In a story that sends one down the rabbit hole of international finance into the Alice in Wonderland world of the Bank for International Settlements (BIS), the gnomes of Basel said today that financial products should be treated like medicines and sold to consumers only when they are certified safe to prevent a repeat of last year’s financial meltdown.
The Reuters story, datelined June 29, Basel, Switzerland, reads like a statement from a group of pin-striped shut-ins who had recently dined on a meal of mushrooms from the American Southwest.
Positioning themselves with the U.S. FDA, one of the most detested regulatory bodies in this sector of the Galaxy, the delusional central bankers who make up the BIS are seriously proposing that they break investment products into categories, many of which would require the investor to have an authorization for purchase, like one needs a prescription to buy a drug.
Forget that the pharma-loving FDA routinely approves medicines that kill tens, no make that hundreds of thousands of Americans routinely (think Vioxx, Aventis, anti-depressants to name a few), it was the Bank for International Settlements’ destructive Mark to the Market accounting rule which brought world credit markets to their knees and precipitated the most virulent financial crisis in the planet’s history.
That they are now proposing to create and control a system of labeling financial products as toxic or “safe and effective” is not only evidence that they have fallen through Alice’s looking glass, but that they aren’t even aware that their cover is blown (see www.CrisisByDesign.com).
Bruce Wiseman copyright © 2009
