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Author Topic: It's Time To Get Painfully Honest: Banks Are Evil  (Read 3771 times)
Hydrogen
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April 03, 2017, 04:01:19 PM
 #1

Quote
Authored by Adam Taggart via PeakProsperity.com,

I don't talk to my classmates from business school anymore, many of whom went to work in the financial industry.
'
Why?

Because, through the lens we use here at PeakProsperity.com to look at the world, I've increasingly come to see the financial industry -- with the big banks at its core -- as the root cause of injustice in today's society. I can no longer separate any personal affections I might have for my fellow alumni from the evil that their companies perpetrate.

And I'm choosing that word deliberately: Evil.

In my opinion, it's long past time we be brutally honest about the banks. Their influence and reach has metastasized to the point where we now live under a captive system. From our retirement accounts, to our homes, to the laws we live under -- the banks control it all. And they run the system for their benefit, not ours.

While the banks spent much of the past century consolidating their power, the repeal of the Glass-Steagall Act in 1999 emboldened them to accelerate their efforts. Since then, the key trends in the financial industry have been to dismantle regulation and defang those responsible for enforcing it, to manipulate market prices (an ambition tremendously helped by the rise of high-frequency trading algorithms), and to push downside risk onto "muppets" and taxpayers.

Oh, and of course, this hasn't hurt either: having the ability to print up trillions in thin-air money and then get first-at-the-trough access to it. Don't forget, the Federal Reserve is made up of and run by -- drum roll, please -- the banks.

How much 'thin air' money are we talking about? The Fed and the rest of the world's central banking cartel has printed over $12 Trillion since the Great Recession. Between the ECB and the DOJ, nearly $200 Billion of additional liquidity has been -- and continues to be -- injected into world markets each month(!) since the beginning of 2016:

With their first-in-line access to this money tsunami, as well as their stranglehold on the financial system that it all runs through, the banks are like a parasite feasting from a gusher on the mother-lode artery.

It should come as little surprise that, with all this advantage they've amassed, the banks have enriched themselves and their cronies spectacularly. They have made themselves too big to fail, and too big to jail. Remember that their reckless greed caused the 2008 financial crisis, and yet, in 2009, not only did bankers avoid criminal prosecutions, not only did the banks receive hundreds of billions in government bailouts, but they paid themselves record bonuses?

And the bonanza continues unabated today. By being able to borrow capital for essentially free today from the Fed, the banks simply lever that money up and buy Treasurys. Voila! Risk-free profits. That giveaway has been going on for years.

Couple that with the banks' ability to push market prices around using their wide arsenal of unfair tactics -- frontrunning, HFT spoofing and quote stuffing, stop-running, insider knowledge, collusion, etc -- the list is long. James Howard Kunstler is dead on: we don't have a free market anymore. Instead, we have rackets, run by racketeers. The rest of us are simply suckers to be fleeced.

Nobel Prize-winning economist Angus Deaton recently agreed:

Quote
Income inequality is not killing capitalism in the United States, but rent-seekers like the banking and the health-care sectors just might, said Nobel-winning economist Angus Deaton on Monday.
 
If an entrepreneur invents something on the order of another Facebook, Deaton said he has no problem with that person becoming wealthy.
 
“What is not OK is for rent-seekers to get rich,” Deaton said in a luncheon speech to the National Association for Business Economics.
 
Rent seekers lobby and persuade governments to give them special favors.
 
Bankers during the financial crisis, and much of the health-care system, are two prime examples, Deaton said.
 
Rent-seeking not only does not generate new product, it actually slows down economic growth, Deaton said.
 
“All that talent is devoted to stealing things, instead of making things,” he said.

(Source: http://www.marketwatch.com/story/nobel-economist-takes-aim-at-rent-seeking-banking-and-healthcare-industries-2017-03-06?siteid=rss)

As further proof, let's look at this data recently obtained by Zero Hedge. In the past 4 years, JP Morgan's in-house trading group has had exactly 2 days of losses.

That's not trading. Trading involves uncertainty and risk. This situation has none. It's an extraction process -- siphoning value from the market day after day with ironclad dependability.

And it's not just a few dollars here and there. In 2016, JP Morgan's daily average trading revenues were $80 million. Per day! That's nearly $20 billion for the year.

