Posted by: graemebird | October 28, 2011

Ask: What Does The New Bailout Heist Achieve?

Hilarious. Joseph Cambria, is now authoritatively telling civilians that banks stealing off them comes as some sort of bargain.

“Closer to home. JC:

You said the other night that whatever bail-out comes would be cheaper than going to the Drachma. Does that mean that the Euro is unwindable and fiscal integration inevitable?

Second: I really don’t understand how all these banks are voluntarily accepting a write-down of their (= yours and mine) wealth. What is going on?

I respect your opinions..

Lazlo29 Oct 11 at 12:28 am
For the love of dumb wops everywhere Lazlo, will you STOP respecting Joseph Cambria’s opinion? Joseph Cambria is a moron, he understands nothing, and he’s always bullshitting people. You will get no straight answers from anyone at Catallaxy. So I will answer your questions in full here.The first thing to understand is that the banks are stealing the money. They are doing so for no other reason than a burglar has. We can prove this very easily, since nothing else has been achieved. The rolling thunder of relentless stealing will not stop unless that is what we realize that it is. The second thing to understand that its BUSINESS SPENDING NOT BANK LENDING that creates jobs and economic development. BUSINESS SPENDING, NOT BANK LENDING.Since you will be bullshitted all the time by bankers and economists, thats one mantra you need to keep repeating to yourself over and over, to test the bullshit statements that people make. The other mantra is WHERE IS THE MONEY COMING FROM. Ask that question every time someone says something that sets off your shit detector. WHERE IS THE MONEY COMING FROM.


The backdrop of this is that the banks have been on an orgy of wealth destruction that has picked up apace in the new century. When you divert scarce capital resources away from business spending and instead to lending to governments, thats wealth destruction. The reason is that borrowed money ruins democratic government prioritisation.  We are or should be trying to catch up with our infrastructure, look after a few older people just on humanitarian grounds, head off geopolitical threats with a great margin of safety, deal with international problems with honour and fairness, and so forth. And it takes a great deal of ruthlessness and prioritisation to be able to get this all done. As soon as the bankers sidle up to government  (MEANING SPECIFIC INDIVIDUALS WHO HAVE NO RIGHT TO INDEBT ANYONE) and encourage them to borrow, that need for prioritisation and financial triage doesn’t get done.  So we wind up retaining government departments that ought to be closed down. The Greeks wind up retaining constitutional amendments that make sound budgeting untenable, and in our case our guys go in for wild spending schemes like the NBN and wasting huge resources on science-fiction fantasies, like the global warming fraud.

Very little of this would be tried on in the democratic setup were it not for excess monetary growth and government borrowing and the banking cartel is the cause of both.


When banks practice new money creation they are extorting that value off the rest of society. Which would be bad enough even if they were then using those new loans to create new wealth, when looking at the micro situation.  That is to say if bankers were still able to create new money, and they took those resources and lent them for the purpose of BUSINESS SPENDING, while this wouldn’t lead to greater wealth creation in the macro sense, or for those true believers…… while it could just possibly lead to a tiny bit of wealth creation if the bankers had exquisite wisdom, and foresight …. the reality is that when bankers go in for new money creation, most of these capital resources are set aside for wealth destruction.  Money goes to subsidise bad government budgeting, consumption spending (which raises the cost of consumer goods for everyone) and various bubbles …. which misallocates resources and leads to unemployment down the track.


No philosopher of ethics has ever explained why a banking system, which extorts value from the community, ought to be paid back on its loans, by taxpayers who did not sign up for those loans. To do so is highly unethical. First the incompetent and callous bankers destroy wealth by loaning to the government in the first place. Then if the government pays these same incompetent wealth destroyers back, this amounts to more wealth destruction, since this is yet more resources, going to people who will misuse them.

Any competent banker, would have to know that funding Greek deficits was destroying the wealth of the average Joe, who in no way asked for these guys to extort resources off him.  The Greeks had a constitutional amendment that made it next to impossible to sack public servants. Every dollar you lend to such a setup is a dollars worth of capital resources down the poo-hole.  The bankers must take the loss for that, since the Greeks aren’t going to run surpluses until the bankers stop funding their deficits.

