Friday, April 26, 2013

Forget the Illuminati; the REAL conspiracy

Matt Taibbi reports on the incredible real conspiracy going on with the big banks. Now they are fixing the benchmark "to calculate the prices of interest-rate swaps. Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt." Yes, technical stuff, but worth trillions of dollars. Many of the same banks that paid multi-million dollar settlements in the Libor scandal and involved in this as well. However a civil class-action suit against the Libor banks was dismissed by a federal judge, who accepted the defense notion that it "was their own fault for ever thinking the banks were competing in the first place."

That's the thing. Competition is supposed to be the capitalist way, and by so doing this will keep prices low and competitors scrambling in the interests of the customers. But the big banks have discovered that colluding to fix higher prices means more profits for then. At the expense of everyone else and the economy, or course, but fuck that.

All of which is supported by the government who is supposed to protect the public, not the greedy bastards. Loopholes in the law allow the big banks to set such benchmarks with unverified data! Amazing. And these laws are created by previous bankers who manipulate the legislative process knowing they will return to such banks to reap the rewards they instituted. And when this behavior inevitably does crash financial systems they are completely immune from criminal prosecution because they "are too big to fail." And why are they too big  to fail? Because the corrupt lawmakers made a law allowing they to get that way.

Yes, there is a real world conspiracy all right of unimaginable proportions. Forget the Illuminati or Obama's Kenyan origins. This is the real deal and operates in the full light of day and gets away with it every day. And it's sickening. Of course, we don't need to crawl into our own worlds and accept it. We still have elections in the US and we can still vote out those that play the big bank game. But this will require vigilance and a lot of time and effort to educate ourselves to be responsible citizens. And fight by getting those elected who will change the above laws and enforce criminal penalties. It's a huge battle but it must be fought. Unless you like being a victim to this rigged scheme?

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