Financial elite finances all candidates, some of them win, the winners appoint the financial elite to be board members of the organization that is capable of printing money and giving bailouts/buying poisoned assets from said financial institutions. The money is not made from FED profits, the money is made by the financial institutions owned by the board members. What's so hard to understand about that? It's clearly a scam.
It does not only happen at the central-banking level, but it's another tool used by them.
Let me give you a similar example, not directly involving central banking, from my country. Paulo Guedes is the founder of BTG Pactual bank. He goes on and funds the candidate Jair Bolsonaro for presidency. Once elected, Bolsonaro appoints Guedes to Ministry of Economy. His monetary policies decisions makes the USD/BRL go from R$3.71 to R$5.70. November/2021 comes by and pandora papers are released. We find out the dude has almost 10 million USD stashed in offshore tax-heavens. His decisions made his personal fortune grow by 14 million BRL(equivalent to 956 years of minimum wage).
This does not involve central banking directly but the idea is the same: put the financial elite in positions that allow them to make large scale decisions to grow their personal fortunes while affecting the lives of all others. It's a scam.
>> Drug cartel money, strong ties to the Russian oligarchy, forex manipulation, corrupt dealings with African governments, destruction of records, tax fraud.
Yeah. Isn't this almost literally what Goldman did during the financial crisis. Seems like what is counts as a financial crime or fraud has a lot to do with how much purchase you have with your respective countries powerful and wealthy.
“The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of tax evaders.”
And it's more than tax evasion, "include a human trafficker in the Philippines, a Hong Kong stock exchange boss jailed for bribery, a billionaire who ordered the murder of his Lebanese pop star girlfriend and executives who looted Venezuela’s state oil company, as well as corrupt politicians from Egypt to Ukraine".
It is hard to reconcile this with the fact the governement just rejected a settlement of $12B from Bank of America, and is seeking $17B. They just settled with JP for $13B.
European banks are getting fined for Illegal tax shelters and violating sanctions, and US banks are getting hammered on mortgage fraud.
+9000. This is a ridiculously good post! I knew PP was a bad actor, but not this bad. This step: <<They have, or have had literally 90% of LU lawyers retained>> How did you discover it?
Luxembourg seems like an even shadier place than Switzerland for money laundering -- the "legal" kind. There is a stock exchange in Luxembourg that is used for all kinds of back door listings to avoid regulation in other jurisdictions. It is is /similar/ to money managers using Caribbean Islands (Cayman, BVI, etc.) for their business registration.
Icelandic MP’s received a lot of no-strings-attached free money from the banks and the key players in the banking bubble and ensuing collapse are not the same as the people who are being convicted for fraud or insider trading.
This story would have really surprised me 10 years ago but now I accept that the Economic Royalty (or Deep Government, or whatever you want to call them) use a lack of transparency to do what profits them.
> ... secret documents leaked from FinCEN, the Financial Crimes Enforcement Network, a unit of the U.S. Treasury. The documents “show that five global banks — JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon — kept profiting from powerful and dangerous players even after U.S. authorities fined these financial institutions for earlier failures to stem flows of dirty money.”
Great doco. TFS. Core point @ 26:51, alleges $100B stolen by politicians and bankers from the general public's USD-denominated bank accounts. Head of central bank has USD$300M unexplained wealth in Switzerland. 90% of majority shareholders in Lebanese banks are relatives of politicians.
Half hearted at best. The flimsy article mentions three cases, one of which was a witch trial brought by Goldman Sachs.
Libor fraud? Pass. Money laundering for drug cartels? Pass.
Would you believe it just if someone robbed you, was caught and had a pay a fine of half the amount they took?
The government essentially allows criminal fraud by the powerful and then takes their cut of the profits, meanwhile the weak and poor continue to suffer, but luckily we got intellectuals who can explain away how its all too complicated.
> A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins. And the US government, despite its vast powers, fails to stop it.
> Every American should be horrified by this latest report from the ICIJ; every American should be outraged that the U.S. is now second only to the Cayman Islands for hiding dirty money for criminals.
When ever I think the US Legal System has to be the most insane system ever, I simply look up EU Laws and cases and then realize how much better the US system is even with all its screwed up flaws...
The idea that Accepting an donation from PIA could be even remotely considered money laundering or terrorism financing is beyond insane to me
The ECB president is a convicted criminal charged of financial crimes: https://www.complianceweek.com/imfs-christine-lagarde-convic...
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