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Jeff Nielson is from Canada and is a writer/editor for Bullion Bulls Canada ( He has a personal background in law and economics. Bullion Bulls Canada provides general macro-economic and political commentary, since the precious metals markets are among... More
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  • The Gold Economy

    I am quite often asked by readers “what do you think will happen?” in some monetary Armageddon-scenario, such as the complete collapse of the entire, global fiat-currency system, or ‘merely’ the collapse of their own, domestic paper. It’s a very reasonable question, since many precious metals commentators (including myself) regularly warn readers that this is a very real possibility, if not a near-inevitable fate.

    I generally decline to attempt such answers, since there are so many important, additional economic “variables” to contend with – not to mention the numerous social and political variables involved. What I can attempt to do is to suggest how some narrow facet of our futures might evolve. In this particular case, I shall attempt to construct a plausible, hypothetical model of how the majority of our commerce might take place in a “hyperinflation” scenario.

    While this is a scenario which is far more likely for the U.S. (and the U.S. dollar) than other nations/economies, the reckless manner in which the seemingly brain-dead “leaders” of other nations are following the U.S. in trying to drive their currencies to zero certainly suggests that if the U.S. is the first economy to implode via hyperinflation that it won’t be the last.

    In reading the thoughts of other astute writers on this subject, there are some common themes which represent near-certainties in any economy subjected to hyperinflation. The first thing which we can rely upon is the instant creation of some form of “blackmarket”. This does not necessarily imply a criminal basis of operation, but merely a parallel system of commerce for that economy.

    The reason this must come to pass is obvious: the official paper currency immediately becomes effectively worthless. This means that merchants do not want to sell much of (if any) of their merchandise using this near-worthless paper – since they can’t even replace their inventories with it, because in the time between when a customer makes a purchase and the retailer orders new inventory, the paper has lost so much value that it won’t even replace (at a wholesale level) what was purchased at a retail price.

    This automatically means that most members of the society will have to find alternative means of making payment. To some extent, this can be done through barter, however (again) merchants will be very likely to avoid such a form of trade because they can’t replace their inventories with a pig or a bushel of wheat.

    This means that citizens must find an alternative currency to survive – and here is where things get very scary for Americans. In Zimbabwe, when their own gross economic mismanagement eventually caused this extremely resource-rich economy to descend into hyperinflation, the inhabitants were able to fall-back on the U.S. dollar – the world’s “reserve currency”, and (by far) the most abundant form of paper on the planet.

    If (when?) hyperinflation hits the U.S., what will U.S. citizens use for currency? Canadian dollars? Mexican pesos? The obvious problem is that relative to the U.S.’s huge population (and economy) there is far too little of these currencies (or any other, one currency) – especially in actual, paper form – to supply more than a small fraction of the need for any smoothly-operating blackmarket in the U.S..

    This inevitably means that gold and silver must form an important part (and likely the most important part) of the blackmarket U.S. citizens and businesses will need to survive. Here is where the government’s attempts to lie to us and steal from us can be turned against them. When I look at my (“legal tender”) 1-oz Gold “Maple” and see its nominal value of $50, and my 1-oz (legal tender) Silver “Maple” and see its nominal value of $5, it no longer angers me, it makes me laugh.

    What is “legal tender”? It means our government has made this an official currency, and it is bound by all the same legal principles as any other form of “legal tender”. Let’s put aside that thought for the moment, while we consider the nominal value of these alternative forms of legal tender.

    With silver currently priced at $22.50 (in Canadian dollars), and with gold priced at $1345, why do my coins read “$5” and “$50” respectively? That answer is very simple. If a Silver Maple was priced at $5 one year, $8 the next, $11 the next, and so on, even the near-comatose sheep who comprise the vast majority of the North American citizenry would begin to think ask themselves why the same silver coin costs $5 one year, and a few years later it costs $22.

    While these individuals may have to pull off their socks first (to devote more “calculating power” to the question), eventually they are going to figure out that the same silver coin isn’t actually worth than four times as much, but rather the value of their paper has dropped by more than 75%.

    This is the same paper which these people are given as wages each week. Assuming that their employer hasn’t allowed these employees to reduce their effort by more than 75% over this time-frame, these apathetic couch-potatoes are eventually going to realize that not only are they being cheated every year on their wages, but that they are being cheated by a greater and greater degree each year.

