Image via Wikipedia - The IMFThe world's central banks and those powerful individuals and dynastic families which either run them, or own them (DIRECTLY OR INDIRECTLY) are the ultimate rulers, or oligarchs of the global economy and every self-proclaimed sovereign economy. They set foreign exchange rates (FOREX), they set interest rates, they control the money supply, they set credit and lending standards which can either cause the economy to grow beyond its means of eco-structural support, or can decimate smaller businesses and consumers whom they choose not to favor.
Major banks, acting in tacit or overt collusion have financed wars (often both sides involved in the conflict), created and pierced economic bubbles, addicted an entire species to the notion and necessity of credit, enslaved the declining middle class by helping to fan the flames of credit dependency, price inflation, and reducing disposable personal income for families spending an increasing percentage of their limited income servicing their indebtedness to banks.
Major banks which are an extension of the investigative, regulatory and executive/ enforcement functions of government cannot possibly be regulated by the governments whom they finance, and with whom they cooperate as principal informants.
This article excerpt below appeared several weeks ago courtesy of The New York Times:
---------------
As European Nations Teeter, Only Lenders Get Central Bank's Help
By JACK EWING, The New York Times
---------------
As European Nations Teeter, Only Lenders Get Central Bank's Help
By JACK EWING, The New York Times
The biggest fear, however, is not that a bank will succumb to a liquidity crisis, but that an entire country in the euro zone might do so.
[Note: The italicized emphasis on the words "Lenders" and "bank" in the above article outline was placed there by the author of this blog, with an element of obvious bias and sarcasm noted].
---------------
---------------
Sadly, as banks have become increasingly internationalized, and had diversified their lines of business (i.e., have insinuated themselves) into all manner of industry, creating ever-increasing elements of business risk at the expense of their depositors and investors, they have become increasingly powerful, increasingly profitable (in fee-generating businesses and not through the prudent extension of credit).
They hold our limited savings hostage and make us pay fees to get them back. They defy every toothless regulation imposed upon them by regulators who are lamely trying to palliate an increasingly-disillusioned citizenry. Banks have they power to create opportunities and vast fortunes for those clients they prefer, while simultaneously putting entire industries (and their employees) out of work. And, ironically, substantially all banks are taxpayer-, depositor- and customer-subsidized.
That's correct: They can gamble away our savings, foreclose on our homes, repossess our automobiles and reduce us to beggars in an instant -- and the governments which harbor these institutions, can force us to pay even more of our decreasing incomes to rescue these banks when they lose our savings and shut down our credit because they have breached their assumed fiduciary duty.
Certain banks, such as the IMF, Worldbank, the various EX-IM banks, and the large regional development banks manipulate international politics as part and parcel of their operations.
I am not trying to defame banks: they are extraordinarily successful at coin that for themselves -- all I am saying as a customer, an Internationalist and as an economist, is that the international fraternity of giant banks is failing, and that the citizens of the world are becoming increasingly subject to the ramifications associated with this civilization-threatening failure.
Yes. I used to be a banker.
Tweet
No comments:
Post a Comment