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The truth is out: money is just an IOU, and the banks are rolling in it
'Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn't know how banking really works, because if they did, “there'd be a revolution before tomorrow morning”.
Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called “Money Creation in the Modern Economy”, co-authored by three economists from the Bank’s Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.’
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The truth is out: money is just an IOU, and the banks are rolling in it

'Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn't know how banking really works, because if they did, “there'd be a revolution before tomorrow morning”.

Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called “Money Creation in the Modern Economy”, co-authored by three economists from the Bank’s Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.’

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universalequalityisinevitable:

universalequalityisinevitable:

Charles Eisenstein, from this video.

Britain’s bank bosses to get millions in share payments in bonus cap dodge

‘The bosses of Britain’s biggest banks are on course to be awarded millions of pounds in share payments to circumvent a Brussels-imposed bonus cap – a move that risks inflaming the toxic row over City pay deals.
The new payments would be in addition to bank leaders’ basic pay because the EU is limiting bonuses to 100% of salaries – or 200% if shareholders approve larger payments.
The big-four high street banks are consulting shareholders about bonuses for chief executives that hit the 200% limit, alongside discussions on additional share payments so that none of the elite boardroom-level bankers would be worse off as a result of the cap.
The initiative threatens to bring further political and public scorn on an industry that suffered yet another reputational blow this month when Barclays increased its bonuses to staff by 10% to £2.4bn, despite reporting a 32% fall in profits.’
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Britain’s bank bosses to get millions in share payments in bonus cap dodge

‘The bosses of Britain’s biggest banks are on course to be awarded millions of pounds in share payments to circumvent a Brussels-imposed bonus cap – a move that risks inflaming the toxic row over City pay deals.

The new payments would be in addition to bank leaders’ basic pay because the EU is limiting bonuses to 100% of salaries – or 200% if shareholders approve larger payments.

The big-four high street banks are consulting shareholders about bonuses for chief executives that hit the 200% limit, alongside discussions on additional share payments so that none of the elite boardroom-level bankers would be worse off as a result of the cap.

The initiative threatens to bring further political and public scorn on an industry that suffered yet another reputational blow this month when Barclays increased its bonuses to staff by 10% to £2.4bn, despite reporting a 32% fall in profits.’

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thinksquad:

Two senior officials at JPMorgan Chase & Co and predecessor companies repeatedly confronted Bernard Madoff over irregularities in his business, a new lawsuit said, suggesting that bank leaders had “direct knowledge” of his Ponzi scheme.
The lawsuit filed in federal court in Manhattan on Wednesday on behalf of shareholders against Chief Executive Jamie Dimon and 12 other current and former executives and directors was based in part by statements made by Madoff himself during a series of interviews.
"JPMorgan was uniquely positioned for 20 years to see Madoff’s crimes and put a stop to them," the lawsuit said.
"But faced with the prospect of shutting down Madoff’s account and losing lucrative profits," it added, "JPMorgan - at its highest level - chose to turn a blind eye."
http://www.reuters.com/article/2014/02/20/us-jpmorgan-madoff-idUSBREA1J21W20140220

thinksquad:

Two senior officials at JPMorgan Chase & Co and predecessor companies repeatedly confronted Bernard Madoff over irregularities in his business, a new lawsuit said, suggesting that bank leaders had “direct knowledge” of his Ponzi scheme.

The lawsuit filed in federal court in Manhattan on Wednesday on behalf of shareholders against Chief Executive Jamie Dimon and 12 other current and former executives and directors was based in part by statements made by Madoff himself during a series of interviews.

"JPMorgan was uniquely positioned for 20 years to see Madoff’s crimes and put a stop to them," the lawsuit said.

"But faced with the prospect of shutting down Madoff’s account and losing lucrative profits," it added, "JPMorgan - at its highest level - chose to turn a blind eye."

http://www.reuters.com/article/2014/02/20/us-jpmorgan-madoff-idUSBREA1J21W20140220

100 Years Ago: Why Bankers Created the Fed

(Source: laliberty)

Exposing what lies beneath the bodies of dead bankers and what lies ahead for us

priceofliberty:

I suggest that you all read this article in its entirety, even if you don’t “believe” there is something amiss regarding the deaths of these financial wizards. Below is the excerpt “Connecting the Dots,” but the article has a lot more to offer.

