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View Diary: Gigantic Journalistic Investigation Begins Ripping Mask Off Bank Secrecy (89 comments)

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  •  The small banker is right to be irked. (29+ / 0-)

    Not only have our legislative bodies always been in the thrall of enterprise; they have always endeavored to facilitate big commerce and enterprise. Monopolies of all kinds have been on the EuroAmerican agenda. Don't forget that that the Brits did not want to share the continent with the Natives, the French, the Dutch or the Spanish. The belief that bigger is better has been with us for a long time. Even the consolidation of various industries into monopoly enterprises were couched in the language of being a natural process. So we had prescribed sales territories for cars and home appliances and airlines had dedicated routes and terminals and then, in the interest of "efficiency" they were encouraged to engage in a virtual war to knock all the weaker players out and leave us with mediocre service (n.b. since I don't travel on air planes, I consider my perspective to be totally objective--that of an uninvolved outside observer).
    Anyway, that the financial industry should be aiming for monopoly status is to be expected. Humans like big, so the pattern is always the same, if we let them get away with it.
    On the other hand, banks are in a precarious position because, perhaps even more than religion, they are dealing in figments of the imagination which can evaporate at any moment. The banker's life blood is as precarious as the preacher's. Neither is really necessary and only thrives because of the suffrage of others. We could engage in trade and exchange without using the official currency. We could, in theory, decide to use an other currency, as the European nations just did and now they're in a pickle because the international bankers have an even tighter noose around their necks, demanding a cut of all they produce before they let go. The secessionists in Texas should take note of what is happening in Greece and Spain. The international banking cartel is even less forgiving than the homegrown one. We can leverage the latter by using the fulcrum known as Congress.

    We organize governments to provide benefits and prevent abuse.

    by hannah on Wed Nov 28, 2012 at 03:53:49 AM PST

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    •  I enjoy reading your take (17+ / 0-)

      on things such as this. You always make me stop and think about things I would normally not pay attention to.
      The
      This passage for example:

      " banks are in a precarious position because, perhaps even more than religion, they are dealing in figments of the imagination which can evaporate at any moment. The banker's life blood is as precarious as the preacher's. Neither is really necessary and only thrives because of the suffrage of others"

      Severely Socialist

      by ichibon on Wed Nov 28, 2012 at 04:28:28 AM PST

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    •  Ever heard of the Clatyon-Sherman AntiTrust Act? (23+ / 0-)

      Actually I am not sure that the Justice Dept has either, but monopolies, excessive concentration vertically or horizontally  is, in theory, in this country, illegal.  
      If the law were actually being enforced, we would not have TBtF banks and Walmart.

      To Goldman Sachs in according to their desires, From us in accordance with the IRS.

      by Bluehawk on Wed Nov 28, 2012 at 04:36:37 AM PST

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      •  One problem with the law is that it is geared (8+ / 0-)

        towards inherently bad acts that have roven negative consequences. Using the law to prompt good behavior is generally not effective. Also, there is the presumption of probity which assumes that human behavior is good, unless proven otherwise. This assumption (in error, in my opinion) also extends to artificial persons -- i.e. corporations, despite the obvious fact that groups of people have much more potential to cause injury and harm and should, perhaps be treated differently and not be according human and property rights. Not to mention that corporations are actually organized to hold the individual participants harmless of any negative consequences.
        In theory, I suspect, the idea is that the activities of corporations are so narrowly defined and constricted at the outset (akin to limited government) that there is little opportunity for malfeasance.  Corporations are, after all, organized for a "public purpose," but it doesn't work out that way, especially when profit, autonomy and monopoly arrive on the scene. Or rather, behind the screen of secrecy (privacy).
        Human seek power.  Power, to be felt, has to hurt. So, we need to be on the lookout for power lusting pols all the time.
        People who go to Washington to exercise power should be disqualified from the get-go.

        We organize governments to provide benefits and prevent abuse.

        by hannah on Wed Nov 28, 2012 at 05:27:44 AM PST

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