VELOCITY of Money Below Great Depression Levels

The New York banks destroyed banking when Robert Rubin of Goldman Sachs managed to get the Clinton Administration to repeal Glass-Steagall. Even Mario Draghi, head of the ECB who is taking interest rates negative, was a vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002–2005). So, the tentacles of NY spread wide and far.

The corruption in New York controlling Congress, the Justice Department, and the courts, has allowed the NY bankers to rise to the top of the world from a power elite perspective. They even control much of the media and Hollywood. This power that has transformed banking has been emulated by other banks around the world, insofar as Transactional Banking has displaced Relationship Banking as the “new” way to make money.

However, the banks outside the USA do not control their governments as fully as they do in the USA. Who does Hillary run to for money? The NY bankers. Yet, the battle over the banking industry’s reputation is emerging everywhere but New York. It intensified last Friday in Australia when two of Australia’s top regulators took a simultaneous shot at the “culture” at the heart of the nation’s largest financial institutions.

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