    As I have pointed out in a number of previous commentaries, in “real” (Shadowstats-adjusted) dollars, the Average American worker now earns what their great-grandparents earned back in the Great Depression. After wages had steadily risen for roughly 40 years following that economic nightmare, they have now been steadily falling for roughly the same length.

    Forty years of improvement in the American standard of living have been stolen from average Americans, through their governments (and both political parties) lying to them about inflation for 40 years, while U.S. employers conspired to reduce their real wages (not to mention farming-out millions of their best-paying jobs).

    After all that lying, cheating, and stealing – and all that the average person has suffered as consequences; for those who have had the foresight to protect/insure their wealth by converting it from one form of legal tender to another (namely gold-dollars and silver-dollars), our governments want to steal from us again.

    You’ve made a capital gain,” they say, should we ever “sell” some of this legal tender – in the biggest lie of them all. Since it is the same gold (or silver) coin and and the coin was “legal tender” then, and is legal tender today, if I “bought” a Silver Maple for $5 (i.e. engaged in a currency-swap), and later “sold” it for $22 (swapped it back for paper), there is no $17 “profit”. Obviously, it now takes 22 paper-dollars to purchase what I could have bought for 5 paper-dollars only a few years earlier, and the $17 difference is not a “capital gain”, but rather it is the amount of value which paper-holders have lost (by holding paper) over that span of time.

    What is important to note here is that even if we play the government’s game, and pretend (for argument’s sake) that it was even possible to have a “capital gain” by simply holding different forms of the same nation’s “legal tender”, we see the inherent theft taking place here. As a matter of the most elementary logic, if our government wants to claim we can make “capital gains” on our gold-dollars and silver-dollars, then it must allow capital losses from holding our paper-dollars (since all are legal tender).

    With the paper-dollars outnumbering the gold-dollars and the silver-dollars (by many factors), it is financial suicide for governments to allow capital gains and capital losses to individuals holding different forms of our national, legal tender. To claim we can make “capital gains” on our gold-dollars and silver-dollars (but can’t make “capital losses” on our paper-dollars) is not only blatant hypocrisy, but blatant theft.

    Irrespective of whether our governments continue to attempt to steal our gold and silver (through capital-gains taxes) or whether they give in to sanity and justice, and abandon such an inherently evil and hypocritical policy, gold-dollars and silver-dollars would be the most important currencies of any U.S. blackmarket.

    If capital gains hypocrisy is abandoned, it can operate as a legal (and open) “blackmarket”, if capital gains hypocrisy is maintained, it will be a hidden and illegal market. The only real difference is that in the illegal version, the government not only gets zero capital gains taxes (since no transaction is ever reported) it also gets zero sales tax.

    Given the impossible task of monitoring the daily cash-based commerce of over 300 million Americans, presumably even this corrupt, banker-serving government will have to cave-in to expediency and allow the legal, open use of gold and silver legal tender – because (and here’s the “carrot” for the government) the sales tax in such gold-dollar and silver-dollar transactions would be paid in gold and silver (and add badly-needed “hard currency” to government coffers).

    This presumes that the government simply didn’t institute a new form of stealing – i.e. some extremely high consumption tax. If that happens, customers and businesses (again) will simply operate illegally, to avoid such a tax. Since the average person will literally be struggling to survive (as will businesses), the legality of transactions in a hyperinflation environment is completely irrelevant – except for the very wealthy, since they are the only people who have anything left to lose.

    I will thus assume that the government caves-in to reality and allows open gold-dollar and silver-dollar commerce to take place legally. What we would immediately see for every business is two (or three) price-schedules for their inventory: prices for items in paper-dollars, and prices for things in gold-dollars (and/or silver-dollars).

    Here is where we get to use the lies and deceit committed by our governments against them. Astute businesses and individuals will not price their items in gold or silver based upon the commercial value of the metal, but using the nominal value of the legal tender.

    This means if you went to an auto dealership to look to purchase an automobile, and saw that the price was $50 billion paper-dollars, you wouldn’t have to “pay” the dealer with a measurement of gold by weight equal to that $50 billion (i.e. 10 to 15 ounces of gold). Instead, you would see that the gold-price would be $500 or $600 gold-dollars or silver-dollars – based on the nominal, legal tender value of those coins (minimizing sales tax).

    As a footnote, I would add that using our bullion in such official transactions results in an official capital loss, based upon the purchase price of $500.

