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And Then There's This: "The Oceans Will Rise; Nuclear Winter Will Be Upon Us; And The World As We Know It Will End"
As U.S. Justice Department prosecutors begin to bring the first criminal charges against global banks since the financial crisis, they are facing dire warnings of uncontainable collateral damage from none other than the sell-side's banking analysts... "Don’t play with matches," warned Brad Hintz, bringing up the specter of Enron (somehow suggesting we would better if that had not been prosecuted?) “The mere threat of requiring a hearing could cause customers to lose confidence in the institution and could cause a run on the bank,” warns a banking lawyer (well isn't that how it's supposed to be?). Too Big To Prosecute is starting to tarnish a little as Preet Bharara begins to bring the heat, adding, somewhat humorously that, banks have a "powerful incentive to make prosecutors believe that death or dire consequences await."
It seems Eric Holder's words - as we noted here...
"But I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. And I think that is a function of the fact that some of these institutions have become too large.
Again, I'm not talking about HSBC. This is just a -- a more general comment. I think it has an inhibiting influence -- impact on our ability to bring resolutions that I think would be more appropriate. And I think that is something that we -- you all need to -- need to consider. So the concern that you raised is actually one that I share."
But now, as Bloomberg reports,
Stung by lawmakers’ criticism that multibillion-dollar settlements have done too little to punish Wall Street in the wake of the financial crisis, prosecutors are considering indictments in probes of Credit Suisse Group AG and BNP Paribas SA, a person familiar with the matter said.
And that has led to significant backlash from the industry - how dare he!!
The 2002 collapse of Arthur Andersen, the accounting firm indicted in the Enron scandal, “should be a lesson” for prosecutors, Brad Hintz, an analyst at Sanford C. Bernstein & Co., said today in an interview on Bloomberg Television. “Don’t play with matches.”
...
Criminal action would have to be handled so that any review of a bank’s charter wouldn’t spook customers or revoke a firm’s license, said Gil Schwartz, a partner at Schwartz & Ballen LLP and a former Federal Reserve lawyer. “The mere threat of requiring a hearing could cause customers to lose confidence in the institution and could cause a run on the bank,” Schwartz said.
And as Preet Bharara somewhat comedically notes...
“Companies, especially financial institutions, will do almost anything to avoid a tough enforcement action and therefore have a natural and powerful incentive to make prosecutors believe that death or dire consequences await,” he said. “I have heard assertions made with great force and passion that if we take any criminal action, the skies will darken; the oceans will rise; nuclear winter will be upon us; and the world as we know it will end.”
But the threats arnd fears of what is clearly TBTF's contagious effects remain...
“You can’t do a guilty plea of a systemically important financial institution without first getting the regulators on board a commitment that the conviction won’t put the bank out of business,” he said in an e-mail. “That seems to be going on here, not surprisingly.”
And this is with stocks at record highs and the entire farce of opaque bank balance sheets now a dim and disatnt memrory for all but the sanest.
“These are test cases,” said Phan. “There’s a pragmatism behind this. You look for a target that’s small enough and that will send a message.”
Prosecuting banks would break with a practice of brokering settlements with companies that are considered integral to the financial system. Previous probes were resolved through so-called non-prosecution and deferred-prosecution agreements, which have been criticized by U.S. lawmakers for failing to hold banks accountable.
“It’s about time,” said Buell, who was part of the prosecution team at the trial of Arthur Andersen, whose indictment put about 85,000 people out of work. “The argument that we can’t have guilty pleas because of debarment provisions that are written into various regulatory codes has always seemed to be a case of the tail wagging the dog.”
So, to summarize, regulator is actually taking a crack at the TBTFs for fraud they committed and the industry is in full Mutually Assured Destruction threat mode should it actually be forced to admit guilt... well played Fed... more leveraged, more interconnected, and more TBTF in the world's economy...
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Nothing quite like having "I killed the bank" inscribed on your tombstone.
TBTEQ
Too big to even question.
The existence or size of potential calamities should have ZERO bearing on decisions to prosecute.
But the public won't like the result: a hell of a lot of their savings, insurance, pensions and investments wll be revealed as the paper promises they really are should a lot of TBTF banks go under.
But...go for it!
And orders of magnitude worse if they don't.
We passed the point of no return so long ago. Now it is just "degrees" of pain. And since no one wants pain, the passive response is to do nothing... which is a vote for maximum pain. Ironic huh? lol.
Most of those who stand to lose the most from big bank failures have already done so, and have learned to survive without jobs, houses or car payments. We are prepared to suffer longer, either way, but would like to see a better future for our children.
