BANKING CRISIS - WORSENING NOT IMPROVING - LOSING TRUST

The real solution to the growing, not yet diminishing, worldwide
banking crisis is not yet in sight. Trust is slowly perishing, not
growing, in regard to major financial institutions and investment.

The one solution possible, and practical, for restoring trust is
simple and yet highly unpopular, exactly because it is so necessary
and
so many fear for their financial lives within the finance community.
It is largely America's fault and America should lead the way to the
solution, rather than following in the painful wake of fiscal
destruction that is sweeping around the planet.

Unless fully empowered government auditors are placed in private
institutions, there is no more basis for trust.

American spiritual enforcement of piratical self interest, above all
other values, has poisoned the world's financial system. Traditional
ethics and morality in finance died under a fascist globalization of
self serving greed and universal salesmanship. Fascism is when you are
forced to look only at the ideological surface, told to believe, and
told to not question or criticize. When that becomes the result of
higher education, and no one blows the whistle, then education is
fascist education.

Short of embedding government in finance, the only other alternative
to restore rational sanity and trust, is to nationalize the banks.
That has an added advantage, because banks can generate reasonable,
albeit small, profits which add up to very substantial amounts. Those
profits from strictly regulated, nationalized activity, that cuts the
costs consistent with the limitations on those profits, would still
generate enough revenue to essentially do away with all income taxes
for the largest part of the population. That is, that part of the
population that is earning low to medium level incomes. Imagine,
nationalized banks, and no income taxes. Honesty, trust, and
rationality in banking, but with the advantage of doing away with
income taxes. Alternatively that revenue could fund state and federal
programs, cutting the deficit while providing better programs, but it
amounts to much the same thing. It is a lot of money.

The other advantage of nationalized banking is that the rules are
consistently applicable and understandable to all. That cuts the
overhead costs. Added advantage is that the rules and methods for
collection of debt gain much needed revision, serving financial and
social justice in a way that private institutions cannot and never
will do. More power to collect on debt, fairly, and more power to
forgive debt in genuine hardship cases such as severe illness, natural
disaster, victims of violence and crime, and other similar exceptions.
The private sector knows little other than tactics of harassment and
treachery, a bag of fiscal and psychological tricks of black mail,
extortion and intimidation that government regulators and
investigators have yet to properly delve into, because they are too
busy chasing multi billion dollar fraud and have not yet had time to
investigate the massive amount of institutional crime against the
little person, where thousands or tens of thousands of dollars are
being stolen, and where unfair or even what are or should be illegal
practices are rampant, in a system gone too wrong for any real
salvation.

Robert Morpheal

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