Skip to main content

October 24, 1929: The start of the disaster

The black celebration of capitalism and the big opportunity for the banksters and speculators to gather wealth and power for the first time in such a degree

Bought the most productive industry at that time, eliminated thousands of competitors. Unemployment soared, WWII came soon.

ā€œOn October 24 ("Black Thursday"), the market lost 11 percent of its value at the opening bell on very heavy trading. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National Bank; and Charles E. Mitchell, president of the National City Bank of New York. They chose Richard Whitney, vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in U.S. Steel at a price well above the current market.ā€


On December 23, 1913, the then US President Woodrow Wilson puts the final signature for the so-called Federal Reserve Act. Big private banks take control of the US money supply. Since then and for 100 years until now, we live in the bankster-domination era. The only "break" of real peace and prosperity for the West since then, is perhaps the period after the WWII until the early 70s, though conflicts, dictatorships and wars were not absent.

The first big test of the new conditions was the 1929 crash. Banksters reduced the money supply to the market, eliminating competitors and leading to poverty millions of Americans. The same happened, more or less in the 2007-2008 financial crisis.

Comments

  1. Q: Who thinks they know what blackmail or other pressure-point was used to get Wilson to sign the Fed Res into law?

    Don't be shy. Speak-up. It had to be far more threatening than his quiet affair with a Princeton professor's wife. More like a chronic, progressively debilitating disease would make him unelectable if publicly known.

    Someone in Internetland probably knows something. Perhaps a hand-me-down relative of an interested medical party?

    ReplyDelete
  2. Nice, censorship. I'm pretty sure that qualifies as part of the 'unbalanced evolution'.

    ReplyDelete

Post a Comment

Popular posts from this blog

Zuckerberg changes camp in the capitalist civil war, joins the Musk-led oligarchy

globinfo freexchange   It was Mark Zuckerberg this time that decided to change camp in the capitalist civil war, in order to join the Musk-led oligarchy under the oncoming presidency of oligarchy's puppet.   The move by Meta to end its third-party fact-checking program and move to a so-called community notes model, has been justifiably widely interpreted as an attempt by Zuckerberg to ingratiate himself with the incoming Trump administration, which has long denounced the moderation policy as censorship with a left-wing bias.   From the first moments in his interview with Joe Rogan, Zuckerberg attempted to justify his previous policy regarding censorship practices in Facebook, claiming that he was receiving high pressure from the Democratic party to do so! The ex-liberal billionaire oligarch made an impressive 180 degrees turn, claiming that he knew that there was something wrong with the specific policy and that he tried to fight back against the pressure to imple...

Jabalia, Khan Yunis, Rafah: The spots of Zionist barbarism and genocide in Gaza will become the graveyard of US imperialism

by system failure   It is certainly not the first genocide in human history, but it is the first one transmitted in real time. For over a year now, we witnessed the horror in Gaza, a place that has been turned into a real hell on earth by the fascist Israeli state and the Zionist barbarism.   It didn't start in October 7, 2023, as the Western and the Zionist propaganda wants you to believe. Before that, we had decades of  colonization, torture, brutal suppression, de-humanization, resulting in a slow-motion genocide in process by the Israeli state against Palestinians.  The events of October 7, only gave the pretext to the Israeli regime accelerate the genocidal process and literally flatten Gaza, killing thousands of civilians at an unprecedented rate.     The corporate media of the West covered outrageously the events since October 7, resulting in a despicable effort - even now - to whitewash Israel for its crimes. There are no words to describe the ...

It is Russia that surprised the imperialist West in Syria, not the other way round

by system failure   The rapid fall of Bashar al-Assad in Syria surprised most of the people who follow closely the Syrian crisis from its beginning. At a time where there was not a single sign that the Salafi Jihadists could revive and take over Damascus, a rebranded Al-Qaeda finally did it, just in a few days, almost without any resistance by the Syrian Army and its allies.  The Western corporate media celebrated the fall of Assad, yet an atmosphere of perplexity and uncertainty shortly replaced the celebrating climate, mostly due to the fact that the new authority in Syria was the one that had been previously classified by the imperialist West as Islamic terrorism.   The major Western outlets immediately lunched a massive operation to whitewash Abu Mohammad al-Julani, in an effort to transform the new leader of Syria, from a radical Islamic terrorist, to a kind of moderate and even secular figure, who respects all religions and ethnic groups. The whole effort would be r...

