Canadian Banks Dumping U.S. Assets
by Neil Garfield
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calling in and foreclosing business loans that are current
EDITOR'S NOTE: Ok, I don't like the sound of that either. But if you look at the larger picture it all becomes clear. With our government and courts bogged down in mythological presumptions about mortgages, housing and the economy, the real world is still chugging along. And in the real world, America is in a self-imposed decline.
The Canadian move is nothing new. Everyone is dumping U.S. Assets including U.S. banks who created the demise of the strongest economy in history. U.S. banks are lending most of the three trillion dollars they siphoned out of America to foreign ventures and mega corporations, ruthlessly depriving their own country of the last air available. In the East, the first moves have become official for direct trading of currencies --- rather than using the U.S. Dollar as the intermediary or "real" currency in their transactions --- meaning that the Chinese juan is coming out to play despite numerous economic problems.
These doors are open and the horses are escaping because the Obama administration has stuck its head in the sand and refuses to see we are fast losing our position as the printer of the world's reserve currency. This will only add to our debt woes, since for every dollar out there we may well need to make good on it in other countries' currency.
And all that is because after 5 years of this cr**, nobody has peeked under the hood to see what is going on. Nobody has looked at the money trail. And so everyone is foreclosing their own options by lack of curiosity. It is still assumed that the borrowers are in default. It is still assumed that these hapless borrowers owe what the Bank says they owe. It is still allowed for Banks to declare by fiat what they were previously required to prove in court. And the narrative is still about preventing the borrower from getting a " free house" while the Banks are getting exactly that --- a free house.
We should remember also that the Canadian Banks --- the object of the same contempt and derision reserved for hapless homeowners who were sucked into the Wall Street wind tunnel --- were the ones who DIDN'T play securitization roulette. They were the ones who called it suicide, absurd and reckless.
Now they are looking at their sick friend to the South and seeing that assets that have value now, may well be worthless later. So they are dumping them. In this case they are backing out of commercial loans to small businesses, calling them in when the businesses have no were to go to replace the borrowing because they don't have access to that open FED window and they can't get in the door of the mega banks that stole the money. So you end up with 52 businesses in Reedsburg, Wisconsin that are current on their payments but are going to be foreclosed --- put out of business --- by economic currents that our government refuses to acknowledge even exist.
The effect on American small business is catastrophic and it is American small business that employs most of the our population of workers. The conclusion is obvious --- joblessness, under employment and psychological depression is going to keep Americans out of work and American business in decline until SOMEBODY says "let's look under the hood and see what actually happened with the money." The dominoes are falling and nobody seems to notice.
SEE ARTICLE AND VIDEO
Up To 52 Businesses Face Foreclosure In Reedsburg
http://www.channel3000.com/money/30042354/detail.html
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