Is a Mortgage and Loan Revolt the Answer?
June 16, 2011
by Dan(henrymakow.com)
In a Youtube made in March, labor organizer Stephen Lerner explained that due to rising unemployment and inflation gobbling savings, American workers are in a weak bargaining position. . Conventional collective bargaining has lost it's leverage. Thus Big Capital's assault - through their government puppets - threaten to roll back the clock on collective bargaining rights all the way back to the Herbert Hoover era.
He said "unions are almost dead. We cannot survive doing what we do. The fact of the matter is community organization is almost dead also." Having established the need for a new game plan he continued, "the big banks and Wall Street need stability. Look at what they care about on the news, they'll say, 'the tsunamis are really bad... but the market is stable!' (laughter). Every time there's a crisis in the world, they say, 'well the markets are stable'. I got to thinking about this and they're in this crazy position that no matter what happens they do fine as long as the market is stable. Only now something's changed in America. It used to be you needed a middle class in countries for a stable market, for the richer to get richer. They've figured out they no longer need us to be rich anymore." I'll interject here - the reason in globalism: capital plays the labor of nations against each other globally. That's how the situation changed. (See Sir James Goldsmith's THE TRAP (1995).
He continued, "They need stability, so we need to find a way to create instability for them, instead of just us. Create uncertainty for capital on which corporations operate. It may seem a crazy thing to suggest from our position of weakness in a boom and bust economy, but the thing about a boom and bust economy is that it is actually incredibly fragile, because it's not based on real wealth, but on speculation - gambling. So there are some incredible things we can do right now to create instability for the banks". "Your paying mortgages that are worth 10% less than they were, but the banks haven't readjusted your interest payment. Foreclosures are so backed up it takes a year to get you out of your home. You could stop paying your mortgage and even rent the property out at a profit. If only 10% did that right now it would put the banks back on the brink of insolvency."
He continued. "Student loans are a trillion in debt. State government is cutting subsidies for higher education, students are in debt, and there are no jobs." Here's the bottom line, "What say we could get half a million homeowners to agree they'd stop paying their mortgage and the same for student loans, that's enough to cause a new financial crisis. For the BANKS - not for us, we would be doing quite well because we wouldn't be paying the banks. (laughter). "
But there was a spy at the meeting who recorded it all and next thing you know it's all over the media and controlled opposition shill Glenn Beck was calling it "Communism" and called Steve Lerner an "Economic Terrorist".
Ha. That doesn't wash. Lerner is addressing the problem that the bank's Ponzi scheme artificially inflated mortgages and after the bubble popped the people who kept their jobs and their houses are paying higher mortgages than the property is really worth. Lerner is merely explaining collective leveraging in order to tell the banks "readjust our interest rates to real market value , or forget it."
It's about leverage to say "look here, you stole 17 Trillion dollars and impoverished us, so we're going to disrupt your operation, unless you reduce our rate of interest, and second; you re-write everybody's mortgages to current appraisal."
Lerner's saying that since the problem is systemic, what gives you leverage is being able to - as he put it -"put a boot in the wheel".
His explanation and proposal was exactly what economist Michael Hudson advised the governments of Iceland, Ireland, and Greece to do last year. http://michael-hudson.com/
Lerner and Hudson both point out the obvious - that government bankruptcy is also due to deregulated bank usurious practices amounting to the protection / extortion rackets.
