Albert Edwards: "Citizens Will Soon Turn Their Rage Towards Central Bankers"

Tyler Durden's picture

During the populist revolt of 2016, which first led to the "shocking outcomes" of Brexit and then Trump, we cautioned that these phenomena were merely the "silent majority" of the developed world's middle class expressing their anger and frustration with a world that has left them - and their real disposable income - behind, while rewarding the Top 1% through policies that have led to a relentless and record ascent in global asset prices, largely the purview of the world's wealthiest. More recently, we also noted that it was only a matter of time before this latest "revolt" fizzled, as the realization that changing one politician with another would achieve nothing, and anger shifted to the real catalyst behind growing global inequality (and anger): central banks.

In his latest note today, Albert Edwards picks up on this theme to write "Theft redux: the citizens will soon turn their rage towards Central Bankers." The core of his argument is familiar:

While politics in the West reels from a decade of economic crisis and stagnation, asset prices continue to surge on the back of continued rapid growth in G3 QE. In an age of “radical uncertainty” how long will it be before angry citizens tire of blaming an impotent political system for their ills and turn on the main culprits for their poverty – unelected and virtually unaccountable central bankers? I expect central bank independence will be (and should be) the next casualty of the current political turmoil.

That's just the beginning from Edwards, who appears to be getting increasingly angrier and more frustrated with a market that makes increasingly less sense: his fiery sermon continue with the following preview of the "inevitable catastrophe that lies ahead."

Evidence of the impact of monetary madness on assets prices is all around if we care to look. I read that a parking spot in Hong Kong was just sold for record HK$5.18 million ($664,200). What about the 3.5x oversubscribed 100 year Argentine government bond? Sure, everything has a market clearing price, even one of the most regular defaulters in history. But what concerned me most about the story was it was demand from investors ("reverse enquires") that prompted the issue. Is it just me or can I hear echoes of the mechanics of the CDO crisis? But no one cares when the party is still raging and investors, drunk with the liquor of loose money, are blind to the inevitable catastrophe that lies ahead. 


There is a lot of anger out on the streets, as demonstrated most visibly in recent elections. Even in France where investors feel comforted that a "moderate" has gained (absolute?) power, it is salutary to remember that the two establishment parties have just been decimated by a man who had never before stood for public office! This is perhaps even more radical than Trump's anti-establishment victory under the Republican umbrella. The global political situation is incredibly fluid and unpredictable. While a furious electorate has turned its pent up anger on the establishment political parties, the target for their rage is misguided. I am not completely alone in thinking it is the unelected and virtually unaccountable central bankers who are primarily responsible for the poverty of working people and who will be ultimately held to account in the next crisis.


In the immediate aftermath of the 2008 financial crisis, politicians skilfully diverted the publics' anger away from themselves by scapegoating "the bankers". After another eight years of economic stagnation that excuse no longer is tenable and politicians themselves are now taking the flak. But citizen revolutionaries will, I think, soon turn their fire on those who I believe are truly responsible for their plight. We explained back in January 2010 in a note entitled Theft! Were the US & UK central banks complicit in robbing the middle classes? how central banks in the US and UK had deliberately stocked up massive housing bubbles prior to the Global Financial Crisis (GFC) to disguise the rapid rise in income inequality in both countries. Rapidly rising house prices allowed the middle classes to maintain the illusion they were getting richer so that despite stagnant real incomes they could continue to consume by extracting housing equity. We know how that party ended!



After the GFC central bankers have collectively spent the last decade stepping up the pace of money printing to new extremes in an attempt to drown the global economy in liquidity, while couching their actions in plausible theories such as "secular stagnation". There is no recognition at all by central bankers that it may well be their own easy money and zero interest rate policies that are actually causing the stagnation in growth while at the same time wealth inequality surges to intolerable heights. Yellen et al will inevitably be sacrificed at the altar of political expediency as citizen rage explodes.

Edwards continues, justifying why it has taken his 2010 prediction so long to play out, and predicting that the end result is nothing short of a full systemic break down:

My dire prognostications back in January 2010 proved premature (as usual). It has taken another seven years of economic stagnation and falling living standards of working people, together with the sight of the rich getting richer as a result of central bank QE polices, for the patience of ordinary working people to snap - most visibly in the US and UK elections. That rage has not diminished and, as Bill Gross predicted, the system is in the process of breaking down.


