corruption - Blogs - TheBlackList Pub
2024-03-29T01:38:56Z
https://www.theblacklist.net/profiles/blogs/feed/tag/corruption
The Quick Scan by Mike Ramey
https://www.theblacklist.net/profiles/blogs/the-quick-scan-by-mike-ramey-187
2024-03-03T13:10:04.000Z
2024-03-03T13:10:04.000Z
Mike Ramey
https://www.theblacklist.net/members/MikeRamey
<div><p> </p><p><span style="font-size:12pt;"><u>BLACK ELECTED OFFICIALS: STOP BEING ‘STUCK ON STUPID’!</u></span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Based upon what I have been reading and seeing concerning some of the latest scandals of our current crop of Black elected officials (many of them of the Democrat and liberal stripe) there SHOULD have been someone in their political upbringing who were willing to ‘school’ them on a few truths and realities. Regardless of whether a Black elected official is a Democrat or Republican, it should be painfully obvious that—being a Black man or Black woman in elective (or appointed) office has certain realities based upon one being Black.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Here’s an example, right off the top. Black elected officials are different because of their skin color—pure and simple. Put one Black elected official in a room with fifty politicians of the Caucasian hue, and all attention will be focused on the Black man or Black woman. Such a lesson should have clearly been understood from the fact that we live in an integrated society—no matter how much the ‘mainstream mess’ likes to paint the airwaves with a DEI dream. The second example is even more important than the first: God and the blood-bought church of the Lord Jesus Christ is a BIG part of the Black community AND the Black electorate.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> It is a SHAME when Black politicians ‘punk’ God’s people and God’s church. It is WORSE when Black congregation members keep their mouths shut and (eagerly) send corrupt Black politicians back to office while being mocked by them. A wise saying among many preachers need be inserted at this point: “God don’t like ugly and ain’t too thrilled with pretty!” </span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> I’d like to remind Black Pastors, Deacons, congregations and ‘Social Concerns’ committees IN the church of the following: When you bring in politicians that you KNOW are corrupt into the church house, you are INVITING the curses of God to rest on your church. The blessings and curses of the KJV scriptures have not changed from Old Testament to New Testament. Reminder for you Pastors out there in particular; the curses of Deuteronomy 28 are still as much in force as the blessings. When Pastors—who are the leaders of Christ’s church—bring in the corrupt to their congregations and/or their pulpits, you are brining in God’s curses AGAINST your church and ministry! NOT to mention (in one recent case) your pulpit will be cited in a court of law—and NOT to the positive, either.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Isaiah, chapter 3 is not in the Bible by accident. It tells of a time when the Lord withdraws upright men from positions of authority and allows the rise of corrupt women to positions of power AS A CURSE against his people. Just for the record, how many corrupt Black Democrat women are in positions of political leadership and are ‘under a cloud’ for corruption? How many of them—in their corruption—have ‘run’ to the church for—not repentance—but to justify their sins?</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Time was that our elected officials came from the church house as a source of pride to Black folks. They were grounded in the scriptures, walked in Christ, and KNEW right from wrong as they feared God. Now, many of our Black elected officials have become a source of shame and are mocking God and ‘punking’ his church. Too many of them are ‘stuck on stupid’, and they are taking many churches along for a downhill ride. Yes, this is happening in the Caucasian community among their churches as Democrats have forgotten God and infiltrated them—much to the delight of their ‘winning’ of elections. However, the antics of OUR elected officials hurts more because it is happening among us! With ALL that we have been through in OUR history, have we forgotten that time is short, and we are in the last days? There IS a payday coming! Sin checks do NOT spend well in eternity—especially for corrupt politicians with whom God has blessed with elective office, and churches that give the corrupt ‘cover’ under the guise of supporting Caesar and signing off in favor of the corrupted lusts of the state.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> The SAME state; the SAME Black elected officials I’d like to remind us that said it was allowable to close churches; allow Antifa and BLM to riot and keeping the liquor stores open during the recent Wuhan Virus pandemic.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> <em>Mike Ramey is a Retired Minister, KJV Bible Teacher, syndicated columnist and Bible Prophecy Specialist who lives in Indianapolis, Indiana. “The Quick Scan” is one of a variety of his columns appearing and abounding in print and cyberspace, written from a biblical, business, and common-sense perspective since 1996. To drop him a line—or a whine—the address is still the same: </em><a href="mailto:mgmikeramey@yahoo.com"><em>mgmikeramey@yahoo.com</em></a><em>. ©2024 Barnstorm Communications International.</em></span></p></div>