So if not "trading", what should we call it when a bank can extract tens of billions of dollars a year from the markets, with no downside risk? "Sanctioned theft" sounds about right.

Because for every trade there is a buyer and a seller. If JP Morgan is the winner every day, who is losing? Turns out, it's the big pools of "dumb money" that don't have the cheat codes for the system the way the banks do. These are the pension funds, the index funds, the retirement accounts -- the aggregated money of all the 'little people' out there. Little people who don't have visibility into how they're being constantly fleeced; nor do they have agency to do anything about it even if they did.

So yeah, "theft" feels like a pretty accurate term.

And it's reached the point where the banks don't even care about hiding it anymore. If you had a nice inside racket going on, wouldn't you at least pretend to hide your advantage, to avoid drawing attention? Not the banks. They're either too proud or too obtuse to conceal it. Look at our string of perfect trading days! Look at our record bonuses!

These boasts fall on the ears of everyday American's as the modern version of Let them eat cake!

And just like the out-of-touch French monarchs, the banks have positioned themselves as the enemy of the public. For as I claimed at the beginning of this article, a tremendous amount of the injustice in this country can be laid at the feet of the banks directly, or indirectly via the Federal Reserve.

Are you a senior who can't afford to retire because you can't live off your fixed-income savings? Thank the Fed's 0% interest rates for that.

Are you a millennial who can't afford to buy a home? Again, thank the Fed's policy of suppressing interest rates and thereby blowing another housing bubble.

Are you struggling to get out of poverty? Are you finding it hard to remain in the middle class? Whatever your income, are you having to work harder and harder to just stay in the same place? See here how the Fed's money printing, and the banks' first-position access to it, has created the most concentrated imbalance of wealth in our country's history:

https://www.youtube.com/watch?v=QPKKQnijnsM

Are you frustrated with how our lawmakers seem to serve corporations instead of the people? Listen to this mind-blowing podcast of how gobs of lobbyist money, much of it provided by Wall Street, dictates how our politicians legislate:

https://www.thisamericanlife.org/radio-archives/episode/461/take-the-money-and-run-for-office

Whether it's social equity, the security of your job or retirement, your day-to-day existence, or the fairness of the laws we live under -- our fate is currently in the hands of the banks. And, of course, should their behavior trigger another meltdown of the global economy -- something we warn about often here at PeakProsperity.com -- we'll have them to thank for that, too.

Yes, the banks are going to keep writing the rules in their favor; and yes, there's little agency any of us has individually to do much about it. But as a society, we need to start addressing the dire situation we're in honestly and openly. By whatever path, we have granted the banks far too much control over our lives, and they are taking gross advantage of that. Exactly like a parasite, the banking system is siphoning off our wealth and limiting our freedoms and future prospects -- all for the benefit of an elite few.

That's wrong. It's immoral. And it's Evil.

It's far beyond time to call a spade and spade. The path to change always begins with an accurate assessment of the problem. We need to start using accurate language  -- like "evil" -- when discussing the harm we're being subjected to. We need to make it clear to our elected officials and to our communities that we understand what the banks are doing and that we find it unacceptable.

We need to make the criticism specific and personal. To JP Morgan CEO Jamie Dimon. To Fed Chair Janet Yellen. We need to turn up the heat on the perpetrating decision-makers, so that the borg-like structure of the banking system no longer serves as a deflective shield to scrutiny and criticism. These people need to feel the disapproving stares when speaking to the public. They need to hear the disdainful boos, and see their faces on the protest signs and nightly media reports.

And if you yourself work in the financial system, I'll be blunt. You're part of the problem. Just like my former classmates, I'm sure you're a very nice person in many ways -- but you're complicit in the banks' rapaciousness.

I know it's not pleasant to hear, or admit. I worked for an investment bank for a few years early on my career. I was part of the problem, too.

But we have a choice, both as individuals and as a society, to align our actions with our values. It's not always easy. And likely not as profitable if you indeed end up leaving the financial industry (as I can tell you from personal experience). But it's the only way we'll ultimately gain back control of our destiny.

Look, the banks' dominion is going to end one day. Either due to collapsing under the weight of the stupendous amount of debt they've helped laden our economy with, or due to an uprising from the bottom 99% once it has become fully destitute. Neither path is appealing.

