Global Financial Crisis
 | |
| Date | 2007 - Present |
|---|---|
| Interest of | Jörg Asmussen |
| Description | "an evisceration of some banks by others...a cannibalistic binge billed to the tax-payer"[1] |
Global Financial Crisis 
The Global Financial Crisis, also known as the 2008 Financial Crisis, was systemic event that shook the global financial system during the period from mid-2007 to late-2008.
Many financial institutions (including Goldman Sachs, Bear Stearns & Lehman Brothers) that had been responsible for precipitating the crisis were labeled as "too big to fail" by Treasury Secretary Henry Paulson[2] and were provided emergency funding in the billions of dollars by American tax payers via the Emergency Economic Stabilization Act of 2008.
This event saw the vertical integration of many financial institutions by JP Morgan Chase as many failing financial institutions were bought up by the company.[3]
Official narrative
Oh, naughty Lehman Brothers - well that just shows that some banks are "too big to fail". Anyway, this whole thing is history - check the Wikipedia page title: 2007-2008(!) ... we are beyond it now ...
Catalyst
The event is considered to have been caused primarily by the foreclosure of thousands of subprime mortgage loans due the aggressive predatory lending strategies of many financial institutions, including the government backed institutions Fannie Mae and Freddie Mac. This was coupled with the wide scale deregulation of so-called "derivative" financial instruments that were used by companies such as JP Morgan Chase to "bet" against the potential failure of mortgage assets that they deemed "likely to fail".[4][5] However, it must be pointed out, given the structure of the mortgages and lending practice, that it was almost a certainty from the beginning that wide-scale inability to pay will set in at some point (the question of intent arises).
At the peak of the crisis, from November to December of 2008, Bilderberger Robert Rubin pocketed $126 million in cash and stock options during his one month tenure at Citigroup as CEO. [6]
Jail time
Iceland was the only country that showed it's banking class that malice will be legally pursued.
Related Document
| Title | Type | Publication date | Author(s) | Description |
|---|---|---|---|---|
| Document:Our Spartan Future: Neo-feudalism | Book excerpt | 2011 | Rosa Koire | Rosa Koire's assessment why policies lead to undesirable outcomes. |
References
- ↑ https://web.archive.org/web/20100225033748/http://www.lewrockwell.com/rajiva/rajiva9.html
- ↑ https://www.sfgate.com/news/article/Feds-take-control-of-Fannie-Mae-Freddie-Mac-3270123.php
- ↑ https://www.usatoday.com/story/money/economy/2018/09/14/jamie-dimon-jp-morgan-memo-actions-financial-crisis/1304253002/
- ↑ https://www.thebalance.com/what-caused-2008-global-financial-crisis-3306176
- ↑ https://www.latimes.com/business/la-fi-financial-crisis-timeline-20180909-htmlstory.html
- ↑ https://www.theguardian.com/world/2014/apr/19/wall-street-deregulation-clinton-advisers-obama
