Monday, January 27, 2020

SWEET: German TV Show for Kids Shows Migrant Adult Dating Underage Teen Girl

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by Jim Hoft, The Gateway Pundit:

What a lovely program for children!

German TV, funded by taxpayers, recently aired a show for children where an adult migrant man was dating a young German teen.

The migrant said he was around the same age as the girl but later admitted to being 19 and could be much older.

He looks like he’s closer to 30.

Breitbart.com reported:

An “underage” migrant, who was presented as being in a romantic relationship with an underage girl in a controversial German children’s channel television programme, has admitted he is actually an adult.

The documentary Malvina, Diaa and Love was broadcast in November on the publicly-funded German television channel Kikawhich is directed at children aged three to 13, and has been slammed by many as “propaganda” as it favourably presents a largely one-sided relationship between a 16-year-old German girl and an adult Syrian asylum seeker.

The Syrian named Diaa was said to be around the same age as 16-year-old Malvina but later admitted he is actually 19 year.

Read More @ TheGatewayPundit.com

Google’s New ‘Fact-Check Feature’ Targets Conservative Sites

by Pamela Geller, Freedom Outpost:

Further proof of what I have been documenting for the past year: the social media giants’ war on freedom and truth.

The election of President Trump was the casus belli for the left’s war on free speech. Stunned by his victory, they could not reconcile that he won.

The media, cultural and academic elites vigorously campaigned against Trump. Movies, music, media elites waged a daily war against him in the run-up to the election.

It shocked them.

They blamed websites like mine and the apparatus that transmits our news — social media.

Social media giants are run by uniformly left-wing corporate media managers — and so the purge began and it continues.

Google has scrubbed its search results of sites and posts critical of jihad and sharia.

Fifteen years of work, forty thousand plus posts of mine, just disappeared from Google search.

Social media giants are run by uniformly left-wing corporate managers.

And are waging a very real war against those with whom they disagree.

They are blowing up our First Amendment rights and government action is long overdue.

GOOGLE’S NEW FACT-CHECK FEATURE ALMOST EXCLUSIVELY TARGETS CONSERVATIVE SITES

Google, the most powerful search engine in the world, is now displaying fact checks for conservative publications in its results.

No prominent liberal site receives the same treatment.

By Daily Caller, January 9, 2018:

And not only is Google’s fact-checking highly partisan — perhaps reflecting the sentiments of its leaders — it is also blatantly wrong, asserting sites made “claims” they demonstrably never made.

When searching for a media outlet that leans right, like The Daily Caller (TheDC), Google gives users details on the sidebar, including what topics the site typically writes about, as well as a section titled “Reviewed Claims.”

Vox, and other left-wing outlets and blogs like Gizmodo, are not given the same fact-check treatment. When searching their names, a “Topics they write about” section appears, but there are no “Reviewed Claims.”
In fact, a review of mainstream outlets, as well as other outlets associated with liberal and conservative audiences, shows that only conservative sites feature the highly misleading, subjective analysis. Several conservative-leaning outlets like TheDC are “vetted,” while equally partisan sites like Vox, ThinkProgress, Slate, The Huffington Post, Daily Kos, Salon, Vice and Mother Jones are spared.

Occupy Democrats is apparently the only popular content provider from that end of the political spectrum with a fact-checking section.

Big name publications like The New York Times, The Washington Post, and the Los Angeles Times are even given a column showcasing all of the awards they have earned over the years.

Read More @ FreedomOutpost.com

A Planned Genocide In the Making: The Final Solution for White Males

by Dave Hodges, The Common Sense Show:

From Hollywood to college campuses, the war on whites continues unabated. The rhetoric against white, conservative males grows stronger by the day. This article contains word-for-word proof that a war against white males is under way.

A Quick Look at South Africa May Provide a Glimpse of our Future

Many white South Africans have warned me about the open war on whites in South Africa and how this is beginning to happen in America.

“The President of South Africa made (March of 2017) a shocking suggestion, which left many white landowners fearing that they may face a race war in the near future. In a speech, Jacob Zuma announced that he wanted the government to begin confiscating white owned lands, before redistributing them to black South Africans.

