Posted Jul 8, 2013 by Martin Armstrong
Thomas Jefferson included among the injuries inflicted by the King in the Declaration of Independence the trick of creating a multitude of agencies. He wrote:
He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
One reason the SEC and CFTC hate my guts is because I warned going back to 1985 that UNLESS they were merged, this competition among agencies would send capital offshore. The biggest hedge fund then was $100 million. They did not listen because each has their own lobbyists to perpetuate their existence. The cost to the taxpayer is huge and the competition decreases control. They have been incapable of every stopping anything right down to MF Global.
Creating a multitude of agencies defeats all democratic principles. As the AP has reported, they can shift responsibility from one agencies to another to hide evidence and to defeat even the Freedom of Information Act. The entire process is a joke. We nee smaller government with one agency not many. There were 7 agencies regulating the CDOs. They all approved them so what is achieved besides higher taxes.