Tag Archives: Central Banking

Jailing Banksters Will Not Resolve the Economic Crisis

Anglo Irish Bank

Last week, an Irish court sentenced three prominent banksters for their roles in the 2008 financial crisis.  Judge Martin Nolan, who pronounced judgment, said that the bansksters had committed “a very serious crime.”  He continued, “The public is entitled to rely on the probity of blue chip firms. If we can’t rely on the probity of these banks we lose all hope or trust in institutions.”*

A number have criticized the judge’s sentence for its mildness in light of the catastrophic damage that the banks have done to the economy.  Irish taxpayers have bailed out the banks five times since 2011, while it has been estimated that it will take up to 15 years, if ever, to recover.

While Irish banksters and the political class who have enabled them are certainly deserving jail time and much worse, whether they or other banksters who have committed similar crimes are punished will not prevent a reoccurrence of further economic crisis, undo the harm done to the Irish economy, nor will it pull Ireland or the rest of the Western world out of its economic malaise.

The seminal cause of the economic crisis of 2008 and almost every one preceding it has been the fraudulent expansion of the money supply by the banking system through the practice of fractional reserve banking.  Until this economy wrecking and social destructive scheme, along with the central banks that oversee and protect the nefarious practice, are abolished, the economic crisis will continue and deepen no matter how many banksters are jailed.

Simply put: fractional-reserve banking, for those who do not know, which includes 99.9% of the financial press, is the practice by which banks keep only a fraction of their deposits on hand and “invest” or loan out the rest at interest. Of course, if any other warehouse or storage facility engaged in such a practice it would be rightly considered fraud.

The process is augmented by central banks, which expand the money supply through the deposits that individual banks keep with them.  In fact, the main purpose for the creation of central banking in the first place was to enable individual banks to engage in this fraudulent undertaking which leads to all sorts of monetary mischief.

The beautiful part of outlawing fractional reserve banking is that it requires no creation of regulatory agencies, commissions, or convoluted legislation.  All that is needed is a simple universal prohibition of the nefarious practice applicable at all times and all places: any bank or financial intermediary which engages in fractional reserve banking or similar practices will be condemned and prosecuted with its perpetrators punished up to and including torture and death!

The judicial system is culpable too in this process.  Courts that actually prosecute banksters are not trying to get to the root of the problem, but are merely saving face with the public by doling out prison time or uttering harsh rebukes at the banksters.  Of course, as an arm of the state, the courts have a vested interest in not seeking the truth, since doing so would expose the actual method upon which nation-states obtain a good deal of their power.  Fines, jail time (usually reduced or suspended) to placate the angry populace is as far as the judicial system will typically go.

Naturally, a financial order devoid of fractional reserve banking would, as Providence had intended, consist of gold and silver, where paper currency and notes would most likely be of limited if any use.  The only significant hanky-panky which would occur with metallic money would be the old ploy of “coin clipping” which, although deplorable, was limited as compared to the inflations that have taken place under a pure paper, fiat standard.  To keep coin debasement in check, however, the same punitive measures should prevail as with those who engage in fractional reserve banking.

Punishing banksters for their monetary transgressions years after their dastardly deeds have taken place is comparable to buying fire insurance after a house has burned down.  If the Irish and the rest of the world’s populations want to eliminate the monetary chaos and the declining living standards which have ensued over the past half dozen years or so, they need to look at the ultimate cause of the crisis – eliminate fractional reserve banking and the central banks which condone and engage in the practice.

*Tyler Durden, “Ireland Jails 3 Top Bankers Over 2008 Collapse . . . Instead of Bailing Them Out.”  Zero Hedge.  30 July 2016.

Antonius Aquinas@AntoniusAquinas

https://antoniusaquinas.com/

 

 

 

The Gold Standard: Friend of the Middle Class

In-Gold-We-Trust

It has been theoretically demonstrated and seen in general practice that a monetary system of 100% metallic money devoid of central banking checks monetary inflation, prevents a general rise in the price level, and eliminates the dreaded business cycle while making all sorts of monetary mischief nearly impossible.  A gold standard is not only economically superior to any paper money scheme, but is morally just, which is why it is hated by the politically well-connected, academics, politicians, and the rest of the Establishment.

Often not discussed, however, even by its proponents is the beneficial effect that “hard money” has for the middle class.