So our best choice here as individuals is to position ourselves where we can be least subjected to the game the banks want to force us to play.

The 3-part series we've just concluded: The Mother Of All Financial Bubbles, The Coming Great Wealth Transfer, and When This All Blows Up offers our best guidance for preserving wealth from the predation of the bankers. If you haven't read them yet, make that your weekend reading assignment.

Finally, as a society, we need to wake up and make some hard, courageous choices. Obviously, the banks will not relinquish their control willingly. But if we start speaking truthfully and openly about the evil we're dealing with, we'll start fearing it less. It's time for us all to speak up.

http://www.zerohedge.com/news/2017-03-18/its-time-get-painfully-honest-banks-are-evil

Article is a bit old but thought I'd throw this out there to add variety to the section.

Lots of interesting points here.

Its sad that sites like zerohedge don't get the credit they deserve for consistently being accurate over the years, wheras more official and accepted sources have not.


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April 03, 2017, 04:32:55 PM
Last edit: April 03, 2017, 10:16:13 PM by btcbug
 #2

Banking as it exists today has nothing to do with the free market and that's the heart of the problem. Yes, of course banks are evil in the same way as corporations are evil. They use the power of the state! Get rid of peoples superstitious belief in authority (governments) and the market would take care banking corruption, as they'd have to compete through providing value to their customers.

You can't blame anyone for trying to sway the gun of the state in their favor. This is simply what happens in ALL industries and always will when a state exists. Farmers lobby for protectionism, big pharma use patents and copyrights, manufacturers want tariffs on imports, etc. We can't expect everyone is going to be altruistic to the extent that they won't seek that power to give them the advantage, when that power is dangling in their face and is perceived as legitimate by the population at large!

Fractional reserves aren't a problem in a free market, neither are usurious interest rates. Monopoly (fiat) currencies wouldn't exist if it weren't for dumb people believing it necessary for the state to mandate and force them upon us.

To focus on banks as THE problem is just noise. Banks are necessary and would exist, however they wouldn't be writing the rules if they weren't granted the power to do so by the state.

This is what a lot of us understand about Cryptos and decentralized tech. People have a long ways to go before enough of them will open their eyes to the true reality of the state (coercion), but technology will simply remove that power, despite the public's understanding. In other words, this is the natural, peaceful way that Socialism dies without having to cannibalise itself, which would be the other inevitability. We starve the beast!

So to me the article, is speaking a lot of truth, but still completely fails to strike at the root.
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April 03, 2017, 05:39:27 PM
 #3

From the dawn of time humanity desired to master everything, in order for mastery to exist there needs to be slaves so slavery comes to existence.
In a world where God has no place in daily lives of people that's when everyone thinks they're entitled to do whatever they desire lets be painfully honest, if there is no fear of God's judgment and punishment or rewards life would be meaningless, ethics will no longer affect anything, then you think hey I'm gonna live what 80 years? and then die and pooof nothing else, so when I get a hard on I'll penetrate any female or male even if I desire who cares if she's married or under aged.
When I desire to have the best houses/penthouses best cars and essentially best of everything who cares if I help others to enslave 60% of the population and steal whatever the 37% remaining of population has and be one of the minority overlord of 3% mastering the entire world, who cares as long as I desire?

What do you think people want money for? if you can earn enough to provide a medium quality life for you and your family and even have some spare to help a few others but if every one only would've desired that then world would've been a much nicer place.
Most of the people want pu**y and want to make those pu**ies happy and giving, they want to eat and survive that 80-100 years. so the reason behind all the banking system and their operators is their desires.
That is what happens when you remove God from your life/mind/heart, while all He has asked people is to fight with that desire and care for others as much as you want others to care for you.

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HabBear
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April 03, 2017, 09:54:48 PM
 #4

Lots of interesting points here.

Its sad that sites like zerohedge don't get the credit they deserve for consistently being accurate over the years, wheras more official and accepted sources have not.

A lot of commentary you shared. I think the topic is compelling but would like to know what YOU think about the articles and comments you posted. Do you think the banks are evil? If so, how? why? What can we do to fix the system?

My take:
I don't think banks are evil. Some people are evil. And banks are run by people. It's not evil provide security to people's savings. It's not evil for banks to have the option to loan out our savings and pay us interest to do so.

