by Susanne Posel
September 6, 2014

from OccupyCorporatism Website








The Federal Reserve Bank (FED) announced that the richest of Americans have become even wealthier over the last 3 years which has further widened the gap between rich and poor in the nation (see 'Changes in U.S. Family Finances from 2010 to 2013 - Evidence from the Survey of Consumer Finances').


Even after incomes were "adjusted" because of FED imposed inflation; it was still obvious that "the top 10%" of incomes rose by 2% which is reflected in a $6,000 increase. This is juxtaposed by the "median income" which fell 4% "for the bottom 20%" translating to a $600 difference.


In addition, middle incomes dropped 6% from $51,800 to $48,700.





The FED report shows :

  • The top 10% own more than 70% of everything

  • White families are worth $679,000

  • White Americans own "extremely disproportionate amount of the national wealth"

  • White Americans have 90% of the national wealth

  • The top 10% wealthy white families own 65.1% of national wealth

As shown in a 2012 audit of the audit of the Federal Reserve Bank of New York (FRBNY) published by the Government Accountability Office (GAO), Senator Bernie Sanders commented:

"As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world.


This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else."

During 2007-2010, the Federal Reserve banks provided "assistance" of more than a trillion dollars in "emergency loans" to stabilize the financial system. To stave this off, the American taxpayers were coerced by former President Bush and former US Treasury Secretary Hank Paulson.


During that incident, the US Senate was told emphatically that they had to approve a $700 billion bailout or else martial law would be implemented immediately (below video):








That money was funneled through the Federal Reserve Bank and wired to China, as well as other countries that were demanding repayment for the fraudulent securitizations.


To further avert financial catastrophe, as well as more debt or property seizure threats by the Chinese, the Euro was imploded there by plunging most of the European countries into an insurmountable free-fall for which they were never intended to recover.


All the money that those banks claimed they needed to avert collapse was also sent to the Chinese to add to the trillions of dollars lost during the burst of the housing bubble on the global market.


The GAO audit states that this transfer of funds from the FRBNY to the central Bank of China was an "unusual and exigent circumstance" that warranted the "emergency authority" of the FRBNY.


Under the guise of "emergency loans" waivers of banking employees and private contractors were given kickbacks.


Jamie Dimon, CEO of JPMorgan Chase & Co. and member of the board of directors of the FRBNY, was given an estimated $390 billion in "aid" from the FRBNY.


In kind, JPMorgan Chase was used as a money laundering institution during the mortgage-backed securities and derivatives scandal. Earlier this year, Oxfam released a report stating that 85 people in the world hold and control the same amount of the wealth as half of the world’s population.


The report findings include breakdowns of how this wealth is unequally distributed:

  • Globally, the richest individuals and companies hide trillions of dollars away from the tax man in a web of tax havens around the world. It is estimated that $21 trillion is held unrecorded and off-shore

  • In the US, years of financial deregulation directly correlates to the increase in the income share of the top one per cent which is now at its highest level since the eve of the Great Depression

  • In India, the number of billionaires increased tenfold in the past decade, aided by a highly regressive tax structure and the wealthy exploiting their government connections, while spending on the poorest remains remarkably low;

  • In Europe, austerity has been imposed on the poor and middle classes under huge pressure from financial markets whose wealthy investors have benefited from state bailouts of financial institutions

  • In Africa, global corporations - particularly those in extractive industries - exploit their influence to avoid taxes and royalties, reducing the resources available to governments to fight poverty

Oxfam expressed their,

"concerned that, left unchecked, the effects are potentially immutable, and will lead to ‘opportunity capture’ - in which the lowest tax rates, the best education, and the best healthcare are claimed by the children of the rich.


This creates dynamic and mutually reinforcing cycles of advantage that are transmitted across generations."

This translates to the 3.55 billion poor people must live on what only 85 people possess monetarily. In other words those 85 richest people in the world have access to the same amount of resources as 42 million poor people on a global scale.


And just for measure, 42 million people equal roughly the populations of Canada combined with the populations of the states of Kentucky and Kansas.