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Warning: What you are about to read is not about Russia, the 2016 election, or the latest person to depart from the White House in a storm of tweets. It’s the Beltway story hiding in plain sight with trillions of dollars in play and an economy to commandeer.

While we’ve been bombarded with a litany of scandals from the Oval Office and the Trump family, there’s a crucial institution in Washington that few in the media seem to be paying attention to, even as President Trump quietly makes it his own. More obscure than the chambers of the Supreme Court, it’s a place where he has already made substantial changes. I’m talking about the Federal Reserve.

As the central bank of the United States, the “Fed” sets the financial tone for the global economy by manipulating interest rate levels. This impacts everyone, yet very few grasp the scope of its influence.

During times of relative economic calm, the Fed is regularly forgotten. But what history shows us is that having leaders who are primed to neglect Wall Street’s misdoings often sets the scene for economic dangers to come. That’s why nominees to the Fed are so crucial.

We have entered a landmark moment: no president since Woodrow Wilson (during whose administration the Federal Reserve was established) will have appointed as many board members to the Fed as Donald Trump. His fingerprints will, in other words, not just be on Supreme Court decisions, but no less significantly Fed policy-making for years to come — even though, like that court, it occupies a mandated position of political independence.

The president’s latest two nominees to that institution’s Board of Governors exemplify this. He has nominated Richard Clarida, a former Treasury Department official from the days of President George W. Bush who later became a strategic adviser to investment goliath Pimco, to the Fed’s second most important slot, while giving the nod to Michelle Bowman, a Kansas bank commissioner, to represent community banks on that same board.

Like many other entities in Washington, the Fed’s Board of Governors has been operating with less than a full staff. If Clarida is approved, he will join Trump-appointed Fed Chairman Jerome Powell and incoming New York Federal Reserve Bank head John C. Williams — the New York Fed generally exists in a mind meld with Wall Street — as part of the most powerful trio at that institution.

Williams served as president of the San Francisco Fed. Under his watch, the third largest U.S. bank, Wells Fargo, created about 3.5 million fake accounts, gave its CEO a whopping raise, and copped to a $1 billion fine for bilking its customers on auto and mortgage insurance contracts.

Not surprisingly, Wall Street has embraced Trump’s new Fed line-up because its members are so favorably disposed to loosening restrictions on financial institutions of every sort. Initially, the financial markets reflected concern that Chairman Powell might turn out to be a hawk on interest rates, meaning he’d raise them too quickly, but he’s proved to be anything but.

As Trump stacks the deck in his favor, count on an economic impact that will be felt for years to come and could leave the world devastated. But rest assured, if the Fed can help Trump keep the stock market buoyant for a while by letting money stay cheap for Wall Street speculation and the dollar competitive for a trade war, it will.

History Warns Us

At a time when inequality, economic hardship, and household and personal debt levels are escalating and wages are not, why should any of this matter to the rest of us? The answer is simple enough: because the Fed sets the level of interest rates and so the cost of money. This, in turn, indirectly impacts the value of the dollar, which means everything you buy.

Since the financial crisis, the Fed has kept the cost of borrowing money for banks at near zero percent interest. That allowed those banks to borrow money to buy their own stock (as did many corporations) to inflate their value but not, of course, the value of their service to Main Street.

When money is cheap because interest rates are low or near zero, the beneficiaries are those with the most direct access to it. That means, of course, that the biggest banks, members of the Fed since its inception, get the largest chunks of fabricated money and pay the least amount of interest for it.

Although during the election campaign of 2016 Trump chastised the Fed for its cheap-money policies, he’s since evidently changed his mind (which is, of course, very Trumpian of him). That’s because he knows that the lower the cost of money is, the easier it is for major companies to borrow it. Easy money means easy speculation for Wall Street and its main corporate clients, which sooner or later will be a threat to the rest of us.

The era of trade wars, soaring stock markets, and Trump gaffes may feel like it’s gone on forever. Don’t forget, though, that there was a moment not so long ago when the same banking policies still reigning caused turmoil, ripping through the country and devouring the finances of so many. It’s worth recalling for a moment what happened during the Great Meltdown of 2008, when unrestrained mega-banks ravaged the economy before being bailed out. In the midst of the current market ecstasy, it’s an easy past to ignore. That’s why Trump’s takeover of the Fed and its impact on the financial system matters so much.

Let’s recall that, on September 15, 2008, Lehman Brothers crashed. That bank, like Goldman Sachs a former employer of mine, had been around for more than 150 years. Its collapse was a key catalyst in a spiral of disaster that nearly decimated the world financial system. It wasn’t the bankruptcy that did it, however, but the massive amount of money the surviving banks had already lent Lehman to buy the toxic assets they created.

Around the same time, Merrill Lynch, a competitor of Lehman’s, was sold to Bank of America for $50 billion and American International Group (AIG) received $182 billion in government assistance. JPMorgan Chase had already bought Bear Stearns, which had crashed six months earlier, utilizing a $29 billion government and Federal Reserve security blanket in the process.

In the wake of Lehman’s bankruptcy, $16 trillion in bailouts and other subsidies from the Federal Reserve and Congress were offered mostly to Wall Street’s biggest banks. That flow of money allowed them to return from the edge of financial disaster. At the same time, it fueled the stock and bond markets, as untethered from economic realities as the hot air balloon in The Wizard of Oz.

After nearly tripling since the post-financial crisis spring of 2009, last year the Dow Jones Industrial Average rose magically again by nearly 24%. Why? Because despite all of his swamp-draining campaign talk, Trump embraced the exact same bank-coddling behavior as President Obama. He advocated the Fed’s cheap-money policy and hired Steve Mnuchin, an ex-Goldman Sachs partner and Wall Street’s special friend, as his Treasury secretary. He doubled down on rewarding ongoing malfeasance and fraud by promoting the deregulation of the banks, as if Wall Street’s greed and high appetite for risk had vanished.

Impending Signs of Crisis

A quarter of the way into 2018, shadows of 2008 are already emerging. Only two months ago, the Dow logged its worst single-day point decline in history before bouncing back with vigor. In the meantime, the country whose banks caused the last crisis faces record consumer and corporate debt levels and a vulnerable geopolitical global landscape.

True, the unemployment rate is significantly lower than it was at the height of the financial crisis, but for Main Street, growth hasn’t been quite so apparent. About one in five U.S. jobs still pays a median income below the federal poverty line. Median household income is only up 5.3% since 2008 and remains well below where it was in 1998, if you adjust for inflation. Workforce participation remains nearly as low as it’s ever been. Meanwhile, the top 1% of American earners saw their incomes go up by leaps and bounds since the Fed started manufacturing money — to more than 40 times that of the bottom 90%.

Just as before the 2007-2008 financial crisis, there’s a scary level of confidence among politicians and regulators that neither the economy nor the banking sector could possibly go bust. Even the new Federal Reserve chair views the possible need for bailouts as a relic of a bygone time. As he said at his confirmation hearing, “Generally speaking I think the financial system is quite strong.” When asked if there are any U.S. banks that are still too big to fail, he responded, “I would say no to that.”

That’s a pretty decisive statement, and not strikingly different from one outgoing Fed Chair Janet Yellen made last year. By extension, it means that Trump’s new chairman supports laxer structures for the big banks and more cheap money, if needed, to help them. So watch out.

When a crisis hits, liquidity dies, and banks close their doors to the public. Ultimately, the same formula for crisis will surely send Wall Street executives crawling back to the government for aid and then Donald Trump will find out what financial negligence truly is.

A Time of Crisis and Financial Collusion

As signs of crisis emerge, few in Washington have delved into how we can ensure that a systemic crash does not happen again. That’s why I’ll never forget the strange message I got one day. It was in the middle of May 2015, about a year after my book, All the Presidents’ Bankers, had been published, when I received an email from the Federal Reserve. Every year, the Fed, the International Monetary Fund, and the World Bank hold an annual conference where the most elite central bankers from around the globe assemble. To my shock, since I hadn’t exactly written in a kindly fashion about the Fed, I was being invited to speak at the opening session about why Wall Street wasn’t helping Main Street.

Two months later, I found myself sitting in front of a room filled with central bankers from around the world, listening to Fed Chair Janet Yellen proclaim that the worst of the crisis and its causes were behind us. In response, the first thing I asked that distinguished crowd was this: “Do you want to know why big Wall Street banks aren’t helping Main Street as much as they could?” The room was silent. I paused before answering, “Because you never required them to.”

I added, “The biggest six U.S. banks have been rewarded with an endless supply of cheap money in bailouts and loans for their dangerous behavior. They have been given open access to these funds with no major consequences, and no rules on how they should utilize the Fed’s largess to them to help the real economy. Why should you expect their benevolence?”

After I returned home, I became obsessed with uncovering just how the bailouts and loans of that moment were only the tip of an iceberg, the sort of berg that had once taken down the Titanic – how that cheap money fabricated for Wall Street had been no isolated American incident.

