Congress Mocks Ron Paul While Libor Scandal And Debt Scandals Threaten World Banking

One of the most pathetic Washington Post stories about banking is the retirement of Ron Paul.  Bernanke and the corrupt members of the House Banking Committee all laugh at him while smugly patting themselves on the back…right in the middle of yet another of zillions of banking scandals.  The real scandal, of course, is the collapse of all sane oversight for bankers who then ran amok and by creating way, way too much credit, have caused the entire global banking system to collapse.

 

Ron Paul is right and his fellow House members are insane:  Dana Milbank: Ron Paul, fed up with trying to end the Fed – The Washington Post

 

“Policies never change. . . . No matter what the crisis is, we still do more of the same,” he lamented in what probably was his last public appearance with Bernanke before retiring from Congress at the end of the year. “I hoped in the past to try to contribute to the discussion on monetary policy, the business cycle and why it benefits the rich over the poor. And so far, my views have not prevailed, but I’ve appreciated the opportunity.”

.

For the fiery Paul, it was a subdued surrender. His colleagues — Democrats and Republicans alike — used this final hearing to honor Paul for his passionate service, treating him with the cautious affection one might use to address a crazy uncle.

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“This may be his last committee meeting with the chairman of the Federal Reserve,” Chairman Spencer Bachus (R-Ala.) began. “And his leadership on the committee, especially during these hearings when we’ve had the Federal Reserve chairman appear before us, have certainly made the hearings more interesting and provided several memorable YouTube moments.”

Many on the dais laughed, and even Bernanke smiled at the memory.

 

Oh yes, this is so, so funny.  HAHAHA.  Right!  Who is crazy here?  Ron Paul or the well-padded, well-fed clowns who created one of the worst banking messes in earth’s history?   True, dinosaurs didn’t have banks, the creation of banks is fairly recent in the geological record.  But the fact remains, after paying Congress to undo every single regulation imposed on banks after the 1929 crash, we had an identical series of crashes.

 

This is, of course, the real scandal.  The non-response going on three years after the obvious crash is a crime.  The refusal of Congress to do anything sane is a crime.  They are all crazy uncles.  Seeing them laugh at the only one to provide some warning of the crash that was coming and which is far from finished, is disgusting.

 

Several years too late, the Libor Investigation Close To Making Arrests: Report

 

The criminal charges would come alongside efforts by regulators to punish major banks with fines, and could show that the alleged activity was not rampant in the banks.

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“The individual criminal charges have no impact on the regulatory moves against the banks,” said a European source familiar with the matter. “But banks are hoping that at least regulators will see that the scandal was mainly due to individual misbehavior of a gang of traders.”…

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Reuters previously reported that more than a dozen current and former employees of several large banks are under investigation, including Barclays Plc, UBS and Citigroup, and have hired defense lawyers over the past year as a federal grand jury in Washington, D.C., continues to gather evidence.

 

So, the guys at the top, the Bilderberg gang who created this entire mess, the guys who bribed British and American politicians to eliminate all banking regulations and rules will not be punished????  How insane is that?

 

Arresting the near-powerless underlings is like putting the prison guards on trial at Nüremberg while letting the Nazi leadership go to Argentina.  Once again, displaying their immense political power bought by donating money to elections and hiring retired politicians to deliver speeches, the super-rich, super-powerful bankers will skate away with billions in personal loot after exploiting loopholes they, themselves, created in the laws to give out credit at false interest rates based on near-zero capital.

 

The underlings working for these criminal bankers are going insane:  ‘Frustrated’ UBS broker arrested after ‘smashing windows with a slingshot and marbles’ | Mail Online

 

 A hot-shot investment banker, 58, has been arrested, accused of wrecking havoc in Los Angeles.

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Michael Poret has allegedly been driving around and shattering windows since the beginning of the year, using a slingshot to fire marbles and nuts at buildings. Police said he must have ‘got a thrill from it’…

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Poret was first arrested in Encino on July 3 after police officers spotted a slingshot in his car during a traffic stop for a vehicle code violation. A subsequent search of the vehicle turned over brass knuckles, knives and slingshot projectile.

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The 58-year-old was suspended from his post as vice president of investments at UBS Financial Services after his arrest. He had worked there for three years after being headhunted while at Merrill Lynch.

 

The moral degradation of our banking community is due to the entire ‘greed is good’ and sense of personal entitlement that has warped the mental health of everyone involved.  It isn’t just Britain and the US, the other banking catastrophe in the troika of first world banking giants is the moral and mental collapse going on in Japan:  Fitch downgrades three major Japanese banks ‹ Japan Today: Japan News and Discussion

 

Fitch said Friday it cut the credit rating of three of Japan’s biggest banks over concerns about Tokyo’s ability to support the financial sector, after the nation’s sovereign debt rating was also cut.

