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Bank Crimes Pay: Under the Thumb of the Global Financial Mafiocracy
By: Andrew Gavin Marshall
27 November 2015
Originally posted at Occupy.com
On Nov. 13, the United Kingdom’s Serious Fraud Office (SFO) announced it was charging 10 individual bankers, working for two separate banks, Deutsche Bank and Barclays, with fraud over their rigging of the Euribor rates. The latest announcement shines the spotlight once again on the scandals and criminal behavior that have come to define the world of global banking.
To date, only a handful of the world’s largest banks have been repeatedly investigated, charged, fined or settled in relation to a succession of large financial scams, starting with mortgage fraud and the Libor scandal in 2012, the Euribor scandal and the Forex (foreign exchange) rate rigging. At the heart of these scandals, which involve the manipulation of interest rates on trillions of dollars in transactions, lie a handful of banks that collectively form a cartel in control of global financial markets – and the source of worldwide economic and financial crises.
Banks such as HSBC, JPMorgan Chase, Barclays, Bank of America, Citigroup, Deutsche Bank, Royal Bank of Scotland and UBS anchor the global financial power we have come to recognize as fraud. The two, after all, are not mutually exclusive. In more explicit terms, this cartel of banks functions as a type of global financial Mafia, manipulating markets and defrauding investors, consumers and countries while demanding their pound of flesh in the form of interest payments. The banks force nations to impose austerity measures and structural reforms under the threat of cutting off funding; meanwhile they launder drug money for other cartels and organized crime syndicates.
Call them the global Mafiocracy.
In May, six major global banks were fined nearly $6 billion for manipulation of the foreign exchange market, which handles over $5 trillion in daily transactions. Four of the six banks pleaded guilty to charges of “conspiring to manipulate the price of U.S. dollars and euros exchanged.” Those banks were Citigroup, JPMorgan Chase, Barclays and Royal Bank of Scotland, while two additional banks, UBS and Bank of America, were fined but did not plead guilty to the specific charges. Forex traders at Citigroup, JPMorgan Chase and other banks conspired to manipulate currency prices through chat room groups they established, where they arrogantly used names like “The Mafia” and “The Cartel.”
The FBI said the investigations and charges against the big banks revealed criminal behavior “on a massive scale.” The British bank Barclays paid the largest individual fine at around $2.3 billion. But as one trader at the bank wrote in a chat room conversation back in 2010, “If you aint cheating, you aint trying.” The total fines, while numerically large, were but a small fraction of the overall market capitalization of each bank – though the fine on Barclays amounted to some 3.4% of the bank’s market capitalization, the highest percentage by far among the group.
Despite the criminal conspiracy charges covering the years 2007 through 2013, the banks and their top officials continue to lay the blame squarely at the feet of individual traders. Axel Weber, the former president of the German Bundesbank (the central bank of Germany), who is now chairman of Switzerland’s largest bank, UBS, commented that “the conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions.”
Looking at the larger scale of bank fines and fraud in the roughly eight years since the global financial crisis, the numbers increase substantially. In addition to a 2012 settlement for mortgage-related fraud in the U.S. housing market, which amounted to some $25 billion, several large banks paid individual fines related to mortgage and foreclosure fraud – including a $16 billion fine for Bank of America, and $13 billion for JPMorgan Chase. Added to these are fines related to the rigging of the Libor rate (the interest rate at which banks lend to each other) and the Forex rigging, as well as money laundering, violating sanctions, manipulating the price of gold, manipulating the U.S. electricity market and assisting tax evasion, among other crimes.
According to a research paper published in June, the total cost of litigation (fines, penalties, settlements, etc.) paid by 16 major global banks since 2010 has reached more than $300 billion. Bank of America paid the most, amounting to more than $66 billion, followed by JPMorgan Chase, Lloyds, Citigroup, Barclays, RBS, Deutsche Bank, HSBC, BNP Paribas, Santander, Goldman Sachs, Credit Suisse, UBS, National Australia Bank, Standard Chartered and Société Générale.
