Former golden boy, turned grey eminence, of the international banking cartel, Jamie Dimon, is come to save us yet again. It wasn’t so long ago that Jamie was expressing his disappointment and distaste for the resentment all of us in the great unwashed felt for big banks and the big bankers that run them.
As I understand it, Jamie felt that we did not appreciate the great sacrifice he and his associates throughout the international banking world were making by taking trillions of dollars in direct and indirect financing from the American taxpayer. After all, had they not been willing to make this sacrifice, this act of saintly indulgence, the crisis they created in the world economy would have bankrupted the banks and plunged us all into an economic abyss that would make the Great depression look like a Sunday picnic.
In short, Jamie was pissed at the lack of gratitude for his and his ilk’s willingness to rape the treasury. Only by doing so could all our debt remain in tact and the “ATM’s continue to function.” Clearly, Jamie’s pique was justified.
Now, Jamie is back walking amongst us. He recently explained that as many as five percent (5%) of all checking account holders in the United States will be financially excommunicated, becoming members of the unholy unbanked. Pope Jamie, the Just, says the sin of insufficient wealth will be the cause of this excommunication. Of course, Jamie is quick to point out that it is not really the fault of the unfortunate five percent. No, it is the evil workings of Congress. It seems that unless the banks can continue to charge as much as $0.44 per debit card transaction, an amount limited to a maximum of $0.12 per transaction by the Dodd-Frank Financial Reform law passed last year, the checking accounts of the unfortunate five will no longer be profitable. Pope Jamie and all his brethren will be forced to turn these people over to the tender mercies of the payday lenders and check cashers.
Just Jamie deplores this situation but says it cannot be helped. Banks must make a profit and if a customer is no longer profitable then he/she must go. After all, it is unthinkable that banks be thought of as service organizations designed to serve the communities in which they operate. That notion is so last century.
Banks today have national and international reach. Banks must move the money entrusted to them wherever the highest return can be had. If that means money deposited in Ball Play, AL can achieve a greater return being loaned or invested in Abu Dabbu Du, then so be it, take the money from Ball Play and ship it off to the other side of the world.
If the meddling government takes the position that some semblance of fairness ought to be considered, well… the banks are big enough to politically and financially manipulate whatever is necessary to make sure that doesn’t work. After all, the answer to the continuing federal policy of export replacement (that is, replacing goods and services manufactured and offered in the United States with cheaper, less expensive foreign imports; i.e., free trade) is based upon the notion that the American middle class requires thinning.
Unless and until the middle class is sufficiently thinned, labor costs will not fall to the point where our labor can compete with nickel an hour labor in foreign parts. Unless, and until, the cost of labor, internationally, seeks out and finds it own level, true efficiencies associated with the export replacement policies of our once great country cannot be fully realized.
When the Soviet Union fell, then President Daddy Bush, spoke about a “New World Order.” (NWO) He never defined this new order and most of us thought this was just another example of him saying things that sounded nice but had no real meaning (A Thousand Points of Light). Now, however, it is clear he and his buddies did understand the concept and they had for a good long while.
The NWO appears to be a loose, international oligarchy of really wealthy people and major corporations, now officially and legally people. The kind of people who get together every year at Davos to party, take Viagra and talk about mighty issues and how to get the rest of us to understand that they know best. Frankly, the evidence is overwhelming a failure on our part to push through a further thinning of the middle class is blatantly unfair to the NWO.
Jamie feels the NWO’s pain and, rather heroically when you think about it, he is speaking out. This time, instead of chiding us for our lack of gratitude, Jamie the Just is letting us know he and his pals will have to punish Congress by casting the unfortunate five into the outer darkness of really bad financial people. If Congress won’t let Jamie have his $0.44 he will make the least fortunate of his customers pay and pay big time. Jamie, apparently, is both a just and an angry god.
Don’t mess with Jamie. He is a card carrying member of the NWO and he knows what is best.