ĪŸ ĪµĪŗĻƒĻ…Ī³Ļ‡ĻĪæĪ½Ī¹ĻƒĻ„Ī®Ļ‚ Ļ„Ī·Ļ‚ Ī“Ī¹Ī±Ļ†ĪøĪæĻĪ¬Ļ‚: ĪŒĪ»Ī· Ī· Ī±Ī»Ī®ĪøĪµĪ¹Ī± Ī³Ī¹Ī± Ļ„Īæ Ī²ĻĻŒĪ¼Ī¹ĪŗĪæ ĻƒĻĻƒĻ„Ī·Ī¼Ī± Ī£Ī·Ī¼ĪÆĻ„Ī· Ļ€ĪæĻ… ĻƒĻ…Ī½ĪµĻ‡ĪÆĪ¶ĪµĪ¹ Ī½Ī± ĪŗĪ±Ļ„Ī±ĻƒĻ„ĻĪ­Ļ†ĪµĪ¹ Ļ„Ī· Ļ‡ĻŽĻĪ± Ī¼Ī­ĻƒĪ± Ī±Ļ€ĻŒ Ļ„Īæ ĪŗĪ±ĪøĪµĻƒĻ„ĻŽĻ‚ ĪœĪ·Ļ„ĻƒĪæĻ„Ī¬ĪŗĪ·

