Managing a free market is expensive.

Billion Dollar Whale (2018)
Authors: Tom Wright & Bradley Hope

The world has all the resources to feed Man but not his greed. Going through the book, it is evident that the world only caters for the high-heeled.  Try borrowing a couple hundreds of bucks from a banking institution or transfer some money. The paperwork and the confusing legalese jargon that one has to go through would make the borrower feel like a criminal.

All these formalities remain so, formalities, when it comes to the megarich. Rules are purposely made to rein and ruin the poor.  Money flows seamlessly from the rich to the rich, across borders and without sureties. Compliance procedures are ignored. Standard practices take a back seat. The hidden forces from unknown places show their presence. The rest of the public, being oblivious or choosing to stay ignorant just join the gravy train.

The whole establishment seems aware of everybody's misconduct around the world. Adequate laws have been enacted to curb any wrongdoing. Still, crime happens. Doing business has become so competitive, and people have grown impatient to be on top of their pile of cash and pot of gold that they bend the rules. They do mind getting caught as the long arm of the law takes a mighty long time to pin them down. Members of their legal teams are getting increasingly smarter to get them off the hooks on technicalities. Whatever loss is made, the bankers still reward themselves handsomely. By the time their foolhardy comes to light, they are long gone, and the tracks have disappeared long ago. The international laws are all impotent at best in preventing wrongdoings or at retrieving the laundered money to laymen, people of the country, upon whose shoulders the brunt of the economic downturn falls.

The establishments have accepted the fact doing business is risky and losing money to cheats and running afoul with the law are part and parcel of doing business, especially with the leaders of tyrannical governments of the third world. Money linked with developed countries are so regulated that it cannot be moved at it, With developing countries, their leaders are given carte blanche to treat their kitty and the national coffers as one and the same bottomless pit.

When the cat is belled, the mice come out to play!

With excellent skills of investigative journalism, these two Wall Street Journal reporters (Wright and Hope) explore the events of how a young punk cajoles the royalties of Saudi and Emirates, the Malaysian Government via its investment company 1MDB, the Hollywood fraternity and the whole banking network to finance his mega projects and to sustain his decadent party-popping and extravagant lifestyle. Jho Low, a Penangite and a Wharton graduate, set into motion an elaborate scheme to move unprecedented amounts of money from one shell company to another to confuse investigators. His evil act is a learning experience to demonstrate how modern fraud is conducted. The scale of the heist is a record of sorts and manage to topple the ruling Malaysian Government.

If one were to look carefully at most of the shady dealings that happened here, it is evident that the laws are there, but most people either decided to close one eye or crumbled to the lure of a big windfall. So, the fault is not the legislation but the human factor itself. They say the free market will correct itself. I suppose this is what meant by remedying itself - that the wrongdoers will be purged from the system, the system finds new grounds, only to be assaulted by new tricksters, correct and the cycle continues. This must be the basis of the free market.

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A monster too big to leash?

The Creature from Jekyll Island (1994)

Author: G. Edward Griffin

No, this is not some kind of sci-fiction about a radioactive exposed and mutated creature that lurks in the vicinity of Jekyll Island. This book is, of the non-fiction variety, and it talks about our banking system. In fact, it tells of the devious manner that it operates. It was on this island that the monster called Federal Reserve System was created.

Jekyll Island is a real island off the coast of Georgia. In 1910, a group of seven individuals of politicians and bankers gathered in a holiday resort to discuss the future of banking in America. Together, they possessed a quarter of the world's wealth then. Earlier, at the beginning of the century, Americans had become wary of their banking system and did not trust bankers to handle their money. The purpose of this extremely secret meeting was to create the blueprint of the Federal Reserve System. Note the absence of bank in its name and the authentic sound of its title. At one look the intentions look noble, but when we scrutinise its whole setup, we can smell a rat. The entire operation was shrouded in secrecy as the American public wanted the bankers to be the last person given the responsibility of taking care of their money. In the not-so-distant American past then, many financial institutions had sprung up and followed in the line of customers being fleeced off their hard-earnings.

It was a covert operation for a group of European bankers, who had links with magnates like the Rockefellers, Rothschilds and JP Morgan and had a stronghold in the dealings of the world economy. Despite America's previous bad experiences with unregulated paper money, the USA decided to follow the very same path. That was the beginning of fiat money where wealth is made out of thin paper with no intrinsic value to the currency. It was built on the trust that people would take the money for its face value. It operates under the assumption that the public would not, all at once, demand back their deposits in cash.

