Bill Black who wrote ‘The Best Way To Rob A Bank Is To Own One’ and actually put some banksters in jail is a voice of sanity. You can track him down by googling ‘Naked Capitalism’. I’ve been convinced for a long time, that if we want real social and political change, we have to accept that we’ll need to police the change. This won’t be easy as we all rightly fear the notion of a police state and our legal systems are way short of being fair and just a lot of the time. Ignoring the worst possibilities of our behaviour in Utopian notions of our condition with blandishments such as ‘the State will wither away’ is frankly stupid. What we do under total solutions is clearly horrible. We surely have some clues when we properly evaluate the Nazi, Soviet and Maoist lunacies and many others like Jihad and Crusade – right down to such matters as the Spanish fascists stealing babies or Pinochet’s cretins killing mothers after the birth of their children. This is always closer to home than we care to think, with the likes of the vile Thatcher condoning Pinochet or Bliar taking us into war to present himself with a world stage and a job as JP Morgan’s bag man (he may possibly have followed Churchill into this career).
In the UK, the Metropolitan Police has now lifted the lid off revolting practices by some of our media – simply by doing an investigation instead of covering up. We have seen the absurdly pathetic expenses scandal in our Parliament and are now seeing that all promises of change were paper tigers. Our Prime Minister, Bliar Mark Two, is involved with people seeking influence through cash donations. Some clown is now saying, in Parliament, that we need to look into donations – when we should have stopped the farce long ago. Millibore demands a proper independent enquiry – but the problem is we don’t know how – the Iraq enquiries and many others (Bloody Sunday) do not produce transparency and prove to be little other than reinforcement of secrecy. Secret cameras and reporter stings do a better job. Politicians and big business get away with the equivalent of the bookmaker inspired Pakistani no ball on a daily basis. Government in Britain has taken the same course year in year out, Under Nulabour the 18 previous years of Tory rule was to blame and now the 13 years of Nulabour is to blame. This is true, of course, and is true because we can only elect useless shits,
The following is part of Bill Blacks tirade on the JOBS Act in the USA.
“The sixth form of insanity is a counterfactual. The unique aspect about this crisis is that it is the first one in modern U.S. history in which the CEOs directing the control frauds that caused the crisis have done so with complete impunity from the criminal laws and near impunity from civil suits and enforcement actions. The worst, most destructive fraudulent CEOs have been allowed to become and remain wealthy through their frauds even though several of them caused greater losses than the entire S&L debacle. The worst fraudulent CEOs who led the prior epidemics of accounting control fraud that drove the S&L debacle and the Enron-era crisis were prosecuted. Not a single elite CEO from Wall Street or the largest fraudulent lenders has even been charged with fraud arising from such loans even though they, collectively, made over two million fraudulent loans in 2006. Had the Bush and Obama administrations prosecuted and denounced these elite frauds it would have been politically impossible for an act as criminogenic and cynical as the JOBS Act to be promoted by the Obama administration and adopted by large Congressional minorities. We are seeing with the JOBS Act the sick face of crony capitalism.
The seventh form of insanity is that there is no greater killer of jobs than elite financial fraud. Such fraud epidemics can hyper-inflate bubbles (as they did in the U.S. and several European nations) and cause severe financial crises and recessions. The resulting Great Recession has cost over 10 million Americans their existing or future jobs in this crisis. It has cost over another 15 million people their existing or future jobs in Europe. The JOBS Act is so fraud friendly that it will harm capital formation and produce additional job losses. It may appear to be an oxymoron designed by regular morons, but that underestimates the abilities of the lobbyists that drafted this bill. They are not morons. They are doing faithful, clever service to their fraudulent clients. That makes them more dangerous.”
Black makes the point that most of the right applaud the notion of broken windows policing – and yet at the same time cannot bear the idea in financial services or white collar crime generally. The City of London is basically the centre of a criminal network of financial exploitation. This should shock no serious student of history or even watcher of the ludic Keiser report (see a few random episodes - http://rt.com/programs/keiser-report/episode-265-max-keiser/). Things are so bad that a development of Radio Moscow is closer to the truth than our Bimbo Broadcasting Corporation and its embedded incompetents.
We broadly allow the criminal City because of the kind of complex morality that allows us to imagine it is necessary in a dirty world. Police officers are no more honest than the rest of us, but it’s difficult to imagine how any CJS could work if we do not assume their honesty in giving evidence. Many trials are decided on our ability to choose between competing accounts – though science tells us we are pretty hapless in doing this. Once one believes it’s a dirty old world and corners need to be cut (they often do) because we can’t establish perfection (we can’t), there is a slippery moral slope. One cannot abandon all of a legal system because of a few flaws. We cannot abandon or over-regulate our criminal City because this would just let monsters beyond the gate to take over.
Even if we could turn all our weapons to plough shares, this would be no use if Al Queda could step in with a few guns, put our women in black bags and so on. If we give up on economic dominance, we give up the advantage to others who will arm and take us over, This isn’t all rot – and is a bigger part of our chronic ideology than most admit. The old story in this is that when our dominance is perfect enough, we’ll spread the benefits and get everyone playing along with us. My guess though is that the world is as crap now as it was 60 years ago when I was born, if we strip away technological advances (and many of these have just ‘improved’ our killing and planet burning potentials).
My belief is we need a mid-range policing solution not economics to change society for the better. This is difficult to explain, as i believe the purpose of policing is to keep criminality out of our lives and this involves severe policing of police. My dog needs a walk.