Pound getting Pounded

Don’t Do The Crime If You Can’t Pay The Fine…
With Christmas right around the corner, we should see our ponzi numbers soaring upward creating a stronger than should be USD. Since 70% of Americans are consumers, with our numbers looking better than estimated Americans are feeling the full force of commercialism and the pressure to spend. This is always good for the USD; the low cost in oil and gas are fueling the cognitive dissonance between spending and saving. Even though personally, I cannot see the greenback sailing on the way it has for another long stretch. I do see why traders are eagerly selling off the GBP with what has been taking place in the UK.
The people in the UK are appalled at the reality that the banks have been paying hundreds of millions to avoid jail time, for manipulating the market, literally robbing them blind. The Financial Conduct Authority (FCA) regulation in the UK has fined five banks so far reaching the billions for “rigging” the foreign exchange rate and more. Leading the FCA enforcement is Tracey McDermott who has now been active on campaigning the need to do something more than just fine the bankers who seem to have jail immunity. McDermott read back bank statements from 2002 all the way to 2014, so far, bankers just don’t seem to care for instance, the multinational bank Barclays was fined for “rigging” lending rates, and the next day traders manipulated the gold market. This is not really a surprise they had been accused of money laundering in 2004, and again 2009 they settled with the government for a cool $298 million, not to mention tax evasion, rate fixing, the list went on even energy manipulation, this has been going on for years and into hundreds of billions in charges, yet no jail time. The only common factor is the hundreds of millions in fines paid per charge.
Is the FCA truly relying on the banks to have a moral outlook towards the criminal acts taking place? Or will real action take place? Investors and traders get weary when money handling is exposed the way it has been in the UK, with elections taking place in May of next year we should see many other scandals and hidden truths fueling the candidates arguments trying to sway votes.
Should we be following Iran is this fight sentencing our guilty bankers to death? Instead they let the GBP die along with faith in the financial system. When you cant trust the system you invest elsewhere and where better than the USD. Don’t get me wrong I defiantly don’t think our bankers are doing anything less of the described above, but I can bet they will hide it a little better.
Blog by Fxmade2trade
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