The Quick Scan by Mike Ramey
https://www.theblacklist.net/profiles/blogs/the-quick-scan-by-mike-ramey-572
2023-12-16T17:03:15.000Z
2023-12-16T17:03:15.000Z
Mike Ramey
https://www.theblacklist.net/members/MikeRamey
<div><p> </p><p><span style="font-size:12pt;"><u>AS SIN CONTINUES TO EXPAND—PART 1</u></span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Caught an interesting news item from Chicago recently. It seems that some in that city’s legislative body—composed mainly of Democrats—want to put the issue of whether Chicago remains a ‘sanctuary city’ up for referendum before the citizens of Chicago in the spring of 2024. Unfortunately, most of the Aldermen did NOT support such as move, as illegal aliens have flocked to Chicago—and pushed Black folk out of the way for jobs, education, social services, and public funds. Black folk in the Windy City who attended the council meeting did NOT like this action by their elected officials.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Here in my home city of Indianapolis, Indiana, the populace just re-elected many of the same Democrats who were chided for causing rising crime rates, rising taxes, and rising juvenile homicides through a weak Prosecutor, a weak police chief, and a tone-deaf Mayor who was—by published sources—out of town when the city had its riots that destroyed much of our downtown.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Lest I forget, the battle rages on involving the leading Republican presidential candidate—Donald Trump—as he has been accused of committing a host of crimes and prosecuted by a weaponized U. S. Department of Justice. Meanwhile, the current president who is over the DOJ, FBI, and other parts of the government—Joseph Biden—is under a cloud of his own, as his son (and others) have allegedly been doing many of the host of crimes that they have accused Trump of committing. Biden is under an Impeachment Inquiry, voted onto the books by a Republican-controlled Congress who have been ‘following the constitutional road’ rather than a ‘snap Democrat impeachment’ trail with no evidence of wrongdoing against the previous president—other than Trump wanting to serve the American people and ‘drain the swamp’.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> These three examples should make it quite clear that our national sins are on God’s radar, they CONTINE to expand. Now, I realize that we don’t hear that much about SIN in society and in our government institutions. Nevertheless, sin IS running rampant! Until there is repentance shown by the electorate—for OUR sins—how can we expect to have better government, regardless of who is trusted with the levers of power?</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Keep in mind that a variety of the following sin items were approved by governments either at the local, state, or national level. Each one of these is a sin against God. Some of these sins clearly MOCK some standard that God has established through His Word. Some are STILL on the books; some are not:</span></p><p><span style="font-size:12pt;"> </span></p><p><span style="font-size:12pt;">*Fugitive Slave laws</span></p><p><span style="font-size:12pt;">*The Dred Scott Decision</span></p><p><span style="font-size:12pt;">*Sundown laws</span></p><p><span style="font-size:12pt;">*Liquor (and the sin taxes, and the defeat of Prohibition)</span></p><p><span style="font-size:12pt;">*Gambling (including the lottery, sportsbook, and casinos)</span></p><p><span style="font-size:12pt;">*Marijuana legalization</span></p><p><span style="font-size:12pt;">*Abortion on Demand</span></p><p><span style="font-size:12pt;">*Homosexual (sodomite) marriage</span></p><p><span style="font-size:12pt;">*Critical Race Theory</span></p><p><span style="font-size:12pt;">*BDS policies</span></p><p><span style="font-size:12pt;">*Diversity, Equity, Inclusion policies</span></p><p><span style="font-size:12pt;">*No-fault divorce</span></p><p><span style="font-size:12pt;">*Welfare system & Child Support system (merged in the 1980s)</span></p><p><span style="font-size:12pt;">*Prostitution</span></p><p><span style="font-size:12pt;">*Excessive Taxation</span></p><p><span style="font-size:12pt;">*Homelessness Policies (non-enforcement)</span></p><p><span style="font-size:12pt;">*Wuhan Virus Mandates</span></p><p><span style="font-size:12pt;">*Environmental Mandates</span></p><p><span style="font-size:12pt;">*Sanctuary city/state laws/rules</span></p><p><span style="font-size:12pt;">*Illegal Aliens (non-enforcement of immigration laws is a sin)</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> It is one thing for a people to sin. It is another to have such sin legitimized by and in legislation. It is another for government officials at any level of government to willingly commit immoral or criminal acts and appear before the public unashamed, if not downright defiant and willing to justify their actions. Further, non-enforcement of a law for political or personal gain is a sin! Law, without sanction (punishment) is merely suggestion.