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| Mark Thorburn |
The International poobahs in charge of the Basel Agreement want to raise the reserve amount banks must keep on hand. Wall Street is chafing.
Here are a few excerpts from an interview with a clearly-upset Jamie Dimon, multi-bajillionaire president and CEO of the International Confederation of Verminous Rent-Seekers:
“I’m very close to thinking the United States shouldn’t be in Basel any more,” sobbed the multimillionaire. “I would not have agreed to rules that are blatantly anti-American,” he said, stamping his little feet for emphasis.So true! The brave little crapitalist went on to explain what is American, in his not-so-humble opinion:
“Our regulators should go there and say: ‘If it’s not in the interests of the United States, we’re not doing it,.” He declared, wiping the tears from his eyes with thousand-dollar bills. (Financial Times – Rules Unfair)See? From the Wall Street vantage point, US Government regulators (“Our regulators, bought and paid for” as Dimon would express it) should go push around others and do the dirty work of US financial houses. He’s crying because the Basel Group is requiring him to have enough cash on hand to cover 10% of his gambling debts. 10 percent!
We have four options. I list them from most-statist to most-free:
$ Nationalize the big financial firms and park permanent camps of government regulators in their offices, in their front pockets, back pockets and nesting in their hair 24/7. The downfall here is that this would just make it easier for the bankers to co-opt the regulators and solidify the DC-NY-Davos Axis of Evil.
$$ Break up the big financial firms, smashing them into enough small pieces so that any one’s collapse would not bring down our economy. This would put an end to "Too big to fail."
$$$ Reinstate Glass-Steagall. This essentially would separate traditional banking from high finance and global investing. Restricting FDIC type government protections to traditional banking and leave the financial high fliers and their exotic instruments to the whims of fate. Not one more taxpayer dime for Wall Street!
$$$$ Trash the entire government-sponsored central banking scheme and return to a hard currency pegged to something real. Outlaw fractional reserve banking, and put free-banking laws in place.
What do you think?
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