So lets go over this question again:

“Second: I really don’t understand how all these banks are voluntarily accepting a write-down of their (= yours and mine) wealth. What is going on?”

There are a couple of ways to answer this:

1.  In doing so they are gaining a trillion dollar package in return for an 150 billion dollar write down. 1000 billion minus 150 billion equals 850 billion. So on some assumptions thats a 850 billion dollar heist? Given that we know they are evil bastards, WHY WOULDN’T THEY ACCEPT THIS? But the reality is that Greece is not paying any of this money back. Greece is not running surpluses, and no-one expects them too. So on some assumptions its a full-blown one trillion dollar heist. On other assumptions its the banks lending the governments one trillion dollars at high interest and the government lending that money back to the banks at low interest.  The reality will be a combination of interest rate subsidy and outright resources transfer to the banks, and they will later arrange another, and another, and another, and this is quite apart from the daily interest rate subsidy they get, and the daily money creation benefit they have appropriated to themselves.

2. The banking cartel extorted the value from the community and pissed it away in an orgy of wealth destruction. Supposing they expected to be paid back!!!!!!! Well then Greece would have to run surpluses. Therefore any meetings, conferences, agreements, or dog-and-pony shows, that don’t wind up with Greeks running surpluses, are conferences that have decided to steal off non-Greeks to subsidise banker cartel wealth destruction.  This is undeniable in logic.

But the ethical reality is that the Greeks ought not pay these lunatics back. That is only going to expand a wealth-destroying cartel further. So the answer is to get into surplus and immediately default.  The surplus can be used to pay back locals, on purely compassionate grounds, up to some modest level, so as not to be paying out on very wealthy people.

Now imagine the Greek democratic leader doing that? So here he is and he’s going to change the constitutional amendment, sack most of the public servants, get into surplus, then default when the entire banker-influenced and controlled media would skin him alive for it. He’s not going to do that. He’d be worried that he would be assassinated if he did.  No that lot are going to keep running deficits until they are totally impoverished, or until the bankers stop the wealth destruction of lending them money.

What was achieved then by this trillion dollars? Thats a trillion dollars down the drain but if you are a banker, and you are 55 or so, and you negotiated this evil deal, that could be 10 million a year in salaries, and perhaps this trillion won’t run out until after you are retired, or you are filthy rich beyond your wildest dreams. Under no circumstances has anything been achieved aside from wealth destruction by this deal.


“You said the other night that whatever bail-out comes would be cheaper than going to the Drachma. Does that mean that the Euro is unwindable and fiscal integration inevitable?”

Well he’s a liar. He’s a moron. If the Greeks got back the drachma, took control of their monetary and banking system, had 100% backing so the government got the seignorage of the entire money supply and not just the monetary base, and defaulted on all debts owed to foreign banks and governments, the Greeks would be better off, as would the rest of Europe. The cycle of wealth destruction would be broken.

No country who is not peopled by sexual masochists who like being pissed on, and people that are by the nature more happy being in thrall to international bankers, can tolerate a fiat currency NOT THEIR OWN.  Fiat AS currency is fine as long as:

1. its 100% backed

2. the government is never allowed to borrow

3. The people are also using a proportion of their money supply on currencies based around 100% commodity backing, to stop the government abusing its fiat money position.

So you can have your own fiat currency, under these conditions, but you cannot have someone else’s.  Ask yourself where Cambria is coming up with this bullshit, lies and nonsense? Did he give you a clear answer to your question? Did he support what he was saying? He’s full of shit I tell you. He’ll do anything to forward the interests of the banker elite against the interests of humanity. You can count on it on all occasions.