The setup is like this. When the Congress needs money, it goes to the Treasury. The Treasury would not have money. Together, we would march to the Federal Reserve System (FRS). The FRS would issue a cheque for a certain sum (of money that it does not have). This paper money makes its way to the banks to be loaned. The banks can loan out up to 90% of the funds it received (which is non-existent) to customers who would repay with interest. In other words, the lay people are taxed to work to pay for the money that was created from nothing to run the whole system. The by-product of this entire exercise to finance the banking system and to fatten bankers.

Every now and then, the whole bubble would go burst when inflation sets in as the value of money dwindle as there is a lot of money circulating. To offset this, the banking system makes the taxpayers pay more taxes or decrease the interest rate for them to borrow more. The whole setup is based on credit.

The author, G. Edward Griffin, is a renowned conspiracy theorist who goes on to link the operation of the FRS to many of mishaps that happen around us. War and political upheavals spur economic activities which are, of course, beneficial to the bankers. Loans need to be taken.

Even as early as the American Civil War, financiers had the bad habit of financing both sides of the warring factions. In their mind, they are not tied down to nations but were citizens of the world. The Russian Revolution did not solely happen because peasants raised their sickles against the Tsar. Their course was partially finally sponsored by German bankers who wanted the Russians to be weak to defeat them. The Americans brought in aid under the guise humanitarian effort through the Red Cross to fund rebels. The financiers sponsored Trotsky, the Menshevik and even the Bolshevik to cripple the Russians. The sinking of Lusitania by the German U-boats marked the entry of the USA into World War 1. It was no mere coincidence that the cruise ship was hit. It entailed an elaborate plan of the bankers' interference in intercepting newspaper advertisement, false declaration of goods and blocking of navy communications.

As known to us, FRS through their lackeys, the World Bank and IMF, are quick to write off loans of despotic third world regimes by giving them more notable credits with a more extended tenure of repayment to make these countries eternally in debt. The biggest losers are the citizens who become debtors for generations altogether.

Loyalty is an alien to the bankers. Money, business, wealth and power is all that matters. The strategy of putting up a two-faced appearance go on all through time. They were around at the time when Germany was gung-ho in arming themselves to the teeth and going gangbuster into industrialisation. At a time midway through World War 2, they syphoned off legally gold to Europe to improve their economy. They support dictators in the modern era.

The Federal Reserve System has grown too large for comfort. The author proposes that it should be abolished as it runs like a cartel working against the public interest, advocating extreme usury, generates unfair tax, destabilises the economy, encourages war and is an instrument of totalitarianism.

The Seven Members of Jekyll Island

A satirical cartoon of 1848 depicts "Rothschild" pondering over which of Europe's rulers to favour with loans, while revolutionaries challenge the ancient order he is supporting.

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The play maker's autobiography

The Sea and the Hills 

The Life of Hussain Najadi (An Autobiography; 2012)

He survived the feared Bahraini intelligence who worked under the hawkish eyes of their British colonial masters as he stirred his leftist ideas after the Algiers uprising through his rebel movement at the age of 16. The Bedouin travellers took a special liking to his as he escaped to Beirut through the mirage inducing hostile environment of the Arabic desert and its scorching heat. Somehow he even escaped the infamous Iranian SAVAK police. The storm aboard the vessel along the Mediterranean Seas did not dampen his spirits. By twist of fate he missed an ill-fated Swiss flight which crashed soon after take-off. And he averted an invitation aboard a Filipino flight which later crashed. He even survived an automobile accident on the notorious Malaysian highways. To cap it all, he even endured 8 years of imprisonment in a Bahraini prison after incurring the wrath of its royalty.

He raised the ladder of success and fell off it as quickly he climb on it again. This man's life story is a classical case of rag to riches - a son to a Persian immigrant fruit seller in the markets of Manama raising to levels where he mingled with world leaders and royalties and decided the destiny of many emerging economies and countries.

Sadly many of near misses, from which he was saved simply by 'kismet' (fate) and his mother's constant prayers, came to a tragic end in 2013, a year after this book, when he was shot in the back under mysterious circumstances in Kuala Lumpur.

Growing up in the British protectorate of Bahrain, it was a time of uprising. The colonial subjects have awoken from their slumber. They demanded self administration. Battle of Algiers set the nidus for the young to rebel. A young Hussein got himself entangled in the leftist activity. Working in a British petrol refinery, he had to abscond from his native country. Just like how his father had left Iran for better life in Bahrain with a young wife, Hussein had to run, but for his life. With plans to start life anew in Germany through a contact at his work place, he had worked out his itinerary.

A young Hussain Najadi meeting Tun Razak

He travelled through the brutal Arabian desert to reach Beirut. All through his travels, we get a feel as if there is guardian angel constantly by his side to pave his future, constantly clearing his path and meeting him with the right people.

