20 November 2021 - 10:24 am
Reported by Reuters (so it must be true) on the 20th November 2021, JPMorgan Chase & Co have agreed to settle a class-action lawsuit worth $60,000,000 for “spoofing” in the precious metals futures and options markets. Spoofing in this instance is where traders place orders they intend to cancel in order to manipulate market prices to benefit their positions. JPMorgan Chase & Co is the largest bank in the USA, not just some bedroom trader and so this is just another example of how corrupt the entire financial industry is.
Sixty million bucks sounds like quite a lot, but that’s just the class-action settlement brought against JPMorgan by investors who are looking at getting about 7% of the total losses they incurred during the period March 2008 to August 2016.
The Reuters article says “JPMorgan did not admit wrongdoing in agreeing to the settlement”. Of course they didn’t. No, they aren’t admitting wrongdoing by settling a $60million class-action lawsuit. Companies pay out millions for things they didn’t do all the time, right? What an absurd statement. But we don’t even need to assume anything here, as back in September 2020 Reuters also reported that…
JPMorgan to pay $920 million for manipulating precious metals, treasury market
…and the first paragraph of the article says:
JPMorgan Chase & Co has agreed to pay more than $920 million and admitted to wrongdoing to settle federal U.S. market manipulation probes into its trading of metals futures and Treasury securities, the U.S. authorities said on Tuesday.https://www.reuters.com/article/jp-morgan-spoofing-penalty-idINKBN26K325
This is the same incident if you could call 8 years of market manipulation intent on defrauding investors an incident, but the class-action settlement is a case brought against JPMorgan by investors, not the U.S. Authorities.
Of course they did something wrong. They will still be doing things wrong because the entire financial system is as corrupt and rotten as it is possible to be. The notion of fining banks is patently ridiculous, and obviously amounts to a slap on the wrist. I’m not suggesting more stringent regulation by equally corrupt Governments, but given people can end up in prison for benefit/welfare fraud for tiny amounts of money, or not paying for a license for this thing or that, these people in the banks should actually go to prison, and be banned from working in that industry. If we’re going to have a system that hands out punitive measures for breaking the rules, then they should be handed out equally.
It’s not going to happen though, as all these systems are corrupt, rigged in favour of the rich and rather than begging tyrants to apply their tyrannical rules fairly, we need to disconnect from their rigged systems. Setting up counter-economies, managing our own affairs and not supporting the system designed to enslave us and our children is our only hope.
These super-rich people are mostly leveraging fiction in order to live the lavish lifestyle they do, jetting around from private islands to globalist parties but it’s all founded on a con. The word “con” is short for “confidence trick”, and this is all about confidence tricks. As long as the public believes something is worth a particular amount, it becomes worth that amount. If the confidence in that value disappears, the value disappears, because it was never really there to begin with. A good example of this is the Theranos case that has just started in the U.S. court.
Elizabeth Holmes is a con-artist. She managed to engender enough confidence in a product that never existed to become, according to Forbes in 2015 “the youngest and wealthiest self-made female billionaire in America” on the basis of a $9billion valuation of her company. Once the game was up, and it was all revealed to be a fraud, she was worth zero.
From a billionaire to zero with the only material change being that people’s beliefs about her company’s product had changed. It never really existed, but people believed it did due to an elaborate fraud, and Holmes herself with her pretend deep voice cosplaying as Steve Jobs added to the charade with her famous quotes like:
This is what happens when you work to change things, and first they think you’re crazy, then they fight you, and then all of a sudden you change the world.Elizabeth Holmes – Talking crap in a pretend deep voice
She didn’t really change the world of course, because it was all lies. She did temporarily change people’s perceptions because she understood that people would want to believe this. In her case, an amazing new medical procedure that was going to save lives, coming from a young female entrepreneur who just made it happen through sheer determination is a story the world we live in was primed to want to believe. Holmes knew this and for the most part played the role perfectly. But like all things based on lies, it had a limited lifespan. Once people stopped believing, it was over.
It’s really that simple. We just need to stop believing the lies. We don’t need Governments, we don’t need predatory billionaires to decide what’s best for us, we don’t need any of that crap. And we don’t even need everyone to stop believing in all that. It’s not an all or nothing. Small communities that support each other through local yet decentralised methods is all we need. There doesn’t need to be The One Crypto that saves humanity from the bankers, or The One Party that saves us from corrupt politicians.
It is within each and every one of us to make our own futures, regardless of what psychopaths and control freaks want.