Wells Fargo, the Problem With Capitalism, and the Bible
by Rev. Paul J. Bern
I was alive and kicking back in 1989 when the Berlin Wall fell, and in the ensuing years when Communism imploded all across Russia, and Red China soon after. The American political and military leadership smugly congratulated one another when Communism fell. “Well, looks like we won the Cold War”, they said among themselves. What nobody realized at the time was that America was going to be next. It’s just that it’s taking a lot longer for that to play out over here. America has an ‘ace in the hole’ that the USSR never had – free enterprise. I’m strongly in favor of free enterprise and private ownership. I always have been, so I’m no communist or socialist, but what I disapprove of is when our economic system gets abused by people whose greed is out of control. These are a set of financial predators who are in need of arrest and restraint!
As a result of these occurrences, the capitalist economic system is ripe for a collapse reminiscent of Communism’s collapse a quarter century ago. Interest on America’s national debt is accruing faster than than the principal can be paid down. Our country is buried under a mountain of debt from which it is impossible to extricate ourselves. The fault for this lies with the so-called ‘Federal Reserve’, which in fact is neither. The Constitution of the United States says in Article 1, Section 8, “The Congress shall have the power to lay and collect taxes, …. coin money and regulate the value thereof, and of foreign coin….”. Nowhere does it say “print money”, nor does it say anything about a Federal Reserve. Real money must be coined, not printed, and only Congress is authorized to coin money by the Constitution. The very existence of the Federal Reserve is unconstitutional! The so-called ‘national debt’ is a scam, a fraud, a federal crime and an assault on the freedom of all Americans everywhere! The Federal Reserve is something that clearly needs to be stopped, and preferably nationalized. Fortunately, “we the people” probably won’t need to stage a revolt to make this occur. Like Soviet Russia, capitalism will collapse on its own. It won’t need any help. I can sum up the reason why in one little word – debt.
Not only is debt and the accompanying compounded interest reaching a point of no return, America is faced with the indisputable fact that the super-power era is at its end as far as world history is concerned. Nations in other parts of the world, particularly in emerging economies, have started to figure out that mutual cooperation for profit is in everyone’s best interests. Unfortunately, my country, the venerable USA, has yet to get the message. The US refuses to abandon its war-based and debt-based economy, because if it does, it would be tantamount to voluntary relinquishing America’s role as the sole remaining super power. The nail in the coffin of American ‘supremacy’ will be the forcible replacement of the US dollar as the world’s standard currency. Russia and Red China have already signed the trade and economic treaties to accomplish this, it’s a done deal. It’s only a matter of time as to how long this will take to play out.
But the war is also being waged right here at home, a fact that millions of Americans are just now beginning to wake up to. People’s bank accounts are being raided by the very banks that purport to serve them as loyal customers. The most notable example of this was this past week’s disclosure by the US Department of Justice of Wells Fargo Bank opening multiple accounts in its customers’ names, unbeknownst to those customers, and getting commissions and bonuses as a result of this nefarious and fraudulent financial activity. In an article posted Wednesday Sept 21, 2016 on CNN.com written by Walter Einenkel, he wrote:
“A couple of weeks ago, Wells Fargo agreed to pay $185 million in penalties for perpetrating a massive fraud on customers. Wells Fargo executives boasted that they had fired 5,300 workers involved in improprieties, but not a single executive was punished. In fact, executives that literally oversaw the departments where the gargantuan fraud was committed were very well compensated, and lauded. Yesterday, Wells Fargo CEO — and blame-game champion — John Stumpf went in front of a Senate Banking Committee where he was rightfully castigated by Senator Elizabeth Warren for his “gutless leadership.” Part of Stumpf’s “apology” was to say that Wells Fargo didn’t do this as much as bad apples did it. It’s a similar defense used by people who murder citizens.”