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> From time to time, I have been blessed to teach and write about the subject of Bible Prophecy. Did you know that roughly 25% of the KJV Bible covers the subject of prophecy? Did you know that the KJV Bible is MORE accurate about Old and New Testament prophecy than other ‘modern’ translations? What we are seeing played out before us is not new to God, but it is eye-opening to the rest of us.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Jesus Christ Himself is not only the source of Bible Prophecy, but he also spoke explicitly about His second coming—and what would precede it—in the Gospels of Matthew, Chapters 24 and 25; Mark 13; Luke 21 and John, Chapters 14 through 17. If you want to gain a sure understanding of the basics of Bible Prophecy, THESE are the best chapters to study—what came from the mouth of Jesus Christ on the Mount of Olives the FIRST time he touched down on earth in human form (and no, his color was never mentioned in the gospel record).</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> From a biblical point of view, the Rapture of the Church (those who have accepted Christ) CAN happen at any time (I Thessalonians 4, KJV). However, the signs of the soon return of Jesus Christ are being spelled out in society in our modern era through the expansion of sin in our institutions—government being one of them.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Those who have voted in those who practice sin in their official offices and positions are going to be held accountable just as those who have been elected—or appointed. Sadly, we have seen a LOT of public corruption since 2020 and it is getting worse as sin continues to expand and the world is growing gloriously dark. More to come, in part two.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> <em>Mike Ramey is a Retired Minister, KJV Bible Teacher, syndicated columnist and Bible Prophecy Specialist who lives in Indianapolis, Indiana. “The Quick Scan” is one of a variety of his columns appearing and abounding in print and cyberspace, written from a biblical, business, and common-sense perspective since 1996. To drop him a line—or a whine—the address is still the same: </em><a href="mailto:mgmikeramey@yahoo.com"><em>mgmikeramey@yahoo.com</em></a><em>. ©2023 Barnstorm Communications International.</em></span></p></div>
The Quick Scan by Mike Ramey
https://www.theblacklist.net/profiles/blogs/the-quick-scan-by-mike-ramey-203
2023-07-27T04:16:51.000Z
2023-07-27T04:16:51.000Z
Mike Ramey
https://www.theblacklist.net/members/MikeRamey
<div><p> </p><p><span style="font-size:12pt;"><u>THE OBAMA LEGACY UNDER THE BIDEN CLOUD</u></span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> You have already heard about the collapse of the Hunter Biden plea deal, and the soon-to-begin Impeachment Inquiry against President Joe Biden because of Bribery (and other) hanky-panky that took place, allegedly, during his tenure as Vice President. However, the elephant in the room (pardon the pun, since I am a Republican) is what this may do to the legacy of former President Barack Obama.</span></p><p><span style="font-size:12pt;"> Obama has been strangely quiet during this process involving POTUS Biden. However, as the charges, whistleblowers and evidence grow—and points—in the direction of this having happened WHILE Biden was Obama’s Vice President has JUST placed a huge cloud over the Obama legacy. Official Washington has not mentioned this issue—nor will you hear about it anytime soon in the ‘usual’ media sources fed by the ‘mainstream mess’. They are TERRIFIED!</span></p><p><span style="font-size:12pt;"> For Obama, though, this is a VERY serious time in his political career.</span></p><p><span style="font-size:12pt;"> IF Biden goes down, the allegations will truly harm BOTH Barack and Michelle Obama, putting them in a position as being damaged political goods. Thus—in the ranks of the Democrat party—the party that claims to love and ‘represent’ Black people will--in effect--watch the destruction of the legacy of the first BLACK president.</span></p><p><span style="font-size:12pt;"> Such a tree falling on the Obamas will NOT be soon forgotten by some Black voters who still proudly have pictures of the 44<sup>th</sup> President displayed in their homes and churches. Nevertheless, the sawing is going on. The GOP is using a page from Democrat Nancy Pelosi’s playbook…but THIS time the Republicans have REAL evidence to take to an Impeachment Inquiry—evidence that is real and can survive any factcheck agency that you would like to sanction.