    There are two reasons why this is both a moral and legal way of conducting commerce. First of all, by the time that hyperinflation hits any economy, a “dollar” (in paper form) is a concept which completely loses all meaning – because the value changes so fast that by the time you create (and distribute) a “definition” (i.e. a particular rate of exchange) it has become totally obsolete.

    Citizens, businesses, and even the government itself need some firm point of reference for the price-structure of the entire economy to avoid total chaos – and an even more total collapse of the economy. Thus, while paper “dollars” would quickly become nothing more a national joke – comprised of a lot of ink and a lot more zero’s, gold-dollars and silver-dollars would become the de facto “currency standard” of the United States – if it wanted to be able to engage in any international trade (such as importing oil).

    The absolute need for these gold-dollars and silver-dollars to widely circulate within the U.S. economy is a very powerful argument against any potential “confiscation” by the U.S. government – since as much as it would like to steal the gold and silver of its citizens (again), the amount of additional economic destruction which this would cause would seem to preclude such draconian action.

    The argument against confiscating gold and silver bars is similar – but not as absolute. Furthermore, bars are not legal tender. When you purchase bars, you are specifically buying your gold and silver as a “commodity”, not a currency. The distinction that we can “spend” our (legal tender) gold and silver minted-coins, while we must “sell” our bars is more than pure semantics – given the choice by our governments to deliberately designate one form of bullion as “legal tender”, while another form is clearly not.

    This is one of the primary reasons why I buy all of my gold and silver in minted-coin form, or rather, I swap my paper legal tender for gold and silver legal tender. As I pointed out in a previous commentary, swapping one currency for another for the purpose of “spending” the second currency is not a transaction which is subject to capital gains tax.

    The most obvious example is when we obtain a different currency to use on a vacation. Should the foreign currency appreciate between the time we acquired it and the time we spent it, we are not required to pay capital gains tax on this “profit”. There is no legal principle or statute which differentiates between swapping one’s domestic legal tender for a foreign form of legal tender (to spend it), and swapping one’s domestic legal tender with another domestic legal tender (to spend it).

    Note the important exception to this principle. People who speculate in the “FX” markets by buying and selling various foreign currencies (as well as their own domestic currency) are subjected to either capital gains or “income” tax on any profits – as they are quite obviously buying and selling these currencies as commodities. Similarly, people who engage in regular “trading” of gold and silver will be subject to either capital gains tax or income tax on any profits, because their actions show that they are also treating gold and silver as “commodities”, not currencies.

    The other obvious exception to this taxation principle is with respect to those who purchase paper-bullion products, such as (so-called) “bullion-ETF’s”. Anyone purchasing bullion in paper form can expect to pay capital gains taxes – since it is impossible to ever “spend” such paper, only to sell it.

    In deliberately discouraging its own citizens from acquiring gold and silver through massive amounts of anti-gold propaganda (not to mention perpetually manipulating these markets), the U.S. government is only exacerbating the severity of the national crisis which will ensue when it finally completes its mission to destroy the U.S. dollar (as an informal means of defaulting on its massive debts).

    Given its pattern of behavior, many of its residents may not trust the U.S. government to act in a sane and rational manner after it has destroyed the U.S. dollar. Specifically, they may still fear that the U.S. government will engage in the self-destructive act of (once again) confiscating their bullion. As I have outlined above, this would result in a much greater level of chaos and economic devastation.

    At the very least, this would mandate that Americans transfer the majority of their wealth outside the country (or as much as possible). Even then, one has to wonder if there are any places outside the U.S. where U.S. citizens can hide their wealth from the ‘tentacles’ of the multinational bankers who are the U.S. government?

    Our world of paper currencies is rapidly failing. “Real money” (i.e. gold and/or silver) is the only salvation for this banker-spawned monetary debauchery. And the more our governments fight against this necessary evolution, the more damage they will do to themselves, and the more harm they will inflict on their own citizens.

    Disclosure: none
    Tags: GOLD
    Oct 06 1:19 PM | Link | Comment!
  • U.S. Mortgage-Title Fraud A National Catastrophe

    It is impossible to overstate the severity of the real estate crisis in the United States which has been caused entirely by the reckless fraud of the nation’s largest banks – the Wall Street Oligarchs. We now have mortgage-fraud being openly acknowledged by the banksters, and on a scale never before seen in human history.

