That they may have been expertly set up, by a paranoid gang from the CoL, merely indicts their ability to organize and govern themselves properly. They even through away their own laws and faithful servants.

Let them eat bankers!

Phil – from the article you linked:

“I think that bankruptcy is one of the most extraordinary advances in civilisation. Because people used to be destroyed by debt, they went to Marshalsea prison and died. Capitalists finally realised, ‘we’ve lost him as a consumer and a producer. Let’s put him back on the street’.”

And that’s really what it’s all about, I think, putting the consumer and producer back out there. Nothing’s changed, the system goes on, except “the consumers are back in town” and ready to buy, the corporations are ready to sell, and the lobbyists, politicians, bankers and regulators are gearing up for the next go-round.

In nature, when predators hunt prey until there’s very few left, eventually the predators die off as well.

The current financial system is extremely detrimental to society, to countries. Before it gets cranked up again, wouldn’t it be a good idea to actually fix it? Or do the prey want to have another flogging?

“1). 1. Bank of America CEO Brian Moynihan
Amount of federal income taxes paid in 2010? Zero. $1.9 billion tax refund.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? Over $1.3 trillion.
Amount of federal income taxes Bank of America would have owed if offshore tax havens were eliminated? $2.6 billion.

2). Goldman Sachs CEO Lloyd Blankfein
Amount of federal income taxes paid in 2008? Zero. $278 million tax refund.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $824 billion.
Amount of federal income taxes Goldman Sachs would have owed if offshore tax havens were eliminated? $2.7 billion

3). JP Morgan Chase CEO James Dimon
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $416 billion.
Amount of federal income taxes JP Morgan Chase would have owed if offshore tax havens were eliminated? $4.9 billion.

4). General Electric CEO Jeffrey Immelt
Amount of federal income taxes paid in 2010? Zero. $3.3 billion tax refund.
Taxpayer Bailout from the Federal Reserve? $16 billion.
Jobs Shipped Overseas? At least 25,000 since 2001.

5). Verizon CEO Lowell McAdam
Amount of federal income taxes paid in 2010? Zero. $705 million tax refund.
American Jobs Cut in 2010? In 2010, Verizon announced 13,000 job cuts, the third highest corporate layoff total that year.

6). Boeing CEO James McNerney, Jr.
Amount of federal income taxes paid in 2010? None. $124 million tax refund.
American Jobs Shipped overseas? Over 57,000.
Amount of Corporate Welfare? At least $58 billion.

7). Microsoft CEO Steve Ballmer
Amount of federal income taxes Microsoft would have owed if offshore tax havens were eliminated? $19.4 billion.

8). Honeywell International CEO David Cote
Amount of federal income taxes paid from 2008-2010? Zero. $34 million tax refund.

9). Corning CEO Wendell Weeks
Amount of federal income taxes paid from 2008-2010? Zero. $4 million tax refund.

10). Time Warner CEO Glenn Britt
Amount of federal income taxes paid in 2008? Zero. $74 million tax refund.

11). Merck CEO Kenneth Frazier
Amount of federal income taxes paid in 2009? Zero. $55 million tax refund.

12). Deere & Company CEO Samuel Allen
Amount of federal income taxes paid in 2009? Zero. $1 million tax refund.

13). Marsh & McLennan Companies CEO Brian Duperreault
Amount of federal income taxes paid in 2010? Zero. $90 million refund.

14). Qualcomm CEO Paul Jacobs
Amount of federal income taxes Qualcomm would have owed if offshore tax havens were eliminated? $4.7 billion.

15). Tenneco CEO Gregg Sherill
Amount of federal income taxes Tenneco would have owed if offshore tax havens were eliminated? $269 million.

16). Express Scripts CEO George Paz
Amount of federal income taxes Express Scripts would have owed if offshore tax havens were eliminated? $20 million.

17). Caesars Entertainment CEO Gary Loveman
Amount of federal income taxes Caesars Entertainment would have owed if offshore tax havens were eliminated? $9 million.

18). R.R. Donnelly & Sons CEO Thomas Quinlan III
Amount of federal income taxes paid in 2008? Zero. $49 million tax refund.”

The Debt Jubilee concept hits the mainstream

http://theautomaticearth.com/Finance/laiki-bank-some-depositors-are-more-equal-than-others.html

“The Lesson From Cyprus: Europe Is Politically Bankrupt”

http://theautomaticearth.com/Finance/the-lesson-from-cyprus-europe-is-politically-bankrupt.html

@Buck
A countries money supply is a very basic utility.
You cannot reduce / destroy it without causing enormous damage to the organic flow of exchange & commerce which would create real physical economic damage.

The problem is of course that deposits are at the other side of banks “assets”.

However the assets have no value.
In fact they never did have real value.
The assets be it so called sov debt or mortgages are mere conduits for wealth extraction.

At lower leverage ratios you could argue the extraction was sustainable over a long time period.
Sheep are sheered rather then butchered.

Obviously the higher the leverage the higher the rate of extraction.
As more of the core capital base get destroyed the leverage / rate of extraction must increase so the people who are extracting the wealth can continue to live a prosperous life.

You need to separate fiat tokens from bank assets.
If fiat cannot be legally leveraged all the banks are dead and we get no inflation to boot.

I agree the people we want to be looking in to are the regulators.

I also agree it is instructive to conpare Ireland with Cyprus.

The crime in Ireland was the overnight decision to guarentee all deposits for their full amount. It was done simply and only to make sure the huge corporations who had headquartered themselves in Ireland for tax purposes, didn’t lose the billions they had banked there.

And the cost have fallen on the ordinary tax payers who pay taxes and not on the companies who often don’t.

http://www.euronews.com/2013/03/26/iceland-to-charge-ex-kaupthing-bank-chief-with-fraud/

Yes Lanny “you can get mad but you can’t get even” has left the building. Keep your eye on the revolving door for a replacement.