Archive | November 17th, 2013

What “monolithic and ruthless conspiracy” was JFK referring to?

NOVANEWS

 

During a speech before the American Newspaper Publishers Association at the Waldorf-Astoria Hotel in New York City in 1961, President John F. Kennedy described a “monolithic and ruthless conspiracy” opposing the United States. President Kennedy had some extremely profound things to say during this speech, entitled “The President and the Press,” including the proper role of the news media and the precise purpose of the First Amendment, which I briefly discussed this past Friday in a blog post.

But what “monolithic and ruthless conspiracy” was President Kennedy referring to? Let’s take a quick look at the relevant portion of the speech and find out:

For we are opposed around the world by a monolithic and ruthless conspiracy that relies primarily on covert means for expanding its sphere of influence – on infiltration instead of invasionon subversion instead of electionson intimidation instead of free choiceon guerrillas by night instead of armies by day. It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations.

Its preparations are concealed, not published. Its mistakes are buried, not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed. It conducts the Cold War, in short, with a war-time discipline no democracy would ever hope or wish to match. […]

There’s no doubt President Kennedy was referring to the international Talmudic conspiracy known as Marxism or Communism, whose ultimate aim was and remains the overthrow of Western civilization, destruction of Christianity, and ultimately the elimination of the White race from the face of the earth.

Former British Prime Minister Winston Churchill, writing in the February 8, 1920 edition of the Illustrated Sunday Herald, described this conspiracy as being organized and led by “International Jews” who had produced “another system of morals and philosophy, as malevolent as Christianity was benevolent, which, if not arrested would shatter irretrievably all that Christianity has rendered possible.” Churchill, who President Kennedy held in high regard and deeply admired, went on to describe the leaders of this “monolithic and ruthless conspiracy” thusly:

Most, if not all, of them have forsaken the faith of their forefathers, anddivorced from their minds all spiritual hopes of the next world. This movement among the Jews is not new. From the days of Spartacus-Weishaupt to those of Karl Marx, and down to Trotsky (Russia), Bela Kun (Hungary), Rosa Luxembourg (Germany), and Emma Goldman (United States), this world-wide conspiracy for the overthrow of civilisation and for the reconstitution of society on the basis of arrested development, of envious malevolence, and impossible equality, has been steadily growing. It played, as a modern writer, Mrs. Webster, has so ably shown, a definitely recognisable part in the tragedy of the French Revolution. It has been the mainspring of every subversive movement during the Nineteenth Century; and now at last this band of extraordinary personalities from the underworld of the great cities of Europe and America have gripped the Russian people by the hair of their heads and have become practically the undisputed masters of that enormous empire.

Ironically enough, Churchill would later aid what he described in 1920 as a “wide-wide conspiracy for the overthrow of civilisation” when he led the British war effort against Adolf Hitler and National Socialist Germany, the one man and nation who were exposing and resisting all aspects of the “monolithic and ruthless conspiracy” President Kennedy referred to 16 years after the end of WWII.

What President Kennedy did not understand (and if he did, he did not say so publicly), was that international Communism and the “monolithic and ruthless conspiracy” that he described so well in his speech was actually created and funded by international Jewish bankers – the epitome of the “capitalism pig” – sitting in London and New York, working in conjunction with radical Jewish intellectuals and propagandists. International finance capitalism and international Communism are indeed two sides of the same Talmudic coin. Both ideologies have no concern for the nation, and in fact are designed to destroy the nations they are practiced in, creating a super elite led by Jewish bureaucrats, politicians, financiers, and propagandists and their “useful idiots” and dupes, and a slave class totally devoid of any authentic identity, spirit, or soul who are only concerned with satisfying their base human desires (food, sex, “entertainment”, etc.). That is what we saw in the Communist Soviet Union, and that is what we see here in capitalist America, by and large.

