Big Banks Have Become Mafia-Style Criminal Enterprises

[skinz]

Big Banks Have Become Mafia-Style Criminal Enterprises

Posted on June 29, 2012 by WashingtonsBlog

Banks Conspire to Fleece the Public

Big Banks Have Become Mafia-Style Criminal Enterprises - Washington's Blog

Two stories this week prove once again that the big banks are literally criminal enterprises.
Initially, all of the big banks have engaged in Mafia-style “bid-rigging” of municipal bonds, to bilk money from every city in the nation … to the collective tune of tens billions of dollars.
And Barclays and other large banks – including Citigroup, HSBC, J.P. Morgan Chase, Lloyds, Bank of America, UBS, Royal Bank of Scotland – manipulated the world’s primary interest rate (Libor) which virtually every adjustable-rate investment globally is pegged to.

And see this. That means they manipulated a good chunk of the world economy. Other recent stories also show criminal fraud as well. For example, the big banks have been cheating homeowners … especially veterans.
And as Max Keiser explains, banking giants Mellon and State Street shaved money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide:

(Details here, here, here, here, here, here, here, here, here, here, here.) Indeed, the entire business model of the big banks is fraud. See this, this, this, this, this and this.
Fraud caused the 1930s Depression and the current financial crisis.
Regulators Have Become “Cops On the Take”
There’s no recovery because the government made it official policy not to prosecute fraud (and see this, this, this, and this).
Unfortunately, the cop is on the take … and the government’s only actions are to cover up the fraud and to leave the people holding the bag.


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7 Responses to Big Banks Have Become Mafia-Style Criminal Enterprises

