Jesus died for our debt, not our sins

Jesus Would Have Cancelled The Debt Not Bail Out Wall Street

A Travesty of Financial History

Half of new cancer patients lose their entire life savings

Analysis and History of the Global Debt Crisis

"A heavy progressive or graduated income tax."

Point 2 Communist Manifesto,

Karl Heinrich Marx

"Socialism as dreamed of by Karl Heinrich Marx called for a graduated income tax and a central bank providing "a flexible currency." - Edward Mandel House

"Why do governments claim consumption must be financed by debt?

The answer is really very simple. The wealthy increase wealth by lending.

They use a Ponzi scheme known as fractional reserve banking.

When debtors cannot meet their obligations, assets are acquired by the wealthy at fire sale prices who then become even wealthier." - John Kozy

"Credit economies existed long before money and coinage.

These economies were agricultural.

Grain was the means of payment – paid at harvest time." - Michael Hudson

Sumerians and Babylonians paid their beer tab at harvest time., , when was nice and fresh.

The ale-woman then paid the palace or temple for the grain on the threshing floor; an advance of wholesale beer for her to retail during the year.

Peers of Hammurabi recognized debt built to a point it was unpayable.

Debtors unable to pay fell into bondage to the palace or temple and, forced to work palace or temple land, ultimately lost their own land.

In Babylon the flight of debtors from the land drove this reality home.

Clean Slate proclamations were part of the community's self-preservation.

Rulers recognized aid was required for people who were sick, widows who lost their husbands or other factors that obliged them to run up debts.

Rulers would then cancel debt to restore the status quo in a Jubilee Year.

"The Greeks and the Romans learned about interest-bearing debt from Middle Eastern civilizations, but failed to institute Clean Slate debt amnesty.

Their failure has been an albatross around the neck of Western economies ever since." - John Siman



"The world's biggest economies are reaching an inflection point where the growth in debt loads is becoming unsustainable." - William Pesek

"Debt is the source of all power and wealth for the central banking system as they do not actually produce any tradable good, such as industry; nor do they provide any necessary service, such as government.

Interest on debt is the source of income and authority for the central banking system, and thus, it needs to continually advance credit and expand debt.

In Marxist theory, the nature of accumulation holds a dual character.

One is known as accumulation by expanded production, which, since 1864, has been mostly concerned with capturing production.

Money is made through extraction of fruits of the production of labor.

The other nature of accumulation is accumulation by dispossession, which is usually framed in terms of relations between capitalist and non-capitalist.

This is accumulation derived from dispossessing someone of something.

The Atlantic slave trade was an example of accumulation by dispossession, as Africans were dispossessed of their lives and freedom.

Colonialist resource extraction dispossess' a nation of it's resources.

Perhaps it would be helpful to expand upon Marx's ideas of accumulation by dispossession in regards to the central banking system.

Central banking represents an example of accumulation by dispossession.

Money, loaned at interest which debtors are never able to fully repay, dispossesses them of freedom through interest payments and debt bondage.

Debt is just another word for slavery, therefore, the central banking system itself, functions through a system of accumulation by dispossession.

Conventional understanding of accumulation by dispossession describes it as an interaction between capitalist and non-capitalist modes of production; the capitalist mode will dispossess the non-capitalist mode of production.

Central banking, the pinnacle of the capitalist system and the primary source and avenue of its power, is an interaction between central banks and ALL modes of production including those of ALL the ecosystems of Earth.

Industry/commerce, governments/nations, and individuals/people, are ALL dispossessed of freedom through debt bondage." - Andrew Gavin Marshall

Fannie Mae, Freddie Mac and Sallie Mae

1938 Fannie Mae, the Federal National Mortgage Association, is founded as a government agency as part of Franklin Delano Roosevelt's New Deal (an extension of Herbert Hoover's New Deal), in order to provide liquidity to the mortgage market.

1938 to 1968 Secondary mortgage market in the US is monopolized by Fannie Mae.

1968 Fannie Mae is converted into a private corporation to help balance the federal budget.

Fannie Mae at one time is the ninth-largest business in the world according to Forbes.

The Government National Mortgage Association, Ginnie Mae, is established to promote home ownership.

