JP Morgan Chase loses billions
May 11, 2012
Last evening, JP Morgan announced that they lost $2 billion in the past two months on derivatives trading. They blamed it on one trader, of course. What a scoundrel! Virtually any trade is done by a single trader who hits the button on the keyboard, so it could always be argued that it was done by a "rogue trader."
Yet it coincides perfectly with the Greek partial default last March. Apparently, JP Morgan didn't see that one coming, but assumed that the bankers were still in control, and that the Greeks would submit quietly to the takeover of their country.
The real purpose of "austerity" measures is to force the sale of ports, islands, airports, railroads, highways, and other public assets that ought to be owned by governments. The "privatization" of government has been going on for a long time, even in America. It simply means that government is now owned by private corporations.
This is essentially the dictionary definition of Fascism.
Iceland declined to go along with this privatization. Greece will probably be next. Spain is now in the process of nationalizing one of its large banks as well, rather than bailing it out. It appears that the Fascist banker program is sparking a debt revolution.