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THE ECONOMY & YOU # (Daily Updated Videos & Articles)
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Marxist |
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Titanic Banks Hit LIBOR Iceberg: Will Lawsuits Sink the Ship? - Antitrust violations, wire fraud, bid-rigging, and price-fixingby Ellen Brown July 20, 2012 At one time, calling the large multinational banks a “cartel” branded you as a conspiracy theorist. Today the banking giants are being called that and worse, not just in the major media but in court documents intended to prove the allegations as facts. Charges include racketeering (organized crime under the U.S. Racketeer Influenced and Corrupt Organizations Act or RICO), antitrust violations, wire fraud, bid-rigging, and price-fixing. Damning charges have already been proven, and major damages and penalties assessed. Conspiracy theory has become established fact.In an article in the July 3rd Guardian titled “Private Banks Have Failed – We Need a Public Solution”, Seumas Milne writes of the LIBOR rate-rigging scandal admitted to by Barclays Bank: It’s already clear that the rate rigging, which depends on collusion, goes far beyond Barclays, and indeed the City of London. This is one of multiple scams that have become endemic in a disastrously deregulated system with inbuilt incentives for cartels to manipulate the core price of finance. . . . It could of course have happened only in a private-dominated financial sector, and makes a nonsense of the bankrupt free-market ideology that still holds sway in public life. . . . A crucial part of the explanation is the unmuzzled political and economic power of the City. . . . Finance has usurped democracy.
CONTINUE: [link to globalresearch.ca] Quoting: RoXY Two tendencies run side by side in capitalism.....the urge to be free of regulation at times of prosperity (otherwise deemed "excessive" government) as well as the compulsion to survive during times of crises,(otherwise deemed too big to fail.....gaming the system and/or demanding "excessive" government to name a few examples.) On cannot make sense of these tendencies without understanding the underlying survival and accumulate urge which drives all the functions of capital. They alternately dance like two marionettes, one during times of aplenty, the other during lean times. These forces will ultimately come to a head although I suspect that it will not be within this crisis. Instead, this crisis will set the tone for a deregulated truly global capital. The nature of political consciousness suggests that we are on track for further deregulation and the deepening of globalisation.
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