Category Archives: Banking Cabal

Why Did Hundreds Of CEOs Resign Just Before The World Started Going Absolutely Crazy?

In the months prior to the most ferocious stock market crash in history and the eruption of the biggest public health crisis of our generation, we witnessed the biggest exodus of corporate CEOs that we have ever seen.  And as you will see below, corporate insiders also sold off billions of dollars worth of shares in their own companies just before the stock market imploded.  In life, timing can be everything, and sometimes people simply get lucky.  But it does seem odd that so many among the corporate elite would be so exceedingly “lucky” all at the same time.  In this article I am not claiming to know the motivations of any of these individuals, but I am pointing out certain patterns that I believe are worth investigating. 

One financial publication is using the phrase “the great CEO exodus” to describe the phenomenon that we have been witnessing.  It all started last year when chief executives started resigning in numbers unlike anything that we have ever seen before.  The following was published by NBC News last November

Chief executives are leaving in record numbers this year, with more than 1,332 stepping aside in the period from January through the end of October, according to new data released on Wednesday. While it’s not unusual to see CEOs fleeing in the middle of a recession, it is noteworthy to see such a rash of executive exits amid robust corporate earnings and record stock market highs.

Last month, 172 chief executives left their jobs, according to executive placement firm Challenger, Gray & Christmas. It’s the highest monthly number on record, and the year-to-date total outpaces even the wave of executive exits during the financial crisis.

By the end of the year, an all-time record high 1,480 CEOs had left their posts. (Fortune Magazine, right)

But to most people it seemed like the good times were still rolling at the end of 2019.  Corporate profits were rising and the stock market was setting record high after record high.

Yes, there were lots of signs that the global economy was really slowing down, but most experts were not forecasting an imminent recession.

So why did so many chief executives suddenly decide that it was time to move on?

The following are just a few of the big name CEOs that chose to step down in 2019

United Airlines — Oscar Munoz

Alphabet — Larry Page

Gap — Art Peck

McDonald’s — Steve Easterbrook

Wells Fargo — Tim Sloan

Under Armour — Kevin Plank

PG&E — Geisha Williams

Kraft Heinz — Bernardo Hees

HP — Dion Weisler

Bed, Bath & Beyond — Steven Temares

Warner Bros. — Kevin Tsujihara

Best Buy — Hubert Joly

New York Post — Jesse Angelo

Colgate-Palmolive — Ian Cook

MetLife — Steven Kandarian

eBay — Devin Wenig

Nike — Mark Parker

Of course the mass exodus of chief executives did not end there.

In fact, a whopping 219 CEOs stepped down during the month of January 2020 alone.

By then, it was starting to become clear that the coronavirus that was ripping through China could potentially become a major global pandemic, and I certainly can understand why many among the corporate elite would choose to abandon ship at that moment.

Some of these CEOs have made absolutely absurd salaries for many years, and it is much easier to take the money and run than it is to stick around and steer a major corporation through the most difficult global crisis that any of us have ever experienced.

The following are just a few of the well known CEOs that have resigned so far in 2020

Bob Iger, CEO of Disney

Ginni Rometty, CEO of IBM

Harley-Davidson CEO Matt Levatich

T-Mobile’s CEO John Legere

LinkedIn CEO Jeff Weiner

Mastercard CEO Ajay Banga

Keith Block, co-CEO of Salesforce

Tidjane Thiam, CEO of Credit Suisse

Hulu CEO Randy Freer

It is important for me to say that I do not have any special insight into the personal motivations of any of these individuals, and every situation is different.

But I do think that it is quite strange that we have seen such an unprecedented corporate exodus at such a critical moment in our history.

Meanwhile, top corporate executives were dumping billions of dollars worth of shares in their own companies just before the market completely cratered.  The following comes from the Wall Street Journal

Top executives at U.S.-traded companies sold a total of roughly $9.2 billion in shares of their own companies between the start of February and the end of last week, a Wall Street Journal analysis shows.

