I recently came across this very revealing article in the Irish Examiner: http://www.irishexaminer.com/viewpoints/yourview/banks-have-already-been-paid-for-mortgages-261658.html#.VAToyGU3blo.twitter.
Ireland is a
nation hit incredibly hard by the financial crisis of the last few years and
because of the suffering resulting from that, this news is urgent. Like much of
the workings of the modern financial system, this one is very complex, contradictory
and counter-intuitive. It's similar to what I've discussed before about the way
debt is being bought and sold, essentially being treated as if it were capital,
It's been known by most people in the conspiratorial community that banks
create funds to lend their customers out of a fractional reserve pool that is
not backed up by any real wealth, in fact the vast majority of economic
activity in the world consists of shuffling these various pots of fresh air
fiat currency. However this article claims that banks don't even do the
creating; an "investor" covers the entire process and buys it off the
lender in its entirety. This is called "securitization" and it has
been widely criticized for several reasons, including the one in the source
article. It turns out that banks are no more than a middle man for money to be
paid to the investors, who sold the banks the debt for that reason; it's not
unlike the system of "credit bonds" that my erstwhile mobile phone
company dragged me into without my consent, see link above. The bank keeps the
money it earned off the securitization sale no matter what happens. The
investor just scrapes off the interest and that's how they earn a living off
This means that the banks are lying, in every sense of the word, when they claim to have gone bust and need bailing out. In fact it's worse even than that; the investor always pays a surcharge on the sale which means the banks make a profit off the investor with every mortgage they lend. The most despicable part of this fraud is when these banks repossess the homes of mortgage defaulters as collateral. How can they possibly justify that when somebody else has already paid them back on the lenders' behalf? This miasma of oxymoron and embezzlement cannot carry on for much longer. Those behind the scam know this and that's why I think we're heading towards some kind of mass economic overhaul. A currency reset is one part of this, and I'll be writing some more about that subject in the coming weeks and months.
See here for background: http://hpanwo-voice.blogspot.co.uk/2014/06/max-keiser-in-parliament.html.