LILA RAJIVA: The Mind-Body Politic
Individuals Not Ideologies
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Wikileaks’ Role In Julius Baer Case Linked to Soros, Sachs, & Spooks?
From The Wayne Madsen Report (a subscription-based service) comes this analysis (April, 2010) of the attack on the financial privacy of Swiss money manager, Julius Baer Group, exposed by whistle-blower Rudolf Elmer:
“WMR’s financial intelligence sources report that the unauthorized disclosure of a compact disk to Wikileaks that contained financial details of the clients of the secretive and usually highly-secure Zurich-based independent money management Julius Baer Group was designed to destroy the firm’s standing with its customers and make it ripe for a hostile takeover by interests associated with multi-billionaire vulture capitalist George Soros, including Goldman Sachs. Julius Baer was founded in the 19th century.
Rothschild (Dec. 2008): Buy Bonds, Oil, and Raw Materials
Video 1: An interesting interview by Maria Bartiromo of Sir Evelyn de Rothschild on the financial crisis (December 2008). Here’s a quick break down of his main points: (more…)
Lawrence Reed: Lessons From the Great Depression
LESSONS FROM THE GREAT DEPRESSION - Lecture by Lawrence Reed, Nov. 2, 2009
Economic Liberty Lecture Series: Lawrence Reed from The Future of Freedom Foundation on Vimeo.
Mexican President Nominated For Citi Director
Robert Wenzel at Economic Policy Journal:
“Citi’s Board of Directors has nominated Ernesto Zedillo as a new non-management director candidate to stand for election at Citi’s annual shareholder meeting on April 20, 2010. He was the President of Mexico from 1994 to 2000 and is now Director of the Yale Center for the Study of Globalization and Professor in the Field of International Economics and Politics at Yale University.
Zedillo (58) worked at Mexico’s Central Bank (Banco de Mexico), serving in various positions, including those of deputy Head of Economic Research and deputy Director. Zedillo is on the boards of Alcoa Inc. and Procter & Gamble Company.
Obviously, despite the fact that it almost blew itself up because of schemes far from traditional banking, Citi continues to take the New World Order approach to banking.
There is nothing wrong with Citi attempting to penetrate into Latin America for business but, putting a former Mexican president on the board smacks of penetration via back door crony government deals versus attempting to serve the serve the consumer in the Latin American countries.
Sure, you have to deal with the crooked governments in these countries, but that’s what you have connected law firms for. They get things done in a very low key efficient manner. Putting Zedillo on the board sends a different signal, that Citi will not only deal with Latino politicians, but that it is part of the crooked club.”
Libertarian Living: Move Your Money
Arianna Huffington has a web site called, Move Your Money, to get people to shift their money to smaller banks, something I´ve been advocating on this blog for a while.
“For starters, you could move your money to a small bank. To do so, click on the button that says Find A Bank. But there are dozens of other possibilities: You can get your friends or organizations to do the same. You can use your online social networks to help broadcast the idea. You can look into where your town government keeps its money and, if it uses a big bank, you could try to get it to use a smaller bank. Start your own website (to improve upon or replace this one), dive into the research about smaller banks, and help give rise to a bigger, broader effort.”
DTCC Board Stuffed With Kleptocrat Banks/Funds
The DTCC (Depository Trust and Clearing Corporation) is the largest depository in the world, and, along with its subsidiaries, the place where all transactions in equities, money market funds, corporate and muni bonds, MBSs and derivatives are cleared and settled. Activists have been demanding detailed release of trades which haven’t been settled or have failed to deliver (FTD), because of the obvious potential for manipulation, A glance at the board of directors, which consists of leading figures from the banks and funds, many of whom profited hugely from the government bail-out, shows that concern is amply warranted.
From Citizen Economists:
DTCC BOARD OF DIRECTORS
The DTCC’s board includes 20 directors.
Art Certosimo, Senior Executive VP, Bank of New York Mellon
Norman Malo, President and CEO, National Financial Services LLC; Fidelity Investments
Stephen P Casper, Partner, Vastardis Capital
Gerald A. Beeson, Senior Managing Director, COO. Citadel Investment Group
Donald F. Donahue, Chairman and CEO, DTCC
William B. Airnetti, President and COO, DTCC
J. Charles Cardona, CEO Bank of New York Mellon - Cash Investment Strategies, President of the Dreyfus Corporation
Randolph L. Cowen, Co-Chief Administrative Officer, Goldman Sachs Group Inc
Norman Eaker, CAO, Edward Jones
Timothy J. Theriault, President - Corporate & Institutional Services, Northern Trust Company
Neeraj Sahai, Managing Director and Global Business Head, Securities and Fund Services, Citi
Gerard La Rocca, Chief Administrative Officer, Americas Barclays Capital
David A. Weisbrod, Managing Director and Risk Executive, JP Morgan Chase Bank
Stephen Luparellyo, Vice Chairman and Senior Executive Vice President of Regulatory Operations, FINRA
Mark Alexander, Managing Director, Global Wealth and Investment Management - Bank of America, Merrill Lynch, Head of Technology Operations, Broadcort Clearing
Ronald Purpora, ICAP Securities USA LLP
Robert Kaplan, Executive Vice President, State Street Bank and Trust Company
Michele Trogni, Managing Direcotr and Global Head of Operations, UBS Investment Bank
Ian Lowitt, Administrative Officer, Lehman BrotherMuslims Should Withdraw Money from Swiss Banks..
“Turkish State Minister and Chief Negotiator for EU talks Egemen Bagis has urged Muslim nations to withdraw their money from Swiss banks.
Bagis’ comments came in response to a recently approved ban on the construction of new minarets in Switzerland.
