Gerald Celente calls out Jamie "two-bit" Dimon and his Financial Crime Syndicate
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Published on May 14, 2012
Welcome to Capital Account. What we are seeing across the Western world is exactly what happens when faith in the systems of governance and commerce are shaken to such a degree that the emerging cracks in the foundation appear too large and the holes too gaping to fix by traditional means. Nowhere is this more obvious than in Greece, where a system-wide reset seems the only realistic outcome at this point. The inability of politicians to form a viable government is only the latest act in this national drama. Deposit and capital flight, a collapse in domestic investment, and a paralyzing debt burden have weighed on a Greek economy in the throes of a dark social depression unlike anything the country has seen in recent generations. And with similarly-indebted neighbors facing bailouts and austerity, it's not hard to imagine a similar trajectory for other economies.
So as the cracks within western societies and their economies grow larger and deeper, the divide between the real economy and the one inhabited by the financiers grows equally with it. Last week, we learned that JP Morgan, the largest Wall Street bank to have emerged from the crisis of 2008 not only unscathed, but enriched and bigger than ever before, announced a hole of its own on its balance sheet of more than $2 billion dollars. But not to worry, because cracks on Wall Street can always be fixed with the glue of more easy money, deregulation and monopoly privilege. Holes can be filled with the endless support of central banks, who stand ready to enrich our feudal banking oligopoly at the expense of the systems of government and commerce that built the same wealth that is now being extracted with an ease and efficiency reminiscent of an industrial assembly line.
Jamie Dimon, the CEO of America's largest bank by assets, made an appearance on NBC's Meet the Press this Sunday. Downplaying the impact of the two billion dollar loss that JP Morgan recorded from its risky bets, the loss that turned out NOT to be the tempest in the teapot he had previously blow it off as, Dimon said the bank will still earn a lot of money this quarter. Banks are supposed to earn money by helping the economy grow. They make money from that growth. Making money while the rest of the economy suffers isn't earning money, it's extracting it, it's stealing it, and that's a theme we see on both sides of the Atlantic. We see it from bank bailouts in the eurozone disguised as bailouts for societies to the casino capitalism of Wall Street banks disguised as legitimate business. We speak to Gerald Celente, Founder of Trends Research Institute & Publisher of the Trends Journal about it all.
Plus, the US Department of Justice can't tell you how many criminals have been prosecuted in the financial crisis because they don't keep track and a Facebook co-founder ditches his US citizenship for residency in Singapore. Demetri, Lauren and Shannon give you their two cents on today's "Loose Change."
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