Gerald Celente calls out Jamie "two-bit" Dimon and his Financial Crime Syndicate

[stockholmer]

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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[Brooklyn Dame]

1. Somebody needs to call all of them out...

...and then put them on the street -- just not Wall Street where nobody is accountable for anything.

http://borderlessnewsandviews.com/2012/05/duh-its-financial-reform-time-stupid/

[Citizen Worker]

2. The careless way in which the term Fascism is used in the current day serves only to diminish its

meaning. Celente correctly uses the term and defines it as, "the merger of state and corporate interests is Fascism."

[mother earth]

3. I've seen Celente's videos and he feels bank runs will take place by the end of this year. I have

to admit I couldn't fathom that happening earlier in the year, but with this obvious snub of law...it's pretty clear the banksters are truly the 2012 version of roaring 20's gangsters.

There's simply no accountability, and we've been living with that since the stolen elections of 2000 and 2004, the looking ahead and not back of 2008's and disregard for accountability and lack of observance of rule of law for the outgoing administration that brought us into their profiteering, pre-emptive war based on lies.

Now we enter into "austerity" talk, and more BS from the Wall St. gang, while jobs are completely ignored and JD has the balls to give us his latest BS spiel defending lobbyists, while being numero uno against regulation? Are we expected to believe his fairy tale version?

The latest FU to the 99% is so blatant and immoral. There are no consequences for any broken law when you are part of the elite 1%, that tight little circle with its ever-changing hats and doors has reached a new level of outright decadence & deceipt. Dimon may as well respond with "Let them eat cake." at the end of his putrid defense of what amounts to the greatest modern day heist - right in our faces.

Nothing has changed, nothing will change.

Celente is right, fascism has arrived.

[DeSwiss]

4. K&R

[font size=4]The State as Protector of Private Gain[/font]

The Central State is granted unique powers of coercion by its membership (the citizenry) to protect them from the predation of foreign powers, individuals, and subgroups seeking monopoly. The citizens grant the State this extraordinary power to protect their freedom of faith, movement, expression, enterprise and association and to insure that no subgroup can dominate the nation for their private gain.

Granting this power to the State creates a risk that the State itself may become predatory. To counter this potential, the State has the self-limiting mechanisms of a separation of powers such that no one institution or agency can dominate the State and thus the nation. But as we have seen, the separation of powers has failed to limit the expansion of the State; rather, it has become a competitive advantage, feeding the State’s expansion. There are no State-based limits on the State’s concentration of wealth and power.

There is a great irony in this concentration of power in the State: the power is concentrated to protect the citizenry from predation and exploitation, but that concentration becomes an irresistible attractor for all those seeking to increase their private gain via monopoly, cartels, collusion, fraud, and other forms of predation.

The wealth that can be concentrated in private hands is not limited or self-regulated, and so private concentrations of wealth inevitably exceed the ethical threshold of individuals within the State (i.e., their resistance to bribes and self-interest). This structural imbalance leaves the State intrinsically vulnerable to the influence of private wealth.

Once this wealth has a foothold of influence within the State, it can then bypass the State’s internal controls and become the financial equivalent of cancer: a blindly self-interested organism bent solely on growth at the expense of the system as a whole. Rather than protect the citizens from exploitation, the State’s primary role becomes protecting the private gains of elites who have taken effective control of the State’s vast powers.

~Charles Hugh Smith

- It may not be fascism yet, but it's pretty damned close........