( – promoted by buhdydharma )
“In a gentle way, you can shake the world.”
– Mohandas Gandhi
The global mega-banks may control our politicians, but they don’t control the public.
All around the world the recently subservient serfs are causing all sorts of trouble for the ruling oligarchy.
That trouble could start as early as tomorrow.
Bank managers across France were waiting a little nervously for the start of business on Tuesday after the former football star Eric Cantona urged his compatriots to stage a bank run and trigger a revolution.
Around 40,000 people in France have pledged to withdraw their money from the banks tomorrow. Another 9,000 in UK have pledged to do the same.
You can find the organization’s web site at bankrun2010.com.
Of course this is just one of the many grassroots revolts underway in the world.
The man speaking is Eric Cantona, a famous Manchester United football player. His explanation of the problem, and the solution to it, is so simple and easy to understand that I can’t improve on it. Perhaps his lack of economics background is an attribute rather than a detriment.
“We don’t pick up weapons to kill people, to start the revolution… the revolution is really easy to do nowadays. What is the system? The system revolves around the banks. It’s based on the power of the banks… so it must be destroyed starting with the banks. This means that the 3 million people with their placards on the street… they go to the bank, withdraw their money from the banks and these ones collapse. 10 million people and the banks collapse and there is not real threat, a real revolution. We must go to the bank. In this case there would be a real revolution. It’s not complicated. You simply go to the bank in your country and withdraw your money. If there are enough people withdrawing their money, the system collapses. No weapon, no blood, or anything like that.“
“First they ignore you, then they laugh at you, then they fight you, then you win.”
– Mohandas Gandhi
What is most interesting about tomorrow’s scheduled bank run is the reaction of the bankers and politicians.
“This is grotesque and irresponsible,” said François Baroin, the French budget minister. Baudoin Prot, the head of the biggest French bank, BNP Paribas, said the Cantona appeal was “ill-judged and counter-productive” and could leave cash-hoarding protesters vulnerable to muggings and burglaries. “This recommendation to withdraw deposits is criminal.”
I love it when a banker calls withdrawing a person’s own cash a “criminal act”.
Some may object because they see the exercise as futile. Others may object because of fear that it might actually succeed. I say that both groups are missing the point.
Our government and freedom is being undermined by a quiet coup. If you want to defend freedom in this country it is your patriotic duty to undermine Wall Street whenever and however possible. It is the moral thing to do. It is the right thing to do. If we’ve learned anything from the last two years its that saving the TBTF banks doesn’t necessarily help the economy. However, giving money to the TBTF banks does help the wealthy elite.
The power of Wall Street can be broken.
Tomorrow will also see the results of the Irish bailout vote. The left-wing in Ireland, led by Labour and Sinn Fein, is in an uproar. The sell-out of Ireland to the banking interest is in doubt.
Meanwhile, small investors continue to abandon Wall Street’s stock market.
So far this year, $91 billion has flowed out of domestic equity funds. That’s $91 Billion that Wall Street no longer has to use to purchase political influence with.
Mutual funds are the home of dumb money. It’s money that often comes in the form of 401ks and IRAs. It’s money that professional traders feast on. It’s money that shrinks in value even when the markets go up, and the markets have indeed gone up during the past 28 weeks despite the outflows. But the mutual funds are running out of cash to push the markets further.
That means that unless the “dumb money” doesn’t come back soon, they are going to have to sell into weakness. That would force the “smart money” to take big losses and not look all that smart.
While the rest of the country suffers through economic stagnation and high unemployment, Wall Street will be seeing record bonuses of $144 Billion. Because of the lower volume of dumb money flowing into Wall Street, the big banks are laying off staff. However, the greedy f*cks that are still there will continue to be overcompensated.
The comptroller, Thomas DiNapoli, also said that while it is too soon to predict bonuses, the average payout may rise because banks are shedding jobs and a smaller pool of people will be eligible to get bonuses.
So what then? After pulling your money out of the bank and cashing in your mutual fund, what are you supposed to do with your cash? Well, you can put it in a local savings and loan or credit union, or better yet you can use it to hurt Wall Street further while making a few bucks on the side.
Max Keiser is one of my favorites. He also has a great idea – if you want to destroy JP Morgan Chase then buy silver.
Does this sound somewhat weird and obscure? The idea made it into a major newspaper today.
By selling massive amounts of paper silver in the futures market, JPM has been able to suppress the price of the precious metal. It is believed that these short positions are naked (i.e. they are not backed by any physical silver). In fact, reports indicate that JPM is short more paper silver than physically exists in the world…
In recent days, rumors have been swirling on the internet that JPM’s massive short position is about to blow up in their face in the form of an almighty short squeeze and potential COMEX default as large traders demand physical delivery of silver that COMEX does not have in their vaults.
J.P. Morgan is currently under investigation by the CFTC for allegedly manipulating the price of silver. The investigation into the bank can be traced back to November 2009 when London metals trader and whistleblower Andrew Maguire contacted the CFTC to report market manipulation prior to it actually occurring.
In just the last three weeks since I posted my essay about this, the price of silver has gone up 10%, and it is gathering momentum. The possible reason for this is that JP Morgan Chase is being squeezed so badly by the rising prices that they are buying their way out of the short positions.
The price of silver has absolutely exploded in recent months as these reports have surfaced and it is clear that blood is in the water. The predator (J.P. Morgan) has now become the prey. Every tick higher in the price of silver brings more pressure on the bank to cover their short position. This in turn puts more upward pressure on the silver price…
Furthermore, it appears that significant physical silver shortages are developing in the marketplace and the metal is being sold well over spot where it is available. Shortly after popular financial blog ZeroHedge posted the “Crash The JP Morgue” video (linked to above), the website which created the video, goldsilvergold.com, reported that it was sold out of inventory and will not be taking new orders until December 6.
Another report indicates that JPM may really be on the ropes with their short silver position and are attempting to hedge themselves by buying $1.5 billion worth of copper. According to the Telegraph, the bank has bought “between 50% and 80%” of the 350,000 tonnes in reserve at the London Metal Exchange.
Sales of silver bullion are hitting new records. It’s hard to believe that these calls to “Crash JPM”, the rise in silver prices, and the record sales of silver bullion are all coincidences. It’s easier to believe that people actually want to strike back at the global mega-banks who are oppressing us.
When I posted this essay about three weeks ago it didn’t get a lot of traction. Nevertheless, people everywhere are looking for ways to strike back at the mega-banks, and it is catching on.
There is a lot of righteous anger on both the left and the right these days. The corporate media tries to shape it into a partisan thing, but the reality is that the conflict is up-and-down not right-and-left. The Blue vs. Red thing is a meaningless joke.
A small group of oligarchs have taken control of our government and are stealing everything that isn’t nailed down. They are the enemies of all of us, whether you watch MSNBC or FOX or nothing at all. The oligarchs are only winning because they have us divided amongst ourselves and fighting battles that serve no real purpose.
If people can take a step back and realize who the enemies are, we can bring them down and return justice and freedom to America in no time at all. It all starts on December 7.