1970 Emergency Home Finance Act is passed to provide competition in the secondary mortgage market, and to prevent Fannie Mae from continuing to have a monopoly.

Congress charters Freddie Mac as a private corporation to compete in this same market.

Ginnie Mae begins creating and guaranting mortgage-backed securities.

Most mortgages securitized as Ginnie Mae mortgage-backed securities (MBSs) are insured by the Federal Housing Administration (FHA), which typically insures mortgages to first-time home buyers and low-income borrowers.

1972 Sallie Mae, the Student Loan Marketing Association is founded as a government sponsored enterprise.

The coorporation remains the country's largest originator of federally insured student loans.

"The dirty little secret of the guaranteed student loan market is how concentrated it is: only 32 lenders hold 90% of the loan volume.

The Education Department has found that at about 300 colleges one lender controls 99% of loan volume - essentially holding a monopoly on those campuses" - Stephen Burd

1989 Under the Financial Institutions Reform, Recovery, and Enforcement Act Freddie Mac becomes a publically traded entity.

Student Loan Justice

The Student Debt Crisis in America:
Nothing Less Than A Student Debt Jubilee Will Do

Ripping Off Young America: The College-Loan Scandal

Fed Finds Student Debt Reducing Millennial Home Ownership

Debt-Entrapping: The US Student Loan Racket

1996 Lenders of student loans are specifically exempted from the Fair Debt Collection Practices Act.

1999 The statues of limitations are removed from license debt created from student loans.

Student loans are now never forgiven in bankruptcy.

Student seeking loans are not allowed to shop loans; captive lenders.

Student loans may be refinanced only once, if interest rates drop the borrower will be stuck with the original rate without an interest rate swap.

Defaults are typically charged 25% of the loan value.

Student loans are also exempt from "truth in lending" regulations and rules that require lenders to explain fees and interest rates.

Student loan collection rights include the right to garnish wages, tax refunds, Social Security payments and disability payments.

Why I Defaulted on My Student Loans

Who got rich off the student debt crisis

2000 Sallie Mae starts its Opportunity Loan Program.

A lender hands a college a fixed amount of private loan money which the college then lends to students with credit problems for higher rates with less consumer protection.

The college then promises to make the lender it's exclusive provider of loans backed by Sallie Mae.

This is monopolizing a captured market through kickbacks.

Sallie Mae denies wrongdoing but agrees to pay a $2 million fine.

2005 Freddie Mac hires the lobbying and PR firm DCI Group for a "stealth lobbying campaign."

DCI did not file lobbying reports on the contract; Freddie Mac executives referred to the lobbying campaign as their "stealth lobbying campaign."

2006 Hank Paulson nationalizes Fannie Mae and Freddie Mac.

Fannie Mae pays a fine of $400 million for alleged accounting manipulations and lying to investors. Earnings are reduced by $6.3 billion.

Freddie Mac is fined $3.8 million for illegal campaign contributions arranged by Freddie Mac lobbyists including former House Speaker Newt Gingrich, who recieved $300,000 to push for increased deregulation, and former Senator Alfonse D'Amato.

Freddie Mac agrees to settle lawsuits stemming from a $5 billion profit reduction restatement of 2003 earnings.

Freddie Mac makes "six-figure payments to 52 outside lobbying firms and political consultants."

After nationalization, Fannie and Freddie own 90% of US housing loans.

2007 Private equity group led by JC Flowers that has sought to buy out Sallie Mae informs Sallie Mae that if reductions in subsidies pending in a legislative bill are passed by Congress then the sale would be at risk.

George Walker Bush requested a reduction of subsidies to Sallie Mae of $16 billion.

The House approved of a measure that would lower subsidies by $19 billion over five years.

No subsidies = no deal.

September 6, 2008 The director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III announces his decision to take Fannie Mae and Freddie Mac into conservatorship run by FHFA.

Over 98% of Fannie's loans were paying timely but $270 billion in loans that Fannie Mae had purchased or guaranteed between 2005 and 2008 were now considered risky.

Fannie Mae and Freddie Mac each had a positive net worth as of the date of the takeover.