Posted in USA1 Comment

Climate Change: The Philippines Haiyan Typhoon is not the Result of Global Warming

NOVANEWS
Global Research

Haiyan (Yolanda), the strongest tropical typhoon ever recorded has occurred in the Philippines with devastating consequences for an entire nation, resulting in more than 10,000 deaths. An estimated 615,000 people have been displaced. Up to 4.3 million people have been affected, according to government sources.

The tragedy in the Philippines has become a talking point at the Warsaw international venue on Climate Change under UN auspices. The plight of typhoon Haiyan has casually been assigned without evidence to the impacts of global warming.

 

While there is no scientific evidence that Super typhoon Haiyan (Yolanda) was the consequence of global warming, the opening statements at the Warsaw Summit have hinted in no uncertain terms to a verified causal relationship. U.N. Framework Convention on Climate Change Executive director Christiana Figueres, stated (without evidence) that the typhoon was part of the “sobering reality” of global warming. (quoted in Did Climate Change Cause Supertyphoon Haiyan? | TIME.com, November 11, 2013).

In turn, Philippines Representative to the UN Climate Change Venue Mr. Yeb Sano in his address to the opening session stated:

“Typhoons such as Yolanda (Haiyan) and its impacts represent a sobering reminder to the international community that we cannot afford to procrastinate on climate action. Warsaw must deliver on enhancing ambition and should muster the political will to address climate change.” (UN News Center, November 11, 2013)

In a bitter irony, the tragedy in the Philippines has contributed to reinforcing a consensus which indirectly feeds the pockets of corporations lobbying for a new deal on carbon trade. Cap and Trade is a multibillion dollar bonanza which is supported by the global warming consensus. According to UNFCC head Figueres:

“We must clarify finance that enables the entire world to move towards low-carbon development,… We must launch the construction of a mechanism that helps vulnerable populations to respond to the unanticipated effects of climate change.”

Known and documented, cap-and-trade markets are manipulated. What is at stake is the trade in carbon derivatives which is controlled by powerful financial institutions including JP Morgan Chase. (See Copenhagen’s Hidden Agenda: The Multibillion Trade in Carbon Derivatives, Global Research, December 8, 2009). In 2008, Simon Linnett, Executive Vice-Chairman of Rothschild’s acknowledged the nature of this multibillion dollar business:

As a banker, I also welcome the fact that the ‘cap-and-trade’ system is becoming the dominant methodology for CO2 control. Unlike taxation, or plain regulation, cap-and-trade offers the greatest scope for private sector involvement and innovation.” (Telegraph, January 31, 2008)

Cap and trade packaged into derivative products feeds on the global warming consensus. Without it, this multibillion dollar trade would fall flat.

The humanitarian crisis in the Philippines bears no relationship to global warming. The social impacts of typhoon Haiyan are aggravated due to the lack of infrastructure and social services, not to mention the absence of a coherent housing policy. Those most affected by the typhoon are living in poverty in make-shift homes.

A reduction of CO2 emissions as suggested Mr. Yeb Sano in his address to the opening session of the Warsaw Climate summit will not resolve the plight of an impoverished population.

In the Philippines, the social impacts of natural disasters are invariably exacerbated by a macro-economic policy framework imposed by Manila’s external creditors.

What is at stake is the deadly thrust of neoliberal economic reforms. For more than 25 years, since the demise of the Marcos dictatorship, the IMF’s “economic medicine” under the helm of the Washington Consensus has prevailed, largely serving the interests of financial institutions and corporations in mining and agribusiness.

The government of Benigno Aquino has embarked upon a renewed wave of austerity measures which involves sweeping privatization and the curtailment of social programs. In turn, a large chunk of the State budget has been redirected to the Military which is collaborating with the Pentagon under Obama’s “Asia Pivot”. This program –which serves the interests of Washington at the expense of the Philippines population– also includes a 1.7 billion dollars purchase of advanced weapons systems.