  1. I really like this fellow He’s not a great wealth creator, but he’s sussed out and told everyone, how they ought to try and get by, under the system as it is:

  2. Here is Robert in 2009. Now you will hear him say something that another bloke said just a couple of months ago. That “something” that this other fellow said caused a great deal of a flurry. But Robert made the same statement a couple of years prior. Watch out for it:

  3. So we are set to lose Quantas in a sense. And we lose this and we lose that. People talk about specific solutions, for a general problem. If it was me sorting things, I’d have the AUD falling one per cent a month for forty months, even as our domestic price level was falling, or at least rising less than everyone else’s.

    People always worry in the short-term if our manufacturers have bankers that will lend them money. Loanable funds. Will foreigners buy their shares. This other jive. I say let us come down amongst the manufacturers and restore their margins first. Even at the cost of them not having as many opportunities to cut up their equity, or to get into more debt.

    We ought to give them strong margins first. Then we can think about whether or not they are in enough debt already.

  4. Brother Nathaniel. My new spiritual advisor.

  5. Brother Nathaniel giving us the low-down on why all righteous patriots ought to invest in silver. In his view Zionist Jews have been suppressing the silver price:

  6. Here my new spiritual advisor more specifically focuses on silver as the vehicle of choice, to combat against the financial terrorism in Washington and New York. If you attempt to make a killing out of silver you’ll likely get burned. Matters are more serious than that. Look to your well-being and survival, and if you get rich on silver, let it be by accident, as a result of doing the right thing and getting lucky.

  7. Come on, Graeme. These videos really are the worst sort of anti-Semitic trash. When was the last time you had a ‘Zionist’ at your doorstep? Probably it was a Jehovah’s fucking Witness waking you at 9am on a Sunday morning. And the whole idea of a ‘one-world government’ is in total contradiction with ‘Zionist control’. By all means critique banks, but don’t think that bank behaviour is caused by Zionists, communists, or black lesbian biker midgets. Get with the program, Gra Gra.

    • ” By all means critique banks, but don’t think that bank behaviour is caused by Zionists, communists, or black lesbian biker midgets. Get with the program, Gra Gra.”

      LOL well said Kevin. Surely you are a worthy candidate as Graeme’s new spiritual adviser?

      • this is disappointing, graeme.

        why the new found hate against the descendants of Abraham?

      • No need to tell lies Jason. We must investigate ethnocentric racism in the Jewish community, and see to what extent this culture of hate and contempt, might be related to the financial rape of Christendom.

        It may be possible to give it all a clean bill of health. Certainly I would give Israeli foreign policy under Netanyahu a clean bill of health. I give prominent neocons a clean bill of health, though they are hated in Misean circles. This despite the fact that I now know 9/11 was a false flag. They were good guys. Loyal Americans. Notable for their powerful expertise. They were the logical patsies for the plans of other people. They were taken in just as I was, but I have absolutely no reason to doubt the fundamental righteousness of people like Richard Perle and Michael Ledeen. I remain loyal fans of both these guys, who after all, helped Reagan take down the Soviet Union.

        I’ll tell you what I’m after up front. I expect Jews to take the lead of Roseanne Barr and to play an up-front part in ending the financial rape of the Western world. I don’t think this is too much to ask, because the next time we have a strong upswing in anti-semitism, its not Lloyd Blankfein, or Ben Shalom Bernanke who are going to get caught in the crossfire.

        I ask you. Out of the six million that Hitler murdered did he get any from the Rothschild dynasty? No he didn’t. So its your local Jewish dentist, or accountant that is going to cop it, and not any of the criminal banksters or Keynesian economic deceivers.

        You see Blankfein will have his property in Ecuador or some place like that. His own security. His political patronage system. He’ll have small hillocks of gold and silver. Unless we grab his aesthetically challenged ass prior to the new anti-semitism, and waterboard him, he’ll get away. But when people really do find out how much them and their children and their childrens children have been financially ass-raped by the likes of Blankfein, he’ll be well out of the picture and “his” money will be still making him money while he sleeps.