What my research for my new book, Collusion: How Central Bankers Rigged the World, revealed was how central bankers and massive financial institutions have worked together to manipulate global markets for the past decade. Major central banks gave themselves a blank check with which to resurrect problematic banks; purchase government, mortgage, and corporate bonds; and in some cases — as in Japan and Switzerland — stocks, too. They have not had to explain to the public where those funds were going or why. Instead, their policies have inflated asset bubbles, while coddling private banks and corporations under the guise of helping the real economy.

The zero-interest-rate and bond-buying central bank policies prevailing in the U.S., Europe, and Japan have been part of a coordinated effort that has plastered over potential financial instability in the largest countries and in private banks. It has, in turn, created asset bubbles that could explode into an even greater crisis the next time around.

So, today, we stand near — how near we don’t yet know — the edge of a dangerous financial precipice. The risks posed by the largest of the private banks still exist, only now they’re even bigger than they were in 2007-2008 and operating in an arena of even more debt. In Donald Trump’s America, what this means is that the same dangerous policies are still being promoted today. The difference now is that the president is appointing members to the Fed who will only increase the danger of those risks for years to come.

A crash could prove to be President Trump’s worst legacy. Not only is he — and the Fed he’s helping to create — not paying attention to the alarm bells (ignored by the last iteration of the Fed as well), but he’s ensured that none of his appointees will either. After campaigning hard against the ills of global finance in the 2016 election campaign and promising a modern era Glass-Steagall Act to separate bank deposits from the more speculative activities on Wall Street, Trump’s policy reversals and appointees leave our economy more exposed than ever.

When politicians and regulators are asleep at the wheel, it’s the rest of us who will suffer sooner or later. Because of the collusion that’s gone on and continues to go on among the world’s main central banks, that problem is now an international one.

Nomi Prins is a TomDispatch regular. Her new book, Collusion: How Central Bankers Rigged the World (Nation Books), has just been published. She is a former Wall Street executive. Special thanks go to researcher Craig Wilson for his superb work on this piece.

(Republished from TomDispatch by permission of author or representative)
 
• Category: Economics • Tags: Donald Trump, Federal Reserve, Wall Street 
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  1. Miro23 says:

    Nomi Prins keeps producing useful articles and I would just switch around the emphasis and ask some questions.

    Almost unlimited “free money” (allowed by the FED’s ZIRP environment) flows through the big banks into speculation in stocks and bonds and corporate share buybacks. However, I suppose that this large scale debt creation also has to 1) pay for Middle East wars 2) keep the US “consumer” afloat and 3) cover endless government and trade deficits.

    It works because of long term (very) low interest rates.

    But, the associated downside seems to be that monstrously leveraged places like the NASDAQ can’t accept higher rates, the government can’t pay market interest rates on its debt, and over-borrowed consumers only took loans because of low monthly payments, so what happens in a liquidity crisis?

    Like the article says, any restriction of the massive flow of new money (higher interest rates?) will uncover problems of credit worthiness (counter-party risk) in a replay of 2008.

    So, in a crisis, the assumption is that the FED will once again flood the banks with new money, and my question is, at what point will this no longer work?

    For example, international holders of the US dollar need to have confidence that their dollar balances represent something real – not just speculative hot air. If a 10% increase in the supply of $ = a 10% decrease in its value, then the US dollar is no longer a reserve currency and the US government can’t really “finance” anything.

    Read More
    • Replies: @WorkingClass

    So, in a crisis, the assumption is that the FED will once again flood the banks with new money, and my question is, at what point will this no longer work?
     
    Excellent question! When we reach the point that "this no longer works" the U.S. will be just another large country in the Americas.
    , @manorchurch

    So, in a crisis, the assumption is that the FED will once again flood the banks with new money, and my question is, at what point will this no longer work?
     
    When real asset value reaches some point lower than 0.1X nominal monetized value.

    Or some other rule of thumb. How high have assets gone as a leveraged ratio in the past? Weren't the most crooked banks running a swindle scheme at something like a 40/1 ratio back in 2008? So, now the crooks know to print money like crazy to cover the belly-sag.

    Ain't nothing gonna get fixed until there's a lot of hangings. The Federal gubmint's efforts focus on avoiding the hangings by being ready to cash-out and run -- to Israel, most likely. Oh, well, maybe we'll catch a few of them on the tarmac. Serendipity and all.

    Convert your cash to palpable assets. No choice.

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  2. “As signs of crisis emerge, few in Washington have delved into how we can ensure that a systemic crash does not happen again.”

    Please. Stop writing until you have read The Creature From Jekyll Island.

    The coming crash has been baked in the cake since 1913. No matter who Trump appoints to the FED it will still be an illegal banking cartel.

    Get back to us when you can understand the problem of debt money. And conversely, the problem of the absence of honest money.

    Read More
    • Replies: @jacques sheete

    The coming crash has been baked in the cake since 1913.
     
    Exactly.

    Each crash provides an opportunity for the usual suspects to pick up distressed properties for (effectively) nothing and the system was designed to accommodate them repeatedly.

    Until folks get that basic concept into their thick skulls, nothing will ever change. In fact, fundamentally, nothing has for at least 2000 years.


    “The curse of usury, it must be owned, is inveterate in Rome, a constant source of sedition and discord; and attempts were accordingly made to repress it even in an older and less corrupt society…

    Financial ruin brought down in its train both rank and reputation, till the Caesar came to the rescue by distributing hundred million sesterces among various counting-houses…”

    TACITUS, ANNALS, Book VI (beginning)1

    It is not known when Tacitus began writing the Annals, but he was well into writing it by AD 116.[1] Modern scholars believe that as a senator, Tacitus had access to Acta Senatus, the Roman senate's records, thus providing a solid basis for his work.
    http://penelope.uchicago.edu/Thayer/E/Roman/Texts/Tacitus/Annals/6A*.html

     

    , @SunBakedSuburb
    " ... the problem of debt money."

    Economically speaking, the root of all evil.
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  3. @Miro23
    Nomi Prins keeps producing useful articles and I would just switch around the emphasis and ask some questions.

    Almost unlimited "free money" (allowed by the FED's ZIRP environment) flows through the big banks into speculation in stocks and bonds and corporate share buybacks. However, I suppose that this large scale debt creation also has to 1) pay for Middle East wars 2) keep the US "consumer" afloat and 3) cover endless government and trade deficits.

    It works because of long term (very) low interest rates.

    But, the associated downside seems to be that monstrously leveraged places like the NASDAQ can’t accept higher rates, the government can’t pay market interest rates on its debt, and over-borrowed consumers only took loans because of low monthly payments, so what happens in a liquidity crisis?

    Like the article says, any restriction of the massive flow of new money (higher interest rates?) will uncover problems of credit worthiness (counter-party risk) in a replay of 2008.

    So, in a crisis, the assumption is that the FED will once again flood the banks with new money, and my question is, at what point will this no longer work?

    For example, international holders of the US dollar need to have confidence that their dollar balances represent something real - not just speculative hot air. If a 10% increase in the supply of $ = a 10% decrease in its value, then the US dollar is no longer a reserve currency and the US government can't really "finance" anything.

    So, in a crisis, the assumption is that the FED will once again flood the banks with new money, and my question is, at what point will this no longer work?

    Excellent question! When we reach the point that “this no longer works” the U.S. will be just another large country in the Americas.

    Read More
    • Replies: @Miro23
    Nomi Prins knows a lot about this. It would be interesting to hear what she thinks.
    , @The Alarmist
    TPTB are working fast and furiously to make us Brasil 2.0 ... Favelas are springing up across Southern CA as we type, and there are gated compounds affordable to most of the top 5% springing up from coast to coast.

    The TBTF banks need to be broken up, and the US needs to return to community banking. It is time for more intermediation and less financialisation.
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  4. Miro23 says:
    @WorkingClass

    So, in a crisis, the assumption is that the FED will once again flood the banks with new money, and my question is, at what point will this no longer work?
     
    Excellent question! When we reach the point that "this no longer works" the U.S. will be just another large country in the Americas.

    Nomi Prins knows a lot about this. It would be interesting to hear what she thinks.

    Read More
    • Replies: @RobinG
    Naomi is now doing a book tour. Maybe you can ask her.
    , @jacques sheete
    This may be what you're looking for. I'm tempted to buy the book, and if Mises is onto it, then it's most probably worthwhile.

    Nomi Prins is a renowned journalist, author and speaker. Her latest book is Collusion: How Central Bankers Rigged the World, an expose of how the 2007-08 financial crisis put more power in the hands of monetary elites.

    https://mises.org/profile/nomi-prins

     

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  5. @WorkingClass

    So, in a crisis, the assumption is that the FED will once again flood the banks with new money, and my question is, at what point will this no longer work?
     
    Excellent question! When we reach the point that "this no longer works" the U.S. will be just another large country in the Americas.