Amidst the current turmoil in the US and UK there is a huge sigh of establishment relief in the eurozone in the wake of the defeat of the far right in recent French and Dutch elections. The establishment hope the tide towards radicalism has turned - at least in continental Europe. That belief is wrong in my view and the current revolution will devour more political and establishment victims before it's over, most notably the central bankers themselves.

Ultimately, it's all about wealth inequality however, and here it is central bankers again who are at fault:

Anecdotally we all know wealth inequality has risen due to central bank QE and free money. Although we can see and feel it, it is reassuring to see firm evidence. This week the UK Resolution Foundation published a damning report into rising wealth inequality in the UK (this UK think tank is led by David Willetts, who during his political career was known as one of the most intellectual of MPs - his nickname being "two brains"). The report found the key driver for rising inequality was the collapse in UK home ownership since the 2008 financial crisis to a 30 year low: link and link.


Like so many economic commentators and think tanks, the Resolution Foundation doesn't seem to want to pin the proverbial tail on the donkey – for it is not the lower homeownership that is the real problem per se but the fact that QE is driving up asset prices that households no longer own! (In addition, zero interest rates have driven up buyto- let investment demand for housing hence reducing the supply of housing for owner occupation). While UK home ownership is now at a 30-year low (link), the US too has seen a similar shocking plunge in home ownership (see chart below).


At least in the run-up to the 2008 GFC, owner occupation in the UK and US surged along with house prices and so working people had the illusion they were getting richer along with the rest of the population. Now there is no such illusion for what has been dubbed "generation rent". In the US, to add insult to injury, rent inflation has rapidly outstripped CPI since the GFC.


If things are bad in the UK, ?generation rent? has been squeezed far more badly by soaring rents in the US (see chart below). No wonder the JAMs (just about managing) are in revolt.

There is much more, bust the gist is clear: it is only a matter of time before the general population realizes that it is not politics, but monetary policy. But how long? The simple answer: as long as stocks keep rising, all shalle be well: "no one cares when the party is still raging and investors, drunk with the liquor of loose money, are blind to the inevitable catastrophe that lies ahead." Which is also why the Fed will do everything in its power to keep the market ascent - and its existence - continue for as long as possible. And then, as a last diversion, they will blame Trump.

In other words, by the time all of this happens, the angry natives may have no choice but to rent their pitchforks...

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10flippers's picture

no they wont. people dont know what a central banker is

Alt RightGirl's picture

Citizens are too dumbed down for that.

They can't understand the j00s are behind the curtain, so they will rather turn their rage towards the freaks among them.

Plenty of freaks around. Mostly in Canada, though:

Full Retard Canada Part II: Montreal Celebrates 8-Year-Old Drag Queen and The Perverted Sexualization of Children

Art Van Delay's picture

99% of citizens can't see past the slops in front of them.



Fake Trump's picture

Janet can't see her own cunt. Let someone has a good look and fuck her.

Erek's picture

Time for a midsummer bonfire featuring free beer and central bankers at the stake.

targayren hous's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do...

eclectic syncretist's picture

Try to do a simple internet search for exactly who owns the Federal Reserve, and how much they profit from their ownership, and see how far you get. The mere fact that they go so far to hide their identities tells you that they fully understand their actions are unethical and subject to harsh judgement should the truth be known.

HockeyFool's picture

Please save me the trouble. Who owns the central bank in the US of A?

OverTheHedge's picture

Today I have been'offended by the expression "Great Financial Crisis". GFC. It has its own acronym now - part of the known history - that colossal surprise, that no-one could have seen coming. If it has to have a name, can't we call it the "Utterly Predictable Financial Crisis", or UPFC. Perhaps Finacial Crisis (Utterly Predictable), or FC-UP would be better?

I'm open to suggestions, but calling it a monumental fuck-up seems apt, if nothing else.

el buitre's picture

Rob Kirby is a very, very savvy Canadian financial analyst who doesn't suck satanic dick.  He claims after years of study that the Fed is just a front transaction pass-through for the secretive ESF (exchange stabilization fund) of the US treasury.  It was established by FDR in 1934 and financed by the gold confiscation scam when the gummint force purchased citizen gold for $20.50 and raised the price after six months to $35.  This netted them over $2.5 billion which was a huge start up fund in 1934 dollars.  Since then they have compounded it with all sorts of scams including heroin and coke trafficking as well as child trafficking, giving orders to the CIA for execution.  The secretary of the treasury is nominally in charge of this criminal organization.  Kirby gave a lot of details on a Caravan to Midnight interview last week, but I have been following it for a couple of years.

