This New Zealand TV3 story is about the same Eric Holder that said investment bankers - such as John Key was before turning up in NZ politics - are to big to jail - despite Holder admitting they are criminals. None have gone to jail - but Eric Holder claims the fines they are receiving act as a deterrent - but it is estimated that the fines may only add up to 5% odd of the proceeds of their crimes - the likes of John Key will sure as heck never again get up to the financial trickery that they did -yeah right; pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/untouchables/eric-holder-backtracks-remarks-on-too-big-to-jail/ In a March appearance before the Senate Judiciary Committee, Holder testified that big banks’ clout “has an inhibiting impact” on prosecutions. As he explained: "I am concerned that the size of some of these institutions becomes so large that it does become difficult to prosecute them … When we are hit with indications that if you do prosecute, if you do bring a criminal charge it will have a negative impact on the national economy, perhaps world economy, that is a function of the fact that some of these institutions have become too large. It has an inhibiting impact on our ability to bring resolutions that I think would be more appropriate." Current New Zealand Prime Minister and former self professed investment banker - John Key - even admits he is a crook - publiccreditorbust.blogspot.co.nz/2013/05/former-investment-banker-and-current.html “I had a whole lot of people working for me who were at the cutting edge of delivering quite complex and new and innovative products. They tended to either be a new product or into a new market, usually the emerging markets, Russia, Brazil, Argentina. I wasn’t the guy sitting there dreaming it all up, but I was the guy who was responsible for those people.” end quote Michael Hudson - Balance of payments analyst in international investment bank Chase-Manhatten sums it up thus - "In this new financialized warfare, governments are being directed to act as enforcement agents on behalf of the financial conquerors against their own domestic populations. This is not new, to be sure. We have seen the IMF and World Bank impose austerity on Latin American dictatorships, African military chiefdoms and other client oligarchies from the 1960s through the 1980s. Ireland and Greece, Spain and Portugal are now to be subjected to similar asset stripping as public policy making is shifted into the hands of supra-governmental financial agencies acting on behalf of bankers – and thereby for the top 1% of the population. When debts cannot be paid or rolled over, foreclosure time arrives. For governments, this means privatization selloffs to pay creditors. In addition to being a property grab, privatization aims at replacing public sector labor with a non-union work force having fewer pension rights, health care or voice in working conditions. The old class war is thus back in business – with a financial twist. By shrinking the economy, debt deflation helps break the power of labor to resist. It also gives creditors control of fiscal policy.
Posted on: Fri, 12 Jul 2013 02:18:36 +0000
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