So JP Morgan Chase is being fined again for essentially colluding with Bernie Madoff. Ho hum–big deal. Well, for them anyway. Because even though the latest $2 billion fine–according to Marketplace–“brings the grand total of fines JPM has paid in just the past year to just about $20 billion,” that’s really no skin off Chase’s back. Because that seemingly gigantic number–$20 billion–is merely a month or two of QE Unlimited cash, paid directly from the Fed to the big banks.
Yes, every month, the privately-owned Federal Reserve creates $35 billion (from September 2012 until this month it was $40 billion) out of thin air and gives it to the big banks. So the banks get a monthly bailout of billions while the people are not only ultimately saddled with that monthly bill, but there is no concomitant monthly bailout for regular people. Like you. Or like me. Or our sisters and grandmothers and cousins and friends. We’re on our own, while the banks are given literally billions per month in bailout money.
Back to the lecture at hand…
But I’m getting off the subject here, which is this: fines aren’t fine. Because any amount Chase (or any other bank) has to pay in some wrist-slapping settlement like this is at least offset, if not completely covered, by the $35 billion per month the Fed is creating from thin air to give to these criminal banks. So the fines have no effect. Indeed, anyone else find it curious that these fines get levied only after the banks have been given $40 billion a month for the last year and a half?
Oh we’re told that the $35-40 bill is to purchase bad MBS from the big banks. Yeah, and Chuck Ponzi was just selling stamps. Even if the Fed really does take possession of worthless MBS in exchange for billions every month, the point is that the banks are getting money in exchange for garbage. It’s as though the banks took a dump on the floor and the Fed says “Will you take $40 billion for it?” See what luck any one of us would have doing the same thing.
Fed makes banks Even Steven, at the very least
So because of this $35-40 billion transfer per month to the banks–of which Chase is the biggest by assets–these fines don’t affect Chase at all. The government makes a big show of taking from Chase with one hand (i.e., the above-mentioned fines), while with the other hand putting the money right back in Chase’s pocket (i.e., with QE). Puts one in mind of a certain Seinfeld episode…
But of course, “our” biggest banks don’t just wind up breaking even like Jerry. No, they’re doing better than ever, fines and the law be damned. Oh yeah, because everything is rigged.
Everything including the LIBOR rates and judges turning blind eyes to the crime is rigged. People who do not get involved to stop the crime have no excuses. Banks expect sheeple and the uninformed to turn a blind eye, because sheeple do that, unless woke up by being the next one in line effected, or the media the banks own, not exposing this crime. Evil exist when good people stand by and do nothing, our of fear, turning a blind eye, or uninformed. Expose and inform! To all you see, face book, email, call and write. The masses have the ability to stop the rigged slavery and oppression of the masses. Get involved. Write your politicians so many letter,s they “fear” not being elected again. Everyone counts. Talk to your neighbors. Inform you local counsel members. I am preparing to go to the next counsel meeting now the crooked mayor is gone. I have some hope with the new mayor. Don’t assume everyone knows the crime is happening. And dont hide it out of fear. Evil loves fear and silence. At least one in five families, and I believer it is worse than that are experiencing the same hell you are. Talk to everyone.
The banks paid their employees over 91 billion in Christmas bonuses. The fines are laughable at most.