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Trouble in Bankland: A Video blog

Either everything’s already fixed or is being fixed as we speak by those clever people at the central banks and our oh-so-caring Leaders OR its a sham and and shambles.  You decide. A first video blog.              I just want to make it clear – I do say it in the video but I fear it gets lost later on – it is a third of the student loans in the under 30 group – that are 90 days over due not a third of all student loans.

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43 Responses to Trouble in Bankland: A Video blog

  1. nexangelus October 13, 2014 at 9:51 pm #

    I have been watching some renegade economist videos and also reading my usual alternative media sources. The next financial crash is due soon-ish? Nice vlog David. One of my favourite alt sources has a fully interactive page for members who do the open source research for the articles. I want to shout from the rooftops about all of this. Motivate some peeps. Anyway will leave this link if no-one has seen it yet, in response…

    http://www.theguardian.com/business/2014/oct/11/lehman-crash-play-financial-crisi-war-game

    I find more and more I have less and less words in reaction to news, etc.

  2. redracam October 14, 2014 at 12:43 am #

    Why not do some more videos.
    If you want to communicate complex issues in depth then writing is the only way to really do it. You can dream while reading, in a way that a talking head or film does not allow. The image and voice guide you, lead you to where you are supposed to go. Written words can be jumbled, reassembled to make sense beyond the intended meaning of the writer. The video gives hints for further reading the written text pause and cause for thought.
    Just before watching the video I read the third part of The Next Crisis. As usual your text had me googling away clicking on the links to understand the real context of what you were saying; I spent as much time reading other stuff as I did reading your great article.

    This evening I was happy to find your video as I was tired and did not want to read anymore.

  3. Jesse October 14, 2014 at 5:53 am #

    Nicely done indeed.

    I think showing your audience a visual aid or two might help.

    Your camera presence and vocalization is excellent.

    I would think that doing a mini-documentary might be more effective than a conversational approach, but I did like it as it was.

    Thank you for this.

    • Kavy October 14, 2014 at 7:30 pm #

      ‘Your camera presence and vocalization is excellent.’

      I second that, I was very impressed. I liked the laid back conversational approach.

  4. Jay October 14, 2014 at 6:07 am #

    Well put, sir. With congress out on the hustings and what appear to be the beginnings of a major market dislocation on hand, we should not be at all surprised that the fix is in, and that we see some heretofore unwritten and undebated emergency legislation miraculously appear out of thin air to solve all our problems. There Is No Other Way and We All Agree.

    There appears to be a notable lack of serious news here in the states, at least from the legacy news sources, like the radio silence before a big campaign. It feels a lot like 2008; the playbook seems the same. Guarantee student, HELOC, and subprime car loans or the banks’ inter party obligations will execute a circular firing squad.

    What could they possibly be up to this time? More TARP, possibly some sort of debt peonage linked to student loans with a benign-sounding legislative acronym like the PASWFASWABUTAOTWTTJ Act: Patriotic American Students Waving Flags And Sweeping With A Broom Up Their Asses On Their Way To Third Jobs Act. Maybe new legislation to automatically garnish wages on HELOCs and car loans, or all three.

    You neglected the Japantastrophe, but Rome wasn’t burned in a day. The European situation seems pretty grim, like the Tories’ oft-predicted demise of the Euro may actually come to pass. I’ve speculated that the Anglo-American banking cartel have been upsetting the boat so that as things get more unstable, conservative investing wealth gets chased into dollar-denominated holdings in the economy with the “least dirty shirt.” The big play would be into US Treasuries as the rest of the global economies implode, starting with developing economies, then probably Japan, ending in Europe. This would be manifested through Chinese billionaires investing in US real estate, which appears to be happening. If China became sufficiently economically/sociologically/politically destabilized, look out. The Ukraine situation seems similarly bellicose. Lots of seeds of destruction being planted. Perhaps the strange fruit it bears is bankers on lamp posts dangling from the entrails of politicians.

  5. nexangelus October 14, 2014 at 8:52 am #

    p.s. Why are more people not enraged, moved or even questioning this? Oh yeah…*sigh*

  6. Spartacus Rex October 14, 2014 at 11:24 am #

    Excellent premiere vlog David! I enjoyed your input. Thank you. Cheers, S. Rex

  7. Phil T. October 14, 2014 at 3:06 pm #

    Nicely done Sir … reminiscent of your very effective and articlulate podcast from a while back … thanks for taking it to the next level. It would be interesting to know (perhaps via video blog, next part?) your view of the timeline forward and current impact from the Cypriot banking debacle which you covered so well back in 2013.

    Cheers ! …

  8. Jon October 14, 2014 at 3:54 pm #

    Excellent! More please…..

