Trump’s presidency as well as the positions taken by Western liberal elites will provide India with a wonderful opportunity to grow and take its place as an economic powerhouse.
The positions taken by liberal elites have resulted in a threat to Western democracy. Now, these same elites are being called upon to fix the problems they have caused. The result will be the destruction of our society—a destruction that India will be in a position to take full advantage of.
Cashless Societies Signal Death To Liberty And Democracy
In 2015, Kenneth Rogoff, was preparing his move from Harvard’s “Ivory Tower” to Washington, DC. He greedily peppered the media with excerpts from his book The Curse of Cash, all the while salivating over his potential position in Hillary Clinton’s cabinet.
Rogoff posits that “the globe is flooded with cash—and is making us poorer and less safe.” Rogoff wildly pontificates that “phasing out cash will reduce tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy.” As a bonus, “eliminating cash will reduce the debt while helping central banks fight the credit crisis.”
Read that again. Yes, Rogoff uses fear to motivate the masses. If you think this sounds like Donizetti’s L’elisir d’amore, you are correct. It’s snake oil in its purest form. Rogoff offers NO evidence that ending cash will do anything he advertises; Dr. Dulcamara would be proud of Rogoff’s efforts.
Death by Groupthink Echo Chamber
Tone-deaf, Keynesian economic, Kool-Aid sipping academics operate in a groupthink echo chamber. The grandfather of economic theory, Paul Summers serves on Harvard’s staff. In 2006, Summers was forced to step down as Samuelson ’s nephew, Larry Harvard’s president for saying “women can’t help that they are not as smart as men”.
In 1999, Summers succeeded Robert Rubin as Bill Clinton’s US treasury secretary and convinced Clinton to end Glass-Steagall, which was the main driver of the credit crisis. Rubin served as chairman of Citibank during the time when Citibank’s share price collapsed 97 percent resulting in Citibank’s plea to the US Federal Reserve (the Fed) for trillions of dollars in bailout money. Shareholders lost everything and Rubin walked away with a $126 million remuneration package. Where is the rage?
In February, in 2016, Summers floated his cashless concept. “I propose an end to the $100 dollar bill, the 500 Euro note and all large denomination notes; removing bills will making it harder for the bad guys. It will end tax evasion, corruption, terrorism, drug dealers, and the rest of a massive global underground economy.” Summers presents no evidence substantiating these claims and attempts to key in on fear “to make you safe.” This was first reported in the
Washington pravda, errr, Jeff Bezos’s lapdog-fake-news the Washington Post and reprinted by the Financial Times, TIME, Marketwatch, CNBC, NBC, CNN and USA Today.
This PhD’s policies created the credit crisis and made it exponentially worse. Now, he wants a cash ban—the result of which will be the next round of bank bailout funding. These de facto “bail-ins” will be funded by the sectors of society that are most vulnerable: students, seniors, savers, and middle-class taxpayers. The removal of economic freedom and mobility from a society, in the absence of a better solution, is tyrannical and signals the death of liberty and democracy, which will end in disaster or revolution.
Global Wealth Inequality Gap Surges To New Highs
The Fed, the world’s largest rogue hedge fund, lacks any independent audit oversight. As a result, unaccountable officials have taken on massive risk. These unelected Fed governors are appointed for fourteen-year terms and paid five million dollars. In 2012, Gov. Dennis Lockhart boasted, “The Fed can grow its balance sheet to infinity.” In the same interview, Governor Evans said, “Three-percent GDP growth is around the corner.” It’s nearly 2017, and the Fed’s balance sheet is a bloated five trillion dollars. So, “around the corner” has become five years without even a whiff of Three percent GDP. Would one be crazy to think these policies were a failure? Nope.
Hubris, arrogance, zero accountability, and transparency allow our global central bankers to quadruple down on policy failures by inflating grotesque asset bubbles. Soon these bubbles in the bond, stock, and property markets around the world will explode— taking with them our global financial system and what is left of capitalism.
“Hubris, arrogance, zero accountability, and transparency allow our global central bankers to quadruple down on policy failures by inflating grotesque asset bubbles.”
The causes of this mess are excessive debit, credit, and leverage. My book, Planet Ponzi summarises how institutional corruption (politicians; bankers; lawyers; and their corporate-owned, complicit, lapdog media) allowed a global system to be built where banks are too important to fail, bankers are too politically connected to jail, and toothless regulators are allowed to “sleep at the switch.” This has allowed banks to grow debt, credit, and leverage far too quickly without any regard to existing regulations.
The central banks’ moral hazard policy, as well as the policy of picking winners and losers in the stock market, has made everything worse. Did we learn from Japan’s three decades of failed economic policies? Nope! Trouble in today’s Eurozone is far from over—the European Central Bank’s policy of printing money forever has made matters worse, much worse. Polices specifically avoiding regulation, resolution, and restructuring of Eurozone’s toxic assets will end in the EU’s fiery demise.
