Those who believe we don't need smart and effective crime-stopping financial regulation have only to look at the smallest independent city-state in the world, Vatican City. The tiny oligarchy is surrounded by Italy and ruled by the Pope. It also has its own bank. If you can't trust the Vatican Bank, whom can you trust? The answer is no one. At least not without proper controls and consequences for wrongdoing in this lifetime.
Leave it to Janet to get the big black sharpie marker out and underline the point that she, I, and a bunch of others have been making for years -- including at least as far back as Brooksley Born (who was right, and drummed out of office although right.)
See, the Vatican was up to its neck in bank games. But not just financial bank games -- oh no, this time murder was involved too -- murder disguised as a suicide.
Here's the key point -- both Pope John Paul II and Pope Bendict XVI let an Archbishop who knew damn well what had happened but never told anyone get away with it.
And this, my friends, is from an organization (the Catholic Church) that treats suicide (which the death was originally claimed to be) as unpardonable sin.
I suppose that sin is not such a big deal for two Popes and the government they operate, so long as it serves the banksters.
If we ever expect to have a non-fraudulent financial system that must change.
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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