Ave Reg Nuklhed's picture

This is exactly what makes ZH so useful


HillaryOdor's picture

The problem is that the SJW cult and the mainstream cults of left/right statism will never accept market solutions for anything.  So after we supposedly end the fed, what happens?  Probably they will insist congress take control of interest rate policy, so they can be accountable to the people (because that has always worked so well).   So are we any better off having both parties bicker for lower interest rates when they're in power, and higher rates when it's the "other" team?  No.  We're probably worse off then.  Get back to me when they start talking about a new standard for sound money, and most importantly, restraining the national debt.  But of course that will never happen because you need people to vote against their own self interests.  It is always in a congress critters self interest to raise the debt.

7thGenMO's picture

Yes, anonymous Owners of a corporation that can't be audited.  How convenient!

Perhaps we can draw some conclusions from the Owner's management choices for the top two positions - Chair and Vice Chair.  Assume that the last three Chairmen had all been German, and that Germans comprise 25% of all PhD economists, then the probability that three in a row would randomly be selected would be:

0.25 X 0.25 X 0.25 = 0.03, so the chances of this happening are about 3 out of 100

Now, throw in the Vice Chair position and:

0.03 x 0.25 = 0.007, so the chances of this sequence is about 7 out of 1,000

If the last four choices for Chair and Vice Chair were indeed actually German, then people might be thinking....Hmmm?


Radical Marijuana's picture

There are no reasonable doubts about the basic history of
the currently established systems of public governments
enforcing frauds by private banks
as described by Carroll Quigley:

"... powers of financial capitalism had another far-reaching goal, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole ... to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements. ... The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. ... It must not be felt that the heads of the world's chief central banks were themselves substantive powers in world finance. They were not. Rather they were the technicians and agents of the dominant investment bankers of their own countries, who had raised them up, and who were perfectly capable of throwing them down. The substantive financial powers of the world were in the hands of these investment bankers who remained largely behind the scenes in their own unincorporated private banks. These formed a system of international cooperation and national dominance which was more private, more powerful, and more secret than that of their agents in the central banks."

The vast majority of people have been conditioned, for generation after generation, to not know, as well as to feel that they do not want to know, how the combined monetary and taxation systems really work. While there may be somewhat of a consensus among many of the readers of Zero Hedge that the central banks have increasingly become THE PROBLEMS, there is nothing remotely close to any agreements regarding whatever THE SOLUTIONS may be ... After all, any relatively realistic solutions would have to include considering the degree to which the international bankers would provoke wars in order to prevent any coherent opposition developing. Those pyramidion people, in those pyramid systems, understood what they were actually doing, as demonstrated by another of my favourite quotations:

Silent Weapons for Quiet Wars

"Energy is recognized as the key to all activity on earth. Natural science is the study of the sources and control of natural energy, and social science, theoretically expressed as economics, is the study of the sources and control of social energy. Both are bookkeeping systems: mathematics. Therefore, mathematics is the primary energy science. And the bookkeeper can be king if the public can be kept ignorant of the methodology of the bookkeeping. ... In this structure, credit, presented as a pure element called "currency," has the appearance of capital, but is in effect negative capital. Hence, it has the appearance of service, but is in fact, indebtedness or debt. ... if balanced in no other way, will be balanced by the negation of population (war, genocide)... They must eventually resort to war to balance the account, because war ultimately is merely the act of destroying the creditor ... War is therefore the balancing of the system by killing the true creditors (the public ...)"

The underlying issues are the thousands of years of successful warfare based on deceit and treachery, maximizing maliciousness, which became the basis upon which to make and maintain political economies based on public governments enforcing frauds by private banks. The more recent issues have been the prodigious progress in physical science enabling about exponentially advancing technologies to support about exponentially increasing fraudulence. Hence, what the central banks now preside over are globalized systems of electronic monkey money frauds, backed by the threat of force from apes with atomic bombs.

I am not aware of any publicly significant groups which advocate "End The Fed," and related institutions, such as the Bank of International Settlements, which seriously and systematically integrate the facts that there are now electronic money, backed by weapons of mass destruction. Rather, there continues to be mostly indulgence in nostalgic nonsense regarding various impossible ideals about "what money should be," that are the basis for various recommendations regarding what new systems to institute after the series of political miracles which would be necessary to "End The Fed, etc ..."

