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The Greatest Con Job In Central Banking History
One of the greatest con jobs in history was convincing ordinary people that Central Bankers care about the “economy” or Main Street.
Aside from the complete lack of relevance that Main Street has for Central Bankers from a professional perspective (more on this in a moment), when do you think was the last time that Janet Yellen or her ilk spent an evening with non-banker/financial types? Years ago? Decades ago?
Yellen lives in a super-affluent, gated part of Washington DC. And even within that subset of the US population she lives in a higher echelon: her entourage of security annoys her wealthy neighbors… though I suspect part of the annoyance stems from jealousy.
Regard professional significance… why would Janet Yellen care about ordinary people? They’re just data points in her financial models. Ordinary people didn’t place her at the Fed (the big banks did). And they didn’t place her as Fed Chair (the financial/ political elite did… with the express intent of gaining future favors).
Think of it this way… imagine there was a super cartel of English Professors who controlled what words you or I could use in daily conversation. These individuals literally could change the structure of the human language if they wanted… removing words or adding words at random.
Now imagine that they randomly pick out a low level English Professor who they elevate to being the face of their organization. Do you think this professor would give a damn about how her decisions/ words affected speech? She literally was made one of the most powerful people in the world by this cartel.
This is case worldwide. Most Central Bankers came up from the Too Big To Fails or Primary Dealers (or they are academics like Yellen or Banenke who get their first taste of the “real world” when they’re literally running the financial system).
Literally their entire personal net worth… their professional clout… and their sense of accomplishment was derived from working at these organizations.
And somehow they’re supposed to give a hoot about Joe the Plumber or Bob the Boilermaker? They don’t even deal with those people face to face when they have a problem with their homes. “Hello this is Mario Draghi… the man who controls the currency in your economy… could you please come fix the sink?”
This is why Yellen, Draghi and the like can say with a straight face that maintaining ZIRP or NIRP benefits the economy. It’s why they can spent trillions to bail out/prop up banks without batting an eyelid. It’s why no one who committed fraud went to jail. It’s why lying and cheating in the financial system is allowed… even applauded… because the ones lying and cheating are the same people who picked out/ promoted the regulators.
And this is why we’re heading for another Crisis… one that will be even bigger than 2008. The fraud that caused 2008 was not solved. Instead it was allowed to spread into the public sector. Today most Central Banks are sporting leverage ratios that would put Lehman Brothers (pre-crisis) to shame.
So the next time something breaks in the financial system… it won’t be just individual banks going belly up. It will be entire countries.
Indeed, consider China, where the Central Bank is pumping $29 billion per day into the financial system… and the stock market continues to Crash. There are in fact situations that are so dire that Central Banks cannot fix them.
What’s happened in China is coming to your neighborhood… wherever you are.
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I've read zh here and there for a couple years and one thing that interested me, mostly because I read the Times and would skim Krugman, not really able to understand a lot of it for lack of background - but able to understand enough that it seemed to me the man was strictly paradigm - always presupposing that the debt-money system is the only way to role.
When he talks about spending even more on the credit card, roads and schools and other things all right thinking people like - because money is "cheap" - he always avoids why our public currency, as to government projects, should have any "cost" at all.
Evil or stupid?
Or just brainwashed by his academic training and unable to imagine anything different?
He seems like he is too intelligent - but then, not every intellectual is necessarily a good philosophical thinker, a careful, deliberate and considerate thinker.
Indeed - good philosophy is not about answers so much as questions, and people seems less and less tolerant of having their own ideologies questioned.
Libertarians get as defensive as anyone else, btw.
"One of the greatest con jobs in history was convincing ordinary people that Central Bankers care about the “economy” or Main Street."
No, things have gotten more complex, that is all there is to it.
The prime con job happened about 500 years ago, when goldsmiths realized that they could issue receipts for deposited gold in excess of actual gold.
That is how "fractional reserve banking" began and how it continues, though now with a myriad so-called assets leveraged to hell and gold leveraged 100:1 at least.
It amuses me that there are "gold bugs" who want a return to the very corruption which started this whole nightmare off
Aside from that: IF gold was to be revalued to back real global GDP - never mind derivatives, etc. - then it would have to be 'priced' at at least $50,000 per ounce.
That would make it useless as a "monetary metal". Think about it.
I now await the deluge of down votes, however.
The biggest overall con job is the jew. A fake people with a fake demonic philosophy.
They are just German , Polish, Russian people that just woke up one morning and decided to call themseleves Jewish. They're all AshkeNazi' Jews. Big difference between this box AshkeNazi's and a box of Hebrews
either way -
what does it matter?