The selling saved the executives—including many in the financial industry—potential losses totaling $1.9 billion, according to the analysis, as the S&P 500 stock index plunged about 30% from its peak on Feb. 19 through the close of trading March 20.

In the stock market, you only make money if you get out in time, and many among the corporate elite seem to have impeccable timing.

Perhaps they just got really lucky.  Or perhaps they were reading my articles and understood that COVID-19 was going to cause the global economy to shut down.  In any event, things worked out really well for those that were able to dump their stocks before it was too late.

And it turns out that several members of Congress were also selling stocks just before the market went nuts…

Sen. Dianne Feinstein of California and three of her Senate colleagues reported selling off stocks worth millions of dollars in the days before the coronavirus outbreak crashed the market, according to reports.

The data is listed on a U.S. Senate website containing financial disclosures from Senate members.

Of course, most ordinary Americans were not so “lucky”, and the financial losses for the country as a whole have been absolutely staggering.

The good news is that there was a tremendous rally on Wall Street on Tuesday, and that will provide some temporary relief for investors.

But the number of confirmed coronavirus cases continues to escalate at an exponential rate all over the globe, and this crisis appears to be a long way from over.

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About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)

By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article.

In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. 

COULD IT BE TRUE? WILL WE BE FREE? MSM AND GOVERNMENTS WILL FAIL THIS TIME, IF I CAN HELP IT!

I like how Mac Slavo thinks but the revolution will be bloody. In all of history, name one time when the powerful elites shared the wealth and privileges they enjoy with the peasants?  Of course, we must abhor violence at all costs.  This is how the ruling classes have kept us in slavery by having us fight among each other. The Romans perfected this, Divide and Conquer. There are other ways, such as ignoring what the elites call wealth and boycotting everything they own and control. Yup, that means the boycotting of all corporations. Etc. Lou

SHTFplan.com

Mac Slavo
April 19th, 2020

The mainstream media, who is responsible for pushing the government’s totalitarian ideals on the public are both crashing and burning along with their puppet masters as people constantly disobey their orders.  People all over the world are protesting the authoritarian boot on their throat and it’s only a matter of time until the power structure crumbles for good.

It’s a good time to commend humanity.  If anything good has come out of this “plandemic” it’s that people’s eyes are now wide open to the tyranny and police states they’ve been living under for centuries. Humanity is awakening to the fact that they own themselves and their lives are not to be gambled with by politicians.  I personally believe that this “pandemic” is going to be the beginning of the end of the ruling class, and it could not have come sooner.

As James Corbett of the Corbett report said: “No surprise that you are not hearing about this at all…so if you do want actual information about what is happening with these protests, you are, of course, going to have to online independent sources of information.”

Many in Big Tech are attempting censorship right now and we have, unfortunately, been signaled out for not toeing the line and falling in line with the ruling class and their calls for totalitarianism. At this point, I’m concerned with humanity’s right, freedom, liberty, and regaining self-ownership.  Let history show who was on the wrong side of this issue.

Real information can be found at the Corbett Report, and Del Bigtree’s YouTube channel. You can also watch the Ron Paul liberty report for some non-biased information.  People all over the planet are pushing back against tyranny.  We are no longer a small minority. The elitists have finally pushed the masses too far and the truth will get out.

If we stand together and oppose this tyranny right now, we can all experience the freedom we have owed at birth but denied by politicians and elitists.  It’s possible to break the chains of tyranny as we can see RIGHT NOW!

As James Corbett said:

“The real truth that they desperately don’t want you to think about is that they need your compliance to make this happen. This is an exceptionally important point. This is the reason why so much time, effort, attention, and energy is directed into propagandizing the public on various things. It is because what you think, what you believe, influences the way you act and what you are or are not willing to accept. You control reality. You control your reality. This us…the reason why propaganda even exists.”

Corbett adds:

“The way to defy this, the way to end the lockdown is not some occult mystery, it’s not going to require some sort of 18-dimensional chess, it’s not gonna be some big plan…no! You end the lockdown because the lockdown only happens because of compliance, because of people complying with it; because people go along with it. This is NOT a difficult point.”

