Last fall, I argued that the violent reaction to Occupy and other protests around the world had to do with the 1%ers' fear of the rank and file exposing massive fraud if they ever managed get their hands on the books. At that time, I had no evidence of this motivation beyond the fact that financial system reform and increased transparency were at the top of many protesters' list of demands.
But this week presents a sick-making trove of new data that abundantly fills in this hypothesis and confirms this picture. The notion that the entire global financial system is riddled with systemic fraud – and that key players in the gatekeeper roles, both in finance and in government, including regulatory bodies, know it and choose to quietly sustain this reality – is one that would have only recently seemed like the frenzied hypothesis of tinhat-wearers, but this week's headlines make such a conclusion, sadly, inevitable.
Indeed - the fixing of LIBOR and the fact that regulators including the current Secretary of the Treasury and then head of the Federal Reserve Bank of New York did nothing serious to stop it and never exposed it to the public is the biggest example of a system that is rigged beyond measure.
If they fixed LIBOR and the regulators knew it and did little to nothing to stop it, then frankly nothing in the financial system can be trusted, no one in the financial world can be trusted, no one in regulation or government can be trusted to put things right.
The system is rigged and rotten to the core.
Naomi Wolf is quite right when she says no wonders the criminals in power reacted so violently to the Occupy protests.
They know they're standing on dominoes that are tottering.
The crookedness and criminality are so widespread that they are too difficult to hide anymore.
And so the oligarchs respond with violence and repression and control.
Expect to see much more of this from the elite and their security apparatus as the rot at the core of the system continues to become apparent:
Hundreds of Los Angeles police in riot gear, shooting rubber bullets, clashed with Occupy L.A. protesters and street artists attending a sidewalk chalk-drawing event dubbed "Free Chalk for Free Speech" as part of the monthly L.A. ArtWalk. Several injuries and 19 arrests, mostly for "vandalism." For drawing in chalk, in the rain? Overreact much?
Ah yes - using rubber bullets on protesters armed with chalk.
That's where we're at today.
And soon, the drones.