The crypto community loves JPMorgan Chase. Jamie Dimon has been a vocal proponent of Bitcoin and cryptocurrencies, and his financial genius knows no bounds. JPMorgan Chase has also never contributed to any crimes or done anything questionable. It's one of the most ethical banks in the world.
I am, of course, being sarcastic. Jamie is not a crypto friend; he isn't welcome here, and JPMorgan Chase has a past more coloured than a career criminal.
Want to know a spine-tingling fact? Yes, America's central bank is partly owned by one of the largest banks in the world by market cap. JPMorgan Chase is a major shareholder in the Federal Reserve. The Federal Reserve is comprised of 12 regional reserve banks. Each of these regional banks is owned by private commercial banks.
According to the Federal Reserve website, nobody owns the Federal Reserve. Lol. Case closed. If it's on the official Federal Reserve website, then it's case closed. Nothing to see here.
Enough about how corrupt the allegedly independent banking system of the United States is for the moment. Let's talk about JPMorgan Chase mega landlord supreme. This corrupt and vile bank is now getting into the rent-trapping game by partnering with Haven Realty Capital.
If you currently rent a property or have tried to get a mortgage, then you would be aware the cost of housing has reached a point of unaffordability, so demand for new houses is declining. Not just in the USA but everywhere. It's happening here in Australia too. Interest rates go up. Your borrowing power goes down.
What do you do when you can't afford to buy a house? You rent.
And what made JPMC so excited they threw one billion at Haven? Haven's build-to-rent masterplan. Instead of building houses to sell, developers build houses solely to rent them out.
The strategy is simple:
- JPMorgan Chase uses money from its customers to fund an investment of $1b in Haven.
- Haven builds communities of build-to-rent houses.
- Haven becomes a monopoly in the communities that it builds in.
- Rent prices are inflated above current market values (keeping rents higher).
- Other rental properties in the area raise their rents to reflect the new average market price.
- People are forced to pay these inflated rents they already struggle to pay.
- Those not driven out of the communities Haven builds their rental properties in will be forced into rent traps.
- Instead of being able to save money for a house deposit, it goes to Haven and its investors like JPMC.
- You will own nothing and you will be happy.
And this is just the beginning. Undoubtedly as more Americans are rent-trapped, JPMorgan Chase and other banks will be throwing money into this new sick endeavour to enslave people to corporate interests (more than they already are).
Can you imagine a sick, broken world where banks are our landlords? The concept of a corporate landlord is scary enough, but a bank being your landlord? You can bet that empathy and compassion will go out the window if you get behind on your rent.
Posted Using LeoFinance Beta
Excelente reflexión 👍