</span></p><p><span style="font-size:12pt;"> The Democrat allies of the Democrat National Committee in the mainstream mess have already started ‘discovering’ things that Conservative commentators have been reporting on for the last several years to protect themselves as they ‘weaken’ their protection of the Bidens. Let me say this again—from a political point of view—I am on the other side of the isle from the Obamas. However, I am NOT happy about how Biden—week by week—has buzz sawed more and more of the Obama legacy. We get the FIRST Black President—and his hand-picked Veep—does a slow-motion crash into his legacy. IF Impeachment passes the House and heads to the Senate, there are Democrats who want to block it—but I don’t think this will happen. Yes, they want Biden gone—but they ALSO can’t afford to damage Obama’s legacy. What will they do? What will they do? The 2024 Elections are NOT that far off…</span></p><p><span style="font-size:12pt;"> <em>Mike Ramey is a Retired Gospel Minister, syndicated columnist and Bible Prophecy Specialist living in Indianapolis, Indiana. “The Quick Scan” is one of a variety of columns appearing and abounding in print and cyberspace, written from a biblical, business, and common-sense perspective since 1996. To drop him a line—or a whine—the address is still the same: </em><a href="mailto:mgmikeramey@yahoo.com"><em>mgmikeramey@yahoo.com</em></a><em>. ©2023 Barnstorm Communications International.</em></span></p><p><span style="font-size:12pt;"> </span></p></div>
The Quick Scan by Mike Ramey
https://www.theblacklist.net/profiles/blogs/the-quick-scan-by-mike-ramey-15
2023-03-01T17:46:25.000Z
2023-03-01T17:46:25.000Z
Mike Ramey
https://www.theblacklist.net/members/MikeRamey
<div><p> </p><p><span style="font-size:12pt;"><u>THE BLACK STAKE IN THE UKRAINE WAR</u></span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Former President Donald Trump did what no other president of our modern era did: He kept our boys—and money—out of Ukraine, the money laundering capitol of the eastern bloc. Many on both sides of the political spectrum did not like the fact that on Trump’s watch, the United States managed to roll up an impressive score of major foreign policy victories by eliminating terrorists, keeping dictators in check, the Abraham accords and moving our Embassy to Jerusalem.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> I’ll take mean tweets over the restoration of the ‘draft’ anytime. So should you.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> As one who still has his draft card from Vietnam, I’d like to remind Democrats (you know, the party of alphabets, love, peace, and anti-war) of one key historic truth left over from those days: There was an inordinate amount of young Black men who went off to serve in uniform, period. Why? Because; a) the unemployment rate was high and the draft was the only way in which some could earn an income, and; b) the draft system allowed those who were mainly white and in college to not ‘have’ to participate in the draft—provided that they stayed in school.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> War is not as ‘clean’ or ‘fun’ as it appears in video games when YOU are in a uniform, holding a weapon and are ducking REAL bullets from people who want to kill you. Word.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> Black Democrats are amazed that they have been getting heckled at Town Halls by young supporters for their stance at shipping millions to Ukraine without helping Americans. More such heckling is on the way. AOC got heckled last year at her support for this war. Hakeem Jeffries got heckled this year for his support—and he’s the leader of House Democrats. One would think that they would get the message that young folk don’t have a desire to fight in a globalist war to ‘help out’ rich, mainly white, and greedy Democrats (and Republicans) to keep their families and bank accounts fat, and intact.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> <u>Black folk have NO stake in the war in the Ukraine, period</u>. However, as history does repeat itself, the economy soon—possibly by the fall of this year—will have an unemployment rate of more than 6 percent. Black folk need to start heckling—and voting—against those of our color who want to ship young Black men overseas. It worked in Chicago. It can work in your city. </span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> The party of anti-war is strangely silent at the actions of the President Joe Biden as he sends millions overseas to Ukraine in the middle of a U.S. recession of his making. Unless we want to see Black soldiers fighting in yet another fruitless war, the time is NOW to start putting the voting pressure on those who ‘claim’ to be friends of ‘our people’.</span></p><p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"> <em>Mike Ramey is a Retired Minister, KJV Bible Teacher, syndicated columnist and Bible Prophecy Specialist who lives in Indianapolis, Indiana. “The Quick Scan” is one of a variety of his columns appearing and abounding in print and cyberspace, written from a biblical, business, and common-sense perspective since 1996. To drop him a line—or a whine—the address is still the same: </em><a href="mailto:mgmikeramey@yahoo.com"><em>mgmikeramey@yahoo.com</em></a><em>. ©2023 Barnstorm Communications International.</em></span></p></div>
For what exactly are we praying?
