Bank Profits at Taxpayer's Expense?
"I believe that banking institutions are more dangerous to our liberties than standing armies," said Thomas Jefferson, the primary author of the Declaration of Independence and Third President of the United States. He went on to say that privately controlled institutions should not be given the power to control currency. (See
Problem with FED
Doesn't it seem strange that banks keep your money, use it to make them more money and then have the
gall to charge you for the service? There's a new fee whereby if you
didn't use any of your money or put in more in the account for them to
use; they charge you an additional fee for having an inactive account. That's just the
Under the reserve system, banks may borrow dollars from the FED at
2% interest. Banks can, in turn, lend that money to the US Treasury for
$4.5%. Thus, the banks makes 2.5% on the money created by US Bonds
where the taxpayer is already paying 6% on the FED debt. Thus banks make a
profit by putting taxpayers in debt.
Banks can lend the money borrowed from the FED at
whatever interest rate the market will bear. (Keep in mind the American
taypayer is already paying 6% on this debt created by the FED. But it
gets much better for the banks; under what is called the reserve system,
the banks can lend to its customers 10 times the amount borrowed.
So if the bank borrows $1 million from the FED, it can loan $10 million
to its customers. Do the math: 10 times say 10% interest yields 100%
increase for the bank per year, while paying the FED only 2%.
Naughty, Naughty Banks
This writer personally watched banksters in Knoxville, Tennesse build a billion dollar empire by swamping bad and fictitious loan between banks and a private bank, back in 1984. This was just a small indicator of what was to come.
Consider these more recent reports, as but a few examples:
HSBC: ....has been doing business with terrorist-linked businesses and helped launder money for Iran and Mexican drug cartels.
Barclay's Bank: ...admitted that it put together one of the biggest financial frauds in history, Libor, by rigging interest rates on trillions of dollars of mortgages, loans and investments.
JPMorgan Chase: ...deceiving investors with fake research on the sales of stocks and bonds. Chase was charged with overcharging several thousand military families...
Morgan Stanley: ...agreed to pay a fine for having employees improperly execute fictitious sales in Eurodollar and Treasury note contracts. No one has gone to jail.
Wells Fargo: Wells has paid fines for failing to monitor alleged money laundering in narcotics trafficking...
These are just a few of the scams that have put our economy in such trouble... In 2008, the much-publicized Troubled Assets Relief Program bailed out banks and Wall Street to the tune of $700 billion with taxpayer money...
When the derivative-driven housing market collapsed in 2008, Citigroup and Bank of America, ... and eight other top Wall Street firms got $1.2 trillion in then-secret loans of taxpayer money from the Federal Reserve.
More recently, May 2015, Citigroup, JPMorgan Chase, Barclays and the Royal Bank of Scotland paid $5.4 billion in fines for rigging currencies trades. Of course the fines were minuscule compared to the profits of these banks.
99.999% of bank customers have no idea what all actually happened when they signed a card opening a bank account (Hidden Contracts
). Moreover, banks were not satisfied with costing taxpayers trillions of dollars, while they gave out billions in executive bonuses.
Here's just one example of hidden terms contract by banks: A new law was slipped by in 2015 that may be viewed as the ultimate bankster trick. Now money can be confiscated from customer's accounts to pay bank debts!
Is every banker a bankster? No, just most of the high level managers - that's my opinion.