Wall Street’s Latest Plot: Blame the Financial Crash on the French

by Pam Martens and Russ Martens, wallstreetonparade:

 

Occupy Wall Street’s People Puppets Marching in Manhattan

Wall Street appears to have a plan to get the deregulation it wants by pinning the start of the epic financial crash of 2007-2010 on (wait for it) the French, rather than its own unbridled greed, corruption and toxic manufacture of junk bonds known as subprime debt that it paid to have rated AAA by ethically-challenged and deeply conflicted rating agencies. (The same rating agencies that are getting paid by Wall Street to rate its debt issues today.)

One of the men helping to peddle this narrative is Steve Hanke, a Senior Fellow at the Cato Institute, a taxpayer-subsidized nonprofit that was secretly owned by the billionaire Koch brothers for decades.

Hanke’s bio at Cato lists him as a Professor of Applied Economics at John Hopkins University in Baltimore and provides the following titillating background:

“Prof. Hanke served as a State Counselor to both the Republic of Lithuania in 1994-96 and the Republic of Montenegro in 1999-2003. He was also an Advisor to the Presidents of Bulgaria in 1997-2002, Venezuela in 1995-96, and Indonesia in 1998. He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania, and Montenegro. Prof. Hanke has also held senior appointments in the governments of many other countries, including Albania, Kazakhstan, the United Arab Emirates, and Yugoslavia.”

Hanke is also a contributing writer at Forbes and in his latest submission he has this to say about the greatest financial crash since the Great Depression:

“It is worth mentioning that most Americans date the start of the Great Recession as 2008, when Lehman Brothers collapsed. In fact, the crisis started on August 9, 2007. That’s when France’s BNP Paribas barred investors from accessing three money-market funds that had subprime mortgage exposure, citing a ‘complete evaporation of liquidity.’ With that, Northern Rock, a bank that was formerly a building society, started to wobble, and eventually faced the first bank run in the U.K. since the Great Depression…These troubles eventually worked their way across the pond…”

Got that – the Wall Street crash actually was started by the French and then spread to the U.K. with the collapse of Northern Rock bank and then Europe’s troubles “eventually worked their way across the pond” to the heretofore unblemished markets of America. And, mind you, it wasn’t morally corrupt bankers who caused the financial calamity, it was, according to Hanke, the U.K. government’s fault for failing “to make ‘lender of last resort’ loans efficiently and promptly. This fiasco was clearly the result of government, not market, failure,” writes Hanke.

In a comparison of the Great Depression with the 2007-2010 Wall Street crash, Hanke states later in the article:

 

Read more @ http://wallstreetonparade.com/2017/08/wall-streets-latest-plot-blame-the-financial-crash-on-the-french/