Share this postIs Another Financial Crisis Coming? Interview With Wealthionwww.racket.newsCopy linkTwitterFacebookEmailIs Another Financial Crisis Coming? Interview With WealthionDo we hear echoes of 2008? Discussion with Adam Taggart, who asks: "Did the villains win?"Matt TaibbiJul 14, 2021166168Share this postIs Another Financial Crisis Coming? Interview With Wealthionwww.racket.newsCopy linkTwitterFacebookEmail168Share this postIs Another Financial Crisis Coming? Interview With Wealthionwww.racket.newsCopy linkTwitterFacebookEmail
Regardless of one’s politics, a re-enactment of Glass-Steagall to separate the investment banking institutions from the commercial banking institutions (lending to businesses, infrastructure, the real economy, rather than speculating with Monopoly money) is an existential necessity. Since 2007-2008, the majority of the major Wall Street and City of London banks have only been kept afloat thanks to hyperinflationary policies whose effects we are now only beginning to see. These banks are sitting on a quadrillion dollar derivatives financial bubble. The Wall Street and London banks are effectively zombie banks only being kept alive by the repo-market loans and artificial interest rates. They would have all been vaporized a long time ago with these insane bailouts, which are simply bailouts of worthless financial paper. Farmers, industry, the average home owner, no one got a bailout, but these guys have received tens of trillions of dollars. It’s the biggest fraud in history.
There must be an immediate bankruptcy re-organization of the financial system. There is no way to plug the financial black hole created by these private merchant banking interests. Nothing short of REAL fascism will have to be imposed to keep this system going for much longer. And that’s exactly what we’re seeing now with the surveillance beef up and militarization of the capitol. Those who can’t see the writing on the wall are morally unfit to survive at this point.
Glass-Steagall needs to be brought back immediately.
It's not justhat there's no mechanism to force regulation; there is no WILL to regulate. Because everybody in the game is just giddy at getting away with it. And once they do, they do more, and more, and more. Until their house burns down in a forest fire, or the sea inundates their basement, or their child dies from asthma, or their son kills himself. Yeah, then maybe they find their integrity again.