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Books by Lonnie Hicks
Finance: Wall Street: How to Get Our Money Back--Updated 11-6-11
By Lonnie Hicks
Posted: Friday, November 04, 2011
Last edited: Thursday, July 05, 2012
This short story is rated "G" by the Author.
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How Does the Middle Class Get Back What Was Taken From it by the Banks?

Updated: Bank Transfer Day and Greece is being Foreclosed On. What is going on and how will it affect Americans? 11-6-11

In another blog on this site I have addressed the issue of dumping the big banks and have recommended that citizens take their money out of these large predatory banks and put them into municipal banks, state banks, credit unions, coops and the like. 

In this way our economy becomes supportative of local jobs, local communities and reverses the concentration of the last thirty years.

This will work and will work fairly quickly.

The big banks will try to kill this movement because it directly threatens the source of their power--our money.

Amazingly, Americans every day send vritually every dime they have, pension money, paycheck, savings, checking, city and state taxes--and deposit these monies into these few large predatory banks thereby

giving them the source of their power--our money. This is what must be stopped.

Thirty-eight percent of our 13 trillion dollar economy (five trillion) goes to wall street each year. Amazing.

30 years ago it was only 12 percent. Today we have  become a finance- dominated economy where our own money has been used to dominate our lives-where wall street produces nothing and gets rich.

But taking money out of the predatory banks is only the first step.

There is more work to be done.

The next step is getting back the money stolen from tax payers.

Note: we are still poor even if we change banks.

We next have to take steps to retreive the money wall street has in its vaults.

But how to do that?

This is to be our ultimate goal-don't let the banks keep our money-otherwise not much has changed.

Here is what has to be done:

1-Have the loan principal on all home mortgages be written down to the current market values of those homes, and cease and desist on all home foreclosures.

This keeps people in their homes, provides dollar stimulus to the economy, reclaims neighborhoods blighted by foreclosures and gives the middle class a fighting chance to survive.

It also amounts to a refund of money stolen from these home owners and tax payers. The value of this rebate is about 6 trillion.

2-Tax capital gains and speculators and hedge fund profits at 15%. These monies should go to fund jobs, education, infrastructure and social needs. This would produce 3.25 trillion dollars. This taxation rate is actully low compared to the 21-32 percent tax rate most of us pay. And to boot many corporations don't pay any taxes. Among the ones who do that rate averages only 18% since they shelter their profits overseas and invest there in acts which border on economic treason. Americans love their country but tolerate this kind of disloyalty among the wealthy.

3-Increase the social security taxes on those with incomes over 117k. Why should these people not pay social security taxes above this income? This is the current situation.  This would realize about 450 billions dollars.

4-Increase taxes on speculators and hedge-fund managers who currently control about 600 trillion dollars with no taxes, and no regulation. This is the famous hidden derivatives market. Yes, not taxed and not regulated. There are two banking systems in the world, the one we know about and the shadow banking system run by the central banks of the world.

The enormity of this becomes apparent when you realize that the global GNP for all countries today is only about 70 trillion per year.

You ask then how can there be 600 trillion in these hedge funds? The answer is that this is the leverage-debt bubble-derivatives spliced up fradulently where the same mortgage is sold and resold, many to the European Banks, which is why we had to give them money from the Federal Reserve. Which is partially why Europe's big banks are in trouble now. We sold them worthless derivatives and had to reimburse them.

But also in this unregulated market in order to purchase stock, options and puts, derivatives, and reinsurance schemes you only have to put 10% down or so. And note these huge wall street firms are using our money to make these bets-our money meaning that paycheck you deposited today and our money in the form of tax subsidies.

These hedge funds, banks, wall street and the federal reserve itself are leveaged to this incredible 600 triliion amount. It is the amount in the kitty owed but not yet paid for and/or worthless derivative stocks.

Banks are 40 to one debt to assets, the federal reserve is 60-to one. These hedge funds are essentially debt mills operating in the hundreds of trillions of dollars and all this is totally uncontrolled.

They have borrowed the money (using our money for collateral) to make wild investments in derivatives, third world ventures and in the IMF and the world bank and in gold. And the rest is paper debt.

But most of the 600 trillion is toxic derivative investments which are backed by nothing at all, and will collaspe--unless the central banks decide to print paper money which in turn will result in massive inflation. Best to get our money out before that occurs.

5-Default. Yes, default,  There is not enough money in circulation in all the world to pay 600 trillion. The amount of paper money in circulation in the United States is only about 3.3 trillion.

