"Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country.
When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin!
Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out."
Andrew Jackson, in a meeting with the Bankers, February 1834
Stocks sold off again, losing a little more than half of the recent rally which they enjoyed after the initial plunge in global equities.
It is foolish to talk about 'fortress America' and the imperturbability of the exceptional. The derivatives market alone makes the entire financial system an accident waiting to happen.
The Fed has obviously, and in a calculated manner, allowed a financial asset paper bubble to be created in the long and almost unbroken run up in financial paper after the financial crisis of 2008, and stood idly by watching a growing imbalance and inequality in the economy which they also helped to create.
The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.
Median wage, and aggregate demand.
Maybe it is time to build a wall. Not a wall between the US and Mexico, or even the US and Canada.
Maybe it is a time to build, or rather to rebuild, a wall between the public money and their savings and the gambling Bankers of Wall Street, who keep the profits and give the public their losses.
Have a pleasant evening.