To understand what is taking place, I contacted a financial source who has accurately predicted many events that we are now seeing taking place, including the deaths of certain financial people for an explanation. In fact, he actually predicted that we would see a “clean-up” of individuals who posed a serious threat to certain too-big-to-fail-or-jail banks and “banksters” a full week before the events began to unfold. Truth be told, I initially greeted his prediction with some skepticism, for such things don’t really happen in the real world, or so the obedient and well-managed media tells me.

V, The Guerrilla Economist” as he is known in the alternative media, has provided numerous insider alerts for Steve Quayle‘s website and has appeared as a regular guest on The Hagmann & Hagmann Report. He has an undeniable track record for accuracy, which has earned my respect. However, I thought that he had taken temporary leave of his senses when he twice suggested that there will be some house cleaning done of anyone posing a threat to the agenda of certain banks and the globalist agenda on our broadcasts of November 20, 2013, and again on January 10, 2014. In a separate venue, he described what was about to take place by using the analogy of the movie The International. Several dead bodies and a missing journalist later, that analogy has been proven accurate.

The fact is that we are seeing a clean-up where JPMorgan and Deutsche Bank seems to appear at the epicenter of it all. In January, JPMorgan admitted facilitating the Bernie Madoff Ponzi scheme by turning its head to his activities. Despite this admission, the U.S. Department of Justice under Eric Holder declined to send anyone to jail under a deferred prosecution agreement. Yet this is only the proverbial tip of the iceberg.

In March, 2013 the U.S. Senate Permanent Subcommittee on Investigations released a heavily redacted 307-page report detailing the financial irregularities surrounding the actions of JPMorgan and the deliberate withholding of critical financial information by JPMorgan. Prominent in the mix are the actions of Bruno Iksil, who earned the nickname the “London Whale,” for his “casino bets” of other’s money that caused billions of dollars in losses. Yet, no cooperation was provided by Dimon’s foot soldiers as they failed to testify or otherwise cooperate with Senate investigators.

Remember the damage control and the deliberate downplaying by Jamie Dimon, who maintained that there was nothing to see here with regard to the “London Whale” criminal activities? What was originally described as a loss of perhaps $2 billion ultimately turned into many more times that, yet the actual numbers are still hidden from the public. Such events occurred under the noses of numerous financial executives who had knowledge that went undisclosed.

As we fast forward to today and the current spate of mysterious deaths, we begin to see that many of those who died existed on the periphery of events in the criminal actions of the financial industry. Moreover, it is reasonable to conclude that they possessed knowledge that if disclosed, could have interrupted the magic act taking place for the awestruck audience, captivated by the carefully crafted words of Yellen, her predecessors and the operatives within government who’s duty it is to regulate whatever is left of our current financial system.

That regulation is now a thing of the past. What we have today is a system of facilitation and co-operation between the largest corporations and financial institutions and the U.S. and our intelligence agencies. We now have the “too-big-to-fails” operating with impunity as a result of an incestuous, if not outright unconstitutional relationship where the banks are acting as operational assets for the CIA, the NYPD, and other intelligence and police agencies.

satanic-capitalist:

25 Horrifying Images of the “Free” Market at Work

"2012 HSBC launders Mexican drug cartel money
And this is only the second biggest banking scandal of 2012 because of the Libor price fixing. JP Morgan losing $5.8 billion on a derivatives trade was a distant third.”

http://www.alternet.org/25-horrifying-images-free-market-work?page=0%2C1

satanic-capitalist:

25 Horrifying Images of the “Free” Market at Work

"2012 HSBC launders Mexican drug cartel money

And this is only the second biggest banking scandal of 2012 because of the Libor price fixing. JP Morgan losing $5.8 billion on a derivatives trade was a distant third.”

http://www.alternet.org/25-horrifying-images-free-market-work?page=0%2C1

American Drug Runners

priceofliberty:

priceofliberty:

We now know that the US government entered into a formal alliance with the Sinaloa (Mexico) drug cartel between 2000 and 2012.

We also know that this is tied to the "Fast and Furious" scandal in which US gun stores were ordered to sell guns via dodgy or non-existent paperwork to Mexican nationals.