Political and racial tensions in post-apartheid South Africa have become so great that the minority white population is now at risk of being murdered on a mass scale, says civil defense expert Simon Roche. Dr. Greg Stanton, founder of human rights group Genocide Watch who accurately predicted the Rwandan genocide in 1994, warned that the increased killings of white farmers in South Africa are being carried out for the sole purpose of extermination and seem to be directed by government elements, Roche noted. In other words, our[South African] government is at least tacitly complicit in these astronomical crime rates,” he said. “State-sponsored genocide, one arm’s length removed.”

If you do not think that this could not happen in America, you are not paying attention to George Soros’ Black Lives Matter, the creation of Obama’s civilian army and prejudicial handling of immigration requests from people who are white. White immigrants are generally not accepeted by our government and there are no liberal, Deep-State orientated Obama-loving judges standing by to rule against this racism. But the racism goes much deeper. Consider what is happening in South Africa and then realize, the same kinds of racist dialogue, which can often be a prelude to genocide, are appearing in America. 

More Specific South African Warnings to Americans About What Is Coming

For 3 years, South African residents have been warning me that what is happening in South Africa is coming here. Here is an excerpt of an email I received on this topic from a resident of South Africa.

Hello Dave,

I listen to your show frequently as you talk about the dictatorial policies of governments that embrace Agenda 21. I wanted you to know how bad it is here in South Africa. Our government and our political parties are more authoritarian than they are in China or were in Stalinist Russia. 

…Our third largest political party is openly Marxist and the national song is “Kill the farmer”. This is what our current president sings at his political rallies. Our seconds largest party is socialist.

Here is another email I received from South Africa on their Agenda 21 land policies and wealth redistribution policies.

Dear Dave,

Thanks for the work that you are doing to help save the average person. Could you pay a little more attention to the genocide against white people that is beginning to happen in South Africa?

We have had thousands of our farmers murdered and raped and thousands of commercial farms have been given to “previously disadvantaged people” and 98% of those farms no longer produce anything. Increasingly our food is controlled by government friendly corporations that are not white owned. 

Our roads are in a state of disrepair and 1.3 million people pay 85% of all taxes of which they receive no benefit.

In response to this email, I would point out that America has only 92 million full-time working employees. We presently have about 102 million working age Americans who do not work full-time. Fifty million are on food stamps, that is one in six people in this country. Who is paying the taxes for these former Obama phone recipients who garner about $75,000 per year in government benefits while being supported on working people’s tax dollars? On this point, we have already surpassed South Africa.

An Oprah Winfrey Presidency Is As Dangerous As a Hillary Clinton Presidency

Oprah is now being touted as the possible 2020 candidate for the Democratic Party. Forgetting for a moment that she  absolutely does not have any political experience, she has shown hertrue colors. She was an ally of David Rockefeller and his depopulation policies towards the people of Africa. She is a present ally of Bill and Melinda Gates along with many other globalists. In this following video, Alex Jones makes it clear that Oprah embraces policies of genocide when it is convenient. She is a Ted Turner wannabe who wishes to reduce the population of the planet by 90%.

Read More @ TheCommonSenseShow.com

The US Has Devolved into a Police State

by Paul Craig Roberts, Paul Craig Roberts:

Yesterday I posted at this URL — https://www.paulcraigroberts.org/2018/01/09/democracy-america-oxymoron/ — a news report and two videos of a white female school teacher being removed and brutalized by a black police officer from a public meeting of school teachers with the school board while the school teacher was engaged according to the rules in normal conversation with a school board member.

The school board is comprised of both genders and both races. (Yes, I know that today we have more than two genders and there are more than two races.) Obviously, the school teacher was removed at the order of the school board or some member of it.

The school teacher is surprised to be interrupted in her conversation with a school board member by a policeman. She attempts to continue the conversation and is ordered to leave the room by the black cop. She complies with the black cop’s illegal order. As she leaves the room, the black cop knocks her down, handcuffs her, calls backup, and sends her to jail.

