MUST-WATCH VIDEO: The Race Out Of The Door: Part One - William Engdahl (16/7/13) PDF Print E-mail
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Tuesday, 16 July 2013 12:38

 

 

 



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Mispricing Risk - Bonds Have Been Taken Out To The Woodshed, Again - By Doug Noland (16/7/13) PDF Print E-mail
Doug Noland   
Tuesday, 16 July 2013 08:30

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Gold Sends Signals For Financial System Breakdown On Numerous Fault Lines - By Jim Willie CB (15/7/13) PDF Print E-mail
Jim Willie CB   
Monday, 15 July 2013 09:27

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Trillions Of Paper And A $1,000 Wager - By Bruce Krasting (15/7/13) PDF Print E-mail
Bruce Krasting   
Monday, 15 July 2013 09:26

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Bill Black: The Banks Have Blood On Their Hands - And Our Regulators Are Too Fearful To Act - By Adam Taggart (15/7/13) PDF Print E-mail
Adam Taggart   
Monday, 15 July 2013 09:21

PeakProsperity.com

We invited Bill Black to return to explain whether the level of systemic risk due to fraud in our financial markets has improved or worsened since the dire situation he painted for us in early 2012. Sadly, it looks like abuse by the big players has only flourished since then.

In the U.S., our regulators have publicly embraced a "too big to prosecute" doctrine. We are restraining, underfunding, and dismantling regulatory oversight in the interest of short-term stability for the status quo. Which, as a criminologist, Black knows with certainty creates an environment where bad actors will act in their self-interest with assumed (and likely real, at this point) impunity.

If you can steal with impunity, as soon as you devastate regulation, you devastate the ability to prosecute. And as soon as that happens, in our jargon, in criminology, you make it a criminogenic environment. It just means an environment where the incentives are so perverse that they are going to produce widespread crime. In this context, it is going to be widespread accounting control fraud. And we see how few ethical restraints remain in the most elite banks.

You are looking at an underlying economic dynamic where fraud is a sure thing that will make people fabulously wealthy and where you select by your hiring, by your promotion, and by your firing for the ethically worst people at these firms that are committing the frauds. And so you have one of the largest banks in the world, HSBC, being the key ally to the most violent Mexican drug cartel, where they actually did so much business together that the drug cartel designed special boxes to put the cash in that they were laundering that fit exactly into the teller windows so that there would be no delay. This is the efficiency principle of drug laundering.



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