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Regulatory capture

A Jeff Hays Film

“The Real Anthony Fauci” – The Movie

” Narcissists are possessed of inordinate abilities to charm, to convince, to seduce, and to persuade. Many of them are gifted orators and intellectually endowed. Many of them work in politics, the media, fashion, show business, the arts, medicine, or business, and serve as religious leaders.

… By virtue of their standing in the community, their charisma, or their ability to find the willing scapegoats, they do get exempted many times. Having recurrently “got away with it” – they develop a theory of personal immunity, founded upon some kind of societal and even cosmic “order” in which certain people are above punishment. ” ~ Hervey M. Cleckley

Science for Hire / Gary Null production

The future of news

The “Propaganda model” and it’s components: Agenda Setting, Predetermine, Select, Shape, Control and Restrict by: Selection of Topics, Distribution of Concerns, Emphasis, Framing of Issues, Filtering of Information and Bounding of Debate.

Events not covered, questions not asked.

The situation here is as pathetic after the meltdown as it was before. The media is owned by a postbox on Cayman, sustained by a dame who inherited the nations fish stocks, and edited by a master crash-man. It is understandable, that reporters do not bite the hand that feeds them, but even the state-factory’s mantra was all through the impeachment proceedings, – the former PM is ohh! so innocent. – Surprisingly the court did not agree.

Lost currency reserve? What, where? Offshore kronas are said to be the greatest single threat, asking for ownership or even Tobin tax is in bad taste, so is asking about transfer pricing. Every sperm is sacred.

François Hollande, said that they were dealing with a faceless money power, but then he would. “They” do have a name, face, and address, but “they” just love their impunity, privacy and bank secrecy.

After successfull removal of the FSA’s Director, the undermining of the Special Prosecutor is in progress, this too does not warrant any attention.

Even the new constitutional draft takes money out of reach for the people, so continues the legalization of private profit and public loss.

The postbox on Cayman has now revealed it’s preferred presidential candidates.

“Elections Run by Same Guys Who Sell Toothpaste” ~ Noam Chomsky

“It’s an apparent choice. Like choosing a brand of detergent. Whether you buy Ivory Snow or Tide, they’re both owned by Proctor and Gamble” ~ Arundhati Roy

What Where
Timcast
Luke Rudkowski
Kill the bastard

Manufacturing Consent
And Then There Were Six
Street of Shame
Crime in transition

The Greeks should
Two-Tiered Justice
Career Limiting Gestures
Regulatory capture

Recipe for cooking the books

 
After “our” meltdown, The Truth About Tax, sounded so familiar.

Take large companies (who recruit top managers who fail the psychopathy test), captured governments and government agencies, PWC, postbox in Luxembourg, loads of secrecy, and if you don’t like the law-flavor, change it. – We are all invited.

The Snake is very, very old.

No End In Sight?

Without intent, David Harvey summarizes in an RSAnimation, recurring theme’s (providing categories sorely missing in this blog), questions, and explanatory formats, we have been living through these past years, he calls these genres:

1. Human frailty
2. Institutional failures
3. Failed theory
4. Cultural origins (Vikings are pigs)
5. Failure of policy

He then goes on to these (GSQ) questions:

Is there a Systemic risk?
Are there Internal contradictions of capital accumulation?
What about Financial innovation?
Can we change our mode of thinking?

– Or are we doomed to the fate of Sisyphus?

Carl Jung is attributed to have said “What [we] resist persists.”

Not at all hopeful for us or the way in which we have been handling the “boulder”.

Another peculiar paradox in this saga is the Recovery Industry which consists of more or less the same ‘class’ that bankrupted us, – not unlike the Counter-Terrorism Industry, or even the Military–industrial complex ever securing the peace – God Forbid.

In the Divine Comedy the inscription at the entrance to Hell reads, “Abandon hope all ye who enter here”.
However, in our own wacky version we get saved at the entrance by the “Great Icelandic Hockey Bailout.” because we are ‘too small to fail’, QED.

Crises of Capitalism
All the Devils Are Here:
The DIKW Problem

Quotes from “The Truth Report”

National Newspapers Editor:

” I’ve been monitoring this for 50 years. It’s a disgusting society, it’s all disgusting. There are no principles, there are no ideals, there is nothing. It is just opportunism and power struggle.”

Kaupthing Bank HQ:

“Hi Magnus, We didn’t finalize our bonuses for last year. I suggest 1 million euros. What say you. Bye. Se. ”

Sigurdur Einarsson email to Magnus Gudmundsson, date. 9th July 2008.

