In this video, I talk with author and economic analyst John Sneisen about an incredible new development as the big banks are getting slapped with a multi-trillion dollar litigation.
A New York federal judge appointed three law firms to lead counsels in the multi-trillion dollar suit accusing Goldman Sachs, Barclays and 18 other financial institutions of rigging markets for US government securities.
This is a massive slap in the face for the big banks, but is not surprising. The banks have been rigging markets hand in hand with the government for a long time.
Just last year, Deutsche Bank was caught alongside countless other banks in court rigging both gold markets and silver markets.
The Trump administration is filled with Goldman Sachs people much like most past presidencies. It's unlikely that this suit will be successful, but it's important for people to know about it, because it pulls together the vast rigging of markets we've been talking about for so long further into context.
This rigging is an attack on people's assets.
As John Crudele notes in his New York Post article on this story,
"I suspect there was collusion between Washington and Goldman, perhaps for noble reasons but largely to keep bond prices high and interest rates low, since the two move in opposite directions. Low rates help borrowers like the federal government and hurt savers."
Crudele goes on to say,
"As I've been saying for years, the government's and Federal Reserve's rigging of the bond market, especially during the quantitative easing period, has resulted in a secret tax on savers."
Rigging has become a regular way of life for the state and the banking system.
From entirely rigged fiat currency by the Federal Reserve forcing debt unto the populace to regulatory and tax rigging by the state, propping up massive monopolized corporations and pushing competition and small businesses out of the market. Then there's the rigging of bond markets and derivative markets by massive banking empires like Goldman Sachs, JP Morgan, Deutches Bank, HSBC, BNP Paribas, Scotia Bank and the list goes on.