    TPTB are working fast and furiously to make us Brasil 2.0 … Favelas are springing up across Southern CA as we type, and there are gated compounds affordable to most of the top 5% springing up from coast to coast.

    The TBTF banks need to be broken up, and the US needs to return to community banking. It is time for more intermediation and less financialisation.

    Read More
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  6. Miro23 says:

    The zero-interest-rate and bond-buying central bank policies prevailing in the U.S., Europe, and Japan have been part of a coordinated effort that has plastered over potential financial instability in the largest countries and in private banks. It has, in turn, created asset bubbles that could explode into an even greater crisis the next time around.

    And we’re currently at the height of the all time greatest stock bubble. David Stockman explains the madness in what he calls the ” loony bins down on Wall”:

    Jumping the Great White shark of Bubble Finance

    Extract;

    And that’s where the real insanity begins. A year ago Amazon’s market cap towered at $425 billion—meaning that it was being valued at a downright frisky 47X free cash flow. But fast forward a year and we get $780 billion in the market cap column this morning and 146X for the free cash flow multiple.

    Folks, a company selling distilled water from the Fountain of Youth can’t be worth 146X free cash flow, but don’t tell the giddy lunatics on Wall Street because they are apparently just getting started.

    Already at the crack of dawn SunTrust was out with a $1900 price target—meaning an implied market cap of $970 billion and 180X on the free cash flow multiple.

    At this point, of course, you could say who’s counting and be done with it. But actually it’s worse—-and for both Amazon and the US economy.

    That’s because Amazon is both the leading edge of the most fantastic ever bubble on Wall Street and also a poster boy for the manner in which Bubble Finance is hammering growth, jobs, incomes and economic vitality on main street.

    Moreover, soon enough a collapsing Wall Street bubble will bring the already deeply impaired main street economy to its knees. So Amazon is a double-destroyer.

    http://davidstockmanscontracorner.com/jumping-the-great-white-shark-of-bubble-finance/

    The whole article is essential reading.

    Read More
    • Replies: @Miro23
    I don't want to second guess Ron, but couldn't he get this article on UNZ - if only for the historical record.

    http://davidstockmanscontracorner.com/jumping-the-great-white-shark-of-bubble-finance/
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  7. Miro23 says:
    @Miro23

    The zero-interest-rate and bond-buying central bank policies prevailing in the U.S., Europe, and Japan have been part of a coordinated effort that has plastered over potential financial instability in the largest countries and in private banks. It has, in turn, created asset bubbles that could explode into an even greater crisis the next time around.
     
    And we're currently at the height of the all time greatest stock bubble. David Stockman explains the madness in what he calls the " loony bins down on Wall":

    Jumping the Great White shark of Bubble Finance

    Extract;


    And that's where the real insanity begins. A year ago Amazon's market cap towered at $425 billion---meaning that it was being valued at a downright frisky 47X free cash flow. But fast forward a year and we get $780 billion in the market cap column this morning and 146X for the free cash flow multiple.

    Folks, a company selling distilled water from the Fountain of Youth can't be worth 146X free cash flow, but don't tell the giddy lunatics on Wall Street because they are apparently just getting started.

    Already at the crack of dawn SunTrust was out with a $1900 price target---meaning an implied market cap of $970 billion and 180X on the free cash flow multiple.

    At this point, of course, you could say who's counting and be done with it. But actually it's worse----and for both Amazon and the US economy.

    That's because Amazon is both the leading edge of the most fantastic ever bubble on Wall Street and also a poster boy for the manner in which Bubble Finance is hammering growth, jobs, incomes and economic vitality on main street.

    Moreover, soon enough a collapsing Wall Street bubble will bring the already deeply impaired main street economy to its knees. So Amazon is a double-destroyer.
     

    http://davidstockmanscontracorner.com/jumping-the-great-white-shark-of-bubble-finance/

    The whole article is essential reading.

    I don’t want to second guess Ron, but couldn’t he get this article on UNZ – if only for the historical record.

    http://davidstockmanscontracorner.com/jumping-the-great-white-shark-of-bubble-finance/

    Read More
    • Replies: @nsa
    Prins.....slick jooie. Stockman......slick jooie. You are being double plus jooied and don't even know it. Bet you pay retail at the mattress store too.
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  8. Ace says:

    I don’t doubt the effect of these appointments will be as Ms. Prins argues however I doubt that Mr. Trump has the least understanding of what they mean. I never saw a president who was so clueless as this man when it comes to personnel appointments. To this day he seems unaware of the personnel problems in the FBI, DOJ, and office of the Special Counsel.

    Read More
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  9. I’ve been thinking all along that if they can’t get Trump with Mueller, the FED will simply crash the economy.

    Read More
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  10. This is a Rock of Ages bubble and no female thinker in the public sphere will collapse it.

    Read More
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  11. RobinG says:
    @Miro23
    Nomi Prins knows a lot about this. It would be interesting to hear what she thinks.

    Naomi is now doing a book tour. Maybe you can ask her.

    Read More
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  12. The world has just three central banks not owned by a government: Fed, Bank of England and ECB.
    In all three cases: disaster.

    Read More
    • Replies: @jacques sheete

    The world has just three central banks not owned by a government: Fed, Bank of England and ECB.
    In all three cases: disaster.
     
    Well, knowing how large(and even small) governments function, I'm at a loss as to how government ownership would be an improvement in practice.

    Government ownership of the banks or not, one way or another, the psychopathically greedy classes will get what the rest of us have, I'm afraid, and what they can't get, they'll destroy.

    It's too bad that I cannot find Phillips' 1906 "The Treason of the Senate" online because it's an excellent inside view of how the robber classes use government to shear the rest of us sheep. The concept should be obvious to all Americans by now since every day presents new evidence of how "our" "representatives" sell us out to the moneybag scum.

    NB: Philips was writing about goyim grafters and crooks for the most part. They've been displaced by mafiosi mostly from Eastern Europe. The effect on the rest of us is basically the same.

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  13. m___ says:

    When politicians and regulators are asleep at the wheel, it’s the rest of us who will suffer sooner or later. Because of the collusion that’s gone on and continues to go on among the world’s main central banks, that problem is now an international one.

    The damage is done, credibility is lost, not Trump, not any singular appointees. The problem is no longer in the hands of the Federal Reserve. From Greenspan on, any trick in the book has been applied to cheat into global make believe the international stake holders. Any convention has been breached. “Insane book-keeping”, “Ponzi-scheme”, fiction a la Harry Potter, “Oracle” call it whatever.

    Military capitalism is now the only capitalist tool for the West left.

    No international “reserve” status of the dollar is credible to Germany without participating in the decision processes. That extends to anything the EU stands for. China knows first hand what the US accounting practices were and are. Russia is an unfriendly black hole of energy and resource extraction and bargains hard. The outliers as UK, Australia and of course Israel are worried. New alliances across the board.

    The US commoner(make that the whole of the “Western” commoner), will be in the centre of the squeeze. That is not the important part, though, but the poor critters can no longer be relied upon to absorb the abuse. The Western elites are hurting, and scrambling to re-asses the system of make-believe. To keep pulling black holes out of their hat, they need to come up with something new. The only solution is a global currency, and not even a physical gold based one will do. Sane book-keeping of all global assets minus liabilities including population, resources, mining, energy, and long-term rational sanity. Block-chain accounting so no middle-man can put his dirty finger in the books.

    Most irrelevant part of the article, largest word-count is about Trump, appointees of Trump. That degrades all conciseness, irrelevance, as usual takes the day. Hocus pocus first. The problem is systemic, and known to all international actors. The global elites are infighting, under timely pressure and at a loss of a decent plan.

    Theoretical economists, masters of “confusion of terminology”, assets that make one cringe are the theologians, the alchemists of modern times. The coming two decades, will be amusing.

    Trump, the poor dongle might get “nationalism”, “protectionism” after all, the borders of the US safe space are retracting fast. The bulb of arrogance gets smaller. Sadly the “other” players cannot be counted upon to add new systemics, so the “winner” of a conflict within will end up with a looser anyhow. Trade and coincidental energy and mining reserves, are just a few more cycles of frenzy. Thus, the solution must be global, as seen across the board, toxicity, resource exhaustion, population magnitude do not ask advice to the preposterous Federal Reserve.

    Read More
    • Replies: @The Anti-Gnostic
    Agreed. Trump is doing no more and no less than his predecessors with respect to monetary policy. I think at this point they're all just hoping to keep tossing the flaming turd to their successor and pray that nuclear fusion energy and AI wipe the liabilities out.

    The Austrian school has been saying that the dollar will crash for longer than I've been alive. Japan measures its public debt in quadrillions of yen and they're still going. I thought that at the time when you're printing money and buying your own debt with it (which we do) that it was game over; your debt was no longer marketable. But here we are with zero and even negative yields. Debt is literally better than cash, apparently.
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  14. @WorkingClass
    "As signs of crisis emerge, few in Washington have delved into how we can ensure that a systemic crash does not happen again."

