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Is the current economic crisis a SCAM?

A few years since I felt there was something fishy about this ubiquitous crisis thing. I kept racking my brains and bingo I came up with a sudden idea. How can there be a crisis without a proper calamity? My simple mind does not embrace the idea of there being a crisis without a preceding calamity. As far as I am concerned there must be an earthquake, a drought, a tsunami, pestilence or something similar before a crisis happens. A crisis for me is a situation in which because of some force majeure, members of a given community are called upon to redouble their efforts in order to quickly restore the quality of life they got used to before that force majeure wreacked havoc. And I would myself volunteer to put my shoulder to the wheel.
Therefore that THING which we are being made believe is a crisis, to my narrow mind is NOT really a crisis. What it is in fact is a ... NICE TRY. Under the pretence of a crisis the ruling classes (if this word sounds obsolete to you, do take a minute to reflect ) are busy emptying the pockets of the masses. Every time I hear someone say, "well it is a crisis, we must be prepared to work longer and harder for less in return", my blood boils. The brain washing machine works just fine!
And why did the ruling classes come up with this "crisis" of theirs? Simply because the population at large caught up with and became wise to their hitherto machinations, real estate bubbles, every government owing money to every other government, bailing out the banks (in order for those banks' CEOs to receive larger bonuses) etc etc. Once their game is up, what do the ruling classes do? Weep and ask forgiveness? No, they come up with a new idea which the masses hook on like fish. Yes, the ruling classes are ruling because they are always able to keep one step ahead of the pack, aren't they?
I wonder what you think.

  • Jan 30 2013: The crisis was created by the mismanagement of the economy by our leaders and their friends in business. The crisis is as real as any crisis that can be caused by the mismanagement of finances. It is made even more real by the fact that they are using it as an excuse to rob us all blind. However, the fault is not entirely theirs. We the people have been complicit in the scam every step of the way. If our leaders offered us early retirement or large pensions for way too little money up front with payouts that were projected using economic assumptions that were way too rosy we took them without a second thought. If we were promised free health care we took it without having the brains to realize that nothing is free and someone always pays. The more free crap the politicians promise the more we vote for them. Its a great party full of wine and caviar until someone shows up at the end with the bill.
  • Jan 22 2013: "Is the current economic crisis a SCAM?"


    IMO, anyone who thinks that the CEOs of major banks did not understand that the real estate bubble had to burst is naive. The people of the USA are the victims of the biggest scam in history.
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    Feb 6 2013: Well I'll be damned, they're finally going after the ratings agencies that helped to continue the false bubble, it's about time.
  • Jan 25 2013:

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    Jan 25 2013: Consider this as a partial explanation of the current "crisis"
  • Jan 23 2013: Jarek, you have a good nose. Indeed fishy.

    The common denominator underlying the scandals involving stocks, Mortgage Backed Securities (MBS), Credit Default Swaps (CDS’s), commodities, and Exchanged Traded Funds (ETF’s) is that criminals figured out how to "game" the clearing and settlement system, and cracked the system doing so. Then the criminals bailed themselves out with taxpayer money.

    Criminals that attacked Lehman Brothers:
  • Jan 23 2013: Read Charles Mckay's book extraordinary popular delusions and the madness of crowds Hundred's of years of bubbles. Just because the usual Porkers are up to their old tricks or new variations of them doesn't mean there are not serious problems and they will get worse and the bubbles will bust again. Think the Great Depression was bad wait until they hit us with the Greatest Depression if they are left unchecked
  • Jan 22 2013: In short, I believe the most accurate answer would have to be,
    "yes, it is highly likely and very possible."
    I think it would be erroneous to simply dismiss the idea of a scam out of hand.

    The people involved, meaning those who more than likely had something to do with it, are not stupid.
    They know exactly what they are doing. Their ultimate goal we may not really know, as there is no definitive information being given to the public other than things like: they threatened that it would get worse if they weren't bailed out using your money, so you caved in and bailed them and that was certainly more than enough to get their large bonuses. Bonuses I might add, for a job well done. The first part of the job? Ruining the economy, statewide and worldwide and profiting from it. Degrading even more the value of your money while lowering the standard of life and keeping the populace still following the carrot hung out to dry before them while continuing to tell them, "Americans still; enjoy the best living in all the world." All while it is sinking out of sight.

    You know what is really funny? Questions like this: "Why was JPMorgan given bailout money when it was stable? The reasons i've found don't make sense?"

    The fact that question is asked might point to someone (the public), believing it if someone could give an answer that sounded reasonable. It is all a lie.

    Mr. Winner left something out when he said, "Time to put the brakes on .... they work for us ... they answer to us .. follow the rules."

    He left out, "go to jail."