It is not a coincidence that since the U.S. left the last vestiges of the gold standard in 1971with President Nixon’s nefarious decision to no longer redeem international central bank payments in gold, real wages for Americans have stagnated.  Nixon’s decision to put the nation on an irredeemable paper money standard set it on a course of economic ruination, which is why he should have been hounded from office not for his role in the bungled, petty cover up at the Watergate.

Stagnating wage rates have been confirmed by a number of studies, take, for instance one from the Pew Research Center which states that “today’s average hourly wage has just about the same purchasing power as it did in 1979. . . . [I]n real terms the average wage peaked more than 40 years ago: The $4.03-an-hour rate recorded in January 1973 has the same purchasing power as $22.41 would today.”*

While the absence of the gold standard has impoverished laborers, it has benefitted (not surprisingly) the very wealthy – hence, the reason why it was abandoned, as the Pew Study reports: “What gains have been made, have gone to the upper income brackets.  Since 2000, usual weekly wages have fallen 3.7% (in real terms) among workers in the lowest tenth of the earnings distribution, and 3% among the lowest quarter.  But among people near the top of the distribution, real wages have risen 9.7%.”**

Of course, this was part of Nixon’s plan: redistribution of wealth from the middle class and low income groups via money printing to the political class.  Such a scheme, however, could have only happened if the gold standard was eliminated.

Since the start of the abominable Obama Administration in 2009, the adjusted monetary base of the U.S. rose from $1.772 trillion to $3.966 trillion as of March 16, 2016.***  Of course, even these unfathomable figures as well as all other information supplied by the dominant media and government cannot be trusted.  It, therefore, can be safely assumed that the real money supply is more than officially reported.

Money, like every other good, is subjected to the immutable law of supply and demand.  Every increase in the money supply reduces the purchasing power of the monetary units which are already in circulation.  Naturally, since wages are paid in dollars, increases in the supply of them will decrease their purchasing power.  Thus, while nominal wages have gone up as the Pew Study shows, real wages (what wages can purchase) have stagnated.

The decline in real wages over the decades from profligate money printing has resulted in lower standard of living for wage earners and those living on fixed incomes. The rise in two income families is, in part, a consequence of a paper money economy and the fact that the financial survival of families now requires two incomes.  Two-income families have also profound cultural implications which are now manifesting themselves.

There has been much talk throughout the current presidential campaign about the financial decline of the middle class.  Candidates on the Left naturally talk of subsidies and more redistribution of wealth while those on the Right have called for tax cuts. While tax reduction of any kind is always welcomed and leads to economic growth, a sound monetary policy is just as important for a revitalization of the middle class.  Moreover, a return to honest money does not require any expansion of government spending or debt.

If policy makers truly want to improve the condition of the middle class, which consists primarily of wage earners, a return to a monetary order of “hard money” is an economic and moral necessity.

*Drew Desilver.  “For Most Workers, Real Wages Have Barely Budged for Decades.”  Pew Research Center.  9 October 2014.

**Ibid.

***Jerome R. Corsi, “Obama’s Latest Fraud: ‘Economic Recovery’ Disproven in Just 9 Charts.”  WND Money.  3 March 2016.

Antonius Aquinas@AntoniusAquinas

https://antoniusaquinas.com/

Presidential Dictatorship

Sic Semper tyrannis II

Executive orders, undeclared wars, drone hits, assassination of citizens and non-citizens alike, the overthrow of foreign regimes, domestic spying, the abetting of known criminal activities through pardons, economic planning, opening borders, monetary manipulations are just some of the nefarious activities that routinely emanate from the most dangerous political office that the world has ever painfully come to know – the United States Presidency!

The U.S. presidents can and have created a veritable “hell on earth” for their opponents, perceived enemies, and the innocent not only in the country in which they reign, but over the lives and fortunes of peoples and places where they have absolutely no authority to interfere.  While other chiefs of state have theoretically had such power, U.S. presidents have been able to inflict their destruction and chaos because, paradoxically, the nation’s free-market system, for a long time, created immense wealth which could be tapped into.

The tyrannical nature of the presidency was recognized long ago by those politically perspicacious men who opposed both the office and the draconian document which created it.  Few groups in history have been so vindicated for their foreboding as those who vainly argued against the ratification of the United States Constitution than the Antifederalists.

