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Guest Notes From The Sales Desk - A Few Thoughts On The Occupy Wall Street Movement
Submitted by Brian Rogers of Fator Securities
A Few Thoughts On The Occupy Wall Street Movement
"The machinery by which Wall Street separates the opportunity to speculate from the unwanted returns and burdens of ownership is ingenious, precise and almost beautiful. Banks supply funds to brokers, brokers to customers, and the collateral goes back to banks in a smooth and all but automatic flow. Margins - the cash which the speculator must supply in addition to the securities to protect the loan and which he must augment if the value of the collateral securities should fall and so lower the protection they provide - are effortlessly calculated and watched. The interest rate moves quickly and easily to keep the supply of funds adjusted to the demand. Wall Street, however, has never been able to express its pride in these arrangements. They are admirable and even wonderful only in relation to the purpose they serve. The purpose is to accommodate the speculator and facilitate speculation. But the purposes cannot be admitted. If Wall Street confessed this purpose, many thousands of moral men and women would have no choice but to condemn it for nurturing an evil thing and call for reform. Margin trading must be defended not on the grounds that it efficiently and ingeniously assists the speculator, but that it encourages the extra trading which changes a thin and anemic market into a thick and healthy one. Wall Street, in these matters, is like a lovely and accomplished woman who must wear black cotton stockings, heavy woolen underwear, and parade her knowledge as a cook because, unhappily, her supreme accomplishment is as a harlot."
- The Great Crash: 1929, John Kenneth Galbraith, First Published 1955
The More Things Change…
It’s amazing to read the quote above from John Kenneth Galbraith’s great book on the stock market crash of 1929 and consider where we are today. Despite the fact that the events above happened over 80 years ago, it’s plain to see that the modus operandi of Wall Street writ large has changed little. Smoke, mirrors and heavy doses of propaganda laden obfuscation are required to keep the masses complacent and ignorant of the dangers Wall Street places on the shoulders of ordinary people. Virtually unlimited leverage for investment banks? Check. CDS markets traded over-the-counter and away from any transparent exchange? No problem. CMOs and CDOs as healthy vehicles to efficiently distribute and allocate risk? Foolproof. It all works fine until it doesn’t. Enter stage right, the crash of 2008.
The average American citizen is quickly falling behind their global peers in terms of education levels and many find the topics of economics and finance far too dense to comprehend. So it’s no small accomplishment that the enormous amount of taxpayer bailouts and Fed monetary injections have finally awoken the American middle and lower classes up to the reality of a terribly unbalanced financial system. This awakening is currently represented by the Occupy Wall Street protests. However, lest you think these protests will simply go away once winter sets in, think again. Even if the official Occupy Wall Street protest dissipates in the next few months, the word has gotten out and the message is finding an interested audience that fails to conform to traditional political boundaries.
How Occupy Wall Street Will Change Things
Suddenly, all over this country students are questioning their economics professors about the standard dogma they are being taught which is visibly failing all around them. How can the PhD.’s preparing tomorrow’s generation of finance and economic leaders continue to teach Keynesian doctrine with a straight face? How can they possibly defend the bailouts and the Fed’s enormous hand in manipulating asset prices as anything even remotely resembling capitalism?
As these students graduate and begin their own careers over the next few years (assuming they find jobs in the first place) they will enter the workforce much more aware of the slight of hand that has taken place whereby organic growth was replaced with extremely dangerous debt growth. Then they’ll stop and think about their own student loans and how the non-dischargeable nature of those loans chain them to the very system they are questioning. These students will be heavily in debt, face few good job prospects and will thus have plenty of time on their hands. Hello political volatility.
And what about the lower and middle classes? It really doesn’t matter what your political affiliation is, if you make less than some magic number defined as “rich”, say the $250k that is currently bandied about, neither political party is really working for you. Both parties have contributed wildly to the overspending that currently burdens our fiscal and monetary accounts. Both parties are deeply in bed with the banking industry. Arguing over who supports Wall Street more is simply a matter of degree. Both parties support the monetary intervention of the Fed and the inflation that has slowly rendered our country uncompetitive since 1971, a role the Fed was never originally envisioned to play.
If you’re unemployed due to your job being shipped overseas, have been kicked out of your house by a robo-signing bank, worry about the tax burden your kids will face down the road, concerned that your public or private pension will be woefully inadequate to maintain your current living standards or have mountains of non-dischargeable students loans owed to Sallie Mae, you should be paying close attention to and likely supportive of the OWS movement.