What's bad about the banks is that they don't pay an interest rate that fairly corresponds to the prevailing Fed Funds rate. They don't compensate savers enough to borrow our money (and conversely they charge a ton of interest to loan that money out). For example, the Fed just raised rates and they are about to do so again. When they do the banks should raise savings rate an amount equal to the Fed rate adjustment...if they don't, they're stealing from their customers. They're getting to charge more to loan money but not have to pay more for the money (assets) we give them to loan (via our savings accounts). Banks also charge a ton of fees for stuff that should be free.

Here's what we can do to fix the problem - don't do business with banks that offer near zero interest rates on savings and that have multiple fees associated with activities that should be free.

There are several reliable and trust worthy online banks that allow checking and savings accounts with close to 1% interest without fees.

We all need to make better business decisions - if we're pissed at the banks...stop banking with them! They'll either change their offerings to be more fair to consumers or they'll go out of business.

We all have more power, we just need to engage it.

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April 04, 2017, 02:20:23 AM
 #5

no shit sherlock

it's why most of the early investors even invested in bitcoin in the first place.

It's why bitcoin was created in the first place.

And ironically, bitcoin is now controlled by AXA.
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April 04, 2017, 03:41:54 AM
 #6

Well banks is getting evil if you weren't able to comply you obligations on your debts to pay. Honestly we have no control on their penalties sanctioned for those creditors who commited dues to be charged as failure of completion, that's why we are not ready to feel the pain if these banks were really imposing rules that's not fair anyway.
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April 04, 2017, 06:38:51 AM
 #7

Well banks is getting evil if you weren't able to comply you obligations on your debts to pay. Honestly we have no control on their penalties sanctioned for those creditors who commited dues to be charged as failure of completion, that's why we are not ready to feel the pain if these banks were really imposing rules that's not fair anyway.
Banks are evil from op point of view and he provided reasons for that. Bank never has the interest of creditors they only borrowed you money to make profit and ever keep you in continuous slavery. Most people I know collected loan facility from bank always become poorer than when they start. Bank financial evil politicians, war and criminality.
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April 04, 2017, 06:43:59 AM
 #8

Hydrogen,

thats rather immature post on your part. What is not alive, cannot be "evil"  Wink when it comes down for it, banks are in the bussiness for the same reason you and me are. To make a profit. They have inherent advantage in capital and pool of well paid talent those institutions can fall back on, but its all to make a profit. For shareholders, you see.
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April 04, 2017, 06:49:30 AM
 #9

Well banks is getting evil if you weren't able to comply you obligations on your debts to pay. Honestly we have no control on their penalties sanctioned for those creditors who commited dues to be charged as failure of completion, that's why we are not ready to feel the pain if these banks were really imposing rules that's not fair anyway.

State authorities regulate penalties to debtors, not banks themselves. State authorities are ultimately responsible to voters (both debtors and creditors), thats the rulebook. It shouldnt be too suprising that banks go out of their way to bleed dry people, who tried to rob its shareholders of profit after signing voluntary deal with them.

From what I have seen among private bitcoin lenders operating on p2p lending websites, they are no better. Some going as far as hiring thugs to get their precious coins back.
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April 04, 2017, 07:14:10 AM
 #10

After all it's money we are talking about.
And when it comes up to money, friendship ends according to an old saying in my country.
They want to earn money just like everybody else. And they use their strong position in order to do so like most of the people would do as well.
And besides, it's always up to us with who we do business.

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April 04, 2017, 07:27:58 AM
 #11

Quote
Authored by Adam Taggart via PeakProsperity.com,

I don't talk to my classmates from business school anymore, many of whom went to work in the financial industry.
'
Why?

Because, through the lens we use here at PeakProsperity.com to look at the world,

I stopped reading there. This is an opinion piece that may or may not hold the same idea to the reader because of multiple reasons like the reader's financial status, social status, beliefs, etc. And the writer's definition of evil could be different with the reader's definition. Some people hold the idea that greed is good if youre immersed in the world of finance.

Can you give us the TLDR version and tell us why or why not you agree with this article? All you said is that it has interesting points. Please tell us more.
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April 04, 2017, 10:15:39 AM
 #12

Banks will certainly get more powerful and "evil" since they control the money supply. After reading Animal Farm a long time ago, I've come to believe that if the present crop of bank owners are done away with, a newer and more evil set will come on the scene.

