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These Six Former Goldman Sachs Bankers Want to Destroy Your Savings

by Tim Price, Sovereign Man:

Rule #1 in central banking: Never go full Draghi.

Mario Draghi, of course, is the President of the European Central Bank (ECB) who pledged to do “whatever it takes” to save the euro. Or was it save the world. We forget.

Anyhow, Mark Carney, the head of the Bank of England, just went full Draghi, pledging to do, effectively, whatever it takes… even if that means destroy the British pound or economy.

Future historians will no doubt look back at this period in amazement, wondering, given the stunning and murderous failures of Nazi Germany and Soviet Russia, how central planning ever managed to find a last hold-out amongst the world’s central banks.

Yes, Britain may have finally escaped from the EU lunatic asylum.

But as investors we remain trapped in a surreal monetary nightmare in which clueless politicians and desperate central bankers have no choice but to print more money.

This decision, of course, continually erodes the purchasing power of individuals’ savings. It is a tax. An inflation tax.

And this is a tax that exclusively benefits those heavily indebted… namely governments and commercial banks.

It is perhaps no wonder that our own head of the Bank of England, Mark Carney, is a former Goldman Sachs banker, along with ECB President Mario Draghi (another ex-Goldman Sachs banker).

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4 comments to These Six Former Goldman Sachs Bankers Want to Destroy Your Savings

  • MEFOBILLS

    “But as investors we remain trapped in a surreal monetary nightmare in which clueless politicians and desperate central bankers have no choice but to print more money.”

    Central bankers don’t actually print money, they do swaps. Double entry mechanics don’t allow debt free printing.

    QE is the swapping of Central Bank Keyboard Money for existing debt instruments or some other kind of financial paper e.g. Mortgage Backed Securities.

    QE mechanism is the unprinting of debt instruments and paper, and this paper then ends up on FED’s balance sheet.

    The keyboard money created, usually ends up in bank reserve loops – where it was swapped. Today’s commercial banks are paid for their money held in reserves. In other words, bankers are paid interest on their general demand = money. This keeps the overnight rate from collapsing toward zero.

    Yes, it is a con game.

    But, to say that the Central Banks are “printing” money is not fully accurate. This new keyboard money does not have a good transmission path to the general money supply.

  • MEFOBILLS

    “Future historians will no doubt look back at this period in amazement, wondering, given the stunning and murderous failures of Nazi Germany and Soviet Russia,

    Future historians, like me, look back in amazement at Nazi Germany, especially the period from 33 to 39. We note that they had no great depression. We note they had full employment, built out infrastructure, and paid down debts. They paid down debts through productivity and re-negotiation of debt instruments. Schacht also did trading with supply countries through unique channels such as export import banks he set up. Schact used different kinds of money like rentenmarks and instruments such as MEFOBILLS.

    With regards to the Soviet Union, it was not considered “rogue” until Stalin shut down their first bank and banished Trotsky: (a western debt spreading bank) was shut down and was nationalized.

    Bolsheveism was a dialectic, and was funded by the same money power agents as embedded in west (debt spreading).

    Let’s also not forget that the U.S. emerged from its debt laden status before WW2 to have much lower private debts after WW2. It was Reconstruction Finance Corporation “debt free” money that became savings through wages, which then paid of debts.

    Note that the debt instruments in the run up in 20’s were created at private commercial banks, mostly to gamble in the stock market. And yes, the FED held interest rates low in this period – so people could take out new loans easily.

    So, where is the central government “bad guy” with respect to private commercial banks? It was this private mechanism, which is supposedly free market, which is the problem.

    It was government money in Germany that overcame the hyperinflation and kept Germany out of depression. It was government money that undid the depression in the U.S. Both the hyperinflations and depressions are a feature of private debt spreading corporate banks.

    Tim Price is confused on how money systems work.

    The U.S. constitution is clear, the money power belongs to the people through their government, not to banking corporations.

  • MEFOBILLS

    “how central planning ever managed to find a last hold-out amongst the world’s central banks.”

    This is how:

    In the absence of the polity doing central planning, it will fall to banks. Nature abhors a vacuum. Of course, in the case of the U.S. money power bought and bribed its way to the levers of power, especially through the 17’th ammendment.

    Financial Oligarchy now runs the west via money power, as “will of the people” has been usurped. Anybody with eyes can see that lobbyist and corporation money calls the shots.

    All economies are planned. He who fails to plan, plans to fail.

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