Re: Most of those who stand to lose the most from big bank failures
Uh, dude, the banks still exist because the top 10% (or maybe 20%) would suffer if they failed. The Predator Support Class is doing REALLY well keeping the scams of the top 1% going.
This country has been run by and for the top 10% for (oh) about 200 years now. The Prey Class has never mattered.
See ... I be some one who would prosper. Because ... I could buy their assets for pennies on the dollar.
Cougar, please have Brad Hintz visit Fed to a Tiger.
Anyone trying to prosecute a big bankster better not have any nail guns.
take them down to China Town.
I'm never eating chinese again... there might be some kosher init
Full-spectrum CON
24/7/365
We built our own matrix, no AI required.
I wish it could be called Artificial Stupidity. But, I think we have that organically in spades.
Hey everyone...I just spotted Jamie Dimon walking out of the JP Morgue after hearing about a possible D.O.J. investigation.
He looked really fuckin' worried about it too...
Jamie's worried
So, let me get this straight...
Bank customers, who the banks and gov's have officially declared to be unsecured creditors of the bank and, as such, it is then incumbent upon to stay abreast of their debtor banks' financial and organizational well-being so as to be informed creditors responsible for their own investment risk,... these customers should NOT be aware of criminal or other probes into their banks' practices because it is akin to playing with matches?
Did I get this straight?
Yup, sounds logical
these customers should NOT be aware of criminal or other probes into their banks' practices
Not if the customers want the construct to be maintained. The construct includes kitchen remodels and custom Harleys.
+1.
<claps>
Wiley Coyote running off a cliff - DO NOT LOOK DOWN, you only fall AFTER you look down and discover you've run off a cliff. These benevolent cocksuckers - er, masters of the universe, are just trying to protect us, its not their fault that it requires them to take 6 figure salaries and 7 figure bonuses, and to lie, cheat, and steal from us. I'm sure they all wish there was another way.
The Justice Department later added that these foreign banks won't suffer any monetary loss when the fines can be paid using the money given to them each month by QE.
Liquidity Trap Hitting AAA Bonds Has ATP CEO Sounding Alarm
The former citi exec glosses over the detail that Danish banks hold about 34 percent of the mortgage market, largest per capita in world.
Must be a bunch of non-event-outsider talk, according to Larry.
Wait a sec...if the banks know being prosecuted would cause death and mayhem, then wouldn't the prudent thing to do is NOT engage in illegal activity to begin with?
Knowing they put the entire system at risk if caught, should make the punishment even more severe.
It's the same as minors committing atrocious crimes, knowing they can't be prosecuted fully....the little shits.
If they could break up Ma Bell, they could break up the banks.
I wonder just how many small/community banks have been squeezed out or bought up over the past 100 years.
Or since The One was installed into office by his Masters... Rahm "son of a terrorist" Emmanuel as chief of staff indeed....
All the rave for awhile was to raise enough capital, open a small bank and build it up just to be acquired by one of the big ones... investors cash out and repeat the process.
A good way to usher in the new system.
It is my wifes opinion that my penis is the only thing that should be allowed to fuck her, and i agree.
Yet, it seems that without her consent she has been taking banker cock for years. These people have got to start going to jail. Somehow, some way.
Unless she happens to be TBTN*
*Too Big To Nail aka "curvy" in contemporary personal ad parlance
http://youtu.be/FlItMpGYQTo
#SoilMyselfRotten
'OK, so don't prosecute a TBTF, how about you indict an effin CEO???? None of this garbage would be happening if the CEO's weren't complicit with this business model.'
We were all complicit in this business model, a few got rich, so what ?
How about instead of prosecuting the CEO's (and former CEO's) you just ignore them, stop noticing them, treat them as an alien race to be ignored, don't interact with them.
When they appear on TV, stop buying the products in the adverts around them.
If thine eye offend the, pluck it out.
For too long these parasites have gained the benefits of civilised society and have gamed the good nature and naivety (as well as the greed) of ordinary people, well now is the time to #JustStop
#JustStop doing business with the corrupt elite, they are nothing without you.
the Fed doesn't want the TBTF banks broken up, they find it easier to rig the system with a few big players. And if following the law would cause the collapse of the financial system, how can the pols who are on the payroll of the financial system, abide that? Move along, nothing to see here...
The Fed is private (or so we hear), so prosecute them as well. We need to hang them from lampposts because they have caused a lot of global and national misery in a number of ways, not least of which is the fomenting of wars.
I guess that as soon as this shit causes massive bank runs then we become Cyprused bank investors and cause our own impoverishment? It is probably a good time to change the dumbassed law that caused that burden to return it to the shareholders/bondholders? Hey Congress, wanna get on this, schnell!
