Karl Denninger, "The No-Shop Zone"
"The No-Shop Zone"
by Karl Denninger
by Karl Denninger
"Christmas is coming. Black Friday is coming. And you, Dear Friends, have a choice to make. You can ratify - or reject - the illicit $600 billion tax increase that Bernanke just landed on our economy with his ill-conceived and outrageous "Quantitative Easing" nonsense - especially the most-vulnerable members of our economy - the poor and working poor, who are disproportionately impacted.
How? Simple: DO NOT DO BUSINESS THIS HOLIDAY SEASON DIRECTLY, OR WITH ANY MERCHANT THAT BANKS WITH: • JP Morgan/Chase • Citibank • Bank of America •Wells Fargo
These are the four largest banks in America. They are the ones who disproportionately benefited from the bailouts, and who continue to hold hundreds of billions of dollars on their balance sheets of HELOCs and other home loans that are worth far less than what they are claiming.
These are also the banks in the middle of Foreclosuregate. I remind everyone that Citibank's former Chief Underwriter said, under oath, that Citibank was knowingly making bad loans - 60% by 2006 and 80% by 2007 - and selling them off in securities to pension funds and other investors. Instead of being forced to eat these bad loans and be closed as a consequence they were bailed out with our taxpayer money, and still are by Bernanke's "Quantitative Easing."
Exercising your lawful right to refuse consent to this is simple: Ask the merchant you are considering purchasing from who they bank with. Be cordial. If it's one of the above, take your business somewhere else and tell them why. If you have accounts at these banks: Close them and move your money somewhere else - to a local bank or credit union.
To Merchants: You can avoid this. Close out your merchant and deposit relationships with these institutions. Use a local, community bank instead. If you're a large chain, use someone other than these four. There are alternatives and choices.
We as consumers must choose. We have every right to deny these institutions any benefit from our business, and to continue to do so until every one of their so-called "assets" is marked at the market, transparently, and the Federal Reserve's "accommodations" that are making possible the hiding of losses - both QE1 which created a huge ramp in oil and commodity prices, and QE2 which is doing more of the same, along with severe damage to the value of the dollar, is withdrawn and in fact reversed.
We have the choice to withdraw our consent to the inappropriate levying of an effective $600 billion tax on Americans via higher prices for gasoline and basic foodstuffs - a tax that disproportionately hits the poor and middle class. A tax that is seventeen times the size of George Bush's "Tax Cuts", yet was unilaterally enacted by Ben Bernanke without Congressional authorization or debate.
Freedom of association includes the freedom not to associate and not transact. I elect to do so for any firm that banks with these four "monster banks" who literally ate our nation's prosperity.
JOIN ME IN THIS PROTEST, STARTING NOW, AND DENY THESE INSTITUTIONS ANY ABILITY TO PROFIT FROM YOUR ECONOMIC ACTIVITY."
How? Simple: DO NOT DO BUSINESS THIS HOLIDAY SEASON DIRECTLY, OR WITH ANY MERCHANT THAT BANKS WITH: • JP Morgan/Chase • Citibank • Bank of America •Wells Fargo
These are the four largest banks in America. They are the ones who disproportionately benefited from the bailouts, and who continue to hold hundreds of billions of dollars on their balance sheets of HELOCs and other home loans that are worth far less than what they are claiming.
These are also the banks in the middle of Foreclosuregate. I remind everyone that Citibank's former Chief Underwriter said, under oath, that Citibank was knowingly making bad loans - 60% by 2006 and 80% by 2007 - and selling them off in securities to pension funds and other investors. Instead of being forced to eat these bad loans and be closed as a consequence they were bailed out with our taxpayer money, and still are by Bernanke's "Quantitative Easing."
Exercising your lawful right to refuse consent to this is simple: Ask the merchant you are considering purchasing from who they bank with. Be cordial. If it's one of the above, take your business somewhere else and tell them why. If you have accounts at these banks: Close them and move your money somewhere else - to a local bank or credit union.
To Merchants: You can avoid this. Close out your merchant and deposit relationships with these institutions. Use a local, community bank instead. If you're a large chain, use someone other than these four. There are alternatives and choices.
We as consumers must choose. We have every right to deny these institutions any benefit from our business, and to continue to do so until every one of their so-called "assets" is marked at the market, transparently, and the Federal Reserve's "accommodations" that are making possible the hiding of losses - both QE1 which created a huge ramp in oil and commodity prices, and QE2 which is doing more of the same, along with severe damage to the value of the dollar, is withdrawn and in fact reversed.
We have the choice to withdraw our consent to the inappropriate levying of an effective $600 billion tax on Americans via higher prices for gasoline and basic foodstuffs - a tax that disproportionately hits the poor and middle class. A tax that is seventeen times the size of George Bush's "Tax Cuts", yet was unilaterally enacted by Ben Bernanke without Congressional authorization or debate.
Freedom of association includes the freedom not to associate and not transact. I elect to do so for any firm that banks with these four "monster banks" who literally ate our nation's prosperity.
JOIN ME IN THIS PROTEST, STARTING NOW, AND DENY THESE INSTITUTIONS ANY ABILITY TO PROFIT FROM YOUR ECONOMIC ACTIVITY."
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