Bill Black skewers the entire story about how representative the ongoing prosecution of Abacus Bank is, and what it implies
As a precedent, this emphatically shows once again that Tim Geithner should be fired, and indicted for crimes against the USA. It also implies that Eric Holder should be replaced with a real Attorney General.
More to the point, Bill's scathing review clearly implies that the electorate of the USA should rise up and replace not just thousands of fraudulent managers at most large banks, but especially the entire Congress, Administration and even political process that has entrenched this degree of Control Fraud throughout all Federal agencies and our entire political process. Our electorate must do this, with deliberate agility.
The supposed inability to regulate our own policy fraud - for "lack of public initiative (i.e., fiat currency)" - is of course a monstrous lie. Reducing policy to discussing how to cap our own fiat can occur only as a consequence of traitorous fraud, this time not just in banking hierarchies, but at the highest levels of political representation.
"The financial sector (and related nonsense like the tax code) is the largest brain drain in the history of the world.
The real losses to aggregate output are staggering beyond imagination." Warren Mosler
We need either a new political party, or no political parties at all, which is how we made it through George Washington's first two administrations. The USA has grown large enough that it cannot possibly be productively served by any narrow policy outlook whatsoever.
In short, we need a more representative Democracy just to survive. If we're going to create a more perfect union, now that we're past 312 million people, then we need democratic processes able to achieve better/faster/cheaper representation of our many policy outlooks.
There is no point of stability in the natural world that is NOT a dynamic equilibrium between many conflicting forces.
We need more agility yearly from both our policy apparatus and our population. The very point of democracy is to fashion a "table" from planks, not let any one plank "win." Victory by any partisan plank defines aggregate failure. We knew this over 200 years ago. Why aren't we acting like we know it?
The future beckons. Yet if our democratic methods don't improve, rapidly, we ain't getting there from here.
If our electorate doesn't mobilize over the issues Bill Black exposes, then this electorate cannot shepherd survival of the USA.