Understanding the Root Cause of our Bank Crisis
Mar 19, 2023 07:45:24 #
In the US, the division between commercial and investment banking was regulated by the Glass Steagall Act enacted in 1933 during the Great Depression to ensure the separation of securities underwriting from lending, to avoid conflicts of interest and prevent the collapse of commercial banks.
The 1999 financial sector reforms under the Clinton Administration (1999 US Financial Services Act) had set the stage for the 2007-2009 depression as well as the current 2020-2023 engineered financial crisis.
"Effective control over the entire US financial services industry had been t***sferred to a handful of financial conglomerates – which are also the creditors and shareholders of high tech companies, the defense industry, major oil and mining consortia, etc.
Moreover, as underwriters of the public debt at federal, state and municipal levels, the financial giants have also reinforced their stranglehold on politicians, as well as their command over the conduct of public policy.
Rather than taming financial markets in the wake of the storm, Washington was busy pushing through the US Senate legislation, which was to significantly increase the powers of the financial services giants and their associated hedge funds.
"While the 1999 US Financial Services Act does not in itself break down remaining barriers to the free movement of capital, in practice, it empowers Wall Street’s key players to develop a hegemonic position in global banking, overshadowing and ultimately destabilizing financial systems in Asia, Latin America and Eastern Europe…
“The “global financial supermarket” is to be overseen by the Wall Street giants; competing banking institutions are to be removed from the financial landscape.
State level banks across America will be displaced or bought up, leading to a deadly string of bank failures. In turn, the supervisory powers of the Federal Reserve Board (which are increasingly under the direct d******n of Wall Street) have been significantly weakened.” (quoted from Michel Chossudovsky’s text below)
Free from government regulation, the financial giants have the ability to strangle local-level businesses in the US and overshadow the real economy. This process of destabilizing the real economy Worldwide through a string of bankruptcies is currently ongoing (2020-2023)."
You can read the rather long but comprehensive article here:
https://www.globalresearch.ca/global-financial-meltdown-sweeping-deregulation-of-the-us-banking-system/10588
The 1999 financial sector reforms under the Clinton Administration (1999 US Financial Services Act) had set the stage for the 2007-2009 depression as well as the current 2020-2023 engineered financial crisis.
"Effective control over the entire US financial services industry had been t***sferred to a handful of financial conglomerates – which are also the creditors and shareholders of high tech companies, the defense industry, major oil and mining consortia, etc.
Moreover, as underwriters of the public debt at federal, state and municipal levels, the financial giants have also reinforced their stranglehold on politicians, as well as their command over the conduct of public policy.
Rather than taming financial markets in the wake of the storm, Washington was busy pushing through the US Senate legislation, which was to significantly increase the powers of the financial services giants and their associated hedge funds.
"While the 1999 US Financial Services Act does not in itself break down remaining barriers to the free movement of capital, in practice, it empowers Wall Street’s key players to develop a hegemonic position in global banking, overshadowing and ultimately destabilizing financial systems in Asia, Latin America and Eastern Europe…
“The “global financial supermarket” is to be overseen by the Wall Street giants; competing banking institutions are to be removed from the financial landscape.
State level banks across America will be displaced or bought up, leading to a deadly string of bank failures. In turn, the supervisory powers of the Federal Reserve Board (which are increasingly under the direct d******n of Wall Street) have been significantly weakened.” (quoted from Michel Chossudovsky’s text below)
Free from government regulation, the financial giants have the ability to strangle local-level businesses in the US and overshadow the real economy. This process of destabilizing the real economy Worldwide through a string of bankruptcies is currently ongoing (2020-2023)."
You can read the rather long but comprehensive article here:
https://www.globalresearch.ca/global-financial-meltdown-sweeping-deregulation-of-the-us-banking-system/10588
Mar 19, 2023 10:05:00 #
These control freaks h**e cash and h**e the thought of precious metal-backed dollars. Policies enacted by their political puppets have opened the door to their final weapon before total control, the "digital dollar."
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