Why J.P. Morgan's Jamie Dimon Should Resign
Excerpt:
. . . Jamie Dimon has been working around the clock to explain that this loss is not life threatening. He makes the point that the loss represents only part of J.P. Morgan's earnings and that capital is not impaired. What he does not explain is that J.P. Morgan's "earnings" are actually not earnings but are a form of theft from savers, retirees, and others pursuant to the Federal Reserve's zero interest rate policy.The Fed has engineered a massive wealth transfer from everyday Americans to large banks. They do this by holding interest rates near zero. Savers get nothing for their hard earned savings. However, banks get free money because they pay almost no interest. Banks then invest the money in Treasury notes and earn the difference. The Fed permits this to rebuild the capital of the banks. The Fed doesn't mind hurting everyday Americans if they can prop up bank capital . . .
The truth ought to be obvious to everybody. But most folks are terminally stupid and hopelessly dumbed down. Obama is a clown, our govt is more corrupt than the Nazis and our totally fake political parties are engaged in a massive fraud on the American people
OMG! Banks earn a spread between deposits and loans! It must be a conspiracy. LOL!
But most folks are terminally stupid and hopelessly dumbed down.
Irony is ironic.