Traditions held that banks were the bulwarks of savings in times of calamity. That has been the raison detre of banks. People worked and saved for rainy days. The banks provided a haven for storage of their hard-earned savings plus a little interest that guards the savings against inflation. Banks are largely regulated by governing authorities so that there is a safeguard against possible bank misdeeds and fraud. That has been the case. But times have changed.
Today’s banking institutions no longer serve the purpose of savings and trust. It has taken a hundred degrees about turn and all the rules of banking held in the past are no longer in in existence. Bankers are just gamblers using depositors’ funds to punt in the myriad instruments of the financial circus. Banks can no longer be trusted. Banks are no longer safe. Governments too have lost trust. They are either working in cahoot with banking institutions or are too weak to provide any form of governance and law enforcement.
Since the financial debacle of 2008, the evil fangs of banks are no longer concealed behind their majestic towers of corporate buildings. With a vengeance, governments allow banks to loot savers and taxpayers for their greed and incompetence. Perhaps incompetence is an understatement. Bankers and colluding central banks (aka governments) are fully cognizant of the gross misdeeds that are being perpetrated. It is inconceivable that these highly intelligent people are so stupid when they are about to loot in broad daylight. By inference, the conclusion is that these events of banking failures are by design.
Mainstream media screamed “Banks fail stress test“. What is a stress test in the first place? What exactly did they fail? As long as greed and unscrupulous bankers continue to do what they have been doing, no stress test can make any bank any safer. These hocus pocus tests are nothing more than mirages aimed at keeping the game going a little longer while providing psychological comfort to depositors to prevent any bank run. Governments and regulators will continue to give a little slap on errant bankers with a few fines even though acts of crime were committed. Bankers paid the fines and admit no guilt of wrong doings. By doing so, they have explicitly given bankers the green light to do whatever they wish, without fear of criminal charges. On the facade, they are giving the impression to the public that they are doing their duty and justice has been done while the pilferage continues. After all, no bankers have been charged or jailed. Fines are just money that can always be misappropriated again from depositors and taxpayers. There is a bottomless line of credit that bankers can always tap on.
The writings of banking evil are scrawled all over the walls in public view, yelling for attention as bankers jumped from these skyscrapers. Yet, man cruised by nonchalantly as if nothing has happened. Are man still so blind to miss these writings painted in blood red colours? Many years have elapsed since the big bank bailouts of 2008. Bailouts have not abated, but have increased in intensity since. Are we ready to flee the claws of the financial institutions that will not hesitate to loot once more. Only much more this time round.
That we henceforth be no more children, tossed to and fro, and carried about with every wind of doctrine, by the sleight of men, and cunning craftiness, whereby they lie in wait to deceive;