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Deception 101

by on May 7, 2014

A quick media analysis from Switzerland.

Yesterday, our Italian* news at noon reported on a major bank “complying with too-big-to-fail laws”. It included the bank’s CEO using those exact words in a statement to the press: too big to fail.

However, those four infamous English words did not appear in the corresponding German-language news show.

That’s because they know the truth: the laws in question don’t solve ‘too big to fail’ – not even close!

‘Too big to fail’ ends when a bank can go bust without the public having to bail it out. What they are doing now is protecting themselves from US courts.

Quite a PR-trick: Instead of tackling the problem honestly, turn it into something else, and then solve that instead!

The difference: in its original meaning, ‘too big to fail’ describes a threat that BANKS pose to US. Now they’re trying to turn it into a threat from US (the public) to THEM.

UBS and CS cannot be sued out of existence like Wegelin; they can’t go bust like Lehman. In their present and anticipated forms, they are too big to fail, to big to jail, and any fines can still be passed right on to the taxpayer.

Until that changes, we really need to pay attention and keep our eye on the basics!

(Note that the term ‘taxpayer’ doesn’t include the banks themselves – UBS announced a cool billion of profits for the first quarter, for which it will be paying zero tax – but this is just a side issue, mind you, related to how we let banks and other corporations legally cook the books.)

Disclaimer: Remember that the banksters are not, technically, lying. The announced restructurings could allow investment subsidiaries die a quiet, natural death. But this doesn’t alter the main points we challenge: the banks’ power to create money, and the fact that they run our entire financial infrastructure, see How banks (don’t) work, and our petition for the objectives.

p.s.
If you can stomach it, please also remember to keep an eye on what’s going on with the OECD’s plans for automatic information exchange. On their website, and Switzerland’s national news channels, it all looks great. However, if you check out other sources, such as Tax Justice Network, well…lot more posts where this came from…

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* In case you didn’t already know, Switzerland is multi-lingual.

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