The UN Represents The Governments Of The World. May A "Bell Of Atri" Represent The People Of The World? (Part 47)
There is no harm in the concept of Governments Of The World &/or Intergovernmental Organizations (IGOs) that are not designed or obligated to concern themselves with the needs or dreams of the People Of The World; the root of the missteps frequently taken by the authorities is due to their tendency to hire "experts" with "decades of experience" in implementing strategies & tactics based on "academically-tried-&-tested principles". Not that studying the recorded knowledge & wisdom of our forebears is a bad idea; on the contrary, only a fool learns solely from his own experience. The problem is "experts" who insist that said recorded information precludes the need to analyse our world with our own intellectual faculties.
Given below, are some headlines that illustrate the cost of stubbornly insisting on implementing conventional principles in unconventional times:
"Jay Powell says US inflation ‘taking longer than expected’ to hit target" - Financial Times (April 17, 2024)
To summarize: "We’ll need greater confidence that inflation is moving sustainably towards 2% before it would be appropriate to ease policy.", Says US Federal Reserve Chairman Jerome Powell, while acknowledging that the US economy was "quite strong" & claiming that the country’s hot labor market was "moving into better balance" & wage growth now "moderating".
On paper, American lawyer & investment banker, current US Federal Reserve Chairman, Jerome Hayden Powell, sports an impressive list of academic & professional achievements: A degree in Politics from Princeton University, a Juris Doctor from Georgetown University Law Center, a stint as a partner of The Carlyle Group, etc. But, sadly, it appears that said achievements have robbed him of the clarity of perspective that would tell him that his chosen strategy to address his country's economic woes are only aggravating matters further. Not that Mr. Powell is alone in his fallacy; the insistence on high interest rates as the ultimate panacea for inflation, is a prevalent misconception in the minds of almost every central banker & IGO decision-maker, worldwide.
Why? Because - as I can confirm personally - every textbook on economics, finance, etc., worth the name, repeatedly declares that "inflation is the phenomenon of too much currency in circulation in a given economy", implying that the only way to cure inflation is to transfer a certain amount of currency out of circulation & into bank accounts, etc.
That was (reportedly) relevant as long as national economies truly functioned - at least in some significant respects - independently. That was before the advent of multi-trillion-dollar agreements between Developed World buyers & Developing World sellers; before the US/NATO War On Terror introduced the world to the concept of preemptive strikes unilaterally ordered by a country at one end of the planet against a country at the other end; before IGOs could literally instruct Governments Of The World to hold law-abiding citizens prisoner in their own homes in the name of "saving" them from airborne viruses. In short, never before have the policies regularly floated today, been considered even thinkable let alone acceptable...which means that the research of our ancestors must now be interpreted in light of what our ancestors would have considered too cruel to ever actually become a part of life.
In today's business world, national boundaries don't really matter; for example, runaway inflation in Pakistan can eventually spark off runaway inflation in the US...because American buyers make the US a top export destination for Pakistani goods. Thus, blaming US inflation on "too many dollars sloshing around in domestic markets" is plain wrong; the problem is that high taxes in Pakistan necessitate large amounts of currency to remain in circulation...the fallout of which is reduced productivity in Pakistan, which triggers a shortage of Pakistani goods in American markets, which leads to a spike in the prices of American goods &/or services that use Pakistani products, which causes "inflation".
Now, how may poor Mr. Powell & other Developed World central bankers, be expected to solve this problem via an adjustment of currency in circulation & interest rates? How may an international-level fiscal policy catastrophe created by the IGOs & their subsidiaries, e.g. the IMF & the World Bank, be reversed by the monetary policies of the Fed, ECB, Bank Of Japan, etc.?
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This is why, days are turning into weeks, weeks are turning into months, & months are turning into years...but high interest rates in the Developed World have failed to address inflation in the Developed World; because, after the US/NATO War On Terror & the World Health Organization's COVID-19 "lockdowns", economic issues will never ever be limited to specific geographical or political zones, because they have metamorphosed into a scourge of global proportions. Acknowledging the suffering of the Developing World was once an act of generosity by the Developed World; now, it has become an act of personal survival.
"RBC’s US subsidiary City National Bank hit with $65m fine from OCC" - Fintech Futures (February 7, 2024)
To summarize: US subsidiary of Royal Bank of Canada (RBC) City National Bank (CNB) has been penalized by the US Office of the Comptroller of the Currency (OCC) with a fine of US$65 million for "systemic deficiencies in the bank’s risk management and internal controls". While the OCC has not specified the exact infractions committed by CNB, nor the time bracket during which said infractions were committed, OCC scrutiny reportedly began, not after RBC acquired CNB in 2015, but after RBC invested US$ ~3 billion in CNB throughout 2023.
"'You’re Never Too Busy For Your Banker': How Italy's 'Ndrangheta Mafia Allegedly Infiltrated Canadian Banks" - OCCRP (April 18, 2024)
To summarize: "Project Sindicato" was an international multi-million-dollar investigation launched by the York Regional Police of Canada (between 2017 & 2019) against the Toronto faction of the 'Ndrangheta, which was ultimately nullified by the Canadian judicial system (in 2021) due to allegations of wire taps that breached attorney-client privilege. While a number of Canadian banks were found to be engaged in legally-questionable dealings with the 'Ndrangheta Toronto, only an employee of the Royal Bank of Canada was formally charged (with money laundering) & RBC acknowledged that it had spotted suspicious transactions linked to him.
Taken together, it would appear that the decision of the Canadian law enforcement agencies (& the relevant international authorities) to brazenly abuse the laws of evidence, could have been a deliberate act of sabotage by moles within the law enforcement agencies to bring about a "fruit of the poisonous tree" situation; similarly, it is sad to see the casual attitude with which the Canadian judicial system (& the relevant international authorities) dismissed a case regarding the clear abuse of the Canadian financial system by transnational organized crime cartels.
Every action has an equal & opposite reaction: The case yielded by "Project Sindicato" was thrown out by Canadian courts in 2021...& Royal Bank of Canada began making investments in its US subsidiary City National Bank in 2022 & 2023, which led to (unspecified) acts of abuse against the US financial system. Did the identification & penalization by US authorities of said abuse, lead to the decision by City National Bank, to endorse Ziffren Brittenham LLP Co-Managing Partner Clifford Gilbert-Lurie at Variety's Power Of Law Breakfast 2024, because of Ziffren Brittenham's dubious honor of being the employer of Senior Partner John Branca, who is (highly) suspected of committing document fraud (inter alia) to illegally get control of Michael Jackson's wealth after Michael was mysteriously killed? If so, did the negligence by the Canadian law enforcement agencies & courts (plus, the relevant IGOs) lead to a sinister plot to undermine & weaken the reliability of Wall Street? If so, how much time do the People Of The US have before the damage becomes irreversible? Weeks or months?
"'A true friend stabs you in the front, not the back." - Oscar Wilde