I am going shoe shopping today....cannot handle this anymore. I am tired of buying toothpaste and canned goods.
OH MAN..I told you guys this was gonna be a fun year.
Anyone remember the Flash Crash orchestrated by the Fed & Banks in order to water down 3 amendements when they were up for vote? How about when Goldman dropped 18% in minutes when they announced criminal fraud probe of GS?
Popcorn and whiskey coming right up for this kid...ooo and we have Ukraine...Wall Street may now have to show the DOJ "The Costs" to the stock market if they pursue anything but wrist slaps...unlike Vlad The Great this narcissist and the corrupt wealth stealers in Congress care about the stock markets.
Ooooo, I just love runs on the bank!
I don't think people , contrarians, have given enough thought to the idea of a banking collapse.
on one hand, we know what happens if the banks collapse again. same as lehman. one or two get canibalized and you get another round of money printing.
rinse wash and repeat. why? because of corruption and the political systems inability to do anything but roll over for the corporate banking syndicate.
now here's the wrinkel, eventually when everyone is starving, and everyone (the bottom 80% on foodstamps or starving) ------what then?
assuming the federal government cannot start a war in order to give cover to putting the 80% in camps and slowly killing them all or exporting them--------
then you get a political response . but what will it be?
how can the entire banking system of tbtf banks be liquidated by the political establishment? whence will the rise of someone powerful enough occur to accomplish this?
i think we have another 20 years at least . but you really do get back the future 2 type scenario.
we go from max keiser's 'casino gulag' to a far more in your face casino gulag. oh yea, with internet.
This is stupid. Prosecuting banks is only going to lead to nationalization.
Banks do no harm, like guns.
Bankers are the criminals, like murderers who use guns but they use banks.
It would be nice to "follow the fine money" just to see where all of this actually ends up. It's all well and good that the government fine large institutions for wrong doing but the folks that have been wronged, in many cases the US taxpayer, never see penny. The money goes into some black hole and apparently feathers the nest of the govenment itself.
Where did all the tobacco money wind up? A few commercials and an anti smoking ad campaign. What about the giant Microsoft fine years ago? Now the massive amount of banking fines the government has been going after and will continue to go for sometime. Since the governemnt is going to raise taxes regardless of the right or wrong of it, the least that could happen is that every American should get continuous dividend checks based on the hundreds of billions of dollars banks and corporations have been fined over the years. It would at least feel real instead of just being some headline grabbing political move that no one really ever knows payments have been made in the manner that is reported.
Probably not realistic but it wouldnn't be that hard to publish the cash flow statement of monies in and out to at least pretend there is some financial controls and no chicanery going on with all that "free money" the government is "extorting" from banks/corporations purportedly on behalf and the benefit of the american people.
Some day the Button Pushers will get the Button pushed on them...just not today
So, just bring criminal charges against people and not the institutions. The people are the bad actors anyway, not the companies.
THEN reinstate Glass-Steagall and repeal the Commodity Futures Modernization Act of 2000 and give it a go.
Ok, I guess its too dangerous to prosecute.
How about small hit squads like Judge Dread
You playback a NSA captured recording of them breaking the law then either, stab, machine gun, or strangle them. Oh wait, toss them out a window, or nail gun, or car accident...
Let justice be done though the heavens may fall.....
Time for the Eccles Building to be repurposed as a soup kitchen.
Reading this information causes my blood to boil and I have to say, 10 thousand stand up men and a million better men than these bankers are going to punished by this neglect of duty.
We all saw this coming when the Great Credit Expansion unfolded (GWB: Go Shopping America).
It is impossible not to feel resentment at the injustice that has rewarded the lawmakers handsomely. The very leaders chosen to lead the people have commited what can only be called treason.
Prosecutor critters had better start doing their fucking jobs.
Isn't it quaint how a very small and non-productive industry such as finance grew to be the master of the world by enslaving everyone to its whims? I mean, it's not as if we weren't warned. Sadly, what's even more cute, is the fact that all any population needs to do to free themselves from this situation is shun the currency of their rulers and return to gold and silver. Bitchez.
Read what Antal Fekete has to say about doing just that. He be da man.
http://www.professorfekete.com/articles%5CAEFIsTheGoldStandardNeededToSt...
From your link:
Ebeling is in favor of the so-called 100 percent gold standard (although in these
interviews he does not use the term). He states that “a gold standard works on the
‘rule’ that any currency outstanding is meant to be a circulating substitute [for] and
claim to a quantity of gold deposited in a bank or other financial institution for
safekeeping. Any additions to the paper currency in circulation (or other deposits
representing that currency in exchange) are only supposed to come about as a
result of net additional deposits of gold into the banks of that country. And any net
withdrawals of gold deposits are to be accompanied by a [commensurate] decrease
… in the currency notes in circulation.