* ĪšĪµĪÆĪ¼ĪµĪ½Īæ ĪŗĪ±Ī¹ podcast Ī±Ļ€ĻŒ Ļ„ĪæĪ½ ĪšĻŽĻƒĻ„Ī± Ī’Ī±Ī¾ĪµĪ²Ī¬Ī½Ī· Ī¤ĪæĪ½ ĪšĻŽĻƒĻ„Ī± Ī£Ī·Ī¼ĪÆĻ„Ī·, Ī±Ī½Ī±Ī¼Ļ†ĪÆĪ²ĪæĪ»Ī± ĪøĪ± Ļ„ĪæĪ½ ĪŗĻĪÆĪ½ĪµĪ¹ Ī· Ī™ĻƒĻ„ĪæĻĪÆĪ±, ĻŒĻ€Ļ‰Ļ‚ Ī»Ī­Ī³ĪµĻ„Ī±Ī¹ Ī¼Ī¬Ī»Ī»ĪæĪ½ ĪµĪŗ Ļ„ĪæĻ… Ļ€ĪæĪ½Ī·ĻĪæĻ Ī±Ļ…Ļ„Ī­Ļ‚ Ļ„Ī¹Ļ‚ Ī¼Ī­ĻĪµĻ‚, Ī±Ī»Ī»Ī¬ Ļ„ĪæĪ½ Ļ€ĻĻŽĻ„Īæ Ī»ĻŒĪ³Īæ Ī­Ļ‡ĪæĻ…Ī½ Ī±Ļ…Ļ„ĪæĪÆ Ļ„ĪæĻ…Ļ‚ ĪæĻ€ĪæĪÆĪæĻ…Ļ‚ ĪµĪ¾Ī±Ļ€Ī¬Ļ„Ī·ĻƒĪµ. Ī¤Īæ Ļ€ĻĪæĻ†ĪÆĪ» Ļ„ĪæĻ… Ī”Ļ‰ĻĪ¹ĪŗĪæĻ Ļ€Ī±Ī½ĪµĻ€Ī¹ĻƒĻ„Ī·Ī¼Ī¹Ī±ĪŗĪæĻ ĪŗĪ±Ī¹ ĻƒĪæĪ²Ī±ĻĪæĻ Ļ€ĪæĪ»Ī¹Ļ„Ī¹ĪŗĪæĻ Ļ€ĪæĻ… Ļ†Ī¹Ī»ĪæĻ„ĪµĻ‡Ī½ĪµĪÆĻ„Ī±Ī¹ ĻƒĻ„Ī· Ī¼ĪµĻ„Ī¬ ĪøĪ¬Ī½Ī±Ļ„Īæ Ī±Ļ€ĪæĻ„ĪÆĪ¼Ī·ĻƒĪ· Ļ„Ī·Ļ‚ Ļ€ĻĪæĻƒĻ‰Ļ€Ī¹ĪŗĻŒĻ„Ī·Ļ„Ī¬Ļ‚ Ļ„ĪæĻ…, ĪµĪÆĪ½Ī±Ī¹ Ī¼Ī¹Ī± Ī±ĪŗĻŒĪ¼Ī· Ī±Ļ€ĻŒĪ“ĪµĪ¹Ī¾Ī· ĻŒĻ„Ī¹ ĻƒĻ„Ī¬ĪøĪ·ĪŗĪµ ĻƒĻ„Ī· ĻƒĻ‰ĻƒĻ„Ī® (Ī³Ī¹Ī± Ļ„Ī· Ī“Ī¹Ī±Ļ€Ī»ĪæĪŗĪ®) Ļ€Ī»ĪµĻ…ĻĪ¬ Ļ„Ī·Ļ‚ Ī™ĻƒĻ„ĪæĻĪÆĪ±Ļ‚. Ī¦Ļ…ĻƒĪ¹ĪŗĪ¬, Ī³Ī¹Ī± Ļ„ĪæĪ½ Ļ€ĻĻŽĪ·Ī½ Ļ€ĻĻ‰ĪøĻ…Ļ€ĪæĻ…ĻĪ³ĻŒ Ī­Ļ‡ĪµĪ¹ ĪŗĪ¬ĪøĪµ Ī“Ī¹ĪŗĪ±ĪÆĻ‰Ī¼Ī± Ī½Ī± Ļ€ĪµĪ½ĪøĪµĪÆ, Īæ ĪšĻ…ĻĪ¹Ī¬ĪŗĪæĻ‚ ĪœĪ·Ļ„ĻƒĪæĻ„Ī¬ĪŗĪ·Ļ‚, Īæ ĪæĻ€ĪæĪÆĪæĻ‚ ĻŒĻ‡Ī¹ Ī¼ĻŒĪ½Īæ Ī­ĪŗĪ±Ī½Īµ Ļ„Ī·Ī½ ĪŗĪ±ĻĪ¹Ī­ĻĪ± Ļ„ĪæĻ… Ļ‰Ļ‚ Ā«ĻĪæĻ…ĻƒĻ†Ī­Ļ„Ī¹ Ī£Ī·Ī¼ĪÆĻ„Ī· ĻƒĻ„Ī·Ī½ Ī•ĪøĪ½Ī¹ĪŗĪ® Ī¤ĻĪ¬Ļ€ĪµĪ¶Ī±Ā», Ī±Ī»Ī»Ī¬ Ļ„ĪæĪ½ Ī±Ī½Ļ„Ī­Ī³ĻĪ±ĻˆĪµ ĻƒĻ„Ī± Ī²Ī±ĻƒĪ¹ĪŗĪ¬ ĻƒĻ„ĪæĪ¹Ļ‡ĪµĪÆĪ± Ļ„Ī·Ļ‚ Ļ€ĪæĪ»Ī¹Ļ„Ī¹ĪŗĪ®Ļ‚ Ļ„ĪæĻ…. ĪŸ ĪœĪ·Ļ„ĻƒĪæĻ„Ī±ĪŗĪ¹ĻƒĪ¼ĻŒĻ‚ Ī“ĪµĪ½ ĪµĪÆĪ½Ī±Ī¹ Ļ„ĪÆĻ€ĪæĻ„Ī± Ī¬Ī»Ī»Īæ Ī±Ļ€ĻŒ Ļ„ĪæĪ½ Ī£Ī·Ī¼Ī¹Ļ„Ī¹ĻƒĪ¼ĻŒ Ī¼Īµ Ī¬Ī»Ī»Ī±, Ļ€Ī¹Īæ Ī±ĪŗĻĪ±ĪÆĪ± Ī¼Ī­ĻƒĪ±. ĪˆĪ½Ī± ĪŗĪæĪ¹Ī½ĻŒ ĻƒĻ„ĪæĪ¹Ļ‡ĪµĪÆĪæ Ļ€ĪæĻ… ĪµĻ€ĪÆĻƒĪ·Ļ‚ ĪµĪ½Ļ„ĪæĻ€ĪÆĪ¶ĪµĻ„Ī±Ī¹ ĻƒĪµ Ī£Ī·Ī¼ĪÆĻ„Ī· ĪŗĪ±Ī¹ ĪœĪ·Ļ„ĻƒĪæĻ„Ī¬ĪŗĪ·, ĪµĪÆĪ½Ī±Ī¹ ĻŒĻ„Ī¹ ĪŗĪ±Ī¹ ĪæĪ¹ Ī“ĻĪæ, ĪŗĪ±Ļ„Ī¬Ļ†ĪµĻĪ±Ī½ Ī½Ī± Ī±Ļ€ĪæĪŗĻĻĻˆĪæĻ…Ī½ ĻƒĪæĪ²Ī±ĻĪ¬ ĪµĪ»Ī»ĪµĪÆĪ¼Ī¼Ī±Ļ„Ī± ĻƒĻ„Ī·Ī½ ĪŗĪæĪ¹Ī½Ļ‰Ī½Ī¹ĪŗĪ® ĪŗĪ±Ī¹ Ļ€ĪæĪ»Ī¹Ļ„Ī¹ĪŗĪ® Ļ„ĪæĻ…Ļ‚ ĻƒĻ…Ī¼Ļ€ĪµĻĪ¹Ļ†ĪæĻĪ¬, ĪµĻ€Ī¹ĻƒĻ„ĻĪ±Ļ„ĪµĻĪæĪ½Ļ„Ī±Ļ‚ Ī¼Ī¹ĻƒĪøĪæĻ†ĪæĻĪ¹ĪŗĪæĻĻ‚ ĻƒĻ„ĻĪ±Ļ„ĪæĻĻ‚ Ī±Ļ€ĻŒ Ī“Ī·Ī¼ĪæĻƒĪ¹ĪæĪ³ĻĪ¬Ļ†ĪæĻ…Ļ‚ ĪŗĪ±Ī¹ Ī“Ī·Ī¼ĪæĻƒĪŗĻŒĻ€ĪæĻ…Ļ‚. ĪŸ ĪšĻŽĻƒĻ„Ī±Ļ‚ Ī£Ī·Ī¼ĪÆĻ„Ī·Ļ‚ Ī“...