Virtually all of these banks also appear on a list of data, compiled through 2007, revealing them to be among the most interconnected and powerful financial institutions in the world. This core group of corporations forms part of a network of 147 financial institutions that Swiss scientists refer to as the “super-entity,” which, through their various shareholdings, collectively controland own each other and roughly 40% of the world’s 43,000 largest transnational corporations.
In other words, the big banks – along with large insurance companies and asset management firms – do not simply act as a cartel in terms of engaging in criminal activities, but they form a functionally interdependent network of global financial and corporate control. Further, the banks work together in various industry associations and lobbying groups where they officially represent their collective interests.
The largest European banks and financial institutions are represented by the European Financial Services Round Table (EFR), whose membership consists of the CEOs or Chairmen of roughly 25 of the top financial institutions on the continent, including Deutsche Bank, AXA, HSBC, Allianz, RBS, ING, Barclays, BNP Paribas, UBS, and Credit Suisse, among others.
In the United States, the Financial Services Forum (FSF) represents the largest American along with some European banks and financial institutions. The Forum’s membership consists of less than 20 executives, including the CEOs or Chairmen of such firms as Bank of America, Morgan Stanley, JPMorgan Chase, Goldman Sachs, Citigroup, UBS, HSBC, AIG, Bank of New York Mellon, State Street Corporation, Deutsche Bank and Wells Fargo, among others.
And on a truly global scale, there is the Institute of International Finance (IIF), the premier global association representing the financial industry, with a membership of nearly 500 different institutions from more than 70 countries around the world, including banks, insurance companies, asset management firms, sovereign wealth funds, central banks, credit ratings agencies, hedge funds and development banks.
In addition to these various groups and associations, many of the same large banks and their top executives also serve as members, leaders or participants in much more secretive groups and forums – for example, the International Monetary Conference (IMC), a yearly meeting of hundreds of the world’s top bankers hosted by the American Bankers Association, which invites selected politicians, central bankers and finance ministers to attend their off-the-record discussions. In addition, there is the Institut International d’Etudes Bancaires (International Institute of Banking Studies), or IIEB, which brings together the top officials from dozens of Europe’s major financial institutions for discussions with central bankers, presidents and prime ministers in “closed sessions” with virtually no coverage in the media.
These financial institutions are major owners of government debt, which gives them even greater leverage over the policies and priorities of governments. Exercising this power, they typically demand the same thing: austerity measures and “structural reforms” designed to advance a neoliberal market economy that ultimately benefits those same banks and corporations. The banks in turn create the very crises that require governments to bail them out, racking up large debts that banks turn into further crises, pressuring economic reforms in return for further loans. The cycle of crisis and control continues, and all the while, the big banks and financial institutions engage in criminal conspiracies, fraud, manipulation and money-laundering on a massive scale, including acting as the financial services arm of the world’s largest drug cartels and terrorists organizations.
Welcome to the world governed by the global financial Mafiocracy – because if you’re not concerned, you’re not paying attention.
Global Power Project: Bilderberg and the Global Financial Mafia
By: Andrew Gavin Marshall
11 December 2014
Originally posted at Occupy.com
In the previous Bilderberg article, I wrote that financial markets were “a type of global parasite with unprecedented power capable of determining the fate of nations and peoples.” In truth, the “super-entity” known as financial market power functions like a cartel, or an organized criminal network: a Mafia. This installment examines some of the members of the global financial mafia who are present at Bilderberg meetings and thus are given unparalleled access to political leaders behind closed doors.
At Bilderberg meetings, participants frequently include leading officials and advisers to banks like JPMorgan Chase, Goldman Sachs, Barclays, Deutsche Bank, HSBC and AXA, among others. The participation of leaders and advisers to these and other large financial institutions provides world leaders with direct, “private” access to some of the leading voices at the core of global financial markets. The interests and actions of financial markets can thus be articulated to the leaders of powerful political, media, military, intelligence and technocratic institutions. The “invisible hand” may voice where and when it might smack.
Through Bilderberg, leaders in financial markets are given an inside look at, and access to, those who shape and wield foreign and economic policy in the world’s most powerful nations. Their interests become a part of that process, just as geopolitical interests are integrated into the actions of financial markets. While financial markets command no armies, they determine the flow and functions of money upon which all armies are dependent, and to which nations are obedient. Bilderberg brings these institutions and individuals together for an off-the-record, private chat about global affairs and policy.
Martin Feldstein, who serves on the International Council of JPMorgan Chase, attended all but one Bilderberg meeting between 2010 and 2014. Feldstein is one of the most influential American economists over the past several decades, serving as a professor at Harvard, a member of the Group of Thirty, the Trilateral Commission, the International Advisory Board of the National Bank of Kuwait, and the Council on Foreign Relations. He advised President George W. Bush as a member of the Foreign Intelligence Advisory Board between 2007 and 2009, a position in which he was given access to top-secret intelligence information. He had previously served as one of Ronald Reagan’s chief economic advisers, and President Obama appointed him in 2009 to serve on the Economic Recovery Advisory Board, advising on how to manage the “recovery” following the financial crisis.
Feldstein’s views are well known. Relating to Europe’s debt crisis, for which Bilderberg meetings hold a great deal of significance, Feldstein wrote in the Financial Times in July of 2013 that governments that bowed to “popular political pressure” to lessen the brutal austerity measures widely seen as the cause of mass unemployment, poverty and social unrest, were at risk of facing rising interest rates and “a new fiscal crisis.”
In other words, if governments bend to the will of the people, financial markets will seek to bend them back. A “fiscal crisis” only takes place when creditors (financial markets) decide to stop funding the government. In Europe, nations are largely dependent upon banks to provide them with credit to function. Thus, if the heads of financial markets don’t like the policies of nations, they can cut off their funding, creating a major crisis and even collapsing the government. This leverage forces nations to follow policies favored by financial markets, such as austerity and various other “structural reforms.” Meanwhile, the policies combine to impoverish the population, enrich the elite, allow for mass exploitation of resources and labor, and consolidate control of the economy into the hands of relatively few, large global banks and corporations.
Another key Bilderberg member and leading figure in financial markets is Josef Ackermann, whom I have written about previously. Ackermann has been one of Europe’s most powerful bankers over the past decade, as the CEO of Deutsche Bank and a major power player throughout the debt crisis holding key leadership positions in large industry associations such as the Institute for International Finance (IIF).
The current chairman of the Bilderberg Group, Henri de Castries, is chairman and CEO of the French insurance giant, AXA, one of the top companies on the Swiss study’s list of the “super-entity” of banks and insurance giants. De Castries is also a member of the European Financial Services Round Table (EFR), a lobby group made up of the chairmen and CEOs of Europe’s largest financial institutions.
In 2012, the Financial Times referred to Henri de Castries as one of France’s “best known captains of industry,” having served as an unofficial adviser to former French President Nicolas Sarkozy, and been school classmates with the current President Francois Hollande. De Castries is considered “as establishment as you can get in France.”
In the wake of the European debt crisis, Henri de Castries supported the policies of austerity and structural reform, warning in 2012 that the crisis would continue for some time. He suggested that governments needed to learn how to “spend less” and the only way to “win back our competitiveness” was “through business investment and not by public spending,” adding: “What we need is a profound cultural change.”
Marcus Agius, a member of Bilderberg’s steering committee, is the chairman of PA Consulting, having previously served as the chairman of Barclays, the bank listed in the number one spot on the list compiled by the Swiss study. As chair of Barclays between 2007 and 2012, Agius also served as chairman of the British Bankers Association, was a director of the BBC from 2006 to 2013, and served as a Business Ambassador of the Trade and Investment Ministry of the British government. Agius also married the daughter of Edmund de Rothschild, bringing him into the family of one of the most prestigious and influential financial dynasties in the world.
Agius resigned from Barclays in 2012 as a result of the massive global financial fraud revealed by the Libor rate scandal, whereby some of the world’s largest banks – including Barclays – formed a cartel at the British Bankers Association to manipulate the interest rate at which banks lend to each other, influencing prices throughout the global economy. Despite the resulting scandal for Agius and others, which forced resignations in 2012, he stayed on the bank’s payroll as an adviser until March of 2014, a full 20 months following his official resignation.