“An Old Whig”* aptly sums up the damage that would come about if the Constitution was ratified and the office of president would come into being:

. . . the office of President of the United States appears to me

to be clothed with such powers as are dangerous.  To be the

fountain of all honors in the United States, commander in chief

of the army, navy and militia, with the power of making treaties

and of granting pardons, and to be vested with an authority to

put a negative upon all laws, unless two thirds of both houses

shall persist in enacting it, . . . .**

An Old Whig saw that the president would become a “king” but without the natural and binding checks that even the most absolutist of monarchs were restrained by:

[The president] is in reality to be a KING as much a King

as the King of Great Britain, and a King too of the worst

kind; – an elective King. . . . The election of a King

whether it be in America or Poland, will be a scene of

horror and confusion; and I am perfectly serious when

I declare that, as a friend to my country, I shall despair

of any happiness in the United States until this office

is either reduced to a lower pitch of power or made

perpetual and hereditary.***

One of the Federalists’ counterarguments to the Antifederalists’ concern over the presidential office was the widely held assumption that George Washington would become the new Republic’s first chief executive and the general knowledge of his impeccable character would assuage those worried of potential executive overreach.  Such a lame response neglected to look into the future when the office’s huge potentiality for despotism would be sought after and won by those who had less upstanding personal traits than the father of the country.

The growing decentralized political movements throughout the world with, for instance, the hopefully upcoming British exit from the European Union, can only be enhanced if the office of the president and, for that matter, all other nation state’s chief executives are exposed as tyrannical institutions which are anathema to individual liberty and collective self-determination.  Presidents, premiers, chancellors, prime ministers, and their like along with central banking are the two nefarious pillars of power of the modern nation state whose continued existence guarantees perpetual war and economic regression.

In this seemingly interminable presidential election cycle, populist, libertarians, conservatives, and all sorts of anti-Establishment types are delusional if they believe the totalitarian direction in which the country is now headed will be reversed through elections or choosing the “right” candidate.  “Making American Great Again” will only come about when the chief executive office and the statist document that created it have been repudiated.

Prior to the presidency’s abolition, its ideological justification must be first debunked.  There is no finer place to start for this most necessary task to take place than in the dissemination of the perceptive and enduring words of the much neglected Antifederalists.

 

*Probably penned by a group of Philadelphia Antifederalists – George Bryan, John Smilie, James Hutchinson and maybe others.  See, John P. Kaminski & Richard Leffler, eds., Federalists and Antifederalists: The Debate Over the Ratification of the Constitution.  Madison, Wisconsin: Madison House Publishers, 1989, p. 18.

**Ibid., p. 86.

***Ibid.

Antonius Aquinas@AntoniusAquinas

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Falling Oil Prices Not the Reason for U.S.’s Economic Woes

The dramatic fall in the global price of oil is being cited by the financial press, government officials, and academia as the catalyst for the recent abysmal U.S. economic data which shows that the economy is, in all likelihood, sliding into a recession or worse.

While falling oil prices sound like a plausible explanation for the abysmal financial numbers, anyone with a modicum of economic sense (which excludes much of the financial Establishment) can see that it is merely a smokescreen to obfuscate the real culprit.

The fall in oil prices, while detrimental to many oil producers, should actually be a boon for the rest of the economy, especially those industries that are heavily reliant on energy. Lower fuel prices mean lower production costs leading to, ceteris paribus, greater output.

For consumers, lower oil prices mean lower utility bills and cheaper gasoline, both of which mean more disposable income for either savings or more consumption. Why would greater disposable income lead to a recession?

Naturally, lower prices are not good for oil producers. But a decline in one sector of the economy (albeit an important one), does not lead to a general collapse. While the energy sector may be contracting, industries that use fuel should be able to expand as their production costs fall.

The Federal Reserve’s Quantitive Easing (QE), Zero Interest Rate Policy (ZIRP), Operation Twist (OT), and their variations have created a massive bubble in asset prices which is now beginning to burst. All of these polices have been undertaken to save the banking system from collapse after the crisis of 2008. Since the start of the Great Recession, none of the problems that have led to it have been addressed.

Not only has the stock market been artificially inflated by the Federal Reserve, but it has come at a devastating cost in the decimation of savers, as the return on their money has dropped to next to nothing. This, of course, has had debilitating consequences on retirees and seniors.

The Obama Administration, with little opposition from Republicans, has increased the federal deficit to nearly $20 trillion from the $4 trillion it had inherited with little or no hope of any reduction. Its wasteful stimulus program of a few years ago has done nothing to improve conditions while its collectivist health care initiative has placed crushing burdens across the economic spectrum.