Repubs vs. Dems: A False Dichotomy
Vote Republican? The Repubs increased debt from around $5.6tr in 2000 to over $10tr by 2008. They also passed the massive social entitlement program Medicare Part D without any mechanism for actually paying the tab. The party of small government and fiscal conservatism you say? Yea, right.
Vote Democrat? The Dems supported the bailout of the banks, the funding of ruinous foreign wars started by the Repubs, the re-nomination of Ben Bernanke as the head of the Fed and appointed to the highest offices of White House influence - the very architects that helped create the global financial disaster we currently face. Summers, Geithner, Rubin and many others have had President Obama’s ear since day 1. You think those guys are advocating a solution which would see the banks actually take write-downs and losses as any other business would have to? Not likely.
Both major parties spend enormous time and money maintaining their own power bases of large, wealthy campaign contributors to try and outspend their competition in the next election. When they win, they serve their campaign contribution masters well with the hopes that this process will be rinse, wash and repeat the next time around. Both parties support no term limits. Both parties support liberal campaign finance laws. Both parties kowtow to Wall Street.
So what’s a disenfranchised, frustrated, out-of-work lower or middle class citizen to do?
Here Comes the Third (And Perhaps Even Fourth and Fifth) Party Movements
The Tea Party was the first threat to the status quo. I happened to be watching Rick Santelli’s rant on CNBC back on February 19, 2009. It was brilliant and really captured the mood of those of us who had always imagined our economy to be truly capitalistic. Instead, as soon as the uber-connected banks faced the threat of actually losing money, they called their good buddies in DC (in many cases former co-workers) and demanded a payout or else the world will end. Naturally, Congress feared the campaign contributions would end so they quickly wrote a $700bn check.
Of course the first TARP vote failed, but they needed that cover to save a bit of face. The powers that be were never too worried that they couldn’t scare the financially ignorant in Congress into coughing up some dough. Vote doesn’t pass, market tanks, many pants are wet in DC and ipso facto, the money flows. Many of us were outraged and Mr. Santelli crystallized the moment.
This led to the Tea Party. But for the status quo, the Tea Party was easy to diffuse. Sprinkle in a few right-wing ideologues spouting fire and brimstone and the mainstream voter will be justifiably turned off. The modern Tea Party, just like the one back in Boston in 1773, weren’t inspired by social issues, they were inspired by economic issues. And yet, the status quo and mainstream media has been extremely successful in painting the modern Tea Party movement as nothing more than rebellious right wing Republicans looking for something more conservative than the mother ship Republican party.
Occupy Wall Street, in my opinion, represents a refinement of the original Tea Party rant and the next political movement to be inspired since 2008. This movement represents the point where it’s no longer just financial insiders like Mr. Santelli that understand the graft and corruption that is our current system. No, this movement is solidly being peopled by folks from a broad array of life experiences, political stripes and philosophical leanings. It will be much harder for the status quo to dilute this message. Harder, but not impossible.
Phase II Coming To A City Near You
I keep thinking about Gandhi’s great quote, “First they ignore you, then they laugh at you, then they fight you, then you win.” It seems to me that we are at the end of the ‘then they laugh at you’ phase. Watching CNBC lately, the snarky comments from the talking heads have eased off quite a bit and now they are reporting live from Zuccotti Park with a more serious tone. At the same time, the city of NY seems to be reaching the end of its tolerance towards the movement.
Next step is the ‘then they fight you’ phase. This is when things will get interesting. Arrests will be made, traumatic video of cop-on-protestor violence uploaded to Youtube and people you’ve never heard of will suddenly emerge as leaders in this growing movement. How will this affect the upcoming election? It’s impossible to predict but it’s going to be interesting to watch.
The bottom line is this thing is going mainstream and although the message isn’t completely clear or concise, Americans all over the country are beginning to sense the turning point this movement represents.
2012 Presidential Election
Obama recently tried to embrace the OWS movement. I find this extremely hypocritical given his role in sustaining the very institutions the group is protesting against and his frequent trips to NY to raise some more Wall Street money for his re-election war chest.