Yeah, No.
The biggest Con-Job ever divised was Religion. The second buggest Con-Job was turning Banking into a relious experience.
Not everyone believes in religion. Just about everyone believes that "growth" is good. People just don't understand simple math, and because of this the con-jobs are readily run.
Once again, the "best and the brightest" FAIL to understand the origins of our "problems!"
The bankers are only playing the game that was given to them. The GAME is predicated on a totally implausible premise -perpetual growth [on a finite planet]. It's like walking into a building that belongs to "The Liars Club" and complaining that there are liars there! You missed the fucking sign on the building, and in this case you missed that we're operating with a TOTALLY FALSE premise; that it's going all wrong is a surprise? Really?
The growth cycle will ALWAYS come to an end. We've deluded ourselves into thinking that it's not going to happen to us (and that any obstruction to continuing to push things is the fault of some group of people [always some "others"].
I'm no fan of banksters, and I'd be one of the last ones to defend them, but the real issue here is: What is the REAL source of the problem?
Tell John Taffer (you know, the guy who does that show Bar Rescue saving failing Bar Businesses) to mobilize Main Street USA because we're all in this together:
https://www.youtube.com/watch?v=8M795a38kB4
Defending the American Dream - Keynote by Jon Taffer
The more and more I study derivatives it now appears the main goal of QE may have been to hold up the underlying value of assets that feed into and support the massive derivative market more than help the economy. QE has up to now stopped an implosion of derivatives and the resulting contagion and shock that would have spread throughout the financial system.
Anyone paying attention knows that the size of the derivatives market is about 20 times larger than the global economy. About 95% of the $230 trillion in US derivative exposure is held by four US financial institutions, the article below looks into how this could collapse the economic system.
http://brucewilds.blogspot.com/2014/03/derivatives-house-of-cards.html
QE is an attempt [last one?] to support/prop-up the "growth" paradigm which everything is connected to. Derivatives are only but another way to try and leverage for growth/gains in this fundamentally faulty premise.
Justice would dictate these comfortable sons of bitches become uncomfortable shortly.
The greatest con is for the American people to think that they derive "income" when they make an equal exchange of their labor for money. The second one was to convince the people to use debt paper in place of their gold and silver coin. And I would put the 9/11 con above the fed caring and. Lot other stuff.
Not true Tovarich. Perhaps 500k or 1,000k ordinary people make up one data point, in the "series" that are considered. Newtonian physics was like this at its peak, and the physicists of the time thought that a perfectly prescribed set of initial conditions plus a well described system would define the system's outcomes for all time.
Einstein started among others, but real physics was out of that mode in the 1930s.
Economic "science" is still in the predictability conceit 100 years later. The current scheme will break down in the masses (I recall stories of mattresses stuffed with dollars in the 1930s and discovered even recently) in the next few years.
Probably Taleb making a huge score will wake up some young and hungry practicioners who will blow up some of the conventions and especially take money from the old guard.
One can hope, but the meme and religion are both too well set to be extracted easily.
- Ned
Central Banking, The Greatest Con Job In History.....fixed it for you
$29 B/day
that's bullshit.
Yeah this i too question. But nothing would surprise me. Thing is if this fraud is actually happening in China then they learned the execution of the plan elsewhere. Keep the people calm.
I do not wish to express it but I do. Love the American people sometimes,,,,but criminal behavior in finance has been refined, propoganda, brainwashing, health control, mind control. DUMB control has been perfected there.
Got that NSA???
And let us imagine for one moment, one friggin moment that the dynamics of an oridinary existence had more worth than as a simple "Fuck you I will steal your retirement funds, give you negative interest rates, steal your pensions aNd NOT EVEN SAY SORRY"
Yes the author is right on that point. I personally feel heartache for every wrong???I ever did. THINK THESE FOLKS GIVE ONE SINGLE FLYING FUCK????
Guillotine the Fed. Audit the heads.
Zion is a scheme, not an ethnicity.
and yet - Jews, who may or may not be "Zionists" are very highly over-represented in banking.
No other coherent ethnic or religious group has anywhere close to the same over-representation across nations and across time.
I think you are confusing a political ideology with Jewish achievement, ethnocentrism and ethno-nepotism.
Although you are in good company.
FucK Ben. And cankles.
Nope, I believe this is the biggest banking scam:
So let us imagine, for a brief moment, that at least a few Americans had the requisite brains to locate their genitals.
The top sixteen Asset Management firms (also called hedge funds) in America: BlackRock, Vanguard Group, State Street and FMR LLC (Fidelity).
