When will the corrupt financial system cause another financial collapse?

[ Conventional oil production peaked in 2005-6, so if a financial crash occurs, the net energy cliff will be much steeper on the other side, since new projects won’t get financed, and unconventional oil is very expensive to produce and will be unable to procure more loans.  This is why I’ve included finance in category Peak Oil, because oil production is not only geological.

I just can’t keep up with all the banking fraud.  Below are just a few of the 9 million google search results on “banking scandal” which can be found here, and “banking corruption” returns 48 million results

With no reform of the banking system (and Wall Street) I don’t see how we can possibly avoid a crash worse than 2008.  I was so outraged by the latest Wells Fargo scandal and the latest war on cash with negative interest rates that it’s hard to won’t happen soon (within the next 5 years).

Even if the financial system were 100% honest, conventional oil (90% of petroleum supplies) peaked in 2005, and that is why our economy stopped growing exponentially. Unconventional oil is barely filling in the gap.  When conventional oil declines more than unconventional can replace it, who will lend money that can’t possibly be paid back?  Every business depends on energy to grow.

Alice Friedemann   www.energyskeptic.com  author of “When Trucks Stop Running: Energy and the Future of Transportation”, 2015, Springer and “Crunch! Whole Grain Artisan Chips and Crackers”. Podcasts:  KunstlerCast 253, KunstlerCast278, Peak Prosperity]

2016. Real reason Wells Fargo scandal should scare you (1.5 million unauthorized Wells Fargo bank and credit card accounts created on behalf of unwitting customers by bank employees hoping to cash in on new account bonuses means fraud is systemic). cnn.com

2016. Deutsche Bank’s $10-Billion Scandal How a scheme to help Russians secretly funnel money offshore unravelled. newyorker.com

2016. Next Banking Scandal Explodes in Spain. wolfstreet.com

2016. One of the biggest scandals in Australian banking history? afr.com

2016. Anatomy of a Banking Scandal: The Keystone Bank Failure-Harbinger of the 2008 Financial Crisis.

2016. Europe’s Regulators Probe Banks as Shell Company Scandal Spreads. bloomberg.com

2016. Swiss private bank linked to Malaysia scandal. nypost.com

2016. UK Bank Scandal Costs Hit £39bn – Report. A study suggests that 60% of profit made by Britain’s biggest banks has been swallowed up to cover the cost of past mistakes. news.sky.com

2016. Big Banks Aided Firm At Center Of International Bribery Scandal. Unaoil relied on both banks as it cut deals with corrupt regimes. huffingtonpost.com

2015. Deutsche Bank to Pay $2.5 Billion Fine to Settle Rate-Rigging Case. New York Times.

2015. 3 Big Banking Scandals You Should Know About. thestreet.com

2015. Thousands protest in Moldova against $1 billion bank fraud. Reuters.com

2013 15 Recent Bank Scandals That Show Just How Powerless You Really Are. thoughtcatalog.com

2013. Another Banking Scandal. New York Times.

2012. Behind the Libor Scandal. New York Times.

2012. 10 Biggest Banking Scandals Of 2012. forbes.com

And 9 million more banking scandals (google search results) here

Consumer Financial Protection Bureau (which Republicans in Congress keep trying to shut down):

2000. Whirlwind: The Butcher Banking Scandal. amazon book

1992. U.S. House of Representatives “Rubbergate”. amazon book

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