, we played hard, and our seemingly boundless prosperity was the envy of the entire planet. But over the past several decades things have completely changed. We consumed far more wealth than we produced, we shipped millions of good paying jobs overseas, we piled up the biggest mountain of debt in the history of the world, and we kept electing politicians that had absolutely no concern for the long-term future of this nation whatsoever. So now good jobs are in very short supply, we are drowning in an ocean of red ink, the middle class is rapidly shrinking and dependence on the government is at an all-time high. Even as we stand at the precipice of the next great economic crisis, we continue to make the same mistakes. In the end, all of us are going to pay a very great price for decades of incredibly foolish decisions. Of course a tremendous amount of damage has already been done. The numbers that I am about to share with you are staggering. The following are 19 signs that American families are being economically destroyed…
#1 The poorest 40 percent of all Americans now spend more than 50 percent of their incomes just on food and housing.
#2 For those Americans that don’t own a home, 50 percent of them spend more than a third of their incomes just on rent.
#3 The price of school lunches has risen to the 3 dollar mark at many public schools across the nation.
#4 McDonald’s “Dollar Menu & More” now includes items that cost as much as 5 dollars.
#5 The price of ground beef has doubled since 2009.
#6 In 1986, child care expenses for families with employed mothers used up 6.3 percent of all income. Today, that figure is up to 7.2 percent.
#7 Incomes fell for the bottom 80 percent of all income earners in the United States during the 12 months leading up to June 2014.
#8 At this point, more than 50 percent of all American workers bring home less than $30,000 a year in wages.
#9 After adjusting for inflation, median household income has fallen by nearly $5,000 since 2007.
#10 According to the New York Times, the “typical American household” is now worth 36 percent less than it was worth a decade ago.
#11 47 percent of all Americans do not put a single penny out of their paychecks into savings.
#12 One survey found that 62 percent of all Americans are currently living paycheck to paycheck.
#13 According to the U.S. Department of Education, 33 percent of all Americans with student loans are currently behind on their student loan debt repayments (The student loans in the USA are $1.2 trillion and make for 37% of the total assets (wealth) of the American state. Hence we have another student loan gap of $400 billion in the US of Debt Gaps. Note, George).
#14 According to one recent report, 43 million Americans currently have unpaid medical debt on their credit reports.
#15 The rate of homeownership in the U.S. has been declining for seven years in a row, and it is now the lowest that it has been in 20 years.
#16 For each of the past six years, more businesses have closed in the United States than have opened. Prior to 2008, this had never happened before in all of U.S. history.
#17 According to the Census Bureau, 65 percent of all children in the United States are living in a home that receives some form of aid from the federal government.
#18 If you have no debt at all, and you also have 10 dollars in your wallet, that you are wealthier than 25 percent of all Americans.
#19 On top of everything else, the average American must work from January 1st to April 24th just to pay all federal, state and local taxes.”
Video: RT/ Max Keiser: Reggie Middleton Explains How the Financial Apoptosis (Sudden Bank Death) Will Happen