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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Another Bank Meltdown on the way - time for Regulators to reign in these Banksters.

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Building an Ark: How to protect the Public Revenues from the next Meltdown

 

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 by Ellen Brown

http://ellenbrown.com/2014/10/12/building-an-ark-how-to-protect-public-revenues-from-the-next-meltdown/

Concerns are growing that we are heading for another banking crisis, one that could be far worse than in 2008. But this time, there will be no government bailouts. Instead, per the Dodd-Frank Act, bankrupt banks will be confiscating (or “bailing in”) their customers’ deposits.

That includes local government deposits.

The fact that public funds are secured with collateral may not protect them, as explained earlier here. Derivative claims now get paid first in a bank bankruptcy; and derivative losses could be huge, wiping out the collateral for other claims.

In a September 24th article titled5 U.S. Banks Each Have More Than 40 Trillion Dollars In Exposure To Derivatives, Michael Snyder warns:

Trading in derivatives is basically just a form of legalized gambling, and the “too big to fail” banks have transformed Wall Street into the largest casino in the history of the planet. When this derivatives bubble bursts (and as surely as I am writing this it will), the pain that it will cause the global economy will be greater than words can describe.

The too-big-to-fail banks have collectively grown 37% larger since 2008. Five banks now account for 42% of all US loans, and six banks control 67% of all banking assets.  Besides their reckless derivatives gambling, these monster-sized banks have earned our distrust by being caught in a litany of frauds. In an article in Forbes titled “Big Banks and Derivatives: Why Another Financial Crisis Is Inevitable,” Steve Denning lists rigging municipal bond interest rates, LIBOR price-fixing, foreclosure abuses, money laundering, tax evasion, and misleading clients with worthless securities.

Particularly harmful to local governments have been interest rate swaps misrepresented as protecting government agencies from higher rates.  Yet as Michael Snyder observes:

At this point our economic system is so completely dependent on these banks that there is no way that it can function without them. . . . We are steamrolling toward the greatest financial disaster in world history, and nobody is doing much of anything to stop it.........

 

read more  http://ellenbrown.com/2014/10/12/building-an-ark-how-to-protect-public-revenues-from-the-next-meltdown/

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Guest Friday, 23 October 2020