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The ratings agency lowered its rating by one notch to ‘A-’ from ‘A’—the seventh highest on a 22-rating scale—for Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group (MHFG), and Sumitomo Mitsui Financial Group.

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In the same statement, Fitch said it also lowered its rating for Sumitomo Mitsui Trust Bank to the same level as the major banks.

 

The credit bubble in Japan happened when the yen suddenly shot up in value versus the dollar when the US demanded Japan bring its currency into compliance with trade values.  This did nothing for the immense and continuous trade deficit the US runs and still runs with Japan.  It did create a deceptive banking situation which the bankers there exploited and thus ran up one of the biggest real estate bubbles in the history of finance.

 

At the time.  Then the US proceeded to have a bubble even bigger than the Japanese bubble.  Japan is running everything in the red now including, for the first time since the 1970’s, a trade deficit.

 

Like the US, the Japanese political system is thoroughly and totally corrupt and completely incapable of even the smallest reforms of anything nor is able to respond to the series of terrible collapses including the collapse of all of society there.  Which takes me back to the US Congressional corruption news:  Financial Scandal Scorecard – NYTimes.com

 

And where were the regulators? “Subcommittee investigators found that the OCC” — that’s the Office of the Comptroller of the Currency, which is the nation’s primary bank overseer — “had failed to take a single enforcement action against the bank, formal or informal, over the previous six years, despite ample evidence” of money laundering, reads the report.

 

Good lord!  Who, pray tell, destroyed the regulation powers of the OCC?  Why, the Wall Street bankers and their buddies in the South and Midwest who met at Jekyll Island to plot the killing of this regulator!  They created the Federal Reserve which is a private consortium of bankers with minimal regulation from Congress!

 

All of whom laughed at Ron Paul on Friday.  All the OCC could do was detail the immense rapid growth of the Derivatives Beast!  Which they dutifully did.  And which Congress ignored.  The people who defanged the OCC are generations of politicians who wanted the OCC dead and powerless.

 

Speaking about the other news stories that illustrate the collapse of morals or futile attempts at robbing people of their homes:  Report: NCAA to hand down ‘unprecedented’ penalties on Penn St.  Well, it should be eliminated entirely.  No football for Penn State.  Indeed, the real scandal is, the NCAA is allowing players going to college to do ruinous things to their brains rendering them senile at the age of 35 and the vast majority of these players die of old age before they are 57 years old.

 

That is criminal.  Encouraging it, making money off of this physical abuse of students is nauseating. Yes, passive bystanders love watching the mayhem.  Corporations make money selling products to these bystanders.  But it is a killing machine.  Everyone knows this and everyone ignores this.

 

In world news, the near-powerless President of Egypt did something very popular to Egyptians, he has decided that the Gaza Blockade Should End as Egypt Opens Border to Palestinians.

 

Meanwhile, due to banking scandals in London and the many offshore royal tax havens, the British people are seeing their social system shredded.  This is very unpopular.  Now the biggest welfare queen on earth is Queen Elizabeth and her royal brood is being cut out of the payola:  Royal family members may lose guards – Telegraph

 

The cost of providing security for members of the Royal family and VIPs was disclosed for the first time in internal police budget figures in 2010, when it was put at £113.5 million a year, or £310,000 a day.

 

And in la Belle France, French lawmakers abolish tax breaks, boost taxes on rich.  Now the rich have to run and hide.  Where to go?  Brazil?  That country teeters on the edge of chaos.  The US?  That is still safe with Congress refusing to pay for spending via taxes!  London?  The mob isn’t too far from the doors of the rich so it is sort of unsafe.

 

The rich eventually will have nowhere to hide if they continue to destroy the global banking system, the governments of all the first world democracies, everything.  They could all go to China but that is no safe zone, of course.  China has had revolutions in the past just like France.  Eventually, the very rich will have to pay taxes to maintain the US/NATO war machine and they will have to pay society to keep the civil order going and of course, they will have to be regulated so they don’t become totally depraved.

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30 Comments

Filed under .money matters

30 responses to “Congress Mocks Ron Paul While Libor Scandal And Debt Scandals Threaten World Banking

  1. melponeme_k

    The British should dethrone the Queen and her entire family. That would give the elites something to think about and it would be the only thing that would make an impression on them.

    It’s about time that nation gains some measure of freedom.

  2. JT

    heh I read a funny joke about EU officials…

    In politics politicians lie to voters.
    In EU-politics the EU lies to politicians.
    EU comissars have to lie to themselves.

