Just a few years after the world economy nearly collapsed, the banksters are back at it again. Like an alcoholic who must have a drink, or a drug addict who must get high, banksters must get their fix. It has recently come to light that some of the largest banks in the world have rigged a system in order to get their "fix." In fact, "The FIX" is the term used when the Foreign Exchange Market stops for 60 seconds at 4 p.m. London time every trading day. This is done in order to set a bench mark for all currency trading.
But here's the frightening part. Seconds before the fix, investors meet up in private chat rooms and agree on pushing currency rates in their favor -- a practice called "Banging the close". This criminal practice is defined as, "A manipulative or disruptive trading practice whereby a trader buys or sells a large number of futures contracts during the closing period of a futures contract (that is, the period during which the futures settlement price is determined) in order to benefit an even larger position in an option, swap, or other derivative that is cash settled based on the futures settlement price on that day."
In other words, the fix has been fixed. And now, The New York Times reports that Citigroup, JP Morgan Chase, Barclays and another giant financial institution, "pleaded guilty to a series of federal crimes over a scheme to manipulate the value of the world's currencies."
For all the propaganda about deregulation, "free-market" enterprise, competition and so on, the upshot here is that average citizens have been tricked yet again. Given that these banksters will do anything to satisfy their addition for money, even to the point of sinking the global economy, it's time we name public enemy number one for who they really are: The Finance Industry.
Even the premise on which finance rests is nefarious: They make money from money. There's no labor involved. There's no hard physical labor in making money from usury. These banksters have no idea what it's like to sweat in the sun working an honest day. In fact, Christianity made this practice illegal because your entire business rests on exploiting others who don't have the resources you do. It's the complete opposite of what Jesus said, "Anyone who has two shirts should share with the one who has none, and anyone who has food should do the same."
It's time we seriously rethink how the finance industry actually serves society as a whole. Until now, the record against this industry and its inherent exploitative practices makes them much more a threat to the common good than a help.
Maybe too it's time to put away the anti-human free-market propaganda and start thinking in terms of what's good for all human-beings and not just what's good for yourself.
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