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The Long Shadow of BlackRock
Posted By: RumorMail Date: Saturday, 6-May-2023 08:24:25
www.rumormill.news/222116
By Josh Walkos
During the last two major crises, in 2008 and 2020, the average person was worried about their retirement or the small business they had taken their life to build up into a viable enterprise. While they were in the fog of war at this time, largely unaware of the high-level moves being made, the financial services company BlackRock took this opportunity to ingratiate itself with the United States government. Right underneath the world’s nose the reins of control changed hands with what amounts to a financial coup that would leave BlackRock with at least $10 trillion dollars worth of assets under management. How did this happen to a company that until recently was little known to the average person? To answer this question we have to go back 34 years.
BlackRock was founded in 1988 by Larry Fink and partners after Fink lost $100M at First Boston. Blackstone’s Pete Peterson and Stephen Schwarzman provided a $5M line of credit for 50% of the business, then called Blackstone Financial Management.[1] In 1994, BlackRock separated from Blackstone, and by 1999, with $165B AUM, it went public on the NYSE at $14/share. Acquisitions & growth followed, including a merger with Merrill Lynch Investment Managers in 2006.[2]
The 2007-2008 Global Financial Crisis catapulted BlackRock into financial dominance. Wall Street turned to BlackRock for help, with firms like AIG, Lehman Brothers, Fannie Mae, and Freddie Mac all hiring them to sort through their complex credit obligations.[3] The US government also turned to BlackRock. Treasury Secretary at the time, Timothy Geithner, and the Federal Reserve both consulted Fink and his firm for help with bailouts, including the rescue of AIG, Bear Stearns, and Citigroup.[4][5]
BlackRock’s influence grew over the years, with powerful politicians, central bankers, and financial insiders joining as advisors, board members, and executives. This has helped BlackRock ensure it’s at the center of important political events.[6] BlackRock founder Larry Fink has consistently sought political influence, bringing figures like Friedrich Merz, George Osborne, and Cheryl Mills on board. Former central bankers like Stanley Fischer and Philipp Hildebrand have also joined the firm.[7]
In August 2019, Larry Fink, CEO of BlackRock, joined the World Economic Forum (WEF) Board of Trustees, the same day the financial coup began. But first, let’s understand the US monetary system, which has two types of money: “bank money” (for the real economy) and “reserve money” (held by banks at the Fed).[8] Historically, the Fed couldn’t “print money” in the traditional sense. Instead, it created reserve money, allowing banks to lend out more bank money in the real economy. But in 2020, the correlation between the Fed balance sheet and commercial bank deposits changed dramatically. The video below will give you a detailed background on where money comes from.
Much more here:
https://www.thelastamericanvagabond.com/long-shadow-blackrock/
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