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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Wednesday, March 27, 2013

Goldman Sachs "Should Be Technicians and Functionaries"

Michael Clark makes some very good observations about public and private debt. The financial crisis of 2008 was caused by the fraud of the TBTF banks; hence, the solution to the financial crisis must needs be with the reforming of the banks, not the reduction of the deficit as Goldman Sachs would advise (without acknowledging their own bailout which contributed to the said deficit). 

Clark suggests that banks be treated like utilities who support the public good.
Private Debt Needs to be Destroyed Much More Than Public Debt--Private Debt is Now Being Destroyed by Selling It to the Public
By Michael Clark - Seeking Alpha
. . . .
We are heading down a long slow path of debt deflation that will peak in the year 2019. Don't listen to those who claim that only American Ingenuity and Free Unregulated Business can get America back on its feet again -- because those are the very same people who just threw America on its back, while pursuing their own economic empires -- the world be damned. There will be a time for the ideology of empire and ingenuity and entrepreneurialism again -- but not until after 2019.

We are not saints yet. Until we are all saints we need laws and police to protect decent people from the sharks who believe the world should and must be a world of shark-eat-shark only.

I will save my suggestion that American Bank reform should use the American public power utilities as a model for what banking should become in the future -- I will save this for a future article. Bankers should be technicians and functionaries who serve the public and provide guaranteed stability, not entrepreneurs, not gamblers, who can always count on public bail-outs if their gambles turn to dust. Let the capital gamblers and entrepreneurs work in non-financial industries, such as technology and weapons-production.  (My emphasis).

Read the whole article and see the chart here


shruti khare said...

yes you are right , private dept need to be flow out

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