What is even scarier is that Obummer is apparently clueless about current economic conditions, as he mindlessly demonstrated in his (thankfully) last State of the Union Address: “Anyone claiming that America’s economy is in decline is peddling fiction. What is true – and the reason that a lot of Americans feel anxious – is that the economy has been changing in profound ways, changes that started long before the Great Recession hit and hasn’t let up.”

Obama is correct in one sense: there is a “profound change” that is happening in the economy, however, it is a change for the worse which he and his harmful policies have created.

Not surprisingly, in their rebuttal to the speech, the Republicans offered little in substance. Instead, they chose a spokesperson whose only claim to fame was her infamous decision as governess of South Carolina to remove the Confederate flag from state buildings. Needless to say, the choice of Nikki Haley met with disgust among the party’s base. The GOP is not called the “stupid party” for nothing!

Unfortunately, for the vast majority of Americans, there is little likelihood that the present Administration or the next, be it of a different party, will turn things around. Instead, there will probably be more of the same.

Until there is a change in ideology where the corrupt notions of money and credit creation via the printing press and the running of gargantuan deficits are debunked, American living standards will never improve.

 

Antonius Aquinas@AntoniusAquinas

 

 

The Deteriorating U.S. Economy

us-economy collapse

 

 

 

 

 

 

Despite doubling the national debt and the expansion of the money supply to some $8 trillion since the beginning of Obummer’s misbegotten presidency, the U.S. economy is once again in a free fall. Actually, there has been no real recovery, but a continual deterioration of living standards despite the lies and distortions from the financial media and government authorities.

Conditions, however, are now descending at an even faster pace.

Recently, the leading manufacturer of heavy equipment, Caterpillar, announced that job cuts would exceed 10,000 through 2018.  Up to 5,000 employees will receive pink slips between now and the end of 2016.  Retail sales for the manufacturing giant have slumped 11% between June and August.*

While Caterpillar’s contraction is an ominous sign, a more telling indicator of worsening economic conditions came from the Federal Reserve’s refusal to raise interest rates at its latest FOMC meeting. Many commentators had speculated that the Fed would raise rates at least a quarter of one percent on the belief that the economy was strengthening.

The Fed, of course, based its refusal to raise rates on “international concerns” – China’s stock market selloff. The real reason is that the nation’s central bank understands, although it will not publicly admit it, that the economy is far too weak to “absorb” a rate hike, no matter how infinitesimal.

More importantly, the Fed cannot raise rates to any significant degree because the entire financial system, which is built on “cheap money,” would immediately plunge into a significant downturn similar to that of 2008, or worse. The federal government and many of the states and municipalities would default since they could not continue to finance their current profligate borrowing and spending patterns with higher interest rates.

Thus, the Fed is trapped in a world of zero interest rates for the foreseeable future. As economic conditions continue to worsen, the central bank will more than likely turn to another round of money printing like its infamous “QE” program.

While the Fed is locked into a zero interest rate policy, the Obama Administration and Congress remain oblivious to economic reality. A few years back, Obama and the one time Democratically-controlled Congress tried a “stimulus” program which did nothing, but increase the national debt. Also weighing down the economy is the disastrous Obamacare program which will only become more burdensome as time passes.

Just as troubling, none of the current crop of presidential hopefuls, with one possible exception, has proposed or suggested any credible measure that will improve matters. None of the fundamental problems that are crippling the economy have been seriously addressed.

The reason why there has been no recovery is that the malinvestments and bubbles created during the last boom have not been allowed to contract and or burst. Instead, the Fed pumped massive amounts of “liquidity” (money printing) into the markets which kept these institutions (mostly banks) and their assets afloat.

A credit implosion will not come about “voluntarily.” The Fed will not increase interest rates nor will the Obama Administration or Congress have the courage to cut spending to relieve pressure on the Fed to finance its unsustainable deficits and continue to inflate the stock market.

Instead, there eventually will be a monetary crisis surrounding the dollar which will force interest rates to rise which will lead to widespread defaults and bankruptcies and an ensuing depression which will dwarf every previous economic downturn in American history.

