Cryptocurrency - financial terrorism fit for use by drug dealers, murderers and tax evaders
Mainstream media hysteria about Bitcoin and cryptocurrencies in general, has been unrelenting. The deliberate misinformation and misrepresentation of what cryptocurrencies are reflects a generalised fear by economic elites the world over. Sadly, much of this fear prevents ordinary people entering the crypto space.
The mainstream media will not tell you that the real financial terrorists and enablers for drug cartels and tax evaders are the 'too big to fail' banks. I want to illustrate this point by focusing upon the criminal activities of the world's sixth largest bank JP Morgan whose CEO, Jamie Dimon, has courted media headlines with his denunciations of Bitcoin:
''… digital currency was only fit for use by drug dealers, murderers and people living in places such as North Korea.''
Let us start at the beginning and cast our minds back to the event that helped give birth to Bitcoin and the crypto world. Many of you will recall how the mainstream media totally failed to warn the public about the approach of the 2008-9 recession. In 2007 we were subjected to media eulogies about booming stock and housing markets presented as evidence of how capitalism had overcome the boom-bust cycle.
The well-documented collapse of the U.S. property and stock market bubbles, that spread like contagion through the global economy, was caused by the rampant criminality on Wall Street. This criminality led to the unprecedented intervention of the U.S. Congress which was blackmailed into passing the TARP act that bailed out Wall Street to the tune of $750billion.
In 2008 Congress was told by Treasury Secretary Hank Paulson that unless Congress bailed out the Wall Street banks then the U.S. economy would suffer a 1930s style collapse as the banks were too systemically important to the economy. A new term entered the public domain - the too big to fail bank.
Since 2008 global capitalism has enjoyed mild growth driven by China's gigantic infrastructure boom. This sub-standard growth has been hindered by the rampant criminality of too big to fail banks across the world.
Financial commentator Max Keiser has hammered home the point time and time again that financial fraud has become the modus operandi of the too big to fail banks. They are acting like parasitical vampires upon the world economy sucking out huge amounts of wealth to the detriment of the real economy and the livelihoods of the rest of the population.
In 2016 the huge fraud committed by Wells Fargo in the U.S. came to light as has Bank of America admitting it misused customers' cash. These acts of fraud are dwarfed by the villainous activities of America's largest banks Goldman Sachs and JP Morgan.
JP Morgan has paid over $35 billion in fines and settlements for fraudulent and illegal practices. Its fines for infringements of banking regulations since 2008 are chicken feed when compared against its $110 billion in profits over the same period. One of its most iniquitous acts was its alleged collusion with the Bernie Madoff ponzi scheme that robbed $64.8 billion from thousands of investors.
Not once has its nefarious activities been met with the threat of a criminal prosecution. Indeed its CEO Jamie Dimon was one of President's Obama's favourite bankers, having been given a pair of Presidential cuff links in recognition of his vital services to the U.S. economy.
The mainstream media and the corporate politicians in the U.S. Congress have given JP Morgan and the rest of Wall Street's banks a free pass and ignored their criminal activities.
American capitalism increasingly resembles a Third World failed state where the rule of law has effectively broken down and the one per cent can do whatever they like.
However, while crony capitalism runs rampant all over a beleaguered population the last year has seen increasing anger at the untrammelled law breaking of Wall Street and its bought and sold politicians in Congress. This anger led to the huge swell of support for Bernie Sanders and was reflected in the support for Trump's demagogic promises of dealing with hedge fund tax evasion and an end to bank bail outs.
Large sections of the American population are fed up, angry, alienated and mad as hell with a society which allows the richest one per cent to break the law with impunity. This is against a backdrop of falling living standards, increasing job insecurity, hideously expensive medical care/no medical cover and a society that is drowning in a sea of debt.
Despite all of the hot air against Wall Street spouted by Trump and Democrats such as Bernie Sanders there has been relatively little resistance to the too big to fail banks. However, one example of such resistance is a couple of brave lawyers who have written a damning indictment of America's biggest bank JP Morgan. Their book documents in forensic detail its rampant criminality. JPMadoff: The Unholy Alliance Between America's Biggest Bank and America's Biggest Crook by Helen Chaitman and Lance Gotthoffer claims that America's biggest bank helped facilitate the biggest white collar fraud in U.S. history with its active involvement in Bernie Madoff's $64.8 billion ponzi scheme.
Helen Chaitman has a long track record of taking on Wall Street. She is a nationally recognized litigator and was the lead attorney representing 1,600 victims of Bernie Madoff's ponzi scam. In May of 2016 she represented former customers of JP Morgan who claimed the bank had actively colluded with Madoff's ponzi scheme. Not surprisingly, the judge dismissed the lawsuit saying the bank had been,''negligent, not fraudulent'' in their dealings with Bernie Madoff.
The book and the website of the same name expose the activities of JP Morgan in great detail. They lead the reader to a very definite conclusion: criminal fraud is the daily business practice of the too big to fail banks who will not stop until they are prosecuted and broken up.
Don't hold your breath on President Trump taking on his buddies from Wall Street. His cabinet is the richest in US history made up as it is of individuals whose estimated net worth ranges from $6 to $14 billion. As US Representative Mark Pocan has noted, Trump's first 17 picks for his cabinet, ''have a net worth of more than a third of America.''
Even worse is how that well known bankster outfit Goldman Sachs has managed to become deeply embedded in Trump's new government with 6 of its alumni being appointed to Trump's administration. These include such indefatigable defenders of the poor like Steve Mnuchin whose hedge fund Dune Capital Management threw many heavily indebted mortgage holders out of their homes. Mnuchin has recently called for the regulation of Bitcoin in order to protect ordinary investors!
Maybe we should take heart from the appointment of Gary Cohn former Goldman Co-President who marketed $57 billion in risky subprime mortgages without telling investors he was betting against the housing market for which Goldman paid a mere $500 fine. Meanwhile, it did nothing to help the millions of Americans who became homeless because of the subprime fraud committed by Wall Street.
Trump's billionaire cabinet has ensured that the rampant criminality by Wall Street and its destructive effect upon the middle and working class continues unabated. Trump is taking advice from Jamie Dimon on how to gut the Dodd-Frank Act which instituted limited protections for taxpayers and consumers from abusive financial services and practices. It represents an attempt to eventually turn the clock back to before Roosevelt's introduction of the Glass-Steagall banking act leaving the too big to fail banks with no legal limitations upon their predatory activities.
Former Goldman managing-director Nomi Prins, now an outspoken critic of Wall Street, has prophetically warned:
''Whether you’re gearing up for the revolution or waiting for his next tweet to drop, rest assured that, in the years to come, the ideology that matters most won’t be that of the “forgotten” Americans of his Inaugural Address. It will be that of Goldman Sachs and it will dominate the US economy and, by extension, the global one.”
So there you have it. One example serves to illustrate the complete and utter hypocrisy of the mainstream media, corporate politicians and their Wall Street overlords. So if you hold crypto don't be put off by the never ending FUD just ignore it. Indeed, go one better and educate your friends and family that crypto is not a threat to them quite the opposite. It opens the opportunity of ridding the world of the too big to fail banks, whose grip upon the global economy is driving us towards another 1929 style disaster, only larger.
Mainstream media hysteria over cryptocurrency:
JP Madoff website:
It's ridiculous, basically the big banks are scared and want to create a narrative. They have succeeded but it won't last. Crypto is bigger than these blowhards, its not a country thing , its a global thing.
I quite agree. They are trying to go against the tide of history and it won't work.
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