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From Detroit to Cyprus, Banksters in Search of Prey

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by BAR executive editor Glen Ford

Detroit and the people of Cyprus share the same enemy.” The Lords of Capital, who are preparing to snatch chunks of cash straight out of ordinary people’s accounts in Cyprus, to pay for a bank bailout, are the same class that has “devalued the franchise of the 49 percent of Michigan’s Black population that live in municipalities and school districts under the thumb of outside financial managers.”

 

From Detroit to Cyprus, Banksters in Search of Prey

by BAR executive editor Glen Ford

Either we liquidate the banksters, or Wall Street will liquidate us.”

From Nicosia, Cyprus, to Detroit, Michigan, the global financial octopus is squeezing the life out of society, stripping away public and individual assets in a vain attempt to fend off its own, inevitable collapse. The bankers “troika” that effectively rules Europe prepares to reach into the individual accounts of ordinary depositors on the island nation of Cyprus to fund the bailout of their local banking brethren. Across the Atlantic, a corporate henchman makes arrangements to seize the assets and abolish the political rights of a Black metropolis. The local colorations may vary, but the crisis is the same: massed capital is devouring its social and natural environment. Either we liquidate the banksters, or Wall Street will liquidate us.

The proposed seizure of a big chunk of every ordinary Cypriot depositors’ accounts, in the guise of a one-time “tax,” was shocking even by the standards of the Euro Zone’s overlords: the International Monetary Fund, European Central Bank and European Commission. The original diktat to finance new lines of credit for Cyprus’s over-extended banks called for snatching 6.75 percent of the cash of customers with balances below 100,000 euros ($129,500), and 9.9 percent above that threshold. When the public went berserk, it was proposed that depositors with 20,000 euros or less be spared – but Cypriot lawmakers balked. The banks are now closed, to prevent people from withdrawing their money. But Europe’s ruling triumvirate at the bankers’ lair in Brussels continues to demand that the public-at-large pay to keep the global criminal financial enterprise humming, or be starved out. “In the absence of this measure, Cyprus would have faced scenarios that would have left deposit-holders significantly worse off,” they said – disaster banksterism.

Orr’s firm’s clients have plenty of experience at liquidating in Detroit.”

A rapscallion Black lawyer for the notorious corporate law firm Jones Day delivered the bankers’ ultimatum to Detroit. Emergency financial manager Kevyn Orr, anointed by Michigan’s Republican governor, is a bankruptcy specialist whose mission is to liquidate the assets of the 82 percent Black city, especially the revenue-producing Water and Sewerage Department. Orr’s firm’s clients – which, according to their website, include “more than half of the Fortune 500 companies” – have plenty of experience at liquidating in Detroit. Butch Hollowell, general counsel for the local NAACP, says Wells Fargo has “done more foreclosures in Detroit and the state of Michigan than any other firm,” and is Detroit’s number one property tax scofflaw. Jones Day also represents Bank of America, JP Morgan Chase and CitiGroup.

These are firms that not only got billions in TARP bailouts, but they’re also the same ones that defrauded people into signing these predatory leases which cause the crash of the housing market,” said Hollowell. “Detroit has been hit harder than anyplace in the country on that score” – hugely aggravating the city’s money problems. Financial manager Kevyn Orr’s job is to extract more booty from Detroit for the bankers’ vaults.

To facilitate the theft of the city’s property, its citizens must first be stripped of their political and civil rights, through the neutering of their elected officials. Orr looks forward to the project. “While I understand there’s a lot of concern and emotion behind the concept that I’m depriving people of certain rights,” he said, “actually it’s very consistent with both the history of this country and specifically in this state.” What he’s about to do “is democracy in action.”

Financial manager Kevyn Orr’s job is to extract more booty from Detroit for the bankers’ vaults.”

This corporate concept of democracy has already devalued the franchise of the 49 percent of Michigan’s Black population that live in municipalities and school districts under the thumb of outside financial managers, a violation of both the Voting Rights Act and the one man-one vote rule embodied in the 14th Amendment, says the NAACP’s Hollowell.

