It’s suggested that the banks have had a stern warning from the Toronto G20. I say that’s nonsense. What would really upset the banks is the re-introduction of narrow banking, and I see no signs of that, or genuine competition like encouragement of public bank ownership and I see no signs of that either. I think that FRB is outmoded, any kind of reserve is outmoded and unecessary for a public bank as business needs what it needs and an enlightened culture will understand that it can be funded by the printing press without limit so long as money is created to support sound business in appropriate amounts. Any inflation would be technical not functional, and transient. Anyway, the banks have survived the G20 with their government guarantees intact, have they not? They can still take customers’ money, put it on the financial equivalent of the 3.30 at Kempton, award themselves huge bonuses if they win and apply for the taxpayer to bail them out if they lose. Banks uber alles! This is anti-social nonsense and it needs to end.
the damage is done… if you make serious money and it’s in a way that most people would disapprove of, perhaps violently, and if it’s handled by someone on your behalf at any stage, you want to keep your head well below the parapet and also you want your brokers (or whoever) to be keeping their heads down too. You don’t want their names in headlines. I think this is the end for Goldman Sachs whatever the outcome of the SEC’s prosecution, whether it’s successful in the punitive sense or not.
This from Tacitus, Roman historian, on the Britons after being conquered,”All this in their ignorance, they called civilization, when it was but a part of their servitude.”
The early Britons thought they had their own civilisation but really it was just a scam run by the Romans. The Romans had the monopoly on the money supply. If you wanted to trade, you had to use money, which you could only get from the Romans. Every time Britons traded, the Romans got their cut. The Britons were greatly encouraged to consider improving their circumstances by trading (mostly up) as the hallmark of a civilised nation. Get a whole people, a nation, running around trading and giving you a cut each time, self-motivated as they think they’re being civilised… what you’ve got is a machine that works day and night to make money for you.
We today similarly think we have our own civilisation, but really it’s just a scam run by the banks. The banks have the monopoly on the money supply. Every time we trade, bigger car, bigger house, more exotic holiday, or even just basics like food, heat, light… the banks take their cut as we have to “borrow” from the banks to get the money into circulation to use for all this. At interest. All our efforts really serve to do is enrich the banks.
The Roman scam grew bloated and was destroyed by the irresponsibility of the people at the top. The complete withdrawal of the money supply, on which the Britons and everyone else conquered by the Romans had come to depend, precipitated what we refer to as the Dark Ages. What we live in now grows bloated and is being destroyed by the irresponsibility of the people at the top. The money supply diminishes as the banks refuse to “lend”. History repeats itself around us.
I suspect a long night may be drawing in…