The BBC recently reported that 5 banks, JPMorgan, Barclays, Citigroup, RBS, and UBS, have been fined for rigging the FOREX market. The Foreign Exchange market is extremely volatile and moves trillions of dollars in currency every day. Traders from these banks collaborated to artificially drive up prices at 4pm London (UK) time. Since these traders had foreknowledge of the price movement, they could enter their position earlier in the day and profit. While this makes little difference to long term position traders, it would absolutely murder day traders. Even non day traders with small accounts risked a margin call and thus potentially faced financial jeopardy.
I personally think that the total $5b fine is a mere slap on the wrist as I have personally known many traders (friends of my family) that have lost a lot of money in the FOREX market. It enrages me that these fat cats callously disregard the financial future of ordinary folk only to get away with paltry fines.
To add insult to injury, these traders collaborated their scheme in a chat-room shamelessly called ‘The Cartel.’ “They acted as partners – rather than competitors – in an effort to push the exchange rate in directions favourable to their banks but detrimental to many others,” said US attorney-general Loretta Lynch. Publicly competitors, privately partners; oligarchy at its finest.
It seems that leftists are not the only ones who despise the free market, the fat cats loathe it in equal measure, which is why they strive to manipulate it. When I see a price chart for any commodity, I do not see Capitalism, I see integrity. I see a price that honestly reflects economic realities which have resulted in buyers and sellers arriving at a fair equilibrium. Perhaps I am an old fashioned Capitalist, but that is how I think. To my mind, an attack against the free market is an attack against Capitalism; and an attack against Capitalism is an attack against the Western values of integrity, self-reliance, and hard work upon which it stands. Given that our elites financially support Multiculturalism , Feminism, and homosexual degeneracy, it seems that they never liked Western values to begin with.
What strikes me as particularly horrifying is the manner in which our elites not only network with one another domestically, but also internationally. American elites collaborating with British elites with scant regard for their own governments and countrymen whom they cheat with impunity. Gone are the days of Henry Ford and Andrew Carnegie who held themselves up to a higher standard. Today’s morally bankrupt anglosphere elites require constant policing, and sometimes even that is not enough. We can only hope that after this incident things might turn around for the better, but I wouldn’t hold my breath.