Privatizing Syria: US Plans to Sell Off a Nationā€™s Wealth After Assad

by Kit Klarenberg    Part 2 - ā€˜Reconstruction Projectā€™   Syriaā€™s economic independence and strength under Assadā€™s rule and the benefits reaped by average citizens, as a result, were never acknowledged in the mainstream before or during the decade-long proxy war. Yet, countless reports from major international institutions underline this reality ā€“ which has now been brutally vanquished, never to return. For example, an April 2015 World Health Organization document noted how Damascus ā€œhad one of the best-developed healthcare systems in the Arab world.ā€ Per a 2018 U.N. investigation, ā€œuniversal, free healthcareā€ was extended to all Syrian citizens, who ā€œenjoyed some of the highest levels of care in the region.ā€ Education was likewise free, and before the conflict, ā€œan estimated 97% of primary school-aged Syrian children were attending class, and Syriaā€™s literacy rates were thought to be at over 90% for both men and women.ā€ By 2016, millions were out of school . A U.N. Human ...

The BBCā€™s Civil War Over Gaza

Drop Site News is publishing a landmark investigation about the BBCā€™s coverage of Israelā€™s unrelenting assault on Gaza by British journalist Owen Jones. His report is based on interviews with 13 journalists and other BBC staffers who offer remarkable insights into how senior figures within the BBCā€™s news operation skewed stories in favor of Israelā€™s narratives and repeatedly dismissed objections registered by scores of staffers who, throughout the past 14 months, demanded that the network uphold its commitment to impartiality and fairness.    by Owen Jones   Part 2 - ā€œThis is about editorial standardsā€   In November 2023, BBC senior management attended a morning meeting with at least 100 staffers to discuss coverage of Gaza. It soon descended into a fiery debate. ā€œWeā€™ve got to all remember that this all started on 7 October,ā€ Deborah Turness, the CEO of the news division, called out, in an attempt to assert control of the meeting, two attendees told me. Liliane Lando...

Seeking Justice: Tracking IDF War Criminals Around The World

Glenn Greenwald  

In France, Ordinary Consumers Fund Tax Breaks for the Wealthy

Emmanuel Macronā€™s government gave tax breaks for Franceā€™s wealthiest while counting on purchase taxes paid by ordinary consumers. Now saying it has a budget hole to fill, his administration is again expecting working-class people to pick up the bill.   by Marlon Ettinger Part 1 President Emmanuel Macron picked FranƧois Bayrou as Franceā€™s new prime minister earlier this month, despite his lack of any parliamentary majority. Bayrouā€™s appointment on December 13 came just over a week after his predecessor Michel Barnierā€™s government was felled by a no-confidence vote proposed by the Left and joined by the far right, after Barnier tried to force through his budget without having the numbers in the National Assembly.  The most likely outcome now is that Bayrou, who comes from a party called the Democratic Movement, will reimpose last yearā€™s budget by decree. The National Assembly has already assented to continuing last yearā€™s budget by an emergency vote. Franceā€™s in many ways undemo...

With Trumpā€™s Re-Election, a Venezuela Invasion Could Be On the Cards

The re-election of Donald Trump to the presidency of the United States has many in Venezuela extremely concerned. From assassinations, terror campaigns, sanctions and coups, the first Trump administration tried everything short of a full-scale invasion of the country. With a cabinet full of hawks, MintPress assesses the potential for a future U.S. intervention in Venezuela.   Part 4 - Sanctions, Piracy, and Kidnapping The most far-reaching U.S. action against Venezuela, however, has been the punishing sanctions regime. The economic blockade of the country ā€“ which includes intimidating foreign nations and businesses into ceasing trading with Venezuela ā€“ devastated the country, leading to huge shortages of goods. Although some sanctions have been in place since 2004, they were drastically expanded under the Trump administration. Alfred de Zayas, an (American) United Nations Special Rapporteur who visited the country in 2018, likened the blockade to a ā€œMedieval Siegeā€ and estimated th...

Amnesty International investigation concludes Israel is committing genocide against Palestinians in Gaza

Part 6 - Accountability for genocide    ā€œThe international communityā€™s seismic, shameful failure for over a year to press Israel to end its atrocities in Gaza, by first delaying calls for a ceasefire and then continuing arms transfers, is and will remain a stain on our collective conscience,ā€ said AgnĆØs Callamard.   ā€œGovernments must stop pretending they are powerless to end this genocide, which was enabled by decades of impunity for Israelā€™s violations of international law. States need to move beyond mere expressions of regret or dismay and take strong and sustained international action, however uncomfortable a finding of genocide may be for some of Israelā€™s allies.   ā€œThe International Criminal Courtā€™s (ICC) arrest warrants for Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant for war crimes and crimes against humanity issued last month offer real hope of long-overdue justice for victims. States must demonstrate their respect for the court...