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GOLIATH: LIFE AND LOATHING IN GREATER ISRAEL – A BOOK REVIEW BY GILAD ATZMON

NOVANEWS
By: GILAD ATZMON

Max Blumenthal’s Goliath: Life and Loathing in Greater Israel is a good read: A personal journey  of a young  American righteous Jew who finds  plenty of faults in other Jews in general and in The Jewish State in particular.

Blumenthal is a very good writer, his flow is fantastic. His delivery is overwhelmingly juicy on the verge of gossipy. He doesn’t pretend to be objective, precise or accurate. In the Kindle version I couldn’t find a single reference for any of the many quotes in the book. But who cares – precision and accuracy are not well appreciated within the contemporary progressive milieu. But this lack is far from posing a problem. It actually contributes to chronicle the journalistic account of contemporary Israel.

Blumenthal’s book is a powerful expose of Israeli exceptionalism, deep and sinister Goy hatred, Judeo-centric bigotry, supremacy and a vast collective lack of ethical awareness.  But Blumenthal fails to ask the most important question: why is the Jewish State so bad? Goliath: Life and Loathing in Greater Israel suffers from an acute deficiency of theoretical and ideological depth or understanding. Through the entire book Blumenthal fails to present a single valid argument that explains why the  Jewish State is such a horrid place. And if Zionism and the Jewish State are as bad as Blumenthal suggests, how is it possible that Zionism has become the political voice for the vast majority of world Jewry?

Blumenthal is entrenched within a restricted cliched progressive terminological trap.  His universe is split by a set of binary oppositions:  Zionist is bad / the ‘anti’ is good, ‘Right’ is vile /  ‘Left’ is kosher. Colonialism is there to tag everything in a horrid light. When he runs out of superlatives, he pulls ‘Fascism’ out of the box.

But the truth of the matter is that this binary tagging procedure fails to explain a single thing. Zionism is not a colonial movement. Colonialism is defined as a clear material exchange between a ‘mother state’ and a ‘settler state.’ In the case of Israel and Zionism, we can clearly point at the ‘settlers’ but it is far from obvious who the ‘mother’ is. Right-wing ideology may be horrid, but in the history of Israel and Zionism it is actually the Leftist Zionists and Israelis who committed the most vile atrocities against the indigenous Palestinians. Fascism also doesn’t explain Israeli behaviour. If anything it is the resemblance with Nazism that may explain the biological determinist philosophy that drives israeli Judeo-centric politics and culture.

So what is it that motivates Blumenthal to write such an extended work that actually teaches us very little about the core problems? I believe that Blumenthal’s agenda is very simple: he is desperate to defame Israel and Zionism, which is totally reasonable, yet he also tries to vindicate the Jews as a collective, pointing at a few sporadic good Jews. This manipulative and dated strategy had been successful for a while, but it hardly helped the Palestinians. If anything, it  diverted attention from the vast tribal operation that drives Israel, Zionism, as well as the Jewish dissidence.

In recent years it has become rather clear that the Jewish organisations that rally for Palestinians and their rights are, sadly enough, as exclusive and racially driven as the Jewish State which they allegedly oppose. I assume that no one expects a Palestinian to become the chairman of the pro-Palestinian Jewish Voice For Peace for the same reason that we are not going to see an Israeli Palestinian becoming Israel’s Prime Minister any time soon. The ‘progressive’ Jews-only organisations are, like Blumenthal, primarily dedicated to the fight against ‘anti-semitism’ and in practice are very quick to label legitimate criticism of Jewish politics and power as ‘anti-Jewish racism.’  In short, as Jeff Blankfort suggested recently, “Jewish anti Zionism  has shown itself, for the most part, not to be a solution, but a continuation of the problem.”

Goliath: Life and Loathing in Greater Israel came under a lot of criticism. Zionist book burners of all sorts discredited the book and its author. Nevertheless, Blumenthal may have learned the necessary lesson. Being himself a devoted book burner, he must know by now  that It is actually the detractors who often transform a controversial text into a commercial success.