Excellent Videos on Money Systems

That links through to my efforts to articulate how and why Globalized Neolithic Civilization necessarily operates according to the principles and methods of organized crime, one aspect of which is that the pyramidion people in the social pyramid systems tend to be hidden from the public, while public actors, such as the Federal Reserve Board, and Bank of International Settlements, are also still mostly invisible to most people, despite the accumulating apparent anomalies that follow from successful finance based on enforced frauds becoming exponentially more fraudulent.

Since the political economy is now dominated by electronic money, various old-fashioned notions which were developed by various controlled "opposition" groups during the days when was metal money, backed by swords, or then, paper money, backed by gunpowder, are many orders of magnitude deficient to come to terms with electronic money, backed by atomic weapons. Most of the controlled "opposition" groups which advocate "End The Fed, etc.," are merely noticing the more and more blatant apparent anomalies that the central banks are engaged in exponentially increasing fraudulence, based on making "money" out of nothing as debts. Those debt slavery systems were generating numbers which have become debt insanities, which are set to provoke death insanities.

The publicly significant "opposition" groups are controlled by the ways that they stay inside the same frames of reference regarding the impossible ideals about "what money should be." In my opinion, there is NO genuine opposition to the international bankers, nor is it politically possible for there to be for the foreseeable finite future of Globalized Neolithic Civilization. In order for there to be any genuine opposition, enough people would have to go through series of intellectual scientific revolutions and profound paradigm shifts in the ways that they think and communicate about political problems. In order to do so, political science would have to become better reconciled with physical science. While that is theoretically possible, for all practical purposes that is politically impossible.


THAT is what the development of the fractional reserves, supervised by central banks, are actually based upon. Meanwhile, almost all of the controlled "opposition" groups continue to take for granted presenting their favourite versions of the impossible ideals regarding "what money should be" as the basis for their bogus "solutions" to THE PROBLEMS exemplified by public governments enforcing frauds by private banks, in ways which are becoming exponentially more fraudulent.

Pretty well all public political debates are dominated by the language of DUALITIES, false fundamental dichotomies, and the related impossible ideals. While physical science and technology have achieved progress through series of intellectual scientific revolutions and profound paradigm shifts which replaced previous DUALITIES with UNITARY MECHANISMS, nothing like that has been allowed to happen in social sciences, and especially not in political economy, because doing so would require admitting and addressing how and why governments are necessarily the biggest forms of organized crime, dominated by the best organized gangsters, which are currently the international banksters.

The typical range of bogus "solutions," regarding what to replace the Federal Reserve Board systems with, are usually based on various impossible ideals regarding "what money should be," rather than based upon what MONEY IS! As long as there are no publicly significant "opposition" groups which stop thinking and communicating in ways which take for granted the banksters' bullshit-based views of "economics," which include the banksters' bullshit-based views of "what money should be," then those "opposition" groups must continue to be ineffective. At the present time, pretty well everyone continues to take for granted the mainstream views of "economics," in ways which do not recognize the degree to which mainstream economists were intellectual mercenaries, being paid by the banksters' systems to spout the bullshit that the banksters approved of. Indeed, I am not aware of any public significant schools of economics which do not continue to take almost completely for granted the world views originally developed by the biggest bullies, which became the banksters. Globalized Neolithic Civilization is almost completely based on being able to enforce frauds, while almost everyone living inside that Civilization has adapted for generation after generation to taking those frauds for granted, as if those were not fraudulent, despite that those frauds are actually becoming exponentially more fraudulent.

It is barely possible to exaggerate the degree to which the longer term consequences of successfully enforcing frauds has driven Civilization to become exponentially more psychotic. The banksters were able to remain relatively hidden, such as demonstrated by how difficult it is to determine with reliable certainty who owns the private corporations, such as central banks, or how and why the few central banks which are theoretically public still obey the globalized systems supervised by the Bank of International Settlements. Since the effective privatization of the public money supplies has already been more than 99% completed, it is politically impossible to image how those vicious spirals of the funding of the political processes, resulting in enforced frauds, could do anything other than continue to get worse, faster ...