https://www.theblacklist.net/profiles/blogs/for-what-exactly-are-we-praying
2017-03-02T02:30:00.000Z
2017-03-02T02:30:00.000Z
Femi Akomolafe
https://www.theblacklist.net/members/FemiAkomolafe
<div><p><a href="http://alaye.biz/wp-content/uploads/2014/03/president-mahama-with-priests.jpg" target="_blank"><img src="http://alaye.biz/wp-content/uploads/2014/03/president-mahama-with-priests.jpg?width=650" width="650" class="align-full" alt="president-mahama-with-priests.jpg?width=650" /></a>So, once again, the president assembled some Christian priests and together they prayed for the nation. At the end of the jamboree, they declared a 7-day prayer for the country.</p><p>Ah!</p><p>Are we ever going to learn in this country?</p><p>Readers will agree that this column has consistently maintain the principled stance that prayers are no substitutes for thinking and planning.</p><p>My younger brother’s favourite saying is: ‘<strong>Prayer is not a strategy</strong>,’ and I fully subscribe to it.</p><p>It is difficult to know for what exactly we in Africa continue to pray.</p><p>Why do people forget that Modern China is just eight (8) years older than Modern Ghana?</p><p>Today, it is to the Chinese we look up to for assistance – technical as well as financial.</p><p>The simple question we ought to ask ourselves is: would the Chinese be in a position to render help to if they have wasted their own time in supplications to gods like we do in Africa?</p><p>Malaysia became independent in 1957, the same year as our blessed republic. But, today, Malaysia is so far ahead technologically that there is no more basis for comparison between the two countries.</p><p>We do not pretend to know everything or have answers to all that ail us; all we do is to interrogate our brains and ask ourselves questions.</p><p>Were I a god or the Jesus to whom the Christians pray, my questions to African Christians would be simple and direct: What exactly is it that you pray for?</p><p>In many articles, we refer to the title of the classic by Nigerian writer, Ola Rotimi, “<strong>The gods are not to blame.”</strong></p><p>We have had our fair share of travel around the world, and we dare say that few places, in the wide world, is as blessed as our continent, Africa.</p><p>From Cape to Cairo, from Asmara to Casablanca, our continent is well-endowed with every mineral that should make us immensely wealthy indeed.</p><p>In our own dear republic, from Tarkwa to Wa, our land drips with one precious metal or the other. Recently, we discovered commercial-quantity oil and gas.</p><p>So, please let us ask our president and the Christian leaders what exactly more they want Jesus or the gods to do for us?.</p><p>For what exactly do they pray?</p><p><span class="font-size-4"><strong>READ MORE AT: <a href="http://alaye.biz/for-what-exactly-are-we-praying/" target="_blank">For what exactly are we praying?</a></strong></span></p><p><em><strong><span style="color:#993300;">Posted by By</span> <a href="http://alaye.biz/author/akogun-akomolafe/" title="Posts by Akogun Akomolafe">Akogun Akomolafe</a> <span style="color:#993300;">25 March, 2017</span></strong></em></p><p><span>Follow me on Twitter: <a class="ProfileHeaderCard-screennameLink u-linkComplex js-nav" href="https://twitter.com/ekitiparapo">@<span class="u-linkComplex-target">ekitiparapo</span></a></span></p><p></p><p></p></div>
International Bankers Are The Cause of US Economic Implosion
https://www.theblacklist.net/profiles/blogs/international-bankers-are-the-cause-of-us-economic-implosion
2014-01-06T18:10:45.000Z
2014-01-06T18:10:45.000Z
Junious Ricardo Stanton
https://www.theblacklist.net/members/JuniousRicardoStanton
<div><p><b> From The Ramparts</b></p><p> Junious Ricardo Stanton</p><p> <strong> International</strong> <b>Bankers Are the Blame For the US Financial Implosion</b></p><p><b> </b></p><p><i>“The latest stage in the bankruptcy hearings has highlighted the role of the banks in wrecking municipal and family finances across the country. Detroit had one of the highest percentages of subprime loans—many from Countrywide, which was taken over by Bank of <a href="http://rinf.com/alt-news/?s=America">America</a> in 2007—and an estimated 69,000 home foreclosures that have left entire neighborhoods abandoned and boarded up. This disaster was the outcome of predatory lending schemes—using variable interest rates—similar to those entered into by the city in 2005.” Emergency manager acknowledges bank deals pushed on Detroit were likely illegal.</i> By Thomas Gaist <a href="http://rinf.com/alt-news/breaking-news/emergency-manager-acknowledges-bank-deals-pushed-on-detroit-were-likely-illegal/">http://rinf.com/alt-news/breaking-news/emergency-manager-acknowledges-bank-deals-pushed-on-detroit-were-likely-illegal/</a></p><p> </p><p>The big story in Detroit’s bankruptcy hearings is the deals the city entered into with the major “Too Big to Fail” banks (loan sharking cartels) were probably illegal and the SEC failed to respond to city inquiries about their legality. In testimony during the bankruptcy hearing in Detroit the state appointed Emergency Manager Kevyn Orr testified he had serious misgivings about paying UBS and Bank America the money the city owed them. Take a few minutes to read his reasons in an article at <a href="http://rinf.com/alt-news/breaking-news/emergency-manager-acknowledges-bank-deals-pushed-on-detroit-were-likely-illegal/">http://rinf.com/alt-news/breaking-news/emergency-manager-acknowledges-bank-deals-pushed-on-detroit-were-likely-illegal/</a>. It will open your eyes to the vastness of the corruption and fraud and how endemic it is within the system.