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Can You Believe The Audacity Of Bankers?

  • Written by Syndicated Publisher No Comments Comments
    January 19, 2014

    When the greed, self-serving and uncaring strategies of bankers have the economy and markets crashing around us we care and scream bloody murder, demanding something be done. When the economy and financial system gets back to normal, we don’t notice so much what is going on.

    It’s been going on since the founding of the nation and its financial system.

    Thomas Jefferson said in 1809, “I believe banking institutions are more dangerous to our liberties than standing armies.”

    The Rothschild brothers of London, writing to associates in NY in 1863, “The few who understand the system will either be so interested in its profits or be so dependent upon its favors that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests.”

    Henry Ford, in the early 1900’s, “It is well that the people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.”

    The Earl of Caithness, speaking of U.K. bankers in a speech to the House of Lords, 1997, “Our whole monetary system is dishonest, as it is debt-based. . . . We did not vote for it. It grew upon us gradually but markedly.”    

    The list of global banking crises over the last three centuries is unbelievably long. Just in our lifetimes we’ve seen banks bailed out four or five times.

    Usually, regulations are created that make it more difficult for them to profit from the exact same schemes they used previously. But they seem to have no problem moving right along to different areas.

    On Tuesday the Federal Reserve announced it has launched an investigation into the activities of the largest U.S. banks in physical commodities since the sub-prime mortgage bubble burst in 2007.

    The review began as a result of the New York Times report of potential market manipulation by aluminum warehouses owned by Goldman Sachs.

    Who would have thought of banks owning warehouses full of commodities, manipulating prices by holding back or releasing their large stock piles as the Times suggested?

    On Wednesday, the chairman of the Senate committee looking into the situation, said that the six largest U.S. bank holding companies have more than 14,000 subsidiaries, only 19 of which are traditional banks.   ???????

    To read my weekend newspaper column click here:   The Jobs Report Rained On New Fed Chair Yellen’s Honeymoon Period

    Images: Flickr (licence attribution)

    About The Author – Sy Harding, Street Smart Report

    Sy Harding publishes the financial website Street Smart Report Online and a free daily Internet blog at Sy’s Free Blog. In 1999 he authored Riding The Bear – How To Prosper In the Coming Bear Market. His latest book is Beat the Market the Easy Way! – Proven Seasonal Strategies Double Market’s Performance!

    It includes our research and analysis on the economy and markets, and provides charts and buy and sell signals on the major market indexes, sectors, bonds, gold, individual stocks and etf’s, including short-sales and ‘inverse’ etf’s.

    It provides two model portfolios as guides. One is based on ourSeasonal Timing Strategy, one on our Market-Timing Strategy.

    In depth updates are provided every Wednesday, with interim ‘hotline’ updates every time we make a trade. An 8-page traditional newsletter Street Smart Report is provided on the website every 3 weeks, in pdf format for viewing or printing out.

    There is the Street Smart School of online technical analysis ‘seminars’,commentaries to keep you ‘street smart’ about Wall Street, and much more. 

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