Albert Einstein said:
“Insanity is doing the same thing over and over and expecting to achieve a different result.”
The West, an empire in decline, has chosen groupthink—hiring the same people to fix the problems they created with the same solutions. While the West continues obsessing over safe spaces and not offending a generation of undereducated, overentitled, precious little snowflakes (aka social justice warriors) who have never been told “no”, the Trump administration will forge forward creating a much more India-friendly path than “Clinton Inc.” ever did. India is in a terrific position to become a hardworking, firing- on-all-cylinders, economic powerhouse and perhaps a leader in international banking.
What India needs is not a “cashless society”; India needs a re-think. Let’s think out of the box and create a “new global banking paradigm” pivoting far away from the West’s broken models that rely on the same PhD economists who destroyed the global financial system and “capitalism” and replaced it with central bank ‘new normal’ Marxism.
My sleeves are rolled up; when can we start?
Getting to know Mitch Feierstein:
- How do you spend your days?
In addition to acting as an advisor to several family offices I am a Managing Director at Storia Inc. a multi-media platform created to change the paradigm in digital content creation, delivery and consumption. Storia will leverage the generational shift away from traditional media to 'mobile and video first'.
-What in your answer to Q1 is especially important to you and why?
It is important to make an impact that can positively influence change.
The west has lost its way, capitalism and free markets have been bulldozed by the interests of .001% of the USA’s gargantuan Military Industrial Complex. Add in a dash of 'narrative designed to move forward specific political agendas', a controlled media, owned by six mega corporations and a cabal of reckless misguided academic central bankers - you have the perfect recipe for either:
1) The worst global economic depression in history, or
2) Civil war, as the left’s political repression of speech, thought and conduct has become 'nazism of the left,' which will end badly, or
3.) World war.
- What drove you to focus on finance & investment? Was there a particular moment you can remember that led you to this field?
Yes. When I was in college I was fascinated by everything 'Wall Street'. I was drawn in by the action and went to work in World Trade Center, Tower I in the very early 1980’s. OUCH.
- What drives you professionally?
Every day presents a different set of challenges.
-In your opinion what are the three biggest problems facing the developed and developing world?
1) Non-elected out-of-control rouge central bankers acting as risky, highly leveraged speculative hedge funds – picking market winners and losers.
2)Non-elected politicians in Brussels that want to strip EU citizens of sovereignty, liberty and democracy.
3) Extremism by the left: A 'social-justice' movement designed to end conservative thought. It seems like totalitarianism because it is. The left are only tolerant, accepting, inclusive if you agree with their opinions – when you disagree they become intolerant, violent fascists.
-If you hadn’t become an investor what would you have done?
Played golf on the PGA tour.
-If you look at recent history, can you identify a turning-point that explains how we come to face the peculiar challenges of today?
It was the excesses of the 1980’s and 35+ years of failed neo-liberal thought and policies that began with bill Clinton and ended with Obama. In reality, this was plunder, (financial fraud), on a massive scale that saw wealth inequality ratios skyrocket.
It started with Larry Summers and Robert Rubin’s convincing Bill Clinton to scrap Glass-Steagall – this allowed securitisations and use of derivatives as speculative financial instruments or weapons of mass financial destruction that allowed creation of massive credit, leverage and debt.
-What are the lessons we failed to learn during and since the 2008 crisis?
Nothing learned – we have re-inflated the same bubbles only larger – no meaningful deleveraging and risk assets are now even more risky.
- Name one measure we might implement immediately to improve the situation.
Immediately stop the central banks madness.
- If you were a President / Prime Minister what would your first three pieces of policy be?
1) Audit, shudder the Federal Reserve Bank, deflate the bubbles and jail the financial terrorists.
2) Disband and dismantle the deep state and shadow government operatives working on behalf of the military industrial complex en mass.
3) Maintain sovereignty – secure the nation- ensure democracy- end the policy failures and restore growth.
- What was your biggest & / or your most recent mistake?
Biggest mistake: owning a huge position on Lehman options.
Most recent: assuming central banks would act rationally.
- Name the book that changed you.
Alexander Hamilton by Ron Chernow
- What would you do differently if you were to start all over again?
Nothing, no regrets I move forward!
- Give our readers, members and subscribers a piece of advice that has served you well.
Never invest in anything you don’t fully understand and never, ever believe that 'it is different this time'.
- What is your main anxiety where you and / or your family are concerned?
How the coming global financial collapse unfolds and will DC be stupid enough to allow WWIII.
- What gives you hope for humanity?
As we near our darkest hour, a ray of sunshine will brightly illuminate the process in which we may begin to rebuild our crippled, corrupt and broken financial and political systems from the ground up… The revolution is coming prepare now…
Latest posts by Mitch Feierstein (see all)
- Russian collusion – no more than “conspiracy porn” - April 3, 2019
- EU Rulers Ban Democracy in Greece, Italy & Spain - June 1, 2018
- Democrats Issue Lawsuit Vs. Russia, Trump – Oh My! - April 21, 2018