IN GOD WE TRUST…..ALL OTHERS PAY CASH!

IN GOD WE TRUST…..ALL OTHERS PAY CASH!

(FRAZER CHRONICLE)

(All the News That Nobody Else Will Print)

I was never a fan of trusting in banks, sure I’ve got a checking account, and a piddly savings account, but I have never thought that a bank, where you kept your money or where you borrowed money, was an honorable or trustworthy institution. Hell like me, it’s just their jobs, and they got paid for their work the same as me.

 

Of course they knew about what happens to the money that I deposit, whether automatically in the old way, through the drive-through. Since I’ve been blogging…..for the past several years, I’ve kind of kept track of how banks operate. I’ve become more aware, but am still little more than a casual observer of my bank and the banking industry.

 

Hell, just for this blog I had to spend several hours going over research information just so that I’d sound kinda informed. To begin with I looked up the dictionary of banking terms and phrases, and boy was I surprised…..there were thirteen pages of simple terms that meant something to the bank industry. In the U.S. Department of Treasury there were 300 different words, grouping of words, or phrases that were used on a daily basis within the banking business.

 

No wonder people like me, probably around 75% or so of the adult population in the US, have a hard time with understanding a bankers jargon. I mean what working stiff…..a guy like me, has the time to prep themselves with the avalanche of verbiage that the banking industry uses? Oh I understand why bankers use all of these words, symbols, and phrases…..it’s called a smokescreen created by the usage of the English language to befuddle the average John Q Public.

 

You think that I’m kidding you, or that I don’t know what I’m talking about…..well my friend, read on, and you’ll discover that “by golly, the guy does know a little”. For instance, did you know that so far in 2014 that there has been 17 different banks in the United States that have failed, and been bought out by bigger banks that got bigger with the acquisition…..becoming more of a monopoly…..which ain’t good.

 

BANKS FAIL EVERY YEAR

Over the last seven years 518 banks have failed throughout the United States, 140 in 2009, and 157 in 2010. I was appalled by the number…..what in hell are we talking about here, gas stations or convenient store. Sure with little exception the failed banks were acquired by other banks or investment companies. The reasons that these banks failed numbered into the thousands, and I don’t even understand some of the reasoning that was given.

 

I’ll tell you this, those people that we either elect, or those public officials that appoint banking officials and watch-dog departments need to be scrutinized, and a shorter leash attached to them. When somebody tells me that more than 500 United States banks have failed and changed hands, something is really wrong with the system that’s in use today.

 

I read with only passing interest this morning an article in the USA Today entitled Banks Facing Billions in Fines by Kevin McCoy. It was about banking regulators from countries around the world that had kind of banded together in an investigation that has taken more than a year into how domestic and foreign banks had manipulated the $5.3 trillion-a-day foreign exchange currency trading market.

 

It was just the latest banking scandal in an industry that has a dark, dark history of manipulation into all sorts of financial issues. Since the beginning of the current decade there has been a continuous series of scandals surrounding the banks that make up the core of the global financial system.

 

Violations and even crimes committed by banks at different times are being uncovered as bank regulators are carrying out official investigations. For me, I wonder exactly how investigative some of these regulators really are…..I hope it’s not like a fox investigating whether a fox has broken into the hen house.

 

THE DOLLAR AMOUNTS ARE STAGGERING

Just say the word million, it rolls of the tongue so nicely, I’d have no problem running through several million dollars. I buy a Powerball ticket whenever the amount gets to a hundred million. But these banking people are dealing in trillions…..and I can hardly comprehend that type of green-backs. Just for my own information I wondered what came after a trillion, and my wife said it was a quadrillion, a term for an amount of money that I’d heard just several times in my life.

 

Obviously when somebody talks about fines of one billion, or two, or three, the average person say’s “WOW,” that’s a ton of bread. And no doubt it is, but that amount is dwarfed by the money that these “core” banks are dealing with.

 

So what’s to be done, how do we, as…..I guess, citizens of the world combat these greedy dinks, what possibly can we do as a people to regulate the banking systems of the world. Well jail terms would be a deterrent; nobody likes to get their freedom taken away.  Lining up the guilty parties…...in front of a firing squad and…..well, you get the picture.

 

What these jokers are doing is making the entire world a worse place to live in, to trade in, and to have cash available on a regular basis…..for a decent percentage of interest. Corrupt banking practices tear at the very fabric of our societal evolution…..it’s how dastardly the act of manipulating financial rates are…..and I’m not even very smart on the subject.

 

We need some stringent regulations, and some really tough penalties for the perpetrators that cause so much misery. A spanking simply won’t get it anymore.

HAVE A NICE DAY!