New Reserve Currency
Part 2 of a 3-part series (History Repeats) Encore Performance from 2003
On January 1st 1999 a new reserve currency called the “Euro” was introduced and by July16th 2002 the Euro would become the strongest currency in the world. September 19th 2000, China with its 1.2 billion citizens was granted permanent normal trade relations status with the U.S. and with in two years soon to be the strongest growing economy in the world and the third largest importer of oil. March 19th 2001 California suffers rolling blackouts and then, on April 6th that same year while under investigation for price fixing, PG&E utility unit files for bankruptcy. On December 2 2001 under cloud of corporate miss conduct and amid corporate scandal for alleged criminal activity another one of the countries largest public companies, Enron, files for bankruptcy. Next World Com, same NYSE status under another cloud of corporate misconduct and scandal, files for bankruptcy protection throwing the balance of corporate trust into a tail spin, and the list of scandal was just beginning. Government and regulatory probing continued throughout corporate America eventually spreading like wildfire to, you guessed it, America’s largest brokerage firms, and it continued to include, mutual fund companies, portfolio management companies, and finally even to the NYSE itself, turning up profound accusations of unethical business practices many of which are still under investigation today. As a result of trauma after trauma America’s largest full-service brokerage firms are now scrambling to maintain their status quo, as their clients are discovering that company interests, not client benefit, drove advice and service for over 100 years. And Americans are still mad as hell about it.
But fortunately, for the first time in Wall Street history a level playing field now exists for the advancement of non wire house firms most especially, Independent Broker-Dealers and their financial representatives. Like no time in the past of Wall Street do independent stock brokers have an opportunity to make more money, earn greater respect and direct a new course of financial servicing for America. In the last four years every power possessed by major wire houses that made them exclusive in the eyes of the public has been put in your hands.
Let’s face it historically the deck has been stacked. As far back as my grandfather, placing trades was meant to be done only by those lucky enough to have been chosen, therefore keeping the supply limited and the price of services high. I know this because my grandfather worked in a Bucket Shop. (Do any of you recognize the term?) It was a small brokerage firm that thrived in the early 1900`s when margin requirements were minimal and investors were subject to the whims of the so called “customers men”, who were some times known for accepting orders and discarding them in a bucket, and so the term Bucket shop. (An interesting bit of Wall Street history at the expense of my family linage) ……But isn’t it funny how society tends to remember the bad things. I just I hope that someday my grandchildren aren’t saying, “My Granddad worked for a Big Wire houses Broker, you remember them, they were known for advising clients based on their investment banking relationships”.
However my point is this. That in the not too distant past the only people allowed to make trades was a handful of appointed special operators. Trades had to go through an exchange at discretion, so the little guy may not have always gotten the best price. And often times in the past the best research was expensive and available to only wealth investors. And now, boys have things really changed.
The end of that world as we knew it is over for ever, and this new path of change that is making grandfather turn over in his grave, is making it possible for the next great Wall Street firm, to be an Independent Broker-Dealer. And it is signaling for brokers like you and firm like this one to exceed any expectations you have had in the past.
Because right now your research is no different and probably even more objective then the biggest wire houses. Your trades are executed with the same power of major firms and great technology is now in the hands of not just companies like this one but clients as well. Proprietor products are no longer an advantage in fact many of the streets big firms are scrambling to unload their investment management companies. Let’s face it was it worth it to Morgan Stanly to be fined $50million for allegedly pushing its own funds.
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As Frank Burns said, “If I made any mistakes in this article, they are God’s will or someone else’s fault.”
Financial advisor
Financial Industry
Morally and practically
Interference from government
Large corporations
Oppressive institutions
Economic liberty
Kevin Palmer Scottsdale
U.S. Constitution
Stands up for freedom
Greedy malevolent corporations
https://thequietrich.com/tag/rebelmagazine-com/
https://kevinpalmerscottsdale.com/2019/04/11/election-time-and-more-of-the-same/
http://smainstitute.com/sma-multi-media/