Corbett lays it out just like we have. The time for disobeying is now. The time to reclaim your freedom is now. We are many and they are few. We decide when the draconian tyranny ends. And it ends NOW.

“If you dare do so in defiance of government orders, if you dare to try to open your business during this lockdown…there is strength in numbers.

The lockdown only exists because people comply with it.”

Stop waiting for “authorities” or rulers or politicians to tell you what to do! You own yourself. Don’t comply with tyranny or the tattle tale mini tyrants who love their own slavery and will stop at nothing to see others enslaved along with them. This is a pivotal time in history, and for people like Bill Gates. Gates’ days in power are numbered. The police state’s days are numbered. We are the ones who control our own lives. And we are many.

Start thinking for yourself. Start to know no one owns you. No government, no politician, no law enforcement officer, no bureaucrat and not state worker owns you.  No human can make a rightful owner and no human can make a rightful slave.  Realize the power you have in just realizing you own yourself.  It doesn’t matter how many votes a politician gets. It doesn’t matter what he commands, he still doesn’t own YOU.

This video from Corbett is powerful and hopefully, we can all start to realize we are humans too and we deserve rights, freedom, and to live our lives free from coercion just like the politicians do. This has never been about protecting lives, but about tyranny and control. Let’s show the elites that they own only what they’ve worked for. WE own OURSELVES!

Tax the rich? It might not be enough

We all have to adjust our instinctive horror of taxing wealth if we are to survive the economic fallout of coronavirus.

The Holland America Line cruise ship MS Zaandam pictured, where passengers have died on board, as the COVID-19 outbreak continues, in Panama City, Panama March 28, 2020 [Erick Marciscano/Reuters]
The Holland America Line cruise ship MS Zaandam pictured, where passengers have died on board, as the COVID-19 outbreak continues, in Panama City, Panama March 28, 2020 [Erick Marciscano/Reuters]
 

The coronavirus pandemic has triggered three crises in parallel: The epidemic itself; a global recession that the International Monetary Fund (IMF) predicts will be bigger than the one that followed the Wall Street Crash of 1929; and new geopolitical tensions, with Trump blocking IMF aid to Iran and China, and defunding the World Health Organization (WHO).

Only one thing is certain: When it is over, most countries will be deeper in debt and there will inevitably be calls for yet more austerity.

On the eve of the pandemic, the combined debts of all the governments, companies and households in the world totalled 322 percent of global GDP.

If the global economy now contracts, while governments spend undreamed-of amounts to support businesses and families, we will be in uncharted territory: there will wartime levels of government debt which, for many middle-income countries, will become unsustainable, alongside squeezed household finances and bankrupt companies.

Once things stabilise, there are only four ways to reduce a debt burden of this size, and none of them look pretty. High inflation can erode the value of the debts – but that means eroding the wealth of the middle class, as well as the rich.

If you are a developed country, with its own currency, you can get the central bank to buy the debt – and that has already started – but you risk the value of your currency falling as a result. Countries that cannot meet their debt repayments can ask for them to be written off – as happened with Greece between 2011 and 2015 – but that only transfers the pain to banks and savers in other countries.

Which leaves austerity. Austerity means making cuts in public spending in order to rebalance the books. The UK, for example, slashed government spending from 46 percent of GDP to 39 percent over a decade after the global financial crisis of 2008. In the process, it destroyed the resilience of its health service, depleted its armed forces and reduced policing and local government services to a bare minimum, with the result that it looked completely unprepared for the coronavirus.

Austerity programmes imposed after 2011, when numerous Eurozone countries had to be bailed out by the IMF and the European Central Bank (ECB), raised unemployment in Greece to 25 percent, and in Spain to 22 percent, triggering social turmoil.

Repeating this, with another 10 years of overcrowded doctors’ surgeries, uncollected rubbish and underpaid nurses and social care workers is, given the public mood in the UK and across Europe, a non-starter. So, what is the answer?

From the left the answer comes, as always: “Tax the rich”. But it is not so easy. First, because so much of the wealth of the top 1 percent is held offshore.

