QOTD — Financial Tyranny

Charles Hugh Smith states:

… our financial system is fundamentally based on lies, fraud, embezzlement, misinformation, perverse filters and incentives, shadow systems that mock transparency and regulation, class privilege and the systemic flouting of the rule of law.

Mr. Smith’s article is damning. Many are unwilling to accept the statement above. For those who fall into this category, Mr. Smith offers a set of questions:

If you want evidence, then ask yourself:

How many people have been indicted, convicted and served time for financial crimes during the current era of financial fraud and malfeasance, the most pervasive in U.S. history?

Answer: essentially none; the number is signal noise.

Was the American public lied to about the need and true purpose of TARP and the other bank bailouts?

Answer: yes.

Did Congress meekly cave into the demands to “save the banks” and swallow whole the most absurd threats, i.e. save our cronies lest anarchy become the order of the day?

Answer: yes.

Did the Federal Reserve backstop the banks to the tune of $7.7 trillion in complete secrecy?

Answer: yes.

Are there two sets of laws and rules, one for the Financial and Political Elites, who are free from oversight and the rule of law, and another for the rest of us?

Answer: yes. Just look at the massive level of corruption and systemic fraud, and the near-zero number of investigations which result in indictments, convictions and prison time.

Has anything been done to change any of this systemically?

Answer: no. The Kleptocratic Power Elite likes the system as is.