Wednesday, June 3, 2009

Oil Prices Continue to Rise in Anticipation of Dollar Collapse

American Taxpayers have given Wall Street Banks almost 14 trillion dollars in bailout money, yet they fail to do what they promised, to loosen credit, help those facing foreclosure and provide the liquidity that businesses and consumers need to jump start an economy trashed by these very same bankers.

While we go in debt for future generations, the Banks use our money to hire lobbyists who work to prevent legislation planned to help us and the economy.

And who stands up to stop them?

Certainly not Congress and certainly not President Obama! In short we have the best government money can buy, and the price isn’t all that much. The Legislative Ethics Law forbids a Legislator or a member of his or her immediate family from accepting a “gift” (other than a campaign contribution) from persons affected by legislation or who have an interest in a business affected by proposed legislation, where it is known or reasonably should be known that the purpose of the donor in making the gift is to influence the Legislator in the performance of his official duties or vote, or is intended as a reward for action on his part. For more information, please see Section 1014(B) of the Legislative Ethics Law. The caveat here is “other than a campaign contribution” luckily all bribes to members of Congress are now paid in campaign contributions.

This has been a problem not only in Washington but in each state as well and there seems to be no way to end the practice, as such we will never have meaningful legislation to protect the consuming public from the banks and their unlawful control over our lives, which includes the confiscation of the wealth of our country.

The Bankruptcy provision to cram down the debt of owner occupied homes was a very good law aimed at preventing foreclosures, yet it was defeated with the aid of 12 democrats who favored the bankers’ interest over their constituents’ interest, and we can only surmise why! It will be interesting to see which banks provide their campaign money.

The Credit Card Bill of Rights is not all it purports to be, it does not rain in the banks control over credit card interest rates, nor the effect of the Bankruptcy code which does not allow the discharge of credit card debt except under strict guidelines.

Thanks to us, the taxpayers, and a Congress easily bribed, bankers still and always will "own" the US Senate, as Sen. Dick Durbin (D-Illinois) put it. Thanks to us, the taxpayers, and a Congress easily bribed the insurance companies and health maintenance organizations still have the clout to keep single-payer health care "off the table." And thanks to us, the taxpayers, and a Congress easily bribed the huge financial supermarkets like CitiBank can still block a reenactment of anything like the New Deal's Glass-Steagall Act, which since 1933 kept the high-rollers in investment banks from gambling with "our savings". For those who forgot, Wall Street pushed the repeal of Glass-Steagall in 1999 and Bill Clinton signed the repeal into law.

Why we as Americans put up with - and pay for - Wall Street and our own Congress's continued corruption, and the corruption of the Federal Reserve System that allows and promotes it, is a question that still needs to be answered. Wall Street's power remains a fact of life, kept alive by taxpayer dollars, government printing presses, and a Congress easily bribed.

Now consider, we have given the banks some 14 trillion dollars, which they are holding in reserve, because of our fractional reserve system (The Federal Reserve System) - this 14 trillion dollars would allow the banks, if they were inclined to loan money, to loan 140 Trillion Dollars. Investors around the globe are concerned about hyperinflation, as such large capital investors are hedging against this impending inflation by buying oil futures, the purchase of which is driving up the price of oil and subsequently the price of gas at the pump. In short the dollar is actually collapsing because of the volume of it, and this is again being promoted and advantage taken by none other than Wall Street!

Wall Street Bankers take our money then use it to compound the problem by deflating the currency and making more money as the price of oil rises.

Does anybody care?