Daily Micro: Yesterday’s Visionaries in Today’s World ~ The Voice of Debt-based Capital

In Yesterday’s Visionaries in Today’s World, Stephen J. Bergstrom gives creative voice to visionary souls in process of awakening.

Through imaginative device, Yesterday’s Visionaries in Today’s World reveals two contrasting visions that shape contemporary existence.

In one, conquerors traverse the world as a series of endless privileges secured through material means and patriarchal oppression.

In the other, conquered and oppressed individuals and groups perceive that consciousness animates nature, humanity and the spirit of a Living Earth.

~ ~ ~

Acknowledging the Voice of Debt-based Capital

A common mindset awash in America, I will rule the land and distinguish between friend and foe. In my communications to allies, I will lay out a plan for the ages;

United States Banker’s Magazine (1891)

“On September 1st, 1894, we shall categorically refuse all loan renewals.  On that day, we shall demand the repayment of our money, under penalty of foreclosure on collaterals.

“The mortgaged properties will become ours. (Money will have become scarce beforehand, and the repayments will have become generally impossible.) We’ll thus be able to acquire, at a price agreeable to us, two-thirds of the farms west of the Mississippi and thousands more east of this great river.

“We’ll even be able to possess three quarters of the western farms as well as all the money in the country.  The farmers will then become land tenants only, just like in England.”

United States Banker’s Magazine (1892)

“Capital must protect itself in every possible manner, through combination and legislation.  The courts must be called to our aid, debts must be collected, bonds and mortgages foreclosed as rapidly as possible. 

When, through process of law, the common people have lost their homes, they will be more tractable and easily governed –through the influence of the strong arm of governmentapplied by a central power of imperial wealth under the control of leading financiers. 

A people without homes will not quarrel with their rulers.”

In 2013, I broadcast my plan for all to see and for benefit to my friends;

Excerpt from The New Republic (published continuously since 1914)

Your New Landlord Works on Wall Street – Hedge funds are snatching up rental homes at an alarming rate

…If you’ve signed a lease in the past year, there’s a good chance your landlord wears a tailored suit and works on Wall Street. One of the hottest trends in the financial sector is known as “REO-to-rental.”

The Wall Street firms are scooping up properties in the hardest-hit areas, promising high returns for the rental revenue streams—up to 10 percent annually —and starting bidding wars that have driven up prices well above national averages.

It’s the next Wall Street gold rush, with all the warning signs of a renewed speculative bubble.

According to a recent JPMorgan Chase report, Wall Street has already raised or committed as much as $10 billion for REO-to-rental, enough to purchase 15 percent of all bank-owned homes. The hedge fund Blackstone, a market leader with at least $2.7 billion in purchases already, announced in November the intention to buy $100 million worth of homes every week with $1 billion in homes just in the Tampa Bay area.

JPMorgan Chase recently put money from wealthy clients into the purchase of 5,000 single-family homes for rent in Arizona, California, Nevada and Florida.

Perhaps worst of all, Wall Street has begun to explore the option of securitizing the rental revenue, much in the way that they used mortgage-backed securities to ramp up capital in the bubble years. Three separate REO-to-rental trusts appeared on the market, under the administration of Wells Fargo, in the past couple months.

These are non-public offshore trusts that are unregistered with the SEC, and in all likelihood have no credit ratings, as the rating agencies have this time shied away from rating an unproven product.

~~~

So quarrel not, my lovelies. The land shall be ours and you shall be our tenants. Ponder not and you will not observe our tightening hand;

~~~

“It’s weird that we have this housing recovery with no homeowners involved,” said Shabnam Bashiri of Occupy Our Homes Atlanta.

~~~

Sleep, sleep, my lovelies. Quarrel not. From Ziggurat to book, I rule. And from my hand, shall be no respite.

 

~ Stephen J. Bergstrom

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