All we hear about from the banks is how all those dreadful sub-prime mortgage borrowers caused the Wordwide financial collapse that is now wrecking millions of people’s lives around the globe.
It’s all their fault, the banks try to persuade us. The sub-prime borrowers started all this by not repaying their loans, the banks say.
But now all sorts of other borrowers, Big business, little business, the corner shop – even governments and banks are finding themselves unable to find enough money to pay their way in life. They can no longer pay their employees or their own borrowings.
Even people without any loans at all are simply finding they no longer have the amounts of money they used to have, and so they no longer have enough money to buy things with. So every business, every shop is suffering shrinking income as business everywhere shudders to a grinding halt.
So, the banks were wrong then. It wasn’t sub-prime mortgage borrowers who caused this economic collapse. So who was it ?
It can’t have been a sudden conspiracy by all the sub-prime borrowers, as well as the rest of the business world and governments too, getting together in a huddle and deciding all at once not to repay their loans; can it ?
There is a key element to all these financial problems that I have never seen articulated and I think really ought to be put into the public domain, It is this.
Virtually all the ridiculous financial problems are caused by events that occur after people fall into arrears with loans from banks. This is because the entire financial industry has taken upon itself the role of judge, jury, executioner and God. There is nothing much to stop them except courts, and courts are generally not very good at doing that.
What courts can do depends so much on the legal abilities of the people bringing a case before it, because a court is a passive thing which is there to be persuaded to decide what to do by the strongest argument put before it.
A borrower is immediately ‘criminalised’ by lenders and this label hangs around the neck of the person in financial difficulties to make even themselves feel as though ‘there must be something they have done that is wrong’.
For some bizarre reason the financial industry collectively believes borrowers in difficulties, which are almost always just caused by the simple lack of income borrowers expected would be available to pay any loans, are there to be treated like vermin.
The financial institutions believe the appropriate way borrowers in difficulties should be treated is with extreme aggression and violence, using the tactics of thuggery, dishonesty and fraud. It seems financial institutions also believe that when borrowers experience even the slightest hiccup in repaying loans, that it is an excuse to simply extort extra money from the borrower that amounts to what is no more than criminal fraud dressed up with pompous self righteousness.
The poisonous way financial institutions behave causes a complete breakdown of the borrowers attempts to sort out their personal life and their efforts to pay debts are frequently deliberately made impossible by lenders who thwart reasonable attempts by borrowers by the manner in which the lenders bully, harass, stalk, threaten and generally contrive to destroy borrowers lives.
A large part of the problem is the psychology of abuse which the financial institutions think they have a divine right to inflict on people. This abuse breaks down all communication and dramatically diminishes the borrowers abilities to repay loans.
It instantly creates a situation of hurtling the borrower into a place where the borrowers themselves, believe they are sub-standard people, made to believe they are failures by the disgusting behaviour of the financial institutions. It immediately becomes a ‘them and us’ battle. The banks are on one side and the hapless borrower – the grotesque, sub-human enemy – on the other side; to be exterminated and squashed into oblivion by the steam rolling corporate power of the mighty bank; answerable to no one but itself. Even the government is powerless to control them.
It is exactly this process, writ large, that has produced the World wide economic meltdown. The banks have applied this behaviour I have tried to describe on an increasingly massive scale. They started with hurling abuse at a relatively small number of sub-prime borrowers, a special class of loans the banks dishonestly designed to be especially easy to allow increased amounts of extortion from the borrowers forced into taking out those loans.
Then, as the banks deliberately contrived to use all that small print they had carefully designed into the terms of those fraudulent loans to criminally extort increasing amounts of money from their victims, the corrupting stink of lies, deviousness, and dishonesty and theft spread stealthily from where the banks had deliberately created it – those awful sub-prime mortgage loans, mainly – into the dealings the banks did between themselves. Being criminally dishonest, just became part of the way the banks did all their everyday business.
Suddenly all the banks started to realise they could no longer trust each other about anything because the dishonesty they had created was spreading into loans they made to each other. No one could now rely on the banking system at all to be trusted to deal honestly and reliably in anything at all. Their lies and deceit were also beginning to be discovered by the press and Governments.
The banks had succeeded in destroying the whole World Economy by their sheer dishonest, grasping, greedy, lying, poisonous, criminal nastiness.
The whole problem -everything to do with money – is driven by psychology. And banks have warped that and bent it and manipulated it in order to extort increasing amounts of money from everyone in a myriad different ways.
The bank’s greed went too far and caused the entire system of money to self-destruct.
The only way of repairing it is to completely remove control of the World money supply from the utterly irresponsible, dishonest banks.)
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