How about the Republican candidates? Most are dismissing the protestors even though the basic premise of the movement is a more fair and balanced (pun intended) system for all Americans. After vast injections of campaign finance money, the Repubs have come to believe that the banking industry is a much better constituent than mainstream Americans. At least the banks have money to finance their campaigns. They seem happy to ignore the circular argument that the government creates money to loan to the banks at 0% so that the banks can then loan that money back to the US government with interest and virtually guaranteed capital gains and then give some of those interest payments/capital gains back to the politicians in the form of lobbying/campaign finance funds to ensure more no-cost loans and bailouts. What a beautiful business model!
Ron Paul, of course, gets the joke very well. But the media is working overtime to ignore Ron Paul at every turn lest the American public actually start to understand the logic of his positions. So as much as I’d love to see the guy win, I still think Ron Paul is a man ahead of his times. Rather than lead this movement from the front, I think it’s more likely that his philosophies will serve as the inspirational base for future leaders.
The Genie is Out of the Bottle
What eventually became the Arab Spring is spreading and quickly becoming a Western Winter. Protests in Europe and America are growing in size and intensity. Awareness of the unfair and crony-capitalistic nature of our current political/financial system is spreading. Americans of all economic, geographic, philosophic and political stripes are questioning the very foundations upon which our “prosperity” has been based for decades. Slowly they are realizing that they were always playing a rigged game that they were never designed to win. As you’d imagine, this is not sitting so well with them and some are starting to stand up and make their voice heard. Don’t think for one second that this is going to stop. Americans by the millions are losing their homes, their jobs, their savings and their futures.
In their brilliant book about the history of US generations, The Fourth Turning, William Strauss and Neil Howe called the current phase of history we are passing through as a ‘Fourth Turning’. Their characterization of this phase is as follows,
“A CRISIS arises in response to sudden threats that previously would have been ignored or deferred, but which are now perceived as dire. Great worldly perils boil off the clutter and complexity of life, leaving behind one simple imperative: The society must prevail. This requires a solid public consensus, aggressive institutions, and personal sacrifice.” -The Fourth Turning, Strauss and Howe, 1999
Whether the protestors realize it or not, their role in history is an important and necessary one. They are shining a disinfecting light on much of what is wrong with our current economic/political model. Major changes are coming, many of which would have seemed unimaginable only a few years ago. Class warfare, generational warfare and perhaps even military warfare are coming next. As extreme as these views might seem, just study history a bit and you will see that every great empire falls this way. We will be no different. And when it’s all said and done, a straight line will be drawn from Rick Santelli’s rant, to Zuccotti Park to whatever comes next. Eventually a more vibrant, dynamic America will emerge from this chaos and pain. But that’s the ‘then you win’ phase. And we ain’t there yet.
Cheers,
Brian
* Fator Securities LLC, Member FINRA/SIPC, is a U.S. entity and a member of the Fator group of companies in Brazil. The comments below are from Brian Rogers, who is employed by Fator Securities (Brian’s opinions are his own and do not constitute the opinions of Fator Securities or the Fator group of companies).
Fator Securities LLC is not affiliated with Zero Hedge or any third party mentioned in this communication; nor is Fator Securities LLC responsible for content on third party websites referred to in this communication.
This material was not prepared by Fator Securities LLC. U.S. Persons seeking further information must contact Fator Securities LLC in New York at (646) 205-1160. This material shall not constitute an offer to sell or the solicitation of any offer to buy (may only be made at the time qualified participants are in receipt of the requisite documentation, e.g., confidential private offering memorandum describing the offering, related subscription agreement, etc.). Securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful or until all applicable regulatory or legal requirements of such jurisdictions have been satisfied. This material is not intended for general public use or distribution and is intended for distribution only to appropriate investors. The opinions contained herein are based on personal judgments and estimates and are, therefore, subject to revision. Past performances are not indicative of future results.
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Copy and paste. How original.
Not to be missed! -----
http://markmaynard.com/?p=15859
Glenn Beck vs. Jeffrey Sachs on Occupy Wall Street
ALSO: "I am not moving!" video at this link:
http://markmaynard.com/?p=15893
..... the words of hypocritical rightwing scumbags Obama and Hillary, interpolated with ugly scenes from OWS street events. Priceless!
glen beck is obviously a nazi moron, paid well to
his personal benefit no doubt, with a sycophant
imbecile in tow. good entertainment for morons.
hallelujah. go team ameri kkk a .
The weather is against OWS, the winter is on the way.
Sadly true. I expect they will remain connected by social media though. Every new unemployed graduate/worker and dropout is a potential new recruit and it looks like there will be a lot of new potential recruits soon. They will be back and bigger.
