imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Larry Summers: Wall Street's Man

by Stephen Lendman Monday, Aug. 12, 2013 at 7:03 AM
lendmanstephen@sbcglobal.net

Fed

Larry Summers: Wall Street's Man

by Stephen Lendman

When his Fed chairmanship term ends in January, Bernanke's expected to step down. Wall Street wants Summers replacing him. It usually gets what it wants. More on that below.

Money power runs America. The Federal Reserve isn't federal. It's privately owned and controlled. Wall Street decides who runs it.

Bankers choose chairmen and governors. It's always been this way. It's more than ever so now. Presidents have no say. They announce pre-selected choices. They pretend otherwise.

America's founders knew the dangers. Letting bankers control money assures trouble.

James Madison called them "Money Changers," saying:

"History records that the Money Changers have used every form of abuse, intrigue, deceit and violent means possible to maintain their control over governments by controlling money and its issuance."

Thomas Jefferson said:

"I sincerely believe that banking institutions are more dangerous to our liberties than standing armies."

"Already they have raised up a money aristocracy that has set the government at defiance."

"The issuing power should be taken from the banks and restored to the people to whom it properly belongs."

According to Lincoln:

"The money powers prey upon the nation in times of peace and conspire against it in times of adversity."

"It is more despotic than a monarch, more insolent than autocracy and more selfish than a bureaucracy."

"It denounces, as public enemies, all who question its methods or throw light upon its crimes."

"I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at the rear is my greatest foe."

Andrew Jackson called the Bank of the United States (the Fed's equivalent then) a "hydra-headed monster." He called bankers "a den of vipers and thieves."

They were tame compared to now. Privatized money power is humanity's greatest threat. Bankers control it for personal gain. They use it to accumulate more. Political complicity permits it.

Alan Greenspan wrecked the economy. William Greider called him "among the most duplicitous figures to serve in modern American government."

He used "his exalted status as economic wizard (to) regularly corrupt the political dialogue by sowing outrageously false impressions among gullible members of Congress and adoring financial reporters."

When he stepped down, he left a colossal mess. Bernanke accelerated a failed process. He's run amuck. He's responsible for the most reckless money printing madness in history.

It continues. He's debasing the dollar irresponsibly. A slow-motion train wreck looms. Nothing's being done to prevent it. Ordinary people will be harmed most.

Bail-ins will confiscate their savings. Bankers will benefit most. They control the Fed. Except for coins, they create money, credit and debt.

In 1927, Bank of England president Josiah Stamp said:

"The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented."

"Banking was conceived in inequity and born in sin." (They) own the earth."

"Take it away from them but leave them the power to create money, and, with a flick of a pen, they will create enough money to buy it back again."  

"Take this great power away from them and all great fortunes like mine will disappear, for then this would be a better and happier world to live in."

"But, if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit."

Privatized money facilitates financial war on humanity. It assures poverty, unemployment, inflation, out-of-control debt, human misery and economic slavery.

Today's system far exceeds the worst of past eras. Among names floated for next Fed chairman, Summers is the worst possible choice. He's ideologically over-the-top.

He's a walking conflict of interest. He sold out America. He did so for personal gain. He's in bed with Wall Street. His rap sheet exposes him.

As Clinton's Treasury Secretary, he pushed banking deregulation to the extreme. He ignored industry fraud.

He supported industry consolidation. He promoted anything goes. He spearheaded Glass-Steagall repeal.

He successfully thwarted Clinton's Commodity Futures Trading Commission head Brooksley Born's efforts to regulate financial derivatives.

He campaigned for passing the Commodity Futures Modernization Act. It deregulated derivatives trading. It legitimized swap agreements and other hybrid instruments.

It's one of the root causes of today's financial disaster. It ended derivatives and leveraging regulatory oversight. Doing so unleashed a tsunami of trouble. It rages out-of-control. It more than ever turned Wall Street into a casino.

It facilitates fraud. It does so on an unprecedented scale. It wrecked the economy. It scams millions of investors. It hangs ordinary people out to dry. It spreads human misery. It does so on a global scale.

As Obama's National Economic Council director (2009 - 2010), Summers pushed destructive economic policies. He did so for personal gain.

He peddled influence. He earned millions of dollars doing so. He got millions more in Wall Street sponsored speaking fees. Bailed out banks rewarded him for services rendered.

William Greider said stop him "before he messes up again." Mendacity is his most notable attribute.

He's "noxious." He's a "clumsy public liar." He collaborates with Wall Street insiders. He helped engineer financial collapse. Appointing him Fed chairman "will be a sick joke."

Say it isn't so. He represents same old, same old. He's a disaster waiting to happen.

Greider urged "no more second chances for Larry Summers." Once bitten is enough.

As World Bank chief economist (1991 - 1993), he supported structural adjustment harshness. He drafted an infamous secret memo. He called Africa under-polluted.

He proposed a "free market in toxics." He said the World Bank should encourage "migration of dirty industries to the LDSs (less developed countries)."

"Health impairing pollution should be done in the country with the lowest cost, which will be the country with the lowest wages," he added.