So, what's an ounce of gold worth in dollars? Please don't forget, with respect to resources it can command and obtain, a little less than an ounce of gold is required to produce a new ounce of gold.
Right now there's about 1 oz of gold per person on Earth ... about $1,300. This article says everything circulating should be exchangable for an ounce of gold on demand. The gold would be extinguished in an instant and you wouldn't even see a dent in what remained circulating.
TO Big To Fail is pure B.S. prosecute them and let them fail if they do.
Maybe shit's about to unglue, need a reason for the sheep?
Somethings not abnormally normal. Govt biting their masters hand? Maybe govt is so broke they can't feed the free shit army and are more scared of them than the bankers so they are trying to shake down the bankers while looking like they "care" for the sheeple. Maybe they smell an imminent crash, the free shit sheeple will lynch them and burn the place down, the bankers will only whine. No matter what though, I think at some point the place is going to burn down and reset anyway, no matter what govt does at this stage. Thats my theory for today. I only hope we come out the other side with real specie money and a freer market.
We can't be distracted by all this when clearly our number one priority as a society right now is to wag our collective fingers at and shame the irrelevant owner of an irrelevant NBA franchise because he made disparaging remarks about black people. The real irony is the moral outrage over that yet not one peep about him slipping his weenie to this public escort 50 years his junior while he's still openly married. You honestly can't make this stuff up.
Well said Muley!
i'd be very surprised if even with unlimited viagra he could slip anything to anybody.
it's really just all about the attention he gets from her. that feeds his huge ego.
There was no "crisis" in '07-'08. There was simply a repeat of what was going on since the Medicis - little boys getting greedy and overleveraged. Yes "the buck" was broken back then. So what? The pundits back then - especially Our Lady of Perpetual Banking Sorrows, Meredith Whitney - said that the basic problem was that each bank knew that it was insolvent, and that all of the other banks were insolvent. Therefore none of them wanted to do business with each other. Only make a bad situation worse.
So we are now to believe that should the banks discover that in addition to their own criminality, that their trading partners were criminals the bank system would shut down. They already know they are criminals. What is new here? The only question is who and how many goes to jail.
Oh. The poor insurance companies and investment funds. They will be hurt if there is a panic sell off.
Here is the deal. Those managers are the ones who are supposed to be keeping the banks honest. They are the ones who are supposed to be going to Eric Holder demanding prosecution lest the system become corrupt and their fidiciaries get clobbered. I would put the fund managers in jail first - to include Warren Bufett - before Jamie Dimon et al. They more than the DOJ let things get this bad. Hell. We should even throw the citizens in jail who let thir fund managers get away with not demanding honesty fromt he banks. Who shouldn't gpo to jail? Those who held gold and shorted treasuries. They did their patriotic duty by being part of Adam Smith's invisible hand helping to have those important indicators trend to their appropriate prices.
The [sell side] can shove it. They are just concerned about their commissions. As a former sell side professional, now on the buy side, I sometimes have to ask myself what real value the sell side adds to the business, but this rant is clearly a worried sell side professional attempting to keep the moat around the castle.
Insight from the buy side:
200.10 makes for a good sell target for the SPY using technical analysis that many larger traders and whales use.
Makes sense that many are getting spooked because this would be the first touch on an upper median line since the 2009 low.
Couple this with, the USD being at all time lows; therefore deflation would be more of the concern. The market hates deflation and has been fighting it since the inception of this fraud called banking.
I was always taught, if you have an irreplaceable employee, fire him today.
And not said, but you should fire his boss as well, and maybe his boss, too.
Unless, of course, that's you.
"Hey, bitches, I am starting investigations. Pay up if you wanna get charges dropped. You have my account # in the Caymans--" Eric "Too Big To Fail" Holder
Burn baby Burn! Of course they are just punishing the foriegn competion, which is even better for the local ciminals!
If they shut down DB we would then get to see where that stream of derivatives runs.....
Armstrong was right....he said they will come after the bankers and fine the hell out of them.......why.....cause that's where the money is......
Game Over Man, GAME OVER! https://www.youtube.com/watch?v=dsx2vdn7gpY Wur Doomed, Entombed & Marooned... https://www.youtube.com/watch?v=w7RIgs3eygo
Indeed; Criminal Charges Against Banks Risk Sparking Crisis http://www.bloomberg.com/news/print/2014-05-01/criminal-charges-against-...
