The Fed-precipitated Enron Debacle? by James Jaeger
After watching the Enron hearings for about 5 hours and following the New York Times "coverage" of this mess, here's some of what I have concluded.
- Enron's management was way too liberal with their corporate structure and off-shore tax havens, serving the point that globalization is sometimes foolish.
- Jeffrey K. Skilling, former CEO, is not as guilty as people would like to make him out to be. The banks are the real cause of this melt down, as usual, and of course, the New York Times will do everything in its power to obfuscate, for instance, a 27 Feb 2002 article by Floyd Norris said the following:
Nor does he (Skilling) appear to have picked up much in the way of humility since Enron collapsed. "If I were in charge of the world," he began one answer that ended with him blaming the banks for Enron's collapse. If they had only been willing to keep lending billions, he seemed to think, all would be fine. The problem was that the Federal Reserve allowed banks to back out of loan agreements after they learned the borrower was in trouble.
Let's break this NYT propaganda spin down:
Nor does he (Skilling) appear to have picked up much in the way of humility since Enron collapsed. "If I were in charge of the world," he began one answer that ended with him blaming the banks for Enron's collapse.
Notice that the NYT makes a topic sentence that sets up the thesis that Skilling is not humble (their opinion, as I found him to be QUITE humble on C-SPAN) and then they quote a portion of his statement out of context, 'If I were in charge of the world' (to make him sound like a megalomaniac) and then they finish Skilling's sentence with their editorial propaganda slant: "he began one answer that ended with him blaming the banks for Enron's collapse."
So here we have a major news paper, that's supposed to report the news with NO BIAS or NO EDITORIAL COMMENT and NO ATTITUDE, injecting all three of these in, not only this sample paragraph, but through out the article. And why? To deliver a defense to the banks, and the Federal Reserve System, which the NYT is in bed with, of course.
Lapdog reporter, Norris, continues: "If they had only been willing to keep lending billions, he seemed to think. . ."
He SEEMED to think, the lapdog writes. I maintain that even the almighty NYT can't read a person's mind and it's improper to even try in such a serious circumstance.
NYT continues with its spin: ". . . all would be fine. The problem was that the Federal Reserve allowed banks to back out of loan agreements after they learned the borrower was in trouble."
Ah, the reason for the hostility finally emerges: The reason the NYT is so hostile to Skilling (and the Congress, for that matter, who gets PAID by Alan Greenspam's Fed) is because he's implicating the Federal Reserve Banks -- who ARE, as history shows, the correct culprits for the Enron debacle.
Follow me on this:
The primary way banks make money is by a) creating money out of nothing (i.e., monetizing debt and issuing fiat currency), then b) lending this money to people and corporations at loan-to-value ratios that assure the bank that the collateral package exceeds the loan by some ridiculous amount, then c) when the borrower gets into any sort of trouble (trouble usually caused by the debt service burden) the bank, d) forecloses on the loan and e) confiscates the collateral package assets (in sheriffs' sale if necessary).
This is the MO of the Federal Reserve-member banks. Even when thousands of people's lives are at risk, it's a farm in the mid-west, or Mom & Pop's little house in Flint, Michigan. Instead of lending a little extra money to help Mom & Pop out, or safeguard Enron's employees so they can get through the worst recession/depression in a decade, the Fed-banks make things worse by "pulling the plug." And remember, the "plug" the banks pull is the FIAT money that has been lent, money that was literally created out of nothing. What much of this boils down to is the fact that the banks don't really care about getting their fiat money back (they can always monetize more of it), they care about CEASING ASSETS (especially real estate), assets that were literally created by sweat, not by monetizing debt. THIS is the game (whether corporate or private) the banks play, and anyone who deals with such Federal Reserve banks, who is not fully-apprised of its machinations, deserves whatever negative experiences they will inevitably receive from this corrupt and evil system.
Americans have GOT to read THE CREATURE FROM JEKLL ISLAND (available at http://www.realityzone.com/creature.html) so that they will realize how far this has gone and how unconstitutional our banking system is at this time.
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