This gets blogged in full. The excellent Max Kaiser says the British and US governments are colluding with bankers to commit industrial-scale fraud….
Iceland is a great example of a country which had the courage to prosecute bankers, and that’s largely because it’s not controlled by the Federal Reserve and the Bank of England, Max Keiser, financial analyst and host of the Keiser Report on RT, says.
Four former bank bosses in Iceland have been jailed for financial fraud. They were accused of hiding the fact that a Qatari investor bought into the firm [Kaupthing Bank], with money lent illegally by the bank itself. It went bust in 2008, helping to cripple Iceland’s economy.
Keiser says, what is considered a crime in Iceland is flourishing thanks to government support in the UK and the US.
RT: What are the broader ramifications of this case?
Max Keiser: I think we need to understand that in this crime that was committed in Iceland, with the participation of the government in Qatar, you have a classic Ponzi scheme where a bank was lending money to Qatar to buy shares in banks in Iceland to artificially inflate the price of the stock of the bank, and then they would use that artificially high bank stock price to make loans, to make acquisitions and then when the bubble burst it all came down. And of course there was a crime committed, and the Icelandic government is now prosecuting for that financial fraud.
But what’s interesting is that if you look at what’s happening in the UK right now - HSBC, Barclays, Lloyds, and the Royal Bank of Scotland in particular - they are participating in exactly the same fraud with the help and participation of the Bank of England. It’s a program called quantitative easing where central bank loans to the commercial banks to buy stock or bonds in this case in the central bank. So they are doing the same exact thing that in Iceland is a crime.
I think because Iceland, Russia, Iran and China are all banking systems that are outside of the control of the Federal Reserve in America or the Bank of England in the UK, they are free to prosecute financial crimes. They don’t have that freedom in the UK because the bankers are protected by the Bank for International Settlements in Switzerland, the Federal Reserve in New York who collude on a global basis to line the pockets of the criminals, in this case the bankers in the UK and the US, and of course their economies are suffering catastrophically as a result of this: poverty is on the rise, and living standards in the UK are crashing worse than they’ve ever crashed since the Victorian times.
And yet there are still idiots out there who think more state regulation of banking is the solution.