Liquidity Trap Hitting AAA Bonds Has ATP CEO Sounding Alarm http://www.bloomberg.com/news/print/2014-04-30/liquidity-traps-hitting-s...
I like to say to the banksters; STOP WHINING! https://www.youtube.com/watch?v=EL8e2ujXe8g
I wish I were immune to this toxicity. But, instead, I am just an enabler. Fuck me.
https://www.youtube.com/watch?v=XFkzRNyygfk
Just like when they were "too big to fail"
"Hi, folks! John Corzine here! Many of you remember me from the Big Meltdown at Mofo Global!A lot of folks thought I would go down, but I'm still standin! How? Bankster Insurance! Are you a Bankster? Do you know or have a Bankster in Your Family? Are they afraid of a Just Us Dept. Investigation? No problem! Call the toll-free number at the bottom of the screen! Our operators are standing by! Have your offshore account # handy!! Within days, our Operatives will have your solution in the bag! Bankster Insurance! Don't do the time! Drop that dime--- today! Call now!
"Some of the biggest men in the United States, in the field of commerce and manufacture, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it."
- Woodrow Wilson
www.vatican.va
Holder says "I am not going to enforce the law on trillion dollar banking crimes because there might be consequences."
Wouldn't have anything to do with losing $250,000/year board seats and zillion-dollar consulting contracts a year from now, would it Eric?
The banking industry's dick is so far up his ass I wonder how he walks in to work in the morning.
He spends all his time bringing down the hammer on drivers of cars with Ron Paul bumper stickers.
And puppies.
Holder prosecutes puppies.
"These are test cases,” said Phan. “There’s a pragmatism behind this. You look for a target that’s small enough and that will send a message.”
......you gotta be kidding.....the only message being sent to the American public is that our elected officials (and therefore their appointees) are totally controlled by the institutions they supposedly regulate.
It reminds me of the music industry complaining about their stuff being copied while at the same time they are promoting and marketing the hell out of rap stars who recommend crime as a way of life.
That Obama, he's one smart cookie, Oreo type, doing this right before the H of R elections to get enough of the "galactically stupid" people to try to keep the Demasses in power.
you want to see some real sweat at the musical chairs game? 38 state governors up for election this year, and all the coattail riding with state AGs etc.
told you this year's election is more important than '16... watch and see
“The issue which has swept down the centuries? and which will have to be fought sooner or later is the people versus the banks.”
- John Emerich Edward Dalberg-Acton
MH 370 families told to get out of Malaysia.
The vacation is over. Get out.
http://www.bbc.com/news/world-asia-27242522
Watch that plane resurface sometime in late July, early August !
MH-370 Earlier this week, Australian tech firm GeoResonance said it had found what it believed was wreckage of a plane in the Bay of Bengal that should be investigated as potential debris from missing Malaysia Airlines Flight MH370, but the possibility was dismissed by search coordinators.
http://www.dailymail.co.uk/news/article-2617647/British-marine-archaeolo...
There is lots of good people working hard on the problem, the Bengal bay is logical being north of Diego Garcia.
Near where the 'oil worker' saw a burning plane coming down, a guy has found satellite photo's of what appears to be the plane. ( South of Vietnam, where the plane first dissapeared ).
>>>
Steal the gold aboard, kill the Freescale team, destroy the Malaysian government and let the CHINESE build the canal to make it more easy to ship Saudi oil to the Gulf of China, ... even the CIA/NSA loves this mission, its a win-win for everybody accept the familys, and the best part is that ...
INMARSAT – whose largest owner, Harbinger Capital, is the new name for George H.W. Bush’s notorious Zapata Corporation.
NO PLANE WRECKAGE FOUND IN BAY OF BENGAL
http://www.nst.com.my/latest/font-color-red-mh370-tragedy-font-no-plane-...
I was thinking Fleet Week in NYC the last week of May.
Just as a thought experiment.... there's a bank holiday weekend coming up... what if one of those missing nukes turned up in the Hamptons?
Didn't Mr. 0 make some comment to the effect of his biggest fear being a nuke in Manhattan? They ain't going to do THAT because there are too many internet backbones, globally useful insurance companies, etc in that general area... but a tactical nuke on the banksters' home soil... well...
Not necessary to actually kill any of them, of course.. the houses are no doubt insured heavily (you HAVE noticed the recent ridiculous rise in property prices, I assume? Same thing in the City of London, where genuine Londoners, apart from the service underclass, have long been selling up and moving out) and quality plastic surgery is easily available in a variety of places. And in Dimon's case, a skin-morph into a syphalitic Orc would be a fucking improvement, let's face it! Talk about the flesh reflecting the soul within.
