2016 Postmortem

Octafish

(55,745 posts)

19. For NAFTA

Mon Mar 14, 2016, 04:31 PM

Mar 2016

Larry Summers
and the Secret "End-Game" Memo

Thursday, August 22, 2013
By Greg Palast for Vice Magazine

EXCERPT...

The year was 1997. US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks. That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks. It was like replacing bank vaults with roulette wheels.

Second, the banks wanted the right to play a new high-risk game: "derivatives trading." JP Morgan alone would soon carry $88 trillion of these pseudo-securities on its books as "assets."

Deputy Treasury Secretary Summers (soon to replace Rubin as Secretary) body-blocked any attempt to control derivatives.

But what was the use of turning US banks into derivatives casinos if money would flee to nations with safer banking laws?

[font color="green"]The answer conceived by the Big Bank Five: eliminate controls on banks in every nation on the planet – in one single move. It was as brilliant as it was insanely dangerous. [/font color]

CONTINUED...

http://www.gregpalast.com/larry-summers-and-the-secret-end-game-memo/

Wish it weren't so. I'm in Detroit. My eyes aren't that bad.

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