For all those smug PhD economists educated at the University of Chicago, Princeton and Harvard that prescribe fiat currency devaluation to toilet paper valuation as the solution to our global monetary crisis and then feign disbelief at the current state of affairs worldwide, Robert Welch predicted your favored Keynesian nightmare as early as 1958 and once again in 1974. One of his multi-part suggested solution in 1974? “We must once again make our money freely redeemable in gold at some realistic price.”
According to Welch, “both the U.S. and Soviet governments are controlled by the same furtive conspiratorial cabal of internationalists, greedy bankers, and corrupt politicians. If left unexposed, the traitors inside the U.S. government would betray the country’s sovereignty to the United Nations for a collectivist New World Order, managed by a ‘one-world socialist government.’”
Though this speech is decades old, most of Welch’s points are eerily still relevant today.
If there’s one thing you should have learned during the past four years it is this. Large global commercial investment firms are about as trustworthy as a used car salesman. This has been the case since the birth of Wall Street, but people are only waking up to this reality today after the ugly secrets of the industry have finally been revealed to the outside world in the past several years. The lesson the public-at-large is learning today is one that old-school American gangster Lucky Luciano learned after spending a day on the floor of the New York Stock Exchange, an eye-opening lesson that allegedly induced him to comment: “I realized I’d joined the wrong mob.”Read more …
In June 2007, Reuters reported the following story:
Morgan Stanley will pay $4.4 million to settle a class-action lawsuit with brokerage clients who bought precious metals and paid storage fees, according to a court filing.
The proposed settlement, which must be approved by the federal court in Manhattan, includes a cash component of $1.5 million and economic and remedial benefits valued at about $2.9 million, according to a court filing on Monday. The suit, filed in August 2005, alleged that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store. But Morgan Stanley either made no investment specifically on behalf of those clients, or it made entirely different investments of lesser value and security, according to the complaint.
About 3 years later, yet more fraud committed by JP Morgan has surfaced in which they co-mingled $8.6 billion of clients’ assets with its own for seven years without their clients’ knowledge: Read more …
Today, a Sydney Morning Herald analysis of a Reserve Bank of Australia report discovered that “The big four Australian banks [ANZ, Commonwealth, NAB, and Westpac] have used the cover of the global financial crisis to charge borrowers more than the increase in their own costs, resulting in big profits for the lenders and much higher interest bills for many customers… The analysis reveals that a borrower with a three-year fixed-rate home loan of A$300,000 ($370,500) pays a personal contribution to extra bank profit of between A$75 and A$125 of the monthly mortgage bill.”Read more …
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J.S. Kim is the Founder & Managing Director of SmartKnowledgeU™, LLC. He attended the University of Pennsylvania, and received a double master in Business Administration and Public Policy from the University of Texas at Austin. Read more...