  9. Hilary Barnes October 14, 2014 at 4:37 pm #

    Very good. Didn’t know whether to hoot with laughter or find a rag to wipe away the tears.

  10. FredC October 14, 2014 at 5:57 pm #

    I enjoyed the video format, but like one of the earlier commentors, adding visuals (charts/graphs) would be helpful.

    A minor issue, but for some of us “across the pond” who do not routinely hear British English, I struggled a bit to understand, particularly when you occasionally dropped your voice for dramatic effect!

    • Golem XIV October 14, 2014 at 6:02 pm #

      Understood on the voice. I’m talking to my brother who is an FX artist, if he’ll help me with charts etc.

  11. Jesse October 14, 2014 at 6:02 pm #

    I have featured this, and tried to put up a short summary of the points made as an introduction.

    I am not quite sure if there was a slip of the tongue between Student Loans and HELOCs at one point. If I am wrong let me know and I will correct it. But the flow of ideas suggest that it was.

    I think a brief graph showing a summary of the key points as they are added would help people to remember the specifics as the ideas are made. Some rely more heavily on visual reinforcement I find. That can be done as a cutway with voiceover or a large chart in background.

    http://jessescrossroadscafe.blogspot.com/2014/10/golemxiv-trouble-in-bankland.html

    I used to give public lectures and found this to be essential especially when dealing with those who are somewhat unfamiliar with some of the concepts, ie laymen.

    Thank you for this.

    • Jesse October 14, 2014 at 6:03 pm #

      I just saw your reply above after posting my comment. Sorry about that.

      I would like to know if I have the data correctly on student loans and HELOCS.

      • Golem XIV October 14, 2014 at 7:35 pm #

        Hello Jesse,

        Sorry I keep missing you. You’re right I must have made a slip. But you do have the data correct.

        I think what I would like to do is find some way of providing links to the data I use, at the end of the video. I have no idea how to do this, but do you think it would be a good idea? That way people could look at the data for themselves.

        And as always Jesse – Thank you!

        • nexangelus October 14, 2014 at 8:30 pm #

          Yes, I was going to suggest this (putting links to the data and info used) so we can go and read up on it.

        • Roger G Lewis October 15, 2014 at 4:16 am #

          Well done David, I am pleased you have decided to try this it is a key to a wider audience. Interviews are also very good your four horsemen video interview was very good indeed and also your 3 part talk on TTIP. You can place links to these in your description it is not possible to put links in you tube comments. Two tips , put a catchy picture in the thumbnails ( upload something) this will encourage people to click based upon the recommendations on the right side of the screen. I know you are a very modest man David, this is you tube and some razzamataz helps get clicks. It should be about the content but sadly that is only a part of the equation as un natural as it is to an intellectual gentleman such as you a bit of blowing ones own trumpet is helpful some marketing blurb or an intro sting for the roll in and out to the video will help. You know TV much better than I, You tube is no different here you are ´´The Talent´as well as the producer, ´´come on love into the limelight´´ . Great stuff look forward to more of this. remember to Leverage your back catalogue. Get clips of your Max Keiser stuff and RT appearances and comment in them and link to them ( I am happy to help with the grunt work if you would like) David, I posted the above on You Tube On the leverage point how about a Skype interview with Jesse?

  12. polyblog October 14, 2014 at 6:06 pm #

    The vlog is terrific. I do absorb more when I read, but that’s my problem, not yours. Thanks for all your work.

  13. Neo-Pelagius October 14, 2014 at 6:08 pm #

    Excellent thanks!

    Glad I stumbled upon your blog.

  14. tom kauser October 14, 2014 at 6:26 pm #

    you are screaming about an echo of the past! the money owed to the modern bank is a miniscule amount compared to the money they have on “loan ” to the Fed. the philosophy of extend and pretend is euro based for obvious reasons of the inability to just go to court and dis charge the loan. you have an idea that the system is amiss because of extend and pretend when in fact it was designed for just that purpose from the start! EUROPE IS USING AMERICAN INCOME TO NOT DO ANYTHING TO HELP ITS PEOPLE. because it wants a closer union? this nonsense is tailored to hate yourself and its system because this WANK is rubbing it in! he assumes we are all dumb Americans who just love to hate itself while a European based system sucks out your earnings BEFORE you make them? your doom gravy is kindergarten and you never got close to your “O” levels so stop pretending you did!

    • Get the UK out of the EU October 14, 2014 at 9:38 pm #

      WOW! LOVE THE USE OF CAPS. YOUR STUFF MUST BE IMPORTANT!!!!!!!!

      By “EUROPE” I suppose you mean the EU. The EU is not Europe. The majority of Europeans (from all its’ many Countries) hate the EU.
      See what I did there? I made my points without using all caps.

