Two government agencies, the so-called “Federal Land Bank” system, and the Farmer’s Housing Administration, were established in the latter part of the 20th century in order to overdose unwitting American farmers with credit. The latter institution was particularly insidious and, like the equally insidious Federal Reserve Bank, deliberately obfuscated the question of whether it was a private bank or a federal institution. Both institutions extravagantly waste gigantic amounts of taxpayers’ money.
A radically different method of loaning money to farmers was pursued with vigor by these rapacious agencies, especially after 1971: the novel idea of encouraging the farmers into engaging in something euphemistically labeled “cafeteria credit.” In other words, allowing–and deceitfully goading–a farmer into borrowing as much money as he wanted, whenever he wanted, for whatever he wanted, without concern or counsel as to whether the farmer could actually pay back the money–in other words, deliberately overdosing the farmer with credit. More traditional and more responsible lenders to the farming community were forced out of the game and stopped lending to farmers altogether when the federal government got involved and started recklessly throwing taxpayers money around.
When the inevitable day of reckoning came that great multitudes of these duped American farmers defaulted on the exorbitant loans, the Federal Land Banks and most especially the FmHA duly and ruthlessly foreclosed, vast speculative moneys owed upon greatly overinflated real estate appraisals would have to be recouped from the poor American taxpayers and their posterity, and great multitudes of American wheat and other farmers were forced off the land, forced into citified living conditions and dependent on public assistance and charity–those distraught former farmers that didn’t summarily commit suicide, that is (and the author makes it clear that there have been quite a few of those). Truly, on Judgement Day, it won’t be the serial killers who will have it the worst; truly, it will be the Banksters who will have it the worst before Our Lord.
By the way, the process just described isn’t all that different from what went down in the U.S.S.R. back in the 1930s: Get the people off the land and into the cities, and consolidate the production of agriculture into as few hands as possible. It’s all right there in the 10 Planks of the Communist Manifesto, if anybody wants to check. (Incidentally, the trick of overdosing the American people with “cafeteria credit,” waiting for them to take the cheese and then snapping shut the trap and foreclosing, also sounds eerily similar to the most recent boom-and-bust great housing bubble in the U.S., for those who are paying attention.)
So for anyone out there who, like this reader, was also scratching his head back in the 1980s over the whole Willie-Nelson-Farm-Aid thing, wondering why all of a sudden American farmers were inexplicably going belly-up en masse, this is the book that finally explains it all, and in relentlessly specific and often poignant detail.
It is an exquisitely informative read. The one and only flaw here is that the author suffers under the unwarranted supposition that what he is describing is largely the result of ineptitude. But this reader doesn’t see it that way. For this reader, the scenario the author describes can only have been the result of an orchestrated strategem carried out by a few super-elite oligarchical string-pullers.
Rating: Δ Δ Δ Δ