Douglas J. Flint, who is chairman of HSBC, has attended every Bilderberg meeting since 2011. He is also chairman of the Institute of International Finance (IIF), and is a member of the European Financial Services Round Table (EFR), the Financial Services Forum, the International Monetary Conference (IMC), and serves on advisory boards to the Mayors of Shanghai and Beijing.
W. Edmund Clark, the chair of one of Canada’s largest banks, TD Bank, has attended every Bilderberg meeting since 2010.
Peter Sutherland has been a long-time Bilderberg participant, and serves as the chairman of Goldman Sachs International.
Robert Zoellick, former World Bank president and Bilderberg participant at every meeting between 2010 and 2014, now serves as the chairman of the Board of International Advisers of Goldman Sachs.
Peter R. Orszag, a Vice Chairman at Citigroup, attended Bilderberg meetings between 2010 and 2012.
The Vice Chairman of Goldman Sachs, J. Michael Evans, attended Bilderberg meetings in 2012 and 2013.
This is but a small sampling of some of the names of the leaders of financial institutions represented at Bilderberg meetings over the past few years. Apart from leading individual banks and financial institutions, many of the financiers who attend Bilderberg meetings simultaneously hold leadership positions within other large banking lobby groups, industry associations, and major international conferences.
For example, Bilderberg members and participants frequently hold simultaneous leadership positions at the Institute of International Finance (IIF), the International Monetary Conference (IMC), and the Group of Thirty (G30), all of which have been the focus of previous installments of the Global Power Project, as they have been profoundly influential organizations in their own right. The fact that so many leading figures in those organizations are leaders and participants in Bilderberg meetings lends extra weight to the importance of the meetings.
Roger Altman, a Bilderberg steering committee member and head of a large investment bank, wrote in a May 2013 article in the Financial Times that financial markets in the 21st century were “much more powerful than any government leader,” noting that the spread of austerity across Europe was not driven by Angela Merkel of Germany or other political leaders, but rather, by “private lenders… who declined to finance further borrowing by those countries,” and thus, “markets triggered the Eurozone crisis, not politicians.”
The views and the desires of bankers and financiers are important – and influential – precisely because if these individuals don’t get what they want, they wield the power in numbers on screens that can force the hands of even the most powerful governments and politicians. As such, the favored policies of bankers frequently become the implemented policies of states.
Andrew Gavin Marshall is a freelance writer and researcher based in Montreal, Canada.
It’s Not Easy Being Young in This World: Help the “Lost Generation” Find its Way
17 March 2014
By: Andrew Gavin Marshall
It’s not easy being young in this world. And I live in Canada; what does that say? I am 26-years old, in debt, a university dropout – in “the only nation in the world where more than half its residents can proudly hang college degrees up on their walls” – according to a 2012 study by the OECD; a position Canada has held as the “most educated country” in the world since 2000. Yet, I am not among those who are officially deemed ‘educated’ and so my job prospects are glimmer, still.
In 2011, one of Canada’s leading newspapers – the Globe and Mail – reported that 78 million young people were without work around the world, “well above pre-recession levels.” The head of the International Labour Organization warned that the “world economy” was unable “to secure a future for all youth,” which “undermines families, social cohesion and the credibility of policies.” Noting that there was “already revolution in the air in some countries,” unemployment and poverty were “fuel for the fire.” The head of the International Monetary Fund (IMF) had previously warned that youth unemployment in poor nations was “a kind of time bomb.” It is the threat of a “lost generation” of youth that is radically altering the lives of youth – and everyone else – in the world today.
Beyond the Arab Spring uprisings of the Middle East – and the counterrevolutions, coups, civil and imperial wars that have accompanied them, seeking to co-opt, control or crush them – has been the massive unrest spreading across much of Europe, notably in south, central, and eastern Europe. This great unrest has accompanied the economic, financial, and debt crises which have gripped Europe in recent years, with countries imposing ruthless economic policies that impoverish the populations and make them ripe for exploitation by multinational corporations, while keeping them under the harsh boot of militarized police and increasingly authoritarian states, where fascism is once again on the rise.