I really want Blumenthal’s book to succeed and be read widely.  Being a theoretician, I do not have the time for any kind of field work. I establish a conceptual and intellectual framework with the hope that some would find the energy, the time and the the funds to gather the necessary evidence to support my theses.  Whether Blumenthal understands it or not, this is exactly what he did in his latest book. He brilliantly though unwittingly managed to produce a pretty impressive journalistic account in support of my criticism of Jewish identity politics and tribal supremacy.

The Wandering Who? A Study Of Jewish Identity Politics – available on Amazon.com  Amazon.co.uk

 

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1. Everything But Real News (A video I really want you to watch…)

NOVANEW
By: Gilad Atzmon 

In this video I expose the obvious contradictions intrinsic to Jewish progressive thoughts as explored by Paul Jay and Max Blumenthal. We are dealing here with nothing short of AZZ controlled opposition.

http://youtu.be/5yGWiqXE0_g

This is my first attempt to produce such a video..I am obviously technically limited on that front. But I promise to improve quickly.

 

 

 

  The Wandering Who? A Study Of Jewish Identity Politics – available on Amazon.com  Amazon.co.uk

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Russian Revolution still a shining example

NOVANEWS

On the 96th anniversary of the world-shaking event

http://redyouthuk.wordpress.com/2013/11/13/video-great-october-socialist-revolution/

Nov. 7 marks the 96th anniversary of the 1917 Russian Revolution. While the revolution itself could be considered a more drawn-out process, Nov. 7 stands as its most outstanding date. When the majority of workers, peasants and soldiers took over state and governmental power, for the first time in the history of class society a country was not controlled and governed by a tiny group of monarchists, capitalists or other exploiting class.

Just six months before, all actors in the political drama had considered it impossible for such a revolution to occur so soon.

Prior to the revolution, the Russian Empire—roughly the same territory later covered by the Soviet Union—was ruled by the czar, or emperor. The czar had absolute power. He ruled both through the Russian Orthodox Church, which created a religious veneer for the regime, and by virtue of his hereditary position as the richest and most central of a group of feudal princes who divided the land amongst themselves.

Small in number, they had tied the vast majority of the country, some four-fifths of the population, to the land like feudal serfs. Although serfdom was formally abolished in 1861, serf-like conditions continued well into the 20th century. Along with the feudal remnants of the 17th century, a section of the nobility wished not only to emulate Europe but also to establish the place of the ruling classes of Russia alongside those of Britain, France and Germany—that is, the most powerful capitalist countries of Europe. That meant Russia also had to develop capitalist industry.

The czar, however, was aware that popular forces led by the capitalist class had overthrown the absolute monarchs in Western Europe. He therefore sought to control the process and preserve the aristocratic class. Capitalism in Russia thus developed in its own peculiar and somewhat “deformed” way. As a proportion of the economy, industry remained relatively small. However, in technique it matched the advanced nations of Western Europe, and indeed foreign, mostly British and French, investors owned most of Russian industry.

The workers were drawn from the peasantry, closely connecting the two laboring classes. Many of Russia’s new capitalists were also landowners and part of the nobility. Illiteracy, poverty, hunger, disease and poor housing ravaged the lives of both the workers and the peasants, in sharp distinction to the great wealth and high living of the czar and aristocracy.

Elements of the new capitalist class in Russia, however, chafed under the czar, as did many of the intelligentsia. Both sectors resented and felt oppressed by the czar’s absolute power. These pressures accompanied the demands of the workers and peasants for more economic and political rights.

War lays basis for revolution

When Russia followed France and England into the First World War, social tensions inside the empire became exacerbated. By 1917, war had wreaked a terrible toll. The brunt of the hundreds of thousands of deaths was borne by the peasants, who were forcibly conscripted. Hunger, disease and poor living conditions ravaged the rank-and-file soldiers just as the rest of the exploited classes.