The article above was certainly correct that the middle classes are becoming more aware of the painfully obvious ways in which public powers are being used to rob them blind. However, the vast majority of people are NOT willing and able to recognize the degree to which they too are necessarily living as gangs of robbers, but rather, want to continue to believe in the banksters' bullshit about how "economics" operates, all of which has become absurdly backward ways to perceive everything, as was humanly possible to make and maintain, through thousands of years of being able to back up lies with violence, which became the systems of legalized lies, backed by legalized violence, which currently are the combined monetary and taxation systems.

Collectively, "We the People" are living inside Wonderland Matrix Bizarro Worlds, where everything is publicly presented in the most absurdly backward ways possible. That especially includes the ways in which the bogus notions regarding "what money should be" dominate the controlled "opposition" groups who recommend "End The Fed, etc. ..."  When one examines the history of profound paradigm shifts achieved through mathematical physics, which made possible the development of electronic frauds, backed by atomic weapons, one can notice the main themes have been to overturn common sense notions, through series of profound paradigm shifts. But nevertheless, most people who appear to "oppose" the runaway developments of globalized electronic frauds, in the form of more and more "money" made out of nothing as debts, are NOT willing and able to reconsider the degree to which they were taught to perceive everything in the most absurdly backward ways possible.

At the present time, the Grand Canyon Chasms between progress in physical science and technology, WITHOUT progress in political science, are getting wider and WIDER. While more and more members of the middle classes are noticing the runaway social polarizations achieved by the monetary and taxation systems being frauds which are enforced in ways which operate as symbolic robberies of the many by a few, pretty well none of those people are able and willing to go through the series of profound paradigm shifts which would be theoretically necessary for them to develop any more realistic resolutions of those real problems. Rather, the excessive successfulness of applying the methods of organized crime are causing Civilization as a whole to manifest runaway criminal insanities.

While the laws of nature are NOT going to stop working, natural selection pressures have driven the development of artificial selection systems to become as dishonest as possible, as well as to endeavour to become exponentially more dishonest, or for the existing systems based on public governments enforcing frauds by private banks to continue to become exponentially more dishonest. Since, at the present time, there is NO publicly significant opposition which is not  controlled by taking for granted the bullshit built into the dominate natural languages and philosophy of science, there is NO reasonable chance of changes which do not backfire badly, and make conditions get even worse in the real world.

Hence, the article above was yet another example of the kinds of superficially correct analyses which are typically presented on Zero Hedge, which utterly fail to go through profound enough paradigm shifts. As the lower and middle classes suffer more and more from exponentially increasing symbolic robberies, there are NO good grounds to expect that those lower and middle classes will better understand those tragic trajectories, because about the only publicly significant alternatives which they have to turn to are various controlled "opposition" groups, who stay stuck in the rut of promoting some miraculous realization of their favourite impossible ideals regarding "what money should be."

Money is a matter of law. However, the ONLY connections between human laws and natural laws are the abilities to back up lies with violence. As long as the vast majority of people do not understand that, and do not want to understand that, then they must continue to fail to change anything in any ways other than those which continue to backfire badly, and actually cause the opposite to happen in the real world. The ONLY things that actually exist are the dynamic equilibria between different systems of more or less organized lies operating robberies, whose most significant forms have become the ways that the public powers of governments are primarily used to operate symbolic robberies of the many by the few. ONLY that which actually exists can actually evolve. Therefore, it is ONLY possible for there to be changes in the systems of lies operating robberies, which change the dynamic equilibria between those systems.

At the present time, all such efforts are hamstrung by the almost total dominance of the DUALITIES of false fundamental dichotomies, and the related impossible ideals, which are particularly problematic with respect to the impossible ideals about "what money should be." There continues to be prodigious progress in technologies, which enable enforced frauds to become exponentially more fraudulent. However, none of that kind of progress is allowed to be applied to political science, due to the results becoming the perception that governments are necessarily the biggest forms of organized crime, dominated by the best organized gangsters, who are currently the international banksters, that made and maintained the entrenched central banks' supervision of the runaway debt slavery systems.

While it is theoretically possible that human beings could better understand themselves as manifestations of general energy systems, doing so is politically impossible at the present time, and appears likely to remain so for the foreseeable finite future of Globalized Neolithic Civilization. While more and more people are becoming aware of the painfully obvious ways in which they are the victims of runaway symbolic robberies, those who begin to notice those apparent anomalies continue to generally NOT be able and willing to go through more profound paradigm shifts regarding how and why that is happening ...

