Blog/Europe’s Economic History
Posted Mar 4, 2016 by Martin Armstrong
Since Jews founded Goldman Sachs, some people assume that qualifies it as a Jewish bank, which makes it evil. I think it should be pointed out that Hank Paulson, former CEO of Goldman Sachs who became Secretary of the Treasury under Bush, deliberately allowed Lehman and Bear Stearns (two of the five main investment banks) to collapse to increase Goldman Sachs’ market share. Paulson was raised as a Christian Scientist. Jews did not found UBS, Deutsche Bank, Barclays, HSBC, or J.P. Morgan. There has been no difference as they have all engaged in proprietary trading. So sorry, Jewish bankers are not the problem as it is the culture of banking at the top. Religion has nothing to do with this one.
Before the Protestant Reformation, banking was exclusively a Jewish industry for Catholics had the sin of usury. Catholics who wanted to get into the banking industry funded the Protestant Reformation as their cover to take over banking. At last count, they did a pretty good job as they now represent the majority of bankers today.
Medieval bankers were merchants prior to St. Thomas Aquinas and declared money lending to be a sin, which cleared the field of Christians. The first bankers coming out of the Dark Ages were northern Italians, not Jews. There are numerous paintings of medieval bankers of the period.
In the Tuscan city of Lucca, the cathedral square was the center of business. In 14th century, the moneychangers and spice dealers were required to take an oath that was inscribed upon the facade of the cathedral of San Martino. The mere fact that an oath was even imposed implies there were ethical problems previously. The oath sworn by the dealers promised they would commit “no theft, nor trick, nor falsification.”
So the point is obvious. This issue has not been confined to the “Jewish bankers” as some like to shout. This has been humanity, which knows no boundary of race, religion, or gender.