But in Canada – the world’s most “polite” nation – where more than half of the population have degrees, roughly one in three university graduates (of 25 to 29 years old) “ends up in a low-skilled job,” low paid and part-time, while 60% of these graduates leave school with an average debt of $27,000. This, noted CBC’s Doc Zone, “is a ticking time bomb with serious consequences for everyone.” Young Canadians are “overeducated and underemployed.” We “are entering an economy in the throes of a seismic shift where globalization and technology are transforming the workplace.” An added challenge is that, “for the first time in history youth are facing… competition with their parents’ generation for the small pool of jobs that do exist.”
Canada’s youth have continued to be referred to as a “lost generation” whose future is of “people without jobs and jobs without people.” But this is not merely a Canadian phenomenon. The OECD – the Organisation for Economic Cooperation and Development, an economic think tank representing the world’s 34-or-so richest nations – noted that the threat of a “lost generation” was global. Canada’s youth unemployment rate was at around 15% – for 15-24 year-olds – while in Spain and Greece it had risen above 50%, as was reflected in the increasing social unrest.
Canadian youth are unemployed at a rate double the national jobless rate of 7.2%, the “biggest gap between youth and adult unemployment rates since 1977.” Youth are – due to lack of experience – twice as likely to be laid off as older, more experienced workers. A July 2013 report by one of Canada’s largest banks – CIBC – stated that there were 420,000 youth (15-24) who were “neither employed nor enrolled in school… basically on the sidelines doing nothing.”
The CIBC report more-or-less bluntly stated – that is, blunt for bankers – that: “The current environment of part-time work, temporary jobs, corporate and government restructuring and downsizing is especially tough on young people whose lack of experience and seniority make them much more vulnerable to labour market changes.” In other words, we’re fucked. As the bankers continued to explain, while youth may be enrolling in schools more, staying in schools for longer, degrees are “no longer enough.” Schools must more and more become “training grounds” for corporate employment. Education will also have to become more expensive, require more debt, and thus, become increasingly privatized and specialized, so as to ensure that fewer people gain access to it. Instead of going to school, the bank suggested, “Do whatever it takes to make you different.”
I thought it would be a cold day in Hell before I followed advice from a banker, but here I am (cold it may be), trying to do what makes me “different.” So what the hell do I do? This is a question that has plagued many of my friends, my family, and indeed, myself.
My general cookie-cutter answer to the question of ‘what it is I do’ sounds something like this: I research and write about ideas, institutions and individuals of power, and methods and movements of resistance. That is, at least, the most succinct way that I know how to explain it. But perhaps it is time to go into a little more detail about what I do, and what I have done thus far.
I started doing research and submitting my writing to various alternative news websites back when I was about 19-years-old, still a university student in Vancouver, studying Political Economy and History. After a year or so of submitting articles, I received a job offer from one of the sites I was submitting to – Global Research – and began working as a Research Associate. I eventually moved to Montreal to be closer to my work, and when I was 22, we published a book on the economic crisis that I co-edited with my boss and in which I contributed three of my own chapters, covering issues related to central banks, think tanks and global governance.
When I was 24, I decided to move on, in part to protect the autonomy of a book I had started working on, and in part due to personality differences (and clashes). While I valued my newfound freedom, I chose a risky path. I was left as a 24-year-old unemployed non-French-speaking Anglophone in the French-speaking province of Quebec. My options were limited. At the time, it seemed that it came down to working at a call center, as a dishwasher, or going on welfare. Instead, I chose to try to chart my own way, to try to find a way to make money and survive doing what I love, and what I had developed skills for: research and writing. It was at this time that I decided to re-imagine my plan for writing my book, and I launched The People’s Book Project in the fall of 2011.
The objective was – as it remains – to crowd-fund my efforts to research and write one – and what later became a series of books undertaking an institutional analysis of power structures, to dissect and expose the ideologies, institutions and individuals that wield enormous power over the world.
