Thursday, June 23, 2011

Big Banks

The outrage over the behavior of the big banks leading up to and following the “Great Recession” is amusing, at least to those with at least a modest background in the history of finance. Beginning with the Rothschild’s stranglehold on European history in the 19th century to JP Morgan financing the Second World War, history is much more clearly understood when looked at from the point of view of what the big bankers were doing. Nathan Rothschild’s famous “Give me control of a country’s financing and I could care less who governs” captures the spirit and the reality of the whole thing. It puts the scurrying around of senators and kings in a new perspective and makes almost laughable the attempts by governments for the past two hundred years (at least) to control them. As people call for new regulation, one is reminded of the famous New Yorker cartoon which shows two bankers sitting at a desk with the caption “These new regulations are going to fundamentally change the way we get around them.”

By Sam DelPresto