“Too big to fail” turned out to be as much of a lie as “I stole enough, I’ll stop here.” Too dirty to be allowed to exist, too dangerous for the welfare of the community, too irresponsible to be permitted to “self-regulate” is more like it. The collapse of the banks in the UK in 2008 did not bring an inquiry, instead a “reform” was recommended to be implemented by 2019. If you come home and find your house empty of your possessions, don’t you call the police? Don’t you want to apprehend the perpetrators? You just propose to study the locks over the next 11 years?!
Fines That Are Just Fine
The LIBOR scandal has only added another dimension to the depth of deceitfulness to which the banks have sunk. To the uninitiated the LIBOR is the interbank lending rate upon which much credit is based. The fact that they have been shown to have manipulated a trillion dollar market and are getting fined a few hundred millions is laughable. It is not even a rap on the knuckles. In fact it is a joke: the fine goes back into the bank system, into the same pockets.
Fine me, Your Honor! Fine me more, I’ve been bad!
You can’t make this stuff up. Think bank hold-up. Now reverse it: the bank is holding you up. All of you. Every day, again and again and again. It is like a nightmare that will not stop. Now we are getting an inquiry because the natives are restless. Still no one is being seriously charged for blatantly widespread criminality. Although today Bob Diamond, Chief Executive of Barclays Bank in the UK (a.k.a. Bob the Banker) has resigned from his £6-million a year job. Still no arrests. What is wrong with the British Police? Have they forgotten what their role is? Admittedly after the Leveson inquiry it seems like the police are more interested in making some money on the side selling stories to journalist hacks than arresting serious criminals like Bob Diamond.
The chairman of Barclays phoned me last night to let me know that this was the decision of the board and of Mr. Diamond, and I think Mr. Diamond made the right decision,
Bob Diamond will get a paltry £30 million for doing the right thing and leaving – he should get 30 years without parole. Barclays said it submitted fraudulently low figures because it thought other banks were doing the same and higher submissions would have made it appear to be struggling. How would it sound in a real court of law:
Your Honor, we cooked the books because we thought everyone else was doing it and we didn’t want to look like we couldn’t keep up with the Joneses.
Too Big to Fail
Following the banking collapse of 2008 we were all told by our politicians that the banks were too important and too big to fail. They then promptly printed money to give to the banks, supposedly to get the global economy going again. But what did they banks do with all their freshly printed billions? They kept it, recapitalised themselves so as to offset any unexpected (or perhaps already planned) future liabilities.
Trading With Themselves
Another nasty and costly (to us) habit of the banksters is trading with themselves –a form of financial masturbation. The Bank of England has even been involved in this process several times: The Bank of England recently issued Government Bonds for UK debt for sale, but no one was interested. In the end the Bank of England bought back the Bonds with more money it had freshly printed in order to boost its own stimulus.
Bankers — The Real Terrorists
How much did the September 11 terrorist attack cost? According to the market (IF they are to be believed!) approaching 2 trillion. And how much has the banking crisis cost? The U.S. alone has over $228.72 Trillion in derivatives (credit default swaps) yet to be accounted for. A conservative estimate assesses a $40.83 Trillion Global debt. Total: 268 trillion minimum. To put that into perspective the banking crisis is over 100 times more expensive than 9/11, including the cost of operations in Afghanistan.
If you cannot trust the bankers, the mass media, the elected politicians or the police to do their jobs with some degree of integrity, then is there any rule of law left at all? The police, however, seem to be vigorously active in oddly selected cases. As reported elsewhere on deliberation, British Constitution Group Chairman Roger Hayeshe has withheld his Council tax because, along with other state taxes, a proportion of the tax revenue gathered is being sent to the European Union, used to fund unlawful wars in Iraq, Afghanistan, Libya and Syria, and promote terrorism right around the world. To pay tax under these circumstances is, at the very least, unlawful under Section 15(3) of the Terrorism Act 2000. In addition to his stance on taxes for unlawful purposes, Roger has also been campaigning for the Lawful Bank – a monetary initiative in which money can be issued to the public as credit, rather than as crippling debt under the existing corrupt and fraudulent International Monetary System. The police arrested Hayeshe in the middle of the night, bursting into his home as if they were the IDF and London were the West Bank.
Perhaps the police had the wrong address. They should be busy arresting the bankers and politicians. It should not be in the middle of the night. In fact full daylight is needed for the much needed operation of cleaning up the swamp in which we are drowning due to the corruption and criminality of mind-numbing proportions of the banking establishment, aided and abetted by the politicians and the ruling elite.
What Is to Be Done?
Central banking does not seem to be the answer. The banking system and the military-industrial system are one entity with the mass media as its handmaiden. We have allowed the money-monsters in banking and politics to rob us and our children blind again and again, giving them time to “reform.” Time to bury us deeper into unconscionable debt slavery. Where do we turn? Whom can we trust to chase the lenders of fake money out of the temples of our daily lives? Nobody but ourselves, wherever we are, awake, outraged and seeking justice.
And finally to conclude this piece – Max Keiser & Stacy Herbert for a little light relief. The end… is coming right back after this commercial break.
Keiser Report: Big guy ‘scandals’ vs small fry ‘crimes’ (E309)