Stop Listening to Bankers' Talking Heads

While the ECB and BoE stand pat in their efforts to fight rising inflation with borrowing rates of 4% and 5% respectively, the US Federal Reserve has lowered its rate seven times in seven months to 2%.

The 15-nation Euro bloc covers 317 million people and 22% of global gross domestic product, more than Japan and China, but still below the US at 27% of global GDP.

At some point there will be a dawning realization by the People that the Fed, regardless of its front man (Bernanke, Greenspan, etc), is a toady for the gnomes who control America’s banks and big business.

In my Community Chat Thursday, I pointed you to “The Story of Deep Capture” - by Mark Mitchell. I hope you read it, ponder the implications if it is true – and I assert that most of it is – and start acting accordingly. Stop listening to the Talking Heads for bankers who would mislead you.

Capital markets need to be operated in the interests of the owners of capital, not for the servants in the form of financial services providers. The last 70 years have witnessed the biggest transfer of wealth as a percentage of all wealth created by man to the pockets of a few bankers and their Friends & Family.

For the benefit of society, this process must be reversed.

Comments

[fxtrader07]

as berthold brecht famously said ones: What is the robbing of a bank compared to the FOUNDING of a bank?

[User 148223]

Your suggestion that we read the "Deep Capture" material was well worth my time. I always watch for your articles. Keep on telling us things as you personally see them, not just the daily rant.

[pharma]

"Capital markets need to be operated in the interests of the owners of capital, not for the servants in the form of financial services providers. The last 70 years have witnessed the biggest transfer of wealth as a percentage of all wealth created by man to the pockets of a few bankers and their Friends & Family.

For the benefit of society, this process must be reversed."

Today, the Wall Street Mafia owns America political system and the mass media.

The present financial crisis will ruin the "old boys and girls" system. We are on a brink of major cataclysms in American society.

[Vegasjoe]

If not Bernanke, and Paulsen, and the CEOs of Citi (new CEOs only), Merrill, JP Morgan and Goldman, who do we listen to at all? The talking heads on CNBC and other media have no real skin in the game either...should we listen to Greenspan now that he is no forthright in his thinking? I'll take El-Erien, McCully and Gross any day.

[User 165905]

Sir, you talk as if somehow the owners of capital and bankers were of animals of different stripes, and the "people" will someday recognize this. Somehow you equate the "people" with "owners of capital". Give me a freaking break. Ownership of non-real estate assets is so concentrated that if you take away the banking system (i.e. and the real estate its primary asset), you will wipe out the "people", whose primary asset is their home. You think it is a coincidence that the greatest (at least most prominent) defender of Ayn Rand made it to the chairmanship of the Federal Reserve. All you phony libertarian free-marketers know that it is the concentration of power and wealth that is the problem, and capitalism won't eliminate that;only anarchism will. Once wealth an power is accumulated, you use the state to protect it. History has proven so, and your silly theories are meaningless

[babyfacemagee]

Along with the website deepcapture.com, people should watch the movie -

www.deepcapturethemovi.../

worth the 38 minutes.