According to research by lawyer James S Henry, companies and rich individuals could be sheltering up to $32 trillion from the tax authorities in tax havens like Panama, Switzerland and the British Virgin Islands.

The year 2019 saw multilateral institutions like the IMF and OECD call for an end to the principle of treating multinational companies as a series of separate national entities, with the power to account away their tax obligations via subsidiaries based offshore.

But calling for stuff is not the same as doing it. And the COVID-19 crisis has, so far, actually weakened the leverage of multilateral institutions. Trump’s decision to remove funds from the WHO, and to block the IMF from helping Iran and China, for example, reflect a trend to make every part of the global order a geopolitical battleground.

The second reason it is going to be hard to rely on taxing the rich alone is that – as the French economist, Thomas Piketty, has shown – the 21st century economy is increasingly geared to generating wealth from assets, not operating profits. Today’s economic elites typically inherit their wealth rather than work for it.

If you have lived through a house-price boom, you will have heard astonished homeowners saying: “My house is earning more than I am.” If your wages are $30,000 a year, but your house rises in value by more than that, it sounds literally true.

Well, for the super-rich, and for banks and other financial companies, that experience is normal. Why innovate and take risks in the real economy when your existing financial assets can “earn” more than you could make by doing so?

Though growth is low, and productivity is poor across the world, the repeated decisions by central banks to pump free money into the financial system – through interest rate cuts and quantitative easing (where they effectively print new money and buy up government debt with it) – creates a one-way bet for anyone who has enough money to seriously invest.

When the dot-com boom collapsed in 2001, the US Federal Reserve slashed interest rates; when the subprime property boom collapsed in 2008, it did the same again and began printing money. Now, with coronavirus – you guessed it – interest rate cuts and free money for those who already have it are the order of the day.

That money – totalling $20 trillion and now set to rise again – is not simply being used to keep airlines running and hi-tech automobile factories from going bust: it inevitably boosts the value of assets too.

Piketty’s solution is to tax wealth on top of the actual incomes of the rich. In a country like the UK, that could mean taxing every stock market transaction; slapping extra taxes on the owners of speculative luxury apartments and second homes; heavily taxing inheritances; and closing the loopholes that let families move their wealth offshore. But when left wing figures like Jeremy Corbyn or Bernie Sanders have suggested doing this, the powerful finance sector lobby has mobilised against them.

At root, many ordinary people are hostile to raising taxes. They see their employer as a lifeline, economic stability as fragile, and are wary about anything that might make their company move to China or the value of their home currency come under threat. And after 40 years of being told to see themselves as acquisitive, competitive individual atoms in a chaotic marketplace, some people are alienated by the very idea of collective investment for the common good.

After the COVID-19 pandemic, it is inevitable that we will see states play a bigger part in economic life: propping up airlines, airports, railway companies and insurers so that life can return to normal. Central banks, which are making extraordinary moves to buy up government debt, will be even more powerful than before. If so, we need a regime change of the mind, too.

Voters need to understand that healthcare services and care homes are struggling because too little taxpayers’ money has been spent on them for decades. We will all have to pay more tax, but rich people and large corporations need to bear the biggest burden.

To achieve that we will have to aggressively shut down the loopholes in the global system, bringing trillions of dollars-worth of wealth out of tax havens and back onshore. We need, in short, to rediscover our belief in collective action.

But I doubt a revolution in attitudes to taxation alone will enough. The long-term stagnation in profits, interest rates and growth are a feature of, not a glitch in, the free market system. To kickstart the transition beyond a carbon economy, and to redistribute wealth downwards – through comprehensive health and welfare systems – you would need to deter rich people and companies from hoarding money at the scale they currently do.

Higher inflation, controls on the cross-border mobility of capital and higher real wages are the traditional ways you do this. And let us not forget – horrifying though these measures sound to today’s elite – they were the basis of “30 glorious years” of growth and innovation after the Second World War.

Right now, conservative politicians all over the world are being forced to take drastic action that goes against every theory in their textbooks. So, we need to rewrite the textbooks and reset the economic model.

The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.


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