It was under these pressures that the czar’s regime finally fell. On International Women’s Day, Feb. 23, 1917, on the Gregorian calendar, women textile workers launched a strike in Petrograd, the capital of Russia. Over five days, the textile workers’ strike grew into a general strike, and the army split, with rank-and-file soldiers coming over to the side of the workers.

It took five days for the czar’s government in Petrograd to fall, and some months for the monarchy to be swept away in various parts of the country. Parties representing the capitalists, petty capitalist elements and, purportedly, the peasantry, formed a provisional government.

The reformist socialists—the Mensheviks—and the peasant-based Social Revolutionary Party supported the provisional government. The Mensheviks justified their support for the new bourgeois government by arguing that the revolution would have to pass through a separate “bourgeois” stage where a capitalist republic would be established, with formal democratic rights, as a prerequisite for a socialist revolution. Until their central leader, Vladimir I. Lenin, returned from forced exile in April 1917, the Bolshevik Party, too, gave support to the new regime.

The provisional government, however, was very fragile. The weak Russian capitalist class, totally dependent on Anglo-French imperialism, could not end Russia’s involvement in the war. Prostrate before the Western imperialists, and with little to no independent social base, forces of the provisional government began to move closer to monarchist elements scheming to return to power.

Meanwhile, the workers and peasants had created their own structures of power—soviets. The soviets, or councils, were mass democratic organs based in the factories, districts and military units, as well in some parts of the countryside.

Thus, a type of “dual power” arose. On the one hand, the precarious provisional government was besieged on all sides, unable to end the war or meet the workers’ and peasants’ other social and economic demands. And on the other, the soviets of soldiers, workers and peasants potentially represented the interests of the toiling, exploited masses, who continued to clamor for relief from the jaws of war and poverty.

In April 1917, Bolshevik leader Lenin arrived in Petrograd and grasped the situation immediately. He understood that the nascent Russian capitalist class could not end the war and would not touch the great landed estates or capitalist industry, leaving all the demands of the masses unmet. He argued that instead the soviets of soldiers’, workers’, and peasants’ deputies should take power in their own name.

Rather than depend on the provisional government to provide “Land, Peace, and Bread,” they should gather all the power in the organs of the working masses, demanding and achieving “All Power to the Soviets.” When Lenin first produced his famous April Theses, only a small minority of the party’s Central Committee supported his position. But the force of his arguments and the unfolding of events soon won over the Bolshevik leaders and rapidly growing rank-and-file membership.

On Nov. 7 (Oct. 25 according to the old Russian calendar) the workers, peasants and soldiers rose again, and it was these two slogans that drew them over to the Bolsheviks, giving the revolutionary communists leadership of the soviets. Under that leadership, the workers in alliance with the peasantry deposed the provisional government and assumed total control through the soviets.

This “October Revolution” reverberated all around the world. In China, where Marxism had no history, small circles of revolutionaries began to discuss the ideas of communism. Among them was Mao Tse-tung who urged the Chinese people to “Arise and Imitate” the great popular unity of the October rising. Two years later, in May 1920, Mao and the few other communists formed the Chinese Communist Party, which went on to lead the great Chinese Revolution of 1949.

Over time, when at the peak of its power, U.S. imperialism, along with its imperialist allies, succeeded in dividing the world communist movement and containing the Russian Revolution, leading to the overthrow of the Soviet Union and to other major working-class defeats.

Millions have looked to the Russian Revolution for inspiration, however, because it continues to stand as a shining example of how the majority of society, its exploited and oppressed masses, can under the leadership of a revolutionary party take power in their own hands, mold it in their favor and take a giant leap toward wiping away all vestiges of exploitation.

With capitalism entering an era of deepening crisis, and U.S. imperialism in apparently irreversible decline, the beacon of the October Revolution shines brighter than ever.

 

LiberationNews.org.