</p><p>I have been saying for years the financial and economic implosions we are experiencing are not the result of “free market” cycles but of massive fraud, malfeasance and criminal collusion among big banks, local, state, the federal government and the corporate media (who treat us like mushrooms, keep us in the dark and feed us cow manure). In his testimony Orr mentioned five key reasons he felt the banks engaged in illegal dealings with the city. You can see them at <a href="http://rinf.com/alt-news/breaking-news/emergency-manager-acknowledges-bank-deals-pushed-on-detroit-were-likely-illegal/">http://rinf.com/alt-news/breaking-news/emergency-manager-acknowledges-bank-deals-pushed-on-detroit-were-likely-illegal/</a></p><p>Keep in mind Orr was testifying under oath and his former law firm Jones Day was making big money in billable hours on Detroit’s financial crisis. This is on top of the hundreds of millions banks like Bank of America, JPMorgan Chase, USB, Merrill Lynch made off of interest rate swaps (an agreement between two parties (known as counterparties) where one stream of future interest payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to an interest rate [most often the LIBOR]. A company will typically use interest rate swaps to limit or manage exposure to fluctuations in interest rates, or to obtain a marginally lower interest rate than it would have been able to get without the swap. <a href="http://www.investopedia.com/terms/i/interestrateswap.asp">http://www.investopedia.com/terms/i/interestrateswap.asp</a>), loans and bond underwriting fees.</p><p>It was discovered in 2012 the international “too big to fail” banks were rigging the London Inter-Bank Offer Rate (LIBOR) and in true Klepocracy form when they got caught they only received a slap on the wrist. This is one of the reasons Orr said the Detroit deals with the banks were illegal.</p><p> What is LIBOR and why is it so important not only to cities like Detroit and Philadelphia but for everyday folks like you and me? About.com puts it this way, “In 2012, Barclays' bank was accused of falsely reporting lower rates than they were actually being offered during the period 2005-2009. As a result, Barclays' was fined $450 million, and its CEO Bob Diamond resigned. However, Mr. Diamond said that most other banks were doing the same thing, and that the Bank of England knew about it.</p><p>Why would Barclays', or any bank, lie about its LIBOR rate? It could make higher profits, because a low LIBOR rate is seen as a mark that the bank is more sound than one with a higher LIBOR rate. Since Barclays' submitted a lower rate, you could benefit, too. A lower LIBOR rate translates to a lower interest rate on many adjustable-rate loans.(Source: Business Live, <a href="http://www.businesslive.co.za/world/int_companies/2012/07/04/barclays-sets-out-defence-on-libor-fixing" target="_blank">Barclays' Defense on LIBOR Fixing</a>, July 4, 2012) In addition to setting rates for interbank loans, LIBOR is also used to guide banks in setting rates for <a href="http://useconomy.about.com/od/glossary/g/Adjustable_Rate.htm">adjustable-rate</a> loans, including <a href="http://useconomy.about.com/od/glossary/g/interest_only.htm">interest-only</a> mortgages and <a href="http://useconomy.about.com/od/glossary/g/credit_card_debt.htm">credit card debt</a>. Lenders typically add a point or two to create a profit. The BBA estimates <u>that $10 trillion in loans</u> are affected by the LIBOR rate. LIBOR is also the rate used to base the price for <a href="http://useconomy.about.com/od/glossary/g/default_swap.htm">credit default swaps</a>. These are a form of insurance against the default of loans. They helped caused the <a href="http://useconomy.about.com/od/criticalssues/f/What-Is-the-Global-Financial-Crisis-of-2008.htm">financial crisis of 2008</a> by lulling banks and <a href="http://useconomy.about.com/od/themarkets/f/hedge_funds.htm">hedge funds</a> into thinking there was no risk to the <a href="http://useconomy.about.com/od/glossary/g/mortgage_securi.htm">mortgage-backed securities</a> these swaps insured. However, when the subprime mortgages that were behind these <a href="http://useconomy.about.com/od/glossary/g/Derivatives.htm">derivatives</a> began to default, insurance companies like <a href="http://useconomy.about.com/od/businesses/p/AIG.htm">AIG</a> didn't have enough cash on hand to pay off all the swaps. The <a href="http://useconomy.about.com/od/governmentagencies/p/fed.htm">Federal Reserve</a>had to bail out AIG to keep all those who held swaps from going bankrupt. Even today, LIBOR is the basis for <u>$350 trillion of credit default swaps</u>… A higher LIBOR rate is like a fear tax. At the time, the LIBOR rate affected $360 trillion worth of financial products. As LIBOR rose to a full point above the Fed funds rate, it was like an additional $3.6 trillion in interest that was being charged to borrowers, but contributing nothing in return. Investors were afraid this ‘fear tax’ would slow economic growth -- which is exactly what it did. Not until the<a href="http://useconomy.about.com/od/criticalssues/a/govt_bailout.htm">$700 billion bailout</a> helped reassure banks did LIBOR return to normal