American taxpayers are delighted to learn the regulator of the banking industry, of corporations, and of much of the economy, has so much to do that they decided to write an entire book on bitcoin to say no to yet another ETF application.
Excited at the opportunity to repeat for the 100th time what was said in previous rejected applications, Jill Peterson, Assistant Secretary at the Securities and Exchanges Commission (SEC), took the time to draft 112 pages in what must have taken at least six months to create.
Learning not from the efficiency of private enterprise where, for example, we copy paste news articles which still are extremely timely, new, and accurate, and make a very important point, SEC apparently thought it not fit to just use a template.
Instead, excited at the opportunity of coming with new ways to say the same thing, some overpaid regulator has spent months to tell us nothing.
That’s while Initial Public Offerings (IPOs) go down the drain, Congress asks them to deliver reports on reforms, monopoly practices are rampant, the US economy is barley growing in real terms when accounting for inflation, start-ups feel chocked under red tape and investment prohibitions, and there’s a chill in the blockchain space due to this regulator telling all they won’t innovate for “us.”
Us being the public that foolishly pays these bureaucrats to write these stupid books which no one will ever read because it says nothing any more different than what it said in the first ETF rejection.
It keeps them busy however because obviously they have nothing else to do. SEC chair Jay Clayton, whose wife is a Goldman Sachs banker, has said nothing needs changing. All is working fine. The banking industry is working fine. The corporate monopolies are working fine. All is great.
Well as Clayton himself said, then something better not go wrong because that book might be thrown at their faces when people demand accountability when they realize they live under corporatism with their handsomely paid civil servants finding joy at slapping them because SEC clearly feels it has a higher duty to banks than the public.
Banks which stand accused over and over again of manipulating all commodities, banks which have admitted such manipulation, which are found guilty by courts of it, and which are given less than a slap on the wrist.
For banks and the rich, however, there are different rules because they are actually the real ones that pay these “regulators” with cushy jobs of millions a year salary once they do their dirty bidding of either turning their eyes away or writing stupid books.
Then they wonder why people elected Trump. Because he promised them to put an end to this stuff, to drain the swamp, but that he lied maybe shouldn’t be too much of a surprise.
Trump owned billions to banks. He clearly is indebted to them emotionally, if not financially. He gave them Clayton in what must be the biggest reward for the banking industry since the trillions they stole from ordinary citizens in 2008.
Yet as all this has become clear for some time, the blame is perhaps not this corrupt swamp, but bitcoiners that keep asking them to say no over and over again when there are plenty more jurisdictions, especially in Europe, which may well say yes.
Germany has stock exchanges too. Paris is cheerleading this space and yes they too have a stock market. London might now be suspected of having bankers overtly take control of the government too, but there’s always Switzerland.
So let them write books. Go Europa.
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