The lower and middle classes would have to better understand the principles and methods of organized crime, in order to better cope with them being dominated by the upper classes. However, such better understanding can NOT be accomplished as long as the DUALITIES of false fundamental dichotomies and impossible ideals are maintained, as taken for granted ways of thinking and communicating regarding the monetary and taxation systems. As long as those who notice that the central banks are driving exponentially increasing fraudulence onward STILL collapse back to proposing and promoting the various impossible ideals about "what money should be," as their bogus "solutions," then the underlying problems must continue to get worse, faster, and all efforts to resist those trends continue to be dismal failures.

shining one's picture

Same with the big corperations, all owned by corperations and shell companies and share holders. Hard to pinpoint someone for retribution.

JRobby's picture


They have been selling the ground from beneath unborn feet since 1913.

Rage? What would one assume?

eclectic syncretist's picture

Why do we still need mark to fantasy accounting rules? Hasn't that crisis passed? Maybe the banksters are hiding profits like common criminals.

JRobby's picture

Because the laws (used to) state that insolvent banks and insurance co's. are shut down.

Endgame Napoleon's picture

Most college grads do not understand the role of central banks, not their role in the modern economy and not even in an historical context, starting with the debate between Alexander Hamilton and the Founders who preferred a less centralized economic system.

Those who just go to high school -- the vast majority -- have mostly coaches for history teachers. That is where the coaches camp out, said one $8/hr worker with a master's degree in history and no real hope of landing a teaching job.

This person was not in the crony-momma teaching clique, the moms-off-in-the summers-to-be-with-their-own-children-and-take-family-vacations clique, that sews up the teaching jobs, other than the teaching categories reserved for male coaches.

Teaching is a good job for a mom. It is a good second income, especially when her husband makes a high income in a less stable industry. The family can have a more luxurious lifestyle if the mom works, regardless of her intellectual interest in the subject that she teaches.

All (or most) jobs in America, not just secondary school teaching, revolve around family composition or pre-childbearing, youth-clique membership. It is all about accommodating a few lifestyles, like bolstering single mothers who have have unearned income from welfare and taxfare that makes low-paying, absenteeism-tolerant office jobs acceptable or, in the case of elementary through high school teaching, supplements a spousal income for people with kids.

Teaching is one of the jobs that provides a better income supplement for women wirh spousal income. It is more stable and higher paying than the $10/hr office jobs in safe areas of cities that many women with affluent husbands dominate, leaving at 2:30, for whole mornings, days and weeks in excused-absenteeism cliques due to kids, so they say.

None of this has much to do with imparting knowledge about central banking or any other subject with much passion. These women are passionate about their kids at least in terms of show, as opposed to taking care of them on a daily basis, as witnessed by the many baby-mommy-look-alike-bulletin-board-decorating contests, kid-related dress-up days and bring-baby-to-work days that are so crucial in being hired and retained in mom-dominated office jobs, much more important than the number of accounts that you generate and retain.

When I asked them about it, two former superintendents of schools confirmed the comment of the underemployed, history-loving, low-wage food services worker with a master's degree in history.

I knew, anyway, from the **very** un-substantive secondary schools that I attended. Which were pitched as "good" schools. They were only good if athletics-obsessed bully dens with lackluster teachers are good. They were only good if schools with little academic rigor **and** equally little teaching of practical, useful skills are good. They were "good" if the only standard is no gang or drug violence and a good second income for moms who cared little about what they taught in almost all cases.

That said, I do not see why central banks are responsible for the following wage-lowering trends: the mass offshoring of jobs to countries with low-cost labor; mass immigration that drives down wages when it is taxpayer-subsidized; the mass workforce entrance of taxpayer-subsidized, single moms and moms with spousal incomes, with their unearned, womb-based income streams enabling them to accept low wages; and automation-based underemployment.

Which banker do we blame for this stuff?

johnofRandI's picture

The Sheeple have noi idea what a central bank is.

Ike Brodlovski should go Queen! 

NotApplicable's picture

Hell, I can't even find anyone that knows what a dollar really is.

charlewar's picture

Fed has inflated, ever so gradually, our dollar to now have 6 cents purchasing power of 1913 dollar. Who minds paying more for same shit. Today's Fed makes Madoff look like a pickpocket as its robbed prudent savers of hundreds of billions just in past 8 years.

