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Friday, March 29, 2024

Wall Street’s Wealth Transfer System Is Imperiling the U.S. Economy

Courtesy of Pam Martens.

Wall Street Street SignFor nine years now we have written about Wall Street’s institutionalized system of transferring wealth from decent, hardworking Americans to the denizens of Wall Street and those it selectively chooses to favor in the one percent class. The methods of wealth transfer are as diverse as they are diabolical, thus even well intentioned members of Congress cannot stem the havoc on the financial well being of the average American and the overall economy.

One facet that all of these wealth transfer systems have in common is that they all masquerade under a benign sounding name. The 401(k) plan is viewed by most Americans as a way to save for retirement. That’s a good thing – right? It is not a good thing when two-thirds of your savings over a working lifetime end up in Wall Street’s pocket, as carefully demonstrated by Frontline and math-checked by us.

The very same Wall Street banks that are asset-stripping 401(k)s are the same banks that asset-stripped the equity in homes across America through illegal foreclosures and mortgage fraud and then were allowed to decide on their own how much to pay their victims.

If you attempt to legally challenge being ripped off by Wall Street, you will end up in a private justice system created by Wall Street lawyers and run by a self-regulatory agency. You will not be allowed to take your claim to one of the nation’s courts where juries are randomly selected from a large pool of fellow citizens. You will have limited discovery and the arbitrators of your claim do not have to follow legal precedent or case law.

Even when serious financial crimes are committed against our cities and counties, causing mass layoffs and economic suffering to millions, no one will go to jail. Prosecutors will allow Wall Street to pay a fraction of the amount stolen and walk away.

After each illegal cartel on Wall Street is exposed, removing any doubt that this is an institutionalized wealth transfer system, new Wall Street cartels crop up faster than you can say “where are the customers yachts.” Today, Wall Street is under investigation for the following cartels: rigging interest rates (Libor); rigging precious metals trading; rigging foreign currency trading; hoarding physical commodities – and that’s likely just the tip of the iceberg.

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