Capitalism is an unstable system, evident by the economic down-turns that happen every four to seven years. Most Americans are still recovering from the last economic recession in 2008-09. Meanwhile, the next crash is right around the corner. JPMorgan’s own internal documents have the company predicting the next crash will happen in 2020. Certainly, anyone paying attention can see the signs that the crash is already in progress. The U.S. federal government started by giving unknown banks $75 billion per day, which has grown to $100 billion a day, because the banks are coming up short on cash – every – single – day.
The crash is happening right now and the government is already bailing banks out; however only to the extent that they get Mr. Trump re-elected. Once the 2020 election is over, whether Trump wins or another candidate, the economy will go into free-fall, as the government will stop funneling money into these failing banks and the banks will need to find a new way to reimburse their losses. In a true “free-market economy” as these Capitalists claim to aspire for, the investors of these banks would themselves have to pool the money to cover their own losses, but they don’t want to do that. So they have another idea on how to get bailed out: not from the taxpayer, but directly from their depositors.
New laws were implemented in 2014 to help governments deal with failing banks, allowing for, what is called, a “bail-in.” What this means is that the bank can take funds directly from their depositors to make up for their own losses. They have no obligation to ever pay this money back to their depositors. The U.S. government does still claim to insure amounts up to $250,000 in a bank account, but after the next crash, they may not have the resources to keep that promise, allowing the banks to take what they please.
This is, of course, not without precedent. After the 2008 mortgage crisis, 5.2 million families lost their homes, taken by the banks and then resold by the banks; the banks got paid twice for the same house, while regular people were kicked to the curb. The banks paid Obama very well to protect them from the wrath of their victims. In preparation for the next crash, the finance industry is again paying Trump and corporate Democrats, like Joe Biden, Pete Buttigieg, Kamala Harris, and Cory Booker, to ensure whoever is elected will be on their side after the crash. Obama received $1.2 million from the financial sector for his 2008 campaign; below are the top recipients of the financial sector for the 2020 election.
The fact that these laws were passed is proof that this is their plan after the next crash. I’m trying to warn people about this because this will affect anyone with money in a bank account, which is all of us. Cyprus has already implemented these policies of austerity in the face of financial crisis, allowing banks to steal money directly from their depositors. This is yet another example of how the fear-mongering Capitalists do of Socialism ‘stealing what you’ve earned,’ is actually true of what Capitalism does. Aside from stealing the output of their workers’ labor to make a profit, they then fine, tax, and steal from working people to reimburse their own financial failures.
If there is any lesson of emphasis to take from this warning, it is that it does not matter who is in office after the next economic crash; whether the President is a Republican or a Democrat, the only thing that matters is how much money they took from the financial industry, because that is a direct reflection of who they will serve. Trump and the Democrats I listed are obvious puppets of the banks, but even Elizabeth Warren, who spouts vague progressive rhetoric in the primary campaign, vows to take corporate money in the general election. But as Bernie Sanders says, “You can’t change a corrupt system by taking its money.” You may have noticed the corporate media covers Warren favorably while they still smear Bernie; it’s because they know Warren isn’t a real threat to the corporate establishment and Bernie is. While I’m certain the DNC will once again cheat him out of being the Democratic nominee, he is the only candidate who is unpaid by and will have the guts to stand up to the banks in the face of their crimes against humanity and a crash with the potential to be more severe than the Great Depression.
James P. W. Martin 