Yesterday, I published an article based on a recent 60 Minutes report on the “rigging” of our commodities and stock markets. One reader sent a comment. I replied in part as follows:
“Your comment on LIBOR and governments’ ten-year-long resistance to prosecuting those responsible struck a chord with me. By allowing the crooks to get away with LIBOR, the government simply encouraged more people in the markets to become amoral, immoral and out-right criminal.
“Thus, today’s market rigging and ‘retirement’ account vulnerability have been, to some degree, caused by our earlier failure to prosecute the LIBOR crooks and send a message that corruption will not be tolerated.
“Insofar as we again fail to prosecute those responsible for “rigging” our markets and those responsible for protecting our retirement accounts who’ve failed to do so, we can assume that the markets will attract even more white-collar, organized crime. As criminal conduct becomes even more prevalent in our markets, the entire economic and financial system’ will become even more corrupt until it finally collapses under the weight of its own criminality.
“We aren’t heading for an economic collapse in this country because of some technical detail (like interest rates, inflation rates, unemployment rates, etc.). We’re heading for an economic collapse because America’s government, financial institutions, and people have become immoral. If this nation is going to be destroyed, it won’t be by mathematics and economic formulas–it’ll be by immorality.”
Today, I see a video of Greg Hunter interviewing Professor William Black (a former federal prosecutor). Professor Black reveals massive, detailed information on the government’s complicity in market-place fraud. If you’re interested in this subject, you might want to view to this video more than once. On first view, I found myself too infuriated to pay persistent attention to all the details–you might react similarly.
The video doesn’t provide real news in the sense that it exposes government and government and banking corruption. We already suspected that was happening. But this video provides so much evidence that supports our suspicions, that it provokes outrage (mine, at least) at Wall Street, the Justice Department, the Congress and the government.
Greg Hunter: “Is the entire system rotten?”
Professor William Black: “Yes.”
I think the 60 Minutes report on market rigging and Professor Black’s public exposure of government complicity in marketplace crime just might mark a point when America might start demanding criminal accountability from the super-rich and high government officials. I won’t bet on it, but I suspect that we might be on the verge of a real witch hunt for Wall Street crooks.
I won’t bet on it, but I’m hopeful that governmental and marketplace accountability will be a major theme in this November’s elections. I suspect that the Republicans will generally try to beat the Democrats based on Obamacare, but now the Democrats will have a chance to beat the Republicans with a Wall Street corruption issue. Perhaps the Republicans have found a way to lose the A.D. 2014 elections. (We kinda knew they would, didn’t we?)