Black Baptist pastors and the AFSCME and UAW unions will join the NAACP’s planned legal action against the “hostile takeover” of Detroit – which is fine, as a civil rights response. But this is a much bigger battle.

Detroit and the people of Cyprus share the same enemy, a class that is beyond the reach of simple civil rights suits. The Lords of Capital on Wall Street and the City of London and the Federal Reserve in Washington and in the “troika” at Brussels confront their own existential crisis, which compels them to liquidate the public sector so that it can eventually be transferred to their own balance sheets. There are many ways to accomplish this, through privatization of existing public institutions, or by simply blowing a hole in public services and allowing privateers to fill the void, subsidized by public funds. However, nothing can save the banksters from inevitable, and increasingly imminent, collapse. Ever-increasing profit margins must be achieved, somehow, or the system implodes. Hundreds of trillions of notional dollars in derivatives must be serviced and fed by a class that makes nothing and can only survive by chicanery and coercion by governments under their control.

In Cyprus, they are prepared to brazenly snatch euros directly from working and retired people’s accounts to fund a bank bailout, without even bothering to construct a convoluted pathway from the victims’ accounts to their own. They have reached the point of outright confiscation, and will not stop until they have stripped society of the potential to save itself from the ruins.

We have no choice but to confiscate them – to destroy them utterly as a class.

BAR executive editor Glen Ford can be contacted at Glen.Ford@BlackAgendaReport.com.

 

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For the first time since the Emancipation Proclamation.......

The greatest deterrent to the malaise that exists in the inner-city (code word for black) is respect for, execution and enforcement of the Constitution and its laws.

http://www.youtube.com/watch?v=PufokRZ7U-8

http://www.ceyseauinc.com/

For the first time since the Emancipation Proclamation, publication of the book title Theft by Court  holds other Americans accountable to the rule of law where an inner city youth has been violated.

"Character is doing what's right -- when no one is looking." said former Congressman J.C. Watts.

It is shameful that far too many elected officials, especially those who hold office in black America-the freest nation on earth,  place very little or no significance on the Constitution and laws when citizens over whom they exercise jurisdiction are violated.

The greatest deterrent to the malaise that exists in the inner-city (code word for black)  is respect for, execution and enforcement of  the Constitution and its laws.

Best Regards,

Forced compliance or willful acquiescence, who's in control?

http://www.freep.com/article/20130326/NEWS01/130326091/Kevyn-Orr-in-first-act-as-Detroit-s-emergency-financial-manager-keeps-Bing-council-salaries-in-place

Let's be clear, Orr's job is to seek a "haircut" from both the unions and the bondholders.  He's the "consumer credit" counselor pre-bankruptcy, "either or" like I said.  Both Orr and Gov. Snyder are on record hanging the hammer of bankruptcy over EVERYONE's head.

Orr's interest in running day-to-day City operations is secondary at best.   One does not need Rachel Maddow--look at his pedigree--to comprehend what his "mission" is.

Will the outcome be fair?  Orr works for the largest law firm in the world,  so where do you hedge your bets on the fairness issue?  Will he "sell" City assets?  Only as a "last" resort.  Why
"sell it" when you can lease it to the State, like Belle Isle, unload that debt on the State?  Orr will favor privatization over asset sales in terms of the functionality of local government and Detroit's political climate.  He has 18 months to make major moves.  Sanitation/garbage pickup is a probably a good privatization candidate for sure.

And he will very likely take some, not all, localized City operations, like the water dept. and regionalize them to gain efficiencies, pay down debt,  and obtain greater revenue and thus bonding capacity. ( Regional Authority is what saved Cobo Hall from losing the International Auto Show to Chicago).  Bus transit is already on its way to regional integration.

Will Detroiter's lose nominal or real "control"?  Only in theory, because any astute administrator, bureaucrat, lawyer, and negotiator would make certain that the structure-- the representation-- of the Boards, Commissions, and Authorities-- give Detroiter's a voting majority/plurality.  The political and financial leverage to secure this "control" is easily w/n Detroiters grasp, would you agree?

