{"id":30176,"date":"2018-01-26T06:41:39","date_gmt":"2018-01-26T11:41:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=30176"},"modified":"2018-01-26T06:41:39","modified_gmt":"2018-01-26T11:41:39","slug":"trump-the-fed-us-shadow-bankers-about-to-deepen-control-of-us-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=30176","title":{"rendered":"Trump &#038; the Fed: US Shadow Bankers About to Deepen Control of US Economy"},"content":{"rendered":"<h3 class=\"headline\"><a href=\"https:\/\/www.counterpunch.org\/2018\/01\/26\/trump-the-fed-us-shadow-bankers-about-to-deepen-control-of-us-economy\/\" rel=\"bookmark\">Trump &amp; the Fed: US Shadow Bankers About to Deepen Control of US Economy<\/a><\/h3>\n<div class=\"socialtwo\">\n<div class=\"a2a_kit a2a_kit_size_32 a2a_default_style left-social\" data-a2a-icon-color=\"unset\">\n<div><\/div>\n<\/div>\n<\/div>\n<div class=\"post_content\">\n<p>What\u2019s sometime referred to as \u2018shadow bankers\u2019 have been running the economy and drafting US domestic economic policy since Trump took office. \u2018Shadow\u2019 banks include such financial institutions as investment banks, private equity firms, hedge funds, insurance companies, finance companies, asset management companies, etc. They are outside the traditional commercial banking system (e.g. Chase, Bank of America, Wells, etc.) and virtually unregulated. Shadow banks globally now also control more investible liquid assets than do the world\u2019s commercial banks.<\/p>\n<p>It was the shadow banks\u2013investment banks like Lehman, Bear Stearns, insurance giant AIG, GE credit and others that precipitated the 2008 financial crisis that then froze up the entire credit system and led to the 2008-09 collapse of the real, non-financial economy. None of the CEOs of the shadow bank system went to jail for their roles in the collapse. And now they are back\u2013not only reaping record profits and asserting even greater influence over the US and global economy; but have penetrated the political institutions of control in the US and other advanced economies even more than they did pre-2008.<\/p>\n<p><strong>Shadow Bankers On the Inside<\/strong><\/p>\n<p>In the US, shadow bankers from Goldman Sachs, the giant investment bank, took over the drafting of US economic policy when Trump took office. (Trump himself, a commercial property speculator, is part of this shadow banker segment of the US capitalist elite). Running the US Treasury is ex-Goldman Sacher, Steve Mnuchin. On the \u2018inside\u2019 of the Trump administration is Gary Cohn, chair of Trump\u2019s key advisory, \u2018Economic Council\u2019. Together the two are the original drafters (which was done in secret) of the recent Trump Tax cuts that will yield a $5 trillion windfall for US businesses, especially multinationals. (More on this in my forthcoming article, to be posted here subsequently).<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Trump &amp; the Fed: US Shadow Bankers About to Deepen Control of US Economy What\u2019s sometime referred to as \u2018shadow bankers\u2019 have been running the economy and drafting US domestic economic policy since Trump took office. \u2018Shadow\u2019 banks include such financial institutions as investment banks, private equity firms, hedge funds, insurance companies, finance companies, asset [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5493,7844,303,376,15609,534,6876,841,3650],"class_list":["post-30176","post","type-post","status-publish","format-standard","hentry","category-economics","tag-counterpunch","tag-donald-trump","tag-fed","tag-goldman-sachs","tag-jack-rasmus","tag-monetary-policy","tag-shadow-banking","tag-us-economy","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30176"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30176\/revisions"}],"predecessor-version":[{"id":30177,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30176\/revisions\/30177"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}