Irvine, CA (PRWEB) December 26, 2011
James West, writer and producer of the financial documentary film “Crime of the Century,” sat down with the American Monetary Association (AMA) during the 25th episode of the popular podcast. West discussed his thesis that large global banks manipulate the world economy, enabling elite investors to take assets and investments from the middle class.
In discussing his film, West shared that the world’s current worldwide global recession was created by large banks. “Crime of the Century is a feature length documentary,” West said, “that examines the relationship between monetary policies of global governments and the financial boom and bust cycle that typically permeates the economic cycle.”
According to West, banks control the global economy using four major points of influence. The first is the Federal Reserve, which West calls “a private gateway for bankers to influence government policy.” The second point of influence is the U.S. dollar which is the global reserve currency. The third point is gold, typically seen as an indicator of the inflation rate. The fourth is the unregulated derivatives market, which allowed investors to create the “wall of money” that eventually soured the U.S. housing market and later the entire economy.
West said the tragedy began at the formation of the Federal Reserve in the beginning of the 20th century. At the time, a consortium of bankers let by J.P. Morgan was essentially gate-keeping most of the nation’s money, doling out loans. The federal government came to the conclusion that the Federal Reserve would be created. “The Fed” was intended to be a government run institution that would end the United States’ ‘boom and bust’ cycles. However, J.P. Morgan stepped in, promising to run the Federal Reserve as long as the Fed was run by bankers, not the federal government. It worked and to this day, the Federal Reserve is essentially run by the nation’s banks.
With the Federal Reserve in place, a cycle began which essentially married big business to banking, and banking to the government. In order to gain power and assets, banks would cyclically flood the economy with liquidity. Once the U.S. economy is overcapitalized, banks would stop lending. Then, once recession hit, banks would buy up unwanted assets cheap, making the rich richer and the poor poorer.
West cited Warren Buffett’s gigantic investment in AIG. He said that as AIG was poised to fail; however, Buffett came in and bought it up as a favor to the government. Buffett then very publicly encouraged Americans to buy stocks.
James West’s career as a capital markets entrepreneur has spanned 20 years and included roles as CEO, corporate development, investor relations, corporate finance, editor, publisher, writer and public speaker. He is a regularly featured guest on BNN—Canada’s Business News Network—and provides market insight and investment strategy through his newsletter at MidasLetter.com.
About American Monetary Association
The American Monetary Association is a non-profit venture funded by The Jason Hartman Foundation which is dedicated to educating people about the practical effects of monetary policy and government actions on inflation, deflation and freedom. Our goal is to help people prosper in the midst of uncertain economic times. For information, visit American Monetary Association online.