Sunday, June 17, 2012

The Greek vote—now that was depressing

The Greeks, faced with the choice that could have brought down the whole bankster edifice, chose to vote for the folks who seem in charge of the magic that makes money worth having.

Now it might seem like this would be the time to beat up on the Greek lefties and the Syriza Party for failing to offer the voters much of a choice.  But history tells us, even when the voters actually DO have a valid choice they tend to go with the banksters.  I mean, look what happened to the Greenback and Peoples Parties.

Even more to the point, look what has happened to poor Ellen Brown and her campaign to get states to copy North Dakota and establish a state-owned bank.  She has an example with a nearly 100-year run of success.  The benefits are substantial.  There is literally NO reason why folks shouldn't try this.  And yet for all her trying, North Dakota stands alone as the only state with a state-owned bank.

Too bad the Greeks were not as brave as the Icelanders—which reminds me, there are a substantial number of Icelanders in North Dakota.  Takes more than a bankster to scare a real Viking, I guess.

Oh, and one other thing—just because the banksters won an election in Greece does NOT in any way solve the problems faced by the world's big banks.  And their problems will not go away for a simple reason—their operating assumptions are mathematically insane.  Debts that cannot be repaid, will not be repaid.  Hate to break the bad news to you banksters—math works!

Former Icelandic bank execs jailed for fraud

15 June 2012

The former chairman and the former CEO of the Icelandic Byr Savings Bank have each been sentenced to four-and-a-half years behind bars after being found guilty of fraud. The country’s Supreme Court found that Jon Thorsteinn Jonsson and Ragnar Zophonias Gudjonsson abused their positions as executives at Byr when granting an ISK 800 million (EUR 4.9 million) loan to Exeter Holdings ehf, just as the Icelandic banking system was on the brink of collapse in 2008.

Exeter then used the loan to buy Gudjonsson and Jonsson’s shares in Byr, before putting them up for sale as a collateral guarantee for the loan.

A ruling posted on the Supreme Court’s website said the sentences were harsh because the “magnitude of the offences was significant”. It continued that Gudjonsson’s “infraction was committed under the auspices of his mandate” as Byr’s CEO, and that Jonsson’s action “relieved him from personal guarantees on loans”. more