From the time that I began The People’s Book Project until today, it has been a whirlwind of challenges, opportunities and growth. There were several people who, from the early days of the Project, contributed financial resources to allow me to continue with my work. It is never easy trying to live off of the kindness of strangers, from donations sent from around the globe. It’s not exactly a stable source of finances, and while one month may seem to be worry-free, the next month I could be broke. My family also stepped in to help me along my way, often subsidizing my efforts to a large degree as well. Thanks to my family, friends and strangers from around the world who have donated, The People’s Book Project is still continuing to this day, with thousands of pages of written research, rough drafts of chapters, and various edits compiled. One book became many, and with the growth of research, the analysis and understanding changes with time.
But circumstances also had a way of changing my focus. In early 2012, I decided to return to university, this time in Montreal. I enrolled and only signed up for one class (History of Haiti), since I wanted to continue devoting most of my time to my work. Within a month or so of returning to school, students from across the province of Quebec went on strike against the government’s plan to dramatically increase tuition costs (and in effect, to double the debt load most students would have to take on).
Suddenly, so much of what I had been writing about was happening right outside my window, on the streets, at my school, in the city where I lived. Hundreds of thousands of students protested, riot cops called into my school, charged by riot police for peacefully assembling, thousands of students were arrested, as police shot protesters with rubber bullets, tear-gas, ran them over with cars, vans and horses, until the government itself declared protests themselves to be illegal. The whole city rose up in response, and it was perhaps the most inspiring thing I have ever been personally witness to.
At that time, I chose to contribute to the student movement in the only way I knew how: to research and write. I was reading the English-language coverage of the student movement from within Quebec and across the rest of the country. What I was reading was about how “spoiled little brats” in Canada’s most “entitled” province were complaining and rioting about our government raising tuition when the rest of Canada had higher tuition (and debt to go with it). What I was reading was a world away from what I was seeing, hearing and experiencing. I decided that I would write about that story.
Very quickly, my writing was being picked up by multiple news sites like never before, as people hungry for more than the usual banality of the Canadian media were taking in new perspectives and seeking new sources of information. My article – “Ten Points Everyone Should Know About the Quebec Student Movement” – surprised me by going viral (by my standards), especially when it was picked up by CounterPunch and the Media Co-op, and thereafter I was consumed with writing about developments during the strike, as well as giving interviews with radio and even television stations. I was being quoted by a CBC blog, as well as in mainstream newspapers in British Columbia and Manitoba. Everything had been moving so quickly, and after months of working and writing about the student uprising, as it began to wind down, so did I. Ultimately, I had a bit of a ‘crash’ from over-exhaustion, but was soon back to writing.
In terms of the evolution of The People’s Book Project, the Quebec student movement was evidence to me that I could not simply focus on studying and writing about the institutions and ideologies of repression and domination, but that I had to place an equal focus on movements and methods of resistance, understanding that one cannot exist without the other, and that together, they provided a more coherent view of reality, this began to place increased focus on the issue of resistance being included within my research for the Book Project. After all, it is through resistance, rebellion, revolt, and creativity that we are able to find hope in this world and the situation we find ourselves in. It would simply not be enough to provide an examination of the structures that dominate our world without allowing for some hope to be understood and seen in those forces that resist these institutions and circumstances.
From here, my work on the Book Project began to rapidly expand. I turned my focus to Europe, and specifically the European debt crisis, examining the causes and consequences of the debt crisis, as well as the mass unrest, protests and social movements that have emerged as a result. In the span of a few months, I compiled over 350 pages of writing and research on the European debt crisis to contribute to the Book Project, samples of which I have since published online, notably on the debt crisis in Italy, focusing on the issue of austerity, and have also written on the uses of ‘political language’ throughout the debt crisis and all economic crises as a means of obscuring reality and, as Orwell wrote, “making lies sound truthful, murder respectable, and to give a feeling of solidity to pure wind.”
Studying the debt crises in Europe pushed me to try to better understand the uses and abuses of language by power structures and ideologies, and notably, in the fields of economics and finance, where the language appears very technical and specialized, to the point where it seems incapable of being understood by anyone without a degree in those fields.