      “…this WANK…” That’s the primary tactic of lefties – ‘go for the man & not the ball.’
      Don’t understand? then look it up Cletus (gosh, I just stooped to your level).

      I note the sly use of “…we are all…” Try and the have the guts to stand by your own comments.

      “…Americans who just love to hate itself…” and “…your doom gravy…” Eh?

  15. Michael Williams October 14, 2014 at 6:47 pm #

    Well said.
    Your delivery mitigated the sting.
    We are recommending your work to our clients.
    Many thanks.

  16. Kavy October 14, 2014 at 6:59 pm #

    Loved it! I found it highly interesting. And very nicely presented.

  17. Gemma October 14, 2014 at 7:30 pm #

    David Malone, I would like to take your analysis and turn it around. Why is the Fed, the government of the US allowing their banks to get away with blue murder? After all, in one way or another, they’ve been doing it now for close on two generations or so.

    The simple point is this: of the US GDP the banks make up some 60% (more?). That is to say, without the banks, the US GDP would look like a Greek Island, leave alone as good as Greece itself.

    Think about that for a moment.

    My point is that the banks are in a position where they can do what they like because otherwise it’s game over for the US.

    What then of the ECB? Now if a little Greek bank were to go pop one sunny morning, it wouldn’t have much of an effect in Europe. Well back in 2010 it wouldn’t anyway… but that never happened, did it? The real issue isn’t Greece, and never has been. The real issue has been that US exposure to Greece whilst small would still be enough to destabilize the occasional US bank. And if a couple of US banks fold, there is a substantial hole left in their GDP.

    That is to say, anything and everything is being done to keep the illusion of a reasonable US economy alive.

    Meanwhile China is making hay while the sun shines. Quite what they’ll do if the US does implode is anyone’s guess.

    Quite what Europe will do if the US implodes is anyone’s guess… it seems to me that the nettle wasn’t grasped when it could have been, and as usual, the result is a small problem has been magnified into one that is going to be extremely costly.

    And we haven’t even touched upon the subject of off-balance sheet derivatives that are producing no small amount of profit for the US banks. Please remember that 98% of derivatives are held in the US.

    • Golem XIV October 14, 2014 at 7:56 pm #

      Hello Gemma,

      I think your general point is very valid. On Greece however, the banks that were disasterously exposed were the French and German banks. It was to prop them up that Greek bail outs one and two in particular were forced upon the Greek people.

      If you look at teh money flows from Bail out 2 very little of it ever even rreached Greece. Greece was the conduit to bail out the French and German banks.

      If US banks were exposed – and they could well have been – it would have been indirectly as, perhaps, counterparties to swaps with those exposed German or French banks. Plus, of course, one of the major European banks going down would be a Lehmans type event for everyone else US banks included.

      And of course very little haas been done to change any of this. If anything it has been allowed to grow and get worse.

      Thanks for your comment – and Welcome!

      • Gemma October 16, 2014 at 7:56 am #

        Thanks for responding, David Malone.

        I agree that the German and French banks were exposed to the Greek debt problem – but here we face an issue of a different kind. Nationalizing a bank in Germany or France isn’t the same thing as nationalizing a bank in Britain. Where they can do as they please… in Europe the reigns are held rather tighter. Never mind, it didn’t happen and the banks got away with their deceit.

        The other side of the coin was, as you say, the American exposure through CDSs and other forms of derivative. This exposure was incalculable – but probably larger than anybody dared estimate. Hence the fears from the US side of the Atlantic.

        But of course, everything’s fine! The banks have been stress tested by applying a glass of cognac, smooth music and a comfy bar to sit in.

  18. Tinky October 14, 2014 at 10:16 pm #

    Really well done, David – please do continue with the video blogging!

    I like your long-form articles as well, but you’re a natural in front of the camera.

  19. Terence October 14, 2014 at 10:59 pm #

    And all of this is true. So we understand from your writings and others including the very pessimistic David Stockman that this is a game of musical chairs and at any moment the music will stop.
    Talking amongst ourselves however does not achieve anything for self preservation of capital,property rights,freedom to trade ,smaller government.
    Yes the genesis of our present day dilemmas reside in the creation of money with no value. The desire of everyman to have the possesions and power that were once only available to kings and princes.
    It is all possible if you just get up and dance. Keep dancing while you are in the game. Not one banker or Broker or valuer or bank inspector or art appraiser or developer or “investor” is ever going to stop voluntarily ,no matter how wise your words as the alternative is never talked about.
    Creating worrisome words about the unknowable future should be left to the tabloids who create fear and uncertainty to sell papers. If that is your aim ,to whip up fear and gather readers then they will come and go as you present no solution to their current problems.
    If the financial core implodes like a super nova then millions if not billions of dreams will be washed away with the pretense. The human consquence could be horrendous , the new Caliphate could be in your neighbouhood quite soon.
    So David ,ponder this, thoughts about the stupendous corrupt system that may one day rob the present of their dreams are nothing but fearmongering.
    Tell us what you are doing to protect you and yours. Talk about solutions.
    Talk about early warning signs. If you have no alternatives then your concerns have no currency.If you nothing to offer but fear then this blog will die but offer hope and solutions then you may grow to be a force.
    Enjoyed the video ,suggest you use reference material , in camera otherwise your stylist or lack of will have to answer.

