This is a short overview of some noteworthy events in the World’s banking financial sector. Allow me to call our attention how Capitalism subordinates all of life to money. Money is the criteria to judge people & their acts. And money is viewed as the source of progress. (Socialism, which we have been adopting, still maintains the supremacy of economic activity over all other activity. This is why socialism & capitalism don’t resolve moral issues around money.)
THE U.S. WINS WITH BNP PARIBAS SA. U.S. officials have been upset that the French bank BNP violated sanctions with Iran, Sudan, & Cuba. They have been preparing a $10 billion fine for BNP. As a face-saving move, Georges Chodron de Courcel , COO of PNB America, will retire. There had been some behind the scenes actions to fire him, & in the end, they allowed Chief Operating Officer De Courcel the face-saving expedient of retiring. It is not known if the removal of De Courcel will mitigate American demands.
VARIOUS DIFFICULTIES IN THE AMERICAN SECTOR. The American credit market is insecure & can start a new subprime mortgage crisis. Shadow Banks are not able to continue masking the risk & insecurities. Meanwhile, American equities are at the lowest level that equities can be. Another at-risk area, when the dollar crashes, is the $5.7 trillion in American’s retirement savings. Citi is a leading global Rothschild bank, which provides leadership in helping clients raise capital. Citi offers its clients a wide range of financial products. Citi Group America has been losing equity. And as a final note, Yellen is having difficulties helping the FED.
A GLOBAL RESET. Christine LaGarde, the IMF’s leader & powerful Illum. mmbr., has been speaking repeatedly of “structural reforms” which she calls a “reset”. LaGarde points out that the World faces financial bubbles, massive unemployment, slow growth rates & imbalanced growth. Her response is that the regulatory environment has to be remade…which she calls a “reset”. India is an example of a good candidate needing reform. In the new monetary system, will there be cash?
NEW ECONOMY LOBOTOMY. Financial experts continue to call for a paperless society. Cash is being demonized because it is untraceable. For instance, Harvard prof. Kenneth Regoff, “Paper money is unfit for a world of high crime and low inflation….it is time to consider whether … phasing out currency would address the concern that a significant fraction, particularly of large-denomination notes, appears to be used to facilitate tax evasion & illegal activity.” The identity theft I suffered last summer shows that electronic transactions are just as vulnerable as cash to criminal activity.
GLOBAL WEALTH TAX IN THE FUTURE? The 400 richest have more than a trillion dollars. In 1980, the CEO’s of Fortune 200 companies made 42 times the average worker, and by 2000 the disparity of the ratio had grown to 500 times the average worker’s earnings. It is likely that sometime in the next few years that there will be a global wealth tax.
CONCLUSION. No matter what the state of the World’s banks & finances, no matter what your personal financial state, you can do noble deeds & Christ-like loving deeds, & store up treasure in heaven. Have a blessed day.