It will be extremely difficult for well-compensated financial professionals to admit that “the financial assets by which we have all gotten very comfortable have reached a point of inflection and what has worked for the past four decades will no longer work or will work with difficulty, and that everything that you know must now be reappraised”
I’ve been angry about the Fed’s actions on many occasions, but when you showed that we’re paying 20k+ employees $2.6B, I had a wave of apoplectic rage sweep over me. I had ZERO clue that we paid a bunch thieves and short-yellow-bus employees that much money. Obscene doesn’t begin to describe what the Fed has become. God. Damn. Them.
I am sure there was someone in 1913 who pointed out the absurdity of creating a central bank by making the argument that those in control would just be printing their own salaries. Here we are over 100 years later witnessing exactly that.
I have a family member who owns a retail shop, (not going to provide more details) and when a big-wig banker entered his shop and was bragging, my family member very cordially told him that he was not welcome in his shop, and that his line of business in no way equaled the proprietorship that he worked to build all his life, and showed him the door. These people need to be shown the door. And if they do not exit in decorum, I fear that there will be a more or less regime change, much like in Germany in the 20's...we are witnessing the end game. Sir, thank you! And thank you again!
All those well paid Fed employees, and they still have to pay Blackrock to execute their bond trades instead of just pressing the buy button in-house. Must be nice not to have an unlimited budget and zero accountability.
One Laptop landlord just learned there’s no clean water in Jackson MI - buying homes online sound like the kinda business that attracts Amazon. Great potted history of central banking - scary similarities between Germany (strong and proud nation) and the US (also (was) strong and proud nation). I struggle to think of what all those central bank bureaucrats and economists do all day, every year - seriously.
Another best article. I didn't know until now that the Warburgs were tied to the Riechsbank and aided by the Rothschild. I want to say it's fascinating, but that sounds so 2008. It's disgusting at this point.
Gotta love how Wikipedia describes G. Edward Griffin using the pejorative 'conspiracy theorist' in the first sentence when his most famous book simply provides an accurate description of a historical event that was indeed a conspiracy (with enormous impact on literally everyone's life since). It should be mandatory reading for any general college level US History post Civil War course. Economic history, in particular history of finance was suspiciously absent from most Am Hist courses when I was in school many years ago, I assume it is worse now.
There have been attempts to present the story in documentary form including by Griffin himself, I've never seen any of them however. I have a hunch such film would not be enthusiastically received in Hollywood. However, it might be good material for someone like Michael Lewis to tackle in dramatic form.
Thank you Rudy. This quote really nailed it, so similar to today...
"Havenstein was not printing money for the sheer pleasure of it, and he was not free to simply stop the presses. The money supply was increased to make possible the deficit financing of the budget, and the fact that this was done, the manner in which it was done, and the extent to which it was done were all the result of political and socioeconomic decisions taken by the government or of constraints felt by the government as a consequence of real or feared actions and reactions on the part of the groups and classes of which German society was composed. From the very outset, the significant determinants of the German inflation were structural ones."
Rudy, how does this end? How can the Fed ever be dismantled? Or even reduced in size, and reformed to act in the best interests of the nation. I can’t see any way this is going to change. The public blames the politicians. There is very little awareness of the role of the Fed, let alone it’s incompetence.
History shows us that we will before long get a dictatorial President. If Xi takes Taiwan, and Putin pulls some sort of victory out of the Ukraine (like freezing the Germans and destroying Europe’s economy), then there will be an appetite for our own strong man. I was in the UK when Margaret Thatcher was elected. Strikes had brought the country to chaos so we turned to her. She was resolute, uncompromising, autocratic. We wanted that.
But the Fed is a private organization. Can a President do anything to reform it, other than appointing an outsider?
I’ve been angry about the Fed’s actions on many occasions, but when you showed that we’re paying 20k+ employees $2.6B, I had a wave of apoplectic rage sweep over me. I had ZERO clue that we paid a bunch thieves and short-yellow-bus employees that much money. Obscene doesn’t begin to describe what the Fed has become. God. Damn. Them.
I am sure there was someone in 1913 who pointed out the absurdity of creating a central bank by making the argument that those in control would just be printing their own salaries. Here we are over 100 years later witnessing exactly that.
I have a family member who owns a retail shop, (not going to provide more details) and when a big-wig banker entered his shop and was bragging, my family member very cordially told him that he was not welcome in his shop, and that his line of business in no way equaled the proprietorship that he worked to build all his life, and showed him the door. These people need to be shown the door. And if they do not exit in decorum, I fear that there will be a more or less regime change, much like in Germany in the 20's...we are witnessing the end game. Sir, thank you! And thank you again!
All those well paid Fed employees, and they still have to pay Blackrock to execute their bond trades instead of just pressing the buy button in-house. Must be nice not to have an unlimited budget and zero accountability.
One Laptop landlord just learned there’s no clean water in Jackson MI - buying homes online sound like the kinda business that attracts Amazon. Great potted history of central banking - scary similarities between Germany (strong and proud nation) and the US (also (was) strong and proud nation). I struggle to think of what all those central bank bureaucrats and economists do all day, every year - seriously.
Another best article. I didn't know until now that the Warburgs were tied to the Riechsbank and aided by the Rothschild. I want to say it's fascinating, but that sounds so 2008. It's disgusting at this point.
Gotta love how Wikipedia describes G. Edward Griffin using the pejorative 'conspiracy theorist' in the first sentence when his most famous book simply provides an accurate description of a historical event that was indeed a conspiracy (with enormous impact on literally everyone's life since). It should be mandatory reading for any general college level US History post Civil War course. Economic history, in particular history of finance was suspiciously absent from most Am Hist courses when I was in school many years ago, I assume it is worse now.
There have been attempts to present the story in documentary form including by Griffin himself, I've never seen any of them however. I have a hunch such film would not be enthusiastically received in Hollywood. However, it might be good material for someone like Michael Lewis to tackle in dramatic form.
Thank you Rudy. This quote really nailed it, so similar to today...
"Havenstein was not printing money for the sheer pleasure of it, and he was not free to simply stop the presses. The money supply was increased to make possible the deficit financing of the budget, and the fact that this was done, the manner in which it was done, and the extent to which it was done were all the result of political and socioeconomic decisions taken by the government or of constraints felt by the government as a consequence of real or feared actions and reactions on the part of the groups and classes of which German society was composed. From the very outset, the significant determinants of the German inflation were structural ones."
Brilliant!
Thank you million times!
Good history lesson. Also enjoyed the Mothra tweet.
Rudy, how does this end? How can the Fed ever be dismantled? Or even reduced in size, and reformed to act in the best interests of the nation. I can’t see any way this is going to change. The public blames the politicians. There is very little awareness of the role of the Fed, let alone it’s incompetence.
History shows us that we will before long get a dictatorial President. If Xi takes Taiwan, and Putin pulls some sort of victory out of the Ukraine (like freezing the Germans and destroying Europe’s economy), then there will be an appetite for our own strong man. I was in the UK when Margaret Thatcher was elected. Strikes had brought the country to chaos so we turned to her. She was resolute, uncompromising, autocratic. We wanted that.
But the Fed is a private organization. Can a President do anything to reform it, other than appointing an outsider?
Congress needs to neuter the Fed. Otherwise it's eventually Zimbabwe.