2016 Postmortem

Octafish

(55,745 posts)

45. Larry Summers and the Secret ''End-Game'' Memo

Sat Apr 16, 2016, 07:01 PM

Apr 2016

Thursday, August 22, 2013
By Greg Palast for Vice Magazine

EXCERPT...

The year was 1997. US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks. That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks. It was like replacing bank vaults with roulette wheels.

Second, the banks wanted the right to play a new high-risk game: "derivatives trading." JP Morgan alone would soon carry $88 trillion of these pseudo-securities on its books as "assets."

Deputy Treasury Secretary Summers (soon to replace Rubin as Secretary) body-blocked any attempt to control derivatives.

But what was the use of turning US banks into derivatives casinos if money would flee to nations with safer banking laws?

[font color="green"]The answer conceived by the Big Bank Five: eliminate controls on banks in every nation on the planet – in one single move. It was as brilliant as it was insanely dangerous. [/font color]

CONTINUED...

http://www.gregpalast.com/larry-summers-and-the-secret-end-game-memo/

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

106 replies

= new reply since forum marked as read

Highlight:

Bill Clinton was going to privatize Social Security until, uh, Fate stopped him. [View all] Octafish Apr 2016 OP

sloppy first attempt reddread Apr 2016 #1

CIA, Nixon, Kissinger & Chicago Boys privatized social security in Chile Octafish Apr 2016 #3

Everyone should read up on 'The Chicago Boys'...it's important. haikugal Apr 2016 #11

Much of what gets decided economically & politically, not just national defense, gets done in secret Octafish Apr 2016 #37

Read Naomi Klein's "Shock Doctrine" for one. jwirr Apr 2016 #46

Yes that's a good one... haikugal Apr 2016 #49

Agreed! The Shock Doctrine Treatise treats This Nonsense Well...So If the Other Night's Festivities CorporatistNation Apr 2016 #58

You know who HATES Naomi Klein? Octafish Apr 2016 #89

And there is no sane or valid reason to believe Hillary wouldn't do this. With the happy djean111 Apr 2016 #2

Pete Peterson certainly seems interested in her political career. Octafish Apr 2016 #18

I wonder if openness to privatizing SS Califonz Apr 2016 #92

That would sure as hell piss me off if true. Jackie Wilson Said Apr 2016 #101

in case you bernie people missed it.. chillfactor Apr 2016 #4

The desperation is at freeper levels now workinclasszero Apr 2016 #6

Yes it is. Popegate has caused many Hillarians to lose their shit lately. cui bono Apr 2016 #56

And Hillary had no influence on public policy. chascarrillo Apr 2016 #14

History is important - We sure as hell don't want a repeat of a CLinton Admin Ferd Berfel Apr 2016 #17

+10 appalachiablue Apr 2016 #99

We are not the ones grasping at straws. Those who do not remember history are doomed to djean111 Apr 2016 #20

In case you missed it -- Hillary said Bill would be a trusted economic advisor Armstead Apr 2016 #53

No however he did call Hillary his co-president are you saying she will not reciprocate? azurnoir Apr 2016 #93

You sure you want to use CounterPunch as a source? workinclasszero Apr 2016 #5

Ideas don't scare me. Octafish Apr 2016 #10

Another excellent OP full of facts and history, thank you and K&R /nt Dragonfli Apr 2016 #7

The Pact Between Bill Clinton and Newt Gingrich Octafish Apr 2016 #32

Thanks again for expansion of the truth, I love when you respond that way /nt Dragonfli Apr 2016 #33

when social security is tossed on the bonfire reddread Apr 2016 #8

I tried to GOOGLE that once. Octafish Apr 2016 #34

They will eat it up. BlindTiresias Apr 2016 #80

Oh so that's what they mean by incremental change! I thought that's what I've been experiencing highprincipleswork Apr 2016 #9

The Shocking Redistribution of Wealth in the Past Five Years Octafish Apr 2016 #95

K&R! Another big thanks! haikugal Apr 2016 #12

That's a boldface lie ... Onlooker Apr 2016 #13

''Erskine, I want you to know that this story is not true.'' -- Bill Clinton Octafish Apr 2016 #31

K and R! The truth needs to be known. bbgrunt Apr 2016 #15

''What would GOLDMAN think?'' -- Larry Summers Octafish Apr 2016 #40

And poor Monica paid a very high price arikara Apr 2016 #16

Thank you, arikara. Hers is an outstanding presentation detailing cyberbullying... Octafish Apr 2016 #23

I agree that the media treated her horribly. And her friend betrayed her. Gomez163 Apr 2016 #26

Thank you so much for posting that... TeeYiYi Apr 2016 #38

That was a good talk... ljm2002 Apr 2016 #105

Kick, and keep kicking! ViseGrip Apr 2016 #19

Larry Summers and the Secret ''End-Game'' Memo Octafish Apr 2016 #45

K&R. I remember hating the "New Democrats" at the time Overseas Apr 2016 #21

Invisible War by Economic Fascism Octafish Apr 2016 #48

I am definitely war weary. So many of us are. That explains a lot of Bernie's surge. Overseas Apr 2016 #76

