JP Morgan & the Sheriff of Nottingham

Photo Credit: Reuters

By Catherine Austin Fitts

The latest headlines announce that “J.P. Morgan Chase is in talks to pay up to $11 billion to settle mortgage-backed securities probes.”

Of one thing we can be confident. The homeowners and investors harmed will not be the beneficiary of this settlement. The Administration is under pressure to raise funds for budget negotiations. Hence, they need JP Morgan Chase to pay over the continuing royalties due the government for engineering the pump and dump of the housing market and the related mortgage fraud. This is a partnership, not an adversarial relationship.

This dynamic involves the states as well. Arizona is seizing mortgage settlement money to fund its budget. The regulators who did not protect their constituents will balance the budget with the mother of all regressive taxes. Seizing compensation from people who have been defrauded.

How many times can you lose money on a home in America?

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There is a fraudulent inducement combined with shipping your job abroad while “disappearing” $4 trillion from government accounts. So that lost you the equity on your home plus $14,000 per person.
Figure more loses for debasement of the currency.
Then more losses for mortgage and servicing fraud.
Then there is the money you lost from your retirement accounts during the mortgage bubble burst.
Then you assumed liabilities as taxpayer for $27 trillion in bailouts and were debased trillions more for Quantitative Easing while the Fed bought up the fraudulent mortgage paper.

And of course there is the fact that you are paying government to provide you services and instead they are using money to do you harm while providing inside information to a wide variety of players who are also doing you harm.

Dare I mention that includes bringing drugs into your neighborhoods and running private prisons that market labor back to the Department of Justice who profits by marketing them to government agencies?

Depending on where you live and your particularly housing situation, I figure the average American household is out on a present value basis at least $100,000 – $250,000. However, I could make a case for a much higher number.

However, the harm is not over.

Utilities with support of federal, state and local governments are now breaking onto properties and literally into homes to install unsafe meters that will enable them to maintain high prices as the price of energy falls. And the NSA and the private corporations who dance with them are running invasive surveillance and entrainment technologies through multiple points of entry in our homes.

The private real estate interests in this country may want to pause and ponder this situation. If you think rising interests rates are going to be bad for valuations, wait until you get a load of the kind of deflation that happens with a fundamental breakdown in the popular faith in law and property rights.