(05-02-2013 06:58 PM)j r Wrote: (05-02-2013 06:31 PM)K Galt Wrote: Quote:All this study shows is that institutional investors hold most of the world's financial assets. Who are institutional investors? Insurance companies, pensions, retail mutual funds. These things are all in turn owned by normal everyday people. Sure, the rich have more financial assets than the poor, but if you're reading this chances are you have some equity in a personal investment account or 401K or insurance policy.
This is not conspiracy or control, this is what a diversified financial system looks like.
Good point. What the study fails to consider is that the real control resides in the Central Banking Systems, like the US Federal Reserve and the EU's Central Bank.
Those who own the Central Banks and call the shots on Monetary policies are the ones pulling the levers behind the curtain.
This isn't really true either. No one owns central banks. They are quasi-government agencies. In the United States, all the banks in a specific area technically "own" the regional Fed bank, but it's not ownership in any meaningful way. Basically, it means that they are obliged to keep a reserve balance at that branch of the Fed.
Monetary policy is set by the Federal Open Market Committee, which is composed of the seven Fed Governors (Bernanke and six others, who are civil servants) and five of the 12 regional Fed presidents.
The Fed is a private bank with a group of core shareholders like any other private firm -- good luck trying to find that list though aside from the member banks. In theory the USA Govt and the Treasury should be the largest/majority shareholders like any other Crown Corp like we call it in Canada. Evrey nation has had to move to a private central bank model, only about 3-4 have not with the last switching over was Libya after it was carpet bombed. Americans he little experience with true Govt corps in Canada it's quite common and you can tell the difference as the Govt is the controlling shareholder and all the internal matters of the corp are thrown into the public arena. The Fed participates in the public arena but it's internal matters are kept private.
Here is Ellen Brown on the subject:
[quote]Not Private and Not for Profit? The Fed’s website insists that it is not a private corporation, is not operated for profit, and is not funded by Congress. But is that true? The Federal Reserve was set up in 1913 as a “lender of last resort” to backstop bank runs, following a particularly bad bank panic in 1907. The Fed’s mandate was then and continues to be to keep the private banking system intact; and that means keeping intact the system’s most valuable asset, a monopoly on creating the national money supply. Except for coins, every dollar in circulation is now created privately as a debt to the Federal Reserve or the banking system it heads.4 The Fed’s website attempts to gloss over its role as chief defender and protector of this private banking club, but let’s take a closer look. The website states: * “The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations – possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.” * “[The Federal Reserve] is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.” * “The Federal Reserve’s income is derived primarily from the interest on U.S. government securities that it has acquired through open market operations. . . . After paying its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury.”5 So let’s review: 1. The Fed is privately owned. Its shareholders are private banks. In fact, 100% of its shareholders are private banks. None of its stock is owned by the government. 2. The fact that the Fed does not get “appropriations” from Congress basically means that it gets its money from Congress without congressional approval, by engaging in “open market operations.” Here is how it works: When the government is short of funds, the Treasury issues bonds and delivers them to bond dealers, which auction them off. When the Fed wants to “expand the money supply” (create money), it steps in and buys bonds from these dealers with newly-issued dollars acquired by the Fed for the cost of writing them into an account on a computer screen. These maneuvers are called “open market operations” because the Fed buys the bonds on the “open market” from the bond dealers. The bonds then become the “reserves” that the banking establishment uses to back its loans. In another bit of sleight of hand known as “fractional reserve” lending, the same reserves are lent many times over, further expanding the money supply, generating interest for the banks with each loan. It was this money-creating process that prompted Wright Patman, Chairman of the House Banking and Currency Committee in the 1960s, to call the Federal Reserve “a total money- making machine.” He wrote: “When the Federal Reserve writes a check for a government bond it does exactly what any bank does, it creates money, it created money purely and simply by writing a check.” 3. The Fed generates profits for its shareholders. The interest on bonds acquired with its newly-issued Federal Reserve Notes pays the Fed’s operating expenses plus a guaranteed 6% return to its banker shareholders. A mere 6% a year may not be considered a profit in the world of Wall Street high finance, but most businesses that manage to cover all their expenses and give their shareholders a guaranteed 6% return are considered “for profit” corporations. In addition to this guaranteed 6%, the banks will now be getting interest from the taxpayers on their “reserves.” The basic reserve requirement set by the Federal Reserve is 10%. The website of the Federal Reserve Bank of New York explains that as money is redeposited and relent throughout the banking system, this 10% held in “reserve” can be fanned into ten times that sum in loans; that is, $10,000 in reserves becomes $100,000 in loans. Federal Reserve Statistical Release H.8 puts the total “loans and leases in bank credit” as of September 24, 2008 at $7,049 billion. Ten percent of that is $700 billion. That means we the taxpayers will be paying interest to the banks on at least $700 billion annually – this so that the banks can retain the reserves to accumulate interest on ten times that sum in loans. The banks earn these returns from the taxpayers for the privilege of having the banks’ interests protected by an all-powerful independent private central bank, even when those interests may be opposed to the taxpayers’ — for example, when the banks use their special status as private money creators to fund speculative derivative schemes that threaten to collapse the U.S. economy. Among other special benefits, banks and other financial institutions (but not other corporations) can borrow at the low Fed funds rate of about 2%. They can then turn around and put this money into 30-year Treasury bonds at 4.5%, earning an immediate 2.5% from the taxpayers, just by virtue of their position as favored banks. A long list of banks (but not other corporations) is also now protected from the short selling that can crash the price of other stocks.[/qoute]
You can see recent accounts from this from the Canadian model. Our Bank of Canada used to be a quasi-Goverment corp in which the Govt had majority shares in the Bank and got money from using the Banks credit creation or by attaining profits from the Banks business with our large regular banks. But with Canada wanting to join the G7 one o he requirements is that we had to "privatize" our Central Bank and after that we switched to the same model America has in which he govt gets interest heavy loans vs issuing itself credit.
Think for a second for the richest people in earth. Whom have more wealth then the whole economic output of the earth. It's a ATM that keeps paying you once you have evrey nation state as a debtor to you. The current system makes no sense, as why would a nation lend itself it's own money with compound interest. Why would it lend itself something it sets the value of and essentially created at a loss to itself?
In regards to JFK he wanted to break The Fed monopoly, and draw down the military. He saw both as cancers to America long term as did Ike before him. LBJ came in and went the exact opposite way.
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