His initial plan to travel to Germany was cut short through a chance meeting with a Persian gentleman who just happened to be walking in a park. A cursory conversation and next thing he knew, Hussain was flying to Iran. The gentleman turned out to be the Iranian Ambassador to Lebanon! Hussain was referred to the leading bank in Teheran. He started his career in banking, enjoyed the good life and started working with the Canadian embassy a researcher. His stint was cut short by SAVAK, the Iranian secret police for his earlier political work in his homeland. He dashed out before he could be apprehended. Back he came to Lebanon. Broke, he finally made it to Germany by sea.

He blended nicely into the German culture at a time as Germany was making amends and trying to make it for the lost times after the devastations of a world war. Working in Mercedes Benz factory and learning the language and with the cordial relationship with his adopted family, he felt quite at home.

The next step in his life turned to be another turning point in his career/life. He join an international company in Switzerland selling mutual funds. It was something new to the Arab world. At a time when the Middle East was plush with money from the black gold, he travelled to the Bahrain now as an employee of a multinational company. His modus operandi has always the same - when you approach someone, always see someone with a lot of clout; and remember, people always want to hear what they like to hear! He also became an international player when he revitalised an ailing Swiss company making hovercraft (hydrofoil).

With many feathers in his cap, he became a deal maker. Being charismatic and multilingual, he moved with ease in the circles of royalties and dignitaries. He even try to broker the entry of an Italian petrol giant into Middle East to break the hegemony of the Anglo-American oil cartel, The Seven Sisters.

His hydrofoil business spread to Far East and he soon relocated to Singapore. There, after selling his company for a fortune, he set a business deal in Singapore. Slowly, his services were needed in his last home country, Malaysia, where he established Arab Malaysian merchant bank and even try to get International Islamic University off the ground with funds from Middle East investors.

Going through his life story, one cannot help but to think that it is too good to be true. Everything seem to fall nicely the way he wanted to. With so many adventures, suspense, element of surprise, bosomy blondes, marriage, near misses and politics, it has all the ingredients of Hollywood blockbuster. Even after his death, his name seem to herald the death knell of a certain current politician....

I could not help but notice that by omission or commission, there seem to be a discrepancy in events surrounding his near miss mishap in the 1963 Swiss Air tragedy and Enrico Mattei's aeroplane accident. It is said that the Swiss Air incident preceded Mattei's purportedly planned assassination. In actual fact, Mattei's jet plane crashed in October 1962 whilst the Swiss accident was in September 1963!

Capitalism the new religion?

Everybody wants to change everything!

Not everything changes for the better for everyone!

Just a century ago, life was simple. When things became complicated and hard to deal with, help usually came from the community. Various strata of people from the society with various expertise came forth to offer would contribute their 2 cents worth to solve it.
Slowly when problems became more abstract and less tangible, the snake oil salesmen and religious men filled in the gap.
When diseases were considered incurable and terminal, people started looking at it as God-sent to punish the non believers and those who strayed from the true teachings. Paradoxically, these ostracised victims were cared for individuals who had surrounded all their worldly freedom in the way of the Lord. These God's men even went as far as to educate natives to the marvel of culture of the Western civilisation with the fringe benefit of the words of the Lord thrown in for good measure.
It was a time when religion was really 'God sent'. The uncultured uncouth natives, through the eyes of the visitors were shown glimpses of the splendour of modern living. The downtrodden were given their dignity and a place in the sun for them to flourish or least to live as human.

At a time when ignorance was rife and information was the purview of the selected elite few, this arrangement worked just fine. Knowledge was sacred and cross examination was sacrilegious. With the advancement of science and technology and the Industrial Revolution, the secrets of the universe gradually unfolded. Now, nobody associated daily occurrences to divinity but just the way things were. Divinity took a back seat and has to pay for the follies of their predecessors.
Industries created consumerism. Commerce increased by leaps and bounds. Money which used to be a tool of trade soon began replacing and compensating for negative human traits. Class division is society crept in and ruled all facets of life. The monetary divide between the haves and have-nots started becoming a concern to all.
Akin to washing the sins that they started in the first place, capitalism, tried to write off its mischief through community social responsibility projects.
What religion used to do for the general public a century ago, condemning sinners and helping them pick up (the duality of man), beholders of the new religion- capitalism, i.e. financiers, their high priests, and lawyers, their executioners, appear in the sea of flash lights and cameras to appear to show empathy for the victims of their hoodwinked master plan and boasts all about in their another tool of their crime - the media!