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Has Mystery Babylon finally hit the ground?

Oct 09, 2010

The most recent banking crisis involving fraudulent mortgages has the potential to unite the Tea Party supporters with the most liberal of Americans. We all have a stake in this, and these fraudulent banking practices are causing outrage among people of every political stripe. At last, it seems that the polarization of America is ending, as conservatives and liberals unite against the Babylonian banking system.

To me, that spells a genuine grass-roots revolution, and the politicians know it. I cannot see how they could possibly cave in to the banking interests at this point. The bill that Obama vetoed last week is just the tip of the iceberg. There is no way that any such bill would ever again see the light of day.

If the banks are forced to take back all those toxic mortgages that it sold to pension funds and hudge funds all across America (and the world), the banks will be totally bankrupt once again. The government will then have to decide whether or not to bail them out and risk political backlash against bailout fatigue among voters, or to let them fail and institute an entirely new system--in effect, starting over with a new financial system.

Worse yet, now that the government has decided to back the mortgages of Fannie Mae and Freddie Mac and most of the others, it finds itself on the hook for trillions of dollars worth of bad mortgages. There is no way to feasibly pay off all of these with new debt borrowed from the Fed. In fact, if I am not mistaken, the Fed actually has ownership of these toxic mortgages, and the government is merely guaranteeing them.

The government could be forced to renounce those guarantees on the grounds that it was not told the whole truth about the problem. That is ridiculous, of course, since our Treasury department has been headed by big bank officials for decades and certainly knew what was going on. Geitner and Paulson and others ought to be prosecuted for fraud upon the government (that is, the people of America).

It seems that every day this problem grows more critical, and the entire media is now hot on the trail of the fraudsters in the banking industry. As it unravels, this could well be the final blow to Mystery Babylon.

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Category: News Commentary

Dr. Stephen Jones

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