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To What Extent Are the Fed and Big Banks Criminal Enterprises?

By   Follow Me on Twitter     Message Richard Clark     Permalink
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From flickr.com/photos/47422005@N04/6273179400/: Federal Reserve Building in Washington D.C. - To what extent are the Fed and Big Banks criminal enterprises?
Federal Reserve Building in Washington D.C. - To what extent are the Fed and Big Banks criminal enterprises?
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Economics professor Randall Wray puts it like this:

"Thieves took over the whole economy and the political system lock, stock, and barrel. They didn't just blow up finance, they oversaw the swiftest transfer of wealth to the very top the world has ever seen. They screwed workers out of their jobs, they screwed homeowners out of their houses, they screwed retirees out of their pensions, and they screwed municipalities out of their revenues and assets.

"Financiers are forcing schools, parks, pools, fire departments, senior citizen centers, and libraries to shut down. They are forcing national governments to auction off their cultural heritage to the highest bidder. Everything must go in fire sales at prices rigged by twenty-something traders at the biggest and most corrupt institutions the world has ever known.

"I see two scenarios playing out. In the first, we allow Wall Street to carry on its merry way, as the foreclosure crisis continues and Wall Street steals all homes, packaging mortgages into bundles to be sold for pennies on the dollar to hedge funds. All wealth will be redistributed to the top 1% who will become modern day feudal lords with the other 99% living at their pleasure on huge feudal estates.

"That is the default scenario--the outcome that will emerge in the absence of action.

"In the second scenario, the 99% occupy, shut down, and obliterate Wall Street."

Economics professor Michael Hudson agrees, saying that the banks are trying to make us all serfs.

Economics professor Steve Keen says:

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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)
 

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