I hate people who use the phrase "as we know it" to modify any noun. It leaves me with the unshakable conviction that the writer doesn't "know it".
We need balls-to-the-walls prosecutions of JP Morgan, Goldman Sachs, credit rating agencies, B of A, Countrywide, the mortgage industry, the appraisers,Freddie and Fannie, Citi and the big bankster Wall Street banks, AIG, and current and former federal co-conspirators at U.S. Treasury, SEC, OTS, Federal Reserve, especially FRBNY, and those members of Congress who aided and abetted the greatest financial crimes in U.S. history.
Justice demands these long-overdue prosecutions of overlapping RICO criminal enterprises. We need 20 years-to-life hard time prison sentences for the hundreds convicted. We need RICO confiscations of the hundreds of billions in illegal "profits" from the criminal enterprises of the banks, mortgage industry, and Wall Street Mafia.
Because of the huge backlog of RICO cases, the prosecution and the courtroom should be modified to process the mass trials in style of the Maxiprocesso (Maxi Trials) of the Mafia in Sicily during the 1980s that resulted in hundreds of defendants convicted.
http://www.youtube.com/watch?v=_nPEgV1oqX0
"prosecutors are considering indictments in probes of Credit Suisse Group AG and BNP Paribas SA"…well, that would be a long overdue start, but there a long, long list of major Wall Street crime syndicates and federal co-conspirators that need to be indicted. So, stop "considering" and start "indicting".
How come the climate doomers never mention colony collapse disorder?
Because they're brainwashed sycophants with tunnel vision.
The biggest gangsters threats should be taken seriously. There is no limit to the banksters' psychopathic and sociopathic behaviours that an average person could get remotely close to being able to imagine. It is impossible to comprehend what the collapse of the current house of cards into chaos would become. It is a matter of national security, because the social pyramid systems of government enforced bankster frauds are several orders of magnitude more INSANE than can be currently comprehended.
The development of social systems based on lies backed by violence has been growing at an exponential rate for thousands of years. The industrial revolution keep the debt engines, financing the steam engines going, and the latest developments in the form of electronic frauds, backed by the force of the threat of atomic bombs have also been able to keep that going. Therefore, our whole civilization is based on HUGE LIES, which were able to become successful because they were backed up by LOT OF VIOLENCE, and thereby enabled to GROW at an exponential rate ...
Of course, sooner or later, one way or another, that system of backing up frauds with force has to reach some real limits. However, by the time it does that there are no sane solutions left to that INSANITY. Whatever we might do now is sure to be too little, too late, and too trivial to matter. Not only has the runaway triumph of fundamentally fraudulent financial accounting systems driven extreme social polarization, but they have also driven the destruction of the natural world. Creating "money" out of nothing as debts is the way that we paid for strip-mining the planet. The real limits are the limits to being able to continue to strip-mine planet Earth. However, by the time that we finally face those facts, it will be way too late, and so, anything we attempt to do then is surely going to become way too little, and too trivial to matter.
The exponential growth of debts (because the system IS "money" made out of nothing as debts) was always a runaway social insanity, based upon the ability to keep on enforcing frauds, so that everything would continue to be controlled through attitudes of evil deliberate ignorance towards the actual facts about what was happening. That collective social insanity HAS been doubling and doubling, following an exponential growth curve, because of the basic structure of the system, to create "money" out of nothing, as debts, in order to pay for even more strip-mining of the natural resources of the planet.
Of course, there was never any reasonable doubt that that was going to eventually become impossible to continue, and then there would be a more catastrophic collapse into chaos than could be comprehended, since nothing like that had ever happened before during previous human history. From an abstract point of view, it all makes perfect sense. There was never any way to prevent the people who were the best at being dishonest and backing their lies up with violence from controlling civilization. There was never any way that their violence could make their lies become true. Therefore, everything always had to develop to become more and more psychotically insane, as the enforcement of frauds continued to control civilization, so it would collectively behave in more and more insane ways, at an exponentially accelerating rate.
Any end of the banksters' pyramid scheme would be the achievement of Peak Insanity for civilization. Given that we are talking about globalized systems of electronic frauds, backed by the force of atomic bombs, that kind of Peak Insanity has nothing in human history to compare it to. We are talking about EXPONENTIAL GROWTH OVERSHOOTING ON AN ASTRONOMICALLY AMPLIFIED SCALE.
