Feierstein: Systemic banking fraud means next crisis will be worse

I may have been absent that day but since when were central banks given discretion to trade and speculate to such an extreme? How effective can they be at managing the risk of others?

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The Fed's 1913 charter needs immediate, drastic revision. And a transparent independent audit is essential, to include the Fed's activities in the physical gold, swaps and derivatives markets.

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Too big to fail, jail, bail or prosecute is simply too big to exist. Unregulated, systemic banking fraud, a lack of enforcement and failure to properly manage counterparty risk will soon cause the next collapse.

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"Insanity: doing the same thing over and over again and expecting different results." Well, Einstein, here's a new theory: relatively speaking, the risk is 40% bigger than it was in 2008, bigger institutions, bigger transgressions, bigger fines. And this time, the central banks want a slice of the pie, making this an exponentially larger feeding frenzy that can only end with indigestion.