Dr. St. Onge has an important article on his substack, explaining how the US is becoming a financial basketcase banana republic. The following is a summary. Read the entire article here.
After the 2008 Financial Crisis, Simon Johnson, the former chief economist of the IMF, warned that the same dysfunctional policies he saw in his basketcase banana republics had taken hold in the United States.
Johnson warned that if America didn’t act fast, we would plunge into a “Quiet Coup” as the American financial system effectively captures the government, bailing itself out until we run out of money.
At some point, it gets too big to bail out. Now, [Harris plans] to fleece the middle class and the working people until nothing is left.
Johnson Explained How It Happens in Banana Republics
First, a small group of powerful elites takes over policy. This is typically the financial elite or large companies when the country has them. Because these elites know they’ll be bailed out, they take excessive risks in good times. An iron law of finance is that risk pays reward. In other words, they get bailed out.
Johnson lays out his numbers: from 1973 to 1985, America’s financial sector never earned more than 16% of the domestic corporate product. But by the early 2000s, it was earning 41%.
In other words, freeing banks to gamble with taxpayer-guaranteed funds.
The end result was the 2008 crisis, during which banks made trillions in risky loans to people with no income, assets, or credit.
The leverage meant they had bet the farm and then some — keeping all the profits.
Then it went south.
The Racket:
They gave politicians and their staff plum positions or even outright bribes in return for the bailouts.
Ben Bernanke received $250,000 for a single speech, and Janet Yellen was paid $7 million in speaking fees by Goldman Sachs and other Wall Street banks, among other companies.
The American financial system is kept alive by endless bailouts.
Given their lobbying power, the odds of breaking up America’s megabanks are slim to none.
Unless D.C. reins in the banks, we are in for it. There is little chance they will come through [especially as Harris talks about building three million homes for illegals who can’t afford them and giving them $25,000 for the down payment].
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I may be arrogant or pretentious at times, but I know I am not great at writing
so in my own awckward words here I go,
the 2008 Subprime crash happened in good part because banks were almost bullied into allowing bad payers to have a mortgage, and the majority of bad payers are black… the people behind this insanity were trying to fix racism by giving mortgages to black people.
Bad payers are called subprime or their contract is, it means they are unreliable payers.
It is a fact that more blacks than whites are irresponsible with money, I have seen many stats on that…even blacks who earn a high income end up in financial trouble more than whites because they don t manage their money well.
people such as Obama and all sorts of people like him are who forced banks to lend money to unreliable black people
this was supposed to help erase racism and was supposed to make the world a better place
The banks knowing this was a bad idea came up with dirty tricks to make money out of this.
The banks did not give mortgages to unreliable black payers out of compassion and empathy and out of deep desire to fight racism, they did it because they had to and because they knew they could spin that into them – the banks – making big bucks of that stupid idea.
Kamala ( and whom ever is controlling her…Obama ? Soros? ) will come up with similar bad ideas if she wins,
Kamala’s 25,000 $ to first home buyers will put people who are unreliable payers into houses of which they will only pay the mortgage the first few months or first few years then will stop paying.
It will cause a bigger crash but is basically an almost identical stupid idea as the 2008 subprime market
What motivates people like Kamala and Obama, and motivates them so intensely that they are blinded by it, is that they see this as reparations for black people…
they sooo badly want to punish the evil white man and redistribute his money to black people that they will do anything for it to happen
they don t care if there is a risk it may crash the entire country, they only care about themselves and their people.
Kamala is anti-white and she does not care what harm she may do the USA which is after all a white man nation,
built by white men and it became the most successful and richest nation in the history of white man.
And that bothers Kamala, Obama and few others GREATLY
they don t care if there is a risk they will sink the ship, all they care about is that their black brothers and sister get a piece of the ship, and white man has less than he had before.
I am telling you, there is a reason why Biden, almost totally controlled by Obama is the president who appointed the largest number of black females as judges ever in US history.
There is a reason why Biden tried to give covid financial aid to black farmers but not to white farmers
There is a reason why the Biden administration has been repeating almost daily that the greatest threat to the USA is white supremacists.
This is about race more much more than most realize.
Lets go ahead and names names. Clinton started this with loans to unqualified borrows. It ended badly in 2008. Then the money printing stimulus started bailing the bankers/investment firms and large corporations. It was all BS. Now Democrats wants to continue more giveaways to more unqualified and illegitimate people raping the taxpayer. When the system crashes where will American refugees go when we are starving in the streets? Nowhere, that’s where, because these F#$kers want us dead and our birthright of freedom to die with us.