The problem is that THAT has already been done, so much, for so long, that it is too late now to be able to stop THAT. The banksters already gained control over civilization through applying the methods of organized crime, in order to create their systems of legalized frauds, enforced by the power of governments. Our civilization has already become completely corrupt and crazy, and that is already more crazy and corrupt than we can currently comprehend, because we can not be certain what the real limits to strip-mining planet Earth are, or what will be the full consequences from having done THAT, on a runaway exponential growth curve, which we maintained attitudes of evil deliberate ignorance towards the limits of, until we have already passed far, far beyond whatever might have been the saner limits, if we had miraculously not been controlled by the banksters, as the best organized gangsters, who were able to thereby control governments, to force everyone to participate in fundamentally fraudulent financial accounting systems, to be used to figure out everything we were doing, so that every economic decision was made using a bent rubber ruler base on enforced frauds.
It is entirely possible that we have allowed the exponential growth of "money" made out of nothing as debts to pay for strip-mining the planet to have been pushed into such an OVERSHOOTING of whatever might have been sustainable that the consequences of reaching the real limits to doing THAT are likely going to result in more than 90% of the human population being murdered during the next Century or so, along with even more of the rest of the life on this planet, due to the all the converging consequences of THAT.
The industrial revolution enabled steam engines paid for with debt engines to become weapons of mass destruction backing up globalized electronic fiat "money" frauds, all of which are many orders of magnitude BIGGER than the vast majority of human beings could imagine, especially because they have been conditioned to not want to imagine THAT. The basic human social pyramid system civilization was always based on backing up lies with violence, and the only thing that has changed is that those lies and violence have been amplified by technology to become trillions of times BIGGER.
We have rapidly, indeed at an exponentially accelerating rates, been approaching the limits of being able to continue to strip-mine that natural resources of planet Earth. In every particular industry, there was bribery and corruption, so that attitudes of evil deliberate ignorance would be maintained towards the particular consequences of that industrial activity. There was never anything in our fundamentally fraudulent financial accounting systems that was concerned about that problem, nor would even publicly admit that problem even existed, because making "money" out of nothing as debts to finance strip-mining the planet was always based on backing up frauds with force, which was always based on the vast majority of people maintaining attitudes of evil deliberate ignorance towards the reality of those systems and their actual consequences. The political system that enabled the banksters to become triumphant also dominated every other industry, so that they all followed the pattern of enforced frauds, operating through attitudes of evil deliberate ignorance towards the actual consequences of what they were doing, since everything was set up to privatize the profits, while socializing the losses, in ways whereby the privatized profits would be paid attention to, while the socialized losses would be systematically discounted and disregarded.
Probably the only thing that will stop the banksters are the limits to strip-mining planet Earth, at which point the exponential growth of the overall human population and total human activities, will have reached its Zenith of Peak Insanity. The corruption which enabled the unchecked accumulation of all the bad consequences of every kind of evil industrial activity, that were deliberately ignored, shall be converging synergistically. When those all those problems, which have been disregarded through attitudes of evil deliberate ignorance, finally get bad enough to no longer be ignored, it will then be way too late to cope with the consequences of having done that so much, for so long.
Every day that the banksters were able to continue to use the methods of organized crime to dominate the political processes, in order to have the powers of governments enforce the banksters' frauds, (as well as everything similar that was done through all the other corporations that grew up around those frauds, throughout every industry), the society as a whole had another day of social insanities, and environmental destruction, added to the pile. At no time in the past were any of the lies ever made to become true by being backed up with violence. Rather, then only thing that happened due to the success of the system of making "money" out of nothing as debts to pay for strip-mining the planet is that the runaway social insanity systems were stoked to run faster, and further. The revolving doors of political corruption continued to rubber stamp every possible corruption, done in every different industry, because they were all integrated through the same "monetary" system, based on enforced frauds, and therefore, they were all enabled to operate with attitude of evil deliberate ignorance.
... For several decades, I have been aware of this, and worried about it. I have done everything in my power to attempt to prevent that from happening. However, that has been demonstrated to have been almost totally a waste of my time and quite completely futile. For thousands of years, human civilization has been based on backing up lies with violence. The industrial revolution enabled steam engines to be paid for with debt engines, which then led to globalized electronic fiat "money" frauds, backed by the threat of weapons of mass destruction. At no point in that process was it ever politically possible to prevent that from automatically getting worse, faster. None of the people who thought about the longer term consequence of that path were ever able to persuade their society as a whole from not continuing to take it. Indeed, anyone who now thinks that prosecuting the biggest banks for their runaway triumphant frauds is going to solve our real problems is indulging in goofy nostalgic nonsense. Rather, when it finally happens that the madness of those systems is causing their own self-destruction, it will be way too late to fix the real problems, and whatever human beings may attempt to do then will be too little, and too trivial to matter.