Is regionalization good for Detroit?  Regionalization should be universally embraced across the nation.  Why would one not want suburban $ flowing into Detroit ( or E. St. Louis/Flint) or make suburban jobs more accessible for Detroiters?  Are there not simple economies of scale via regionalization?

Is that "erudite" enough for some of yall, or too wordy? Apologies if I said too much.

 

 

 

"Pure Michigan" Update: Hot off the Press

http://www.freep.com/article/20130326/NEWS03/130326101/Pontiac-city-councilman-Everett-Seay-bribes-undercover-FBI-agent

A former Pontiac city councilman pleaded guilty today to accepting bribes from a purported Chicago drug dealer who turned out to be an undercover FBI agent.

Everett Seay, 61, of Pontiac, pleaded guilty before U.S. District Judge Bernard A. Friedman and faces up to 10 years in prison.

According to court documents, in 2008, Seay met repeatedly with a purported drug dealer from Chicago who was trying to obtain a “regulated use” ordinance in Pontiac to open a business to buy and sell gold to launder drug proceeds. The person, identified in records only as J.B., turned out to be an undercover FBI agent.

During several meetings, authorities say, Seay solicited bribes from J.B., pocketing $10,800 in bribe money between July and December 2008.

Lord Jesus Man!

You are very erudite, I think. Ur posts are way too long to read. Not trying to be ugly but I skip a lot because there is too much. Sorry.

You have a right to your opinion, I respect it

....and of course I don't give a sh**t either, nothing personal as you said.  Read what you like, skip some, or all of it.  Do you. I try to share information but I'm under no delusions about convincing anyone of anything.  I actually don't post at BAR much at all nowadays because I tire of the typical left/right dichtomies which oft times = superficiality.

I don't know a middle class Black "Liberal" w/o some conservative traits.  Like "get off your a$$ and work," save, be industrious and self-reliant.  In fact this is the same group that ain't complaining about an EFM, you won't see them besides Jesse and Al.  They know sh**t is F'd up, because unlike most of yall, they living in.

We're all screwed in the end, if you want my opinion.

 

Pick your poison, EMF or Bankruptcy Judge?

Which "dictator" would you all like to decide Detroit's fiscal fate? An EMF who vows to work with elected officials or a judge in the U.S. Bankruptcy Court for the Eastern District of Michigan?  Whom do you think will be more accommodating?

Food for thought.

More on Detroit's problems:

How about a pension board/fund for police and fireman that operates without any ETHICAL RULES that has several members, including General Counsel, now facing federal indictments for bribery?

http://www.freep.com/article/20130320/NEWS05/303200165/From-archives-Lawyer-Ronald-Zajac-force-behind-Detroit-s-2-public-pensions?odyssey=obinsite

What do you think of a system (and its attendant personnel) that cannot collect fines or taxes?

“… as of June 30, 2012, the City’s 36th District Court had $279.3 million in outstanding accounts receivables. Of that amount, it is estimated that $199 million is owed to the City of Detroit, $76 million is owed to the State of Michigan, and $100.9 million has been outstanding for more than seven years.  As of June 30, 2012, the 36th District Court’s collection rate for accounts receivables was only 7.7 percent compared to an average collection rate of 60 percent for other courts within the seven county region of Genesee, Macomb, Monroe, Oakland, St. Clair, Washtenaw, and Wayne.

I don't know about you all, but 7.7% vs. 60% speaks to something other than the big bad, nasty White boys wanna take your sh**t.  It speaks to the Misleadership class accomplishments...or lack thereof.  (For the record the White boys gonna ALWAYS wanna take your sh**t or prosecute you for federal crimes--fair or unfair--so why create the conditions for one or the other?)

Case in point, the "EM" didn't take over Harlem, did it?  No. Black millionaires allowed White millionaires/billionaires to take it over.

http://www.detroitnews.com/article/20130222/METRO01/302220373

Or how about Federal funds for the poor the City some way somehow can't responsibly spend?

http://www.coburn.senate.gov/public/index.cfm/news?ContentRecord_id=d19078af-a3ef-4432-a181-3e6b9ac804da&ContentType_id=abb8889a-5962-4adb-abe8-617da340ab8e&Group_id=2b5f5ef9-5929-4863-9c07-277074394357

 

http://www.huffingtonpost.com/2012/03/06/detroit-community-development-block-grant-funding_n_1323872.html

This type of nonsense goes one in Detroit all the time.  There's a scandal every 2 weeks it seems.  The State of Michigan is one of the most corrupt states in the union with Detroit and Wayne County leading the way.