    Please. Stop writing until you have read The Creature From Jekyll Island.

    The coming crash has been baked in the cake since 1913. No matter who Trump appoints to the FED it will still be an illegal banking cartel.

    Get back to us when you can understand the problem of debt money. And conversely, the problem of the absence of honest money.

    The coming crash has been baked in the cake since 1913.

    Exactly.

    Each crash provides an opportunity for the usual suspects to pick up distressed properties for (effectively) nothing and the system was designed to accommodate them repeatedly.

    Until folks get that basic concept into their thick skulls, nothing will ever change. In fact, fundamentally, nothing has for at least 2000 years.

    “The curse of usury, it must be owned, is inveterate in Rome, a constant source of sedition and discord; and attempts were accordingly made to repress it even in an older and less corrupt society…

    Financial ruin brought down in its train both rank and reputation, till the Caesar came to the rescue by distributing hundred million sesterces among various counting-houses…”

    TACITUS, ANNALS, Book VI (beginning)1

    It is not known when Tacitus began writing the Annals, but he was well into writing it by AD 116.[1] Modern scholars believe that as a senator, Tacitus had access to Acta Senatus, the Roman senate’s records, thus providing a solid basis for his work.

    http://penelope.uchicago.edu/Thayer/E/Roman/Texts/Tacitus/Annals/6A*.html

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    • Replies: @SunBakedSuburb
    "In fact, fundamentally, nothing has [changed] for at least 2000 years."

    The black magic priests of finance have been in business since ancient Babylon 500 BCE.
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  15. @Miro23
    Nomi Prins knows a lot about this. It would be interesting to hear what she thinks.

    This may be what you’re looking for. I’m tempted to buy the book, and if Mises is onto it, then it’s most probably worthwhile.

    Nomi Prins is a renowned journalist, author and speaker. Her latest book is Collusion: How Central Bankers Rigged the World, an expose of how the 2007-08 financial crisis put more power in the hands of monetary elites.

    https://mises.org/profile/nomi-prins

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    • Replies: @jacques sheete
    Oops, I guess I should have read the article before jumping to the comments. The title put me off and I didn't see who the author was.

    Trump is just another goon playing president who does what he's told. It's clear to me that he hasn't a clue about much and is as big a menace to the peace and prosperity of the world than any of the other clowns who ran for the position.

    I agree with the commenter who said that this article ( I have now read it) puts too much emphasis on Trump, and it strikes me that he's being set up as the fall guy. He'll get blamed for any disasters, while the real troublemakers get away with both blood and money.

    Maybe Prins has nothing new to say after all since most of us realize that the system's always been rigged, and not in our favor, and by blaming Trump she's probably part of the problem, her populist rhetoric notwithstanding.
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  16. @jilles dykstra
    The world has just three central banks not owned by a government: Fed, Bank of England and ECB.
    In all three cases: disaster.

    The world has just three central banks not owned by a government: Fed, Bank of England and ECB.
    In all three cases: disaster.

    Well, knowing how large(and even small) governments function, I’m at a loss as to how government ownership would be an improvement in practice.

    Government ownership of the banks or not, one way or another, the psychopathically greedy classes will get what the rest of us have, I’m afraid, and what they can’t get, they’ll destroy.

    It’s too bad that I cannot find Phillips’ 1906 “The Treason of the Senate” online because it’s an excellent inside view of how the robber classes use government to shear the rest of us sheep. The concept should be obvious to all Americans by now since every day presents new evidence of how “our” “representatives” sell us out to the moneybag scum.

    NB: Philips was writing about goyim grafters and crooks for the most part. They’ve been displaced by mafiosi mostly from Eastern Europe. The effect on the rest of us is basically the same.

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    • Replies: @JoeFour
    For those interested in the background and relative significance of "The Treason of the Senate," here's a link to the wikipedia article which gives a summary of the work...

    https://en.wikipedia.org/wiki/The_Treason_of_the_Senate
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  17. @jacques sheete
    This may be what you're looking for. I'm tempted to buy the book, and if Mises is onto it, then it's most probably worthwhile.

    Nomi Prins is a renowned journalist, author and speaker. Her latest book is Collusion: How Central Bankers Rigged the World, an expose of how the 2007-08 financial crisis put more power in the hands of monetary elites.

    https://mises.org/profile/nomi-prins

     

    Oops, I guess I should have read the article before jumping to the comments. The title put me off and I didn’t see who the author was.

    Trump is just another goon playing president who does what he’s told. It’s clear to me that he hasn’t a clue about much and is as big a menace to the peace and prosperity of the world than any of the other clowns who ran for the position.

    I agree with the commenter who said that this article ( I have now read it) puts too much emphasis on Trump, and it strikes me that he’s being set up as the fall guy. He’ll get blamed for any disasters, while the real troublemakers get away with both blood and money.

    Maybe Prins has nothing new to say after all since most of us realize that the system’s always been rigged, and not in our favor, and by blaming Trump she’s probably part of the problem, her populist rhetoric notwithstanding.

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  18. I appreciated this article. Though I didn’t need a reminder that the president has yet to eagerly address, holding WS accountable as he campaigned. Maybe it is too early to tell.

    Byr maybe we will get a wall.

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  19. Joe Hide says:

    To the author, Nomi Prins,
    I stopped reading 1/3 of the way through…
    How can you and those like you have the nerve to demand possibly catastrophic, sudden, highly experimental changes to an approximately 20 trillion dollar American GDP, which could create millions of deaths, wars, and horrific suffering for over 7 billion human beings who are part of the approximately 120 trillion dollar world GDP? The positive changes under Trump are so massive and obvious, that we peasant’s side of the opinion is growing and your academic / journalist / elitist side is shrinking. The Truth is winning out. Do due diligence in your research. Dig deeper. Earn our respect by presenting the Truth.
    Here’s some topics to look into; Syrian terrorists being crushed. Iraqi terrorists being marginalized. Saudi regime change toward greater gender and religious tolerance, North Korea making peace overtures. High level sexual predators and human traffickers being outed like never before (Weinstein, Allison Mack, etc), the sudden resignations or not running for office of so many establishment politicians. Stop picking the low hanging fruit. You have talent. Use it to help humanity achieve our next enlightenment. GOOD LUCK!

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  20. The FED has to intervene to bolster prices in the stock markets. Too many Americans today rely on their 401k’s for retirement. Once we disassembled traditional pensions and committed ourselves to this path, the die was cast.

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    • Replies: @manorchurch

    The FED has to intervene to bolster prices in the stock markets. Too many Americans today rely on their 401k’s for retirement. Once we disassembled traditional pensions and committed ourselves to this path, the die was cast.
     
    LOL. So what? Are you of the opinion that your sacred elected representatives give two shits about your 401K? Versus their country estates and art collections?

    There's gonna be a lot of thin, dead, and thin dead old folks, I assure you. And no one left alive will give a damn. Devil takes the hindmost, always.
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  21. @m___

    When politicians and regulators are asleep at the wheel, it’s the rest of us who will suffer sooner or later. Because of the collusion that’s gone on and continues to go on among the world’s main central banks, that problem is now an international one.
     
    The damage is done, credibility is lost, not Trump, not any singular appointees. The problem is no longer in the hands of the Federal Reserve. From Greenspan on, any trick in the book has been applied to cheat into global make believe the international stake holders. Any convention has been breached. "Insane book-keeping", "Ponzi-scheme", fiction a la Harry Potter, "Oracle" call it whatever.

    Military capitalism is now the only capitalist tool for the West left.

    No international "reserve" status of the dollar is credible to Germany without participating in the decision processes. That extends to anything the EU stands for. China knows first hand what the US accounting practices were and are. Russia is an unfriendly black hole of energy and resource extraction and bargains hard. The outliers as UK, Australia and of course Israel are worried. New alliances across the board.

    The US commoner(make that the whole of the "Western" commoner), will be in the centre of the squeeze. That is not the important part, though, but the poor critters can no longer be relied upon to absorb the abuse. The Western elites are hurting, and scrambling to re-asses the system of make-believe. To keep pulling black holes out of their hat, they need to come up with something new. The only solution is a global currency, and not even a physical gold based one will do. Sane book-keeping of all global assets minus liabilities including population, resources, mining, energy, and long-term rational sanity. Block-chain accounting so no middle-man can put his dirty finger in the books.

    Most irrelevant part of the article, largest word-count is about Trump, appointees of Trump. That degrades all conciseness, irrelevance, as usual takes the day. Hocus pocus first. The problem is systemic, and known to all international actors. The global elites are infighting, under timely pressure and at a loss of a decent plan.

    Theoretical economists, masters of "confusion of terminology", assets that make one cringe are the theologians, the alchemists of modern times. The coming two decades, will be amusing.

