THE LONG HISTORY of BARACK OBAMA and HIS CRIMINAL BANKSTER DONORS
JP MORGAN… STILL LOOTING AMERICA AND THE WORLD!
This is the unadulterated voice of finance capital
speaking. It should be recalled that JPMorgan is deeply implicated in the
speculative operations that have devastated the lives of hundreds of millions
of workers around the world. In March of this year, a US Senate committee
released a 300-page report documenting the criminal practices and fraud carried
out by JPMorgan, the largest bank in the US and the world’s biggest dealer in
derivatives. Despite the detailed revelations in the report, no action will be
taken against the bank’s CEO, Jamie Dimon, who enjoys the personal confidence
of the US president.
First, the paper argues, financial measures are necessary
to ensure that major investment houses such as JP Morgan can continue to reap
huge profits from their speculative activities in Europe. Second, the authors
maintain, it is necessary to impose “political reforms” aimed at suppressing
opposition to the massively unpopular austerity measures being carried out at
the behest of the banks.
JPMorgan calls for authoritarian regimes in Europe
By Stefan Steinberg
17 June 2013
17 June 2013
In a document released
at the end of May, the American banking and investment giant JP Morgan Chase
calls for the overturning of the bourgeois democratic constitutions established
in a series of European countries after the Second World War and the
installation of authoritarian regimes.
The 16-page document
was produced by the Europe Economic Research group of JP Morgan and titled “The
Euro Area Adjustment—About Half-Way There.” The document begins by noting that
the crisis in the euro zone has two dimensions.
First, the paper argues, financial measures are necessary
to ensure that major investment houses such as JP Morgan can continue to reap
huge profits from their speculative activities in Europe. Second, the authors
maintain, it is necessary to impose “political reforms” aimed at suppressing
opposition to the massively unpopular austerity measures being carried out at
the behest of the banks.
The report expresses
satisfaction with the implementation of a number of financial mechanisms by the
European Union to secure banking interests. In this respect, the study
maintains, reform of the euro area is about halfway there. The report does,
however, call for more action by the European Central Bank (ECB).
Since the eruption of
the global financial crisis in 2008, the ECB has made trillions of euros
available to the banks to enable them to wipe out their bad debts and commence
a new round of speculation. In the face of mounting pressure from the financial
markets, ECB chief Mario Draghi declared last summer that he would do whatever
was necessary to shore up the banks.
This, however, is not
sufficient as far as the analysts at JPMorgan are concerned. They demand a
“more dramatic response” to the crisis from the ECB.
The harshest
criticisms in the document, however, are reserved for national governments that
have been much too tardy in implementing the type of authoritarian measures
necessary to impose austerity. The process of such “political reform,” the
study notes, has “hardly even begun.”
Towards the end of
the document, the authors explain what they mean by “political reform.” They
write: “In the early days of the crisis it was thought that these national
legacy problems were largely economic,” but “it has become apparent that there
are deep-seated political problems in the periphery, which, in our view, need
to change if EMU (the European Monetary Union) is to function in the long run.”
The paper then
details problems in the political systems of the peripheral countries of the
European Union—Greece, Spain, Portugal and Italy—that have been at the center
of the European debt crisis.
The authors write:
“The political systems in the periphery were established in the aftermath of
dictatorship, and were defined by that experience. Constitutions tend to show a
strong socialist influence, reflecting the political strength that left-wing
parties gained after the defeat of fascism.
“Political systems
around the periphery typically display several of the following features: weak
executives; weak central states relative to regions; constitutional protection
of labour rights; consensus-building systems which foster political
clientalism; and the right to protest if unwelcome changes are made to the
political status quo. The shortcomings of this political legacy have been
revealed by the crisis. “ Whatever the historical inaccuracies in their
analysis, there can not be the slightest doubt that the authors of the JPMorgan
report are arguing for governments to adopt dictatorial-type powers to complete
the process of social counterrevolution that is already well underway across
Europe.
In reality, there was
nothing genuinely socialist about the constitutions established across Europe
in the postwar period. Such constitutions were aimed at securing bourgeois rule
under conditions where the capitalist system and its political agents had been
thoroughly compromised by the crimes of Fascist and dictatorial regimes.
The constitutions of
European states, including those of Italy, Spain, Greece and Portugal, were
elaborated and implemented in collaboration with the country’s respective
Socialist and Communist parties, which played the key role in demobilising the
working class and permitting the bourgeoisie to maintain its rule.
At the same time,
however, Europe’s discredited ruling classes were well aware that the Russian
Revolution remained a political beacon for many workers. They felt compelled to
make a series of concessions to the working class to prevent revolution—in the
form of precisely the social and constitutional protections, including the right
to protest, that JPMorgan would now like to see abolished.
To some extent, the
bank’s criticism of European governments for their lack of authoritarianism
rings hollow. Across Europe, governments have repeatedly resorted in recent
years to police state measures to suppress opposition to their policies.
In France, Spain and
Greece, emergency decrees and the military have been used to break strikes. The
constitution adopted in Greece in 1975, following the fall of the colonels’
dictatorship, has not prevented the Greek government from sacking public
workers en masse. And in a number of European countries, ruling parties are
encouraging the growth of neofascist parties such as the Golden Dawn movement
in Greece.
For JPMorgan, however, this is not enough. In order to
avoid social revolution in the coming period, its analysts warn, it is
necessary for capitalist governments across Europe to move as quickly as
possible to set up dictatorial forms of rule.
At the end of the
document, the authors put forward a series of scenarios that they claim could
result from the failure of European governments to erect authoritarian systems.
These variants include: “1) the collapse of several reform-minded governments
in the European south, 2) a collapse in support for the euro or the EU, 3) an
outright electoral victory for radical anti-European parties somewhere in the
region, or 4) the effective ungovernability of some Member States once social
costs (particularly unemployment) pass a particular level.”
This is the unadulterated voice of finance capital
speaking. It should be recalled that JPMorgan is deeply implicated in the
speculative operations that have devastated the lives of hundreds of millions
of workers around the world. In March of this year, a US Senate committee
released a 300-page report documenting the criminal practices and fraud carried
out by JPMorgan, the largest bank in the US and the world’s biggest dealer in
derivatives. Despite the detailed revelations in the report, no action will be
taken against the bank’s CEO, Jamie Dimon, who enjoys the personal confidence
of the US president.
The same bank now
presumes to lecture governments. Seventy years after the assumption of power by
Hitler and the Nazis in Germany, with catastrophic consequences for Europe and
the world, JPMorgan is leading the call for authoritarian measures to suppress
the working class and wipe out its social gains.
*
“I’m not here to punish banks!” President Barack Obama… no
president in history has taken so much dirty money from banks than Barack
Obama. No administration in history has been so infested with Bankster-connected
white collar criminals!
THE
LOOTING OF OBAMA’S PALS AT JP MORGAN.
HOLDER IS TOO BUSY HISPANDERING FOR LA RAZA,
SUING AMERICAN STATES AND SABOTAGING OUR LAWS AND BORDERS SO THE OBAMANATION
CAN BUILD HIS LA RAZA PARTY BASE of ILLEGALS.
“Records show
that four out of Obama's top five contributors are employees of financial
industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase
($362,207) and Citigroup ($358,054).”
OBAMA’S OLD PALS J.P.MORGAN STILL FUCKING OVER CONSUMERS… IT’S LIKE OLD
TIMES FOR THE BANKSTERS!
Headline:
California lawsuit alleges illegal collection practices by JPMorgan Chase
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