Look, it's "Pure Michigan" all the way.

http://www.puremichiganstore.org/welcome.asp

http://www.clickondetroit.com/news/State-police-search-home-of-Romulus-mayor-as-part-of-public-corruption-investigation/-/1719418/19472804/-/rp7t2iz/-/index.html

p.s.  The people in Cyprus should take a page from the NRA on this one.  Confiscating people's bank accounts makes the NRA paranoia seem like clairvoyance doesn't it?  And I don't own a gun, of course I don't tell that to anyone in Detroit.  LOL

Correct "theme" but comparing apples to oranges

Detroit is more screwed up than any of you could imagine, thanks to structural racism to be sure, but equally attributable to the Black Misleadership class.

I'm an equal opportunity a$$-kicker, so pardon me (and the pun) for calling a spade a spade.

The Black folks in Detroit who have not voted with their feet are clearly voting with their "seats," as in the seat of their pants.  Protests against the EFM don't even rise to a whimper.  Most folks sat at either their work desk or home on the sofa with the channel changer.  They "voted" with their "booties."  LOL

Only 20% of Detroit's population historically votes, btw, even for their "beloved" figures on the Clowncil.

http://www.detroitnews.com/article/20130326/OPINION03/303260354/

You all gonna have to rely on a little dialetical materialism analysis moving forward.  Remember, the Black Misleadership Class is the "Mini Me" of the White Vulture Class.  Sometimes it's just difficult to criticize one without criticizing the other.

http://www.clickondetroit.com/blob/view/-/18988192/data/1/-/11426orz/-/Detroit-Review-Team-report-2013.pdf

Why don't yall do a lil homework, read the pdf document about malfesance and incompetence, and we'll catch up later.

Hint:  IMO they should have appointed an EFM 5 if not 10 years ago, to save Detroiters from their (Mis)leadership, and frankly themselves.

p.s.  How many times do I have to remind yall about "ideological" purity being white as the driven mud puddle?"

Banksters In Search Of Prey

All credit default swaps must be banned  This was the type of derivative that was banned afer the 1930's depression and must be banned again.   They also caused the 2008 financial crisis.  Note that Dollar Bill Clinton legalized them again, he 's Obams's friend.  Nationalize the Federal Reserve; its neither federal or a reserve.  Its a private centarl bank that issues the US currency as a loan at interest.  Loan sharks only dream of this.

Iceland has the correct solutiuon.  They put the bankers and politicians that collaberated witht them in prison.  The got rid of the Euro and they are doing fine.

 

Eric

 

Superlative article, Mr. Ford

And some other info on this subject:

http://www.counterpunch.org/2013/03/22/the-battle-of-cyprus/

The Long-planned Confiscation Scheme

The deal pushed by the “troika” – the EU, ECB and IMF – has been characterized as a one-off event devised as an emergency measure in this one extreme case. But the confiscation plan has long been in the making, and it isn’t limited to Cyprus.

http://www.economicpopulist.org/content/cyprus-stands-and-rejects-savings-account-seizure

The Cyprus Parliament rejected a bailout plan that would have seized almost 10% of private savings deposits and used the money to bail out Cyprus banks.  The vote was almost unanimous.

(And why not to expect to hear anything from Obama's speechwriter....)

http://whowhatwhy.com/2013/03/21/nyts-rhodes-to-nowhere-a-cipher-in-the-oval-office/

 

But the banksters in America press on.....

http://neweconomicperspectives.org/2013/03/the-ny-times-calls-third-way-center-left-and-turns-a-study-on-its-head.html

(Important trivia:  Oldest corporation in the Western Hemisphere?

Answeer:  The City of London Corporation, predating the Normal Conquest of 1066, which explains why London received such favorable treatment from William, and probably who financed his invasion?

Speculator's global capital?