What it theoretically would take is to go through the collapse into chaos, after the overshoot crashes into the limits of strip-mining planet Earth, and the financial system that paid to do that therefore also crashes into chaos. Thereafter, we may begin to develop some kinds of human, industrial, and natural ecologies, which are forced to adapt to the limits of being able to strip-mine the planet. However, those limits will primarily probably first result in wiping out most of the human population and most of the human activities, which were built up on the basis of the ultimate boom of being able to strip-mine a fresh planet, until the ultimate bust of having reached the limits of being able to do that.
The banksters were merely the best organized gang of criminals, that led the way for the whole human species to act like insane criminals, because they adapted to live inside of the civilization that catered to the banksters, who made and maintained the systems of enforced frauds, within which everyone adapted to live, mostly through maintaining attitudes of evil deliberate ignorance towards how everything was actually being based on backing up lies with violence, which therefore meant that civilization was behaving in rampantly runaway insane ways.
Anyone who thinks that the banksters' threats are idle, or that popping the bubble of their globalized frauds would not have extremely dire consequences for everyone, does not comprehend the scale and duration of the ways that civilization was based on enforced frauds, which have been running away at an exponential rate, which have been automatically becoming more flabbergasting in each of its successive doubling times, up until now ... When the day finally comes that the international banksters can no longer get away with their special kinds of "legalized" crimes in the same ways as they have been able to in the past, the consequences of that shift in gears are going to way, way worse than can currently be imagined, and shall certainly NOT be going backwards to anything which previously existed in human history.
BRAVO!
tl;dr
"growing at an exponential rate for thousands of years" Wow! That must be one f'in big number by this time. Its probably even bigger than Avagadro's number. I mean if people say the Fed's exponential growth has reached the moon after 5 years, then, uh, thousands of years growth must be way past Alpha Cenauri. You've possible reached the outer edge the Universe. Sorry I got so wrapped up in the mental gymanstics of visualizing a thousands of years of exponential growth that I never finished reading your rant. I did appreciate the humor for as far as I got however.
The exponential growth is extremely slow at the beginning. For a long time, it is barely able to be noticed. However, since the industrial revolution it has become obvious. Within the life of those alive now, the human population has been doubling and doubling, to the point where another doubling looks extremely problematic.
Of course, I am well aware that IF the human population continued doubling, it would do as you suggested, and enter numbers which are obviously absurd. However, the exponential growth of human beings was extremely slow, starting from a small beginning, for most of the previous thousands of years. However, there is no way it could do another 200 years of that, because those number would be practically impossible, while 2,000 more years would produce the absurdities which you pointed out are absolutely impossible.
Exponential growth looks great when it starts, and is still small. It is only later that the doublings get BIG, and BIGGER ... IF it took 30 doublings to saturate the environment, still half would be left on the 29th, and three quarters on the 28th, etc. ... Most of human history has been exponential growth which was barely noticed, because it was small to start with, and stayed small for a while ... Only later do the doublings becomg BIG and then TOO BIG to be possible to continue. The exponential growth of total USA debts has been nearly mathematically perfect since 1971, up until now ... with the future of that what most articles on Zero Hedge speculate about ...
THE POINT IS THAT WE ARE NEAR THE MOMENT IN TIME WHEN EXPONENTIAL GROWTH IS REACHING REAL LIMITS, SO THAT STILL DOUBLING THE HUMAN POPULATION LOOKS EXTREMELY DUBIOUS!
as usual, an excellent contribution. yet imho the problem is much, much simpler than that. note this out of the article:
“These are test cases,” said Phan. “There’s a pragmatism behind this. You look for a target that’s small enough and that will send a message.”
there it is, in all it's splendor: they want to send a message to a too-big-to-prosecute bank? for that, they trash a small bank
Big might be Beautiful, ok. but TOO BIG might not be beautiful anymore
in other times, the key word was antitrust. nowadays many don't even understand the word
Immune from prosecution for financial crimes or ALL crimes ?
If there are no legal disincentives and they are morally bankrupt can we assume that some of these persons, singulalry or collectively, will not refrain from committing any crime if there is financial benefit for themselves either directly or through the financial iinstitution ( bank, whatever) ?
No, I think if you lock up the likes of Jamie Dimon, Blythe Masters, Lloyd Bankfine and Moneyhan for 600 years it would re-new confidence in the Banking System not destroy it. Still a long way from being fixed because the only honest banker is a bankrupt banker.
Just got home from college. I had to scroll past seven articles just to get to one that predicts the end of the world.
Must be a good weekend coming up.
Start prosecutions start with the Fed, then move down through its stockholders.
"What tis town needs is an enema."
-Jack Nicholson as the Joker