  20. Roger G Lewis October 15, 2014 at 4:27 am #

    A brief read through of all the comments and the number of views already certainly suggest that this initiative is a good one David. Any forray into You Tube from the rarified library of Blog Land bears a pep talk in the following form.
    http://youtu.be/uz2jbCJXkpA?list=PL70DD9DFBDEFE0D6E

  21. steviefinn October 15, 2014 at 2:43 pm #

    It’s good to add more grist to the mill & I think the video would also serve as an introduction for many to David, who is after all, the heart & soul behind this blog which is like a virtual village hall where we meet & communicate together through the written word.
    Our knowledge of each other is for the most part based almost solely on what we write – which I think is a good thing in many ways, especially in the sense that everybody can always have their say, whatever their force of personality.

    Obviously this virtual village hall is limited to intellectual discussion which is occasionally laced with emotion, rather than the real thing which amongst other things is also a place of hearts, bones, eye contact, touch, smiles, yawns, all what is necessary to achieve a physical fellowship. I think the Video through it’s personalisation brings the above 2 separate worlds closer together by adding a human voice & being to the written words. It also l think illustrates David’s commitment to the use of any possible tool in order to fight back & his preparedness to put his own head on the line for what he believes in. This is in stark contrast to the fact that critics & trolls alike can spit from under the veil of anonymity with impunity in this virtual world, without having to run the risk of village hall fists.

    The media is already getting excited about the future TV debate featuring the 4 pantomime horsemen of the Neo-Liberal apocalypse which will provide a choreographed puppet show, followed by a media feeding frenzy to decide who won the debate that will by necessity avoid any real issues, which is an easier thing to accomplish due to the Greens not being included. Millions will no doubt tune in to the above circus but hopefully many will see through this unfunny Punch & Judy & possibly search for voices of reason like David’s that try & appeal to much more than what Aldous Huxley referred to, as the mind of the mob, which he thought was generally equal to it’s lowest common denominator.

    Speaking of ways to get a message or information out – This I think is an interesting site which features a comic book description of the proposed free trade treaties. Due to me probably spending too much time as a kid reading the Beano, it finally succeeded in explaining to my fuddled head the ins & outs of trade deficits & nicely explains why the whole thing for the 90 whatever % is daylight robbery.

    http://www.filmsforaction.org/articles/free-trade-explained-in-an-excellent-comic/

    • Golem XIV October 15, 2014 at 7:54 pm #

      “The 4 panotmime horsemen of the Neo-liberal apocalypse” – Brilliant image!

    • Kavy October 16, 2014 at 6:53 pm #

      Thanks for that excellent comic strip on free trade, Stevie. And the rest of the site looks really good too. I will probably be on it for weeks, or months, going through it all.

  22. Jackal October 15, 2014 at 7:24 pm #

    Great job. Keep ’em coming – both articles and videos.

  23. RomanEmperor October 15, 2014 at 11:17 pm #

    And all this time I thought it was Golem 14……

  24. shaun o'hara October 16, 2014 at 7:12 pm #

    thankyou golem. Very clear and easy to understand. Perhaps some graphs. etc would help illuctrate some of you points/sources

  25. Fighting Bob October 17, 2014 at 5:44 am #

    Great job.

    Please do more!

    I liked your comments, very conversational, good length, liked the way
    you referred to your computer to back up your stats. Vlog had a nice
    feel. Your writing is superlative. This was just as useful.

    Thanks.

  26. John Souter October 27, 2014 at 6:53 pm #

    Careful David -effigy’s and pins spring to mind.
    Other than that -relaxed and chatty’s good.

  27. Sean November 17, 2014 at 10:06 am #

    Thank you for doing a video, please do more, you do a brilliant job with this form of media. Personally I’d like to see you on Chanel 4 news too. There is little honest discourse in medialand about bankland.

  28. televizyon izle November 17, 2014 at 9:45 pm #

    Very good. Didn’t know whether to hoot with laughter or find a rag to wipe away the tears.

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