Nexus789's picture

Thought it was now 3 cents. 

fbazzrea's picture

Today's Fed makes Madoff look like a pickpocket as its robbed prudent savers of hundreds of billions just in past 8 years.

and this math is not ambitious enough... they've robbed trillions just in past 8 years.

shamus001's picture

My personal fave I like to throw in there is "capital gains" tax theft by unadjusted inflation measure! 

You buy a house in 1975 fir 30,000.

You sell that house after the crash of 08' at a deflated 100,000 (instead of bubble 200,000) and you have a taxable profit of 70,000.00!

Only that 70,000 today doesnt buy what 30,000 did in 1975. In actuality your house depreciated by some 40%.

(But lets stay focused on the theft!)

Without inflation, you would take your depreciated sale (just like a used car vs a new model) and move on, but THIS IS A HOUSE were talking about! It took a long time to pay it off, and with so much $ on the line .Gov had to think of a way to STEAL some of it! 

So with inflated worthless prices, you not only take a loss selling your used home, but you get to give the government cap gains tax on it as if you actually profited! (Which you didnt!)

fbazzrea's picture

that's exactly right... and this happens with wages, as well. increasing inflation-driven wages drive us into higher income tax brackets.

just another taxpayer service brought to you by the banksters and your friendly local IRS office.

Hal n back's picture

Sure, thats a downtown banker.

I am Jobe's picture

Upvoted for our comment. True, most are bsy watching fucking NETFLIX and Staring at theri Phones and hoping Prnce Charming will come and save their fat azzz 

mily's picture

If they do, CB heads have still options left: face transplant and one ticket to argentina, "gestapo style"

eclectic syncretist's picture

Great! The sooner they go the better.

el buitre's picture

Gestapo!?  I lived in Agentina for a year about 5 years ago in the province of Córdoba.  It was common knowledge that Hitler, Eva Braun, and Martin Borman lived out their days in a luxury villa nearby.  Hitler was ineffective during that period of his life and Borman ran the show.  Borman can best be described as Dick Cheney without his fuzzy warmth.

crazzziecanuck's picture

No, that's why there's so much hatred toward "immigrants."  That tactic has been effective for decades in America.  But then I think of the arithmetic of it all and start to wonder.

Still, expect more violence towards immigrants as things get worse and there is no proper leadership at the national level to stop it.  But, then again, like I always point out, voters never vote for the honest person.  Ever.  They will always vote for the one that will give them stuff or who will protect them from crap like "forced income redistribution" by the government.

It's so easy to be a politician these days if you have no morals or ethics because they reflect the amorality and fluid ethics of the broader whole.

JRobby's picture

Then we will have to do it on their behalf.

Expect no gratitude obviously.

Anarchyteez's picture

Or the nature of the money they use.

It's the best scam ever invented.

Sam.Spade's picture

Before the Internet, you would have been right.  But now, the average person is beginning to catch on.

And Central Bankers know it.  That's why you see the Ellen Browns of the world pushing 'debt-free' money.  Of course, it's just another newspeak game, like using the word 'deposit' when they really mean 'loan' for the money you put in their bank.

What they are really trying to do is prepare a fall-back position.  When the anger hits, they will try to direct it at the Fed, use them for a scape-goat, move the money printing to the Treasury Department, stand where the money comes out, and keep the presses rolling.

It's an old game.  Bottle the same old theft in a new jar and hope someone still buys it.

But this time, thanks to the Internet, they may not get away with it.

So here is reality:

The uber-rich in this country got that way by 'borrowing' money from whomever prints it and then using that money to buy your world out from under you.  Stocks, bonds, real estate, natural resources, land.  It doesn't matter what, they use printed money to buy it for free.  Doesn't matter who prints it, they have enough pull to buy their way to the front of the line.

You can't borrow at zero percent with extended payback provisions to prevent you from going bankrupt because you are "too big to fail", can you?  Well they can.

So what's the solution?

Stop using promises for money.  In other words, NO MORE DEBT MONEY. (Using the real definition of 'debt', not one ginned up by the banksters to distract you.)

Specifically:  Use only physical gold, physical silver, or titles to same as money.  And maybe Bitcoin if it matures enough.

The subject is not simple, but if you don't understand it, you'll just buy another bottle of their snake oil. 

So you MUST take the time to learn it.

The best source is The Creature From Jekyll Island by Griffin.  A great book, rated 4.8 in 1,450 reviews on Amazon and that's too low.

