Goldman Sachs Owns You
Published July 03, 2009 @ 12:00PM PT

Matt Taibbi in Rolling Stone has a frightening takedown of the investment bank:
Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage. Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, riding in to rescue us all by lending us back our own money at interest, selling themselves as men above greed, just a bunch of really smart guys keeping the wheels greased. They've been pulling this same stunt over and over since the 1920s — and now they're preparing to do it again, creating what may be the biggest and most audacious bubble yet.
Consider it your weekend reading as we celebrate Independence Day - freedom from Britain, not our corporate overlords, apparently.
In this patriotic spirit, Zero Hedge is looking for whistleblowers "to provide information they believe captures wrongdoing in the financial system - in the absence of objective, unbiased and fair external regulators, it is the responsibility of everyone, but most notably insiders, to cleanse the system." They will collect and sort the info and forward it on to the FBI and Attorneys General.
A way to channel our rage and anxiety over the latest, absolutely horrendous jobs report, no doubt. Did you know we're on track to erase ALL job gains since 1999? When Bush spoke of our "ownership society," we mistakenly thought we owned the place. The joke, painfully, is on us.
In light of our jobless recovery, Krugman wastes no time in asking for another stimulus.
Earlier this week: Bank of America accused of exploiting Latin@ customers.
(Photo of Goldman Sachs in Lower Manhattan by Spoon Monkey)
Share this Post
Related Posts
Comments (2)
Comments on Change.org are meant for further exploration and evaluation of the ideas covered in the posts. To that end, we welcome constructive comments. However, we reserve the right to delete comments that are offensive, abusive, or off-topic; that contain ad hominem attacks; or that are designed to subvert or hijack comment threads rather than contribute to them. Repeat offenders may be permanently removed from the site at our discretion.
Author
-
Leigh is a PhD candidate in urban planning at MIT, and a consultant on U.S. Gulf Coast recovery. She sits on the Board of the Allston-Brighton Community Development Corporation in Boston, and has worked with non-profits, foundations and local governments on policies and programs aimed at reducing urban poverty and inequality.
Facebook
Twitter
Digg
StumbleUpon
Delicious
Email



















Subject: New Reserve Currency needed to stablize World Economies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! What we have is more production than the consumers can consume in all categories , with the developed world reaching a High Tech Manufacturing capacity like never before !!!! The problem now is the lack of resources to manufacture with , thats coming in the very near future , as China stock piles raw materials that will one day place the USA and the dollar in a position of rejection by trade partners , making negociations for goods from these trade partners almost impossible , with in turn will lead to USA and UK isolation from supplies of goods , and Hyper Inflation over whats left , as the western nations struggle to make up the lack of supply , with a desimated manufacturing base , causing full blown nationalization of economies in the western nations as this Isolation of countries plays out from dollar rejections .
So we need a New Monetary Policy that can recapitalize our financial position back to a sustained level and then build growth from there based off fundamentals that take into consideration the very quality and cost effective allocations set forth by sustainable monetary policies that address today's needs , as well as future growth needs , all driven with trades in these market categories that reflect all nations currencies trading at parallels that carry a system of guarantees that if one country starts to abuse credit by over reaching a sustainable level of risk for advancement , if the trend does not meet a criteria that addresses the need short or long term , then investors would see this and adjust their risks into more guarantee investment platforms , like International Precious Metals markets gauranteeing the basket of Reserve Currencies , rather than the Dollar as the Only Reserve Currency , to hedge away from Geo Political pressures that tend to abuse credit allocations for voter approvals . same with any countries abusive manipulations of taxation either to high or low , for reasons that do not drive the needs of society by advancements and those advancements be inspired by monetary incentives for performance of innovative processes feeding the needs of present and future societies , like is somewhat like we have today , just that the equality of these fundamentals have been shadowed by Politics to the point that Wealth Consolidation has been the results as well as a saturation of products from the 2 colliding in the 21st century , as the Dollar is manipulated over and over again . No matter how much diversity we place into our Investments , as long as its denominated in " Dollars Only " , the manipulation by the big banks as they try to consolidate the transactions of International Trade , and this will continue the restriction of capital formation as the wealth of world economies continues to consolidate through the finacial sectors and ending back at the origniator of the Manufacturing sector for goods , thats under valuing the operating currency value of their production values , causing all other trade partners currencies to devalue towards them .
The root of the dollar devaluation , which has kept US and UK working families wages forced to compete to Asian wages is why we are now losing the fight in competition , and a devaluation of our economy , and dollar because we cannot manufacture anything , that is our way of creating New money , so now we devalue towards Asian currency values . Until we right this wrong , which Gresham's Law tells us is a flaw in economics when 2 different valued currencies trade in the same markets the lower valued will devalue the higher , without some form of balancing measure , ie ; Tariff Trade , which was banded in 1994-5 , which was told to our congress this devaluing effect was and would take place ... read here ; The High Cost of the China-WTO Deal
Administration's own analysis suggests spiraling deficits, job losses
by Robert E. Scott http://www.epi.org/publications/entry/issuebriefs_ib137/ ; this independent analogy of how the USA and European Economies would crumble under the tariff Free trade agreements is a direct example of Gresham's Law of the 14th Century ; read here ; http://www.columbia.edu/~ram15/grash.html , which we should argue with the professor here in the thesis over the fact that it " DOES " indeed lead to the devaluation of the higher valued currency........
