Thursday, February 7, 2013

Monopoly banking & the Fed

August forecast & Review
February 7, 2013


Monopoly Banking

The Fed­eral Reserve has run out of ammu­ni­tion. For all the money that the Fed has thrown into our finan­cial system, the economy actu­ally shrunk in the fourth quarter of 2012. Unem­ploy­ment is also ticking up again.
Con­trary to pop­ular belief, the Fed does not have absolute con­trol over interest rates. It often acts in hind­sight, adjusting its internal rates to market forces, and such has been the case during the long term bear market in interest rates. What the Fed does do, how­ever, is dis­lo­cate free mar­kets in order to pro­vide pri­vate money-making oppor­tu­ni­ties to its members.
This is seen in recent years by the blow-up of the sub-prime mort­gage industry and the mul­ti­tril­lion dollar bailout of large finan­cial insti­tu­tions. If the Fed had been absent during this period, these things never would have happened.
The Fed’s actual agenda has been to pro­tect its pri­mary con­stituents – the large U.S. and global banks. It’s feigned atten­tion to the Amer­ican economy, workers and cit­i­zens is a phony as a three-dollar bill. The largest U.S. banks, all of which hold shares in the Fed include,
  • JP Morgan Chase
  • Bank of America
  • Cit­i­group
  • Wells Fargo
  • Goldman Sachs
  • Morgan Stanley
How do you sup­pose they got to be the largest banks in the country? By free-market com­pe­ti­tion? Hardly.
John D. Rock­e­feller, the early patri­arch of the Rock­e­feller for­tune and founder of Stan­dard Oil, was an unabashed monop­o­list who famously stated, “Com­pe­ti­tion is a sin.”
The Rock­e­feller family has con­trolled the Chase-related line of banking since the 1920′s. When Chase Bank merged with Equi­table Trust  (John D. Rock­e­feller, Jr. was the largest share­holder) in 1930, it became the largest bank in the world. It is STILL the largest bank in the U.S. and the ninth largest in the world!
The essence of monopoly cap­i­talism is to always game the system in their favor while dis­crim­i­nating against com­peti­tors. These banks, and espe­cially JPMor­gan­Chase have turned gov­ern­ment manip­u­la­tion into an art form. Communist/Marxist Lenin was the first person to define “state monopoly cap­i­talism” as the suc­cessor to simple monopoly cap­i­talism. According to Marxist theory, state monopoly cap­i­talism is the final his­tor­ical stage of capitalism.
Per­haps this is why the global banks and cor­po­ra­tions are pushing so hard for a new eco­nomic model that they them­selves call a “green economy.” Under the cover of green lies Tech­noc­racy, which I have written about for sev­eral years now.

Interest Rates Headed Up

The long-term bull market in 30 year Trea­suries is over. As bond prices have recently moved lower, we can also say that the bear market in interest rates is over as well – it’s the flip side of the same coin.

The July 2012 low of 2.44 per­cent should stand as the bottom of this entire trend, with rates soon moving above 4 per­cent. Over the next five years, rates should move back up into the 6 – 8 per­cent range.

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