    Trump, the poor dongle might get "nationalism", "protectionism" after all, the borders of the US safe space are retracting fast. The bulb of arrogance gets smaller. Sadly the "other" players cannot be counted upon to add new systemics, so the "winner" of a conflict within will end up with a looser anyhow. Trade and coincidental energy and mining reserves, are just a few more cycles of frenzy. Thus, the solution must be global, as seen across the board, toxicity, resource exhaustion, population magnitude do not ask advice to the preposterous Federal Reserve.

    Agreed. Trump is doing no more and no less than his predecessors with respect to monetary policy. I think at this point they’re all just hoping to keep tossing the flaming turd to their successor and pray that nuclear fusion energy and AI wipe the liabilities out.

    The Austrian school has been saying that the dollar will crash for longer than I’ve been alive. Japan measures its public debt in quadrillions of yen and they’re still going. I thought that at the time when you’re printing money and buying your own debt with it (which we do) that it was game over; your debt was no longer marketable. But here we are with zero and even negative yields. Debt is literally better than cash, apparently.

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    • Replies: @m___

    I thought that at the time when you’re printing money and buying your own debt with it (which we do) that it was game over; your debt was no longer marketable.
     
    Psychology of greed plays out in unexpected ways, certainly not rational ones. Hollywood, the Pentagon, the lack of alternatives to the dollar, were certainly players to shift the black hole into the future and make it global. This is about done, the next generations will talk of ours as genocidal critters no better then cockroaches.

    If enlightenment comes, and the tools are at the ready, don't look into the Federal Reserve, IMF, World-bank corner. Human illumination does not scale to groups, these skeletons are devoid of any spark at present. As you suggest, something will pop up out of nowhere, and for want of alternatives will be adopted.

    Return to the next scheme. No longer the US, as top dog, is all that we saw as certain, and a multiplication of local problems globally, smaller and shorter sanctuaries for the elites. As for Prins, Trump might matter to her, not at the least to us.

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  22. Buddy Ray says:

    Immigration is still sky high. I’m talking about legal immigration. Fed rates are low and thus gas prices are high which probably matters more than anything when it comes to reelections. Republicans don’t get it. A blue wave is coming.

    Thanks Paul Ryan. I said that sarcastically, but seriously. Thank you Nomi Prins. You can tell by her last name that she comes from royalty.

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  23. The FED is privately owned by the Zionists and when it was installed on America in 1913 along with the IRS the U.S. became a Zionist colony to be used as a Weapon of Mass Destruction against AMERICA and the rest of the world for the Zionist NWO.

    The FED creates money out of thin air and loans this ether created money to the gov and charges interest of this ether created money and thereby via wars and debt is driving America to destruction all for the goal of a Zionist controlled one world government.

    The Zionist plan is laid out in the 10 planks of the communist manifesto and THE PROTOCOLS OF ZION.

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  24. nsa says:
    @Miro23
    I don't want to second guess Ron, but couldn't he get this article on UNZ - if only for the historical record.

    http://davidstockmanscontracorner.com/jumping-the-great-white-shark-of-bubble-finance/

    Prins…..slick jooie. Stockman……slick jooie. You are being double plus jooied and don’t even know it. Bet you pay retail at the mattress store too.

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  25. The Fed always was an instrument for disaster. The best description of the role of parasitic finance sector in economy is the book “Killing the host” by Michael Hudson. The deficits of Bush Jr were undermining the whole system of the US debt and the dollar. The bailout of the wealthiest thieves in 2008 made both hopeless Ponzi schemes.

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  26. @Miro23
    Nomi Prins keeps producing useful articles and I would just switch around the emphasis and ask some questions.

    Almost unlimited "free money" (allowed by the FED's ZIRP environment) flows through the big banks into speculation in stocks and bonds and corporate share buybacks. However, I suppose that this large scale debt creation also has to 1) pay for Middle East wars 2) keep the US "consumer" afloat and 3) cover endless government and trade deficits.

    It works because of long term (very) low interest rates.

    But, the associated downside seems to be that monstrously leveraged places like the NASDAQ can’t accept higher rates, the government can’t pay market interest rates on its debt, and over-borrowed consumers only took loans because of low monthly payments, so what happens in a liquidity crisis?

    Like the article says, any restriction of the massive flow of new money (higher interest rates?) will uncover problems of credit worthiness (counter-party risk) in a replay of 2008.

    So, in a crisis, the assumption is that the FED will once again flood the banks with new money, and my question is, at what point will this no longer work?

    For example, international holders of the US dollar need to have confidence that their dollar balances represent something real - not just speculative hot air. If a 10% increase in the supply of $ = a 10% decrease in its value, then the US dollar is no longer a reserve currency and the US government can't really "finance" anything.

    So, in a crisis, the assumption is that the FED will once again flood the banks with new money, and my question is, at what point will this no longer work?

    When real asset value reaches some point lower than 0.1X nominal monetized value.

    Or some other rule of thumb. How high have assets gone as a leveraged ratio in the past? Weren’t the most crooked banks running a swindle scheme at something like a 40/1 ratio back in 2008? So, now the crooks know to print money like crazy to cover the belly-sag.

    Ain’t nothing gonna get fixed until there’s a lot of hangings. The Federal gubmint’s efforts focus on avoiding the hangings by being ready to cash-out and run — to Israel, most likely. Oh, well, maybe we’ll catch a few of them on the tarmac. Serendipity and all.

    Convert your cash to palpable assets. No choice.

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  27. @ThreeCranes
    The FED has to intervene to bolster prices in the stock markets. Too many Americans today rely on their 401k's for retirement. Once we disassembled traditional pensions and committed ourselves to this path, the die was cast.

    The FED has to intervene to bolster prices in the stock markets. Too many Americans today rely on their 401k’s for retirement. Once we disassembled traditional pensions and committed ourselves to this path, the die was cast.

    LOL. So what? Are you of the opinion that your sacred elected representatives give two shits about your 401K? Versus their country estates and art collections?

    There’s gonna be a lot of thin, dead, and thin dead old folks, I assure you. And no one left alive will give a damn. Devil takes the hindmost, always.

    Read More
    • Replies: @ThreeCranes
    "Are you of the opinion that your sacred elected representatives give two shits about your 401k?"

    Yes, I am of that opinion; but not because I believe that they care about me personally. They learned a lesson from the bankruptcy of Germany's middle class during the 1920-1930's.

    From GlobalSecurity.org

    "From the prosperity of the empire during the Wilhelmine era (1890-1914), Germany plunged into World War I, a war it was to lose and one that spawned many of the economic crises that would destroy the successor Weimar Republic (1918-33). Even the British economist John Maynard Keynes denounced the 1919 Treaty of Versailles as ruinous to German and global prosperity. The war and the treaty were followed by the Great Inflation of the early 1920s that wreaked havoc on Germany's social structure and political stability. During that inflation, the value of the nation's currency, the Reichsmark, collapsed from 8.9 per US$1 in 1918 to 4.2 trillion per US$1 by November 1923. Then, after a brief period of prosperity during the mid-1920s, came the Great Depression, which destroyed what remained of the German middle class and paved the way for the dictatorship of Adolf Hitler.

    Had it not been for the economic collapse that began with the Wall Street stock market crash of October 1929, Hitler probably would not have come to power. The Great Depression hit Germany hard because the German economy's well-being depended on short-term loans from the United States. Once these loans were recalled, Germany was devastated. Unemployment went from 8.5 percent in 1929 to 14 percent in 1930, to 21.9 percent in 1931, and, at its peak, to 29.9 percent in 1932. Compounding the effects of the Depression were the drastic economic measures taken by Center Party politician Heinrich Brüning, who served as chancellor from March 1930 until the end of May 1932. Brüning's budget cuts were designed to cause so much misery that the Allies would excuse Germany from making any further reparations payments. In this at least, Brüning succeeded. United States president Herbert Hoover declared a "reparations moratorium" in 1932. In the meantime, the Depression deepened, and social discontent intensified to the point that Germany seemed on the verge of civil war. In times of desperation, voters are ready for extreme solutions, and the NSDAP exploited the situation.

    Hitler's rise to power in Germany was about as directly Depression-related as any historical event can be. German industrial unemployment was even worse than in the United States."

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  28. CanSpeccy says: • Website

    Bailing out banks and inflating asset values while driving real incomes down by monetary debasement has worked well for the elites thus far, so why would anything change now?

    The only mystery to me is whether the Fed’s announced intention to sell assets by the hundreds of billions, while financing the Government’s trillion-dollar 2018 deficit through bond sales is for real. If it is, interest rates will surely sky-rocket and we’ll see the US economy sink into the mother-of-all depressions.

    How does the author square that fact with the expectation of continued money printing?

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  29. m___ says:
    @The Anti-Gnostic
    Agreed. Trump is doing no more and no less than his predecessors with respect to monetary policy. I think at this point they're all just hoping to keep tossing the flaming turd to their successor and pray that nuclear fusion energy and AI wipe the liabilities out.