Alternative financial analysts have, for some time, pointed to the declining living standards not only in the U.S., but throughout the Western world. Egon von Greyerz of Matterhorn Asset Management has predicted some very unpleasant times in the not too distant future: “The coming years will not be easy. I wrote an article a few years ago called ‘The Dark Ages Are Here’ and I now really think they are imminent. These will be difficult times for most of us.” **

Ultimately, the only way the U.S. economy will be turned around is through a change in ideology. The ideas and policies upon which not only the U.S., but the Western world’s economies are predicated upon must be debunked. Until the principles and beliefs of the current economic system are intellectually discredited, the U.S. economy will continue to stagnate and eventually collapse.

 

* Matt Egan, “Caterpillar to Cut More Than 10,000 Jobs.” CNN Money. http://money.cnn.com/2015/09/24/investing/caterpillar-job-cuts-china-oil/index.html 24 September 2015.
** Egon von Greyerz. “A Stock Market Collapse and Surge in Gold is Imminent. What will be the Trigger?” Gold Switzerland. https://goldswitzerland.com/a-stock-market-collapse-and-surge-in-gold-is-imminent/ 10 October 2015.

Antonius Aquinas@AntoniusAquinas

 

 

 

Banksters Responsible for Irish Crash

the Central Bank’s former head economist Thomas O’Connell has told the Oireachtas Banking Inquiry that Ireland’s banking and economic crash should never have happened.

In testimony before the Oireachtas Banking Inquiry, Thomas O’Connell, the ex-head economist of Ireland’s central bank, attempted to deflect blame for the part he played in the financial crisis of 2008 and the subsequent bust that occurred.

O’Connell had the nerve to say that “[It] should never have been allowed to happen with all the consequences of huge increases in unemployment, rising emigration, enormous debt, suicides . . . that we have seen.”* No kidding, Sherlock!

O’Connell believes that the financial crisis occurred not because of the policies of the central bank per se, but because it was the failure of the government and “regulators” to curb the excesses and bubbles that were forming mostly in the real estate sector, “any concerns or issues raised by staff for airing in the public arena were invariably watered down so as not to reflect adversely on matter of concern to Government.” He added that it was “difficult to get views through that might impinge on vested interests.”

Naturally, since O’Connell was a paid employee of the central bank, he would want to divert attention or critiques of its role in the calamity. O’Connell wisely (for his sake) focused on periphery issues, but failed to discuss the actual genesis of the crisis which rests in the explosive expansion of the money supply generated by the European Central Bank (ECB). The “new” money and credit was then facilitated by the Irish central bank and funneled through the country’s banking system that ignited the boom.

The graph below shows the dramatic growth in the money supply during the boom period. Unfortunately, Ireland adopted the Euro in 1999, but it did not begin to circulate internally until 2002.

From 2002 to the onset of the financial panic, the money supply almost doubled from €5 ½ trillion to nearly €10 trillion. The new “liquidity” drove up asset prices and inflated real estate markets, especially in Spain and Ireland. Despite this fact, O’Connell remained silent on the ECB’s reckless monetary policy in his address.

When asked about how the crisis could have been avoided, O’Connell suggested (apparently with a straight face) that there were too few economists employed by the regulatory agencies and the government and that those that were on staff were largely ignored: “This would have been less of an issue if there was a willingness to listen to the view of economists. In addition, the Financial Regulator employed very few economists.”

Yeah, right, that is definitely what Ireland needed – more economists such as the likes of O’Connell who are nothing but apologists and spinmeisters for the global financial elite who enable them to continue their endless rounds of money printing for their own enrichment and power to the detriment of the poor and middle classes!

Instead of more economists as O’Connell ridiculously recommends, the financial crisis could have been avoided, or more accurately would have never taken place, had Ireland and the rest of Europe followed sound economic theory long spoken of and taught by real economists, and ignored monetary cranks like O’Connell, Benjamin Bernanke, Mario Draghi and Janet Yellen. The financial crisis of 2008, and the far greater one to come, would never have occurred if Ireland was devoid of the plague of central banking, and money was once again a commodity.

If Ireland ever wants to get out of the financial quagmire it now finds itself in, it must stop listening to or give any credence to the very people that are responsible for the creation of the mess in the first place. Instead of recognition, the likes of Thomas O’Connell should be ignored, ridiculed, or, better yet, prosecuted for the incalculable economic and social damage that he and his fellow banksters have perpetrated.

Before economic recovery can occur, there must first take place intellectual change and the acceptance of policies and institutions that have stood the test of time. Gold and silver have been monies for some five thousand years, their re-adoption as the medium of exchange in Ireland will go a long way in the Emerald Isle’s economic and social restoration.