  3. DeVaul

    I have mixed feelings about Ron Paul. There is a lot of good about him, and a lot of things that are rather unseemly.

    I like that he ONLY spent (or will spend) 15 years in Congress, which is a rather short stay nowadays. He could have snored away in a chair with an aid standing behind him to talk for him for another 25 years like Carl D. Perkins did, among others.

    I don’t like that he inflated many hopes for change and then simply walked away when things did not go his way by mere rhetoric alone. An educated man would know that rhetoric alone never changed anything.

    I like that he managed to expose the inner workings of the Fed and other banking houses, but made no calls for mass arrests of the villains in charge. (That would include his family friend, Mitt).

    I really don’t like that the kept all the money donated to his presidential campaign right before he quit or “gave up” for all practical purposes, and I believe he did this two times in a row. I really suspect that quite a few suicides on the front lines can be traced back to Ron Paul’s surrender.

    Despite all his acolytes, I really doubt he will be remembered for much after a few years go by.

  4. DeVaul

    Speaking of Mr. Rich Romney, it appears he might belong to or work for a group of only 92,000 individuals who collectively own 21 trillion in off-shore tax havens, according to a Tax Justice Report:

    http://www.rt.com/news/overshore-economy-trillions-report-789/

    Very interesting article. I seem to remember that many of the servants of the French aristocracy were also executed along with their masters.

  5. Now it comes to the point where you may not be able to take your money out of the bank. But the banksters will be able to help themselves to it.

  6. 90404

    Alphie, those who do Stock / Commodity trading are worried about that.
    After all what they have is a paper agreement that their funds will be mailed or wired to them, thats all, right?
    Jerome Corsi found out the hard way, as did others.
    A modern replay of ‘bank failures’.

  7. DeVaul

    Not only is the banking sector totally corrupt, but so is our justice system. Here is a teenage girl thrown in jail for naming the two boys who sexually assaulted her:

    “If they really feel it’s necessary to throw me in jail for talking about what happened to me … as opposed to throwing these boys in jail for what they did to me, then I don’t understand justice,” she said.

    From RT. Note the stupid advice given to her by people who should know better: go to a victim’s group or write your legislator. Huh?

    How about… not wasting your time and going straight for justice?

    I too went to these groups and they did nothing, but when the media showed up one day, the judge was all attention — no yawning, no boring look on his face. What I saw that day was fear on his face, and then I realized what really works and what does not. I hope the media do a full report on this teenage girl in jail. The two boys are not in jail after pleading guilty to first degree sexual assault, filming it, and distributing it on the internet. This is Kentucky justice, and now it is happening to everyone.

  8. DeVaul

    Here it is in the back pages of the Louisville Courier. Nothing in the Lexington news, of course.

    http://www.courier-journal.com/article/20120720/NEWS01/307200106/Sexual-assault-victim-s-tweets-about-attackers-prompt-contempt-case-against-Louisville-s-Savannah-Dietrich?odyssey=tab%7Cmostpopular%7Cimg%7CFRONTPAGE&nclick_check=1

    I am glad her parents gave her permission to speak to the media and also supporter her right to do so. She has great parents who understand injustice and the right to speak freely. Wow!

    I too was prepared to go to jail rather than pay a fine for catching Judge Payne lying to me in court, but my mother went hysterical and did not support me at all. I could not afford that at the time, so I lost another opportunity to have the media help me.

    The victim’s rights leader says she should “fight for her right to speak” by running a gauntlet of bureaucratic red tape that will take years. What an idiot. How about just speaking out? It is our right even when a judge takes that right away unconstitutionally. I hope the judge gets burned and never re-elected so she cannot collect bribes — oops! — I mean “donations”.

  9. JT

    @devaul

    How can they put her in jail?
    Isn’t she a minor too?
    Or how does that go over there?

  10. JT

    Will Frey III ?

    Will Frey I and II are proud and have bought the best lawyers money can buy?

  11. DeVaul

    They will put her in jail for contempt of court. By speaking about her experience, she violated a gag order issued by the judge. This order was issued right after the lenient sentences were handed down, which stunned the girl and her family, who were not consulted by the police about the plea bargains that would let the boys go free.

    In Kentucky, those who do not pay their “donations” to the judge are not free to violate court orders or to protest the lenient treatment of those whose parents did pay the required donations. Only the media now stands between her and being held in jail while the rapists go free.

    Tammany Hall is a good way to describe Kentucky right now. That term comes from the time period that Ron Paul refers to as “the good old days”.

  12. 90404

    ‘Kentucky justice’
    I learned a new term.

