A total crash is impending? Dollar crunch will hit rupee again; Jamie Dimon secures his retirement fund with billions of dollars in “fees” to legal firms
JP Morgan is one among the select few banks that own and control the US Federal Reserve – through their ownership of Class A shares of the New York Fed (Federal Reserve Bank of New York). They can borrow money at near zero percent interest rates and lend it to others at whatever rates they deem is good for them. To put it in other way, they print dollars whenever they feel like it and make several rounds of profit over it.
Not only that, the New York Fed also acts as the custodian of gold reserves of the US and other governments. When US invaded Iraq and Libya, it was JP Morgan that took over their central banks and cleaned out their gold.
Now, comes the news that they have started to impose capital controls on their customers. US businesses cannot wire transfer more than $50,000 in cash to abroad!
To top it all is the news that JP Morgan has set aside $26 billion for legal fines and fees. They are planning to pay $9 billion in legal fees. That sounds like a ripoff. What? A ripoff on JP Morgan?
Lehman Brothers was one of the entities that was controlling the US Federal Reserve. But, it was vaporized in no time. So, the Rockefellers are planning to do the same to JP Morgan, hoping that it will take down the US system with it.
My guess is that JP Morgan and other Rothschild-Rockefellers have finally run out of gold and they don’t know what to do next. So, they are planning a total financial rout, using JP Morgan as the excuse.
My guess is that their hope is to handle the crisis in such a way that a single global currency supplied by a single global government can take over. IMF SDRs may also be used an interim currency.
Dream on, Rothschild stooges. It will not work that way, you idiots.
The man with a permanent smirk a la George Bush has not held a real job before. He moved from an academic position at a Chicago business school to a research position at IMF. That’s it. And, yet articles about him talk about him excelling IN ALL THE JOBS HE HAD HELD BEFORE. In the ET, there was excessive artificial praise from captains of industry to people in academia praising his accomplishments and qualification for appointment as RBI governor.
What are his accomplishments? Nothing. On what basis is he being praised? Nothing. Why?
People like him are not necessarily economic hitmen. Economic hitmen need to have brains and are self-driven. This guy looks like nothing more than a talking head/sock puppet.
The artificial euphoria expressed after news of his appointment reminds me of the time when Vivek Kundra was appointed Barack Ubama as the Chief Information Officer of the United States. The reaction to his appointment were on similar lines.
Longtime PC Magazine columnist went out on a limb to unmask Kundra, who it turned out, has no past history. The only company whose IT infrastructure Kundra had managed to run was his own one-man operation. Somehow, SOME PEOPLE pulled him up and appointed him to high political positions. Dvorak writes:
I first suspected something was fishy about this fellow by listening to him on CSPAN where he simply did not sound like someone who studied computers or technology. His common referrals to Twitter and Google Docs as some sort of high-tech breakthroughs and a way to save money and empower the public stemmed from pure cornball pop culture and the blogosphere, not from computer science or Information technology.
During one of his testimonies before a Congressional committee he even talked about the future being something like the Star Trek holodeck. His clichés and commentary was that of a 18 year-old blogger who just got their first Macintosh.
And his sketchy background was disconcerting. It included a 1997 bust for stealing shirts from JC Penny’s and the later bust of his former staff by the FBI at the DC office during a bribery investigation.
But, to be honest about it, and despite the possible fraudulent bios and non-existent degrees, the kicker for me was that even if he was squeaky clean he has no business being the USA CIO controlling billions and billions of dollars in government contracts.
He hasn’t done anything to warrant this appointment. There are no great policy papers. There are no books. There is no invention. There is nothing but vague tech positions in city and state governments. How does this make him a “techno-whiz” as he was portrayed by the New York Times? It took him six years to get a simple undergrad degree in psychology! Was it just because he uses Facebook and likes Twitter?
So what have we got so far from this person? Well, for starters we are looking at the Recovery.gov website that will cost the taxpayers around $18 million. This news was released recently. What websites costs $18 million? And that’s with no warrantee.
Where was the mainstream media? Where was the right wing media? Is anyone doing due diligence on these important appointees holding the purse-strings to billions? Apparently not.
Look at this excerpt from the USA Today announcement for Aneesh Chopra:
“The response to Chopra is resoundingly positive. Craig Newmark (of Craig’s List) says Chopra is ‘really good for the country.’ Eric Schmidt said in a statement (via WSJ ), ‘Aneesh built one of the best technology platforms in government in the state of Virginia.’ John Doerr of Kleiner Perkins said (also via WSJ ), ‘Aneesh is an inspired appointment. His smarts and experience in technology, health care and investing will serve us well.’ Tim O’Reilly is ga-ga over the choice calling Chopra ‘a rock star’ and says, ‘We couldn’t do better.’”
Americans didn’t do any better. After his big revelation, Dvorak left his contact details on the blog post for speaking engagements. None came.
The script is the same with this Raghuram guy. After his studies, the wonder kid went to a Chicago business school and then moved to IMF. That’s it. The oft-quoted accomplishment is that he went short on the US markets when Alan Greenspan suggested the opposite direction. So what? Even I went short – see Lose The Dollar – I (2004) and Lose The Dollar – II (2005). So did Jim Rogers and Marc Faber. So did Max Keiser and plenty of others. Yet, they are saying HE HAD EXCELLED IN ALL THE JOBS HE HAD HELD SO FAR!
To understand how inept and inexperience he is, just look at the fact that he thought a press conference would be enough to save the rupee when it began its precipitous fall.
In 2009, there was big news that India bought 200 tonnes of gold from the IMF. Now, it seems that India bought this in dematerialized form. That is, the RBI got a receipt or IOU for the said gold. Thus, no real stock of gold moved to India. In effect, it was an instance of India giving a free cheque to the IMF.
I do not recall a single news report that mentioned this in 2009. We have all been suckered. This “gold” donation is in addition to the $10 billion that India had to offered the IMF so that they could rape Europen countries such as Greece.
I have read from other news reports that the RBI uses the vaults of British bank HSBC (Hong Kong Shanghai Banking Corporation) in Bombay to store some of the gold that the Indian government had confiscated from former princely states. In all likelihoood, the RBI has no vaults of its own. It continues to store them in the vaults of its imperial master Britain. It is quite likely that this gold does not exist in HSBC vaults either or maybe HSBC has already pledged it with others.