 

*Claran Hancock, “Banking and Economic Crash ‘Should not Have Happened.'”  The Irish Times. 10 June 2015.

Antonius Aquinas@AntoniusAquinas

 

 

 

 

Big Banks Profit While Main Street Suffers

Bankers v Main Street

 

 

 

 

 

 

If anyone doubts that the Western world’s monetary order is rigged to enrich the banking system, the first quarter financial reports of America’s top banks should disabuse any unbelievers.

The Financial Times reported that four of the five big U.S. trading banks had a combined revenue of $19.4 billion in the first quarter of 2015. Goldman Sachs had a 14.7 percent* return on its equity in the first quarter while J.P. Morgan, the nation’s largest bank, earned $5.91 billion or $1.45 a share, up 3.6% from a year earlier.**  Revenues for J.P. Morgan grew 4% to $24.8 billion.

The enthusiastic coverage of the big banks healthy first quarter proceeds and the chest-thumping of its bank executives left out, not surprisingly, the real reason for their windfall gains – the Federal Reserve. The big banks have been the chief beneficiaries of the Fed’s easy monetary policy since the start of the financial crisis.

The Fed’s “zero interest rate policy” (ZIRP) and its “quantitative easing” (QE) program have been the catalyst for the large banks’ recent record performance. Ostensibly, these policies were instituted to assist the economy in its recovery from the Great Recession, however, in actuality they have been done to save the big banks from collapse while the economy has been flooded with billions of increasingly worthless dollars causing significant price inflation.

Low interest rates have enabled the banksters and financial houses to borrow at next to nothing and invest in all sorts of ventures, many of which are highly risky. Easy money is also the cause for the huge run up in assets prices and the highs in nominal stock prices.

Worse, ZIRP has allowed the federal government to sustain its ridiculous level of spending, borrowing what it cannot raise in taxes at a near zero rate of interest.  When interest rates do rise, the federal government will most likely default, bringing the banks down with them.

While the big banks and Wall Street have done quite well from the Fed’s massive money printing, everyone else has suffered and have seen their standard of living plummet even from official estimates.

The Federal Reserve reported a slowdown in hiring in March, a big drop off in industrial production, and lower housing starts in the first quarter, to mention just a few troubling statistics. Things are getting to the point that the Fed is reconsidering whether it should raise interest rates in the second half of the year as it had hoped to do. Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, admitted, “Data available for the first quarter of this year have been notably weak.”***

The first quarter sizable earnings of the big banks are an example of what a number of commentators have termed “crony capitalism.” Through government assistance, businesses earn wealth not by pleasing customers and satisfying their needs, but by currying favors from the state. In the banksters’ case, instead of making wise and prudent loans, they receive largesse in the form of billions of Federal Reserve notes.

Not only is such a system immoral, but it gives legitimate market activity – those firms that do not receive state assistance – a bad rap as profitable enterprises are lumped in with state favorites. This ultimately leads to greater regulation as calls for the government to tax “windfall profits” would affect all firms even those who earned rightful profits.

The solution to crony capitalism and the ill gotten gains of the banking system is not greater oversight, but instead, the abolition of the Federal Reserve and a return to sound money based on gold or silver. Under such a system, banks and financial houses would profit only if they satisfied consumers’ wants.

In the banks’ case, this would mean safeguarding depositors’ money and making prudent loans with the funds they were entrusted with to lend. For those financial institutions that succeed at such tasks, profits would be their reward; for those who do not and mismanage investment funds they would be out of business and allowed to fail. Banks would operate under the same economic laws as any other enterprise.

The prevailing system of crony capitalism which benefits the 1% must be exposed for the grand redistribution scheme that it has long been. Only when bankers earn their wealth as Main Street does will America return to a just and (sound) monetary order.

*Tom Braithwaite & Ben McLannahan, “Goldman in Robust Return on Equity Showing,” Financial Times, 17 April 2015, 14

**Ciaran MCEvoy, “JPMorgan Profit Beats Wall St. Views, As Does Wells Fargo by Shrinking Less,” Investor’s Business Daily, 15 April 2015, A1.

***Jon Hilsenrath, “Fed Shies Away from June Rate Hike,”  The Wall Street Journal,  17 April 2015.

Antonius Aquinas@AntoniusAquinas