STAFF NEWS & ANALYSIS
UK May Prosecute Top Banking Officials in Public Sham
By Daily Bell Staff - October 27, 2016

Imagine Jailing the Central Bankers Who Saved the world … The U.K. may be on the verge of an unprecedented experiment in public accountability. The courts may soon be invited to consider the following question: Should government officials face prosecution if the actions they took to support the financial system during the credit crisis stink in hindsight?  – Bloomberg

Finally central bankers are going to be investigated. But the investigation won’t involve the system itself or why central banks are given monopoly powers to print money.

According to this Bloomberg article, banks and central bankers have been facing a potential day in court because banking officials coordinated monetary giveaways in 2007-2008.

Say what? With all the immense corruption surrounding central banks, what’s under investigation apparently has to do with whether banks were pressured to behave in a certain way so as to avoid public panic?

More:

In late 2007 and early 2008, with markets in a meltdown and the health of British banks under relentless scrutiny, the Bank of England belatedly pumped money into the financial system.

With money markets seized up and liquidity hard to find, banks were invited to trade assets for central bank cash.

At issue is whether officials nudged, steered or ordered — take your pick — financial firms to act in unison, ensuring that no single bank looked more desperate for assistance than its peers. In other words, were these transactions rigged?

This is a truly incredible question. The world’s monetary system is rigged from top to bottom and thanks to central bank monetary manipulation is basically in an almost decade-long quasi-depression.

Worse, most of the world’s central banks are doing something that’s never been considered in the history of money: either charging negative interest rates or seriously considering it.

When central banks get through adjusting interest rates to even more thoroughly distort economies, they can move toward banning cash, worldwide, something that needs to be done in concert with negative interest rates.

A ban on cash has never been tried. But these central bankers and their handpicked government officials are an ambitious bunch. Uruguay, for instance, has already banned cash for gasoline purchases and several European countries are embarked on even more ambitious programs.

How about the fiddling relative to money metals? Central banks surely collude to reduce the price of gold and silver as regards various currencies. Also, many Western countries claim to have gold and silver that they evidently do not actually possess.

Interest rate malfeasance? Savers and investors have lost trillions because of determinedly low interest rates over years and decades. How about suing bankers for monopoly money manipulation?

Or how about suing to bust-up the obvious monopoly regime exercised out of Switzerland where the Bank for International Settlements meets regularly with top central banks representing most of the money in the world.

Put bankers from China, the US, Britain, Japan and the European Central Bank around a conference table and you’ve maybe 70 percent of the world’s money supply represented. Decisions taken at that table can change the direction of world history – and probably do on a regular basis.

Sir Paul Tucker, the former deputy governor of the Bank of England, was interviewed this year as part of an investigation by the Serious Fraud Office, the Financial Times reported this week …

Dan Davies, a senior research adviser at Frontline Analysts, [says]: “It’s a disproportionate amount of effort to put into a ‘crime’ that was not only victimless but socially useful.”

Middle classes in the US supposedly have about $1,000 on hand in savings and well over $100,000 in debt. And the same sort of situation is probably present in Europe, or worse.

Since the beginning of the Federal Reserve in 1913, the US dollar has been virtually destroyed: It’s reportedly only worth some two cents of its original value. Other major currencies are similarly debased.

The world is facing a series of catastrophes that is much greater than a  secret orchestration of banks to reduce the potential of a few bank runs.

The debt levels of countries, industries and individuals is so high that the  William White – a former top official for the BIS – said early this year that there was no way out of a global default. What was necessary, he said, was a debt jubilee similar to ones that have taken place in the past.

But British officials are worried about whether British banks and the Bank of England secretly colluded to avoid a public panic. This is the best they can come up with regarding central bank criminality?

It’s a kind of meme, in fact. Propaganda. With the world’s economy in shreds, British bank officials are supposedly worried that their central bankers did things that “stink” in order to stabilize – “save” – the system.

People are supposed to look at this investigation and conclude that there is no other criminality worth investigating and that in any event British officials are indeed serious about holding banks responsible for some sort of wrongdoing.

What will be broadcast, if there is a trial, is the concern of bankers and central bankers that public panic be damped at the source – for the good of the public.

In fact, one can visualize a scenario where any bankers brought up on these charges will look sympathetic to the public because their actions were supposedly taken to stabilize public perceptions and avoid a panic.

Economies around the world are melting down. They are one market-crash away from wholesale bankruptcy. The system has bestowed literally trillions of dollars of wealth on a handful of global central bank controllers while stripping almost everyone else of solvency.

The reality of central banking and its ongoing horrendous destruction will likely never be subject to real criticism until it’s too late. Ironically, when the world is decimated and millions, or even billions, starve due to a breakdown of the monetary economy, the same individuals now “investigating” the manipulation of public banking will suggest a global consolidation of the system.

Conclusion: The goal is surely to make central bankers look endlessly sympathetic and caring to the general public. When the catastrophe finally occurs, suggestions will be made to repose even more power in these same individuals and institutions.  This investigation seems a kind of public relations sham designed to elicit public sympathy for those it indicts, if it comes to that.