He stoked further controversy saying:

"There are no...limits to the carrying capacity of the earth that are likely to bind any time in the foreseeable future."

"There isn't a risk of an apocalypse due to global warming or anything else."

"The idea that we should put limits on growth because of some natural limit, is a profound error and one that, were it ever to prove influential, would have staggering social costs."

Critics demanded his resignation. Brazil's environmental secretary, Jose Lutzenberger, wrote him. He called his ideas "totally insane."

They reflect the "social ruthlessness and arrogant ignorance of many conventional economists concerning the nature of the world we live in."

"If the World Bank keeps you as (chief economist), it will lose all credibility."

As Harvard president, he pushed a right wing neocon agenda. He supported reestablishing ROTC.

Vietnam War era campus protests downgraded it to an extracurricular activity. Harvard let students participate at MIT.

Summer's proposal failed. In March 2011, President Drew Faust returned Naval ROTC. She did so disgracefully.

Summers accused African-American Studies Professor Cornel West of spending too much time on political activism. West left for Princeton.

He called Black professors unfit scholars. He was fired for making derogatory remarks about women. Faculty and staff demanded he go.

He supports Israeli occupation harshness. In 2002, he campaigned against Harvard and other universities divesting from companies doing business with Israel. He called doing so "anti-Semitic."

In September 2010, Nomi Prins headlined "Bye Larry Summers - Thanks for the Hangover," saying:

"The departure of Larry Summers from President Obama’s Economic Advisory Free-market Squad, is similar to that of the high-school degenerate who left the keg party after the last barrel was emptied and the place was demolished."

"Only it was the reckless financial deregulation he promoted through Glass Steagall repeal as Treasury Secretary in 1999 that brought about the Great Bailout Party of 2008 where Wall Street drank the federal subsidy barrel dry and left the general economy trashed."

"It's good he's finally leaving, but it should have happened long ago."

Imagine a second act. Imagine the unimaginable. Summers as Fed chairman assures the equivalent of financial nuclear winter for humanity.

On July 31, AP headlined "Obama speaks up for Larry Summers as liberal Democrats question consideration for Fed post," saying:

"Speaking up for a contentious former aide, President Barack Obama pushed back Wednesday against liberal Democrats who are urging the president not to pick Lawrence Summers to run the Federal Reserve."

"In a closed-door session with House Democrats, Obama offered what participants in the meeting described as a keen defense of Summers."

It "continued at the White House, where press secretary Jay Carney said Summers had 'stood shoulder to shoulder' with Obama during an economic crisis."

"He made decisions and put forth the policies that helped reverse the tragic economic decline that this country faced in the beginning of 2009."

False! He helped turn disaster into catastrophe. He did so for growing millions. Protracted Main Street Depression continues out-of-control.

Wrongheaded policies deepen it. Obama bears full responsibility. So does Summers. His tenure as White House point man was disastrous.

It bears repeating. He's in bed with Wall Street. He operates for personal gain. He's a walking conflict of interest. He assures greater disaster than already.

On August 2, Francis Boyle headlined "The Cowardice of Harvard's Larry Summers," saying:

He wanted to debate Summers publicly. At issue is calling Harvard alumni involved in urging Israeli divestment anti-Semitic.

He "did not have the courage, the integrity, or the principles to back up his scurrilous charges," said Boyle.

Harvard fired him for "attempt(ing) to impose his Neo-Conservative agenda and in particular (claiming) women are dumber than men when it comes to math and science."

He's an unconscionable Fed chairman choice. Appointing him defends the indefensible. He assures deepening hard times for millions.

Robert Weissman's an economic expert. He's written extensively on financial and corporate accountability. He heads Public Citizen.

"Forget Larry," he says. A petition calls him "the wrong person to lead the Federal Reserve."

"Summers has continuously advocated for deregulation and other policies that favor Wall Street and corporate interests. He should not head the nation’s central bank."

"Sign our petition urging President Obama to nominate someone better suited than Larry Summers to be Federal Reserve Board Chair."

"After you sign the petition, Public Citizen will keep you updated on other ways to stand up to giant corporations and their cronies like Larry Summers."

Stephen Lendman lives in Chicago. He can be reached at lendmanstephen@sbcglobal.net.

His new book is titled "Banker Occupation: Waging Financial War on Humanity."

http://www.claritypress.com/LendmanII.html

Visit his blog site at sjlendman.blogspot.com.

Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network.

It airs Fridays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

http://www.progressiveradionetwork.com/the-progressive-news-hour

http://www.dailycensored.com/larry-summers-wall-streets-man/

Report this post as:

Local News

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A12 5:39PM

lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

Doxa du lobby A25 2:03AM

Tech workers organize A24 6:24PM

Architect Stephen Francis Jones A24 3:01PM

UN Forum Wrestles with Economic Policies 10 Years After Financial Crisis Islands Call for A24 12:34PM

Xyloglossie attitudinale A23 8:07AM

Shadowgun Legends Hack and Cheats A23 7:24AM

What does the Quran Say About Islamic Dress?? A21 4:15PM

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy