This Man Tells It Like It Is

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JAG's picture
JAG
Status: Diamond Member (Offline)
Joined: Oct 26 2008
Posts: 2492
This Man Tells It Like It Is

Here is an interview with J.S. Kim at Zerohedge from a few days back. I like this guy's perspective and I think you will also.

Ilene: What do you see as the source of the problems caused by the banking system?

J.S.: Central banks are the original creators of the collapse. For instance, the bankers have caused problems inherent in a fractional reserve lending system by allowing much less than 10% to be kept in reserve. A ten percent reserve was way too much for the bankers, and over time, the member banks of the Federal Reserve system lobbied the U.S. Federal Reserve (through Chairman Alan Greenspan back then) to ensure that today, the real requirement is less than 2%, and in many cases, incredibly, zero percent. The central bankers run the economy, not the government.

Ilene: They lobby the Federal Reserve?

J.S.: Yes, that’s correct, Ilene. The banks lobbied the Fed chairman directly.

Ilene: So you’re saying that those who control the banks have enormous political power, due to controlling so much of the world’s wealth?

J.S.:  Yes, look at how U.S. Congressmen Mel Watt (NC-Dem) has recently tried to gut Ron Paul’s bill to audit the Fed and its monetary policy. The bankers have people in their back pocket throughout government that work for their own interests and against the rights of the people.

The owners of the central banks direct policy decisions. Men like Ben Bernanke and Alan Greenspan are just the face of the U.S. Fed but ultimately not the real decision makers. The owners of the central banks influence global economic policy at meetings such as the G-8, G-20 and Bilderberg group meetings. They get together and make decisions that affect the entire global monetary system. Collectively, the original founders of the U.S. Federal Reserve held 20% to 25% of the world’s wealth in the early 1900’s. I believe their wealth is greater now.

In fact, I loathe using the term the U.S. Federal Reserve, because the founders of the US Federal Reserve purposefully placed the word “Federal” in the name of the U.S. Central Bank to fool the people into believing that the U.S. government is running this institution. It’s actually a public-private hybrid. They felt that the people would trust a government monetary institution but not a privately held one. And they were right. So they misrepresented themselves in the assignment of this name. A more accurate name for the U.S. Federal Reserve would be something like “The Most Powerful Private Bank in the World.”

anarkst's picture
anarkst
Status: Silver Member (Offline)
Joined: Jul 1 2009
Posts: 121
Re: This Man Tells It Like It Is

From the Blogsite, Seeking Alpha:

Profile of J.S. Kim

After earning an undergraduate degree from the University of Pennsylvania and two master degrees (a Master in Public Policy and a Master in Business Administration) from the University of Texas at Austin, J.S. Kim started working within the Private Wealth Management division of one of the largest financial institutions in America. In 2005, dissatisfied with the ethics of the commercial investment industry, JS left the corporate world behind to launch his own company, SmartKnowledgeU™ (http://smartknowledgeu.com/), a fiercely independent investment research & wealth consultancy firm based upon his innovative, proprietary wealth creation strategies, where he serves as President & Chief Investment Strategist.

Mr. Kim’s great accuracy in calling the procession of this global financial crisis for 3 years running on his investment blog, his subscription services, and a series of YouTube videos has led to a high level of interest in his future predictions, with many of his articles reprinted online by Reuters, the New York Times, USA Today, the Wall Street Journal, the Financial Times & the International Business Times. He recently authored the timely book, "Confessions of a Wall Street Insider, A Zen approach to making a fortune from the coming global economic crisis", and actively maintains a blog, The Underground Investor (http://www.theundergroundinvestor.com/),

As you can read above, JS Kim wrote, "Confessions of a Wall Street Insider, A Zen approach to making a fortune from the coming global economic crisis."  Let's pray, for his clients' sake, that Mr. Kim knows a great deal more about investing than he does about Zen.  

JAG's picture
JAG
Status: Diamond Member (Offline)
Joined: Oct 26 2008
Posts: 2492
Re: This Man Tells It Like It Is
anarkst wrote:

 Let's pray, for his clients' sake, that Mr. Kim knows a great deal more about investing than he does about Zen.  

At $3,000/hr (his consultation fee)....I doubt it.

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