JPMorgan Chase(Bank One) today agreed on a 2.2 Billion dollar
settlement with a group of Plaintiffs led by the california State
University pension system. Hooray! There are some advantages to having
California in open confrontration with the established Eastern
Powers.But what really riles is that Morgan denies any guilt. And what
really is patently wrong is that despite patent fraud not a single
individual banker has brought before the Bar of Justice. Not a single
indictment. Where is Lou Dobbs on this issue. It appears the bankers
are immune fromJustice. In Saenate hearing Enron a few years ago
emails between bankers were revealed that said words to the effect,
Wnron Loves these loans because they can hifde them from the auditors
and analysts. Smoking gun. The Stock of JPM was unchanged for the week
at 38.60 with barely a 10 cent ripple the whole week. The markets
understand that if JP Morgan ever is in trouble, thier status as a New
York Fed menber and part owner of the Federal Reserve System will
insulate them from any financial risk. there is aterm in economics for
behavior of bankers whos create systemic risk with no direct risk to
themselves, the word is Moral Hazard. And the bankssters show everyday
that they are of more moral hazrd thana roomfull of interns and all
the crack whores in Gotham.What is important for Libertarians to tale
home from this not so little morality play, is that WE DO NOY LIVE IN
S FREE MARKET ECONOMY. The heart of the economy, the Financial SYSTEM
is an utterly corrupt government charted bastard. On this critical
issue we can find common ground with the Socialists. The corruption
that flows from a fractional reserve system pollutes the morality of
the entire economy, and fixes the game in favor of the rich and
connected. Rand was quite explicit trough the speaces of Mr.John Falt,
that the destruction of the value of money through the never ending
fraud of fractional reserve banking and the subsequent dilution of
money's value destroys the objective value of money, condeming society
to drift on the uncertain seas of relativism, where no value is
certain. So Enron is not an unimportant issue just about money. It is
the japosis sarcoma on the face of our nations body politic.
Wmblematic of the rot within. We will probably muddle along carrying
the disease of fiat fractional reserve banking, but when people of
Socialist ideaology, talk about the evils of capitalism and the pain
brought about by inflation and stagnation, remember, it's all because
of the fiancial system forced upon us bya government in direct
conflict with crystal clear Constitutional prohibitions and intent
.The Constitution demands payment is Gold and Silver coin. Oh and one
more thing. The entire structure of Fractional reserve banking was
accepted by the king of England so that He could pay for wars with out
inconveniencing the public with taxes or rising interest rates. The
war would paid for in delayed inflation. The blame for inflation can
be sloughed off on greedy corporations for raising prices. and so the
Viet Nam war and this war are funded by debt bought by the Federal
Reserve ir other central banks. The inflation will come later.
Meanwhile the bonus's to keep the boyz and girls signing up for the
armed services are printed and funded by JP Morgan and Citi and etc.
BNo wonder Bankers do not go to jail. Is this really that hard to
understand. Could we explain this to the lefties. the general public,
and ever get some traction is fixing the core of the economy and
ridding the country of the financial core of the war machine.
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