Since our economic commentators
won’t ask this, I will.
If banks sell mortgages to
investors, via the securitisation industry, how were they ever bust?
Pension funds, insurance
companies, hedge funds, etc, buy mortgages and pay banks the principal, plus a
premium up front as a lump-sum payment.
Therefore, the bank is paid in
full, once, for the mortgage. The monthly payments of the homeowners are passed
by the banks to the investors. Over the life of the mortgage, the investor
earns more than they paid up-front to the banks, due to interest payments.
This is admitted — albeit
grudgingly — by banks. They can no longer deny securitization. But how do they
explain being bust? They should be in extra credit, from the profit above the
principal that the investor paid to them.
Are banks keeping shadow books?
Is their securitised income declared for tax?
Where is that money?
How did the banks all arrive in
Government Buildings in 2008, saying they needed to be bailed out overnight or
the country would go bust, when their mortgages were all already paid in full?
How can any bank in Ireland lay claim to the title of any house in Ireland if
they have sold this right to others?
Henry Ford said: “it is well
enough that people of the nation do not understand our banking and money
system, for, if they did, I believe there would be a revolution.”
At midday on Friday 5 February, 2016 Julian Assange, John Jones QC, Melinda Taylor, Jennifer Robinson and Baltasar Garzon will be speaking at a press conference at the Frontline Club on the decision made by the UN Working Group on Arbitrary Detention on the Assange case.