Answer:  The City of London, of course!)

 

Why is there a dte energy billboard at the top of the page?

Anyway. I think they want to kill off or leave a considerable amount of the population for dead.

There's no other plausible explanation for what's happening if you consider the fact that the banks don't pay any sales tax on its financial transactions/turnover.

The private "Federal" Reserve prints billion's every month, hundreds of times greater than the deficit of Detroit. This money is handed out to the banks and used to fuel new speculative bubbles.

You can't start a 401K because they might snatch that (plus they're using your retirement for attacks on places like Detroit). You can't put your money in the bank because they're gonna snatch that. And you can't keep your money in the house because they wanna take your guns. We pay into Social Security, Medicare, and other retirement programs and they wanna take that.

We can't win.

Glen is right, lawsuits ain't cuttin it. We can't trust the Unions and old civil rights groups. Time to start pushing the idea of a General strike.

http://panafricannews.blogspot.com/2013/03/michigan-gov-snyder-imposes-c...

The impending black hole.

Detroit and Cyprus are proverbial canaries in the coal mine.  As imperial expansion eats up more and more of our GNP, and as corporations and the superrich pay lower and lower taxes, more and more municipalities will face bankruptcy.  Takeovers similar to those in Detroit and Cyprus will increase.  People will lose their pensions or see them drastically reduced.  Public services will be reduced or privatized.  This is already happening throughout Spain.

“We have no choice but to confiscate them – to destroy them utterly as a class.”

I agree, Glenn.  But how?  Even the erudite readers of BAR are more obsessed with identity politics than organizing to resist being crushed.  And the enemy controls all the important assets:  media, education,  the police,  the military, and the minds of most Americans.  People who read BAR and access similar sources of real journalism rather than mindless propaganda are a very small minority.

We’re caught in a collapse into a black hole.  I see no escape.

 

 

Dosamuno: I hardily agree!

There is no escape from these people.  They have a single minded defect that will destroy all of humanity, ultimately, including themselves. The big guilliotine in the sky is Mother Nature and that is why we have to be thankful, for only thru her will there ever be full justice. The blog "Nature Bats Last" is the unvarnished truth about what the industrial revolution and greed have done to the planet. Mrs. Planet ain't gonna take it much longer: maybe 30 to 50 years is the outside limit.

Summed up in 2 sentences

Your first two sentences say it all!

A fascinating and informative site--

Thank you for the link.

White nationalism is the REAL identity politics

You egregiously claimed that people are too "obsessed" with identity politics. So then I guess the answer is for us to drop our identities, join hands together, and sing "We Are The World" in unison so that we can crush Euro/American (white) internationalist finance-capitalism, right?

Let me tell you something sir, that will never happen. In fact, focusing on so-called identity politics (which is a racist/white supremacist term) is probably the only way we will get out of this. The reason being is that if we can organize in our REAL cultural identity groups, we can then more effectively and efficiently work across identity lines through a diplomatic corps to organize our responses to the narrow set of issues that truly affect all of us. Not every group has the same needs, desires, aspirations, or set of problems facing them.Your statement sounds like more Eurocentric universalist "we're gonna save the natives" garbage.

Black First, first

hollywoodtroy

Yep I'll co-sign your repudiation of mr/mrs identity politics, indentity politics accusation. 

I'm not an identity politics-isist (rolls eyes)

I'm more than happy for all non-blacks to put Black First Pan Africanism, first. But since they don't then I believe blacks should. 

safes

Time to find a fair credit union, or get a wall safe, behind a picture, on your wall!

Chrome browser not liked

Glen,

 

I love this blog and site.  It seems to run fine under the Opera browser but it freezes and delays frequently while using the Chrome browser.  I thought maybe the USA gov. might by  toying with the site.  Have others complained about slowness loading the pages using Chrome?  More specifically, I prefer Chrome running on Linux.

 

chrome browser

i don't know why anyone would use google anything if they could avoid it. they're not our friends.

google works fine for me

I have no problems with google chrome on this site.

Freeze

no problems on Firefox or Safari either but on my iPhone the site seems to freeze, especially if you click on 'comments".



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