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Economic Articles from 2019

I’ve Seen Goldman Sachs From the Inside. We Need Public Banks

[Economic]
I’ve Seen Goldman Sachs From the Inside. We Need Public Banks
By Nomi Prins
Posted May 29, 2019

Goldman Sachs,  costing cities, states and government big moneyFor far too long, Wall Street has wreaked havoc on people’s personal financial stability and our economy as a whole. I should know. As a managing director at Goldman Sachs in the early 2000s, I witnessed firsthand how the banking industry lined their pockets at the expense of customers.

Not much has changed since then. After the mortgage fraud crisis of 2007-08, the biggest banks were slapped with $216 billion in fines – a drop in the bucket for firms that raked in a cool $237 billion last year alone. Infamously, not a single banker went to jail. Today, Wall Street banks continue to commit fraud, enjoy front-row lobbying seats in Washington, write legislation on their own behalf, and maintain easy access to credit courtesy of the Federal Reserve.

The Dodd-Frank Act of 2010 placed some regulations on banks’ riskier bets. But, crucially, that reform failed to divide banks into two entities: one dealing with people’s FDIC insured deposits, and the other able to create complex securities and engage in derivatives trading using our deposits as collateral. Ten years after the financial crisis, our money is still very much at risk of being gambled away. More…

The Facts:
The too big to fail banks will do everything in their power to fight the creation of public banks.

Reflect On:
Learn to recognize the voice of the big banks when you read or hear about why public banks are not a good idea. Remember, that their golden goose is at stake here, and lies will be told.

An Open Letter to Australians: Only Glass-Steagall Can Save You from the Banks

[Economic]
An Open Letter to Australians: Only Glass-Steagall Can Save You from the Banks
by Pam Martens
Posted May 8, 2019

big banks and criminal activitiesAs both the interim and final report from your Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has confirmed, the good, decent, hardworking people of Australia are under attack from their own banking system in a manner reminiscent of an attack from a foreign invader that wants to destroy the will and financial resources of the citizens in order to gain absolute control of the country.

Australians, like Americans, remain on the road to financial ruin at the hands of predatory banking behemoths that are using their concentrated money and political power to attack each and every democratic principle that we cherish as citizens – from repealing consumer-protection legislation to installing their own shills in government to regulatory capture of their watchdogs to corrupting the overall financial system that underpins the stability of our two countries. Sadly, citizens at large do not understand that their own deposits at these mega banks are being used to accomplish these anti-democratic goals. More…

The Facts:
The big bankers have gained control of our governments and use this power to fleece nations of the wealth generated by people who actually work for a living.

Reflect On:
You would not give your money to a person on the street who is a known criminal. Yet, people think nothing of handing their hard earned money over to the big banks who have long records of criminal activity. Why is this?

America Has a “Neo-feudal” System

[Economic]
America Has a “Neo-feudal” System
By Charles Hugh Smith
Posted April 22, 2019

America has a neo-feudal systemThe conventional definition of a Bear is someone who expects stocks to decline. For those of us who are bearish on fake fixes, that definition doesn’t apply: we aren’t making guesses about future market gyrations (rip-your-face-off rallies, dizziness-inducing drops, boring melt-ups, etc.).

No, we’re focused on the impossibility of reforming or fixing a broken economic system.

Many observers confuse creative destruction with profoundly structural problems. The technocrat perspective views the creative disruption of existing business models by the digital-driven 4th Industrial Revolution as the core cause of rising income inequality, under-employment, the decline of low-skilled jobs, etc. — many of the problems that plague the current economy. More…

The Global Economic Reset Begins With An Engineered Crash

[Economic]
The Global Economic Reset Begins With An Engineered Crash
by Brandon Smith
Posted April 13, 2019

elites will create global crash For a few years now, since at least 2014, the phrase “global economic reset” has been circulating in the financial world. This phrase is used primarily by globalist institutions like the International Monetary Fund (IMF) to describe an event in which the current system as we know it will either die out or evolve into a new system where “multilateralism” will become the norm. The reset is often described in an ambiguous way. IMF banking elites will usually mention the end results of the shift, but they say little about the process to get there.

What we do know is that the intent of the globalists is to use this reset to create a more centralized monetary system and micro-managed global economy. At the core of this new structure would be the IMF along with perhaps the BIS and World Bank. It is a plan that has been supported openly by both western and eastern governments, including Russia and China. More…

The Facts:
The IMF supports blockchain technology will make capital transfer easier and more efficient in this future environment, which explains the enthusiastic globalist support for developments in blockchain technology and cryptocurrencies

Reflect On:
Could blockchain and crypto currencies be trojan horses to acclimate people towards digital currencies with the goal of eventually phasing out cash? Would an engineered global crash serve that agenda?