FGH says:
June 29, 2012 at 12:49 pm
Interesting, but old news…
“I believe that banking institutions are more dangerous to our liberties than standing armies. ”
-Thomas Jefferson
Reply
Joseph Zernik, PhD, Human Rights Alert (NGO) says:
June 30, 2012 at 5:59 am
Old news even relative to banks and regulators in the current crisis/scam…
Evidence of criminality by Bank of America and its senior executives is already abundant. It is only that the US Government treats it as the beneficiary of sovereign immunity.
See also:
[1] 11-08-08 PRESS RELEASE: Los Angeles Superior Court – Widespread Corruption and Refusal of the US Government to Take Action_Presentation in the 16th World Criminology Congress
11-08-08 PRESS RELEASE: Los Angeles Superior Court - Widespread Corruption and Refusal of the US Government to Take Action_Presentation in the 16th World Criminology Congress
[2] 11-08-08 PRESS RELEASE: Fraud and Corruption in the US Courts are Tightly Linked to Failing Banking Regulation and the Global Economic Crisis – presentation in the 16th World Criminology Congress, Japan
11-08-08 PRESS RELEASE: Fraud and Corruption in the US Courts are Tightly Linked to Failing Banking Regulation and the Global Economic Crisis
[3] 10-05-05 Countrywide, Bank of America [NYSE;BAC], and its President Brian Moynihan Compilation of Records Evidence of Racketeering
10-05-05 Countrywide, Bank of America (NYSE:BAC), and its President Brian Moynihan - Compilation of Records - Evidence of Racketeering s
[4] 10-05-05 Chairs of US Congress Committees of the Judiciary and Banking Are Requested to Join Senator Feinstein’s Inquiries on Comptroller of the Currency
10-05-05 Chairs of US Congress Committees of the Judiciary and Banking Are Requested to Join Senator Feinstein
[5] 10-07-06 Complaint Filed with US Attorney Office Los Angeles Against Moynihan Bank of America [NYSE:BAC] Bryan Cave LLP Alleging Racketeering
10-07-06 Complaint Filed with US Attorney Office, Los Angeles, Against Brian Moynihan, Bank of America (NYSE:BAC), Bryan Cave LLP, Alleging Racketeering and Large Scale Financial Institution Fraud s
[6] 10-07-06 Complaint Filed with US Attorney Office, Los Angeles, Against Brian Moynihan, Bank of America [NYSE:BAC], Bryan Cave LLP, Alleging Racketeering and Large Scale Financial Institution Fraud
10-07-06 Complaint Filed with US Attorney Office, Los Angeles, Against Brian Moynihan, Bank of America (NYSE:BAC), Bryan Cave LLP, Alleging Racketeering and Large Scale Financial Institution Fraud s
[7] 11-08-18 California Sues Attorneys for Bringing Allegedly Fraudulent Mortgage Suits – Law Blog – WSJ
11-08-18 California Sues Attorneys for Bringing Allegedly Fraudulent Mortgage Suits - Law Blog - WSJ
[8] 11-08-25 Schwab Sues 11 Major Banks for Manipulating Libor _ Reuters
11-08-25 Schwab Sues 11 Major Banks for Manipulating Libor _ Reuters
[9] 11-09-02 The Feds Discover Evidence that Bank of America has been a Corrupt Organization…
11-09-02 The Feds Discover Evidence that Bank of America has been a Corrupt Organization
[10] 11-10-13 How Bank of America Covered Up Fraud by Silencing Whistle Blowers _ _ AlterNet
11-10-13 How Bank of America Covered Up Fraud by Silencing Whistle Blowers _ _ AlterNet
[11] 11-09-23 Countrywide Whistleblower Sings
11-09-23 Countrywide Whistleblower Sings
[12] 12-01-30 Vistas in Legal-Economic Theory: Perpetual corporate immunity as a major intangible capital asset and a driving force in socio-economic development, or lack thereof
12-01-30 Vistas in Legal-Economic Theory: Perpetual corporate immunity as a major intangible capital asset and a driving force in socio-economic development, or lack thereof
[12] 12-03-05 Tabibi Allow Failure to Fail – Bank of America Teetering on the Edge of Collapse_ Information Clearing House
12-03-05 Tabibi: Allow Failure to Fail - Bank of America Teetering on the Edge of Collapse_ Information Clearing House
[13] 12-03-06 Ponying Up_ How Much Have Big Banks Been Docked for the Financial Crisis_ProPublica
12-03-06 Ponying Up_ How Much Have Big Banks Been Docked for the Financial Crisis_ProPublica
[14] 12-06-04 Ongoing Criminality at Bank of America
12-06-04 Ongoing Criminality at Bank of America
[15] 12-06-07 More Evidence of Criminality at Goldman Sachs and Merrill Lynch (Bank of America) – ‘Naked Short Selling’
12-06-07 More Evidence of Criminality at Goldman Sachs and Merrill Lynch (Bank of America) - 'Naked Short Selling'
Reply
gozounlimited says:
June 29, 2012 at 3:59 pm
Big Banks Have Become Mafia-Style Criminal Enterprises …. In Order To Support the Illusion of Globalization
The (B)Clinton/Bush grand scam has fallen apart…..And now the world is being run by psychopaths and sociopaths…..surprised? Obama’s not……
12 million RBS customers have been shut out of their accounts and ATM withdrawals for SIX days due to a “glitch.” REALLY?
Let’s be blunt, the EU banking system is a $46 trillion toxic sewer filled with PIIGS debt. Even the ECB’s is not immune to this mess: over a quarter of its balance sheet is comprised of this garbage. You don’t spend over $1 trillion in nine months unless something very very bad is coming down the pike.
read more: The EU Has Already Broken Up
***********
Another Domino Falls in the LIBOR Banking Scam: Royal Bank of Scotland
Another one bites the dust. The Royal Bank of Scotland is about to be fined $233 million (£150 million pounds) for its role in the Libor-rigging scandal. It joins Barclays as the first banks to walk the plank in what should be, but so far is not, the most sensational financial corruption story since the crash of 2008.
Read more: Another Domino Falls in the LIBOR Banking Scam: Royal Bank of Scotland | Matt Taibbi | Rolling Stone
***********
“Money Changers are destroying the world.” Gerald Celente
see video: http://www.youtube.com/watch?v=LyfKESMBBqU&feature=relmfu
***********
Quelle Surprise! Fed Economists Side Firmly With Bank Criminality Over the Rule of Law – 06/29/2012 – Yves Smith
Servicers and their foreclosure mill arms and legs have so flagrantly violated long-standing real estate laws in how they execute foreclosures that some states have decided to up the ante in terms of penalties to get the miscreants to cut it out by discussing “Foreclose legally, damnit” laws.
read more: Quelle Surprise! Fed Economists Side Firmly With Bank Criminality Over the Rule of Law « naked capitalism
Reply
Roy Cobden says:
June 29, 2012 at 9:56 pm
So we can expect to see some token fines levied against the institutions involved while the miscreant individuals who directed the actions continue to collect their bonuses.
Once again, as in Matt Taibbi’s story last year, “Everything’s ****ed up, and nobody goes to jail.”
Why Isn't Wall Street in Jail? | Politics News | Rolling Stone
Reply
Wm Matz says:
June 29, 2012 at 10:56 pm
The banko criminality is rampant:
1. Fabricated documents and forged documents in millions of foreclosures. (San Francisco Recorder study found 84% of foreclosures had serious document errors.)
2. False or misleading documentation to borrowers about loans and MBS.
3. Now we learn they have been manipulating LIBOR. The BIG (!!!) issue here is the proof that the manipulation caused higher rates; that will translate into direct damages, probably in the hundreds of billions of dollars. But it is NOT true that LIBOR is the index used in “every adjustable rate…” Many ARMs use Treasury rates or COFI/COSI/CODI. And most HELOCs use prime. But LIBOR is very widely used, including in virtually all subprime loans.
Reply
Lou says:
June 30, 2012 at 2:27 am
The big Banks, the CIA and selected parts of the FED gov have LONG been running drugs both legal and illegal into the USA and laundering the profits. The bush family and the klinton family were and may be still the two largest drug crime families.
Until the good people of America acknowledge this crime and the NUMEROUS crimes committed under the aegis of the US Government our road to perdition continues.
As the criminal alliance between the criminals in government and the criminals in banking has stolen tens of trillions from the American people; the criminal alliance between the criminals in government and the criminals in Big Pharma may take millions of American lives during the coming H5N1 Politically engineered Pandemic.
The time to wake up and spread the word is NOW
http://www.youtube.com/watch?v=ebcG_WcsezY&feature=player_embedded
Reply
Matthew Schwartz says:
July 1, 2012 at 4:37 am
Yes this is the nature of capitalism. Chillingly reminded of by the classis scene in THE MATRIX AGENT SMITH: “I’d like to share a revelation that I’ve had during my time here. It came to me when I tried to classify your species, and I realised that humans are not actually mammals. Every mammal on this planet instinctively develops a natural equilibrium with the surrounding environment; but you humans do not. Instead you multiply, and multiply, until every resource is consumed. The only way for you to survive is to spread to another area. There is another organism on this planet that follows the same pattern… a virus.” This is the nature of capitalism. New Markets must always be found to plunder, grind into the dirt and then to move on.
Reply