By this time, I had also decided to drop out of school. I wanted to focus exclusively on my work, and school had seemed to become more a hindrance than a help. So, for the time being, I have given up on any goals regarding degrees and diplomas, instead, I have chosen to let my work speak for itself as opposed to getting any officially-recognized ‘credentials’.
I have, however, learned a great deal from the years I spent in school, namely, on an evolving quality of research. I don’t really look (or like looking) back at things I have previously written and published, especially those from several years ago. I rarely agree with any views I then-held, I find my quality of research seriously lacking, my analysis halfway incoherent, and my own understanding to be rather superficial. I am sure I will view my current work in a similar way several years from now, but I feel that this is a good thing. It is a sign that I am continually evolving in understanding and approach, and that I have still have a great deal to learn. This has been both a strength and a weakness for my Book Project. It has been a strength in the sense that the quality of research and analysis for the book increases over time, but a weakness in the sense that it extends the time that it takes to do the research and writing. The trade-off, I hope, is a worthy one. At least, I feel that it is. For readers, they may decide in due time.
For the past two years I have also been doing almost-weekly podcast episodes for BoilingFrogsPost, founded by Sibel Edmonds. The format has been wonderful, as I have been given an incredible amount of freedom to discuss whatever issues I want for whatever length of time I want, and it has connected me with a host of researchers, writers, activists and others from across the spectrum.
The past year has also been an especially busy one. I began getting offers to do an occasional commissioned article for various websites. This, again, has been both a strength and weakness for the Book Project. While it has helped in terms of being paid work (a rarity for any writer, it seems), as well as allowing my to work on subjects which are related to those of the Book Project, it has often torn me away from working specifically on the book, as most of my time had to be turned into writing articles for other sites, as well as working on several other projects which I took on.
My writing has been increasingly picked up by TruthOut and AlterNet, writing about the major think tanks that have been used to advance corporate and elite interests around the world, massive unrest in Indonesia, the world’s largest ‘free-trade’ agreement between the EU and US, and the development of the modern propaganda system, as well continuing to write about banks and “financial markets” (and their relationship to drug money laundering). Indeed, some of these articles have resulted in me being contacted by a big bank or two inquiring as to my sources for mentioning their name in relation to laundering drug money (which I promptly provided!).
I have also been working on an ongoing project for Occupy.com, called the Global Power Project, which focuses around institutional analysis of individual organizations, examining their history and evolution, as well as compiling the CVs of all the individuals who lead the organizations in order to chart a network of influence wielded by these various groups. My focus for this series has been primarily on studying banks and financial organizations. I have done a series of exposés on JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup, Wells Fargo, and Morgan Stanley. I have also examined various organizations which bring together large groups of bankers with finance ministers and central bankers, such as the Institute of International Finance – the world’s largest banking lobby group – and the Group of Thirty, which resulted in me being contacted by the executive director of the G30 expressing his disappointment that I did not contact him or the group’s members for comment in my article series.
I have also authored an essay in cooperation with Occupy.com and the Transnational Institute for the TNI’s yearly ‘State of Power’ report, where I focused on analyzing the European Round Table of Industrialists – a group of Europe’s top CEOs – in shaping the evolution of the European Union. I have also been published in an academic journal published by the Spanda Foundation, where I contributed an article on environmental degradation and indigenous resistance to the social order. On top of all this, I also recently began another ongoing series for Occupy.com, the World of Resistance [WoR] Report, discussing issues related to the spread of global protests, uprisings, rebellions and revolutions.
One of my previous articles on the Trans-Pacific Partnership was also cited in Project Censored’s “Most Censored Stories” for their 2014 edition. I have also appeared on CBC Radio’s The Current to discuss evolving events in Tunisia’s revolution, as well as having had an op-ed published in a mainstream newspaper in British Columbia, The Province, where I countered an argument put forward by a regular columnist for the newspaper chain, discussing indigenous issues in Canada, a topic I have also discussed on APTN (Aboriginal Peoples Television Network).