But it's a heavy work, both intellectually and physically.  If you want to start with something a little easier, get your hands on a copy of Thieves Emporium.  It covers the basic material using fast-paced fiction to keep you interested.  And it's available for free as a serial starting at

Whichever way you do it, start educating yourself now.  Because, if you don't, your children will end their lives as debt slaves to the new bankster class.

AnimalSpirits's picture

Very well stated! I am trying to learn what I can about monetary policy.

What I don't understand is how have these private bankers managed to garner and maintain such power over politians? Why have politicians, even presidents allowed themselves to become subordinates to these parasites? Why not take the power themselves and make the bankers their servers?

Why are the roles reversed? The real money is in banking, not politics - so why not take control of the real money if you are a politician greedy enough to sell your country to the bankers? 

What control mechanisms do bankers use to influence politicians? People mention tales of blackmail, of pedophilia, bloody rituals, etc. Assuming that were true, then we have a situation where hundreds are being blackmailed by a few; well who would the public believe...the hundreds or the few? So the bankers really have no intrinsic power - the only power they have is willingly handed over by politicians. How is that fn possible?

Sam.Spade's picture

To quote a footnote from Thieves Emporium:

 In 2008, the FED increased spendable money (cash and checking account deposits) by $225 billion. Someone spent that money when it was first created. When they did, they could have paid the operating budget for every U.S. intelligence organization (including the CIA, NSA, and NRA), the U. S. Army, Department Of Homeland Security, and the Department Of Justice, with money left over to buy half of all U. S. TV advertising and pay every political contribution made to or in the name of every Federal candidate in that year.

Politicans kiss the ass of anyone who can get them elected.  Central Bankers can do that in spades.

AnimalSpirits's picture

Wow! Those are crazy numbers - unbelieeevable - thanks for the info.

"Politicans kiss the ass of anyone who can get them elected.  Central Bankers can do that in spades."

That's right - I agree, that's what I am saying - politicians seek power and wealth and bankers are happy to oblige. Why are politicians waiting for crumbs from the bankers' table when they can harness full control of the money supply? They have the power to kill the Fed Act of 1913 and give this power to the Treasury (similar to what Andrew Jackson did) then they will have more power and access to greater wealth than the crumps they're getting from bankers now.

Essentially, why wait for a meager ration of milk when you have the power to own the cow?

Sam.Spade's picture

Now I see your question, and it's a good one, thank you.  Perhaps the politicans just can't get organized?  Or perhaps they have reached an accomidation with the Banksters that is so lucrative that it's just not worth the fight?  I don't know.

But you are mistaken about Jackson.  The Treasury hasn't printed money in the United States except during the Civil War until the Fed was formed in 1913.  Other than that period, only individual banks did which is why we still call our printed money 'bank notes'.  That was one of the arguments behind creating the Fed, that we would be better off as a nation of only one central entity creating and printing our money.

I do think that having the Treasury create our money is the back-up position of the banksters.  Cut the Fed lose as a scapegoat for the impending crash, use their wealth to take over the Treasury department ("Regulartory Capture", if you will), and then continue with business as usual, perhaps using a different currency. (Jim Willie thinks it will be called the "Republic Dollar".  I expect it will be "backed" by gold.)

If you haven't read Creature From Jekyll Island by Griffin, you really should.  It's so well known that your library should have it.

AnimalSpirits's picture

Thanks for your input. I have viewed videos of Griffin and do plan to read his book. Trying to get through Tower of Basel and Foundations of Economics by Varoufakis right now...holy!!! :-)

Here is what I have read --- which you are most probably familiar with:

-  When asked what his most important accomplishment had been, Jackson replied, "I killed the Bank."

-  JFK Executive Order 11110 June 4, 1963

JB Say's picture

And of those that do know of the existence of the central bank, very few understand that its a private banking cartel. They are shocked to learn its not government.

Sam.Spade's picture

You act like it makes a difference.  Fed or Treasury department, the money printing will still be controlled by and be for the benefit of the same cabal of uber-rich.

The only honest money is that created up-front by someone's hard work.  Like gold, silver, or Bitcoin.

AnimalSpirits's picture

It would be different. Fed is private - which involves no elections, no audits - they, along with their BIS buddies answer to no one and are above the law.

This doesn't mean the Treasury is full of angelic beings... :-) BUT, they answer to their citizens and can be audited.