 

[Firemouth]

thing is, its not news to anything with more than one neuron.
and I wouldn't hold your breath, for anything to change.

we've long since let the "Lunatics run the Asylum".

 

[skinz]

thing is, its not news to anything with more than one neuron.
and I wouldn't hold your breath, for anything to change.

we've long since let the "Lunatics run the Asylum".

Ha ha ha

I agree

Also this morning I found articles relating to price fixing for gold and silver too, I wonder how much of this will come out in the open.

 

[digidude]

they say 'but they got fined 260 million quid' but what i dont get is this

the banks made profits off all this, which they paid (as little as possible) tax on, we pay tax on our earnings, interest, and everything we buy, this huge fine they paid, WHO gets that? i wont see any of it, and ive been affected by their fraud, or does the fine go to our corrupt government, who make ANOTHER quarter billion from the banks for getting found out?

money under the mattress time methinks

 

[skinz]

well didnt barclays make over £5.8 billion in profits this year, they got fined what £290 million - water in the ocean ????

 

[skinz]

It Won’t Be Long Before The Gold/Silver Manipulation Scandal Goes Mainstream

It Won

A rather large article - but interesting stuff still to come out

If anyone is interested have a read - there are letters from the Treasury as well

 

[Firemouth]

Re: It Won’t Be Long Before The Gold/Silver Manipulation Scandal Goes Mainstream

its gota be time to start taking back, all those "honours", these thieving wankers (oh sorry Bankers) get.
clearing them all from our legislature, should be where we start. along with the MP's who lobby for their cause. (it shouldn't be too hard to prove conspiracy)
they are nothing more than "common" criminals. though exceptionally well paid, ill agree.

ho, nice link skinz.