    ‘Ron Paul refers to as “the good old days”.’ The past [what I remember of it]
    Is Better. Its gone forever. Now we have 5? gyros [?] of plastic out in the oceans. The New Plastic Continents.

  13. DeVaul

    Oh, and the lawyers for the boys are not above punishing the girl who was raped by their clients (an established fact now due to the photos of it). For them, it is more “billable hours” and hence more money. Who cares if someone’s life is destroyed. All that matters to them is money.

    This is why things will go badly for lawyers when the end comes. They are so widely hated now that it will be impossible to separate the good ones from the bad ones. It really is impossible now.

  14. DeVaul

    The past is always “better” if it falls within the industrial age, but not before it. Something I have noticed about people who think there was some golden age before now.

    In the 1940’s (before regulations and laws) the Hudson River was so clogged with sewage and toxic chemicals that US bomber pilots flying a mile overhead could smell it and start wretching. All rivers near cities were like that. No one wonders why they are largely clean now because they were not around to smell them or see them back then.

  15. DeVaul

    Whoops!

    http://rt.com/business/news/banks-crisis-failure-plans-381/

    All major banks are “ready to go under”, and have “living wills” to help the government unwind them without a government bailout.

    I am sure the CEO’s will not have the “plug” pulled on them, but everyone else will.

  16. JT

    @devaul

    “In Kentucky, those who do not pay their “donations” to the judge are not free to violate court orders or to protest the lenient treatment of those whose parents did pay the required donations.”

    Is that some sort of a joke or what does that mean?
    How can they put a 17 old in jail?

  17. emsnews

    Joan of Arc comes to mind.

  18. That Kentucky case is another good example of the Streisand Effect at work. http://en.wikipedia.org/wiki/Streisand_effect Trying to silence people on the internet can backfire utterly. O’ internet, never let yourself be tamed.

  19. JT

    “Roaring inflation: Argentine “double zero” peso bills are “legal tender”
    An issue of Argentine 100 Pesos bills printed in Brazil and in circulation in Buenos Aires was discovered to be missing the “1” which left them with only the double 00.”

    http://en.mercopress.com/2012/07/05/roaring-inflation-argentine-double-zero-peso-bills-are-legal-tender

    😀
    Yes. F*ck mathemathics it’s based of faith.

    ΩΩΩΩΩΩΩΩΩΩΩ

    ELAINE: Wow! I missed that story! HAHAHA. Insane!

  20. JT

    based on faith I meant.

    How much is this loaf of bread?
    – 00
    Here you go. One 00 bill, keep the change.

    How would you handle that over there in the states?
    Last time I visited sales tax was not included in prices.

    00 for the bread + ,00 sents sales tax = 00,00 ?
    Have a nice day.
    😀

  21. DeVaul

    In Kentucky, we execute 17 year olds (until the US Supreme Court intervenes, that is).

    The judicial system here is run by bribes, called “donations”. Since all state court judges are elected, they can collect $1,000 from each individual for their “re-election effort”. This money is not required to be kept in a separate account. It belongs to the judge and can be used for anything.

    Typically, a family will write a check for each member and then all related members (cousins, in-laws, nephews, nieces, etc.) who will all write a check after the person with the money pays them. Hell, they might even get a 10 percent bonus for doing it. Sort of an allowance, I guess.

    Larry Forgy, a former Kentucky statesman and lawyer at my firm, tried to put an end to it a few years ago, but lost in the Kentucky Supreme Court, which is composed of men who got there via “donations”. Only someone as important, wealthy and politically connected as Larry Forgy could take the case so far, and yet he failed.

    Federal judges are appointed for life, and thus have no need for donations or the goodwill of voters to keep their jobs. They were once revered here in Kentucky for their honesty and justice, but now they are controlled by Wall Street and thus are not much different from state court judges.

    I grew up in Louisiana and Kentucky. They are both in a class all by themselves. We do like to think Mississippi is beneath us… somehow.

  22. DeVaul

    UPDATE:

    I am happy to say that the lawyers for the two boys backed down and withdrew their motions for contempt of court after the internet exposure went viral. The girl who was raped will not go to jail… for now.

    The slimy lawyers made some spurious claim for their actions, but the real problem for them was that their lives were now at risk.

