At a recent economic conference at the Philadelphia Federal Reserve, academics gathered to discuss fixing the banking system, including ending fractional reserve lending. The video below is an excerpt from that conference featuring the comments of Professor Jeffrey Sachs of Columbia University. A few minutes into the recording, Professor Sachs condemns the banking system saying things like:
“The final problem is separating the politicians from the crooks–but maybe that’s the same community. . . . I believe we have a crisis of values that’s extremely deep. . . . I regard the moral environment on Wall Street as pathological. . . . They are tough, greedy and out of control. . . . We have a corrupt politics to the core. . . . The corruption is everywhere–it’s lead to a sense of impunity. . . . I’ve waited for a judge, a president, somebody to do something–but it’s not going to happen anytime soon.”
Professor Sachs expresses ideas that are common to the patriot, legal reform, sovereign and even “goldbug” communities. Everyone one of those groups is motivated by a growing awareness that corruption is rampant among the rich and powerful. Each of us senses and complains of the injustice, corruption and treason that’s institutionalized in our government and among the “elite”.
But as an “insider,” Professor Sachs expresses those same concerns with an authority that we generally lack. What we sense, he sees. In expressing his concerns, he demonstrates that the immorality and criminal conduct of which we complain have become so overt that even people within the “system” recognize that the problem has become untenable.
Professor Sachs implies that we’re heading for a dramatic change, arguably a revolution in our monetary and, possibly, political systems.
In the end, our fiat monetary system is a racket based on public confidence. However, overtly criminal behavior by bankers, financiers, politicians and the Federal Reserve reduces confidence that’s essential to sustain the fiat monetary system. Therefore, if the current monetary system doesn’t collapse under the weight of of the national debt, it will collapse under the weight of its criminal nature.
The Glass-Steagall Act of A.D. 1933 was intended to minimize criminal acts within the financial system. Glass-Steagall was dismantled in A.D. 1999, during the Clinton administration under the belief that we could trust the multi-millionaires and billionaires on Wall Street. But if you trust any man wearing a $2,000 suit, you’re a fool. By repealing Glass-Steagall, Congress legalized a criminal feeding frenzy on Wall Street.
Today, the single biggest financial contributor to Congress is the financial community. Result? The treasonous whores in Congress are bribed to avoid passing any act that might restrain Wall Street’s criminal conduct. So long as that’s true, America’s financial system won’t be reformed by law or by economics. It will only be “reformed” by a collapse.