Systemic Incompetence: As One JPMorgan Trader Sold Risky Contracts (Gambling Bets), Another One Bought Them
We’ve been on this monopoly thing since starting this blog. I’m not going to rehash it, but as I noted seven years ago, there is some substantial argument to be made that the Great Depression was substantially caused by monopoly. Our country is dominated by monopoly and oligopoly in every single business segment.
JP Morgan is clearly an unmanageable firm. As someone who has managed a $40 million business segment, I can assure you, there is absolutely no way anyone can manage fifty, one hundred, two hundred or three hundred thousand people or any business associated with that many employees. Jamie Dimon isn’t managing anything other than his ego.
Dimon is clearly motivated by control. Power. More. And, all of it he can possibly get. Remember, the human mind has only two intents – to seek truth or to control. Dimon went out and bought bank after bank after bank to build his own personal empire. He didn’t do that to serve our nation -truth. He did that for one reason - his own demons that drive him to control more and more and more. Once you understand this, you can appreciate that if Dimon thought he could take over the world’s entire banking system, he would most certainly try to do so and he would believe it is within his right and his abilities. Jamie Dimon doesn’t give a shit about you or democracy. If he did, he wouldn’t be out to create his own empire. Make no mistake, Dimon doesn’t run a business. He rules an empire. And, he does so ruthlessly. That includes using the force of the state to maintain his empire. This is not a person who seeks truth. Who exhibits leadership qualities. This is not someone who exhibits the qualities of public service granted over a large segment of our democracy’s capital. This is a person who seeks control. Power. More. And we know that the only way to maintain any empire or any control is through force and violence. Monopoly and oligopoly is achieved only through force and violence. Force and violence are simply manifestations of control.
I can assure anyone without any doubts that were Dimon and JP Morgan have to compete on a level playing field with the same economic rules and the same access to society’s capital, his firm would collapse. Empire is always incompetent, bumbling and feeble. Empire, be it JP Morgan or any other economic empire only survives through the force of the state as I noted in my gaming theory post regarding the future of countless corporations in this country.
Dimon pays himself $23 million a year to run his empire. That money is your money. Banking profits are a tax. Taxes destroy wealth and capital creation. He takes that money from our citizens and does so through the force of a state-mandated tax that pays his salary. We can either fix the economy or it will fix itself. That includes dismantling firms like JP Morgan who use force and control to subvert truth to maintain their existence.
The United States uses major corporations to project its hegemony around the world financially, militarily and economically. Massive corporations are creatures of the state and reflect the values of the state – violence and force. The bigger they are, the harder they fall. All empire eventually collapses.
Capitalism is not democracy. If capitalism or any economic model is not regulated to serve democracy, then our society is doomed to slavery and servitude of our corporate or economic masters. To the violence of corporate empire and control. Bush, Clinton, Obama…. they all serve their corporate masters over democracy by allowing this dynamic to continue. They do so because it serves the values and desires of the state.
JP Morgan is clearly a systemically-incompetent enterprise that only exists because of brute force.
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