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hi Friday July 15th 2016 monco 64 here home of alternative economics and contrarian views I'd like to talk about a interesting interview uh Jim Rickers did with uh Max Kaiser and Stacy Herbert yesterday uh on the Kaiser report Stacy Herbert starts off uh asking you know if the financial system and the banking system would be better off and the economy for that matter if Jamie d was locked up in the the Tower of London which is right behind her studio and this is what Jim Rickards uh said and I quote him JP Morgan is one of the great criminal Enterprises of all time and he said that he went on to say that they've been they've pleaded guilty for many crimes but they've gotten away with it because they've paid huge you know monetary fins so Crime Pays in this in this case uh he also said that that uh in in relationship to Jamie Diamond's you know stewardship of JP Morgan and all the big profits he said even a trained monkey could do as well as Jamie Diamond basically because you know he can borrow money at for no cost at zero rate uh he's got an implied government guarantee and he can use unlimited derivatives to uh leverage all these uh you know speculative uh operations that they can do with free money so that's what he thinks of JP Morgan and Jamie Diamond this is Jim Rickards not me and uh he blames uh glass steagle the uh the fact that uh glass Eagle was repealed in 1999 for the financial crisis because uh glass Eagle was uh implemented in 1934 in response to uh the crisis in the in you know the great stock stock market crash in 1929 and the big uh Financial boom in the 20s uh during that time commercial Banks and investment Banks were doing business you know basically Banks were doing both Investment Banking and Commercial Banking so they were taking you know customers money as deposit and taking that money and uh securitizing it uh into loans and then dumping those securitized loans to their own clients and there it was a big uh you know disaster and uh I think uh Goldman Sachs was involved uh in on these schemes in the 1920s so the US Congress uh passed glass seagull in 1934 and Commercial Banking and Investment Banking were separated so you could uh take deposits and make loans as a commercial bank or you could you know be an investment Bank bank and SEC secur you know underwrite security Securities but you and you couldn't do both and that was kept the system fairly steady stable Financial system until 1999 when it was repealed by both political parties you know Bill Clinton and uh the Republican Congress signed it into law so it was both parties that uh really uh were the culprits and there were bank failures of course from 1934 to 1999 but nothing like we we saw in 2008 uh 20072 2008 nothing like that and uh basically uh Jim Rickards uh thinks that we need to break up the banks uh we need to ban most derivatives and I think he didn't mention it specifically but I I would say that he means means the OTC derivatives those are the dangerous one they're very opaque very uh not transparent at all and the banks just use that to rip off their clients that's that's those are his words not mine but I know about that as well because I've worked in derivatives in the exchange traded derivatives derivatives which are completely different they they're traded on an exchange and uh the contracts are specified and uh data is published daily uh he goes on to say though that um oh the other point he makes is that glass steagle needs to be put back in place and Stacy Says so why can't we do that and he says basically you know uh the politicians in Washington uh and in London are in the pockets of the bankers and he goes on to say he was at the US Treasury doing a private briefing on risk and uh in the middle of his briefing he he told the seni senior official that was present he and I quote I do not envy your job because the banks own this town and he thought the treasury official would be offended and the guy actually said no uh Jim you're right we can't do anything um you know here on independently we have to defer to the FED which is basically the banks so there you have it you know um in the pockets of the bankers and that's why nothing's been fixed you know I've made a video before about this um and talking about mvin King the former Governor of the bank of England and at towards the end of the book you know there's a part of it where he says and I quote 50 years from now will our grandchildren ask why we lack the courage to put in place reforms to stop a crisis happening again I hope not events Drive ideas and the experience of Crisis is driving economists to develop new ideas about how our economies work they will be needed to overcome the power of vested interests and Lobby groups well that's just the euphemism by mvin King being diplomatic in his book you know saying you know unfortunately the bankers still uh own the politicians and with that in mind I I go to another story that came out uh Monday on the 11th of July while George Osborne was still Chancellor of the ex Checker which is like the treasury secretary uh job in in the UK and the story came out in all the main newspapers but it wasn't really too much talked about and it says HSBC this is from the guardian HSBC escaped us moneya laundering charges after Osborne's intervention so he basically uh the US House has published these um papers saying that George Osborne well sent emails uh to Ben beran of the fed and the US Treasury and urging them you know uh and the Department of Justice in the US urging them not to prosecute HSBC so there you go George Osborne was in the pocket of the bankers and uh it and the interesting thing is that two days later he was sacked as uh Chancellor of the ex Checker ex Checker by the newly minted prime minister Theresa May we'll have to see if the new uh Chancellor the ex cheer is going to be in the pockets uh of the bankers I think he will uh the guy's name is Philip Hammond I doubt he will not be in the pockets of the bankers uh not so you know for those of you you know who think that the system has been fixed and the financial system is stable uh it's not you know and this is not some crazy idea coming just from me you know it's from Jim Rickards it's from mvin King former head of the bank of England during the crisis from 2003 to 2013 and he was the head Economist 10 years before uh so if you enjoy this video please uh like share and subscribe to my channel and I'll talk to you later take care bye
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