But I am just saying we cannot go back to tariff Trade law because that would bring isolation to the WTO trade partners and hyper inflation and eventual conflict , but we might be able to gain the benefit in this ETF basket of Currencies , if the USA and the UK would throw in and make this the Tradable Reserve Currency !!!!!!!!!!!
Think how world economies could expand and help causes like the Afghan Women and Children , if business could value finance and the values of funding through vehicles that would be balanced like this kind of ETF as the Reserve Currency of International Trade ????? take this alliance
http://www.marketwatch.com/story/morgan-stanley-mufg-to-bolster-global-alliance-20096301736240 If the USA and UK were in the Basket of Currencies together with the WTO Trade partners , a revaluation of the WTO Trade partners currencies into this New One World Trade Reserve Currency would effectively address through vehicles like these the advancements of under-developed nations , and stabilize economic structures at the same time , so that value appreciation in economic growth worldwide , and Peace through fair and free trade agreements can continue , its only right that we debate the path we have came to today that demands we consider what our Trade partners are asking that we engineer a New Reserve Currency that can accommodate the needs of all developing nations so that developed nations don't end up consolidating the wealth thats produced from developing nations , all peaceful propositions !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! But today what this calling of the change of the Reserve Currency status that the dollar represents by Chinas willing to negotiate the change , is that this gives the USA a better way to Negotiate with China and Russia ways to curb the violence in Radical regimes like Iran and Korea , what a Position to be in ! China Calls For New Reserve System: Currency ETFs In Focus
http://etfdb.com/2009/china-calls-for-new-reserve-system-currency-etfs-in-focus/
by Michael Johnston on June 29, 2009
New International trade currency needed to balance wealth redistribution of International markets
This ETF traded fund is a start of a new way of valuation of currency trade to help counter balance the trend of different valued currencies trading in the same markets , and their devaluing effects that happen when lower valued currencies trade in the same markets as Higher valued ones , with the inclusions of Precious metals markets acting as balancing counter measures . http://www.wisdomtree.com/library/pdf/materials/WisdomTree-Case-for-Emerging-Currencies-CEW-570.pdf WisdomTree Multi-Currency www.WisdomTree.com/EmergingCurrency 1st ETF Exposure to World Money Market Rates in 1 Fund. Learn More China’s central bank once again stated the need for reform of the international currency system to reduce over-dependence on current reserve currencies (read: the U.S. dollar). While the People’s Bank of China (PBOC) didn’t specifically mention the dollar in its statement, the desire to replace the greenback as a central component of many countries’ foreign reserves holdings was quite clear. “To avoid the shortcomings of sovereign credit currencies acting as reserve currencies, we need to create an…international reserve currency that can maintain the long-term stability of its value,” the PBOC said. Subject: EVIDENCE-OF-GOVERNMENT-MANIPULATION-IN-THE-STOCK-MARKET A nice video talking about government manipulation can be found here
Fundamentals Review A nice video talking about government manipulation can be found here
A few weeks ago the idea was floated of regulating the over the counter derivatives market who’s nominal value is approaching $1 quadrillion. I opined that they would fight tooth and nail to avoid this and sure enough the fight is beginning. Lobbyists are to begin by releasing a letter to regulators http://www.reuters.com/article/businessNews/idUSTRE54S11K20090529?feedType=nl&feedName=usbusinessearly professing their commitment for transparency. If that is true then what’s the problem? The problem is many of these complex derivatives are worth much less than the 100% they are valued at on the books today. Maybe 20% in my estimation.
I doubt we will ever see the true value of these since it would effectively show the worlds major financial institutions are bankrupt. All the institutions would have to do is repeat the scare tactic they used when the first bailout program was passed on the second vote. They basically threatened the end of the economy as we know it and that marshal law would have to be enacted almost immediately. It was a bluff that worked then, and would work again.
It reminds me of a joke I heard recently. What’s the difference between the drunks in Vegas and Washington? The ones in Vegas gamble with their own money!
A nice video talking about government manipulation can be found here http://myprops.org/content/EVIDENCE-OF-GOVERNMENT-MANIPULATION-IN-THE-STOCK-MARKET-Dan-Shaffer-explains-on-Fox-Business-News-video-and-transcript/ and is well worth a viewing.
To create the means to negociate Peace lies in the negociation of a new reserve currency .
Posted by Tony Newbill on 07/03/2009 @ 12:32PM PT
You must be signed in to report content.
The joke is on us. We'll be celebrating Independence Day, which is a total joke. We couldn't be further from independence in a system that allows corporate control and destruction. Didn't the 2008 campaign have a lot of talk about standing up to corporate America? Rev. Bookburn - Radio Volta
Posted by Rev Bookburn on 07/03/2009 @ 03:35PM PT
You must be signed in to report content.