In four words: The Federal Reserve System.
Established by Congress, it's a hybrid entity with the Chair and Board of Governors appointed by the President. However, the twelve regional Fed chairs are selected by nationally-chartered commercial banks who hold stock in those banks.
In short, The Fed is, from the get-go, in a self-evident conflict of interest: it caters monetary policy in its constituent members' best interest. In English, it fashions monetary policy so as not to go against the financial interests of commercial, money-center and investment banks. Voilà!
That's why its members can -- and literally do -- get away with financial murder. Greed is their only game and derivatives is their chosen instrument to maximize ill gotten gains. In short, they're quite deliberately out to break the law, to game the system, to insure maximum profits for themselves and their shareholders, period.
And surprise, surprise, it wouldn't look good to send the top brass from member banks right into the slammer. So, no one heading these companies goes to jail, not in 2008 and certainly not now.
The Fed is the dutiful slave of its regional stockholders: namely, banks such as Citibank, JPMorgan Chase, Morgan Stanley, Goldman Sachs, Bank of New York Mellon, and the topper, foreign bank entities such as HSBC, Deutsche Bank, Mizuho and Industrial & Commercial Bank of China.
That means the fix is in for the average American as we head down the road to a monster Depression, that will make 1929 look like a warmup. Crony capitalism is the state religion and individual Americans are its mostly silent and ever compliant suckers. All they have to say to people is, Enjoy The Ride!
Meanwhile, they and their ilk become filthy rich on the backs of your average Joe and Jane. That must truly be what Trump meant when he said he'd Make America Great Again. Right.
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