This is an accurate picture of America today. The woman did nothing, broke no law, no school board rule, no meeting rule, complied with the black cop and was still brutalized and arrested. The black cop as he brutalized her kept saying “stop resisting.” It is perfectly clear from the video that there is no resistance only assault by the black cop in what is clearly a criminal action against a member of the public by the police.

Will the black cop get away with it. Of course.

What was it all about.

The meeting was about the school board’s approval of a raise in salary for a school board member equal to the annual pay of school teachers, while the teachers themselves received not one cent.

The white female teacher assaulted by the black cop wanted to know why resources needed in the classroom, where class size had increased by about one third, were instead going to school board members who really did not do anything except collect high salaries.

This is a fair and honest question, but it was one the school board did not want to hear. So the school board had the uncle Tom black cop brutalize and arrest the white female school teacher.

As I said, this is America today.

The same thing is going on everywhere.

Consider, for example, America’s colleges and universities. According to a number of reports, 75 percent of budgets go to administration. When I attended Georgia Tech there was a president and a dean of students. Today universities have enormous administrative staffs. They have presidents, chancellors, vice chancellors, provosts, vice provosts, assistant vice provosts, deans, associate deans, and assistant deans for affirmative action, politically correct speech and demeanor, women’s rights, minority rights, homosexuals’ rights, and transgender rights. America’s universities are overrun with administrators. Education hardly exists.

Full time faculties are shrinking. In place of established professors students are taught by adjuncts who are paid a few thousand dollars to teach a course.

As Ron Unz has shown, Harvard University, for example, has endowment income sufficient to allow every Harvard student to attend tuition free, but continues to charge a monsterous price. It is not the education that Harvard students pay for. It is the network connection, not the education, that is valuable.

There are many things to be learned from this school board meeting atrocity. First, it is not just white cops who assault black people. Cops, whether black or white or rainbow in color assault the general public, white, black, brown, the young, the elderly, cripples in wheel chairs, the family dog. The cops, irrespective of race brutalize the public. There is no race safety. The police are a brutal force whose only function is to suppress all dissent against the bosses. All lives matter, not just black lives. The police actually kill more white people than they kill black people.

The police are the enforcers of the thievery practiced by the One Percent. The main function of the police in America is to suppress the citizens. That is what the black uncle Tom cop is doing at the school board meeting.

One of America’s greatest disadvantages is “law and order conservatives.” These peoples’ paranoid fears of crime have enabled the creation of the American Police State. Moreover, these people are completely illogical. The police seldom, if ever, prevent a criminal act. The function of the police is to investigate the act and to pin it on someone, innocent or guilty. If an American is so scared by crime, he/she can use the carry laws to arm themselves.

Read More @ PaulCraigRoberts.org

ANOTHER study confirms the detrimental effects of water fluoridation on the IQs of children

by Zoey Sky, Natural News:

Another study has added to the growing body of evidence that links the fluoride found in water with lowered intelligence quotients (IQ) in children.

A study, which was published last year, confirmed the dangers that water fluoridation has when it is consumed by children, particularly on their IQ. Not only that, fluoridated water was also shown to adversely affect the cognitive ability of babies when this is consumed by their mothers during pregnancy.

A total of 299 mother-child pairs in Mexico were examined as part of the study. Researchers looked into the link between fluoride levels in the urine of pregnant mothers and the IQ test results of their children. The results of the study revealed that toddlers born from mothers with higher fluoride levels often had lower tests compared to those whose mothers had lower fluoride levels.

Morteza Bashash, one of the authors of the study, explained: “In this study, higher prenatal fluoride exposure, in the general range of exposures reported for other general population samples of pregnant women and nonpregnant adults, was associated with lower scores on tests of cognitive function in the offspring.”

In 2012, a study on the impact of fluoride “on the neurological development of children” was published by Harvard School of Public Health. While the study was mostly disregarded by legacy media (e.g. print media, radio, television, etc.) it gained traction when it was shared on social media in the following years and it spread awareness about the dangers of fluoridated water and how to avoid it. (Related: More science confirms fluoride exposure damages brains and lowers IQs in newborns.)