Following a weekend referendum, the construction of any new minaret was declared illegal in Switzerland, a move which drew sharp criticism from Muslim and European countries, as well as the UN and the Vatican.”
Ron Paul: Fractional Banking Finances War…
*”Paul makes it clear that the Fed isn’t the whole problem. It’s just one part of a system that first went wrong with the introduction of fractional reserve banking centuries ago (banks used to be warehouses, storing depositors’ money for a fee), followed by the spread of European central banks (really just scams to allow a few elite bankers and politicians to expand their own power at the expense of everyone else) and then, finally, the introduction of fiat currency, which freed governments to expand spending and borrowing without regard to, well, anything. The problem, in short, is the whole of modern banking and finance.
*The middle part of the book features transcripts of Congressman Paul grilling Fed chairmen Greenspan and Bernanke. Some of these transcripts date back to the early Reagan era, which means that for going on three decades Paul has been fighting this fight, and slamming into the same brick wall. The Chairmen feel no need to explain themselves to a lowly congressman, and respond with a mixture of lies and obfuscation that apparently fooled most of Washington. The generally-respectful Paul even refers to Greenspan as “pathetic” after one especially dishonest piece of testimony. Less charitable readers will, by the end of this section, want to take a congressional microphone and beat Greenspan and Bernanke senseless.
*Fractional reserve banking and fiat currency make war easier. Back when a ruler needed actual gold to field an army, invading a neighbor required some serious forethought. But once a dictator (or the world’s policeman) could just print a few billion pieces of paper and order some new tanks, “defending the national interest” got a whole lot easier. Hence the bloodbath of the 20th century, and perhaps the mess of the coming decade.
*Paul knows all the major sound money/Austrian economics classics, and he cites them liberally. The “recommended reading” list contains a year’s worth of serious research.
*Though he continues to fight, he’s not optimistic about averting the coming train wreck, which he refers to as the “BIG ONE”.
Cliff Stearns Questions Hank Paulson..
How about a little less grilling of Sarah Palin and a little more of Hank Paulson? Notice how much Paulson stammers..
Government Conspiracy Theory Blames Hybrid Mortgages for Depression
Tom di Lorenzo at Lew Rockwell blog has this:
“Following Alan Greenspan’s pathetic “don’t blame me” speeches and books, various Fed branches have parroted his view that the Greenspan Depression we are in was caused by thrifty Orientals whose savings drove down interest rates. So imagine my surprise upon receiving a hard copy of a Dallas Fed publicaton entitled “Taming the Credit Cycle by Limiting High-Risk Lending” and reading that “The present troubles emerged to a large extent from the growing use of hybrid adjustable-rate mortgages . . .” Huh? What happened to The New Yellow Peril?
There is no mention at all — not one word — of the role of Fed monetary policy in creating the housing bubble. The culprits, say these self-serving excuse makers (the author is Jeffrey W. Gunther), are “lightly regulated institutions” that are in need of the Fed’s “disciplining force.”
My Conment
Mr. di Lorenzo can relax - this new tack does nothing to exonerate Greenspan. Look at this USA Today piece from early 2004, when housing was already showing bubbl-y tendencies:
“He [Greenspan] said a Fed study suggested many homeowners could have saved tens of thousands of dollars in the last decade if they had ARMs. Those savings would not have been realized, however, had interest rates shot up.
“American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage,” Greenspan said.”
Read through the whole piece and it’s clear that American house buyers actually “preferred the stability” of the traditional fixed rate mortgages. In other words, it was only a concerted PR effort by Greenspan & Co. that changed people’s tastes in this.
Let that put an end to any moralizing of this issue. Yes - rampant consumerism and debt binging exacerbated the problem. But the problem wasn’t caused by some moral defect in American consumers. It was caused by policies deliberately pushed by the federal government in the hope that the consumer would succumb. The chairman of the Federal Reserve thus acted no differently from any confidence man or grifter who spots a mark (a naive, uninformed person easy to manipulate), then sets about winning the mark’s confidence before baiting the trap….
You can see the chairman’s own words to the national association of credit unions on February 23, 2004. (Skip down to the last 2-3 paragraphs to catch the gist)
And now, just like any con man, the Fed chairman too blames his victims.
They had it coming to them...
Activism: Audit the Fed
Sign up and call your representative on this important initiative:
Support HR 1207 and S 604 - AUDIT THE FED
Bernanke and Paulson Pressured BOA-Merrill Merger
More evidence of behind-the-scenes string-pulling in the banking crisis:
NEW YORK (Reuters) -
Bank of America Corp CEO Kenneth Lewis testified under oath that Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressured him to keep quiet about losses at Merrill Lynch & Co, which the bank was buying, the Wall Street Journal reported.
Testifying before New York Attorney General Andrew Cuomo in February, Lewis said “it wasn’t up to me” to reveal Merrill’s fourth-quarter losses as they were becoming apparent in December, the newspaper said, citing a deposition transcript.
Shareholders of Merrill and Bank of America voted to approve the merger on December 5, and the transaction closed on January 1. Bank of America subsequently reported that Merrill lost $15.84 billion in the fourth quarter.
At Bank of America’s April 29 annual meeting, shareholders will vote on whether to force Lewis to step down as chairman of the largest U.S. bank or leave its board, because of Merrill and a falling share price…”
Read more at Reuters
My Comment
Why do people think nationalization will improve matters?
We’ve nationalized already…. unofficially.
Making it official won’t improve anything. It will just get people to accept what’s going on and legitimize the swindle.
We’re like bystanders at a mugging fighting over who ought to get the money the mugger left behind when he fled.
No. See mugging, call cops.
That’s how it’s supposed to go.
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