Yup, that's right, those four ARE the top sixteen, as they are the majority shareholders in the other twelve (could be the top 20 or 50, for all I know, I ran out of time and resources when I reached number 16).
But they became that AFTER 9/11/01.
So what happened on 9/11? Remember, on 9/10/01 it was announed that there were $2.3 trillion in unaccounted for DoD funds.
At 2:00AM a last-minute email goes out to the members of the auditing team --- which uncovered the fact that $2.3 trillion in DoD funds was unaccounted for --- for a 9:00AM meeting at the conference room by the Pentagon's west wall where almost all of them are killed, with the remainder being seriously injured!
That very same morning, two airliners will crash into specific points in the WTC Twin Towers, where three companies, in the preceding 12 to 16 hours, have been doing an enormous amount of offshore data/communications traffic, including wire transfers to the max.
Sadly, those people and computer/communication systems were killed/destroyed as a result of those two airliner strikes, but rest assured it was connected to the movement of that $2.3 trillion from the DoD.
Several months after 9/11/01, the worth of offshore hedge funds doubles, from an estimated $2 trillion to $4 trillion (they didn't double in two months, it takes awhile to accumulate the data, given the opacity of hedge funds, to note their worth --- they most probably doubled on 9/10/01, 9/11/01 and 9/12/01).
Hence, today we have the Big Four investment firms (BlackRock, Vanguard Group, State Street and Fidelty) as basically the majority shareholders in the majority of major corporations in North America and Europe.
known unknowns
I love the comment in Wiki about Blackrock
"The U.S. government contracted with BlackRock to help clean up after the financial meltdown of 2008".
'Clean up' is so wonderfully ambiguous.
"Banking" as it is being practised today is 100% parasitic.
Yellen does not produce, other than to make it that her brethren can skim off of the gen-pop..
Banking fits in with full-spectrum warfare and a desire by the elites to fully dominate everything and everyone.
Hence, their banking system is a way to harm society and keep its members always in such precarious financial position that they do not have any choice but to submit to whatever their paymaster/loanmaster/landmaster tells 'em to do...
What’s happened in China is coming to your neighborhood… wherever you are."
It already has...
...THAT'S why China is where it is today.
We're tapped out, and not actually growing in what was the old middle class, mainstream economy. We haven't been in quite some time, despite the shack racket and auto racket's determination to maintain the delusion of prosperity.
Even the jobs number that so many STILL fret over monthly isn't being seen for what it actually is: economic system failure.
The abstract number DOESN'T matter; job kind and quality DOES, and always has...except to those who still fog monitors looking (with baited breath) at them for some kind of reassurance...after SEVEN YEARS of supposed "recovery".
They refuse to see the just how futile and stupid that actually is.
The corpse of an old economic system on life support for seven years, and still they stare at brain wave monitors hoping for signs of rejuvination. How can this be called anything but crazy?
I know people are worried and scared about the future, especially after a major crash/collapse, but, how much longer can we continue on this razor's edge? Do we really like this better?
If people are willing to change internally, and to stop participating in the racket, following the racket's yardstick for success, and instead, be willing to come together to help each other through what MUST take place before we can get better...then it doesn't have to look and be like Mad Max.
If we can transform ourselves before we are thrown into chaos, the chaos can be therapeutic. If not, it'll likely be Mad Max, and deadly.
The powerbrokers showed us something very important late this week.
They fear collapse to such degree that they'll do ANYTHING to stave it off, and, if that's the case, we haven't seen anything yet. If 'anything' means 'anything', then, what does that mean for US?
A window of new opportunity may, in fact, be closing for us today. A chance to demand an end to the purveyors of life support and a demand to finally pull the plug...ourselves.
We're not getting better, only more and more ill, and desperate.
Again I ask, how much longer will WE allow this to continue?
m
The only human beans 'conned' by the Jewish Zionists of the FED, and their brethern and accomplices on Wall Street, for the last 40 years and counting, are Phoenix Capital bloggsters.
If u didn't learn in first grade that the FED and Central Banks only exist to serve their members, their abettors in CON gress, the White House, and Wall Street, then you shouldn't have gone into the pubic education system and believed everything you were learnt.
Put your hands up, those who think the FED's purpose is, was, or ever shall be to care about the economy or mainstreet.
$29B~$T/month ... wow.
Yeh...but its only Yuan...its not like it was USD or somethin'.....
Why single out bankers? CEOs of most public companies have only their own vainglorious egos for motivation. Shareholders are just annoying scum.