For those reasons, I think Bernie's gonna win. Octafish Apr 2016 #77

K&R. Beautiful video message! Overseas Apr 2016 #78

Isn't that cool? Octafish Apr 2016 #79

Yes! I'm gonna watch it again! Overseas Apr 2016 #84

K&R for the Salon list too. Overseas Apr 2016 #81

I don't understand the problem of privatizing Social Security WhenTheLeveeBreaks Apr 2016 #22

Next time the stock market crashes and doesn't wipe out your retirement, you'll understand. Octafish Apr 2016 #25

My calculation is different from yours WhenTheLeveeBreaks Apr 2016 #30

Thank you for explaining in detail. My concern regards the same US government. Octafish Apr 2016 #36

I asked the question after 2008 if SS had been privatized, how much of the Trust Fund would have Samantha Apr 2016 #41

Many retired or just about to retire people lost big in the 2008 crash arikara Apr 2016 #35

I don't think the correct term is "privatized" WhenTheLeveeBreaks Apr 2016 #43

Then why change it? arikara Apr 2016 #50

Okay. But answer me one question: The markets crash and jwirr Apr 2016 #47

So wall street can take 30% of it like they do with healthcare? Doctor_J Apr 2016 #52

That article doesn't even go far enough on Bill Clinton and SS privatization BernieforPres2016 Apr 2016 #24

Bill and Newt came to a working ''Agreement''... Octafish Apr 2016 #61

Bill Clinton was and is a scumbag on so many levels. Arugula Latte Apr 2016 #27

UBS Wealth Management Octafish Apr 2016 #97

This is worth another kick and a special request blast from the past with a message. bobthedrummer Apr 2016 #28

Love that song! vintx Apr 2016 #42

The Lies of Neoliberal Economics (or How America Became a Nation of Sharecroppers) Octafish Apr 2016 #63

Old blue eyes in that context and picture, Sir, made me laugh albeit knowingly-thanks bobthedrummer Apr 2016 #85

White House dining companion with the late First Lady Nancy Reagan. Octafish Apr 2016 #86

Instead we've got perception manager George Stephanopoulos, and the Pentagon Entertainment Network bobthedrummer Apr 2016 #87

yes, and did not know that he continued Reagan's plan to means test it w/ heavy taxation: amborin Apr 2016 #29

One's gotta be a lawyer and a CPA to understand all the stuff -- except the politics. Octafish Apr 2016 #67

K&R nt magical thyme Apr 2016 #39

Is Hillary open to Raising SS Retirement Age? Octafish Apr 2016 #88

I believe she's also open to making it means-based magical thyme Apr 2016 #90

Monica Lewinsky is a true American hero for saving SS! jfern Apr 2016 #44

we are not in their club SoLeftIAmRight Apr 2016 #51

It is undemocratic, to include those with money and exclude those without it. Octafish Apr 2016 #96

This is like the Weekly World News thread MattP Apr 2016 #54

Please feel free to post the first thing you find in error. Octafish Apr 2016 #65

HRC Is Owned By The Oligarchs, Corporations And Banks - Make No Mistake About Her Loyalties cantbeserious Apr 2016 #55

Neil Barofsky Gave Us The Best Explanation For Washington's Dysfunction We've Ever Heard Octafish Apr 2016 #103

Clinton was talking about using the budget surplus, investing a small portion in the private sector BlueStateLib Apr 2016 #57

That would have been great. Octafish Apr 2016 #100

K & R AzDar Apr 2016 #59

This message was self-deleted by its author silvershadow Apr 2016 #60

Shit article, opens with slut shaming the victim. Will not read past that. apnu Apr 2016 #62

Guess you miss out on a lot of stuff that's important to learn. Octafish Apr 2016 #64

I don't need to learn it, I lived through it. apnu Apr 2016 #66

No, you got a lot to learn*. Octafish Apr 2016 #68

Yes you do. apnu Apr 2016 #69

Show where, otherwise that's just your smear. Octafish Apr 2016 #70

Read my original post. apnu Apr 2016 #71

Manufactured outrage from you doesn't change the facts, though. Octafish Apr 2016 #72

You can't figure it out on your own? apnu Apr 2016 #73

None of that is slut shaming, though, is it? Octafish Apr 2016 #75

Hilarious BlindTiresias Apr 2016 #82

K&R for an important subject. senz Apr 2016 #74

No surprise given the other crap he pulled Ferd Berfel Apr 2016 #83

I had totally forgotten that. Let's hear it for Monica! Vinca Apr 2016 #91

So in a sense, I was saved by a cigar. JustABozoOnThisBus Apr 2016 #94

What a bunch of bs. nt BreakfastClub Apr 2016 #98

bump silvershadow Apr 2016 #102

Hillary is going to come in and finish the Job! WDIM Apr 2016 #104

Kick! senz Apr 2016 #106