Greetings good citizen,
Once again we see a major scandal being broken over the weekend so come Monday they can pretend it is ‘old news’.
This is one of those ‘why are they telling us this?’ kind of stories.
The implications here go deeper than just some ‘isolated criminal behavior’ at ‘some’ European banks. We’re talking the Fed here, that ‘private corporation’ that manages ALL of the United States money!
And those crooks were ‘wise’ to this criminal activity…and probably traded on the information as well!
You would imagine they would ‘dummy up’ and pretend the criminals were just ‘too slick’ for the remnants of the regulatory apparatus they have left…but no.
Instead we get a ‘confession’.
Yeah we knew and no we didn’t do anything about it.
You’d almost expect a statement like that to be followed with a gruff ‘not my job, man.’
Here’s the ‘reveal’:
Okay, if we hop back into our playback machine we’d find that the wheels had already come flying off the banking system by the Spring of 2008, the ‘gimmicked’ libor was done to protect the bankers from having to write down their shakier assets to a more realistic level.
Not that they would have anyway, the libor only served as ‘eyewash’.
Which is to point out the obvious, a small draft, a tiny one in fact would be all it would take to blow down the ‘house of cards’ the bankers built.
The Great Recession and the ongoing economic hardship…all caused by the bankers, who were in fact ‘covering’ for the capitalists who are using the crisis to cement their monopolies!
Which is to again, belabor the obvious. We need some Law and Order now!
And we won’t get any justice from the SAME ASSHOLES who looked the other way when all of this was going down…nope. We have to kick things off by ‘purging’ them first!
Make no mistake about it good citizen, we will not see either Law or Order as long as either of the two ‘lapdogs of the >One Percent’ hold the reins of power. [Conservative or Liberal, take your pick.]
While the dreamers among us pretend all we have to do is ‘roar’ loud enough, the more practical take a more pragmatic view.
Those reins won’t get surrendered without our pointing a gun at their head.
Anything less will be a charade.
Again, the results will speak for themselves.
Which is to ask, what do YOU think should be the ‘penalty’ for betraying the public trust? (Technically called Treason.)
The longstanding punishment for this crime is death by hanging…but the criminals running this pop stand have re-written a lot of the rules.
Which only strengthens the case for returning to the ‘old way’ of doing things.
Now, the question to ask yourself is whether or not this ‘admission’ by the Fed constitutes a violation of the ‘public trust’…
They KNEW there was criminal activity and they took no action…so the crime, as it stands, is one of ‘omission’. They didn’t act when they should have.
Treason is a real slippery slope, those guilty of it would like to make it a crime to accuse anyone of committing treason…that pretzel logic problem of being a traitor for turning a traitor in.
Which is to arrive full circle at a large question, good citizen.
We have definitely arrived at a time when we desperately need to discuss the kind of society we want to have…and the operative word here is WE!
Thanks for letting me inside your head,
Gegner
Once again we see a major scandal being broken over the weekend so come Monday they can pretend it is ‘old news’.
This is one of those ‘why are they telling us this?’ kind of stories.
The implications here go deeper than just some ‘isolated criminal behavior’ at ‘some’ European banks. We’re talking the Fed here, that ‘private corporation’ that manages ALL of the United States money!
And those crooks were ‘wise’ to this criminal activity…and probably traded on the information as well!
You would imagine they would ‘dummy up’ and pretend the criminals were just ‘too slick’ for the remnants of the regulatory apparatus they have left…but no.
Instead we get a ‘confession’.
Yeah we knew and no we didn’t do anything about it.
You’d almost expect a statement like that to be followed with a gruff ‘not my job, man.’
Here’s the ‘reveal’:
The New York Fed learned about concerns over the integrity of Libor in summer 2007, when a Barclays employee e-mailed a New York Fed official, saying, “Draw your own conclusions about why people are going for unrealistically low” rates. Barclays wrote in a September report, “Our feeling is that Libors are again becoming rather unrealistic and do not reflect the true cost of borrowing.”
But the New York Fed thought the reports amounted to market chatter and did not provide definitive proof of widespread manipulation. “In the context of our market monitoring following the onset of the financial crisis in late 2007, involving thousands of calls and e-mails with market participants over a period of many months, we received occasional anecdotal reports from Barclays of problems with Libor,” the New York Fed statement said.
The regulator started to identify real problems with the interest rates several months later. In April 2008, the Barclays employee mentioned to a New York Fed official, “where I would be able to borrow” in the Libor market, “without question it would be higher than the rate that I’m actually putting in.”
That same day, New York Fed officials wrote in a weekly internal memo that banks appeared to be understating the interest rates they would pay.
Okay, if we hop back into our playback machine we’d find that the wheels had already come flying off the banking system by the Spring of 2008, the ‘gimmicked’ libor was done to protect the bankers from having to write down their shakier assets to a more realistic level.
Not that they would have anyway, the libor only served as ‘eyewash’.
Which is to point out the obvious, a small draft, a tiny one in fact would be all it would take to blow down the ‘house of cards’ the bankers built.
The Great Recession and the ongoing economic hardship…all caused by the bankers, who were in fact ‘covering’ for the capitalists who are using the crisis to cement their monopolies!
Which is to again, belabor the obvious. We need some Law and Order now!
And we won’t get any justice from the SAME ASSHOLES who looked the other way when all of this was going down…nope. We have to kick things off by ‘purging’ them first!
Make no mistake about it good citizen, we will not see either Law or Order as long as either of the two ‘lapdogs of the >One Percent’ hold the reins of power. [Conservative or Liberal, take your pick.]
While the dreamers among us pretend all we have to do is ‘roar’ loud enough, the more practical take a more pragmatic view.
Those reins won’t get surrendered without our pointing a gun at their head.
Anything less will be a charade.
Again, the results will speak for themselves.
Which is to ask, what do YOU think should be the ‘penalty’ for betraying the public trust? (Technically called Treason.)
The longstanding punishment for this crime is death by hanging…but the criminals running this pop stand have re-written a lot of the rules.
Which only strengthens the case for returning to the ‘old way’ of doing things.
Now, the question to ask yourself is whether or not this ‘admission’ by the Fed constitutes a violation of the ‘public trust’…
They KNEW there was criminal activity and they took no action…so the crime, as it stands, is one of ‘omission’. They didn’t act when they should have.
Treason is a real slippery slope, those guilty of it would like to make it a crime to accuse anyone of committing treason…that pretzel logic problem of being a traitor for turning a traitor in.
Which is to arrive full circle at a large question, good citizen.
We have definitely arrived at a time when we desperately need to discuss the kind of society we want to have…and the operative word here is WE!
Thanks for letting me inside your head,
Gegner