    The U.S. and most likely any other country, can never have a just system or a healthy, honest economy with the people who are in power, in every area of our financial system, remaining in power. What is happening is part and parcel of their planning, the implementing of their policies and their goals.

    It just makes too much sense to get rid of the causes, so it isn't done!! Go figure.

    5 years after the Fed, what happened?
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    Gail .

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    Jan 22 2013: I both agree and disagree.

    There is a crisis, but it is impending. It cannot be fixed or avoided using the same methods that we used to create the problem in the first place (though it can be postponed for a little while longer if enough people can be duped in ways you describe).

    You might be interested in this RSAnimate video:
    • Jan 22 2013: Thank you. I did watch it with interest.
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    Jan 22 2013: I remember distinctly hearing 6 months in advance that the Federal Reserve was going to hold the interest rate at 4% and crash the market. I can authenticate this as i specifically told all immediate family members that I heard it and they've since repeated it back to me that I knew it was going to happen, aswell as telling others.
    Sure enough, approximately 6 months later the Federal Reserve held interest rates at 4% and the market collapsed immediately after.

    Where as I do believe coincidences can happen, it sounds alot more likely that this was pre-planned, in full or in part.
  • Jan 22 2013: Have your watched "Zeitgeist" and "Zeitgeist Addendum" by Peter Joseph? Ithink you would really appreciate it. You can acces it for free at
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      Jan 22 2013: if not, you are lucky, you have saved hours of your time
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      Jan 22 2013: Please, anyone, if/when viewing these selections, consider them critically as you would any other input that creates the impression of divulging hidden crimes, evil, and conspiracies. I have read that these movies were intended to be Art rather than journalism, but they have been mistaken for journalism.
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    Jan 22 2013: The first thing to know about this is that there is something to know about this. You conjecture indicates you have not had this epiphany.
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      Jan 22 2013: Pat, is there American laws that the 9 big banks are hiding behind? Obviously i don't have that much knowledge on them but from my point of view they are resource excavators that in the end got your money and i think are still getting your money?

      Are the Russians right? A currency war is on the horizon?

      Why was JPMorgan given bailout money when it was stable? The reasons i've found don't make sense?
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        Jan 22 2013: I don't like to indulge in conspiracy theories too much. But the obvious is that Bernanke is printing a ridiculous amount of money and buying bad mortgage based debt in effect taking the banks off the hook and putting the taxpayer on the hook in effect putting the economy in a state of suspended animation which cannot recover.

        Don't know about the Russian contention, learn me?

        I don't know about JP Morgan but it appears that the banks were forced to take the money whether they wanted it or not. Meanwhile the smaller banks ( the core of the free economy) are disappearing in record numbers, a canary in the coal mine.
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          Jan 22 2013: This is typical of me , I don't save a link but I'm asking the Politico right guys on our politico blogs if whoever threw it might throw it again, Every now and then one of our ex ministers comes on for a good bashing of the left or right whatever is in vogue with the old foeggies.

          It was a news clip out of Europe.
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    Jan 22 2013: There are many questions for people like me that are not well versed in economics. 1) by defination economics is the social science that analyzes the production, distribution, and consumption of goods and services.This can occur on a micro or macro level. If that is true then economics is a measurement tool. In the US we would use it to gage the Gross Domestic Product (GDP). In theory we should have a balance of trade and our debit should never exceed our GDP. The lower the debit ratio is the healther our economy is.

    We are off of the gold and silver standards so the value of the national currency is only relative to its buying power in the macro-economy.

    We forgive debit to foreign powers all the time. WWII debits from Russia and others just wiped clean with a magic wand. We want to save a political ally we write a check on thin air ... virtually no backing. The Fed continues to do this which almost promises inflation and depression.

    We are dazzled by tripple entry bookkeepping. Put a housewife in charge for a month who must budget the house money in order to eat and keep a roof over their heads and makes these tough decisions everyday and things would change. She would simply say we ain't got it ... so we can't spend it ... therefore stop the crap. You want 32 new czars it comes out of your budget not the national checkbook.

    Yep I think we are being taken on a ride big time. The fox is in charge of the hen house and now makes their own rules .... not good news for us chickens. They set their own salary and exempt themselves from laws that govern the nation. they are the political elite ... like in any socialist or communist country.

    The debit ceiling is a number that tells us they have no respect for the budget and their demands are more important that the healthy of the economy or the welfare of the people. Pure power and ego.

    Time to put the brakes on .... they work for us ... they answer to us .. follow the rules.

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      Jan 22 2013: Yes this is true as unofficially my country was forgiven a certain amount as an incentive to send troops to the ME but my current government seems to like to bow down to who ever, I understand why I just don't like the kowtowing. Oh we are paid to have troops there.
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    Jan 21 2013: Nassim Taleb put it quite clearly.

    "One hundred million for one inner city apartment in london"