Attribute to L. Neil Smith’s The Libertarian Enterprise

“A Flash in the Pan”. The quoted phrase is often misunderstood and misused. It means there's a flake of gold there in the muck, or even a small diamond. This letter of Albert’s about banking is a diamond and one of the most important pieces we've ever published.
     I suggest urgently that we re-publish it as a first page article. I would also offer Al the opportunity to “revise and extend” it, except that it’s a perfect thing of its kind.
—L. Neil Smith
Done!—Editor

Nicholas Biddle is reputed to have said, “I can destroy any business I want.” Mister Biddle was the president of the Bank of the United States and at the time was trying to show how the economic power of the BUS was vital to the survival of the US. Instead he convinced people that Andrew Jackson was right in vetoing its re-charter on the grounds that the bank was too powerful. Whether he actually said it or not, Mr. Biddle’s quote expresses why people fear a strong central bank in the US.

Lately it’s been made evident that it’s not just a central bank we need to fear. Michael Corbat, CEO of Citibank, has decided to use the power of his bank to require manufacturers and sellers of firearms to conform to his notions of “best practices” for their industry. Basically he has told them they must pretty much conform to the gun banners agenda or lose access to his company’s credit services.

For the hell of it we will concede that some gun controls are necessary and even constitutional. I’m not making this concession, but I need the rhetorical device. These controls should be imposed by an elected legislature bound by constitutional limits (I said some, not Diane Feinstein’s infamous “Mr. And Mrs. America, turn them all in.”). A banker has none. Operation Chokepoint without limit. The rights of the American people in the power of the banking industry.

And not just gun rights. How many times can you say fuck in a movie or flash a teat? Too many times for some second vice president of Citibank and you’re out of business. Sell tobacco or marijuana? Better get the president of Wells Fargo’s permission first. And remember, there is no constitutional limit on how these people use their power.

Plutocracy indeed.

Time to start moving accounts out of Citibank if possible. Refinance car and home loans with someone else. Transfer accounts to another bank, or close them. If you have a long term debt with Citi that you can’t transfer pay it off quickly. Close your revolving store credit accounts handled by Citi.

Don’t let American bankers believe they have the power or right to legislate and enforce laws.

The reason I am insistent that Citibank get its lumps over this (as in stock losing lots of value, Corbat getting tossed out) is so that the other bankers don't get the same idea. An example must be made.