    The Austrian school has been saying that the dollar will crash for longer than I've been alive. Japan measures its public debt in quadrillions of yen and they're still going. I thought that at the time when you're printing money and buying your own debt with it (which we do) that it was game over; your debt was no longer marketable. But here we are with zero and even negative yields. Debt is literally better than cash, apparently.

    I thought that at the time when you’re printing money and buying your own debt with it (which we do) that it was game over; your debt was no longer marketable.

    Psychology of greed plays out in unexpected ways, certainly not rational ones. Hollywood, the Pentagon, the lack of alternatives to the dollar, were certainly players to shift the black hole into the future and make it global. This is about done, the next generations will talk of ours as genocidal critters no better then cockroaches.

    If enlightenment comes, and the tools are at the ready, don’t look into the Federal Reserve, IMF, World-bank corner. Human illumination does not scale to groups, these skeletons are devoid of any spark at present. As you suggest, something will pop up out of nowhere, and for want of alternatives will be adopted.

    Return to the next scheme. No longer the US, as top dog, is all that we saw as certain, and a multiplication of local problems globally, smaller and shorter sanctuaries for the elites. As for Prins, Trump might matter to her, not at the least to us.

    Read More
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  30. Wall Street brokered security dividend yields are terrible now, and have been for over 20 years.

    The Wall Street security price bubble will collapse because Wall Street sells mostly grossly over-priced garbage investments, and inside traders will dump them when the time is right.

    Inflated prices of garbage securities are supported by media hot air and expectations of a taxpayer bailout.

    It’s questionable if Trump and his Treasury department will allow another taxpayer bailout of Wall Street investors and brokers after the next security price collapse.

    Wall Street taxpayer bailouts are a sure thing under democrat administrations, but not so sure under Republican administrations.

    The US Treasury’s plunge protection team scheme for Wall Street bailouts is yet another example of SJW crony capitalism.

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  31. Nothing will ever change so long as a hostile entity that doesn’t care about America has control over the money. End the Fed.

    If America nationalized their currency as Hitler did for Germany, they would effectively sever all ties with international bankers, the manipulation of their government and economy would cease, and they would live debt-free. Just as Hitler issued debt-free currency for Germany, Abraham Lincoln setup an interest free banking system in the United States when he was President, and he was murdered for it. Former US president Andrew Jackson issued interest-free currency, and two shots were fired at his head in an assassination attempt, but the shots misfired and he survived. John F. Kennedy issued interest-free currency during his presidency and we all know how he met his untimely demise.

    After Germany’s public banking system was installed, world Jewry responded by declaring war on Germany, including a global boycott of German goods. Within two years, the German economy was flourishing with its new-found stable, and inflation-free currency.

    https://redice.tv/news/12-things-you-were-not-told-about-adolph-hitler-and-nazi-germany

    Then Jesus went into the temple courts and drove out all who were buying and selling there. He overturned the tables of the money changers and the seats of those selling doves. And He declared to them, “It is written: ‘My house will be called a house of prayer.’ But you are making it ‘a den of robbers.’”
    Matthew 21:13

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    • Replies: @CanSpeccy

    If America nationalized their currency as Hitler did for Germany, they would effectively sever all ties with international bankers, the manipulation of their government and economy would cease, and they would live debt-free.
     
    Not so.

    There are no such things as free money or interest-free loans.

    If governments print money, as the US has been doing via Fed asset accumulation, the currency is devalued. The loss of value of pre-existent currency is thus a tax on savings.

    If instead of printing money, the government borrows through the sale of interest-bearing bonds, then there must be a tax on income to pay the interest on the borrowed funds.

    The only question then is whether government deficits, if any, should be covered by the inflation tax or a tax on incomes. Hitler and all recent US Presidents have gone the inflation-tax route, which has the advantage of lowering real wages, and thereby reducing unemployment while raising international competitiveness, but has the disadvantage that it tends to create asset bubbles and, hence, market crashes.

    China, is today's greatest exemplar of the Hitler "free money" school of economic management and as with Hitler's autobahnen, etc., it has created an economic miracle. The question is, what will follow.

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  32. CanSpeccy says: • Website
    @redmudhooch
    Nothing will ever change so long as a hostile entity that doesn't care about America has control over the money. End the Fed.

    If America nationalized their currency as Hitler did for Germany, they would effectively sever all ties with international bankers, the manipulation of their government and economy would cease, and they would live debt-free. Just as Hitler issued debt-free currency for Germany, Abraham Lincoln setup an interest free banking system in the United States when he was President, and he was murdered for it. Former US president Andrew Jackson issued interest-free currency, and two shots were fired at his head in an assassination attempt, but the shots misfired and he survived. John F. Kennedy issued interest-free currency during his presidency and we all know how he met his untimely demise.

    After Germany’s public banking system was installed, world Jewry responded by declaring war on Germany, including a global boycott of German goods. Within two years, the German economy was flourishing with its new-found stable, and inflation-free currency.

    https://redice.tv/news/12-things-you-were-not-told-about-adolph-hitler-and-nazi-germany

    Then Jesus went into the temple courts and drove out all who were buying and selling there. He overturned the tables of the money changers and the seats of those selling doves. And He declared to them, “It is written: ‘My house will be called a house of prayer.’ But you are making it ‘a den of robbers.’”
    Matthew 21:13

    If America nationalized their currency as Hitler did for Germany, they would effectively sever all ties with international bankers, the manipulation of their government and economy would cease, and they would live debt-free.

    Not so.

    There are no such things as free money or interest-free loans.

    If governments print money, as the US has been doing via Fed asset accumulation, the currency is devalued. The loss of value of pre-existent currency is thus a tax on savings.

    If instead of printing money, the government borrows through the sale of interest-bearing bonds, then there must be a tax on income to pay the interest on the borrowed funds.

    The only question then is whether government deficits, if any, should be covered by the inflation tax or a tax on incomes. Hitler and all recent US Presidents have gone the inflation-tax route, which has the advantage of lowering real wages, and thereby reducing unemployment while raising international competitiveness, but has the disadvantage that it tends to create asset bubbles and, hence, market crashes.

    China, is today’s greatest exemplar of the Hitler “free money” school of economic management and as with Hitler’s autobahnen, etc., it has created an economic miracle. The question is, what will follow.

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    • Replies: @Wally
    said:
    "China, is today’s greatest exemplar of the Hitler “free money” school of economic management and as with Hitler’s autobahnen, etc. ... "

    Please give us specifics concerning your "Hitler “free money” school of economic management".

    Or don't you really know?
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  33. wally says:

    So Trump created The Fed & it’s all his fault?

    Who knew?

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  34. @WorkingClass
    "As signs of crisis emerge, few in Washington have delved into how we can ensure that a systemic crash does not happen again."

    Please. Stop writing until you have read The Creature From Jekyll Island.

    The coming crash has been baked in the cake since 1913. No matter who Trump appoints to the FED it will still be an illegal banking cartel.

    Get back to us when you can understand the problem of debt money. And conversely, the problem of the absence of honest money.

    ” … the problem of debt money.”

    Economically speaking, the root of all evil.

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  35. @manorchurch

    The FED has to intervene to bolster prices in the stock markets. Too many Americans today rely on their 401k’s for retirement. Once we disassembled traditional pensions and committed ourselves to this path, the die was cast.
     
    LOL. So what? Are you of the opinion that your sacred elected representatives give two shits about your 401K? Versus their country estates and art collections?

    There's gonna be a lot of thin, dead, and thin dead old folks, I assure you. And no one left alive will give a damn. Devil takes the hindmost, always.

    “Are you of the opinion that your sacred elected representatives give two shits about your 401k?”

    Yes, I am of that opinion; but not because I believe that they care about me personally. They learned a lesson from the bankruptcy of Germany’s middle class during the 1920-1930′s.

    From GlobalSecurity.org

    “From the prosperity of the empire during the Wilhelmine era (1890-1914), Germany plunged into World War I, a war it was to lose and one that spawned many of the economic crises that would destroy the successor Weimar Republic (1918-33). Even the British economist John Maynard Keynes denounced the 1919 Treaty of Versailles as ruinous to German and global prosperity. The war and the treaty were followed by the Great Inflation of the early 1920s that wreaked havoc on Germany’s social structure and political stability. During that inflation, the value of the nation’s currency, the Reichsmark, collapsed from 8.9 per US$1 in 1918 to 4.2 trillion per US$1 by November 1923. Then, after a brief period of prosperity during the mid-1920s, came the Great Depression, which destroyed what remained of the German middle class and paved the way for the dictatorship of Adolf Hitler.

    Had it not been for the economic collapse that began with the Wall Street stock market crash of October 1929, Hitler probably would not have come to power. The Great Depression hit Germany hard because the German economy’s well-being depended on short-term loans from the United States. Once these loans were recalled, Germany was devastated. Unemployment went from 8.5 percent in 1929 to 14 percent in 1930, to 21.9 percent in 1931, and, at its peak, to 29.9 percent in 1932. Compounding the effects of the Depression were the drastic economic measures taken by Center Party politician Heinrich Brüning, who served as chancellor from March 1930 until the end of May 1932. Brüning’s budget cuts were designed to cause so much misery that the Allies would excuse Germany from making any further reparations payments. In this at least, Brüning succeeded. United States president Herbert Hoover declared a “reparations moratorium” in 1932. In the meantime, the Depression deepened, and social discontent intensified to the point that Germany seemed on the verge of civil war. In times of desperation, voters are ready for extreme solutions, and the NSDAP exploited the situation.

