Lawsuit Reveals Big Bank Conspiracy to Rig Global Gold Markets

Written by Chris “Kikila” Perrin at undergroundreporter.org

New York, NY — Considering most western economies are driven by abstracts, the news this week that a group of banks have been conspiring to manipulate gold and silver prices internationally is only somewhat shocking. What is perhaps even less surprising, given this news, is that large, multinational banks have continued rigging a system in their own favor since the economic collapse of 2008.

Deutsche Bank AG, one of Germany’s most profitable banks, settled U.S. lawsuits this week that focused on the bank’s involvement in the manipulation of gold and silver prices on international markets. Part of the deal was the naming of co-conspirators, which representatives from the bank happily did. The implication that there were co-conspirators is rather immense, and the span of this conspiracy has deep implications.

Among those banks named in the Deutsche Bank settlement were: Canada’s Bank of Nova Scotia, the U.K.’s Barclays and HSBC, and France’s Société Générale.

The list of those banks under investigation by the Department of Justice, however, is not limited to those named by Deutsche Bank. Several American banks have also been under investigation by the U.S. Dept. of Justice since as early as last year in what is beingcalled “The London Gold Fix.”

The direct effect this influence of gold and silver prices has on our economies is, like everything else economic, nuanced and confusing. One of the clearest ways control over the price of precious metals like gold can impact an economy is through its influence on interest rates. Since the economic system is woven together like a spider web, changes in interest rates can have a systemic effect across the entire web. The economic collapse of 2008 is a very real example of this. Unfortunately, this is not the most disheartening aspect of this Gold Fix revelation.

Banks have been playing with people’s lives for generations. Again, what happened in 2008 is potentially one of the clearest examples of how corrupt and illegal abstracts can have real-life consequences, many of which have been long-term. Unfortunately, with so few bankers having spent any time in jail for the 2008 collapse, and the willingness of government to bail out the banks while more and more people went homeless as a result, the depth of this new conspiracy is also, like the economy, in the nuances.

Revelations like these, despite the lawsuits being filed and settled, is a sad indicator that the banks still don’t care about people. That this week’s Deutsche Bank AG settlement, once again, sees not one banker heading to jail is also a sad indicator of government complicity.

Perhaps the idea of exponential growth and multi-national banks is playing out in the only way that it ever could: against us. To find real solutions to issues like bank corruption and government collaboration is to stop being so complacent with a corrupt system that is designed to work against us.

Microfinance, on a local scale, can potentially lead to less corruption in multi-national banks. With no money to play with, and no one ever trying to purchase gold on the international market, the corruption of mega- and multi-national banks will be limited, and they will only be harming themselves.

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