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Since 2008 – Progress Through Politics

US media ignores Germany's Spiegel report that Wall St committed a monumental insider bank robbery

Just over six weeks ago, a German mainstream publication Der Spiegel truthfully reported that the Wall Street banksters committed a monumental insider bank robbery. Since the date of publication, the US for-profit plutocrat owned media has ignored this story but more to the point perhaps is the fact that not only did they ignore the story, they failed to report it in the first place.

As an American expat who holds an MBA degree in marketing, currently living in European Union, I was struck once again by the reality that the job of the American media doesn’t seem to be about really informing us but rather to sell commercial advertising space as a marketing profit center. I’ve learned through truthful reporting to rely on the European mainstream media sources like Germany’s Der Spiegel and Britain’s BBC networks. What I have also learned is that we have to reach out to our fellow Americans and citizens of the world in alterative media and ask each of our readers to help us get the word out through email and social networking sites like Facebook in order to get the truth out.

To that end, will you help us get the word out?

The reason we need your help is because the German Spiegel magazine also reported that the Wall Street banksters are at it again, behaving just as shamelessly as they did before the crash. To which I would ask how long before a second Wall Street crash and how long before a second tax payer bail out?  

It doesn’t seem to matter if it’s an artificially created deficit in Wisconsin which results in union busting mania or the Wall Street banksters plundering our financial institutions. The solution is always the same and that is to balance the budget or pay for the bail out on the backs of working class America rather than asking those responsible to be held accountable. God forbid that America’s rich would ever be asked to pay their fair share of taxes to help correct these problems. Additionally in America, we have a media which is owned by the plutocracy who too often ignores the truth.

The truth is the Wall Street banksters are in the process of creating a second crash that you will be asked to pay for. There is one important difference this time major mainstream European news organizations like Der Spiegel have warned us of a coming second crash.

(Quote from Der Spiegel: “From Wall Street to be thrown onto the street”)

“The stockbrokers are celebrating the end of the crisis. While the crisis is beginning to repeat itself, the banks are just as shameless in their speculation as they were before the crash.

The lobbyists are just as powerful as they ever were. The last 2 years were nothing more than a monumental insider bank robbery, which is long since forgotten. Not a single defendant from senior management was criminally charged. Instead the US Dept of Justice would rather pursue many swindlers who are small fish whose unbridled avarice made them mini-Bernie Madoffs. Bernie Madoff whilst in jail was notified of his son’s suicide.” (Block quote based on writer’s paraphrased interpretation of the German text of the German magazine Spiegel December 30th 2010)…

When we were suddenly taken off our feet (sucker punched if you will) by the Wall Street banksters during the last crash, many of us reacted in a state of shock and disbelief. The banking crisis took millions by surprise. Here’s the truth, this time we won’t be able to say that.

This time mainstream European media sources have warned us of a coming second crash, which is being engineered at this moment by the Wall Street banksters.

(Quote from Der Spiegel: “From Wall Street to be thrown onto the street”)

“For many families the American dream became the American nightmare. Their falling into poverty placed them outside of the consciousness of American politicians, who placed greater value on campaign contributions than on the worries of the silent majority.

America seems to have a short memory. Brokers are celebrating the end of the crisis. While the crisis is beginning to repeat itself, the banks are just as shameless in their speculation as they were before the crash.” (Block quote based on writer’s paraphrased interpretation of German text of the magazine Spiegel December 30th 2010 issue)…

Of course in America  the rich can never be asked to pay their fair share of the taxes.

Can the American social safety net survive yet again Wall Street bankster engineered crash?

Every problem that is engineered by the plutocracy has to be fixed on the backs of the American working class through austerity measures, that take away medical treatment that has been earned and reduce pensions that have been earned just like what we’re seeing in the Tea Party led model in Wisconsin which if successful will ensure that no union in America will ever be safe again from the Tea Party. At the same time we see the dangers of a second Wall Street crash being reported by mainstream European media outlets.

The truth is in the minds of millions, America already has the weakest social safety net of any major industrialized country. Unlike every country in the European Union, America does not mandate medical care or dental care nor does it mandate paid sick leave, paid annual leave, paid maternity leave. This is in sharp contrast to the European Union which mandates all of these benefits even for low wage workers. In America there are 59 million who don’t have health insurance; 132 million who don’t have dental insurance; 60 million who don’t have any paid sick leave; 40 million who are on food stamps. If that wasn’t bad enough, the Tea Party led class warfare now intents to go on a nation wide union busting spree starting with the state of Wisconsin which will seek to weaken even further the American working class dream.

These reports are being ignored by the US media. Will you ignore them also?

(Cross posted by author from the Daily Kos)


  1. Elch

    You made an interesting observation with regards to media.

    I’m also following the main-stream news media preferably in different languages – just to get the true picture.

    Over time you can see certain patterns and then you know there is actually more to tell but it is ignored on purpose.

    Let’s take BBC for example. Have a look on all the news reports about France.

    Or on CNN I recently read “German Army set date to leave Afghanistan” where European media cited “Germany extends Afghanistan misson to 2014”. Same event, different headlines and obvious shaping of public opinion.

    BTW – welcome to EU-land!

  2. Shaun Appleby

    I have been a financial system alarmist for quite some time and I remain unrepentant and don’t see that the fundamentals have shifted much from the situation that pertained prior to the 2008 meltdown.  As a progressive I see the supranational influence of financial institutions as ultimately pernicious to my values and probably a bigger threat to the prosperity and quality of life of the average citizen than anything besides perhaps climate change.  That there is now a concerted ‘union-busting’ movement emerging in US domestic politics strikes me also as a predictable consequence in this context.

    The disproportionate influences of the media and the financial sector in our business of governing is probably at an all time high which is saying a lot when one considers late 19th century American history.  I am convinced that the social investor and mutual funds are not playing on a level playing field in this regard and I find the arguments that the financial sector, for its proportion of the GDP, not actually adding ‘value’ to the economy are persuasive.

    But I don’t think this is a problem specific to the US by any means and I am unsure that any policy beyond actively prosecuting enterprises and individuals who acted criminally under existing US law as being particularly effective.

    That the long-standing system of tort law regarding property has been stood on its head and shaken then thrown on the ground and danced on has not been addressed adequately and the short-term benefits realised by these institutions at the long-term expense of US citizens has not yet come home to roost in full.

    I can almost excuse the Obama administration, or any other, for tip-toeing around this problem given the weight which the financial sector can bring to bear.  Still it strikes me as unfathomable that these institutions should act against their own interests, in the long run, without alerting the citizenry to the magnitude of the problem which has already been perpetrated on them.

    That there would be another crisis seems as imponderable as earthquake prediction but we know where the ‘ring of fire’ is and it certainly embraces downtown New York.

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