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Texas prosecutor jailed for wrongfully convicting innocent man

NOVANEWS

Michael Morton spent 25 years behind bars

Michael Morton sits by his mother at a press conference in 2011 after he was released from prison.

Ken Anderson, a former prosecutor who had become a judge pled guilty Nov. 8 to intentionally failing to disclose evidence. Anderson’s actions in concealing evidence led to the 25-year incarceration of an innocent in man, Michael Morton.

As a result of his crimes, Anderson will lose his license to practice law, perform 500 hours of community service and spend 10 days in jail. Anderson has already resigned from the Texas bench. This is the first time ever that a prosecutor has been found guilty of these crimes; however, his punishment is a mere slap on the wrist.

While Morton toiled in a prison cell for two and a half decades, Anderson’s career soared as he eventually became a judge.

It is important to note that this case is just the tip of the iceberg. Disclosure breaches known as Brady violations are one of the main causes of wrongful convictions according to ruling class law.  Promotions, commendations and other perks are commonplace for those who perpetuate this system of oppression.

A recent study in Arizona showed that there is prosecutorial misconduct in nearly one-quarter of cases. “There seldom are consequences for prosecutors, regardless of whether the miscarriage of justice occurred because of ineptness or misconduct. In fact, they are often congratulated,” concluded an article in the Arizona Republic.

It’s no wonder that over 7 million people in the United States are in prison or on parole or probation. The United States has more prisoners than teachers. As the rich are bent on criminalizing the poor and oppressed in the U.S., it is necessary to show that it is this very profit system that is criminal to its very core.

Not only do prisons incarcerate millions, the cops and the courts also play a role in promulgating racism and racist terror in oppressed communities.

A growing movement is emerging to fight back against the horror of mass incarceration. The 10 days that Anderson will sit in a jail cell are a tiny concession by the rich to show that just maybe their system of racism and prisons can be fair and perhaps reformed. But as working and oppressed people celebrate this concession as a sign of the strength of the growing movement, the idea that the whole system must be wiped away has become all the more apparent in the minds of millions.

Content may be reprinted with credit to LiberationNews.org.

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JP Morgan Chase and SAC: Too big to jail?

NOVANEWS

What the recent legal settlements tell us

Recently the Justice Department announced legal settlements in cases involving widespread illegal activity by cornerstone banking institution JP Morgan Chase and hedge fund SAC Capital. The billion dollar settlements have produced bold headlines in media outlets around the country, outrage from Wall Street sycophants and self-congratulatory nostrums from the Obama administration and its supporters for “getting tough” on big bankers.

Underneath the hype, however, it is clear that these prosecutions represent an attempt by the Obama administration to do the bare minimum in policing Wall St., allowing the bulk of crimes associated with the economic crisis to go unpunished while doing little or nothing to contain future risky behavior at the systemic level. This task is complicated by the fact that even minimal investigations have opened the door on a worldwide financial sector—centered in New York and London—totally awash in criminal behavior.

JP Morgan settlement

Currently the Justice Department and JP Morgan Chase are negotiating the specifics of a $13 billion settlement to resolve a number of different investigations into its sales of mortgage-backed securities. The investigations focused on whether or not they sold extremely risky assets in a fraudulent way, in other words lying about what they sold to make huge profits.

This was a deal that was essentially forced on the Obama administration by a handful of state Attorneys General who sought deeper investigations into Wall St. malfeasance during the crisis as a quid-pro-quo for signing off on a deal more or less absolving banks of responsibility for the massively fraudulent “robo-signing” scandal.

The headline of $13 billion is however misleading in a number of ways. First and foremost it is far below Chase’s potential liability in the case. Financial reform organization Better Markets has estimated that JP Morgan Chase has liability on this issue in the range of between $100-200 billion. So the administration would allow Chase to settle this issue for roughly 10 cents on the dollar!