“Now CNN Money is hearing from former Wells Fargo (WFC) workers around the country who tried to put a stop to these illegal tactics. Almost half a dozen workers who spoke with us say they paid dearly for trying to do the right thing: they were fired. “They ruined my life,” Bill Bado, a former Wells Fargo banker in Pennsylvania, told CNN Money. Bado not only refused orders to open phony bank and credit accounts. The New Jersey man called an ethics hot-line and sent an email to human resources in September 2013, flagging unethical sales activities he was being instructed to do.”
“Eight days after that email, a copy of which CNN Money obtained, Bado was terminated. The stated reason? Tardiness…. Retaliating against whistle blowers is a major breach of trust. Ethics hot-lines are exactly the kind of safeguards put in place to prevent illegal activity from taking place and provide refuge to employees from dangerous work environments….”
“Another six former Wells Fargo employees told CNN Money they witnessed similar behavior at Wells Fargo — even though the company has a policy in place that is supposed to prevent retaliation against whistle blowers. CNN Money has taken steps to confirm that the workers who spoke anonymously did work at Wells Fargo and in some cases interviewed colleagues who corroborated their reports. It’s possible Wells Fargo could face legal consequences for any retaliation that occurred against employees who called the ethics line …. It is clearly against the law for any company (or executives of such companies) to try to suppress whistle blowing,” Harvey Pitt, former chairman of the SEC, told CNN Money in an email…”.
As you can clearly see, America’s financial system is making all the money it can, every way they possibly can, because they know this collapse is coming. That’s why stuff like the shenanigans over at Wells Fargo is going on behind the scenes. The whole stinking system is corrupt from top to bottom, and people are figuring it out in growing numbers. Whatever you do, if you have an account with Wells Fargo, move your money to a credit union. Unlike banks, credit unions are non-profits, and they’re far more personalized than banks. But it’s not just a violation of our laws that our financial system is a criminal enterprise, it’s a violation of God’s laws too. And not just the criminal and civil violations mentioned above, either. Let me take you to the Book of Exodus in the Old Testament, chapter 22, beginning at verse 22:
“Do not take advantage of a widow or an orphan. If you do and they cry out to me, I will certainly hear their cry. My anger will be aroused, and I will kill you with the sword; your wives will become widows and your children fatherless. If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. If you take your neighbor’s cloak as a pledge, return it to him by sunset, because his cloak is the only covering he has for his body. What else will he sleep in? When he cries out to me, I will hear, for I am compassionate.”
As you can clearly see, it is immoral in the sight of God to charge interest beyond the borrower’s ability to pay. It is also wrong for lenders to take everything but the clothes off their customer’s back, which happens with disturbing frequency. Yet this is exactly the situation the entire world is currently faced with. We have the Federal Reserve in the US, the British “Royal Family” in the UK, and the Rothschilds in Europe who basically control the world’s flow of money and liquid assets. Just beneath them in the economic pecking order are the elite rich, government and corporate leadership, and religious denominations of various kinds. But the remainder of us, “the 99%”, have little or nothing. Economic inequality has become like a ticking time bomb across the globe. There are simply so many angry, frustrated, disenfranchised and often disenchanted individuals like ourselves who are hungry and thirsty for real change that the fuse on this socioeconomic time bomb has already been lit. Our entire capitalist, debt-based economic system is based on something the Bible said was a great sin nearly 3,500 years ago. The Bible does not change, and neither does God! By incurring a debt that currently stands at $17 or $18 trillion, America is reaping what it has sown. God says to America, “You want debt, do ya? Well all right, then, I’m going to give you a trainload of it!” Is it any wonder we are in the shape we are in? We are bankrupt, we have been for a very long time, and it’s our own fault. Although the US government has been concealing the true extent of this indebtedness from its citizens, the people are catching on quickly. Our government has declared war on its own citizens, and the soldiers are none other than police offers who are sworn to protect and serve. Instead, they harass and intimidate all they come into contact with, and they routinely kill unarmed citizens just because they can. This cannot continue indefinitely, and the standoff between the police and the rest of the country continues to escalate. The fuse has been lit. And there is a very large powder keg at the end of it.