More evidence that the banking system is on the verge of collapse

Subprime is just the tip of the iceberg.  The banks are concealing bad loans Enron style . . .

http://www.counterpunch.org/martens12072007.html

“ON THE CUSP OF A MAMMOTH FINANCIAL CRISIS.  AT STAKE IS NOTHING LESS THAN THE CONTINUED EXISTENCE OF THE U.S. BANKING SYSTEM.”

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/12/09/IN5BTNJ2V.DTL  

3 Responses

  1. Even if the banking system collapses–there is no guarantee we won’t start this nightmare all over again…..Because the banking system reflects a ‘dominator value’ system that over-rides everything we know/believe. Those in the private banking cartel think its correct that ‘they’re on top’ because a dominator system requires it. And sadly, those at the bottom of the dominator system are also conditioned to believe its correct–if they’re at he bottom its because its their fault and they have to just work harder!

    We need to widen the lens–and be ready when the system collapses to bring forth a new value system. This is discussed in Riane Eisler’s work, “Real Wealth of Nations”…creating a caring economics. http://www.rianeeisler.com http://www.realwealtheconomy.com

    The good news is–switching to this new value system ensures we’ll not repeat the banking system debacle again! Read the post at http://www.realwealtheconomy.com. “The Growth Industry of the Future: caring”
    http://www.realwealtheconomy.com/?p=43

  2. The situation inspired me to write a short story called “As Is” about life after the collapse. It starts like this…

    Ryan Svorlin stood in front of the big house, gaping. The keys hung loosely in his shaking hand, clattering against one another in rhythmic reflection of the waves of shock coursing through his troubled mind. “It… it’s… mine,” he stammered, unable to comprehend what had just happened.

    “Well, sure,” the real estate lady told him. “You did sign the papers, didn’t you?”

    He slowly turned to look at her. Paper-thin skin stretched across unnaturally prominent cheekbones. Overdone make-up. Probably over seventy, he guessed. “Of course. But I never expected to —.”

    “To be selected? Well, someone had to be. They couldn’t afford to let these places go vacant, after all.”

    Less than a year had passed since the first cannonade in the financial meltdown destroyed the façade of normalcy masquerading as prosperity in the United States. Some faceless blogger had instigated a mortgage strike, an incautious response to the revelation that the reason the government was so determined to protect the masses from being dispossessed in their forced insolvency was the dirtiest little secret at the heart of the country’s high-flying economy – that nobody really owned all those high-risk loans, and therefore the houses could not be foreclosed. No one could have predicted what happened next.

    Read the whole thing here:
    http://klurgsheld.wordpress.com/2007/12/18/short-story-as-is/

  3. Hi Orin, you’re an excellent story teller! It does give me pause. I’ve been researching an article but I’m concerned that it might help bring down the banking system as we know it. It SHOULD be brought down, so it can be replaced with something better; but at what cost? Best, Ellen

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