The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole...Their secret is that they have annexed from governments, monarchies, and republics the power to create the world's money..." THE MONEY MASTERS is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure that rules our nation and the world today. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned "central" bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation, including America, has fallen prey to this cabal of international central bankers.
The Secret of Oz - Winner, Best Docu of 2010 v.1.09.11
www.STILL2012.com. This version finally cuts several bogus quotes which have festered in the monetary reform literature for decades.
The world economy is doomed to spiral downwards until we do 2 things: outlaw government borrowing; 2. outlaw fractional reserve lending. Banks should only be allowed to lend out money they actually have and nations do not have to run up a "National Debt". Remember: It's not what backs the money, it's who controls its quantity.....
Their ruthless obsession with power and its visible rewards rises above the general level of narcissism and sycophancy that often plagues large organizations, especially those with an established franchise where performance is not as much of an issue as collecting their rents.
And anyone who has been on the inside of the national political process knows this is certainly nothing exclusive to the corporate world.
Here is a paper recently published in the Journal of Business Ethics that hypothesizes along these lines. It is only a preliminary paper, lacking in scholarship and peer review.
But it raises a very important subject. Organizational theories such as the efficient markets hypothesis that assume rational behavior on the part of market participants tends to fall apart in the presence of the irrational and selfish short term focus of a significant minority of people who seek power, much less the top one percent of the psychologically ruthless.
Indeed, not only was previously unheard of behavior allowed, it became quite fashionable and desired in certain sections of American management where ruthless pursuit of profits at any cost was highly prized and rewarded. And if caught, well, only the little people must pay for their transgressions. The glass ceiling becomes a floor above which the ordinary rules do not apply.
If you wish to determine the character of a generation or a people, look to their heroes, leaders, and role models.
This is nothing new, but a lesson from history that has been unlearned. The entire system of checks and balances, of rule of law, of transparency in government, of accountability and personal honor, is based on the premise that one cannot always count on people to be naturally good and self-effacing. And further, that at times it seems that a relatively small group of corrupt people can rise to power, and harm the very fabric of a society.
‘When bad men combine, the good must associate; else they will fall one by one, an un-pitied sacrifice in a contemptible struggle.’
'And remember, where you have a concentration of power in a few hands, all too frequently men with the mentality of gangsters get control. History has proven that.'
These things tend to go in cycles. It will be interesting to see how this line of analysis progresses. I am sure we all have a few candidates we would like to submit for testing. No one is perfect or even perfectly average. But systems that assume as much are more dangerous than standing armies, since like finds like, and dishonesty and fraud can become epidemic in an organization and a corporate culture, finally undermining the very law and principle of stewardship itself.
'Our government...teaches the whole people by its example. If the government becomes the lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy.'
Louis D. Brandeis
MF Global, and the reaction to it thus far, is one of the better examples of shocking behavior that lately seems to be tolerated, ignored, and all too often met with weak excuses and lame promises to do better next time, while continuing on as before.
"These corporate collapses have gathered pace in recent years, especially in the western world, and have culminated in the Global Financial Crisis that we are now in.
In watching these events unfold it often appears that the senior directors involved walk away with a clean conscience and huge amounts of money. Further, they seem to be unaffected by the corporate collapses they have created. They present themselves as glibly un-bothered by the chaos around them, unconcerned about those who have lost their jobs, savings, and investments, and as lacking any regrets about what they have done.
They cheerfully lie about their involvement in events are very persuasive in blaming others for what has happened and have no doubts about their own continued worth and value. They are happy to walk away from the economic disaster that they have managed to bring about, with huge payoffs and with new roles advising governments how to prevent such economic disasters.
Many of these people display several of the characteristics of psychopaths and some of them are undoubtedly true psychopaths. Psychopaths are the 1% of people who have no conscience or empathy and who do not care for anyone other than themselves.
Some psychopaths are violent and end up in jail, others forge careers in corporations. The latter group who forge successful corporate careers is called Corporate Psychopaths...
Psychologists have argued that Corporate Psychopaths within organizations may be singled out for rapid promotion because of their polish, charm, and cool decisiveness. Expert commentators on the rise of Corporate Psychopaths within modern corporations have also hypothesized that they are more likely to be found at the top of current organizations than at the bottom.
Further, that if this is the case, then this phenomenon will have dire consequences for the organizations concerned and for the societies in which those organizations are based. Since this prediction of dire consequences was made the Global Financial Crisis has come about.
Research by Babiak and Hare in the USA, Board and Fritzon in the UK and in Australia has shown that psychopaths are indeed to be found at greater levels of incidence at senior levels of organizations than they are at junior levels (Boddy et al., 2010a). There is also some evidence that they may tend to join some types of organizations rather than others and that, for example, large financial organizations may be attractive to them because of the potential rewards on offer in these organizations."
Clive R. Boddy, The Corporate Psychopaths Theory of the Global Financial Crisis, Journal of Business Ethics, 2011....Central Bank Bazooka Sends Markets Flying; China’s Rate Cut is a Game Changer....For the first time in three years, China (FXI) has cut its prime lending rate by 50 basis points. The timing caught many analysts by surprise, as such move was not expected.....
The world’s major central banks launched a coordinated attempt to restore liquidity to the financial markets today, sending risk assets everywhere flying. The group moved to substantially lower interbank dollar swap rates, from 100 to 50 basis points. These swaps involve Federal Reserve dollar deposits with the European Central Bank and offsetting ECB Euro deposits with the Fed.
This eases liquidity concerns inside the European money markets. The action included the Federal Reserve, the ECB, the Swiss National Bank, the Bank of Japan, and the Bank of Canada. Clearly, the Europeans do not have a 2008 style systemic collapse on the menu.
The initiative made sure the bear trap that sprung on Monday bit even deeper into short sellers, as it was intended to do. The Dow (INDU) opened up 300, the (FXE) 1.54%, oil $1.50, silver 1.53%, Australian dollar (FXA) a stunning 2.5 cents, and copper (CU) 12 cents. Bellwether Caterpillar (CAT) popped 5.3%, while my favorite, Freeport McMoRan leapt by 6.3%. The action assures that my call for a Christmas rally in global risk assets plays out, although earlier than I expected.
You really have to wonder what disaster was imminent to force the central bankers’ hands...... Many suspect that a major European bank was on the verge of going under, possibly a French one. So far, the major casualties have been American institutions, notably MF Global (MF) and Jeffries (JEF). It will take a few months for the truth to leak out.
The coordinated action puts my short term 1,266 target for the S&P 500 within easy reach. The big moves we were seeing in oil and the Australian dollar gave us plenty of warning that Santa Claus might show up early this year, but it is nice to get confirmation.
As for the Euro, the positive benefits are likely to be ephemeral, as the European bazooka is just a short term patch and does nothing to address the continent’s horrific systemic problems. I am therefore happy to keep running my outstanding euro short position....