I am also the chair of the Geopolitics Division of The Hampton Institute, a new U.S.-based “working class” think tank where I focus on discussing foreign policy and empire. I have written pieces for the Hampton Institute discussing the use of political language in modern imperialism, President Obama’s global drone terror campaign, the “secret wars” that America is waging in over one hundred countries around the world, U.S. support for death squads, the history of U.S. support for Arab dictatorships, notably in Egypt, where the struggle continues today, and I also wrote a large report on the American institutions and “intellectuals” that promote global empire.
So why did I go through a list of the various things I have written and am working on? Well, the answer is simple: I am asking for a ‘public subsidy’ for my writing and research, by you – the public – and so it seemed necessary to let you know a little bit more about where I’m coming from, what I’m doing, and what I’ve done, so that you can determine for yourself if my work is worth continued support.
My aim is to raise enough funds so that I can put aside a good deal of time from my various other time-consuming projects so that I can focus exclusively on the book and get the first edition done as soon as possible. But this requires actual funds, and I am far from having anything close to the amount necessary to dedicate meaningful time to this project. I hate asking for money, but I have come to terms with being an intellectual prostitute for the time being. However, I would rather prostitute my mind for the benefit of the wider public – and most especially the youth of the current “lost generation” to which I belong – as opposed to whoring my mind and efforts out to some various institution. At this point, however, I am essentially unemployable in almost every field, and so my options are rather limited. But I think that through my work, I can help others see that as a species, we do have other options, but that requires us to come to a common understanding, and to engage in common action. We cannot change the world, or steer humanity off the course of seemingly-inevitable extinction, alone. We need each other.
The People’s Book Project is the primary means through which I think I can contribute to this endeavor, to help give the “lost generation” a little bit of guidance. But just like the larger work and efforts that this world will require (and notably, require of the “lost generation”), I cannot do this alone. I require the support of readers and others. So please consider making a contribution to The People’s Book Project, and help the “lost generation” try to find its way.
Andrew Gavin Marshall
EXCLUSIVE: Leaked Documents from Secretive Meeting of Global Bankers at the 2013 International Monetary Conference (IMC)
EXCLUSIVE: Leaked Documents from Secretive Meeting of Global Bankers at the 2013 International Monetary Conference (IMC)
By: Andrew Gavin Marshall
6 March 2014
The International Monetary Conference (IMC) is an annual gathering of roughly 200 of the world’s most influential bankers who meet in private with some of the leading finance ministers, regulators and central bankers of the industrial world. The meetings have been ongoing from 1954 until present-day, and have been influential forums for discussion, establishment of consensus, and the articulation and formation of policy related to global economic, financial and monetary issues.
The following document which I obtained is the program for the 2013 IMC meeting which took place in Shanghai, including the list of events and speakers at the annual gathering. Among the participants and speakers at the June 2013 International Monetary Conference (IMC) are some of the world’s most influential private bankers, including: Baudouin Prot (Chairman of BNP Paribas), Douglas Flint (Chairman of HSBC), Axel Weber (Chairman of UBS), Jacob A. Frenkel (Chairman of JPMorgan Chase International), Jamie Dimon (Chairman and CEO of JPMorgan Chase), Jürgen Fitschen (Co-Chairman of Deutsche Bank), John G. Stumpf (Chairman and CEO of Wells Fargo), Francisco Gonzalez (Chairman and CEO of BBVA), and Peter Sands (Chief Executive of Standard Chatered.
Since the IMC took place in Shanghai, it also drew some notable names from the elite within China, including: Hen Zheng (Member of the Political Bureau of the Communist Party of China – CPC – Central Committee and Secretary of the CPC Shanghai Municipal Committee), Jiang Jianqing (Chairman of the Industrial and Commercial Bank of China), Shang Fulin (Chairman of the China Banking Regulatory Commission), Tian Guoli (Chairman of the Bank of China), and Zhou Xiaochuan (Governor of the People’s Bank of China, China’s central bank).
Zhao Xiaochuan was not the only central banker present at the meeting, however. Also present were: Mario Draghi (President of the European Central Bank), Jaime Caruana (General Manager of the Bank for International Settlements), and Janet Yellen, who was then the Vice Chair of the Federal Reserve Board, now the Chair of the Federal Reserve System.
Download the full program here: International Monetary Conference 2013 Program