The Federal Reserve: A Failure of the Rule of Law

[Economic]
The Federal Reserve: A Failure of the Rule of Law
By Alexander W. Salter
Posted April 12, 2019

Federal Reserve The Fed has a monopoly on the creation of base money, the fundamental asset underlying the banking and financial system. And over decades, with each instance of financial turbulence, the Fed has become less constrained in how, when, and why it creates base money. Since the Great Recession, the Fed has been able to bestow purchasing power, liquidity, and solvency on just about any financial organization it pleases. If that isn’t power, there’s no such thing.

More than a decade after the financial crisis, we’re left grappling with the Fed as an organization with incredible power but subject to minimal responsibility. History shows that the Fed is eager to expand its own powers with each macroeconomic snafu. More…

The Facts:
The Federal Reserve has a monopoly on the creation of base money, the fundamental asset underlying the banking and financial system. The banks then go on to create money out of thin air and charge interest on that money.

Reflect On:
Consider how can there be any effective change without addressing our corrupt monetary system? Thoise who benefit from this system will use the media, paid politicians and any other means to insure that it does not change.

Philadelphia sues JPMorgan, Citigroup, Goldman Sachs, others for overcharges on city borrowing

[Economic]
Philadelphia sues JPMorgan, Citigroup, Goldman Sachs, others for overcharges on city borrowing
by Joseph N. DiStefano and Erin Arvedlund
Posted April 10, 2019

Philadelphia suing big Wall St banksPhiladelphia has sued seven of the largest Wall Street investment banks, alleging conspiracy to force the city and other local-government and nonprofit borrowers to pay “billions of dollars in inflated interest rates” on variable-rate municipal bonds from 2008 to 2016.

The city’s lawsuit, filed in federal court in New York, accuses Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Royal Bank of Canada, Wells Fargo and several affiliates of costing cities and public agencies, colleges and hospitals “billions” in extra interest payments. More…

The Facts:
The big Wall Street bank interest and fee charges are doubling the costs of public projects to schools, cities, counties, and Washington, much like interest charges double the cost of a home mortgage.

Reflect On:
Why not use public banks to eliminate the Wall Street middlemen and fund public projects at zero to little interest?

Survival of the Richest: All Are Equal, Except Those Who Aren’t

[Economic]
Survival of the Richest: All Are Equal, Except Those Who Aren’t
by Nomi Prins
Posted April 7, 2019

economic elites are getting richer and richerLike a gilded coating that makes the dullest things glitter, today’s thin veneer of political populism covers a grotesque underbelly of growing inequality that’s hiding in plain sight. And this phenomenon of ever more concentrated wealth and power has both Newtonian and Darwinian components to it.

In terms of Newton’s first law of motion: those in power will remain in power unless acted upon by an external force. Those who are wealthy will only gain in wealth as long as nothing deflects them from their present course. As for Darwin, in the world of financial evolution, those with wealth or power will do what’s in their best interest to protect that wealth, even if it’s in no one else’s interest at all. More…

The Facts:
In the present moment in a country that still claims equal opportunity for its citizens, one in which three Americans now have as much wealth as the bottom half of society (160 million people)

Reflect On:
As the wealth gap continues to grow, what will be the consequences when the middle class is no longer a buffer between the haves and thed have nots?

A Look Back at How Reforming Wall Street Failed So Miserably Under Obama

[Economic]
A Look Back at How Reforming Wall Street Failed So Miserably Under Obama
By Pam Martens
Posted April 3, 2019

Obama signing Dodd/FrankProgressives have every right to harbor a seething contempt toward the Wall Street wing of the Democratic Party. Democrats controlled both houses of Congress in the last two years of George W. Bush’s presidency as Wall Street blew itself up and Congress passed the massive taxpayer bailout of the Wall Street mega banks. (Democrats held fewer than 50 seats in the Senate but they held operational majority since two Independents caucused with them.)

Notwithstanding the economic devastation being experienced at the time, the Dodd-Frank financial reform legislation which was signed into law by Obama on July 21, 2010 was a vast document of fluff that failed miserably at reforming Wall Street. The legislation was supposed to rein in derivatives. It did not. It was supposed to eliminate the need for future taxpayer bailouts of the too-big-to-fail banks. It did not. It was supposed to prevent Wall Street investment banks from gambling with the Federally insured deposits they held under their roof. It did not. It was supposed to prevent rating agencies from taking payments from Wall Street banks and then handing out triple A ratings on toxic debt. It did not. More…

The Facts:
Both political parties have been totally captured by the big Wall Street banks and the banks have only become larger and larger, and their derivative holdings have increased siginificantly since the last crisis.

Reflect On:
What will be the reaction of the people when the next financial crisis hits and the people find their funds being confiscated by bail ins, as has been outlined in the joint Bank of England/FDIC Joint Paper as seen in the video below?

 

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