 

[skinz]

RBS Chaos and Barclays Libor Cesspit Prompts Slow Motion Run on British Banks

Heres some more info if any one is interested

http://www.marketoracle.co.uk/Article35552.html

 

[Him Her]

Also this morning I found articles relating to price fixing for gold and silver too, I wonder how much of this will come out in the open.

It all started innocently enough. Ignoring the references going back centuries, the most recent that is meaningful to us is the US grain exchange.

Think about it like this. Farmers borrow to plant and the amount they borrow is out of all proportion to the profit. The profit comes months down the line so securing a market at a fixed price is like insurance. This future trading in commodities became more complex as traders did deals amongst themselves, buying and selling future contracts. This was because although contracts existed at fixed prices it was impossible to accurately predict what the ACTUAL price of grain would be. That's determined by how much there is. The harvest may be good or bad and the price goes up or down accordingly.

Latterly, computer systems were used in an attempt to predict the outcomes and thus prices.

With the advent of supercomputers manipulation becomes much simpler. Swamp a website showing trends of something, like the US labour market, and with the insider information gained take a position and start trading while already knowing what the outcome is. Alternatively, buy a large quantity of something, like gold, but defer delivery. As a bulk purchase you should get a better price and the gold price goes up. Sell before taking delivery when the price has reached a high and at the same time take a short position on gold prices which you already know will go down. Job done!

Called Insider Trading, it's supposed to be illegal, but with everyone from Governments down prepared to do it...

...almost everyone who trades believes they have insider information but the reality is only the traders have an idea of what's going on.

The outcome is that the dipshits lose money hand over fist and the traders get rich.

That's an extreme example but it pretty much sums it up without any complex economics - your High Street bank will do a few deals with unsuspecting members of the public every day...

 

[skinz]

Oil is in the news this morning now too

 

[skinz]

UNITED STATES OF AMERICA Before the COMMODITY FUTURES TRADING COMMISSION

In the Matter of:
UNITED STATES OF AMERICA
Before the
COMMODITY FUTURES TRADING COMMISSION
)
)
)
Barclays PLC, Bat'clays Bank PLC
and Barclays Capital Inc.,
) CFTC Docket No. 12 - 25
)
)
Respondents. )
------------- )
ORDER INSTITUTING PROCEEDINGS PURSUANT TO
SECTIONS 6(c) AND 6(d) OF THE COMMODITY EXCHANGE ACT, AS
AMENDED, MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS

http://www.cftc.gov/ucm/groups/publ...ents/legalpleading/enfbarclaysorder062712.pdf

 

[Him Her]

Re: UNITED STATES OF AMERICA Before the COMMODITY FUTURES TRADING COMMISSION

Me Bro said "Bank shares are cheap at the mo, I might take a punt". He works for the NHS so I said "You guys get easy access to counsellors and the like - see one"

:whistle:

 

[skinz]

The Quantum of Quantitative Easing Inflation is Coming!

The Quantum of Quantitative Easing Inflation is Coming!

The City of London is Imploding as a consequence of ever escalating shockwave's mostly emanating from across the Atlantic as the United States goes into overdrive in attempts to wipe-out competition from London in terms of profiting from global financial market transactions.

First we saw the US dig out and focus on 4 year old LIBOR manipulation stories centred around the cesspit that goes by the name of Barclays Bank that looks set to devastate all of UK's biggest banks, with the UK tax payer ultimately footing the bailout bill. I have covered this story at length that illustrate that everyone knew about LIBOR manipulation but now pretend that they only found out relatively recently - more here - RBS Chaos and Barclays Libor Cesspit Prompts Slow Motion Run on British Banks

And this week we have seen more convenient revelations out of the US dating back to 2007 that HSBC, Britain's biggest bank that forces ordinary citizens to jump through hoops to transfer small amounts of currency abroad has been engaged in systematic money laundering for the Mexican drug cartels to the tune $7 billion with potentially far worse across the world as HSBC affiliates apparently did business with rogue nations and terror organisations.

The truth is that BOTH stories could equally apply to major U.S. Banks but U.S. politicians are choosing not to investigate / hold them to account. Compared to the master market manipulators such as JP Morgan and Goldman Sachs, the likes of Barclays is just a mere amateur. The reasons why US politicians are looking the other way are the same that UK politicians and the Bank of England have ignored the crimes of Britain's biggest banks in that the politicians are in the back pockets of the bankster's and that the truth risks shaking the confidence of an already fragile financial system.

