Let's get something straight. The hyperinflationary, imperial Ponzi scheme whose genesis in the trans-Atlantic banking system dates back to August 15, 1971 was intended to lead to the inevitable repeal of Glass-Steagall. Those who claim Glass-Steagall's 1999 repeal neither would have stopped Lehman's collapse nor arrested the AIG swindle, etc, etc, etc. ignore how major players moving through the Wall Street - Washington revolving door these past forty years found it far easier (and lucrative) to support whatever policy would continue inflating this Ponzi scheme called a banking system, rather than act decisively to put an end to it.
Step by step, mis-priced risk relentlessly was accumulated over the decades since 1971, this even while Glass-Steagall technically remained "law," thus trapping the banking system in a Ponzi dynamic functioning to sustain each aged form of financial innovation (a.k.a. unsustainable swindle) with ever more elaborate permutations of the same. This simply had to be, lest the entire Ponzi scheme collapse.
Today's trapped lenders of last resort have been hooked these past few years for the same sake of sustaining this, a fraud-rife, debt-saturated Ponzi scheme otherwise ripe for destruction. Trouble is this task is becoming particularly problematic for a Team Fraud whose present effort reveals something more sinister afoot: an elaborate subversion of the American Revolution. Simply consider how every blessed principle laid forth in the U.S. Constitution's Preamble today appears badly compromised at the alter of a "free market" turned Bonnie and Clyde. No leap of faith is required here. Subversion of the very purpose for which the United States of America was formed more than amply is laid bare.
Again, Glass-Steagall's repeal in principle dates back to 1971 when the Bretton Woods system of fixed exchange rates was trashed, rather than 1999 with passage of the Gramm-Leach-Bliley Act. A globalization scam decimating the wealth of nations (most emphatically the United States', formerly the world's largest creditor turned the world's largest debtor nation) began in earnest at that earlier date. Over the interim since 1971 a system of virtual concentration camps has been erected, this effectively enforced through creation of a mountain of unpayable debt whose presence now threatens to pit one camp against another: an end even the likes of Harvard professor Martin Feldstein foresaw prior to initiation of a euro project whose not-so-secret present purpose evidently aims to further consolidate control over a marginalized labor force reduced to cattle status in a modern-day form of imperialism whose policies and practices appear cloned from Nazism, while at the same time possessing no loyalty to any culture existing within a centuries-old system of sovereign nation states.
Those insisting today's imperial monstrosity is legitimate and unjustly threatened by calls for a return to Glass-Steagall but begs this one serious response: a modern-day Pecora Commission. This way, if nothing else, we can each decide for ourselves whose truth is most harmonious with the Laws of Nature wherein all men are endowed by their Creator with certain unalienable Rights, among which are Life, Liberty and the pursuit of Happiness.
Most commentators expounding views on contemporary "capitalism" — a misnomer if ever there was one, as what we are dealing with today rather is an imperial debt trap — tow a well worn disdain for government. In these parts, however, is respect for principles underlying a constitutional republic whose delegated powers have in decisive moments past given rise to expressions of an American System of Political Economy whose effect has cultivated a magnificent bounty lending a good name to "capitalism." This would not have been possible without right honorable defense of the American Revolution's sweetest fruit: the U.S. Constitution — the one and only enterprise in the United States rightly regarded "too big to fail."
Now, let's not suppose today's excitement on CNBC (slash consternation slash weeping and gnashing of teeth) surrounding former Citigroup chief Sandy Weill's call for Glass-Steagall during his appearance on "Squawk Box" this morning (see below) at all sidetracks urgent necessity to get Geithner O-U-T of Treasury, this on account of hyperinflationary breakdown currently slated to explode in a Wiemar Germany-like episode of unimaginable deprivation and chaos, the likes of which those backing the Treasury Secretary venture for the sake of destroying national sovereignty the world over, that a fascist bankers' dictatorship might then prevail in some fashion even more enslaving than is its current manifestation built up since the treasonous miscreants George Schultz and Paul Volcker guided Nixon to commit national suicide back in August 1971. So, being ever suspicious of Team Fraud's tactics, I am looking forward to watching today's House Financial Services Committee hearing entitled, "The Annual Report of the Financial Stability Oversight Council" before which appeared the U.S. Treasury Secretary. There wasn't much coverage given this on CNBC. According to Eamon Javers Geithner's role in the LIBOR scandal while New York Fed President became a focus when he was asked why no mention of fraud he knew of was made when he appeared before Congress a couple years back during proceedings deliberating the Dodd-Frank whitewash. Representative Scott Garrett (R-NJ) was particularly critical of Geithner on this account. This exchange Business Insider likewise found noteworthy. Let's reserve judgment until after watching the entire hearing.
Of particular interest is whether today's Weill revelation is related to the very fact the LIBOR scandal has seen the light of day at all, as well as the Financial Times' July 3rd bombshell likewise calling for Glass-Steagall. To whit was the issue forced upon CNBC in a surprise attack aiming to result in John Wilkes Booth's firing from the network, this on the very day a fraud facilitating Treasury Secretary was to appear before Congress? I strongly suspect this could be the case. Plainly, Glass-Steagall is not going away.
Not that Team Fraud's rumor mill is seized the least bit by this, as today's mother of all oh please, oh please, oh please God, please give the ESM a bank license — this so garbage already leveraged to the teeth can stink to the high heavens — gave legs to hyperinflationary hope that, the current game of make believe can proceed with yet another wink and a smile and God knows how many millions swindled taking to the streets in dissent over being sacrificed to a hopelessly insolvent albatross. We already have been over this non-starter: Europe still will remain very dead even if this bailout junkie pipe dream (i.e. an ESM made a "bad bank") somehow comes to be.
Let's wrap this up with Sandy Weill's "Squawk Box" remarks today, and look forward to a weak U.S. Senate doing its part to grease a rusting rumor mill when Geithner appears before the Senate Banking Committee tomorrow.
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