Even bitcoin that enjoys decentralisation is slowly caving in to control by the miners. A typical example is the ongoing hard fork issue. It's a human thing, though not acceptable. We all owe it to God to be true to His Word, and to ourselves to live according to our values. Only then will we see men and women who are able and willing to use the vast resources available to them for the betterment of the less priviledged

GoshenCoin Cash (GCC) Do Business The Smarter Way
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April 04, 2017, 11:05:58 AM
 #13

Hydrogen,

thats rather immature post on your part. What is not alive, cannot be "evil"  Wink when it comes down for it, banks are in the bussiness for the same reason you and me are. To make a profit. They have inherent advantage in capital and pool of well paid talent those institutions can fall back on, but its all to make a profit. For shareholders, you see.
Yeah something that doesn't have life will never be a evil. Only the usability at times make this a evil, such as the usage in illegal trades and for other terrorist activities. Banks cannot be said as useless, because till now they have provided service to the growth in all sectors.
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April 04, 2017, 11:51:44 AM
 #14

Banks will certainly get more powerful and "evil" since they control the money supply. After reading Animal Farm a long time ago, I've come to believe that if the present crop of bank owners are done away with, a newer and more evil set will come on the scene.

Even bitcoin that enjoys decentralisation is slowly caving in to control by the miners. A typical example is the ongoing hard fork issue. It's a human thing, though not acceptable. We all owe it to God to be true to His Word, and to ourselves to live according to our values. Only then will we see men and women who are able and willing to use the vast resources available to them for the betterment of the less priviledged
As long as people remain greedy all of its system and activities will also be corrupt and evil. Human greed has set record in the course of human history and is the reason for the thousands of death and suffering of human population. Rest assured that bitcoin will have a high tendency to be also plac d under the control of the greedy and corrupt people.
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April 04, 2017, 11:54:34 AM
Last edit: April 04, 2017, 12:15:32 PM by mindrust
 #15

Banks rule the world because in a capitalistic world, there is nothing more important than money. And banks have the power to print the money, it means they have unlimited power. So whoever has the control of Central Banks, has the control of the world. They are not necessarily evil, they are just protecting their investments. It is just business in the end, nothing personal. Cool




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olubams
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April 04, 2017, 01:53:27 PM
 #16

Banks are evil yes based on the analysis enumerated by OP above but they can not be totally bad as they have actually contributed not in a small way to the economic development of any country starting from the total number of workforce they have then to how they have been able to facilitate trades among parties that wouldn't have been possible if they are not there among other ways they have helped..
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April 04, 2017, 02:45:11 PM
 #17

In my opinion, not all the banks are evil because they are one of the greatest foundation of our national economy. If there is no bank then there will no authority that will help us to secure our money. Bank is one of the most important branch of our economic tree because they secure and help the economy to continue flowing because if they have the money they will help other people to take loans or invest in the stock market which help the money continue flowing.

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bitart
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April 04, 2017, 07:09:49 PM
 #18

no shit sherlock

it's why most of the early investors even invested in bitcoin in the first place.

It's why bitcoin was created in the first place.

And ironically, bitcoin is now controlled by AXA.
Is it controlled, really? As far as I read it in the news, AXA and other groups (Deutche Bank, etc...) are only interested in the technology, and not already controlling bitcoin.
Or this is the Blockstream venture capital thing, sticking the system to the 1MB limit?
As I've read, banking industry don't want bitcoin at all, they only want the technology behind, and they want to create a similar but centralized one for their purposes. I don't think that bitcoin can be regulated or controlled, but everything is possible...
BU and the people behing wanted to rule bitcoin and fork it into a new coin, but it has still not happened, so I think bitcoin can be hardly regulated.

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April 04, 2017, 09:26:14 PM
 #19

Banks are businesses that are going to make money anyway they can, if the government lets them get away with laundering money, loaning to cartels ect, then it is their fault.

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April 04, 2017, 09:27:07 PM
 #20

no shit sherlock

it's why most of the early investors even invested in bitcoin in the first place.

It's why bitcoin was created in the first place.

And ironically, bitcoin is now controlled by AXA.

AXA is literally an insurance company lmfao you would be complaining if silicon valley funded them too.

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