Second, it is not even really a deal for $13 billion, but $9 billion in cash and $4 billion towards “mortgage relief.” Previous experience shows that banks tasked with using large amounts of money on “mortgage relief” were able to mostly weasel out of their alleged obligations. Mostly banks seek to “meet their obligation” by allowing short sales, where homeowners can sell their homes for less than their value without having to make up the difference. Small relief perhaps, but it is a violation of the spirit of these agreements which is to keep more people in their homes.

Finally the JP Morgan deal may not happen at all, as the government and the bank are at loggerheads over several issues, one being whether or not the bank can deduct money from a previous settlement, and another being whether or not they have to assume full liability for actions of Washington Mutual and Bear Stearns which committed Madoff-like fraud and then were sold to JP Morgan Chase at bargain basement prices with a liberal helping of free money from the government. Finally there is also the issue as to whether or the $9 billion fine will be considered tax-deductible!

While JP Morgan Chase has not been given assurances that executives will avoid jail time in criminal cases, it is considered highly unlikely to ever happen. So, for now at least, it seems JP Morgan Chase has bought itself out of a prison cell and avoided paying anything close to what they are truly liable for.

The insider

In the other big news in Wall St. prosecutions, major hedge fund SAC Capital, headed by Steve Cohen, agreed to pay $1.2 billion to settle a major case of insider trading. SAC is well known for its outsize fees, which clients willingly pay due to the company’s outsized returns. Unsurprisingly such large-scale success was based on illegal stock information gained by its traders. Cohen for his part employed a decentralized structure designed to insulate himself and the company from accusations of insider trading, making it solely the fault of individual traders.

However it quickly became clear that insider trading was a key part of SAC’s corporate culture, where its entire business model of sky-high returns could only be sustained by gaming the system. The settlement will most likely reduce SAC to a firm that manages just Cohen’s billions, allowing it to continue to play an outsize role in the market. While it is possible Cohen himself could face more substantial charges, it seems likely that at most he will be allowed to walk away free after admitting to presiding over a massive criminal operation.

Calm before the storm?

The backdrop to both these cases has been the existence of a wide range of lawsuits and criminal probes that are revealing truly massive levels of criminal wrongdoing in the financial sector. There are now significant rumblings that the world’s largest financial market, the financial exchange market, on which around $5 trillion a day changes hands, could in fact be rigged. There also investigations into price manipulation in oil and precious metal markets and interest rate swaps.

As one commentator puts it: “For those keeping score: That means the world’s key price benchmarks for interest rates, energy and currencies may now all be compromised.”

On top of this a number of lawsuits are taking place in both the UK and United States related to Libor manipulation could cancel billions of dollars in contracts based on assets whose value was determined  by the rigged Libor benchmark. Not surprisingly JP Morgan Chase has also announced that it is a focus of eight probes, including bribing government officials in China.

Herein lies the difficulty for capitalist officials, particularly in the U.S. Popular anger at the wanton destruction caused by the big banks requires some sort of response, and for the Obama administration this has consisted of primarily tinkering around the edges trying to rack up victories that amount to little but seem as if they are the result of due diligence. The issue is that every probe, no matter how half-hearted, reveals that the criminality on Wall St. and in the financial sector is much deeper and pervasive than many had thought.

This has in effect made the big banks “too-big-to-jail.” To prosecute these firms to the fullest extent, even under capitalist laws, would not only result in the jailing of large sections of the financial elite, but perhaps more importantly, would expose the multi-trillion dollars financial service industry at the heart of the world capitalist economy for what it is: a giant house of cards held together by lying and cheating.

Capitalists depend on the illusion that their system is the best, a meritocracy that is only occasionally flawed. To reveal this level of massive criminality, not only from the standpoint of human decency, but even in consideration of capitalist law, would be irreparably damaging to the system. This is why bankers walk free for massive crimes while the poor and oppressed are swept into prison by the millions for minor offences.

Content may be reprinted with credit to LiberationNews.org.

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