‘They’re robbing us’: 12-year-old exposes banking flaws, video goes viral

SMITHI

vorgal78 Post time: 2012-6-5 07:29
Here's my two cents but first a disclaimer.

I am not an economist, I am not a banker and this heavi ...

the ability of banks to usurp the economic control of governments and profit banking fatcats and major shareholders needs to be stopped.
Year after year many privatised banks post record profits based on their shonky use of credit and interest while fleecing their customers, it is parasitic in the most basic fashion.
They then have the nerve to ask governments for bail-outs when something goes wrong, defrauding tax-payers of yet more of their money which could otherwise be spent on social improvements such as health or education.
The banks encourage workers to amass huge debts which provide the banks with steady revenue but never expect to have to pay back the "loan" of a bailout given to them by a government.

The banks say that we can earn interest as well, but they then charge fees for non-existent work that negates any increase in our own capital and unless over critical mass, results in customers losing money over time. It is only the rich who are able to profit.

Whatever legal loophole allows them to do this must be closed.

I think that it is imperative that banks, especially their boards and managing directors, are held responsible for their actions and if they are unable to properly manage their role are relieved of their position or jailed.
The tiny nation of Iceland is an example showing that it can be done, that the people of a nation do not need to bailout these thieving individuals who expect to live off the hard work of others like slave-masters of old.

brilliant post Vorgal, thank you for sharing

SMITHI

Chechen Post time: 2012-6-5 05:44
The United States is Still a British Colony (Part I)

    Bend Over America (Part II)

Legacy of British rule and British laws in USA is beyond doubt indeed Chechen.

However i believe USA evolved in one big corporation , one big corporate monster , even USA army is just private force used to enforce seven sisters (seven big oil companies) oil interests in middle east.

Look at  bulk of USA army personnel on a map and you will find it they are exactly where seven sisters interests and facilities are.

The "Seven Sisters" was a term coined in the 1950s by businessman Enrico Mattei, then-head of the Italian state oil company Eni, to describe the seven oil companies which formed the "Consortium for Iran" cartel and dominated the global petroleum industry from the mid-1940s to the 1970s.[1][2] The group comprised Anglo-Persian Oil Company (now BP); Gulf Oil, Standard Oil of California (Socal) and Texaco (now Chevron); Royal Dutch Shell; and Standard Oil of New Jersey (Esso) and Standard Oil Company of New York (Socony) (now ExxonMobil).

Prior to the oil crisis of 1973, the members of the Seven Sisters controlled around 85% of the world's petroleum reserves, but in recent decades the dominance of the companies and their successors has declined as a result of the increasing influence of the OPEC cartel and state-owned oil companies in emerging-market economies.[1][3]

Composition and historyIn 1951 Iran nationalised its oil industry, then controlled by the Anglo-Iranian Oil Company (now BP), and Iranian oil was subjected to an international embargo. In an effort to bring Iranian oil production back to international markets, the U.S. State Department suggested the creation of a "Consortium" of major oil companies.[4] The "Consortium for Iran" was subsequently formed by the following companies:

Anglo-Persian Oil Company (United Kingdom). This subsequently became Anglo-Iranian Oil Company and then British Petroleum. Following the acquisition of Amoco (which in turn was formerly Standard Oil of Indiana) and Atlantic Richfield it shortened its name to BP in 2000.
Gulf Oil (United States) In 1985 most of Gulf was acquired by Chevron, with smaller parts acquired by BP and Cumberland Farms. A network of service stations in the northeastern United States still bears the Gulf name.
Royal Dutch Shell (Netherlands/United Kingdom)
Standard Oil of California (Socal) (United States) This subsequently became Chevron.
Standard Oil of New Jersey (Esso) (United States) This subsequently became Exxon, which renamed itself ExxonMobil following the acquisition of Mobil in 1999.
Standard Oil Co. of New York (Socony) (United States) This subsequently became Mobil, which was acquired by Exxon in 1999.
Texaco (United States). This was acquired by Chevron in 2001.
The head of the Italian state oil company, Enrico Mattei sought membership for the Italian oil company Eni, but was rejected by what he dubbed the "Seven Sisters" - the Anglo-Saxon companies which largely controlled the Middle East’s oil production after World War II.[1][5] British writer Anthony Sampson took over the term when he wrote the book The Seven Sisters in 1975, to describe the shadowy oil cartel, which tried to eliminate competitors and control the world’s oil resource.[6]

Being well-organized and able to negotiate as a cartel, the Seven Sisters were initially able to exert considerable power over Third World oil producers. However, in recent decades the dominance of the Seven Sisters and their successor companies has been challenged by the following trends:[1]

the increasing influence of the OPEC cartel (formed in 1960),
a declining share of world oil & gas reserves held by OECD countries and
the emergence of powerful state-owned oil companies in emerging-market economies.
As of 2010, the surviving companies from the Seven Sisters are BP, Chevron, ExxonMobil and Royal Dutch Shell, which form four members of the "supermajors" group.

SMITHI

jay_dee Post time: 2012-6-5 07:32
FAIL
Crawl back under your rock until summoned.

You never adress a topic , you only stalk people and insult them in this case you insult Chechen for no reason.

I wonder is that what they pay you for?

TheHermit

Everynowhere Post time: 2012-6-4 22:55
I think we're trying to solve two different problems.
While I'm criticising the fact that there coul ...

This policy was, just by the way, one of the main causes of WWII as it led to the hyperinflation in germany and thereby brought Hitler (and other extremists in other countries) to power, so I don't think we should go back to that.

What the hell are you talking about? Hitler took control of the banking sector and sorted the economy out in next to no time. You are concentrating on the hyperinflation of the Weimar Republic and totally ignore the fact that the whole world was in recession at the time. The Germans had nothing to do with the recession in the US that was caused by the market.

jay_dee

SMITHI Post time: 2012-6-5 08:02
You never adress a topic , you only stalk people and insult them in this case you insult Chechen f ...

That was not an insult, it was a suggestion.
As far as how much I earn - its non of your business.
Carry on

robert237

SMITHI Post time: 2012-6-4 15:39
no need to get used on something that failed very badly.

Mr Putin reject commies and judeobolsh ...

Communism works better than any other system. It only has to be implemented correctly.
If you want to give half of your worth away to the fat cats that's your business.
Some of us want to progress.

SMITHI

robert237 Post time: 2012-6-5 08:43
Communism works better than any other system. It only has to be implemented correctly.
If you want ...

If communism work China wouldn't introduce capitalism and market in economy?
No?

look reality is Pol Pot is mass murderer Robert and you know it.