“We are doing God’s work,” said Lloyd Blankfein, CEO of Goldman Sachs in 2009. Let’s take a quick look at that. In contrast let us also establish the definition of usury, a concept abominable since Biblical times.
usury – noun
the illegal action or practice of lending money at unreasonably high rates of interest.
interest at unreasonably high rates.
synonyms: extortionate, moneylending, payday lending, loan-sharking, shylocking
In 2008, Goldman Sachs, and all the other Wall Street banks who had brought the world to the edge of financial collapse, were effectively rewarded with trillions of dollars in bail-outs. In astonishingly bad taste, Goldman Sachs proceeded to award its largest Christmas bonuses ever. (for real)
Fast forward ten years…
After a decade of record low rates, the average interest rate the American people pay is now 17%. JPMorgan, the largest US bank, pays basically ZERO percent for the money they ‘borrow’ from the Fed, and THAT money is literally created from nothing. This is not hyperbole. This is simple fact. Keep in mind that the Federal Reserve – the Fed – is a private corporation owned by an international banking cartel.
When your Cost of Goods Sold is zero, is not every dollar earned as interest in fact usury?
Gandhi said “As the means, so the end,” and I believe this to be metaphysically true. So what does this say about money created out of nothing, and what it produces? We have seemingly created a perpetual motion machine. Sadly, it only works for those who control the imaginary spigot.
There are three ways to create wealth: You can grow it, you can mine it, or you can manufacture it. Anything else is just a redistribution of wealth. Said by my grandfather in another way, “No wealth is created without (some form of) sweat.”
So if those who run Goldman Sachs are doing “God’s work” I have to ask myself a question…
Just who is their god?
- Honest Money – The Biblical Blueprint for Money and Banking by Gary North
- The Income Tax: Root of All Evil by Frank Chodorov