Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 8039 “ We just finished bailing out a huge housing bubble and now we have a new housing bubble un- derway as some par- ties claim, and have Wells Fargo saying it created 1.5 million phony accounts and 500,000 phony credit authorizations. ” and the relationship between the doctor and the patient, which I believe is true. Farrell: Absolutely. Fitts: But you’re seeing a pushback. One of the stories I wanted to bring up in the economy is Economy and Financial Markets as well as Geopolitics. I wanted to mention a little bit about Wells Fargo because I am fascinated. We just finished bailing out a huge housing bubble and now we have a new housing bubble underway as some parties claim, and have Wells Fargo saying it created 1.5 million phony ac- counts and 500,000 phony credit authorizations. Farrell: Gee whiz! Fitts: But nobody on the Senate floor is saying, “Wait a minute. Did you create mortgages and auto loans for those same phony accounts?” Farrell: Exactly! Fitts: We know the profit is not in creating an account, right? The money is in the loans. That is where fraud has occurred, and there are lots of stories of fraud at all the big banks, including Wells Fargo. Nobody is asking that question, except for me. I did a commentary called Unanswered Questions about Wells Fargo and I pointed out that the Fed now has – because of quantitative easing – pur- chased $1.7 trillion of mortgage-backed securi- ties. I want to know whether that $1.7 trillion consists of phony mortgages! Farrell: Absolutely. It is the same old pump and dump that ran prior to the bailouts. Fitts: Right. I don’t think it ever stopped. Farrell: I’m agreeing with you. Elites are running pump and dump schemes and trying to prop things up, but a fiction like this lasts for only so long. The longer it continues, the more the dan- ger because when the bubble bursts, the damage is all the greater. It needs to be addressed now. I go back to what some Russians said recently, I think within the last couple of weeks. They said that big banks and fraud they perpetrate need to be brought out into the light, and the people responsible need to go to jail. I’m suggesting is that if Congress will not address this scandal, I suspect that you’re going to see various countries around the world increasingly band together to demand explanations from some big banks. They may be able to boondog- gle the US Congress through control files, but I don’t think that they can succeed with the Krem- lin or Beijing. I genuinely want to warn people. I suspect that you’re going to see some interna- tional pressure build on these banks. The problem, geopolitically is that attention will show the US Government the corrupt front for these interests that it is. Fitts: Here is the interesting thing: We are trying to keep the Germans from getting together with the Russians. The Russians ban GMOs. The Duma ban was a big event in the 3rd quarter. At the same time that we’re squeezing the Ger- mans on Deutsche Bank and Volkswagen, and suddenly a German company comes in at a 44% premium, taking everybody out at Monsanto. And you wonder whether Russians forced us to do that. The GMO thing is seriously, seriously stalled. Farrell: It is seriously stalled. Even in Europe there is opposition within Germany and within France and Hungary – those three countries particularly – against GMOs. Like you, I’m won- dering exactly why Bayer decided to do this. I’m also mystified that Bayer had so much cash on hand. I’m wondering exactly the same thing: What is going on here? It’s going to be interesting to see how it plays out. I think that if you look at the United States and Germany, it appears that there is some sort of tug-of-war going on between these two countries regarding Germany and the course it wants to take. Fitts: Right. Farrell: I don’t expect Merkel’s government to last much longer, quite frankly. She is backped- aling. Fitts: Oh, she’s been delivered quite a blow in