The chemical sodium fluoride, commonly known as fluoride, has been classified as a neurotoxin, along with arsenic, lead, and mercury. However, according to an article that appeared in the Waking Times, the chemical is still being added to America’s water supply “for what some claim protects the health of our teeth.”

Fluoride-related health risks

To the unaware, the results may be shocking, but this isn’t anything new to anyone who has read up on the dangers of fluoride — at least 50 studies have examined the connection between fluoride and decreased IQ in humans. In addition to this, there are at least 45 studies pointing out a  “lessened cognitive ability in animals” due to fluoride exposure. While evidence like this has persuaded a handful of health authorities worldwide to remove fluoride from public drinking water, it could take more than data from studies to ensure that politicians are held accountable for their involvement in the propagation of this health risk.

In other studies, researchers have determined the link between fluoride and diseases such as arthritis, cancer, dental fluorosis, diabetes, Down’s syndrome, and osteoporosis. This link is possibly due to fluoride variants such as hydrofluorosilicic acid, “a chemical byproduct of the phosphate fertilizer and aluminum industries.” The article opines that this chemical is probably added to public water not out of concern for public health but to protect industries from lawsuits regarding environmental damage.

Dr. J. William Hirzy, Senior Chemist at the Environmental Protection Agency (EPA), expressed his disbelief and said, “If this stuff (hydrofluorosilicic acid) gets out into the air, it’s a pollutant; if it gets into the river, it’s a pollutant; if it gets into the lake, it’s a pollutant; but if it goes right straight into your drinking water system, it’s not a pollutant. That’s amazing.”

Tips to minimize fluoride exposure

To avoid the dangers of fluoridated water, follow the tips listed below:

  • Do not drink fluoridated water – On a daily basis, tap water consumption is the main cause of fluoride exposure consumption for individuals who reside in areas that allow the fluoridation of water. Avoid fluoride through these three options:
    • Use water filters
    • Drink spring water
    • Try water distillation

Read More @ NaturalNews.com

Gold Hits All-Time Highs Priced In Emerging Market Currencies

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by Mark O’Byrne, Goldcore:

Gold Hits All-Time Highs Priced In Emerging Market Currencies

– Gold at all time in eight major emerging market currencies
– A stronger performance than seen when priced in USD, EUR or GBP
– As world steps away from US dollar hegemony expect new gold highs in $, € and £
– Gold is a hedge against currency debasement and depreciation of fiat currencies

 

When we talk about the gold price we all too often focus on it priced in US dollars, with some frequent glances to Sterling and Euro as well. This is understandable, after all these are the currencies the majority of readers buy and sell in. The US dollar price is also the one which is most universally quoted.

However this approach ends up giving us a very skewed perspective of the gold market and price behaviour.It is arguably an old fashioned approach in a very globalised world. The relationship between gold and the US dollar is one which is rooted in the Bretton Woods agreement, something which was scrapped in 1971.

Today the gold price and the gold market is international, with far more interest in physical gold being paid by the emerging markets. One just has to look at the gold buying policies of Russia and China to see this.

In the long term, gold has performed very well in dollar, sterling, euro and all fiat currencies with gains of between 7% and 12% per annum over a 15 year period. Gains in emerging market currencies have been even greater.

Very often a change in the price of gold is a reflection in the change of the value of the currency in which you are choosing the quote the price. This has certainly be the case in the last year or so when it comes to gold bullion priced in the US dollar.

In 2017, gold’s dollar price was far more reflective of the dominant world currency’s perceived value than it was of other global events such as inflation, the threat of nuclear war etc.

So when the price of gold changes it is how it is perceived in relation to that currency and (more importantly) how that currency is behaving against other currencies.

Gold is a currency and clearly one of the most important safe havens and alternatives to the greenback. We see this with other currencies such as the Yen and the euro. So whilst gold might be a bet against the value of the US dollar it is also a safe haven against global risks and a hedge against currency devaluation.