    We have a single individual with JP Morgan openly admitting that she “and her team” committed more than 18,000 acts of fraud per MONTH, while one Bank of America official admitted that she personally committed 7,000 to 8,000 acts of fraud monthly. Regular readers will recall that in a recent commentary I reported on two, separate anecdotes where the Bank of America attempted to “foreclose” on properties which did not even have mortgages.

    In that same commentary, there was also an anecdotal report from a Florida lawyer who specializes in foreclosure proceedings, who stated that he regularly encountered (so-called) “judges” who were rubber-stamping these foreclosures without even looking at the documents. The lawyer also reported that one particular judge had already written her judgments (confirming foreclosure) before the foreclosure trial started.

    We thus have the following chain of events, a Wall Street bank pushes a stack of 18,000 foreclosures in front of a small group of clerks (who make convenient patsies), and tells them they have to clear this many documents every month – knowing that it is impossible to process that volume and still follow mandatory legal procedures.

    Stacks of these foreclosures are then pushed before judges. In the case of Florida, they are being processed by judges called out of retirement. Many of these people are likely no longer allowed to operate motor vehicles. These past-their-prime judges then rubber-stamp these fraudulent foreclosure documents – without even looking at them – effectively stealing the home from the homeowner through the coordinated fraud being committed by Wall Street banks and the U.S. government.

    This is the sort of systemic horror-story which we would expect to hear coming out of some tiny, Third World country, with a ‘two-bit’ legal system – not from “the Leader of the Free World”. The crime-waves being confessed to by JP Morgan and Bank of America follow similar (if not worse) admissions by Ally Financial (GMAC’s mortgage subsidiary).

    Naturally, the U.S. propaganda-machine isn’t reporting this mass-fraud as a crime-wave, but merely as “mistakes”. Let me make things clear. Doing something once is a “mistake”. Doing something 10 times is a pattern. Doing something 100 times is serial fraud. Doing something at least 7,000 times a month is a crime-wave. Obviously the banks themselves must have understood they were engaging in fraud.

    In the case of JP Morgan, we have the largest, and one of the oldest banks in the United States. It has been processing foreclosures in the U.S. for more than a century. It clearly has an intimate, administrative understanding of how long it takes to process a foreclosure. When its largest mortgage-processing unit started reporting (month after month) a rate of “productivity” which was utterly impossible (while following mandatory legal procedures), it obviously should have put a stop to these “mistakes” at a much, much earlier time.

    How much earlier? That is the unknown question. We already know that Ally Financial had already been sanctioned for such mortgage-fraud by a Florida judge as far back as 2006. But that was only the first time it was caught. With courts in many U.S. states severely clogged with enormous backlogs of foreclosures (more than 500,000 in Florida alone), we have no way of knowing how many foreclosure-judges are also rubber-stamping everything that is put before them.

    Tragically, as despicable and inexcusable as this bankster crime-wave has been, these past horrors pale into insignificance when stacked-up against the future problems which have been created by Wall Street greed. A Bloomberg article begins to explore this legal nightmare.

    Defective documentation has created millions of blighted titles that will plague the nation for the next decade,” said Richard Kessler, a Sarasota, Florida attorney. Kessler conducted a “study” which found defects in approximately 75% of all court filings.

    Let me expand upon this horror. For any and every U.S. residential property which has a mortgage which has come within reach of the large U.S. banks over (at least) the last four years, it now has a “title” which cannot be relied upon by any potential buyer. And as the Florida lawyer states, this is not just going to be a problem for one year, or five years, but roughly a decade (if not longer).

    Readers must understand how our legal systems operate. A party which has defective title to a property (i.e. the Wall Street banks) can never pass “good title” to any buyer. From the time that defect is created, no subsequent buyer can ever “own” that home, legally. Should that defect be discovered – several years later – by the original owner, that owner then has several more years in which to file a claim (based upon our “limitations” statutes).

    If the original owner can demonstrate that he was stripped of his title through one of these millions of acts of Wall Street fraud, the original owner must and will be awarded clear title to that property, without one penny of compensation to the new “owner”.

    To be more specific, any U.S. home which has been bought/sold more than once in the last five years, and any/every home with a mortgage tied to one of these fraud-factories cannot be trusted when it comes to being able to purchase “clear title”.