The takeover was triggered by credit default swap derivative contracts.

In credit default swap parlance this is termed a 'credit event'.

It triggers the settling of outstanding contracts for the derivatives, which are used to hedge or speculate on the potential risk that a incorporation will default on its bonds.

"Credit default swaps are essentially insurance policies covering the losses on securities in the event of a default.

Financial institutions buy them to protect themselves if assets drop in value.

It's like bookies trading bets, with banks and hedge funds gambling on whether an investment (bundled subprime mortgages) will succeed or fail.

Swap related provisions of Gramm's bill - supported by Fed chairman Alan Greenspan and Treasury secretary Larry Summers - a $62 trillion market (nearly four times the size of the entire US stock market) remained utterly unregulated, no one made sure the banks and hedge funds had the assets to cover the losses they guaranteed." - David Corn

Fannie Mae and Freddie Mac had approximately $ 1.5 trillion in bonds outstanding, and since the market in credit default swaps is not public, there is no central reporting mechanism to verify how many credit default swaps are linked to those bonds.

Fannie Mae unveils the HomeSaver Advance plan to provide "foreclosure prevention assistance to distressed borrowers" to avoid increased losses of as much as $2.4 billion in credit default swaps.

About 71,000 cash advances to forestall foreclosure with an average value of $6,500 for a total of $462 million.

In spring 2009 Fannie Mae valued those loans at $8 million.

"Whatever credit defaults are in theory, in practice they are mainly side bets on whether some incorporation, or some subprime mortgage backed bond, some municipality, or even the US government will go bust.

Call it insurance if you like, but it's not the insurance most people know.

It's more like buying fire insurance on your neighbor's house, possibly for many times the value of that house - from a incorporation that probably doesn't have any real ability to pay you if someone sets fire to the whole neighborhood." - Michael Lewis & David Einhorn 01/03/08

"On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac, two government-sponsored enterprises (GSEs) that play a critical role in the US home mortgage market, in conservatorship.

As conservator, the FHFA has full powers to control the assets and operations of the firms.

This means that the US taxpayer now stands behind about $5 trillion of GSE-issued debt." - Mark Jickling, November 24, 2008

"When Fannie Mae and Freddie Mac were taken into conservatorship, they were leveraged at an eye-popping 100 to 1." - Mike Whitney

Franklin Raines, Bill Clinton's White House budget director, is accused by the Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors based on the overstated earnings estimated at $6.3 billion.

The OFHEO announced a suit against Franklin Raines in order to recover some or all of the $50 million in payments made to Franklin Raines.

Fannie Mae chief Franklin Raines, chief financial officer Timothy Howard and former controller Leanne Spencer agree to a $31.4 million settlement.

2009 David Kellermann, CFO of Freddie Mac, commits suicide.

Freddie Mac asks for $31 billion in additional aid after posting a gargantuan loss of more than $50 billion in 2008.

The loss' were driven by $13.2 billion in hedged trades, $7.2 billion in credit losses from the declining housing market conditions and $7.5 billion in write-downs of the value of its mortgage backed securities.

The incorporation also takes a charge of $8.3 billion for now-worthless tax credits.

credit card debt


Bankrupt Grand Chevrolet Firms Closed

"Madison Avenue helped drive the expansion with use of credit cards.

There was a lot of money to be made by collecting fees for loan origination and debt service, and the largest banks wanted in on the action.

The 1980s was the age of a paradigm shift in American politics.

The US was transformed as the profit motive supplanted the public good.

The rich were taking it all for themselves and letting the good times roll and everyone who wasn't rich wanted to be or act as if they were rich.

Advertisers suggested people could purchase the 10-day Caribbean cruise or expensive diamond ring that was once restricted to those with higher income levels creating the illusion that debt was equal to wealth." - Paul C. Wright

"In times past, bankruptcy would have wiped out the bad debts.

The problem with debt write-offs is the very wealthy hold most of the savings, so the government doesn't want to have them take a loss.

It would rather wipe out pensioners, consumers, workers, industrial companies and foreign investors.

So toxic debt will be kept on the books and the economy will slowly be strangled by debt deflation." - Michael Hudson 06/08

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