This is of particular interest when we consider the above chart. Eight emerging market currencies and currently experiencing all time high gold prices. This gives a perspective of the gold market through a lens that we don’t usually see from a Western perspective. This perspective shows a totally different gold market – one which is at all time highs.

Is this a gold market that is perhaps reflecting the true risk in the global system?

The above chart was created by allstarcharts.com and was accompanied by this analysis:

Read More @ Goldcore.com

China Threatens to Quit Buying US Treasuries, Cites “Trade Tensions”

by Wolf Richter, Wolf Street:

A financial shot before the bow of the White House.

China – which holds $1.19 trillion of US Treasury securities as part of its $3.1 trillion pile of foreign exchange reserves, and thus is a crucial factor in demand for US government debt – is having second thoughts about this deal.

Officials reviewing China’s foreign-exchange holdings and discussing investment strategies have recommended slowing or even halting purchases of Treasuries, “people familiar with the matter” told Bloomberg.

It’s the message that counts, a financial shot before the bow of the White House. The people “who asked not to be named as they’re not allowed to discuss the matter publicly” told Bloomberg that officials undertaking this investment review think US government bonds are becoming less attractive than other assets, and that trade tensions with the US would offer a reason to curtail or stop buying US Treasuries.

Trade tensions? What do they have to do with Treasuries? The leakers wouldn’t say.

For now, it remains unclear if the these investment strategies have been adopted. The recommendations also don’t concern daily purchases and sales of Treasuries. Bloomberg:

The officials recommended that China closely watch factors such as the outlook for supply of US government debt, along with political developments including trade disputes between the world’s two biggest economies, when deciding whether to cut some Treasury holdings, the people said.

If implemented – if it’s not just a verbal and purposefully leaked warning shot in direction of the White House – this change in China’s investment strategies could come at a very inconvenient time.

With the tax cuts in place, the US government will have to borrow even more to make ends meet, and thus will have to douse the market with additional supply of Treasury debt that will need to find enthusiastic buyers, just as the Fed has stepped away from the table and has started unwinding its holdings of Treasury debt.

With a sense of premonition, prices of the 10-year US Treasury note fell this morning, and the yield, which moves in the opposite direction of price, jumped to 2.59%.

The 10-year Treasury yield had been stubbornly low for most of 2017, even as short-term yields have risen sharply in response to the Fed’s rate hikes, sparking fears of a “flat” or even “inverted yield curve.” An inverted yield curve is a phenomenon where short-term yields are higher than long-term yields. It has been tightly associated in the past with economic and financial problems, including last time, when this phenomenon was followed by the Financial Crisis.

But in recent weeks, yields between 3-year and 7-year maturities have been rising more steeply than short-term yields, a sign that the yield curve was steepening in the mid-range. More recently, even the 10-year Treasury sold off and the yield started rising. Yesterday, it closed at 2.55%, the highest since March 14 last year.

Today’s well-orchestrated leak by Chinese officials just added a little extra oomph to that trajectory, with the 10-year Treasury selling off a tiny bit, pushing the yield to 2.59% this morning.

Read More @ WolfStreet.com

Brinks Reports Mysterious $11 Million Gold Shipment Heist

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from ZeroHedge:

Over the past year, we reported several brazen, and very significant, gold thefts, usually occurring in broad daylight, among which”

None of these however compare to what Security logistics and precious metals vaulting company Brinks reported after hours, when it announced that it would incur an $11 million charge as a result of a theft of an international gold shipment in December.

Brinks adds that the robbery occurred on December 6 and remains under investigation. While there was little additional disclosed, Brinks said that the customer affected by the theft has been fully reimbursed by Brink’s and added that “if the gold is recovered, or if any portion of Brink’s monetary loss is subrogated to third parties prior to the filing of the company’s Form 10-K, the recovery value will be reflected in 2017 results.” 

And while we certainly would like to learn more about this particular heist, the company said that due to the ongoing investigation and related security protocols, Brink’s does not intend to make additional comments regarding the robbery at this time.

