Re: The Necessity of Resisting Financial Tyranny

Stupid.

Not like the local banks and credit unions do not unvest your money in the
same places you want to remove it from....

And what online firms is he suggesting?  Is he going to be responsible for
millions of money lost to phony online orgs?

Now, lower our debt makes some levels of sense, but that takes time.



-----Original Message-----
From: [email protected] [mailto:[email protected]] On
Behalf Of Lance McLain
Sent: Saturday, June 11, 2011 12:53 PM
To: DADL-OT (Mailing List)
Subject: [DADL-OT] The Necessity of Resisting Financial Tyranny

oftwominds 
June 11, 2011 10:37 AM 
by Charles Hugh Smith
The Necessity of Resisting Financial Tyranny

It's time we defended liberty and democracy against financial tyranny: take
your money out of Wall Street and the "too big to fail" banks, and stop
funding their fraud, churn and subversion of democracy.




June 14th is a national day of resistance against economic tyranny. We all
need to do our part. The good folks at AmpedStatus.org have hosted this
site: Acts of Resistance: What Are You Going To Do On June 14th to Rebel
Against Economic Tyranny?Demonstrations and public actions are being planned
in a number of cities.



If you cannot attend the public events, then consider taking direct action
against Wall Street and the "too big to fail" banks. Direct action boils
down to this simple act: remove your money from their grasp. Your money
fuels their exploitation, their fraud, their skimming, their lobbying and
thus their sabotage of democracy. If we all take our money out of their
grasp, then they will shrink or expire.



If you haven't already, move your IRA and other accounts out of Wall Street
and "too big to fail" banks. Move the accounts to online firms, local credit
unions or local banks. Yes, there are still locally owned and controlled
banks. Moving your money to them is a direct-action statement against
financial tyranny.



This can be painful. I had a 20-year business bond with my broker, and it
was painful to pull the account away from him. But I explained why, and he
understood; of course he understood.



Removing your shares and money is important because Wall Street and the TBTF
banks use your money to churn profits for themselves. Your shares are sold
short, your cash lent out on a daily basis, etc., and the proceeds are used
to subvert democracy via lobbying and campaign donations, and to pay for the
financial Elites' mansions and yachts and tax attorneys.



The TBTF banks reap enormous profits from credit card and debit card
transactions. Using cash instead of paying them a slice of every transaction
is another direct-action way to "starve the beast."



A critically important blow against financial tyranny is paying off all
high-interest credit cards and other debt owed to Wall Street (margin debt)
or the TBTF banks. You earn .01% on your cash, but the banks skim 18% on
your credit card debt.



Although this isn't an option for most people, in the longer term, a very
powerful direct action is paying off your mortgage and not getting another
one. The same can be said of auto loans and student loans. The single most
important direct action is to remove debt from their churn machine. Without
any home mortgages to securitize, Wall Street can't spin off derivatives of
that debt and book profits by packaging and selling it.



A debt-free society where citizens refuse to give their money to Wall Street
is a society freed of the financial tyranny that has strangled the economy
and democracy. We as a society have been brainwashed into believing debt
benefits us; but that is a lie. Debt actually enslaves us in more ways than
one: it enslaves us financially, and gives the Power Elites the means to
enslave us politically.



Demonstrations are good, but direct action by millions of citizens is even
better.Don't take on $100,000 of debt you cannot dismiss in bankruptcy to
get a marginal college degree; find another path that includes financial
freedom. Don't fall for the consumerist fantasy of "aspirational
spending"--focus on self-expression and enterprise, not on buying a lot of
crap with debt that only enriches Wall Street and the big banks.



Focus on paying off debt, even if it means sacrificing consumption.Paying
off debt is a political action now, not just a financial act in favor of
freedom. Paying off debt, removing your money from the greedy grasp of Wall
Street and the TBTF banks-- these are blows for liberty and against the
financial tyranny which is destroying the nation.



Yes, we still have a mortgage, but we are devoted to paying it down in
advance. We have no auto loans, no student loans, no credit card debt, and
we use cash at the grocery stores and farmer's markets. Every dime we each
remove from Wall Street and the TBTF banks is a direct action against
tyranny and a meaningful reinforcement of democracy and liberty.


Readers forum: DailyJava.net.


Order Survival+: Structuring Prosperity for Yourself and the Nation (free
bits) (Mobi ebook) (Kindle) or Survival+ The Primer (Kindle) or Weblogs &
New Media: Marketing in Crisis (free bits) (Kindle) or from your local
bookseller.

Of Two Minds Kindle edition: Of Two Minds blog-Kindle





Thank you, F. Fox H. ($5/mo), for your splendidly generous subscription to
this site -- I am greatly honored by your support and readership.
Thank you, Scott H. ($20), for your extremely generous contribution to this
site-- I am greatly honored by your support and readership.
Go to my main site at www.oftwominds.com/blog.html for the full posts and
archives.



Sent from my iPhone
-- 
dadl-ot mailing list
http://mail.thehood.us/mailman/listinfo/dadl-ot_thehood.us
http://news.gmane.org/gmane.music.dadl.ot


-- 
dadl-ot mailing list
http://mail.thehood.us/mailman/listinfo/dadl-ot_thehood.us
http://news.gmane.org/gmane.music.dadl.ot