We’ve known for years that most of the guns went to the Sinaloa cartel. We now know from US DEA agents that there was a formal agreement to allow the Sinaloa to take drugs into the US and ship money out.

But did you really think the buck stops there? Give me a break. For over a year now I have followed the HSBC and LIBOR banking scandals and guess what? US Banks have been laundering money into Mexico from the get-go! Note which gang the major US banks were laundering money for: the Sinaloa.

Do you really think this is a coincidence?

The US allied with the Sinaloa against other cartels. As best we can tell, and this isn’t proven yet but it makes sense, the main “enemy cartel” was the Zetas, which started out as an elite anti-cartel unit of the Mexican military given special SWAT-level training and equipment by the US before they went rogue.

And given what we now know regarding Kerry’s announcement of support for the Federales, it is safe to say that the U.S. supports what it foresees to be the ‘status quo’ in Mexico. The only problem is that the citizens of Michoacan aren’t going anywhere, and they’re not going to put down their arms.

This doesn’t involve just Mexican citizens anymore. We now also know that Mexican-Americans have left the U.S. in order to provide assistance to the Autodefensas. If the U.S., in supporting the Federales, attempt to disarm the citizens, who is to say more Mexican-Americans won’t continue to cross the border?

Let’s say the U.S. forgoes actually sending troops into Mexico - we know they have drones at their disposal. They have already used them on American soil, like they did during the Chrisopher Dorner manhunt. What happens when U.S. forces [inevitably] kill an innocent kid? The American public might buy the whole “militant” narrative when its half a world away in countries they’ve been conditioned to admonish, but I have a feeling such an event right along our border would resonate far more in even the most ignorant mind.

Or if they put boots on the ground, how will the Autodefensas respond? We know they arrested their own law enforcement officers. How are they going to respond to the soldiers of the regime who financially and systematically enabled the cartels in the first place? It would not be hard for the media to label the “armed vigilantes” in Michoacan as terrorists. They’re one dead soldier away from it, actually.

If the U.S. enters the situation in Mexico with anything other than a helping hand to the actual people, there will likely be consequences for both countries that we can’t even foresee. I think one way we could mitigate this issue immediately would be to rally behind a national [federal] decriminalization of all drugs. The cartels make their money from drugs and rely on the black market in the U.S. for a substantial portion of their revenue. We could begin to bleed their pockets dry tomorrow if our Congress actually pushed through the proper legislation in a manner consistent with the Constitution.

Jan 8
youranonnews:

Read: Bank of America worked with police & consulted with an FBI terrorism task force while monitoring activists online.

youranonnews:

Read: Bank of America worked with police & consulted with an FBI terrorism task force while monitoring activists online.

(Source: youranonnews)

pfowolf:

satanic-capitalist:

Bank of America Employees We Were Told To LIE To Struggling Home Owners

This is despicable and if the perpetrators were just common folk, they’d be up on Federal charges faster than you could give change on a 95 cent purchase (from a dollar).

satanic-capitalist:

Documents in JPMorgan settlement reveal how every large bank in U.S. has committed mortgage fraud

Published on Nov 29, 2013

Bill Black: Justice Dept.’s failure to understand pervasive schemes of fraud in financial industry obstructs meaningful prosecution of banks

See more videos: http://therealnews.com

"€œNightmares of Marxist revolution"€ stalk Britain

Nov 4
satanic-capitalist:






02.25.13 - 11:05 PM


No Banker Left Behind: How We Give Big Banks $83 Billion A Year In Our Taxes

by Abby Zimet




The country’s top five banks - JPMorgan, Bank of America, Citigroup, Wells Fargo and Goldman Sachs - aren’t just too big to fail. They’re also too big to turn a profit, which is why the profits they report are essentially transfers from us to their shareholders: When we pay our taxes, we give them at least 3 cents on every dollar. More on how we pay these monsters to put us in grave economic danger from that bastion of Marxism, Bloomberg Business. With Ry Cooder telling it like it is.
Update: Here's Elizabeth Warren doing it too, grilling Ben Bernanke on the same $83 billion subsidy.







