On the August 12th airing of Coast to Coast AM last night, well known investment advisor Catherine Austin Fitts suggested that the best way for Americans to make their voices heard in Washington, and on Wall Street is to close and remove all their money from the large financial institutions and instead move their accounts into smaller local banks.
We need to each understand that this is… we’re dealing with economic warfare and we’re a target, and we need to learn how to play. We have to learn how to outwit the system. The world is changing and we need to change with it.
One of my prophecies at the beginning of the year, one of my financial predictions, was that the after tax return on toilet paper would exceed the after tax return on money markets by 11 times.
If you look at the Federal budget, you’re looking at decade after decade of ‘fees for your friends’ and your friends now are very powerful and have guns (ATF, Homeland Security, etc…)… you can’t just go into these agencies and say, you’re not very productive anymore, we’re not going to give you that money, cuz… they’ll kill your kids. So if you’re the Congress, or if you’re the President, how can you get the parties to reengineer when some have guns and are violent, and some are not.
Here is what you can do… the President can’t do it, but if millions of Americans said we’re not playing anymore. If they took their investments, their bank deposits, their purchases, transactions and donations and stop giving money, transacting, or doing business with people who are engaged in this kind of behavior. If everyone took their money out of the big banks, and instead put them in local banks or credit unions, then Ben Bernanke would have to negotiate with 25000 bankers instead of five guys in New York.
The minute the crowd starts to vote with their money, for responsible behavior… shunning is the most powerful force in the world. – Catherine Austin Fitts on Coast to Coast AM
Ironically, this prediction about toilet paper came to pass with the median inflation rate on the consumable growing between 6 and 12% (John Williams), and money market rates returning less than .25%. Had someone purchased, and stocked up on toilet paper at the beginning of the year, then their return on investment would have been much more than the 11 times predicted by Austin Fitts.
In the last election, millions of people thought they could change the politicians in Washington by creating the Tea Party movement, and voting in supposed fiscally responsible representatives who would seek to change the status quo of years of deficit spending. This belief in the political system was shattered just recently as many of these new Congressmen voted to extend the debt ceiling, and continue growing the national debt without validating any cuts to federal spending.
Thus, Catherine Austin Fitts is correct in that change must come from the American people, and it must be done with the one tool they have at their disposal. For decades, marketers and and a patriotic citizenry promoted the 'Buy American; slogan, but since the institution of NAFTA, and the inter-connected global economy, very few products anymore are actually made in America, and created by American workers. What Americans spend their money on, and choose to invest their money in, is the singular most powerful voice that can do what elected officials cannot.
As with all investments, in the end, you are responsible for your money. The government system which is built to expand and assume more control over the economy, and your welfare is no longer a mechanism of the American people, but one that listens more to corporations and banking interests. The economic warfare that Catherine Austin Fitts says is being waged against you can only be fought in the choices you use on where to invest, store, and spend your money.
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