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First heard this story yesterday, and I can't say I was surprised by it: HSBC receives get-out-of-jail-free card in a real-life game of Monopoly. The New York Times reports this week that megabank HSBC has escaped criminal prosecution for money laundering that probably funded terrorists and narcotics traffickers. Why? Because regulators and prosecutors were petrified that an indictment would undermine the entire financial system. The Times quotes anonymous government sources who confessed fears about bringing formal charges because doing so would be a "death sentence" for the bank. So they let it off the hook. That’s right, HSBC is officially above the law. Too-big-to-fail has become too-big-to-prosecute. So, there you have it! What many of us have suspected for years has finally been confirmed: under a fractional reserve currency system, banks are the creators of money, and as they become larger and more consolidated, governments will do nothing to stop them. And, many observers of the discreet, privileged banking system of anonymous numbered accounts in Switzerland and the Cayman Islands, have long been suspected of holding billions of dollars in profits from the narcotics trade that has created the War On Drugs and led to small time drug dealers and addicts spending their lives in prison. Should we have any remaining doubts that the other major banks are not in the money laundering business also? And so what if they are? They're too big to fail!
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