Article printed from www.CommonDreams.org
Source URL: https://www.commondreams.org/further/2013/02/25-2

satanic-capitalist:


Article printed from www.CommonDreams.org

theatlantic:

All the Reasons Why JP Morgan May Be Facing the Biggest Bank Fine Ever

On Tuesday (Sept. 24), the Wall Street Journal reported that JP Morgan was offering the government $3 billion to settle (paywall) an unspecified number of criminal probes after the Department of Justice threatened to file suit in an investigation of its pre-crisis mortgage dealings. Yesterday, it reported that regulators are looking for something like $11 billion in compensation (paywall), including $7 billion in penalties and $4 billion in consumer relief.
These numbers are still in flux, but depending on how many cases the payment resolves, it would likely be the largest single-bank payout in the history of financial regulation, supplanting HSBC’s $1.92 billion money-laundering penalty.
Read more.

theatlantic:

All the Reasons Why JP Morgan May Be Facing the Biggest Bank Fine Ever

On Tuesday (Sept. 24), the Wall Street Journal reported that JP Morgan was offering the government $3 billion to settle (paywall) an unspecified number of criminal probes after the Department of Justice threatened to file suit in an investigation of its pre-crisis mortgage dealings. Yesterday, it reported that regulators are looking for something like $11 billion in compensation (paywall), including $7 billion in penalties and $4 billion in consumer relief.

These numbers are still in flux, but depending on how many cases the payment resolves, it would likely be the largest single-bank payout in the history of financial regulation, supplanting HSBC’s $1.92 billion money-laundering penalty.

Read more.

Delete the Fed

priceofliberty:

Who should run the Federal Reserve System when chairman Ben Bernanke’s term expires next year: Vice Chair Janet Yellen or former Obama adviser Lawrence Summers?

Neither.

Who then?

No one.

The fact is, we need the Federal Reserve like we need a hole in the head. Contrary to folklore, the Fed is not needed to stabilize the economy or to prevent unemployment. As the Fed heads into its second century, we ought to realize that its record is terrible. Even if we don’t count the interwar period (which some economists call the new Fed’s practice round), America’s central bank is a flop. Monetary economists George A. Selgin, William D. Lastrapes, and Lawrence H. White wrote in “Has the Fed Been a Failure?”:

Drawing on a wide range of recent empirical research, we find the following: (1) The Fed’s full history (1914 to present) has been characterized by more rather than fewer symptoms of monetary and macroeconomic instability than the decades leading to the Fed’s establishment. (2) While the Fed’s performance has undoubtedly improved since World War II, even its postwar performance has not clearly surpassed that of its undoubtedly flawed predecessor, the National Banking system, before World War I.

The authors support that generalization with details. On inflation: “Far from achieving long-run price stability, [the Fed] has allowed the purchasing power of the U.S. dollar, which was hardly different on the eve of the Fed‘s creation from what it had been at the time of the dollar’s establishment as the official U.S. monetary unit, to fall dramatically” — by 95 percent.

Selgin, Lastrapes, and White also show that the central bank has given us longer recessions and slower recoveries.

But without the Fed, who would set interest rates to guide the economy? The first answer is that government policy and Fed manipulations can create the very recessions that the Fed then tries to reverse. If the politicians and their court economists would get over their hubristic belief that they are stewards of the economy, macroeconomic crises would disappear.

Besides, the Fed cannot set interest rates, not even its narrow federal-funds rate for overnight interbank loans. At most, it targets that rate by buying and selling government securities, but it doesn’t always hit its target. The idea that the Fed can even heavily influence mortgage and other interest rates ignores important facts.

First, the Fed’s operations are small compared to the complex U.S. and world economies. Writes monetary economist Richard Timberlake,

Traditional economics properly teaches that many complex market forces — countless investment and savings decisions not dependent on monetary factors — are essential in determining interest rates. The Fed funds rate that Fed policy can influence through its monopoly over the quantity of money is inconsequential in shaping most short-term and long-term rates in capital markets, unless that moneymaking power subsequently promotes a pervasive price inflation. [Emphasis added.]

Second, the Fed can’t lower rates through monetary inflation beyond the very short run. Why not? Because lenders will respond by raising their rates to avoid being screwed by price inflation – unless the Fed prevents the inflation, as it’s been doing, by effectively borrowing back the new money from the banks at interest.