This week's Solari Story from Catherine Austin Fitts is titled "Moving the Money." Here's a bit of the transcript:
"During the '90s I had an investment bank in Washington, Hamilton Securities, and we were developing software tools and financial vehicles that would allow us to do the equivalent of mutual funds for a place. So imagine having a community venture fund or a community REIT where in your 401K and IRA you could buy stock in something that would invest in local real estate or local business in your place. So think of it as like a little mutual fund for a place.
The theory was that if we could re-engineer the federal budget so that federal investment, instead of harming places, could build up the health of a place and the economy in a place and you could do that in these securitized vehicles then pension funds could make money on re-engineering the federal budget and healing America and rebuilding the economy as we globalized. So as globalization moved jobs and income abroad, we would have a new thing to move up. …"
I was working with a wonderful group of pension fund leaders who were on an advisory board for one of the subsidiaries of my company. I had a meeting with them and we had done a simulation of re-engineering the economy in the Philadelphia area using these kinds of vehicles and trying to see what would happen if we could reoptimize the economy. …
Now, this brings up a very important question that relates to everyone in America who's got a pension fund. That president of the largest pension fund in the country in April of 1997 knew that we were going to shift the incomes and the jobs abroad. So they knew that the credit rating and the incomes of Middle Americans were going to stall or decline. They knew that. Why would they commit to buying trillions of dollars of mortgage-backed securities when they knew that that was not a creditworthy thing to do?… "
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