Bart Chilton is either clueless loser or a con man.

Anyone who follows commodities has heard of Bart Chilton.  He has been an outspoken member of the lame duck CFTC for the past 6 years but he has been leaching off of the D.C. bureaucracy for 3 decades now..  He goes on and on about how the system is stacked against the enforcement officers but no sustainable progress is ever made.

Still, Mr. Chilton is now retiring after 30 years of wasting taxpayer time and money.  On his way out he wants us to know that his $200 million budget can't make any dent in the crime.  He's really upset as he now begins to collect his government pension.  Am I the only one who thinks all this is either disingenuous or clueless?

First off, if CFTC (by Mr. Chilton's own admission) is a lame duck, then we should just cancel it, shut it down and stop promising more government parasites the privilege of retiring with a fat lifetime pension that the rest of us will never see.  As an investment of taxpayer money, either the agency can pull its weight or it can't.  If it can't, WHO CARES what the excuses for failure are.  Divest of the situation and save the money.  By this logic, Chilton should have lobbied to shut the CFTC down years ago in the name of doing what's best for the taxpayer.  But of course, no bureaucrat ever cancelled his own job.  That would be too honest.  It never happens.

The important bits of that article are the author's summary:

"Chilton knows why Wall Street always seems to win. Financial-industry executives contribute more money “in every election, than any other sector, and they have made more profits in every single quarter since the fall of 2008 when many of them helped crash the economy,” he explains. “So while the rest of the nation is suffering still, and trying to get a leg up to get out of the ditch, the financial sector didn’t miss a beat.”
In case you didn’t catch Chilton’s meaning, here is the shorter version: Unless and until Wall Street’s disproportionate ability to bully Washington is curtailed, the rest of us will be held hostage to its agenda. For those interested in the fuller version, Chilton has been writing a book. Its working title: “Theft.”"

The only thing I caught from that rant was that after decades of being an ineffective, useless bureaucrat, Chilton plans to cash in yet again on a book where he writes about just how useless and ineffective his organization has been all these years.

The real take away here is that it NEVER WORKS to treat the symptoms while leaving the root cause of the disease intact.  As long as there is fractional reserve banking, the banks will always wield God-like powers over the rest of us.  You are never going to enforce them to do anything.  Thus, the enforcement becomes part of the sham, another cog in the wheel of the con game.  With government watch dogs in place we should all rest easy that fairness and light will rule the markets.  It is what they feed the patsies in order to avoid revolt.

There will never be true capitalism or true honest markets until the hyper scams of fiat currency and (even more so) fractional reserve banking are driven from our economy.  It is important to know these things so that when it all collapses we don't let the con men just re-start the con under a different name.