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Jamie Dimon's Hypocrisy

John Rowland

Posted on July 28, 2019 20:40

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Jamie Dimon, CEO of the too-big-to-jail bank JP Morgan, has dismissed Bitcoin as a fraud. However, he needs to look in the mirror.

Monopoly central banks hate currency competition. So do the U.S. Treasury and mega-banks who are structurally related to them. Cryptocurrency is a competitor to normal currency.

A CNBC analyst stated the obvious this week: cash has historically been laundered and used for "illicit" and "nefarious activities"--"never involving Bitcoin." Incredibly, Treasury Secretary Steven Mnuchin actually argued, "I don't think it's been successfully done with cash."

Sounds like the Secretary's saying that Pablo Escobar was a Bitcoin junkie.

Did El Chapo use cash? How about this other Mexican drug lord?

 

source:  Joe.ie

 

That's $22 billion cash; sure looks and sounds "successful" to me.

A while back, Jamie Dimon said that cryptocurrency (Bitcoin) is only fit for use by among others . . . drug dealers. Of course, Dimon's and Mnuchin's comments are pure nonsense.

But just this month, a ship owned by JP Morgan, Dimon's bank, was busted and seized after authorities in Philadelphia found $1.3 billion of cocaine on board. That's 39,525 pounds of cocaine.

Jamie Dimon, the drug dealer. How's that for hypocrisy?

JP Morgan acquired the ship as part of its "maritime investment strategy" -- like its "strategy" of contracting with Jeffrey Epstein. But this sea vessel was purchased by using clients' Asset Management money; so if you have an account with Morgan, this is your money at work. In their eternal search for huge profit margin yields, the "big banks are increasingly linked to money laundering and drug trafficking" which involve cash, not Bitcoin.

So as if getting rid of regulations like Glass-Steagall and the allowing of OTC derivatives to be traded (with no public transparency) and the consequent banker bailouts of 10 years ago wasn't enough, we now have this.

As bad as the derivatives leverage was ten years ago, it's still as large, if not greater, today. Is the troubled Deutsche Bank the new Lehman Brothers? With $49 trillion of derivatives on its books and plenty of counter-party exposure with the big banks in the US, as Deutsche Bank's risk unwinds, these US banks will most definitely be negatively impacted.

John Rowland

Posted on July 28, 2019 20:40

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JP Morgan promotes finance chief Marianne Lake, making her a possible successor to Jamie Dimon.

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