Let's begin by thinking about this, a quote from The Daily Bell:
"The problem with where America is now is that the country has been built on one lie after another for the past decade and the lies show no signs of slowing down."
And then, there's this from Charles Hugh Smith via Marc Faber:
"The status quo would collapse were systemic fraud and complicity banished... They have become the foundation of the US economy and financial system..."
You will recall how Goldman Sachs wowed the whole world with its dazzling trading. Day in, day out...the traders at Goldman made money. The firm turned in "perfect" trading quarters, with not a single day showing a loss.
Surely, one of the junior traders would have miscalculated at least once? Or a seasoned old pro, after a well-irrigated lunch, take his fat finger and hit the wrong button? Nope. Not once did Goldman's trading machine err. It was uncanny. Almost unnatural.
Who was on the other side of those trades, we wondered? Trading is a zero sum game. One side wins. The other loses. So some poor schmuck must have taken a loss for every gain earned by Goldman's geniuses. Imagine him taking his lumps day after day...and still coming back for more. How could anyone stand so many losses? What kind of fighter could take that kind of beating and still be on his feet? And yet, there were no major new bankruptcies announced during that period. How was it possible? Who was losing all that money?
We were perplexed.
But now we know who the schmuck was...the poor sap was us! Had it not been for Senator Bernie Sanders from the Green Mountain State, who insisted that the Federal Reserve expose its shenanigans to the outside world, we would never have known what had happened to the Fed's $3.3 trillion in bailout cash. Now we know. Goldman helped itself 212 times - roughly every business day - during the 12 month period beginning in March '09, all the while telling the world that it needed no bailout.
Lies, lies, lies...
Corruption is not only at the top. Like a Christmas pudding steeped in rum, the whole economy - from top to bottom - reeks of it. Here's the latest proof from Bloomberg: