As in the song "Lawyers In Love" we have a land, a nation with too many in high places willing to do anything for money neglecting people, honor and principle but a change is coming. No more falling for the lie of living only individualistic and independent lives leaving us divided and conquerable by powerful special interests but a people, a nation collaborating for the greater common good in various groups all across the nation. A land of people working together to help one another with a vision moreover as Jesus would have us be. Love, Mercy, Forgiveness, Kindness....something about another Land. The change is coming

Tuesday, September 24, 2013

The Financial Core of the Transnational Corporate Class

Estimates are that the total world’s wealth is close to $200 trillion, with the US and European elites holding approximately 63 percent of that total; meanwhile, the poorest half of the global population together possesses less than 2 percent of global wealth.
The WorldBank reports that, 1.29 billion people were living in extreme poverty, on less than $1.25 a day, and 1.2 billion more were living on less than $2.00 a day. Thirty-five thousand people, mostly young children, die every day from malnutrition. While millions suffer, a transnational financial elite seeks returns on trillions of dollars that speculate on the rising costs of food, commodities, land, and other life sustaining items for the primary purpose of financial gain. They do this in cooperation with each other in a global system of transnational corporate power and control and as such constitute the financial core of an international corporate capitalist class.
 
Project Censored has just finish a year long study on the people on the boards of directors of the top ten asset management firms and the top ten most centralized corporations in the world. With overlaps there is a total of thirteen firms in our study:
 
Barclays PLC, BlackRock Inc.,
Capital Group Companies Inc.,
FMR Corporation: Fidelity Worldwide Investment,
AXA Group, State Street Corporation,
JPMorgan Chase & Co., Legal & General Group PLC (LGIMA),
Vanguard Group Inc.,
UBS AG, Bank of America/Merrill Lynch,
Credit Suisse Group AG, and
Allianz SE (Owners of PIMCO) PIMCO-Pacific Investment Management Co.
The boards of directors of these firms, totaling 161 individuals. They are the financial core of the world’s Transnational Capitalist Class. Collectively, these 161 people manage $23.91 trillion in funds impacting nearly every country in the world.
The institutional arrangements within the money management systems of global capital relentlessly seek ways to achieve maximum return on investment, and the structural conditions for manipulations—legal or not—are always open (Libor scandel).
 
These institutions have become “too big to fail,” their scope and interconnections pressure government regulators to shy away from criminal investigations, much less prosecutions. The result is a semi-protected class of people with increasingly vast amounts of money, seeking unlimited growth and returns, with little concern for consequences of their economic pursuits on other people, societies, cultures, and environments.
Members of the financial core take active parts in global policy groups and government. Five of the thirteen corporations have directors as advisors or former employees of the International Monetary Fund. Six of the thirteen firms have directors who have worked at or served as advisors to the World Bank. Five of the thirteen firms hold corporate membership in the Council on Foreign Relations in the US. Seven of the firms sent nineteen directors to attend the World Economic Forum in February 2013. Seven of the directors have served or currently serve on a Federal Reserve board, both regionally and nationally in the US. Six of the financial core serve on the Business Roundtable in the US. Several directors have had direct experience with the financial ministries of European Union countries and the G20. Almost all of the 161 individuals serve in some advisory capacity for various regulatory organizations, finance ministries, universities, and national or international policy-planning bodies.
Western governments and international policy bodies serve the interests of this financial core of the Transnational Corporate Class. Wars are initiated to protect their interests. International treaties, and policy agreements are arranged to promote their success. Power elites serve to promote the free flow of global capital for investment anywhere that returns are possible.
Identifying the people with such power and influence is an important part of democratic movements seeking to protect our commons so that all humans might share and prosper.

- Peter Phillips, Project Censored
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