Alternative Visions -Global Central Bankers Discuss Financial System Stability at Jackson Hole Meeting -08.25.17
The Fed and other central bank leaders gathering at Jackson Hole Wyoming today express concern for financial instability. Fed chair, Janet Yellen, warns of the Trump administration’s current fast tracking of financial deregulation, driven by the Goldman Sachs-driven US Treasury Secretary, Steve Mnuchin. Dr. Rasmus explains how shadow bankers, like Goldman Sachs, now have almost complete dominance over Trump economic policy, with former Goldman Sachers Mnuchin at the Treasury, Bill Dudley in charge of the NY Fed, and Gary Cohn aschair of Trump’s Economic Council (and soon to replace Janet Yellen next February as head of the Fed). Rasmus explains how the Fed and other major central banks have provided bankers and investors $25 trillion in free money since 2008, but have still not bailed out the banking system leaving a residue of financial problems. More than $15 trillion in non-performing bank loans still exist, not counting trillions more added to corporate bond debt, 3 trillion more in US consumer loans, and $12 trillion more in US government debt just since 2008. Globally, the capitalist system has added more than $50 trillion in debt above its 2008 levels. Where did the $25 trillion go is explained. Why the Fed and other central banks can’t (and won’t) raise interest rates without precipitating another financial crisis. How a new global finance capital elite now control the central banks and economic policies of the governments of the advanced capitalist countries.
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