This week I made a trip to the library and picked up two titles that were displayed in the New Books Non-Fiction section. It’s a small town, but has a very good and up-to-date library for which everyone here is grateful.
The two books I picked up and read this week are Maxed Out–Hard Times, Easy Credit, and The Era of Predatory Lenders by James D. Scurlock (Scribner 2007) and The Late Great U.S. And The Coming Merger With Mexico and Canada (World Ahead Media 2007) by Jerome R. Corsi, PhD.
At the time I picked up these two books I had no idea that they were relevant of the economic meltdown that is currently taking place and the proposed “bailout.”
In Maxed Out (which is also a documentary film) Scurlock graphically explains how large financial institutions preferred customers are sub-prime borrowers–just the type of people who can never really hope to repaid the loans that were thrust upon them. Students are given credit cards and end up committing suicide because of the debt that these predatory lenders charge more for than pawn shops. Homicide is also a byproduct of debt.
Through Bankruptcy “Reform” Congress whose arm was severely twisted by the banking lobby closed the one option that would allow people to reorganize their financial lives.
Scurlock shows how the banking industry has managed to get the USA and indeed much of the world addicted to debt, and how it produces nothing but more debt and a continual stream of more profits for the banking and credit card industry now that most all restrictions placed upon it after the stock market crash of 1929 and ensuing depression have been removed.
Scurlock also makes the poignant point that the USA is now the subprime borrower of the world, willing to pay more interest than any other country in the world.
Scurlock writes: “Another whopper is that the foreigners who continue to support our debt habit are expressing confidence in the strength of the united States economy. Japan’s treasury pays about one-fifth the interest rate that we do on their national debt. So perhaps in the global scheme of things we have simply become the planet’s most profitable sub-prime borrower, its “preferred customer.”
This is another way of saying that international banks and the banks that form the U. S. Federal Reserve can squeeze the citizens of the US for more and more money.
Without directly stating it, Scurlock makes a great argument as did the founding fathers of the United States of America for bankruptcy and starting over with a clean slate.
If the bailout goes through, it is not starting over with a clean slate, it is piling up another high interest credit card debt on top of bad already unpayable debt. The only one that wins here are banks which charge a higher interest rate through compounding than do pawn shops or loan sharks.
Scurlock’s book is very well written, researched and very readable and is an important contribution to understanding the current economy based on debt.
Corsi’s book, The Late Great USA explores and explains how the idea of forming a Union between Canada, Mexico and the United States is already in the process of taking place to the detriment of the citizens of all three countries.
Corsi’s book gives the history of how the European Union came about slowly and incrementally over the course of fifty years.
He convincingly demonstrates how that process is taking place currently in North America, though at a much more accelerated pace.
Members of the three countries are already meeting to implement regulations for a “Security and Prosperity Partnership.”
A superhighway from Mexico across the US to Canada to be owned by foreign banks and corporations is already in the planning and initial construction stages.
This will allow more Chinese goods to enter faster and cheaper into the US, Mexico and Canada while removing good paying jobs from all three countries.
The chief beneficiary will be China, the major underwriter of the debt that the US government and its people keeping piling on.
In essence, China could take over the North America Continent with the help and collaboration of international bankers without firing a shot. They will slowly (actually not all that slowly) strangle the continent with debt.
Corsi is not entirely pessimistic. He writes:
“Americans can still affect the political scene. Most congressional offices are relatively small, generally with room for only a half dozen staffers. Even a dozen calls on a particular theme to a congressional office are typically noticed. One hundred calls in any given day virtually tie up the congressional receptionist, threatening to throw the office into communications gridlock.”
Demanding congressional legislation that will repeal NAFTA is the surest way to bring a halt to North American integration. If Congressional hearing can be held on the proposed legislation, the many important issues of integration will be brought into the public eye. NAFTA passed not as a treaty, but as simple legislation, and consequently can be overturned as such.
With NAFTA and CAFTA repealed, congressional authorization for the Security and Prosperity Partnership (SPP) will be erased. The bill repealing NAFTA and CAFTA should also include a directive that the United States withdraws from the three country “working groups” now organized under SPP.
US “free trade” agreements need to be modified to eliminate structural discrimination against US exports, such as the differential application of value added taxes by over 137nations.
Key to these modifications should be language that prohibits the abusive use of human labor. In the aftermath of the Civil war, the United States declared that exploitation of African American (formally slaves)was morally wrong and that African Americans should receive full rights of citizenship. America must similarly declare that exploitation of Chinese slaves or near-slaves is also morally wrong, along with the exploitation of any other workers anywhere in the world.
Withdrawing from the World Trade Organization would also make clear to globalists that the United States is going to protect its own economy first and make sure our political institutions remain sovereign.
The United States can participate in world trade without being a member of the WTO. Rather than complying with WTO rules that impose an authority over US laws and regulations, we should seek to work with free trade partners who are willing to accept our renegotiated “fair trade” agreements.
Corsi’s book shows another way that the US can be conquered. Not by debt this time, but by willing compliance brought on by the greed of corporation that don’t manufacture anything, but desire to maximize profit. These corporations are by and large US corporations who have shipped their manufacturing and jobs overseas while gutting the US and stripping it of jobs and the benefits that go with good jobs. A government financed by massive borrowing from China is a willing participant.
Corsi’s very readable book needs to be studied by everyone questioning the insanity of the proposed $700 billion bailout (more money supposedly to be borrowed from China).