BanksterWatch – Watching Banksters

Alas, the pyramid is built of sand, and the storm is brewing.

One point two trillion dollars, almost the GDP of Spain, was the peak balance of (almost free) loans handed out to banksters in late 2008. Of course this is nowhere near the total amount of loans handed out to speculators to enable tens of billions in bonuses for banksters in 2009, guaranteed by the taxpayer.

Bank of New York Mellon again proves it will stoop to anything to make a buck. Despicable. But par for the course for today’s bankster outfits.

Madoff’s Ponzi scheme was negligible in terms of criminal energy and damage done compared with banksters’ heist of taxpayers’ funds over the last few years. Madoff “investors” might almost get their investments back, while banksters leave the taxpayers of developers with trillions in losses for generations.

Insane leverage makes banks profitable in good times, and many times more deadly in bad times.

Two actions were taken solely for the benefit of banksters in just three days:
Firstly, the ECB buying junk bonds, i.e. to a large part buying them from banksters at a price that beneficial for banksters and settles the taxpayer with more and more debt.
Secondly, the promise by the Fed for extra-low interest rates until mid-2013, keeping and enhancing he discount window as a money machine for banksters paid for by the taxpayer and coming generations.
These actions are a hopeless last line defence by a clueless Fed and a clueless Fed Chief Ben Bernanke.
All Fed actions over the past three years have been questionable, if not outright wrong. It should be abundantly clear by now that the flooding of the “economy” with cheap money is not the solution, or even a part of it.
Soon both actions will reveal themselves as what they are: Desperate actionism, without any evidence that any of the measures will help the real economy. They will only help the crisis profiteers in the financial sector.
Banksters and the financial sector now have every incentive to further pressure the governments to take ineffective, highly-toxic measures for the sole benefit of banksters, without any chance of success, devoid of democratic legitimacy.