VELOCITY of Money is Below Great Depression Levels
by Martin Armstrong
ArmstrongEconomics.com
June 1, 2015
The New York Banks have been my adversary to say the least. Even Alan Cohen who was the court receiver running Princeton Economics was simultaneously on the board of directors of Goldman Sachs and even when the SEC said the contempt should end, it was Cohen who lied to the court to keep the contempt going without even a complaint or charges since the original charges were dropped.
The New York banks have 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.
That 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 which 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.
The Rest…HERE