Imagine. This means that there is not enough money in the whole country to pay the bills even if we had the money. The rest of the 13 trillion in our economy is in debt, created soley by computers. (Remember banks manufacture debt money each time we make a loan.  These is no actual dollars backing this up. (See my blog on banks and how they create money in a gigantic ponzi scheme.)

So, it is inevitable debts will have to be written down and/or not paid. The banks know this.

They know these loans can never be repaid even if we try; all that will occur is that we become endentured debt slaves-working all our lives to pay a debt which is structured such that it can never be fully repaid.

Banks and countries on the other hand default all the time, or they declare bankruputcy (General Motors?) But note the terrible fact is that banks don't really have our money, it is loaned out or exists in debt they owe and can't pay (derivatives.)

But we lowly citizens are taught that debts are sacred obligations and must be paid, while banks owe us and will simply default on us closing their doors. This is no idle claim. It happened in the 70's with the savings and loan debacle when thousands of people lost their savings and over 1,500 bankers went to jail. But none today. Why is that?

Most of us anyway simply don't have the money to pay the banks   wallstreet and the ursurious interest rates they now enforce.

All of this will likely then cause many of the large banks to crash.

So be it. My advice though is to get your money out of the large banks first because the huge wall street banking structure is not sustainable. Smaller banks will survive.

Besides we need a decentralized banking structure which, if we move our money, will be in place to replace the crooked banks on wall street.

The summary point is that it is not enough to stop the banks from stealing our money-we need to get the stolen money back in order for the middle class to survive--the middle class needs those funds.

I will have more tommorow with more detail and additional ideas.

Sometimes the times require straight talk.

If none of the above is done, the middle class in this country will be impoverised for generations to come.

11-5-11
The "Move Your Money" movement and "Bank Transfer Day" are now launched. First word is that over 650,000 people have moved their accounts into credit unions and the like and hundreds of thousands more have pledged to do so.

Saturday is not the best day to change banks, so next week the picture will become more clear.

The amount of money involved so far is about 4.5 billion dollars.

The implications of this include two big ones:

First 14 states are looking to create state banks.

California alone, if it did so, would bring on the domino effect among the large banks.

The banks then would run to the federal reserve (which is the chairs of all the big banks) and have more paper money created because they don't have California's money; it has been lost in derivative schemes or loaned out.

(So you see why I am advising the average citizen to get their money out.)

If not, when you get to the ATM it may happen that your card won't work.
The banks will declare a bank holiday, keep what money they have and declare a bank holiday and close permanently, with our money in their hands. It happened just this way in the crash of 1929.  

This can happen FDIC or no FDIC.

What most people don't know is that the FDIC is taypayers money and the US doesn't have the money to give to the banks in this kind of scenario, and additionally, the United States government does not control money.
The big predatory banks do via the Federal Reserve Bank. They are the Federal Reserve.

So there will be no FDIC rescue in this situation especially since the budget of the FDIC is paid by the same large banks under discussion here. They will not fund an agency which under these conditions, participates in their own demise and who will be collecting from a closed bank? No one.

Chaos here.

It all could be brought on also by the fall of Greece via the domino effect.
ECM and American banks are the ones who bought many of these Greek bonds, the same ones which will not likely be repaid.

Yes, we are on the hook for Greece too-since our Federal Reserve loaned trillions to these Eurpoean banks and they used some of that to buy Greece debt. So we are involved if these banks do not pay us back, which is the case since a deal has been struck where Greece has had 50 percent of its debt forgiven. That effects us and our bank will have to take the haircut as well. That is why all of the governments and banks have joined together to make the populations involved take the austerity, so that they, the banks, don't have to take profit losses.

Now the European Common Market is looking for money from China at least two trillion, but that will not be enough even if they get it because Greece is a small country with a small debt (320 billion) compared to Italy and Spain. These latter two are in trouble as well and there is nothing this side of heaven that the ECM can do to save those two countries.

Their debts are astronomical-eight times those of Greece. Italy alone has debt in the trillions.

So you see trouble looms here.

We are now seeing Greece auctioned off, their water, their factories, their schools, their monuments are all to be sold to private investors (American hedge fund people and the central banks) as a way of paying off the Greek debt-this In addition to lower wages, no health care ,and impoverishment of their middle class.

That is why there are riots in the streets. An entire country is being sold to these "investors" who are using our money to get rich literally buying up Greece. Their young people are leaving the country in droves--no jobs and no income.

This has happened for years to third world countries but this is the first set European countries including Ireland and Iceland to literally be taken over by the predatory hedgefunds and the predatory banks.

So countries are being treated just like the average citizen; Greece is being foreclosed on.

How will all this end? More on that tommorow along with a few suggestions as to the way out of the mess.


Web Site: www.lonniehicks.com  


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