levels.” <a href="http://useconomy.about.com/od/glossary/g/LIBOR.htm">http://useconomy.about.com/od/glossary/g/LIBOR.htm</a></p><p> The fraud was not only in Barclay’s; all the “too big to fail” banks were doing it! This impacted the whole global financial capital/lending/borrowing system, Detroit included. In effect the LIBOR rigged interest rates around the world. Interest rates are the life blood of the banking system just like with street level loan sharking. But in this case the whole system was rigged! This impacted ordinary folks because “If you have an adjustable-rate loan, your rate will reset based on the LIBOR rate. As a result, if LIBOR rises, so will your monthly payments. The same will happen to your outstanding monthly credit card debt. Even if you have a <a href="http://useconomy.about.com/od/glossary/g/fixed_rate.htm">fixed-rate</a> loan and pay off your credit cards each month, a rising LIBOR will make all types of consumer and business loans more expensive. This reduced <a href="http://useconomy.about.com/od/glossary/g/liquidity.htm">liquidity</a> will cut back on consumer <a href="http://useconomy.about.com/od/demand/a/demand_primer.htm">demand</a>, slowing economic growth. Businesses that can't expand won't need to hire. As demand falls, they may even need to lay off workers. If LIBOR remains high, then it could create a <a href="http://useconomy.about.com/od/grossdomesticproduct/f/Recession.htm">recession</a> and resultant high <a href="http://useconomy.about.com/od/supply/f/unemploy_define.htm">unemployment</a>. ” <a href="http://useconomy.about.com/od/glossary/g/LIBOR.htm">http://useconomy.about.com/od/glossary/g/LIBOR.htm</a>. Also the taxpayers are on the hook for the bailouts to the TBTF banks, GM and other entities.</p><p> The Bush and Obama administrations were in cahoots with the banksters which is why no one went to jail and at worst they paid a few million dollars in fines (out of the trillions they made off rigging LIBOR) and the beat goes on. The problem is ordinary people are suffering because of their criminality like the millions who lost their homes or whose mortgages are more then the houses are now worth and the workers and pensioners in Detroit who will get messed over big time. During the bankruptcy the banks may get 75 cents on the dollar while the pensioners will only get 10 cents on the dollar to cover their pension fund obligations. This means cuts in pension benefits, possible default on pensioners if the plans go belly up for lack of funds!</p><p> Detroit is not alone; this is a national and global game plan as the banksters plot and scheme to steal our pensions and retirement funds (which are already severely underfunded) as well as gut the pension plans of municipalities, counties and states caught in their web of debt, fraud and mismanagement. Keep in mind it was the bankers, consultants and think tanks that influenced and induced politicians to go along with their schemes not to adequately fund the pension obligations and to get deeper into debt using exotic interest swaps and loans based on a rigged LIBOR to fund projects and cover budget shortfalls. Either way the banksters win! The bankers, agents and attorneys make millions off the processing fees for these loans and bonds but it’s the taxpayers who are on the hook to repay the money or take the hit when the bottom falls out.</p><p> I’m not trying to be a Chicken Little or a prophet of doom and gloom, we need to know the real causes of the crisis (as opposed to the corporate media fairytales) who the culprits are and be aware of their game plan. Let’s hope the people of Detroit and the unions get a smidgen of justice in the courts and the banksters don’t steal everything out from under them.</p><p> </p><p> -30-</p><p> </p><p> </p><p> </p></div>
The D Word
https://www.theblacklist.net/profiles/blogs/the-d-word
2009-04-07T12:38:43.000Z
2009-04-07T12:38:43.000Z
Junious Ricardo Stanton
https://www.theblacklist.net/members/JuniousRicardoStanton
<div><b>From The Ramparts</b>Junious Ricardo Stanton<b>The D Word</b><i>“At the root of the banks’ problems are the large losses they have undoubtedly taken on their securities and loan portfolios. But they don’t want to recognize the full extent of their losses, because that would likely expose them as insolvent. So they talk down the problem, and ask for handouts that aren’t enough to make them healthy (again, they can’t reveal the size of the handouts that would be necessary for that), but are enough to keep them upright a little longer. This behavior is corrosive: unhealthy banks either don’t lend (hoarding money to shore up reserves) or they make desperate gambles on high-risk loans and investments that could pay off big, but probably won’t pay off at all. In either case, the economy suffers further, and as it does, bank assets themselves continue to deteriorate—creating a highly destructive vicious cycle. ”</i> The Quiet Coup By Simon Johnson /informationclearinghouse.info/article22346.htmThe US lost over six hundred thousand jobs last month ! In 2008 twenty-three banks failed. As of April 2009, twenty-one banks have been closed or taken over by the FDIC. Yet the corporate mind control apparatus wants you to think we are in a “recession”. Not hardly. We are experiencing a depression pure and simple. The main thing that characterizes a depression in a capitalistic system is not the loss of jobs, that is merely one effect; the real cause of a depression is the contraction of credit (debt) and money by the banks. This means the banks are not lending which strangles the flow of money and credit (debt) which essentially shuts down the whole economy. It’s similar to a body in which the vital organs are shutting down, the body becomes weak, lethargic and eventually dies unless a successful intervention is attempted. Alas the monetary and fiscal interventions being tried by the Bu$h and Obama administrations won’t work for a host of reasons.