As another earnings season began to unfold this past week, along came news of the demise of one of the premiere private banksters to have ever lived. Although, I have my doubts that he will be the last. Yes, that’s right, at the ripe age of 82, Mr. Bernie Madoff met his maker on Wednesday, April 14, 2021, hunkered in his fortress of imprisoned solitude.
The ongoing narrative is that he was convicted of running the largest known Ponzi scheme in history. Here too, I have my doubts. Not doubts that he was running a Ponzi scheme. I think there can be little doubt of that as he himself eventually admitted to as much.
No. My doubts are enshrined more so in the “largest known” aspect of the narrative. I believe there exist larger ones still, most are likely unknown right now but a select few are most definitely known.
But worry not, I’m not interested on converging onto the edge of the conspiratorial right now.
Instead, in reading about Bernie’s passing, I came across an interesting tidbit about his career in the article I read at Investing.com. (1)
Firstly, the article makes a note about the U.S. SEC and its handling of the years’ long scheme.
“The fraud exposed holes at the U.S. Securities and Exchange Commission, which through incompetence or neglect botched a half-dozen examinations.”
It’s been clear for years that the SEC may have been on to him but failed to put an end to the multi-billion dollar charade and gratuitous transfer of wealth.
What really made me chuckle was this quote from Madoff himself:
“There were several times that I met with the SEC and thought, ‘They got me’…”
I can only imagine the first meeting or two with SEC agents, with Madoff thinking his goose was cooked, only to see the agents turn around, leave his office and be of little further nuisance for a while longer, thus emboldening the topnotch fraudster with each passing uneventful meeting.
What gets me going, as should be of little surprise to long time listeners, is how regulators and commissions such as the SEC are sold to the general population as the ultimate protectors of the “little guy” and yet they could only bring down this behemothic scheme once Madoff’s two sons revealed their father’s crimes, although they miraculously weren’t involved, which begs the question, how long did they even know about the scheme without saying anything?
But that’s beside the point. Instead, the point is that even with billions upon billions of dollar spent on arming the SEC with the tools and manpower to bring down any activity harmful to the general public, they weren’t able to bring this man down without information from the inside. Wouldn’t it have just been cheaper for society if the two sons had just come out in public and informed everyone what was going on? Sure, I grant it would have still been painful for those defrauded, but no more painful than with the SEC’s so called “help”. Would the billions sent to the SEC not have been better spent elsewhere?
I just don’t understand why we’re made to tremble at the thought and mention of the SEC and yet they can’t or won’t do their mandated job of bringing these big problems down. Instead, they focus their manpower on the small and easy pickings in the crowd which yes, should also be exposed for what they are. But those small and easy pickings should be easy enough for any regular John or Jane to eventually unravel themselves.
In any case, I also fully recognize the target I’m painting on my own back, in making comments about such entities. But for anyone who knows my true character, swindling and hucksterism is the furthest traits from my blood. I wouldn’t be able to sell expired milk, whether or not it’s still safe to drink, to a thirsty and malnourished person without instantly breaking down. So, know that in case I’m ever one of the “easy pickings” hauled off in front of a commission or panel or such.
But anyways, let's make this post a double-header as I found another interesting story hit the wires with potential ramifications on another bankster cabal.
The Gold Anti-Trust Action Committee uncovered a short video interview of Hugo Salinas Price of the Mexican Civic Association for Silver, whereby he “describes a plan by which the Mexican government could effectively remonetize silver and bypass the longstanding opposition of the country’s central bank.” (2)
Putting aside any investment effects on such a move, in the spirit of robust economic policy and sound money, I find this insight very interesting and inspiring.
Moving away from a central bank instituted and controlled fiat monetary system will seem daunting and impossible but cracks are showing in their façade, as cryptocurrency is bringing forth a reality more and more people are waking up to, which in turn also brings a healthier understanding of gold and silver as monetary forms.
Of course, it takes courage to stand up against the mainstream doctrine of fiat money. But as with any progress or change or revolution, it takes only one and if there’s enough strength in those sitting silently waiting for a spark, anything is possible.
And I think that is the positive ending we need to close off with here. The knowing that change and improvement, whether on a global scale or at one’s home base, is possible. But it takes the proper mindset and the courage to stand up against the constant barrage of what is deemed “normal”.
Let us not forget the trials and tribulations of people such a Galileo. At a time where the going acceptable doctrine was that Earth was the center of the universe, he dared stand up and take the years of onslaught and humiliation to say no, such is not true. The reality is different.
Today, we need someone to standup, even if a government such as the one in Mexico, and say no, fiat money is not the answer to our economic woes, all the while knowing full well that the ensuing blowback of popular opinion and dogma will be of Herculean force that must be withstood.
As the short piece notes:
“…the complaint is even more compelling against the Mexican central bank, insofar as the country rests on enormous resources of silver and gold and, without monetizing them, is another rich country insisting on being poor.”
Indeed, how much longer will legions of countries and individuals be left to live in squaller before the current reality unravels?
But, what do I know? I’m a mere ranting Recovering Bankster mortal.