    This means that any prospective buyer of a U.S. home must do extensive research on that property before ever making an offer – especially if they are considering making a purchase in the fraud-capitals of the U.S. housing market: Florida, California, Arizona, and Nevada. In the case of any home which has been tainted by Wall Street fraud, any sane buyer will simply walk away.

    For those who decide they “must” buy a particular home, at the very least you will have to hire a lawyer to do a detailed analysis of the title. Given how complicated are these Wall Street webs of fraud, hiring a lawyer won’t guarantee good title, but it will give you someone to sue, if your home is later taken from you (by the rightful owner).

    The most-obvious “warning siren” applies to foreclosure sales. Previously seen as a way to get a “cheap” home, it now appears more like a way to buy a home with a ticking-bomb inside it. No one in the U.S. should consider purchasing a foreclosed property without conducting extensive research on its title.

    Keep in mind that this foreclosure-fraud is also only one way in which title to U.S. residential property is now seriously in question. Court cases to date have only dealt with defective titles in foreclosure proceedings – in other words the defect is discovered at that point in time.

    The yet-unanswered question is what about the 10’s of millions of other securitized mortgages which have been “sliced-and-diced” by the Wall Street banks to the point where it is unclear whether any “homeowner” with one of these tainted-titles is capable of passing “good title” to a prospective buyer? I first brought up this bigger legal-nightmare roughly a year ago, in a two-part series titled “Who Owns Foreclosed U.S. Properties?” (links below).

    In other words, even if a homeowner remains current on their payments, as long as there is an outstanding mortgage on that property, title rests with the mortgage-holder – and thus title must be conveyed from the genuine holder of that mortgage to any prospective buyer. If the bank which is servicing the mortgage does not hold full-and-clear title, and cannot locate/identify a single holder of “clear title”, then it becomes impossible to legally convey title of the property from one “homeowner” to another.

    Much of this additional uncertainty can be attributed to the Wall Street creation known as “MERS”. This private company was created by Wall Street to attempt to bypass established legal procedures for financial companies to hold and transfer mortgages. The Wall Street fantasy was that any one of the Oligarchs could submit a file to MERS, claiming rightful “title” to a particular property, and have MERS rubber-stamp that title.

    When the housing-bubble created by Wall Street imploded (and the “real fun” began for the Oligarchs), they expected to be able to waltz into foreclosure courts, show the judge their rubber-stamp from MERS, and then have the judge, in turn, rubber-stamp the foreclosure. This problem will last for much longer than ten years – since MERS has not yet been entirely wiped-out by court judgments finding against it.

    Only after MERS and that entire registry system is abolished will the “ten-year countdown” (described by the Florida attorney) begin. Similarly, with respect to the millions of acts of foreclosure fraud now being admitted by Wall Street, this will be a problem for “ten years” only if U.S. regulators and law enforcement authorities put a total stop to such fraud immediately. If this national disgrace is allowed to persist, then that must extend the previous ten-year estimate for this catastrophe.

    When I first began to refer to Wall Street banks as “fraud-factories” more than two years ago, some people found the term offensive. It has now been openly confessed by at least two of these companies that this is exactly what they are.

    First they destroyed much of their own sector, through their multi-trillion dollar Ponzi-schemes based upon the housing-bubble these fraud-factories created. Now they have destroyed much of (if not most of) the U.S. residential real-estate market. Nothing but a complete national audit of the titles of all U.S. residential real estate can restore full trust to this market.

    Unless/until that should occur, Wall Street has rendered much of the U.S. real estate market “radioactive”. And like radiation, these “toxic titles” are invisible – and can only be discovered through specialized detection. For anyone in the U.S. considering purchasing any U.S. home with an outstanding mortgage, the words “caveat emptor” have never been more applicable.

    [Disclosure: I hold no position in JP Morgan, Bank of America, or GMAC]

    Disclosure: none
    Oct 03 4:50 PM | Link | 1 Comment
  • U.S. Mortgage-Fraud Totally Out Of Control

    Four years after the (first) U.S. housing-bubble burst, the epidemic of U.S. mortgage-fraud continues to intensify. With respect to the U.S. “regulators” who are supposed to prevent such crime, as we all know, those so-called regulators are thoroughly corrupt, and hopelessly brain-dead. Certainly a “Consumer Protection” department within the U.S. financial sector would help to eliminate such fraud – which is why the even more brain-dead Republican Party has vowed to “kill” this entity if negligent U.S. voters are foolish enough to give it control over Congress in the upcoming election.