So the real story is why are U.S. politicians not holding their own thieving criminal banks to account ?

One possible answer may be found in the records of campaign donations.

So now in the UK, HSBC takes the lead from Barclays as Britains most criminal banking institution, the question is will Barclays fight back for the lead with something even worse? Off course Britain's banks are just a few amongst many that is the global banking mafia crime family. The truth will belatedly come out though the price paid will probably wholly be by tax payers.

Now whilst you should by now be agreeing fully with me that the global banking system is fraudulent and possibly even start to see that the central banks are party to this fraud by evidence of their actions as illustrated by money printing, the whole of which has been effectively funneled into the back pockets of the Bankster elite where in the UK this stands to the tune of £375 billion over 3 years, all aided by pure propaganda that central banks are pumping money into the economy which I have repeatedly illustrated as being a PURE LIE because it has NOT been pumped into the the economy as politicians continually state but into the banks.

The Only Solution Governments have is Inflationary Debt and Money Printing

If the Government / Bank of England wanted to boost the economy then they would have handed over at least some of the money that has been stuffed into the bankster banks to the people of Britain by means of tax refunds. The only reason why they have not done so is because it will be highly inflationary, after all Britain being an economy in depression for the past 4 years has still suffered Inflation of 15% as illustrated by the Inflation Mega-trend graph below -

The inflation mega-trend is something that the mainstream press never mentions as the journalists who think they are economists rely on vested interest academic economists to pump out propaganda that virtually wholly focuses on what is only the annual momentum in the rate of change of inflation as illustrated across the media by graphs such as below that paints a picture of relative stability when the truth is that of an exponential inflation trend.

Quantum of Quantitative Easing (QQE) is Coming!

I am quite often asked where will future inflation come from as disposable incomes are falling and my answer is that the government will ignite the wage price spiral. Then I am asked how will they ignite the wage price spiral and my answer to that is what I call the Quantum of Quantitative Easing.

There is a crisis brewing and that crisis is political as a consequence of the subversion of capitalism by the mafia crime family that includes our biggest banks and central banks. You cannot shatter the illusion that has been in force for at least 60 years and probably much longer, and not face the consequences, the illusion has allowed the banks to turn everyone and everything into debt slaves, they have stolen ALL of the wealth of virtually every citizen that has debts and even those that have never borrowed a single penny as a consequence of the fractional reserve banking debt printing Inflation Mega-trend, and the consequences are going to be fought with Quantum of Quantitative Easing, which could become the big new buzz phrase in the mainstream media in about a years time, though given the 4 year delay in waking up to the LIBOR scandal it may take a lot longer still.

What is QQE ?

To date the central banks electronic money printing presses have been busy for the purpose of monetizing government debt by means of the bankrupt banks. Which as I warned several years ago is likely to continue for the whole of this decade and will be one of the primary drivers of the Inflation Mega-trend and in the meantime nothing has changed this expectations. The next stage is QQE, which will involve the UK government (same applies to the likes of the US) via a number of mechanisms to directly spend money printed electronically by the Bank of England without it going through the mafia banking system i.e. direct transfer from the Bank of England to Government. The exact mechanisms used and what they will eventually be called will only become fully clear in hindsight but the basic outcome will be as I indicate here in that the Government will spend money printed (electronically) without it adding to government debt!

The QQE Secret of How to Print Money Without Increasing Debt

The answer to the secret lies in the name, in that we are discussing the QUANTOM of Quantitative Easing.

This is taking place right now, completely out of the focus of the public and the mainstream press.

QQE is taking place by means of the interest earned on government debt bought by the Bank of England i.e. the Bank of England prints money to buy government debt from the banks, therefore the government pays the Bank of England interest on this debt most of which then gets recycled back to the Government so in effect the government has free money to spend that it should not have, and the more bonds the Bank of England buys the less net interest the Government has to pay. Imagine if all of the bonds were owned by the Bank of England, this would mean that the net interest paid by the government on all of its £1.1 trillion debt would be virtually ZERO! So effectively the government has NO DEBT TO SERVICE, because without any interest to pay it effectively ceases to exist! Yes this mechanism is QQE because it allows the government to spend money without increasing its NET debt burden, not only that but the government is actually REDUCING its debt burden as the debt is actually being cancelled out. So QQE is the quantum of QE as the net debt interest burden falls towards ZERO.

