The Engineering of a Financial Crisis
by Sol Palha, Tactical Investor
Financial Sense Online
April 8, 2010
Thomas Jefferson, the 3rd president of the United States, made the following quotes and did his level best to curtail the power of banks:
“The Truth is that we can never satisfy their (bankers) appetite for money”
“Banks of issue were more dangerous to the liberties of the people than standing armies and the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale”
The power to issue money should be taken from the banks and restored to congress and the people”
President Jackson made the following statement in his farewell address:
“the banks of the United states waged war upon the people”
"It is one of the serious evils of our present system of banking that it enables one class of society - and that by no means a numerous one - by its control over the currency, to act injuriously upon the interests of all the others and to exercise more than its just proportion of influence in political affairs."
The top 6 American banks have assets that are equal to 63% of U.S. GDP; let that figure sink in. Imagine that 6 banks have assets that are equal to 63% of the world’s largest economy. Effectively they can manipulate any system. If one were to treat these banks as a nation they would be in the top 5 nations of the world. Power corrupts and absolute power corrupts absolutely. These banks will seek to gain even more control and will stop and nothing, unless their legs are chopped off.
The Top 6 banks are engaged in over 80% of all over the counter derivative trades.
Were not banks created to lend money and help business grow? So why are they using this money to trade the markets. When you combine these two pieces of data, it’s all but obvious that the banks have a free role to do as they see fit courtesy of the Feds. The Feds are providing these banks with virtually free money and instead of lending this money out, they are simply pumping into the markets, setting them up for another monumental correction.
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