    A flurry of news items demonstrates that this epidemic has gotten so out of control that Wall Street banks are literally acting like there are no laws, at all. Shortly after a preliminary report that Ally Financial (the “mortgage unit” of GMAC) had suspended foreclosures in 23 U.S. states due to defective/fraudulent foreclosure procedures, two other news items emerged on this fraud-factory.

    First there was the report that Ally had been previously sanctioned in 2006 for exactly the same defective/fraudulent mortgage procedures. It doesn’t take a suspicious mind to conclude that Ally never stopped those fraudulent practices. This conclusion is reinforced by another news item from the same day: that Ally had secretly warned Freddie Mac weeks earlier of its fraudulent/defective practices.

    Specifically, Ally (and other U.S. fraud –factories like JP Morgan) have been foreclosing on properties without determining if they even hold legal title to these properties. There is a simpler term for this practice: Wall Street banks are using the foreclosure process to steal homes which don’t belong to them.

    Also published on the same day was a report that Bank of America was trying to steal homes that didn’t belong to it, either. One anecdote reported that BoA tried to foreclose on a Florida property which did not have any mortgage (i.e. title was held free-and-clear by the homeowner).

    Another anecdote announced that BoA had done the same thing to a Texas homeowner who also held clear title. BoA even had the power cut-off to this property (while the homeowner was away), and when the homeowner returned to his home, he was greeted by the stench of 70 pounds of fish rotting in his freezer.

    A third anecdote stated that BoA had attempted to foreclose on a Pennsylvania home – even though the homeowner was completely up-to-date on payments. To bully the homeowner further, BoA not only shut-off all her utilities, but also stole her pet parrot. There was no information as to whether BoA had requested “ransom” for the parrot…

    One day later, an article in the Miami Herald provided some aggregate data, for those interested in “the big picture”. U.S. mortgage-fraud resulted in more than $1 trillion in losses just between 2005 and 2007. To put that gigantic number into perspective, it exceeds the GDP of most of the world’s nations. Given that reported cases of U.S. mortgage-fraud are still increasing every year, obviously the losses on U.S. mortgage-fraud since 2007 would have greatly exceeded that previous (astronomical) number.

    What was the response of the U.S. government to this unprecedented, white-collar crime-wave? The Bush regime got rid of most of the law enforcement officials who are supposed to investigate such crimes.

    The result of this Republican favor for its Wall Street masters? There have been only 40% as many convictions of this white-collar fraud as during Wall Street’s last crime-wave in the 1980’s and 1990’s – despite the fact that this crime-wave is (much) more than ten times larger. In other words, a white-collar criminal committing mortgage-fraud today is less than 5% as likely to be imprisoned for his crimes compared to 15-20 years earlier.

    A U.S. risk-mitigation firm which “does extensive mortgage fraud research” concluded that 70% of U.S. homes currently in foreclosure involve (at least) one act of fraud. Put another way, 70% of the Americans who are losing their homes have been cheated out of them in one way or another. Even the Mafia can’t boast of an “efficiency rating” like that.

    What makes this tragedy even more despicable is that every U.S. jurisdiction has “statutes of limitation” which provide a very narrow “window” in which to prosecute these crimes. Florida, like many other U.S. states, has a limitation-period of just three years. With more than 500,000 foreclosures clogging the court system of just that one state, the back-log of files is obviously more than three years long – meaning that by the time an investigator first looks at an act of mortgage-fraud, it’s usually already too late to prosecute the criminal banker(s) involved.

    Essentially, the banksters can engage in virtually any sort of criminal behavior short of murder, in order to steal the homes of Americans, with little chance of ever being prosecuted. Thankfully, these banksters can’t order “hits” on these homeowners, because there is no “limitation period” on the crime of murder. Meanwhile, all the Republicans can talk about in their election platform is the need to protect the bankers from the “interference of government”.

    Generally speaking, I consider both halves of the U.S. “two-party dictatorship” as being equally corrupt and contemptuous toward the American people. However, in one area there is actually a difference between the two parties: the Democrats want to reduce mortgage-fraud, while the Republicans have vowed to do everything in their power to assist U.S. bankers in stealing the homes of Americans.

    [Disclosure: I hold no position in JP Morgan, Bank of America, or GMAC]

    Disclosure: none
    Sep 27 12:41 PM | Link | Comment!
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