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8 responses to “Perception vs. Reality at the Fed”

  1. Keith,

    I agree with everything but this: The big banks, including GS, are criminal organizations. That is fact, not perception. The scope of their looting mechanisms are vast and barely encumbered by rule of law. The spate of suicides at JPM is evidence of even darker intentions. Please don’t give these fascist (i.e. Government-entwined) entires cover or credibility. RP Martin

    1. rpmartin: Thanks for your comment.

      The point I am making in the article is that it wasn’t ordinary crime that caused the system to nearly collapse in 2008.

      I agree that, increasingly, the banks are engines of wealth transfer and capital destruction. This is the result of our perverse monetary system with its perverse central planner and perverse incentives. It is not ordinary crimes like theft.

  2. Keith, glad to see in your comment reply a recognition that banks, under this monetary system, have become inseparable from the problem. They are an integral part of the system.

    I have 2 points to make WRT to your article, which otherwise is a very good article. These 2 points are very minor relative to all else.

    First, I think it is important to note that Carmen is a person who has demonstrated a conscious. Unfortunately, that conscious has obviously been shaped by the current culture. As such, the her ability to demonstrate independent judgment remains limited. She should be congratulated on what she has demonstrated and encouraged to further consider the true nature of her former employer and the entire system. Condemning the media for making a circus out of a side issue is appropriate. By definition, the media should be seeking and employing independent thinkers who can integrate and comprehend the entirety of a situation. But, they don’t. They only hire those who think like they do (liberal-statists).

    Second, I know you don’t like the term “bankster,” however, if you can recognize that banks have become “engines of wealth transfer and capital destruction,” then you cannot also disavow the use of this term. It is wrong to slap that label on the teller or manager of your local branch. Their fulfillment of those jobs is not prima facie evidence that they comprehend the system their employer and they, via their employment, are supporting. However, the term does apply to people like Jamie Dimon who are top executives of major banks and can be successful at their jobs only to the extent that they understand and exploit that system. By the evidence of the number of former alumni that have or are heads of or senior officials in central banks around the world, Goldman Sachs must have a “rising-star” training program that ensures all their top employees understand the system. If you are a top level banker AND you do not publicly advocate for the elimination of this system in favor of a moral monetary system, you deserve the label “bankster.”

    Banks and bankers are critical to a well functioning free market. Mobsters are critical to a rigged system based on the biggest con game in history.

  3. Well said, sbailey! After all, we are talking about human institutions.

    The setting up and perpetuation of unfair, immoral systems and institutions is no accident. Top bankers, whether acting outside the law, or within the law – law that, for all intents and purposes, have been written by, and for, them – are responsible, not just for their crimes, but also for the system as a whole. “Competition is a sin” is forthright bankster-speak, and they richly deserve the label.

  4. Keith, I have read your article in Forbes.
    It is amusing, great fun to read.
    It reminded me of this interview of Andrew Huszar on the topic.
    This guy is a study in bankster-squirm:

    “”” Regulatory capture? Hmmm, not so sure, perhaps we are simply expecting too much of regulators these days … What else, let me see, …. we still have too big to fail banks, so what do you expect those unfortunates to do? Ah, and also, there is a disconnect between management and general staff in these institutions, yeah, that is a problem, and Oh, the culture, the too big to fail culture, yes, that’s it, the culture. Maybe we could try changing the culture in too big to fails …… , yeah, that’s it, it is the culture, the problem is the culture … and I hope that you are dizzy enough by now that I have run you around in circles and all over the block, so that you just throw up your hands and write the whole thing off as a case of cannot-be-helped-too-big-to-fail situation we have to live with, or it will be far worse for all of us.”””

    http://www.bloomberg.com/video/goldman-tapes-have-they-uncovered-firm-friendly-regulators-bCqXbNKJQnK2G3LrduTFkQ.html

  5. sbailey and cbarton: Thanks for your comments.

    sbailey: You make a good point about acknowledging that Segarra is earnest. That is more than many do, today.

    As to “bankster”, I dislike the term because it condemns all bankers–and the very institution of banking–rather than the Fed’s regime. It implies they’re all guilty. If that were true, then I would have to also condemn, and for the same reason, all speculators in the stock market and for that matter all speculators in real estate, classic Ferraris and gold.

    There is a constituency who intends to condemn all moneylenders, for the sin of “usury”. There is a rather larger group who condemns all banks as they condemn, more broadly, all corporations. Do we use the term “corpsters”? It is true that many of the largest corporations have also become engines of wealth transfer, as they have cut crony deals.

  6. How is it, as a subscriber to Keith’s emails, did I miss this from two months ago!? (Inner monologue question, disregard.)

    Excellently scribed, Keith. I am a layperson in the Austrian realm, but do intend to spend more time thoroughly studying this in the future, time permitting. I wonder what your solution to the Fed, monetary policy as we see it today, and how to move forward would be? I suspect it is some type of gold standard, if so, I wonder if that means a pegged value of gold (and/or silver). Your commentary, amidst many of those I read, is clearer than most available in the financial world.

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