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The New Robber Barons
In grade school we all learned about the Robber Barons of the 19th and early 20th Centuries. During my youth these were presented with the balanced view of the history of the industrial foundation of the U.S.A. Yes, largely because personal gain was their sole motivation they did often take advantage of labor and resources and in so doing went against the Catholic Moral Principle of Justice, but in the long run of historical perspective they were a major force for making the United States the supreme international industrial force it was until recently and lifting the lifestyle and the common good of the average American working man and family to ever greater heights of comfort and security. In other words, when weighing the long term benefits against the short term disadvantages these men of industry were real wealth builders.
Today our students, products of the Socialist educational systems of America, learn only of the negative side of these Captains of Industry, without realizing that they are the long-term beneficiaries of their endeavors …a typical Communistic tactic of rewriting history for politically correct purposes. Yet, it is ironic that these same “useful idiot” products of our educational system are being manipulated and used far more egregiously then they could ever imagine: economically, politically, and socially. (See the below article for details of just one way it is being done).
It has become obvious since 2006, (though its foundation goes back to mid-1960’s), that the banking system has changed for the worse, and it is the fruits of these changes we’re seeing in the world today.
The Banking Act of 1933, also known as the Glass Steagall Act, was enacted during the depths of the Great Depression of the last century. It was designed to limit the commercial bank securities activities and affiliations between commercial banks and securities firms. In the early 1960s Federal banking regulators, (aka the fox guarding the henhouse), interpreted provisions of the Glass–Steagall Act to permit commercial banks and especially commercial bank affiliates to engage in an expanding list and volume of securities activities. Over the following decades the provisions were so eroded that by the time of its repeal through the Gramm–Leach–Bliley Act of 1999 (GLBA) it was, defacto, a dead issue anyway. Since then we’ve seen such tremendous abuses by the Bank Street and Wall Street financial fat cats that it surely confirms the suspicions of undue political influence in the weakening and final repeal of Glass- Steagall.
It is obvious to the little people that changes are and have been occurring with increasing rapidity in the banking and financial worlds. Little, as well as, big banks have been gobbled up by yet larger banking institutions, some even at the behest of government. Banks no longer have geographic boundaries, such as State Banks and other designations. Indeed, we often see banks from many other States operating within our own State borders. This unfortunately means that the money you have in Saving Accounts is not being used to benefit and strengthen the local community but instead is used nationally, and, who knows, perhaps even internationally to support various nefarious investments schemes to benefit a small financial oligarchy.
Now, however, we are learning just how unfettered the banking and financial system really is. Like a team of wild horses or a runaway train, banksters are creating havoc all around the world, and also within social and political circles. The below article illustrates how banks now manipulate and control various commodities, many of which are vital to our standard of living and our household economic health. It is important for not only those with dwindling savings, but also those of us who rely on viable gas and electric prices to run our mundane lives to understand the extent to which we are being manipulated as cash cows. While I don’t sympathize with the so-called, 99% crowd, this kind of finagling does feed into their agenda and appeal among the populous.
Here is the web citation:
Are big banks driving up commodity prices?
Richard of Danbury, D.S.G.