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Predator Banks Enter Brave New World of Epic Scams and Public Hasn't Got a Clue
Predator Banks Enter Brave New World of Epic Scams and Public Hasn't Got a Clue
"Wall Street watchers have been concerned for some time about the monopolizing trend among big banks. One of the most alarming developments in recent years is a buying spree in which megabanks have been gobbling up physical assets."
"“Today, banks like Morgan Stanley, JPMorgan Chase and Goldman Sachs own oil tankers, run airports and control huge quantities of coal, natural gas, heating oil, electric power and precious metals. They likewise can now be found exerting direct control over the supply of a whole galaxy of raw materials crucial to world industry and to society in general, including everything from food products to metals like zinc, copper, tin, nickel and, most infamously thanks to a recent high-profile scandal, aluminum.”"
"Recently, something rotten occurred in Denmark, as Goldman Sachs launched its bid to buy a 19 percent stake in the national electricity provider, a deal that would give it control of key management decisions. The streets erupted in protest as Danes (some carrying images of vampire squids) raged at the idea that government ministers could have invited an American investment bank to exert so much control over the state energy grid. The deal actually set off a crisis in the Danish government.In California, citizens found out recently that big banks have been rigging prices in the physical business interests they own. JPMorgan Chase and Barclays are accused of manipulating the delivery of electricity in California and elsewhere. Last year, JPMorgan paid $410 million to settle allegations of power market manipulation in California to the Federal Energy Regulatory Commission. Goldman Sachs, for its part, has come under scrutiny for allegedly delaying the delivery of metals from warehouses it owned so that it could manipulate prices (it has since offered to speed delivery)."
A few thoughts:
Should this be legal?
Did you know about this?
Do you trust the banks?
Is this a protection against a possible crash of a Reserve "fiat" currency?
Are we being gamed?
How does this work on an International scale (think Ukraine, Venezuela, etc.)?
This gets the banks "hard assets" as opposed to assets of faith/confidence?
Predator Banks Enter Brave New World of Epic Scams and Public Hasn't Got a Clue
"Wall Street watchers have been concerned for some time about the monopolizing trend among big banks. One of the most alarming developments in recent years is a buying spree in which megabanks have been gobbling up physical assets."
"“Today, banks like Morgan Stanley, JPMorgan Chase and Goldman Sachs own oil tankers, run airports and control huge quantities of coal, natural gas, heating oil, electric power and precious metals. They likewise can now be found exerting direct control over the supply of a whole galaxy of raw materials crucial to world industry and to society in general, including everything from food products to metals like zinc, copper, tin, nickel and, most infamously thanks to a recent high-profile scandal, aluminum.”"
"Recently, something rotten occurred in Denmark, as Goldman Sachs launched its bid to buy a 19 percent stake in the national electricity provider, a deal that would give it control of key management decisions. The streets erupted in protest as Danes (some carrying images of vampire squids) raged at the idea that government ministers could have invited an American investment bank to exert so much control over the state energy grid. The deal actually set off a crisis in the Danish government.In California, citizens found out recently that big banks have been rigging prices in the physical business interests they own. JPMorgan Chase and Barclays are accused of manipulating the delivery of electricity in California and elsewhere. Last year, JPMorgan paid $410 million to settle allegations of power market manipulation in California to the Federal Energy Regulatory Commission. Goldman Sachs, for its part, has come under scrutiny for allegedly delaying the delivery of metals from warehouses it owned so that it could manipulate prices (it has since offered to speed delivery)."
A few thoughts:
Should this be legal?
Did you know about this?
Do you trust the banks?
Is this a protection against a possible crash of a Reserve "fiat" currency?
Are we being gamed?
How does this work on an International scale (think Ukraine, Venezuela, etc.)?
This gets the banks "hard assets" as opposed to assets of faith/confidence?