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.”