I was looking at median income demographics from different countries around the world, there were some shocking numbers, including Canada, in Canada the median income is $39 k per year, but many countries, many many countries the median income is measured in a few thousand dollars and even in the hundreds of dollars and this got me to thinking about the continuation of the fraudulent banking bailouts, I wrote before how the US banking bailout in 2008 has now been pegged at over $13 trillion dollars and who knows for sure, it could be double that, and what I found interesting while researching this story is..
Early in 2008 stories were written pegging the banking bailout cost at $1.8 trillion dollars and the more I looked and read, the further into the future the stories were the cost kept rising, stories pegging the banking bailout at $5 Trillion dollars, then $8 trillion dollars and now the 2008 banking rescue packages are pegged at over $13 trillion dollars.
And the more I read the more the outrage boiled within, for I remember quite well when the shit hit the fan with Lehman brothers and Bear Stearns, the banking scum screamed and wailed and said the sky would fall if they weren`t bailed out, they claimed things were bad but they would get much worse if they weren`t rescued but.
But the numbers bandied around were not $1.8 trillion dollars, not $5 trillion dollars, certainly not $8 trillion dollars let alone $13 trillion dollars, no, the numbers being bandied about at that time were in the range of $700 billion dollars, the public was furious and disgusted with that amount, little did the public know, ....In-fact there was a deliberate misleading of the public and the legislation itself had language that allowed the USA to spend as much as .....
$700 trillion dollars to bailout the banks.....Here is a little cut n paste from another site..
Monday, September 22, 2008
Specifically, Paulson's draft bailout plans says:
"The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time."That means that Paulson could buy a couple hundred billion worth of assets one day, sell them, and then the next day buy another couple hundred billion, and so on.
The maximum price tag?
There is no maximum. Paulson could literally spend unlimited taxpayer monies. And remember that Paulson has already broadened the proposal to include the purchase of non mortgage-related assets (and see this).
As Chris Martenson writes:
This means that $700 billion is NOT the cost of this dangerous legislation, it is only the amount that can be outstanding at any one time. After, say, $100 billion of bad mortgages are disposed of, another $100 billion can be bought. In short, these four little words assure that there is NO LIMIT to the potential size of this bailout. This means that $700 billion is a rolling amount, not a ceiling.
So what happens when you have vague language and an unlimited budget? Fraud and self-dealing. Mark my words, this is the largest looting operation ever in the history of the US, and it’s all spelled out right in this delightfully brief document that is about to be rammed through a scared Congress and made into law......
You can read the full story here.....
There is no way the American public or the world for that matter would have allowed the printing of $13 trillion dollars to save the corrupt, deregulated banking sector, but it was done never-the-less, done by stealth, done $1 trillion dollars at a time, and coincidentally the US legislation allowed for the printing of $700 billion dollars(at any one time), in other words the US treasury can and will print $trillions more, they can legally print $700 trillion dollars in new currency, which just happens to be about the size of the world`s shadow derivatives market, isn`t that special...And the more I read the scarier it gets, here are some more downright frightening facts.....
By Thomas Kostigen, MarketWatch
SANTA MONICA, Calif. (MarketWatch) -- There's a $700 trillion elephant in the room and it's time we found out how much it really weighs on the economy.
Derivative contracts total about three-quarters of a quadrillion dollars in "notional" amounts, according to the Bank for International Settlements. These contracts are tallied in notional values because no one really can say how much they are worth.
But valuing them correctly is exactly what we should be doing because these comprise the viral disease that has infected the financial markets and the economies of the world.
Try as we might to salvage the residential real estate market, it's at best worth $23 trillion in the U.S. We're struggling to save the stock market, but that's valued at less than $15 trillion. And we hope to keep the entire U.S. economy from collapsing, yet gross domestic product stands at $14.2 trillion.
Compare any of these to the derivatives market and you can easily see that we are just closing the windows as a tsunami crashes to shore. The total value of all the stock markets in the world amounts to less than $50 trillion, according to the World Federation of Exchanges.
To be sure, the derivatives market is international. But much of the trouble we're in began with contracts "derived" from the values associated with U.S. residential real estate market. These contracts were engineered based on the various assumptions tied to those values.
Few know what derivatives are worth. I spoke with one derivatives trader who manages billions of dollars and she said she couldn't even value her portfolio because "no one knows anymore who is on the other side of the trade."Derivatives pricing, simply put, is determined by what someone else is willing to pay for the contract. The value is based on an artificial scenario that "X" will be worth "Y" if "Z" happens. Strip away the fantasy, however, and the reality of the situation is akin to a game of musical chairs -- without any chairs...
Read the whole story here
And it gets worse, those are only the 2008 bailout numbers, nearly $1 trillion dollars has been spent trying to shore up European banks as the toxic derivatives continue to swirl the earth and....And Harper and company are demanding another 1 $trillion dollar rescue bailout on top of that...So what we have according to my math is $16 trillion dollars for bailouts and what do we have....Market turmoil, corporations sitting on $trillions in cash and country after country unleashing austerity measures(taking back and reneging on every promise Governments made to their peoples) upon their own peoples, high unemployment and slash, cut, burn, and for what...The entirety of everything in the world is worth a mere..."Less than $50 trillion dollars, in other words, the bailouts so FAR are equivalent to nearly 40% of the world`s assets value, are you kidding me...!!!
Could you imagine giving countries like Haiti even $10 billion for rebuilding, imagine funneling $1 trillion into African infrastructure, just imagine if $16 trillion dollars was spent on jobs, on clean energy, on food security, jobs would be everywhere, just imagine giving every man women and child on earth $ 2,333,33....Families of five in Africa would receive over $11,000 thousand dollars, the economies of the world would be humming along, domestic economies would have flourished for decades, especially in third world and developing nations but no.....
What we have is $16 trillion dollars spent and....And crumbling infrastructure everywhere, slashed pensions, no pensions, broke states, broke provinces, broke districts, health care and education under assault around the world, human rights being removed, direct financial assaults on teachers, firemen. police, paramedics, care workers, financial assaults upon ordinary joes, we have staggering youth unemployment around the world and the very banks and corporations who defrauded and stole the world`s cash are actively conspiring to reduce employment through technocracy and automation.....
$16 trillion dollars spent and the world is on the cusp of a worldwide depression, with ongoing austerity measures and shrinking economies the world economic markets will crash anyway, the bailouts, a mere $680 trillion more dollars to go.
And Christy Clark`s answer is more raw logs and tar sand bitumen to China.
The Straight Goods
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