Smaller Hdmi Receiver

Chapter 3 - The abuse of trust in the banking system

The current economic model is questioned because of the enormous losses suffered

• by banking system ($ 4 trillion),
• the real economy from the national income ($ 4.7 trillion) and
• from equity investments ($ 26.4 trillion).

Figures from economies of war, but without that there was a war! (1)

To put it more digits 'included, and' as if all along:

1. 400 million of investors had lost $ 10,000 in each bank;
2. 200,000 000 workers had lost their net salary for one year amounted to $ 23,500 each;
3. -investor had 400 million of savers minulsvalenze stock prices immediately for $ 66,000 each.

The flaw in the economic system and 'created within the banking system which had become insolvent (2) due to excessive use of securitization of receivables. (3)

That being so 'things, the bank does not seem the most' legitimately play the central role in the subject that derive profit from suitably reducing the information asymmetry between households and firms, by contrast takes the form of abusers of fiduciary incongruously derive profit.

If so 'it, setting up bank would not only be useless to the system economic but rather harmful for the economy and for the stability 'of the economy. His privilege (*) could not more 'to find a place in the order in accordance with the principle of protection of savings, a fundamental right guaranteed by the Constitution relating to the economic relations. (4)

status granting to the banking system in the exclusive collection of savings from the public has favored setting up an oligopoly (5) to make it stable and solid. This' is an advantageous position. This means that this' getting the bank in payment of its service and 'more' than what would be sufficient to induce to provide that service.

The financial crisis shows that the banking system has betrayed the purpose 'of his central role in abusing the trust of the state, families and destroying the legitimate expectations of businesses and workers. Techniques have been used to transfer the credit risk on investors and it 'created a shadow banking system is totally illegitimate (6) for illegal transactions that allowed the system to make money beyond any reasonable limit to reward shareholders and executives to damage of the community ' (7) .

E 'enough, the first decline in home prices (8) After nearly two decades of uninterrupted growth, 'cause the leverage of the banking system - unsustainable and uncontrolled - multiplied 100 times the collapse of a babel of paper and whose initial loss' was estimated at $ 250 billion (mortgage sub- first securitization and securities), providing a liquidity crisis 'unprecedented in the entire global financial system and ensuring the most' serious global recession since the '30s. (9)

All investors should be aware of the consequences of the misuse of their money can 'lead. They must organize themselves in order to reaffirm the importance of moral and ethical values \u200b\u200bin management of such a 'resource. Intermediation of savings must be conducted on a human scale, unreservedly elitist (10) , producing uncontrollable organizations that end up making only their own interests to the detriment of the community ' (11) and as' success universal banks.

status according to the precepts of constitutionally guaranteed, it can not 'be affected by unhealthy and imprudent banking organizations that must be pursued even when they abuse the trust of investors, they betray the expectations of households and businesses being enriched on the shoulders of the community'; nationalizing and liquidating (12) as necessary to create new opportunities' work and leave space to the activity 'of other organizations have sound and prudent, honest and capable men trained to take the responsibility' to operate in the service of economic development and welfare for the whole community ', not for its impoverishment.

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(*) The privilege is in the reserve banks of the activity '(a) collection of savings from the public, exercising conessa credit and (b) emission or administering means of payment in spendable 'generalized (checks), linked to the monetary function. For more details on the meaning of "collection of savings from the public" see. instructions supervision of the Bank of Italy on the subject, published in the Official Gazette No. 96/2007. [ http://gazzette.comune.jesi.an.it/2007/96/8.htm ]. Open up the credit market means the freedom to make the said savings from the public, or at least limit the subject of the collection of savings from the public in favor of banks over a certain amount (eg more than € 5 million). The disintermediation of savings would have the beneficial effect (a) to give the possibility 'for small and medium-sized businesses to raise (low cost) the monetary resources needed for investment directly by households, using the mechanism of confidence thanks to new technologies, (b) reduce the concentration of the credit market and thereby reduce systemic risk in the event of failure of banking intermediaries and (c) reduce the ability 'of wealth and power to capture banking and financial controller, with potentially destructive effects of wealth and stability', and then economic social and political democracies.

(1) chap. 1, footnotes. 9:12

(2) chap. 1, footnote 1

(3) For Italy, the regulation of securitization and 'contained in Law 130/1999.

(4) Julius Bacos, Ed IPZS (2006) The Constitution, comments on the article. 47, paragraph 1: "The protection of savings ... and '... designed primarily defense of the worker and small businessman, in order to allow species to these categories of persons to maintain the purchasing power of money saved and then subtracted to sacrifice immediate consumption. "

(5) Form a market characterized by few sellers. Fundamental assumptions of the model of oligopoly:
1. Sellers make money;
2. sellers behave strategically;
3. market access can 'be free or locked
4. buyers do not make the price. (See Chapter 2, footnote 1).

(6) uses the term illegitimacy 'in the sense of the misuse of a privilege granted by the credit function, not being able to talk technically of illegality' and as' non-regulation of off-balance sheet that has allowed banks to create the so-called shadow banking system .


(7) Moreover, these bonuses in light of international accounting standards IAS / IFRS, with particular reference to IAS 39 and the so-called fair value, there appalesano the same way as plain theft against the stakeholders. Big banks the frantic search of profit at any cost, relying on their high reputation, have not hesitated to defraud their customers for the purpose. The most 'ecclatante and' without doubt that of Goldman Sachs & Co.
[See http://www.sec.gov/litigation/complaints/2010/comp-pr2010-59.pdf ]


(8) V. S & P / Case-Shiller Composite 10 and Composite Indices 20


(9) chap. 1, footnote 12


(10) In the West, the popular belief ( vox populi ) identifies elites who work in finance in both the secular culture in the confessional as a secular organization and popular reference 'to the Bilderberg Group [ http://en.wikipedia.org/ wiki / Bilderberg_Group ], [ http://novoordo.blogspot.com/search/label/bilderberg ], [ http://www.youtube.com/watch?v=0gZ7gDBs5WY ], as an organization sectarian reference and 'all' Opus Dei [ http://it.wikipedia.org/wiki/Opus_Dei # Opus_Dei_e_finanza ], [ http://www.opusdei.it/ ]. For organizations that operate in the context of a secular culture, the lobbies (or interest groups) should already 'in the sense to be a Democrat' elite jackets' the purpose of the group of interest and to obtain from the political more 'of what' would actually 'sufficient to satisfy the need, at the expense of other more' numerous. In the same way, in economics, an oligopoly, or worse, a monopolist, should be part of an 'elite . Vilfredo Pareto stated that the history and '"Cemetery is lites. See Item electric [ http://it.wikipedia.org/wiki/Elitismo ].

(11) v. problem of special interest lobbies cd issues, Public Choise Theory. In essence it is about the fact that few actors well organized, financed and advised (the lobbies) by convincing politicians to indulge their special interests even if these are detrimental to the interests of the community '.

(12) The term "bankruptcy" (in English: bankruptcy) is derived from the medieval Genoese to break the bench (in Latin: bancum ) and the table of insolvent banks. See Historical Dictionary CNR items: bank, bank, [ http://tlio.ovi.cnr.it/voci/005502.htm ], [ http://tlio.ovi.cnr.it/voci/005509.htm ].