 

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  • Bruce C.

    I disagree that indicting bankers for their actions will not bring into question the system itself or why central bankers are given monopoly powers to print money.

    In fact, I think it will be very difficult to avoid.

    Think about it, the very basis of the bankers defense will be what they did and why. The fact that their judgement was wrong – or at least led to worse problems – may exonerate them personally (attributed to “human error”) but the inevitable remedy in that case is to take away any further opportunities for similar errors to occur again, which means take away the monopoly powers to set interest rates and print money.

    Arguments by “experts” of what “should” have been done are bound to be inconclusive, further establishing the fact that no one or group of people can or should have such powers.

    • Agreeing again, eh?

      • Bruce C.

        You don’t like my reasoning?

        Considering how long this site and others have hammered central banking, etc., why are you so confident that people are not getting it? Look at how people are waking up to the corruption of the political parties, the MSM and Washington politicians. The monetary system, globalism, the EU debacle, mass immigrations, etc. are all being questioned now.

        Cheer up!!

        • Mstrjack

          Good Point, Bruce C.

          People are getting it. The ‘working class’ doesn’t get it because they are working and they don’t have the time to do their homework.

          The rest of the people, who have turned off their TVs, their radios, and cancelled their newspaper propaganda, are enlightened people. They get it.

          The ‘ruling class’ (elite?), elite idiots, who haven’t figured out that their shenanigans are over are burnt toast! The acute common killers & thieves, wearing costumes & badges, have been outted by ‘The Internet Reformation’ a term ‘coined’ by none other than ‘The Daily Bell’ thank you very much.

          The (elites) wear fancy robes, tight fitting ties around their necks, stripes on their shoulders, crowns of plated gold, and live in mansions; but their lies, counterfeiting theft, their violent behavior, and horrendous murderous wars, at the expense of the rest of humanity are exposed for all of eternity.

  • jackw97224

    Oh, there is always a fall guy or two when the politicians fear for their lives. So, these banksters will be a few fish thrown under the bus to relive the pressure on the crooked politicians who orchestrated this along with their cadre of elitist criminals, mostly just commie/socialists. Hey, in California a few of the criminals who authorized illegal bonuses for military people were put in jail so as to relieve pressure on the real criminals, the politicians.

  • UK May Prosecute Top Banking Officials in Public Sham

    If the UK [whoever/whatever that is] choose not to prosecute a public sham, is a public shame and scam proven and justice disgraced, and that will also render coincidentally, law and order more of a sick joke than service to be lauded and supported.

    And of course, in a perverse elite executive administration, there will be no prosecutions, proving the system corrupt to its cores and its endless need for misdirection and obfuscation to survive relatively unscathed and still functional. But it is only for a short while in an age with spaces that deal in truths shared freely and spontaneously by means and memes which have no barriers of any kind hindering rapid progress to negotiate.

    The madness and sadness in the sorry state of affairs, is in the fact that the system would be so unintelligent as to hear of its woes and choose to do nothing of novel note to change their fate.

    And more and more have a similar see ….

    The MSM has proven itself to be a powerful weapon, but its control is slipping. The alternative media are rising and rising fast. We are becoming the main source of most people’s information, proving once again my point that the power rests in the masses, not the elites.

    For the first time ever, via the Media ignoring important news such as WikiLeaks or the Project Veritas videos, we are seeing the alternative media being forced to take the bull by the horns and cover what the MSM WILL NOT. This in turn has FORCED the MSM to cover this news, begrudgingly, or risk completely annihilating themselves (an outcome I now see as inevitable).

    Take heart and know that regardless of the outcome on November 8th, a record amount of people have awakened to the corruption and rot that plagues our Western system. This information is now out there and in the minds of a record amount of people, and cannot be easily forgotten. The truth shall win in the end – it always has, and always will.http://www.zerohedge.com/news/2016-10-27/establishment-has-rigged-system-its-time-shake-things

  • esqualido

    In the system they have created, where students and corporations are both regarded as “persons” but only the latter gets to discharge its debt in bankruptcy, you can rest assured that any inordinate placing of bankers, including central bankers, in the spotlight may be forgiven.

  • SRS

    Thank for this and your ongoing analysis and commentary.

    For the long term, you might want to change the opening of the 13th paragraph to, “Since the beginning of the Federal Reserve in 1913”.

  • rahrog

    Lock them up. Let them eat debt certificates.

  • One of the more stupid sites on the net. To Paraphrase what Mary McCarthy said about Lillian Hellman: Every word on here is either a lie, or a reflection of stupidity and ignorance:
    Since the beginning of the Federal Reserve in 2013, the US dollar has been virtually destroyed:

    Yep. Our dollar destroyed in Just THREE years. And no one but me noticed this??
    that well over 100K in debt??? Most of that, by far, is mortgages. Of course, one could always pay rent instead of a mortgage. And maybe that is what the stupid people on this site do.

    I seldom waste ,my time here, but the title was intriguing. I suspect that, like the three years of money debasement, that it is wrong. I did not find it anywhere else

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