Kaupthing Bank Luxembourg:

“Thank you more than enough :-).”

Responses to Magnus Gudmundsson, date. 9th July 2008, to the above Email from Sigurdur Einarsson.
. . .
” The largest owners of all the big banks had abnormally easy access to credit at the banks they owned, apparently in their capacity as owners.”

” Unfortunately, it seems to be unavoidable to conclude that the state’s budget policy increased in fact the imbalance.”

” The Board of Governors of the CBI was more often in favour of less restraint than the chief economist of the Bank had proposed.”

” All the banks purchased their own shares on a large scale in automatically matched trades in the Stock Exchange.”

” During the meetings of the Board of Governors of the CBI with ministers, the bank would not be in the habit of handing out documents with summarised information, along with the bank’s review of that information and proposals for actions, where applicable.”

” In statements by ministers and representatives of the governmental institutions before the SIC, each pointed a finger at the other concerning positive obligation and no one assumed responsibility.”

” On 15 April 2008 Mr. David Oddsson sent a formal request for a currency swap agreement to the Bank of England. Mervyn King, Governor of the Bank of England, replied to Mr. Oddsson’s letter on 23 April and rejected the request by the CBI. However, he declared that foreign central banks could help Iceland find an effective way to reduce the size of its banking system. In his opinion, this was the only practical solution to the problem. In closing, King said that he offered all the help he could provide to tackle the issue at hand. The CBI did not accept this offer.”

” The aforementioned procedures by the authorities with regard to contingency plans for protecting the financial system of the country, and other fundamental interests of state and the nation, were unacceptable. These methods were not in keeping with the manner in which nations with developed financial markets and administration operate in general.”

” In its supervisory duties the FME was lacking in firmness and assertiveness, as regards the resolution of and the follow-up of cases. The Authority did not sufficiently ensure that formal procedures were followed in cases where it had been discovered that regulated entities did not comply with the laws and regulations applicable to their operations.”

” However, when the size of the financial system of a country is nine times its gross domestic product the roles are reversed. This was the case in Iceland. It appears that both the parliament and the government lacked both the power and the courage to set reasonable limits to the financial system.”

” … the Commission was not expected to address possible criminal conduct of the directors of the banks in their operations. …
the SIC is of the opinion that Mr. Geir H. Haarde, then Prime Minister, Mr. Árni M. Mathiesen, then Minister of Finance, and Mr. Björgvin G. Sigurðsson, then Minister of Business Affairs, showed negligence, within the meaning of Article 1(1) of Act No 142/2008, during the time leading up to the collapse of the Icelandic banks, by omitting to respond in an appropriate fashion to the impending danger for the Icelandic economy that was caused by the deteriorating situation of the banks.
The SIC is also of the opinion that Mr. Jónas Fr. Jónsson, then Director General of the FME, and Mr. Davíð Oddsson, Mr. Eiríkur Guðnason and Mr. Ingimundur Friðriksson, then Governors of the CBI, showed negligence, within the meaning of Article 1(1) of Act No 142/2008, in the course of particular work during the administration of laws and rules on financial activities, and monitoring thereof.” …

The Truth Report
Press conference 12.04.2010 in English

Nemesis on visit

The Icelandic nation is thunderstruck. The much acclaimed experiment in neocon-free-market-capitalist -governance has collapsed. People in this long-standing parliamentary democracy are now asking; Who knew? Who was informed? Who gave the permission for this to go on to its inevitable conclusion?

I for one would want to ask every single member of parliament these two questions.

  1. Did you know that Private Corporations where operating abroad backed by state guaranties?

  2. Did you ever inform your electorate of this fact? *

The only information I’ve got is that these are the rules of the EU and the European Free Trade Association (EFTA). – Which justifies it?

It seams to me that we as a nation have lost our reputation much like a rape victim, that “we the people” have been led into debt slavery for generations to come, and finally, to sweeten the blow will be the first ‘developed’ nation in years, having to ask the IMF for ‘help’.

Is this a prime example: of shock doctrine and disaster capitalism, of corrupt politicians in bed with corporations, of idiot ideologues, of marginalized public, or are the answers to be found in the sacred texts of the Chicago School of Economics (…which of course were not followed to the Marxist letter)?

If you are living in a privileged country like we were, maybe it’s time to come out of the hypnotic trance so lovingly catered for by the mass media. – After all, the bursting of the ‘fractional reserve’ and/or derivative bubble’s is waiting for all of us.

* Deep (legal) Thought is already hard at work disputing the nature of reality in general and of facts in particular.

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