Ellen Brown: Why the US Senate won’t touch Jamie Dimon

Image: Fletcher6 / Wikimedia Commons *

“… financial analysts Jim Willie and Rob Kirby think it may be something far larger, deeper, and more ominous. They contend that the $3 billion-plus losses in London hedging transactions that were the subject of the hearing can be traced, not to European sovereign debt (as alleged), but to the record-low interest rates maintained on U.S. government bonds. (…) The low rates are maintained by interest rate swaps, called by Willie a “derivative tool which controls the bond market in a devious artificial manner.”

Ultra-low interest rates MUST be maintained to prevent the debt from overwhelming the government budget.  Near-zero rates also need to be maintained because even a moderate rise would cause multi-trillion dollar derivative losses for the banks (…)”
   Ellen Brown

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Bankrupt Global Banking System Blowing Apart

Image: David Castillo Dominici / FreeDigitalPhotos.net *

Stock prices of most of the biggest banks in the world
have plunged dramatically
since July 2007.

“Royal Bank of Scotland is down 96%,
Commerzbank is down 94%,
Societe Generale is down 84%,
Intesa Sanpaolo is off 74%,
and Santander is down 37%.
In the U.S.,
Citigroup has fallen 94%,
Bank of America 86%,
Morgan Stanley 78%,
Goldman Sachs 52%,
Morgan Chase 28%,
and Wells Fargo 23%.”

“The financial system is not only eating
nations and populations,
but also eating its own banks,
in a desperate attempt to survive.
” 
LaRouchePac
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