        I do not think we can afford to tolerate another Keynesian Jewish economist. Or a stealth-Keynesian Jewish economist like Sinclair Davidson. I do not think we can tolerate any longer a Jewish economist who thinks that we ought to sell all mines, all farms all shares, get into debt, become a new Nauru, and then he won’t tell us how we continue with wealth creation from there. I really don’t think we can be tolerant of any of this any more.

        Because for one thing if there are all these dubious Jew-type-Jews around ……. they are acting as the Judas-Goats for your local aging Jewish photographer, whose had a couple of little baby girls quite late in life, and he stands the chance of getting beat up in the streets for matters he had nothing to do with.

        We can see this sort of thing coming. All people of good will must act pre-emptively. But the heavy lifting has to come from within the Jewish community.

      • Not acceptable SOON. For awhile you were characterising and quoting me in a basically honest shorthand way. Now you appear to be back to your old tricks:

        Speaking of ex-Jew brother Nathaniel I say:

        ” In his view Zionist Jews have been suppressing the silver price.”

        But you mislead people implying that I SAID ON MY OWN BACK:

        ” Zionist Jews have been suppressing the silver price”

        I know no such thing. I don’t imply that I know any such thing. You don’t realize what you are doing. Though they’ll never admit it, some people will have noticed my track record and will tend to defer to my views on matters. This is extremely potentially damaging, because it makes it sound like I myself have done some sort of due diligence on the matter. I know that JP Morgan had been attempting to dump the silver price. I know nothing more than that.

        Clean up after yourself SOON. Do the right thing.

      • sorry Graeme, but isn’t your link an endorsement?

  8. I can lock out the Jehovah’s witness, and I can even get into a security block so he cannot get to my door in the first place. But money is one half of every transaction, and so we want to know everything about the people who are destroying our economies. Not all of them are Jews of course. But we want to know who is messing things up and why. In Europe they killed most of their Jews and yet the same wrecking game is going on there. So its hardly science to blame it all on Jews. But if the culprits are starting to look like the Dutch Schultz gang then that is something we ought to know about.

    I think this fellow is hilarious. When I don’t know something I find someone who knows more than me about that thing and I listen to that person. That I post Nathaniel doesn’t mean I’ve turned anti-Israel. All it means is that I think he’s worth listening too. But Ben Shalom Bernanke, Arthur Flegenheimer, Lloyd Blankfein, Abbadabba Berman and the rest of the white shoe boy numbers gang ought to develop a Japanese sense of honor, and just kill themselves. Think of the immense damage this filth has done!!!! Similar people, perhaps of different ethnicity, have just pulled off another trillion dollar heist in Europe. I don’t know how many more of these heists are needed to lead to mass death and open carnage but it cannot go on forever. Yet since this heist solved nothing at all, and was just totally mindless damage, then we see that the objective is to never stop stealing.

  9. I think you’ve got it all wrong. It’s well known that all Jews want, deep down, to be Italian, and when you accuse them of misbehaving, it’s really because they’re emulating the primitive Goths. Who really invented fractional reserve banking – wasn’t it Italians, and not Jews? And who killed Christ – Italians, not Jews?
    Face it – put the blame where it belongs. Inside every Cohen and Goldberg is a Berlusconi or Travolta, waiting to bust out.

  10. You collectivists may be into this ‘original eternal taint’ mode of thinking. But to logical human beings its pretty irrelevant “who started it”, THR. The concern has to be how to wipe it out, and stop the financial rape of Christendom. Did it escape your notice that the criminals just stole another trillion dollars yesterday?

    No the Italians didn’t invent fractional reserve. Goodness me. Too stupid to invent any damn thing.

    No we are going to have to talk about Jews, no matter how scary that may be to some people. Because there appears to be a new wave of anti-semitism on the march, and you, more than most, are likely to get caught up in it.

  11. “No the Italians didn’t invent fractional reserve. Goodness me. Too stupid to invent any damn thing.”

    So Leonardo Da Vinci was just a dummy?

  12. Good point. Yeah I was mucking about and forgot that they went through a period of immense creativity and inventiveness. For a moment there I thought I only had to worry about people bringing up Marconi.

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