by Dr. Jeffrey Lewis
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. – Henry Ford
A recent IMF study estimated that the profits of the big banks in the United States are almost entirely due to the government sponsored backstops. It’s not just bailouts, but also cheap credit, and judicial negligence.
So when the JP Morgan and Chase pay a $13 billion fine for criminal behavior it’s nothing compared to what they’re getting simply by having a government insurance policy.