The good news is that despite the $11MM charge, Brinks won’t suffer too much, and BKS reported that the company’s 2017 non-GAAP operating profit is expected to be approximately $280 million, an increase of 30% over 2016, if at the low end of its prior guidance range of $280 million to $290 million.

To think of all the unpleasantries could have been avoided if the shipper had sold the physical gold, bought some cryptos, sent the cryptos anywhere in the world instantly, then used it to purchase the same amount of gold.

Finally putting the mysterious theft in context, based on a recent summary of the notable gold robberies, the $11 million value of the stolen shipment would place it as the 12th biggest gold heist in history.

Read More @ ZeroHedge.com

Podcast : Cody Snodgres – Operation Indigo Skyfall

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from Ole Demmegard:

This episode covers a highly top secret global and very sinister agenda under the name of Project Indigo Skyfall. The information comes from the highest level and several people have lost their lives while trying to expose it. It involves one of the MAJOR reasons behind CHEMTRAILS, FLOURIDE and GMOs, the devastating combined effect it has on the human body, and specifically the pineal gland.

If The Banks Try To Unwind Their Silver Short, Who Are They Going To Buy From?

by Chris Marcus, Miles Franklin:

While there’s a lot of commentary about the large paper short position that exists in the silver market, there’s an additional factor exacerbating the situation that few have mentioned. Specifically, given the mindset of the investors that actually own silver, if the banks and hedge funds have to cover their short position, who are they going to buy the metal from?

In a typical free market the price of an asset would be where there is an intersection of supply and demand. Yet consider the mindset of the average silver investor, which is far from your typical market participant.

Most of the people who own silver purchased their metal primarily in response to endless dollar printing. Often with a belief that the printing will continue, ultimately until the dollar is worth little or nothing.

This is different from the typical investor profile in many of the other standard investment markets. Usually in trading markets such as the stock market, people invest with the hope that a position goes their way, and then eventually convert to cash or another investment.

But those who own physical silver are generally coming at their investment from a different perspective. They bought silver because of concerns about the currency system, and are not necessarily looking to book a gain and convert back into dollars just because the price hit $20 or $30.

If someone has expenses or bills to pay, then sure, it’s possible they might sell some silver to access funds. But especially with silver so far below it’s 2011 $49 high, and with more money in the system than ever, at least the silver buyers I’ve spoken to over the past decade don’t seem like they’ll be in any rush to go out and sell.

So if the banks wanted to unwind their position, who are they going to buy all that silver from?

Part of the answer depends on the context in which a move occurs. If we just saw silver rise to $100 per ounce without any news or further significant dollar degradation, perhaps there would be more metal holders who might wonder if the price has hit a top and if it’s time to sell. But if silver hits $100 because the Fed just launched QE 5, 6, and 7, are silver investors going to be clamoring to convert back to dollars at the same time there are more of them in circulation than ever?

Speaking for myself, I first bought silver in 2010 primarily because I finally grasped the situation with the money supply. Based on the amount of money that had been printed and simple math, it always seemed to me that if silver were allowed to trade freely, the price would simply have to be a lot higher.

Yet as I learned more about the market and what Federal Reserve actually does, I started to realize that just like in other hyperinflation scenarios, eventually the dollar price just stops being relevant. At some point there would just be no reason to trade back into something that’s lost it’s value.

What all of this leads to is an environment where there could be incredible pressure on the shorts to cover their position at the same time it would be hard to find an offer. Which is why it always seemed that the longer the banks sold metal they don’t own, the more of a corner they backed themselves into.

Read More @ MilesFranklin.com

Can a Serially Troubled Wall Street Bank Grow By Shrinking?

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by Pam Martens and Russ Martens, Wall St On Parade:

On Monday, Institutional Investor’s Jonathan Kandell wrote a fascinating profile of Citigroup. He tried in every conceivable way to be kind to the company but the facts just kept getting in his way.