I am sure this is one secret that the Bank of England wants to keep hidden away for as long as possible for it implies that the ramping up of the Inflation Mega-trend is already underway with approx 1/3rd of Government debt having been effectively cancelled to date! As effectively 1/3rd of the interest the government pays on it's debts is going back to itself! And meamtime about 12% of the value of the debt has been wiped out by inflation (£132 billion) over the past 3.5 years)

This is the magic of the electronic money printing presses and inflation, as one minute the government had £1.1 trillion of debt and then the next minute POOF, it is all gone! A bit like Verbal Kint turning into Kaiser Sozer!

It is economic magic that the coalition government politicians will pull out of their hat, resulting in no increase in debt and lots of free money to spend or give away in electioneering tax cuts!

This is just one mechanism, though probably the primary mechanism but there will be many other schemes that will cooked up between the Treasury and the Bank of England that will fall under the QQE banner.

Why is it Dangerous?

If QE is akin to pouring petrol onto the inflation fire then QQE is akin to pouring rocket fuel onto the Inflation fire. It will result in an ACCELERATION of the EXPONENTIAL Inflation Mega-trend as the government will effectively keep writing itself blank cheque's that it cashes at the Bank of England.

Why is it Coming?

We are approaching the mid-point of the UK election cycle which means the coalition government will have to start to ramp up the money printing presses that will increasingly target the general public as they attempt to buy votes going into the election. The Mafia banking system is allowing the government to engage in the Quantum of QE which will increasingly allow the government to buy votes by starting to spend monopoly money (which is what Sterling will become) directly on all sorts of activities such as digging big deep holes that they will call construction projects or other measures such as tax cuts, however the key point will be that this expenditure will not have any impact on the governments budget deficit so it won't be money added to debt! They will deploy much smoke and mirrors to try and mask what they are doing and where the money is coming from.

Again the consequences of QQE will be to ramp up the Inflation mega-trend, I have tried not to mention the word Hyperinflation because that is a latter stage panic event. But you are reading this at least a year ahead of the curve, at a time when mainstream press pseudo economist journalists are fully focused on the latest dip in the CPI inflation rate to 2.4%, and are eagerly regurgitating the views of vested interest academic economist propaganda of always imminent deflation.

This is how the Exponential Inflation Mega-trend is likely to play out:

1. QE for the bankrupt banks to monetize government debt = High Inflation

2. QQE to buy votes by expenditure that does not add to the government deficit = Higher Inflation

3. Loss of confidence in Fiat Currency due increase in supply of currency and velocity of money = Hyper inflation panic event.

No3 is not a certainty, it is a risk, and the more QQE a government engages in the greater will be the risk.

My next in-depth analysis will attempt to map out in detail what I expect to follow over the next few years as QE continues to give way to QQE, to get this on completion in your email in box ensure you remain subscribed to my always free newsletter.

In the meantime try to immunise yourself against the worthless deflation mantra in the mainstream press, because at the moment we are experiencing the calm before the coming inflation storm.

Source and Comments - http://www.marketoracle.co.uk/Article35687.html

 

[googlebot]

Re: The Quantum of Quantitative Easing Inflation is Coming!

So how can we Joe Public either protect ourselves against this impending doom or even better how can we make money out of it forecasting style. I would love to know what "Those who know" would do if they had £10k to dispose of and also what they would do with say £100k or even 1 million. Do you buy and sell currency ? Do you somehow predict short share prices and make cash out of that. Do you just buy gold,silver bricks and mortar ? Or is it a case of were all fooked anyway so spend spend spend until its all gone.

 

[Him Her]

Re: The Quantum of Quantitative Easing Inflation is Coming!

Or, in a nutshell, by buying Government bonds the BofE reduces the coupon price (value) and the yield (interest). This coupled with keeping the base rate artificially low prevents 'raw' inflation from eroding OUR debt. Normally inflation should soar, wages would go up in-line and the value of the debt relative to our income would reduce. This has been prevented.

Raw devaluation of Sterling has been prevented too which keeps the value of THEIR money high (THEIR being people who have money).

The low yield from bonds has a knock-on effect on pensions and savings which, effectively, means WE are making good the debt in the financial systems from OUR own pocket.

The Americans are protecting their own interests and fook the Global economy.