  23. Paul S

    Ron Paul, imho, was the “safety valve” Republican. Ron Paul’s sole reason for being was to be a sop to traditionally Republican voters who opposed the Fed. The people who actually run the GOP would let Paul prattle on about how evil the Fed is. They would tolerate Ron Paul when he would make his speeches railing against the Fed on the floor of Congress–before a mostly empty House. And they would tolerate Mr. Paul when he would ask people like Bernanke questions when he would appear before Congressional Committees. Incidentally, I have watched Ron Paul question the likes of Berneke and Geithner numerous times on places like YouTube. It always struck me as strange that Ron Paul would ALWAYS make long winded commentary before asking his questions. Why strange? Because Ron Paul knew he had limited time to ask questions when the Committee is in session. Why not get right to your questions? If you knock off the long winded preambles to your questions, you can ask more questions! I think Paul was purposely filibustering so he wouldn’t be able to ask too many questions. Ask just enough questions to make the con look real.The actual GOP leaders discerned that they needed to give one wing of their Party a voice; let ’em think they were having an impact, however small. All along, the REAL leaders of the GOP knew NO ONE was EVER going to audit the Fed–or end the endless wars abroad, but someone had to play the role of puppet. This is the role Ron Paul “played”. I believe Ron Paul knowingly played the role. The fact that he allegedly ran for President twice, pocketing the money he made from his efforts both times, tells you about all one needs to know about Ron Paul. Ron Paul is as big a fraud as John Boehner and Paul Ryan are when they say they want to create jobs in the US. I have to wonder how long this con can continue before enough people wise up.

  24. Christian W

    The inside of the system is so thoroughly corrupt by now no amount of ‘talking’ (and Ron Paul certainly loves to talk) will change anything. Real change will have to come from outside the current global elite and push their agenda out of sync.

    They know the system is bankrupt in many ways (the $21 trillion dollars in tax havens plus the trillions in hidden forex exchanges clearly state that the dollar is worthless) so they are simply grabbing all the power they can now before the inevitable consequences become obvious even to the masses.

    Ron Paul blabbing about the Fed is pointless because the Fed’s job at this point in time is simply to keep the charade moving. That is why they are laughing at him and ridicule him. It doesn’t take an audit of the Fed’s books to show that it is bankrupt and covering that up with money printing. Just like it doesn’t take explosives in the Twin Towers to see the obvious inside collaboration with 9/11. When the overall picture is obvious you don’t need to fixate on the details.

    It is inevitable now that Iran will be invaded and annexed into the ‘western’ system. They are desperate for all that oil and to make it part of the western monetary system, because without control of the oil there is nothing to prop it up. Saudi Arabia, Quatar etc already sold out but the Shiites are resisting the integration.

    Without the oil there is no need for these vast amount of dollars, dollars that pay for bribes to people selling out their nations, dollars that pay for the military machine controlling most of the world, dollars that support the vast intelligence networks and pay the bonuses for the CEOs etc etc etc.

  25. Clymer

    I haven’t been on this site since before the 2008 election. At the time, I was a Ron Paul supporter, and Elaine was a Barack Obama (Soetero, Davis) supporter. She commented that Ron Paul was a “racist” because he was from Texas – everyone from Texas is a racist.

    Nice to see you finally come around Elaine.

  26. Paul S

    I can’t help but note in passing that yesterday one of the local newspapers carried a news item (from one of the national wire services) about Ben Bernanke claiming the economy needed more stimulus. What will this make it? QE4? Or are they going to stop giving it numbers from now on because it’s too embarassing?

  27. Diiiiick

    Hey DeVaul,

    Are you an attorney…retired? Federal or State?

  28. emsnews

    Ron Paul is still a racist.

    And Texas seethes with racism.

    And this doesn’t make Ron wrong about other things! He can be right about one thing and wrong about another! Geeze.

    As for Obama: he was sold down the river and I said long ago, he has become the House slave at the White House where he works for others.

  29. DeVaul

    @Diick,

    No, I am not an attorney. I lost my hearing after one year of law school and became ill with a rare disease. I tried to finish law school, but I was not able to. (The dean refused my request for a transcription of the lectures).

    I learned pottery and worked out of my own studio for many years until my divorce wrecked my business. I had to get a job to pay down the debts from visiting my sons who had been taken 400 miles from my home to another state. An old friend from the law firm I worked for during law school got me a position as a part-time law clerk again, but I kind of morphed into a librarian I guess because no one was taking care of the law library, which is what I do now.

    I would prefer to do pottery again, but my pay here is much more than what I would make as a potter, and I have a wife and daughter to support now as well. So, I am a law clerk/librarian or “legal research assistant” (there is no such thing, but that is my official title).

    Since about half the employees here have “disappeared” since 2010, I keep my studio ready for that day when I will need some kind of job. At least I am out of debt now, but we have no savings.

  30. Pingback: US Dollar Falls Lower And Gold Breaks Out As ECB Chief Mario Draghi Promises To Do Whatever It Takes To Preserve The European Monetary Union Intact « EconomicReview Journal

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