Friday, September 19, 2008

Nationalization: Romania, the USA, Financial Panic and Politics

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"Waiter, There a Banker in My Soup..."
Babba Zee
Outraged Spleen of Zion


El Predicto Sez: Next thing to be Nationalized? Oil & Energy Companies

After that? Railroads, Airlines, Aerospace Corps, Tech Co's, Auto & Steel Manufacturers
& Farms

It ain't rocket science, it's history ... NATIONALIZATION

JUNE 2008: Another Democrat calls for Nationalizing Oil Refinery Industry

2005: Automakers Are Lining Up Aid, But Just Don't Call It a Bailout

SEPTEMBER 7, 2008: Detroit's sputtering Big Three turn to Washington for help

AUGUST 2008: The Great American Bailout: Costs, Repercussions and the End of U.S. Financial Domination

AUDIO: The long history of federal and corporate bailouts

Creative Destruction

Bank of America, Merrill Bailout Disguised as Buyout?

After World War Two, under the soviet army occupation and a large collaborationism from the impoverished and free stated people, Romania became Republic of the People and the National Bank of Romania was nationalized, becoming Bank of the State. On the mean time, the whole banking system was nationalized were interrupted the links with western capitalist countries. In Romania under soviet influence became to be put on practice the economy and social organization from the Soviet Union.

From World War Two to 1990 the Bank of the State had absolute control on the financial flow and accumulated all of the banking operation. In ‘70s and ‘80s, for more than two decades, in the multilateral developed socialist society, in Romania existed yet, only 4 banks, like The Romanian Bank of Foreign Trade, The Bank of Agriculture and Food Industry , The Investment Bank and the House of Savings and Securities(CEC), all of them public companies, strictly controlled by the Bank of the State.

The activity in this commercial banks was one of routine, predictable planned, without too much thrills. Only one of this ones, the House of Savings and Securities assumed the savings of the people, the offer of financial products being really low, rudimentary, the period of time to make a deposit was initially win for one year long, later for win six months, and the interest rate was symbolic, somewhere between( 0.5-3%) without much fluctuation.

The Lonely Shepherd ~ Traditional Romanian Song
Gheorghe Zamfir**, Pan Flute ~ Arrangement: James Last

The other commercial banks were working with public companies only, companies from industry , agriculture, only the Romanian Bank of Foreign Trade was involved in import-export financial activities. For the people, at the time, a so called crediting was possible only by the mean of the Reciprocal Aid Houses, organized on economic activity branches. The reform begins at the end of 1990, one year after the December 1989 revolution, being projected a banking system on two levels:

- on the first level, the Bank of State was been reorganized, being renamed the National Bank of Romania , and for commercial activities of the ex-Bank of the State till that moment, was been established the Romanian Commercial Bank (BCR).

- on the second level, by Government Decision, the former 3 public banks: the Romanian Bank of Foreign Trade, the Bank of Agriculture and Food Industry, the Investment Bank were transformed in commercial banks with public capital, diversifying its activities.
On the mean time from 1990 till 1992 were been established new private commercial banks, on the 31/1990 law basis, a special banking law wasn’t yet available.

Only at the end of 1991, the law 33/1991 regulates the banking activities for commercial banks, and the law 34/1991 approves an status for the NBR, about two years after the December ’89 revolution. The declared objectives of the NBR were mostly:
1- the stability of the Romanian currency LEU
2- the stability of the staple products and services.

Soon in ‘90s by speculating the legislative and authority emptiness, the corruption of the state administration and the lack of experience of the majority of people concerning the market economy, almost everything was possible for the unscrupulous.

The passing from the socialist society with predictable and planified economy and banking to the western open market economy made evident soon after 1990s, the lack of strategy in the NBR management and in the Romanian banking system, mostly from 1990 to 2000, comparing with the west-European or American banking, towards we were heading for, in words but thanks to the competitive market economy, this countries were evolving continuously, after World War Two and they’re still advanced now.

**Zamfir is a rabid proponent of the fascistic nationalist-communist ideology of "protochronism" developed during the Ceausescu period. According to "protochronism", Romania is the cradle, the origin of all world civilisation, and Romanian is the language from which all other languages in the world derive (Latin, for example, derives from Romanian, not the other way around!). According to the protochronists, Romanians invented everything from writing to the wheel. Protochronism (and Zamfir) is closely linked to the recently deceased billionaire Romanian emigre businessman Iosif Constantin Dragan, who was deeply involved in the anti-Semitic Iron Guard movement. Dragan's nationalism also led him to collaborate with the Ceausescu regime.

Tom Waits
Brother Can You Spare a Dime?

Consequently, the "battle for the mind" must be a central feature of future NATO actions

PSYOP links
do not think for one second that none of this applies to "us", or that we are exempt or immune to these tactics.

Today, Psychological Operations are a vital part of the broad range of U.S. political, military, economic and ideological activities used by the U.S. government to secure national objectives. The mission of providing Psychological Operations for the U.S. Military today rests with the U.S. Army's Civil Affairs and Psychological Operations Command at Fort Bragg, North Carolina.

57 Ways To Weave Your Cover!

WANT more Babba Zee and the Outraged Spleen of Zion? Try these recent posts:

* Sherab Zangpo: Liberator of Kidnapped Peace
* WFRL: No Sanctuary!

by Babba Zee
images: Outraged Spleen of Zion
Source: Waiter, There's a Banker in my Soup...

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