Fed Tapering Delusion: Larry Summers' Plot to Steal Your Money
Brittany Stepniak

The QE con game is far from over. In lieu of rumors regarding Fed tapering, key players in this scheme have a few curve balls up their sleeves.

Rest assured, they're going to ensure the charade of pumping profits for banks continues, even if the usual methods of quantitative easing soon dissolve...

And Larry Summers has taken the reigns on this one, aggressively asserting that the banks deserve more than interest free money. Indeed, he believes "we the people" should be doing much more to help the too big to fail banks.

And, why not? They've had a rough go of it trying to recover (using our money, naturally) since the 2008 fall-out while the rest of us have been kicking back and relaxing, living the good life... right?

We have plenty of money, our assets are safe, our retirement accounts are growing bigger everyday, and everything is just peachy for us out here on Main Street, right? 

The Grand Facade

That's what Summers and the other crony plutocrats would have you believe.

But the truth is, the six largest banks in the United States — JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, and Citigroup — have collectively grown 37 percent larger over the past five years. Ironically, the median household income has steadily fallen for each and every one of those five years.

In fact, the Census Bureau recently reported that median household income has plummeted to its lowest level since 1995, amounting to just $51,017 (adjusted for inflation). Inequality is at record highs.

So we need to do more for the banks, not our neighbors, right Larry?

I don't mean to point fingers, because the blame spreads far beyond Mr. Summers alone...

I'm merely trying to make sense of his absurd proposal: a negative interest rate that would penalize consumers for being responsible adults and saving for the future. Instead of being paid interest on their bank deposits, people would be penalized for keeping their money in banks instead of spending it.

Seriously?

...So we should remedy our economic woes by punishing the savers amongst us, so no one can climb the socioeconomic ladder (unless they're already on the top rung, of course), right Larry?

I whole heartedly disagree with his idea.

The big-picture side effects of low interest rates are bad enough for most Americans, but negative interest rates could have catastrophic consequences.

Sure, Summers may prove himself right and we might curtail another Depression if consumers spend money they don't need nor even want to, simply to avoid the penalty charges for saving it... but this "plan" is nothing more than a desperate, flawed, and borderline-criminal solution.

Let me be clear: central bankers haven't yet overtly suggested making people pay interest on their own savings (not quite yet, anyway). Instead, they've alluded to using electronic money or giving the fiat money an expiration date so they would have more direct control over cash flow throughout the whole country.

It's just one more way the Establishment is trying to manipulate your financial life in order to maintain their own opulence.

Keeping Up

Big banks rely on people in positions of power when it comes to enforcing monetary policy. So they use money to control those people — i.e. central bankers, Treasury officials, and politicians.

That's how they convinced former Secretaries of the Treasury, Timothy Geithner and Larry Summers, to support the "too big to fail banks" at the expense of the economy at large. 

Consequently, the vast majority of the American people have been and will continue to suffer on behalf of the greed exuded by the aforementioned "financial leaders."

After-all, is there anything in this world that can't be negotiated for the exchange of money and power? 

Economist Dr. Paul Craig Roberts sheds an ominous light on what really goes on behind closed doors... and how dearly it's costing you and me:

A Warburg in-law financed Woodrow Wilson's presidential campaign. Part of the reward was Wilson's appointment of Paul Warburg to the first Federal Reserve Board. The symbiotic relationship between presidents and bankers has continued ever since. The same small clique continues to wield financial power.

Geithner's career is illustrative. In the 1980s, Geithner worked for Kissinger Associates. In the mid to late 1990s, Geithner served as a deputy assistant Treasury secretary. Under Rubin and Summers he moved up to undersecretary of the Treasury.

From the Treasury he went to the Council on Foreign Relations and from there to the International Monetary Fund (IMF). From there he was appointed president of the Federal Reserve Bank of New York, where he worked to make banks more profitable by allowing higher ratios of debt to capital, thus contributing to the financial crisis.

Geithner arranged the sale of the failed Wall Street firm of Bear Stearns, helped with the taxpayer bailout of AIG, and rejected saving Lehman Brothers from bankruptcy in order to create the crisis atmosphere needed to more fully subordinate US economic policy to the needs of the few large banks.

Rubin, a 26-year veteran of Goldman Sachs, was rewarded by Citibank for his service to the banks while Treasury Secretary with a $50 million compensation package in 2008 and $126,000,000 between 1999 and 2009.

When a person becomes a Treasury official it is made clear that the choice is between serving the banks and becoming rich or trying to serve the public and becoming poor. Few make the latter choice.

Money Talks

As you can see, there's a fundamental flaw in the human psyche, which lies at the heart of our economic disparity: greed.

When this one character flaw is acted upon, we see even the smartest, most able-bodied, innovative thinkers, and seemingly altruistic leaders fall prey to the rewards offered within the same small clique that's been wielding all the world's financial power since Wilson's inauguration.

But their secret agendas are always exposed in due time...

The QE scheme has been exposed and it doesn't take a rocket scientist to figure out that the latest ploy to penalize savers is just an extension of that scheme.

But just because the scheme has been exposed for what it is — a back-door Wall Street bailout — doesn't mean policy makers outside the clique won't go for it. They too are desperate for solutions, and I'm betting the other policy makers in the clique have a pretty good idea how to sway them...

Money talks and its voice always seems to be the loudest.

In the meantime, I suggest you start thinking outside the box for new ways (and places) to save your money. 

Farewell for now,

Brittany Stepniak

@AngelPubGirl on Twitter

Brittany Stepniak is the Project Manager and Editor for the Outsider Club. Her “big picture” insights have helped guide thousands of investors towards achieving and maintaining personal and financial liberties while pursuing their individual dreams in lieu of all the modern-day chaos. For more on Brittany, take a look at her editor's page.

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