Interestingly, the official name of the behemoth bank holding company, Citigroup, appears just once in the article. Its homey, cuddly moniker, “Citi,” appears 84 times. As the bank’s public relations legions attempt to erase the stain of Citigroup’s performance during the 2008 financial crisis and its Frankenbank birth in 1998 in violation of the Glass-Steagall Act and Bank Holding Act of 1956, changing the bank’s name is likely in the cards.

When Sandy Weill and John Reed proposed to merge the disparate parts of Weill’s Travelers Group, which owned an insurance firm (Travelers), investment bank (Salomon Brothers) and retail brokerage (Smith Barney) with Reed’s Citicorp, parent of the FDIC insured Citibank in 1998 to form Citigroup, it forced the hand of Congress to repeal the consumer-protection legislation known as the Glass-Steagall Act the following year. That 1933 legislation barred Wall Street’s brokerage and investment banks from combining with FDIC insured banks to prevent a replay of the 1929 Wall Street crash and Great Depression.

The Citigroup merger also forced the gutting of the provision in the Bank Holding Company Act of 1956 that prohibited insurance companies from merging with insured depository banks. Removing those necessary banking walls proved lethal to the U.S. taxpayer, the U.S. economy, the U.S. housing market and the U.S. stock market. Just nine years after the repeal of Glass-Steagall, Citigroup was on taxpayer life support, receiving the largest bailout in U.S. history. The U.S. Treasury infused $45 billion in capital into Citigroup; the Federal government guaranteed over $300 billion of Citigroup’s assets; the Federal Deposit Insurance Corporation (FDIC) guaranteed $5.75 billion of its senior unsecured debt and $26 billion of its commercial paper and interbank deposits; the Federal Reserve secretly funneled $2.5 trillion in almost zero-interest loans to units of Citigroup between 2007 and 2010.

And that was what happened at just one Frankenbank. Bear Stearns collapsed and was absorbed by JPMorgan Chase with Federal support. Wachovia was in a state of collapse and was taken over by Wells Fargo. The century old Merrill Lynch teetered into the arms of Bank of America while Lehman Brothers filed bankruptcy. AIG, the giant insurer, was quietly backing tens of billions of dollars of credit default swaps at the Wall Street banks in 2008 and needed a $185 billion taxpayer bailout. We could go on.

There are two things notable about the Institutional Investor article. First, the title “Can Citi Return to Its Pre-Crisis Glory?” begs the question: did Citigroup ever have “glory” days or was it all a big fantasy propped up by accounting gimmickry and a trillion dollars of off balance sheet “assets”.   A company doesn’t lose 90 percent of its stock market value in a year if it’s built on a solid foundation.

The Citigroup merger made Weill a billionaire and Reed a multi millionaire while costing the taxpayer a bundle and helping to bring down the whole of Wall Street.

The second notable aspect of the article is that management’s plan to restore the luster to Citigroup appears to be based on massive shrinkage of the company’s footprint or to put it simply: it’s going to grow by shrinking. According to Institutional Investor’s Kandell, here’s what Citigroup has done:

Citigroup’s head count has dropped from a peak of 357,000 before the crash to 213,000 today;

Citigroup “has reduced the number of countries in which it does retail banking from 50 to 19”;

Within the past four years, Citigroup has closed 30 percent of its retail bank branches and “reduced its real estate footprint by a quarter.”

Kandell also profiles Citigroup’s CEO, Michael Corbat, who took the helm in 2012. At Wall Street On Parade, we have been keeping track of the charges brought against Citigroup under the leadership of Corbat. Below is just a sampling:

December 4, 2013: Citigroup admits to participating in the Yen Libor financial derivatives cartel to the European Commission and accepts a fine of $95 million.

July 14, 2014: The U.S. Department of Justice announces a $7 billion settlement with Citigroup for selling toxic mortgages to investors. Attorney General Eric Holder called the bank’s conduct “egregious,” adding, “As a result of their assurances that toxic financial products were sound, Citigroup was able to expand its market share and increase profits.”

November 2014: Citigroup pays more than $1 billion to settle civil allegations with regulators that it manipulated foreign currency markets. Other global banks settled at the same time.

Read More @ WallStOnParade.com