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VANCOUVER ( Bullions Bull Canada) -- A few years ago I wrote a piece entitled "Why Too Big To Fail = Too Big To Exist" with respect to the Wall Street banking oligopoly and its "friends" in other bankster-dominated Western regimes.
Last week, U.S. Attorney General Eric Holder
demonstrated the truth of that proposition by asserting these banks were now "too big to prosecute."
Translation: He, and the rest of the Justice Department, are refusing to perform their sworn duties and uphold the rule of law in the United States because it's inconvenient. Outrageous.
Apart from the pathetically servile attitude the "Justice" Department is taking with respect to crimes committed by the Wall Street oligopoly, its argument is totally without merit. Obviously, sending criminals to prison would not cause people to lose confidence in the U.S. financial system. What has already caused much/most of the world to "lose confidence" in the U.S. financial system (as evidenced by all of the banksters' "markets" that have withered and died since 2008) is refusing to send the criminals to prison.
It is highly instructive on several levels to note that a U.S. Senator described the position/attitude of Holder and the rest of the 'Justice' Department posers as equivalent to
giving the banksters a "get-out-of-jail-free card." What is the origin of this metaphor? The game of Monopoly.
A "get-out-of-jail-free card" or the Justice Department openly refusing to prosecute banksters means simply one thing: being above the law. The only possible context where white-collar criminals could/can be above the law is if they are part of a monopoly or oligopoly.
In my original piece from 2009 I explained why the instant the Wall Street oligopoly (and its European brethren) portrayed themselves as "too big to fail" they removed beyond any possible shadow of a doubt they were now "too large to exist."
TBTF is nothing less than an official mantra of blackmail, based on a perpetual/implicit threat: "keep us alive...or else." There are no possible circumstances under which a society could/should allow itself to be perpetually blackmailed by what is literally a corporate crime syndicate. In claiming that they were "too big to fail" the big banks immediately confessed they were now too large to exist.