“Since about 1950, return on investments in manufacturing has sharply decreased, leading to the creation of a fantasy economy of financial scams such as derivatives, swaps, futures, options, mortgage-backed securities (MBSs), collateralized debt obligations (CDOs), and structured investment vehicles (SIVs). There has been a massive migration of capital from real, productive industry to the ‘speculative sector’ run by financial giants like AIG and Lehman Brothers. All of these swindles are unreal, mere entries in digital ‘space.’ Derivatives, for example, are mere mathematical formulas in which profits are supposed to derive not from trading assets but from speculation on the expectations of the risk of underlying assets. Such speculative chimera have created a nuclear device that has now exploded, mortally wounding the ‘real economy.’” Economic Collapse <a href="http://www.hermes-press.com/">http://www.hermes-press.com/</a>The speculative sector of the financial system relied on what are called “Weapons of Math Destruction” mathematical algorithms, statistical probabilities of risk (failure) and they bet on the probabilities thinking they could beat the market (house). The problem was there were elements of the speculative sector that were also manipulating the markets. To add to the fraud many speculators (betters) were placing their bets with limited cash so in effect they were taking out large policies (credit default swaps) but putting the bare minimum down. So AIG took out a policy (bet) but only demanded a small down payment on a multi-billion dollar policy (bet). If the thing the person bet on or against happened, AIG was forced to pay out in full. Unfortunately too many individuals and hedge funds were doing the same thing at the same time. This was a recipe for disaster.“In each of those cases, global investors, afraid that the country or its financial sector wouldn’t be able to pay off mountainous debt, suddenly stopped lending. And in each case, that fear became self-fulfilling, as banks that couldn’t roll over their debt did, in fact, become unable to pay. This is precisely what drove Lehman Brothers into bankruptcy on September 15, causing all sources of funding to the U.S. financial sector to dry up overnight. Just as in emerging-market crises, the weakness in the banking system has quickly rippled out into the rest of the economy, causing a severe economic contraction and hardship for millions of people. But there’s a deeper and more disturbing similarity: elite business interests—financiers, in the case of the U.S.—played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.” The Quiet Coup By Simon Johnson informationclearinghouse.info/article22346.htmAs a result of their massive losses, the major investment and commercial banks are now insolvent; those who aren’t are forced to hoard their cash to prevent from going under. There is a lack of trust in the whole system. The banks don’t trust each other and won’t lend to each other even overnight ! The banksters’ hoarding and insolvency are suffocating the economy, both in consumer terms (even though most AmeriKKKans are over their heads in debt) and the broader business sector. This is what is causing the current depression. This will continue for the foreseeable future. Remember the “Great Depression” lasted ten years.Now the banksters are colluding with the crooks and imbeciles in Washington to bilk US taxpayers out of our hard earned tax dollars, savings and retirement funds to save the banks and AIG. Next they will go after Social Security and the other social safety net programs supposedly to save money and prevent the US from defaulting on its obligations and eventually going belly up. Only a push by the people and the honest politicians (an oxymoron if there ever was one) will derail their plans.Unfortunately the total debt from the underpayment, under-collateralization and over borrowing by the speculators far outweighs any money the government saves or collects in taxes or the people have in savings. In effect the US is pouring money we don’t have into a bottomless hole to give the illusion it can save Wall Street, AIG, the auto industry and state and local governments. Obama and his “advisors” are perpetrating a massive fraud. They are trying to trick us into believing they are on our side, trying to save the economy. To see just how criminal it all is watch the Bill Moyers interview with William L Black on PBS online at <a href="http://feeds.pbs.org/pbs/moyers/journal-video">http://feeds.pbs.org/pbs/moyers/journal-video</a> It’s time to face the truth, Obama is on the side of Wall Street and the international bankers. Look for the current depression to worsen and the country to slide into third world living standards as Obama and Congress pour more money down the drain to benefit their bankster buddies. It’s time to wake up, rise and act out otherwise it’s all over.-30-</div>