Max Keiser does not really understand what the monetary expansion has to cover.
Central banks are transferring wealth from the average person to the likes of Bill Gates and Jeff Bezos – RT’s Keiser Report
You have according to the BIS 600 trillion in derivatives against a 81 trillion dollar world GDP or a multiple of 7. The BIS coordinates only the banks so this figure does not include insurance company derivatives or others in private industry unless a bank is connected to the transaction so it is grossly understated. Some Swiss bankers tell me it is more like 1.2 quadrillion and others up to 2.5 quadrillion. 1.2 quadrillion gives you a multiple on the world GDP of 14 and 2.5 quadrillion a multiple of 30.
Continue reading “David K. Lifschultz: New Forms of [Wall Street] Treason?”
The Truth about Trade Deficits and Currency Manipulation
Michael Collins, 12 January 2021
The U.S. Treasury Department has finally determined that China is a currency manipulator, putting currency manipulation and trade deficits back in the news. Trade deficits, currency manipulation and the strong dollar are complicated economic forces that directly affect the future of American manufacturing. Let’s look at how they affect manufacturing and why we must face the truth and do something around these issues, regardless of the politics.
Trade Deficits: Let me begin by saying that, yes, trade deficits have and will continue to hurt American manufacturing, although many politicians, economists, and industry associations disagree.
Michael Froman, former trade representative: “Every legitimate economist said that measuring trade policy by the size of the goods deficit is probably not a passing grade in a basic economics class,”
Lawrence H. Summers, Harvard economist: “The trade deficit is a terrible metric for judging economic policy.” Continue reading “Article: The Truth about Trade Deficits and Currency Manipulation”
Robert Edward Rubin is an American retired banking executive, lawyer, and former cabinet member. He served as the 70th United States Secretary of the Treasury during the Clinton administration. Before his government service, he spent 26 years at Goldman Sachs. During the Clinton administration, Rubin oversaw the loosening of financial industry underwriting guidelines. His most post-government role was as director and senior counselor of Citigroup, where he performed advisory and representational roles for the firm and resigned from the company on January 9, 2009. He received more than $126 million in cash and stock during his tenure at Citigroup, up through and including Citigroup’s bailout by the U.S. Treasury. Additionally, Rubin serves as counselor at Centerview Partners, an investment banking advisory firm based in New York City.
Federal Reserve Bank of New York
Our Financial Oligarchy; Emperors of a Brave New World
They own the regulators; they own the brokerage houses; they own the clearing houses; they own all of your investments; and it’s even been shown that they can exert complete control over the government.
To understand how these banks exert complete control over our financial system, one must first understand the securities clearance system.
In the United States of America, there is only one central clearinghouse: The Depository Trust and Clearing Corporation, and for almost 50 years they have maintained a virtual monopoly over this essential service.
It is a private corporation that is owned by these mega-banks and brokers.
Read full free book online with many illustrations
PDF (470 Pages): Our Financial Oligarchy Back-Up
Wall Street’s Bailout Hustle
Rolling Stone, 17 February 2010
On January 21st, Lloyd Blankfein left a peculiar voicemail message on the work phones of his employees at Goldman Sachs. Fast becoming America’s pre-eminent Marvel Comics supervillain, the CEO used the call to deploy his secret weapon: a pair of giant, nuclear-powered testicles. In his message, Blankfein addressed his plan to pay out gigantic year-end bonuses amid widespread controversy over Goldman’s role in precipitating the global financial crisis.
Read full article.
Calling Out the Culprits Who Caused the Crisis
Eric D. Hovde
Washington Post via Wayback, 21 September 2008
Looking for someone to blame for the shambles in U.S. financial markets? As someone who owns both an investment bank and commercial banks, and also runs a hedge fund, I have sat front and center and watched as this mess unfolded. And in my view, there’s no need to look beyond Wall Street — and the halls of power in Washington. The former has created the nightmare by chasing obscene profits, and the latter have allowed it to spread by not practicing the oversight that is the federal government’s responsibility.
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