The simple fact of the matter is that we have now degenerated from a society based on the Rule of Law to one that is based on stealing whatever is not nailed down and half of what is, use the guns that government has to suppress the “little people”, and do your level damndest best to take their guns lest they shoot you — which, incidentally, is exactly what a looter both deserves and under the law is entitled to receive.
Money laundering by large international banks has reached epidemic proportions, and U.S. authorities are supposedly looking into Citigroup Inc. (C) and JPMorgan Chase & Co.
Governor Jerome Powell, on behalf of the Board of Governors of the Federal Reserve System, recently testified to Congress on the issue, and he sounded serious. But international criminals and terrorists needn’t worry. This is window dressing: Complicit bankers have nothing to fear from the U.S. justice system.
To be on the safe side, though, miscreants should be sure to use a really large global bank for all their money-laundering needs.
There may be fines, but the largest financial companies are unlikely to face criminal actions or meaningful sanctions. The Department of Justice has decided that these banks are too big to prosecute to the full extent of the law, though why this also gets employees and executives off the hook remains a mystery. And the Federal Reserve refuses to rescind bank licenses, undermining the credibility, legitimacy and stability of the financial system.
The Federal Reserve, Simon, has ignored its legal mandate for 100 years and gotten away with it. Remember this?
The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.
2% 10 year Treasuries are not moderate interest rates.
And 2% inflation does not constitute stable prices.
2% inflation means that over a working man’s life (45 years, 20 -> 65) you need 2.44 units of currency to buy at 65 what you needed at 20.
Stable? Like hell.
That’s a willful and intentional violation of the law, flouted in the face of Congress and the American people with each and every Fed meeting and set of testimony before Congress.
The Fed is not interested in the law and if they are not compelled to hold within the boundaries of a single paragraph that defines their goals in the very enabling statute that created The Fed itself then should it be a surprise that the very same Fed intentionally ignores institutions that violate money-laundering statutes and even those that violate consent decrees and deferred prosecution agreements?
The bottom line is that until there is prosecution and people start going to prison nobody will care, because there is no penalty that is meaningful — fines are immediately shifted onto “the little people.”
What we need is prison, and where it needs to start is with the clown-car brigade at the FOMC and its chairSatan.