[Posted
October 12, 2009]Who is going to keep money in the banks?
High risk speculation
You Tube Oct 2, 2009 - On the Edge with Max Keiser
Banks Back at High Risk Derivative Trading - Up from last year!
STACY HERBERT: Max, did you hear anything from the G20 leaders about derivatives?
MAX KEISER: No, because they're swimming in corruption! Derivatives are all the water, if you will, that all the banking sharks swim in. So they're not even aware of it. It's so pervasive that it is like water to fish — or in this case, sharks. Now, we need to drain the swamp of derivatives, just as Mark Mobius is suggesting. .... This is not about capitalism versus some other system. This is about kakistocracy, which is rule by the worst qualified in the world, taking over all systems of all governments and banking and imposing a global oligarchy, which is disenfranchising and impoverishing all but the wealthiest one percent on the globe.
STACY HERBERT: He [Mark Mobius] mentioned that there are 600 trillion dollars of derivatives, which is ten times the amount of the world GDP. ... We now know that derivatives were not touched at all ... no one mentioned them at all at the G20, and we know now that derivatives are a wealth transfer mechanism. Here's a headline: "LESSON UNLEARNED. More Banks Are Trading Risky Derivatives Than Last Year". [from Jamaleto, on Twitter] "U.S. commercial banks earned $5.2 billion trading derivatives in the second quarter of 2009." That was a 225 percent increase on last year. More than 1,100 banks are now trading in derivatives, and that's a 14 percent increase from last year. And four banks - JPMorgan Chase, Goldman Sachs, Bank of America and Citibank - now control 94% of all derivatives. So the total outstanding derivatives in the system is up 37% in total. ...So derivatives are increasing, not decreasing! go to story
Sri Guru and Gauranga
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Inflation will deflate
excerpt from conversation, Bhuvaneshwar, Jan 21, 1977
PRABHUPADA: You should introduce coin, real money.
HARI-SAURI: Real gold coins. No paper.
PRABHUPADA: Anyone has got money... It is fact. And what is this nonsense, keeping some paper and thinking he has got money? How cheating it is going on, from government's side. And therefore artificial inflation. You can print, so the price is increased. Because you haven't got to pay him real money, you print and pay him, and he will ask, "Give me this money. Then I'll supply." "All right, take." You print and pay.
RAMESVARA: It's definitely a means that the government has for controlling. Because they can withdraw money, pull it back out of circulation by increasing the interest the banks give, or they can get more money in...
PRABHUPADA: Anything done artificially.
RAMESVARA: They control the amount of interest on loans. It's all standard ized from what they call the Federal Reserve system. This was introduced during the Depression by the bankers.
PRABHUPADA: Whatever they do, when you receive money in the paper it has no value. Bad money. It is bad money. It is not good money.
RAMESVARA: Actually most purchasing in America is done on credit now. Even a step beyond paper money is credit, no money, buying on no money, loans.
PRABHUPADA: That is in India also.
RAMESVARA: We don't find these things in Vedic culture too much.
PRABHUPADA: There was never paper money.
HARI-SAURI: No. They used to...
PRABHUPADA: That barter system. You have got rice; I have got something else. So I give you something; you give me something.
HARI-SAURI: But isn't inflation possible even with coins? Even if you have gold coins, isn't inflation still possible?
PRABHUPADA: No, gold is acceptable by everyone.
RAMESVARA: The main point is the barter system.
HARI-SAURI: Yes, well its value is recognized by its purchasing power.
PRABHUPADA: Yes.
This banking, "fanking," everything will collapse automatically. There is no money, who is going to keep money in the bank?
HARI-SAURI: Who needs it?
PRABHUPADA: [laughs] So this artificial way of banking, that will be also collapsed.