    Hitler’s rise to power in Germany was about as directly Depression-related as any historical event can be. German industrial unemployment was even worse than in the United States.”

    Read More
    • Replies: @manorchurch

    Yes, I am of that opinion; but not because I believe that they care about me personally. They learned a lesson from the bankruptcy of Germany’s middle class during the 1920-1930′s.
     
    No, they didn't. And the extensive quote you produced is irrelevant.
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  36. The predatory financialization of the US economy has many tentacles.

    Money lenders and hedge fund operators extract ten s of billions each year for their services.

    It’s also worth noting the credit card debt in America now exceeds 1.000.000.000,000,000 (one trillion dollars!).

    And the average interest rate that banks charge on this money is nearly 17%. Rates of this kind are reminiscent of ‘loan sharks’.

    Dedicated, strategic parasitism will eventually kill the host.

    Read More
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  37. @jacques sheete

    The coming crash has been baked in the cake since 1913.
     
    Exactly.

    Each crash provides an opportunity for the usual suspects to pick up distressed properties for (effectively) nothing and the system was designed to accommodate them repeatedly.

    Until folks get that basic concept into their thick skulls, nothing will ever change. In fact, fundamentally, nothing has for at least 2000 years.


    “The curse of usury, it must be owned, is inveterate in Rome, a constant source of sedition and discord; and attempts were accordingly made to repress it even in an older and less corrupt society…

    Financial ruin brought down in its train both rank and reputation, till the Caesar came to the rescue by distributing hundred million sesterces among various counting-houses…”

    TACITUS, ANNALS, Book VI (beginning)1

    It is not known when Tacitus began writing the Annals, but he was well into writing it by AD 116.[1] Modern scholars believe that as a senator, Tacitus had access to Acta Senatus, the Roman senate's records, thus providing a solid basis for his work.
    http://penelope.uchicago.edu/Thayer/E/Roman/Texts/Tacitus/Annals/6A*.html

     

    “In fact, fundamentally, nothing has [changed] for at least 2000 years.”

    The black magic priests of finance have been in business since ancient Babylon 500 BCE.

    Read More
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  38. @ThreeCranes
    "Are you of the opinion that your sacred elected representatives give two shits about your 401k?"

    Yes, I am of that opinion; but not because I believe that they care about me personally. They learned a lesson from the bankruptcy of Germany's middle class during the 1920-1930's.

    From GlobalSecurity.org

    "From the prosperity of the empire during the Wilhelmine era (1890-1914), Germany plunged into World War I, a war it was to lose and one that spawned many of the economic crises that would destroy the successor Weimar Republic (1918-33). Even the British economist John Maynard Keynes denounced the 1919 Treaty of Versailles as ruinous to German and global prosperity. The war and the treaty were followed by the Great Inflation of the early 1920s that wreaked havoc on Germany's social structure and political stability. During that inflation, the value of the nation's currency, the Reichsmark, collapsed from 8.9 per US$1 in 1918 to 4.2 trillion per US$1 by November 1923. Then, after a brief period of prosperity during the mid-1920s, came the Great Depression, which destroyed what remained of the German middle class and paved the way for the dictatorship of Adolf Hitler.

    Had it not been for the economic collapse that began with the Wall Street stock market crash of October 1929, Hitler probably would not have come to power. The Great Depression hit Germany hard because the German economy's well-being depended on short-term loans from the United States. Once these loans were recalled, Germany was devastated. Unemployment went from 8.5 percent in 1929 to 14 percent in 1930, to 21.9 percent in 1931, and, at its peak, to 29.9 percent in 1932. Compounding the effects of the Depression were the drastic economic measures taken by Center Party politician Heinrich Brüning, who served as chancellor from March 1930 until the end of May 1932. Brüning's budget cuts were designed to cause so much misery that the Allies would excuse Germany from making any further reparations payments. In this at least, Brüning succeeded. United States president Herbert Hoover declared a "reparations moratorium" in 1932. In the meantime, the Depression deepened, and social discontent intensified to the point that Germany seemed on the verge of civil war. In times of desperation, voters are ready for extreme solutions, and the NSDAP exploited the situation.

    Hitler's rise to power in Germany was about as directly Depression-related as any historical event can be. German industrial unemployment was even worse than in the United States."

    Yes, I am of that opinion; but not because I believe that they care about me personally. They learned a lesson from the bankruptcy of Germany’s middle class during the 1920-1930′s.

    No, they didn’t. And the extensive quote you produced is irrelevant.

    Read More
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  39. JoeFour says:
    @jacques sheete

    The world has just three central banks not owned by a government: Fed, Bank of England and ECB.
    In all three cases: disaster.
     
    Well, knowing how large(and even small) governments function, I'm at a loss as to how government ownership would be an improvement in practice.

    Government ownership of the banks or not, one way or another, the psychopathically greedy classes will get what the rest of us have, I'm afraid, and what they can't get, they'll destroy.

    It's too bad that I cannot find Phillips' 1906 "The Treason of the Senate" online because it's an excellent inside view of how the robber classes use government to shear the rest of us sheep. The concept should be obvious to all Americans by now since every day presents new evidence of how "our" "representatives" sell us out to the moneybag scum.

    NB: Philips was writing about goyim grafters and crooks for the most part. They've been displaced by mafiosi mostly from Eastern Europe. The effect on the rest of us is basically the same.

    For those interested in the background and relative significance of “The Treason of the Senate,” here’s a link to the wikipedia article which gives a summary of the work…

    https://en.wikipedia.org/wiki/The_Treason_of_the_Senate

    Read More
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  40. Wally says:
    @CanSpeccy

    If America nationalized their currency as Hitler did for Germany, they would effectively sever all ties with international bankers, the manipulation of their government and economy would cease, and they would live debt-free.
     
    Not so.

    There are no such things as free money or interest-free loans.

    If governments print money, as the US has been doing via Fed asset accumulation, the currency is devalued. The loss of value of pre-existent currency is thus a tax on savings.

    If instead of printing money, the government borrows through the sale of interest-bearing bonds, then there must be a tax on income to pay the interest on the borrowed funds.

    The only question then is whether government deficits, if any, should be covered by the inflation tax or a tax on incomes. Hitler and all recent US Presidents have gone the inflation-tax route, which has the advantage of lowering real wages, and thereby reducing unemployment while raising international competitiveness, but has the disadvantage that it tends to create asset bubbles and, hence, market crashes.

    China, is today's greatest exemplar of the Hitler "free money" school of economic management and as with Hitler's autobahnen, etc., it has created an economic miracle. The question is, what will follow.

    said:
    “China, is today’s greatest exemplar of the Hitler “free money” school of economic management and as with Hitler’s autobahnen, etc. … ”

    Please give us specifics concerning your “Hitler “free money” school of economic management”.

    Or don’t you really know?

    Read More
    • Replies: @CanSpeccy

    Please give us specifics concerning your "Hitler “free money” school of economic management".

    Or don’t you really know?
     

    LOL. Nothing like a polite request for information.

    Hitler was a Keynsian, or at least so Maynard Keynes implied in the Introduction to the German edition of his General Theory of Employment, Interest and Money. Hitler's Make Germany Great Again project with Roads, Rearmament, and Regulation was based on deficit spending accomplished by money printing.

    Hitler's economic program was a response to the fact that Germany had entered a deflationary depression by the time Hitler came to power with an unemployment rate of 33%. Hitler's problem was thus akin to that faced by modern China's leadership: a mass of farm boys moving to the city and in need of a job.

    For the US, today, unemployment is not the problem. America's problems are low productivity growth, labor shortages due to America's below-replacement fertility, and outdated infrastructure.

    Massive deficit spending, as the Trump administration seems committed to, is inflationary whereas the Federal Reserve is apparently committed to an anti-inflationary policy of money supply contraction. That is why I asked the author how she thought Fed policy could be squared with her expectation of continued money printing? To that question no answer has thus far been provided.

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  41. Miro23 says:

    President Calvin Coolidge got it right:

    “There is no dignity
    quite so impressive,
    and no independence
    quite so important,
    as living within your means.”
    ― Calvin Coolidge

    If the US government and people had followed his dictum they wouldn’t at present be heading for Great Depression II

    Read More
    • Replies: @AnonFromTN
    Agree 1000%!
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  42. O. P-L. says:

    After campaigning hard against the ills of global finance in the 2016 election campaign and promising a modern era Glass-Steagall Act to separate bank deposits from the more speculative activities on Wall Street, Trump’s policy reversals and appointees leave our economy more exposed than ever.

    Must-read:

    ”We all know the story by now: the repeal of Glass-Steagall in 1999 led to the housing bubble, the subprime meltdown and the global financial crisis…right? What do we really know about Glass-Steagall and how do we know it? Today James peels the layers off another long-standing alt media myth and discovers a surprising and cautionary tale about how the banksters can manipulate us into doing our dirty work for them.”

    Episode 317 – The Truth About Glass-Steagall

    https://www.corbettreport.com/?s=glass-steagall

    Read More
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  43. @Miro23
    President Calvin Coolidge got it right:

    “There is no dignity
    quite so impressive,
    and no independence
    quite so important,
    as living within your means.”
    ― Calvin Coolidge
     
    If the US government and people had followed his dictum they wouldn't at present be heading for Great Depression II

    Agree 1000%!

    Read More
    • Replies: @Miro23
    The trouble is that most of the public are easily led, and they are being served wall to wall sleaze. corruption, profligacy, negative role models, decadence. and inverted morality.

    The principal source is the Jewish owned MSM and they do it because they hate Gentile society and want to debase it, same as in the Weimar Republic with respect to ethnic Germans.
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  44. CanSpeccy says: • Website
    @Wally
    said:
    "China, is today’s greatest exemplar of the Hitler “free money” school of economic management and as with Hitler’s autobahnen, etc. ... "

    Please give us specifics concerning your "Hitler “free money” school of economic management".

    Or don't you really know?

    Please give us specifics concerning your “Hitler “free money” school of economic management”.

    Or don’t you really know?

    LOL. Nothing like a polite request for information.

    Hitler was a Keynsian, or at least so Maynard Keynes implied in the Introduction to the German edition of his General Theory of Employment, Interest and Money. Hitler’s Make Germany Great Again project with Roads, Rearmament, and Regulation was based on deficit spending accomplished by money printing.

    Hitler’s economic program was a response to the fact that Germany had entered a deflationary depression by the time Hitler came to power with an unemployment rate of 33%. Hitler’s problem was thus akin to that faced by modern China’s leadership: a mass of farm boys moving to the city and in need of a job.

    For the US, today, unemployment is not the problem. America’s problems are low productivity growth, labor shortages due to America’s below-replacement fertility, and outdated infrastructure.

    Massive deficit spending, as the Trump administration seems committed to, is inflationary whereas the Federal Reserve is apparently committed to an anti-inflationary policy of money supply contraction. That is why I asked the author how she thought Fed policy could be squared with her expectation of continued money printing? To that question no answer has thus far been provided.

    Read More
    • Replies: @CanSpeccy
    Confirming that whatever Trump's view may be, the Fed is is expected to raise the cost of money, JP Morgan chief, Jamie Dimon predicts bond rates are headed sharply up.

    With the Fed paring back its balance sheet and the federal government increasing its borrowing, the U.S. will have to finance by the end of the year “$400 billion a quarter — that’s a lot, that’s a huge shift from the past,” Dimon said.

    So if there is to be another financial crisis, it is unlikely to be the result of Trump's predilection for cheap money, but rather the result of the Fed's determination to end the Bush/Obama cheap money regime.

    Zero Hedge: "Perfect Storm" Hits Yields; Dimon Warns "We Don't Fully Understand" Impact Of Unprecedented QE Unwind

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  45. CanSpeccy says: • Website
    @CanSpeccy

    Please give us specifics concerning your "Hitler “free money” school of economic management".

    Or don’t you really know?
     

    LOL. Nothing like a polite request for information.

    Hitler was a Keynsian, or at least so Maynard Keynes implied in the Introduction to the German edition of his General Theory of Employment, Interest and Money. Hitler's Make Germany Great Again project with Roads, Rearmament, and Regulation was based on deficit spending accomplished by money printing.

    Hitler's economic program was a response to the fact that Germany had entered a deflationary depression by the time Hitler came to power with an unemployment rate of 33%. Hitler's problem was thus akin to that faced by modern China's leadership: a mass of farm boys moving to the city and in need of a job.

    For the US, today, unemployment is not the problem. America's problems are low productivity growth, labor shortages due to America's below-replacement fertility, and outdated infrastructure.

    Massive deficit spending, as the Trump administration seems committed to, is inflationary whereas the Federal Reserve is apparently committed to an anti-inflationary policy of money supply contraction. That is why I asked the author how she thought Fed policy could be squared with her expectation of continued money printing? To that question no answer has thus far been provided.

    Confirming that whatever Trump’s view may be, the Fed is is expected to raise the cost of money, JP Morgan chief, Jamie Dimon predicts bond rates are headed sharply up.

    With the Fed paring back its balance sheet and the federal government increasing its borrowing, the U.S. will have to finance by the end of the year “$400 billion a quarter — that’s a lot, that’s a huge shift from the past,” Dimon said.

    So if there is to be another financial crisis, it is unlikely to be the result of Trump’s predilection for cheap money, but rather the result of the Fed’s determination to end the Bush/Obama cheap money regime.

    Zero Hedge: “Perfect Storm” Hits Yields; Dimon Warns “We Don’t Fully Understand” Impact Of Unprecedented QE Unwind

    Read More
    • Replies: @Escher
    Or could be the Fed wants to raise interest rates in preparation for the next recession, when it can drop them again to re-stimulate the markets.
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  46. Escher says:
    @CanSpeccy
    Confirming that whatever Trump's view may be, the Fed is is expected to raise the cost of money, JP Morgan chief, Jamie Dimon predicts bond rates are headed sharply up.

    With the Fed paring back its balance sheet and the federal government increasing its borrowing, the U.S. will have to finance by the end of the year “$400 billion a quarter — that’s a lot, that’s a huge shift from the past,” Dimon said.

    So if there is to be another financial crisis, it is unlikely to be the result of Trump's predilection for cheap money, but rather the result of the Fed's determination to end the Bush/Obama cheap money regime.

    Zero Hedge: "Perfect Storm" Hits Yields; Dimon Warns "We Don't Fully Understand" Impact Of Unprecedented QE Unwind

    Or could be the Fed wants to raise interest rates in preparation for the next recession, when it can drop them again to re-stimulate the markets.

    Read More
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  47. CanSpeccy says: • Website

    could be the Fed wants to raise interest rates in preparation for the next recession, when it can drop them again to re-stimulate the markets

    Makes the Fed sound like the A and E nurse who poisoned patients for the excitement of reviving them (managed to revive most of them anyway).

    Read More
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  48. Miro23 says:
    @AnonFromTN
    Agree 1000%!

    The trouble is that most of the public are easily led, and they are being served wall to wall sleaze. corruption, profligacy, negative role models, decadence. and inverted morality.

    The principal source is the Jewish owned MSM and they do it because they hate Gentile society and want to debase it, same as in the Weimar Republic with respect to ethnic Germans.

    Read More
    • Replies: @CanSpeccy

    The principal source is the Jewish owned MSM and they do it because they hate Gentile society and want to debase it ...
     
    Could it not simply be that debasing Western civilization is an easy way to make money? And since the post-Christian Western elites haven't the balls or the will to do anything about it, why would people on the make hesitate to get on with the debasing?
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  49. CanSpeccy says: • Website
    @Miro23
    The trouble is that most of the public are easily led, and they are being served wall to wall sleaze. corruption, profligacy, negative role models, decadence. and inverted morality.

    The principal source is the Jewish owned MSM and they do it because they hate Gentile society and want to debase it, same as in the Weimar Republic with respect to ethnic Germans.

    The principal source is the Jewish owned MSM and they do it because they hate Gentile society and want to debase it …

    Could it not simply be that debasing Western civilization is an easy way to make money? And since the post-Christian Western elites haven’t the balls or the will to do anything about it, why would people on the make hesitate to get on with the debasing?

    Read More
    • Replies: @Miro23

    Could it not simply be that debasing Western civilization is an easy way to make money? And since the post-Christian Western elites haven’t the balls or the will to do anything about it, why would people on the make hesitate to get on with the debasing?
     
    If they were running a farm, they would want to keep the cows contented for the best return, but on this particular farm it's being looted for maximum short term gain with no regard for the animals - and they're beaten and kicked more for fun.
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  50. Miro23 says:
    @CanSpeccy

    The principal source is the Jewish owned MSM and they do it because they hate Gentile society and want to debase it ...
     
    Could it not simply be that debasing Western civilization is an easy way to make money? And since the post-Christian Western elites haven't the balls or the will to do anything about it, why would people on the make hesitate to get on with the debasing?

    Could it not simply be that debasing Western civilization is an easy way to make money? And since the post-Christian Western elites haven’t the balls or the will to do anything about it, why would people on the make hesitate to get on with the debasing?

    If they were running a farm, they would want to keep the cows contented for the best return, but on this particular farm it’s being looted for maximum short term gain with no regard for the animals – and they’re beaten and kicked more for fun.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
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