Yes, when spring comes, the movement will be back and larger, because we will be in great depression.
"These are the times that try men's souls..."
I'm a'bettin' that this crowd won't hack it.
But that isn't the end of it...
- Ned
duh!
Great article, Tyler...
Join the BE Party! Let’s get this party started!
Become part of the BE party movement to: Benefit Everyone!
The foundation of the party is based on the following:
Benefit Everyone! (BE) BE Party born on date: 02-23-11
* Be Patriotic
* Be Compassionate
* Be Ethical
* Be Smart
* Be Prudent
* Be Proactive
* Be Productive
* Be Fearless
* Be for the people, of the people, by the people
* Be respectful of the Constitution
* Be secular, multi-cultural, and non-partisan
* Be against unnecessary wars
* Be watchful/aware of Bankster & Wall Street fraud & influence
* Be watchful of the military industrial & prison industrial complex
* Be watchful of pharmaceutical/medical complex influence
* Be aware of peak oil (hear now)
* Be aware of peak food (coming)
* Be supportive of local manufacturing and alternative energy
* Be active in restoring a sound currency (% backed by gold/silver)
* Be skeptical of free trade. INSIST on FAIR trade
* Be supportive of quality of life (jobs, schools, healthy food)
* Be supportive of removing the unregulated money influencing and buying elections.
* Become an inclusive national party representing the best interests of the entire country.
Doing these things (other solid ideas welcome) will benefit everyone, with the exception of the criminal capitalists that are doing their best to keep people down.
Benefit Everyone! And BE! Become part of the BE party movement.
Suggested candidates for 2012 Presidential Elections, are:
For President: Mr. Russ Feingold / For Vice President: Mr. Howard Dean
Did tea parties spring up all over the world. In less than 30 days OWS has become global. Next stop--occupy the space station. http://youtu.be/C6zRVWH9Vtw
Flash in the pan. No staying power. End.
The TEA partiers recognized early on that our elected officials no longer see themselves as public servants, but as public masters, and comparisons have been made between the flea party and the TEA party. I find that most of these comparisons fail to factor in a critical variable, and that is the media's lack of factual and frequent reporting of TEA party size and demographics as well as message. The comparisons made by most are subjective at best. Whilst I still support the original premise of OWS, the recent jumping in of a whole slew of what I deem as questionable or undesirable elements, unions, media, and other socialist/liberals have me taking to a step back and watch position.
The words of Twain come to mind, "when you find yourself on the side of the majority, it's time to pause and reflect..."
WOW.....
10,000 READS....
FBI
CIA
Pentagon
White House.
Jamie Demon
Rothschilds.
Rockefellers.
They are all paying attention.
Blythe Masters.
where the enemy? oh, right here.
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/10/8_H...
.
Harry M. Markopolos
Saturday, October 8, 2011
Is a rise of the proletariat a Marxist movement? Of course it is-- Marx wrote the book. Is the OWS a Marxist movement-- you better hope it is--because then it will be debated on philosophical grounds and hopefully be organized and have a goal and rules. If on the other hand (and this is what I fear) it is chaos of a Madam Mao bent then all is lost as the elements will destroy, burn and pillage civilization on a level not seen in modern history. Little Red Book anyone?
Marxist philosophy has never led, nor can it ever lead to, anything good.
All of your posts mention something about Marx. I think you are a closet Marxist.
Dope.
Since you mention the book "The Fourth Turning" in your blog, I can't resist but to post http://petersavich.com/Duck/Analysis/PVC/pvc.php This is a page written by Peter Savich, where he predicts what is going on now to start around 2005. It's a bit late, but predicting when things will happen is even harder than predictiing what will happen. Peter also talks about "The Fourth Turning" on his pages.
The day I read Peter's page about 6 months ago, I knew it was correct. So many things have been like that for me in the past 7 months. Ideas I'd never thought of before, but as soon as I heard them, they made perfect sense. The first was a sign at the Egypt protests. It said, "US, Why do you support a dictator?" And, I thought, "yeah, why do we support dictators?" And, my illusions were shattered upon reading that sign.
Anyway, I'm glad the OWS protesters are there. It has been an isolating 7 months for me, where it seemed I had the glasses from "They Live" on and hardly anyone else did. It is a relief to see more people seeing.
I don't agree with most of the OWS crowd but it does seem to be spreading. My mom even sent me an article from my old local newspaper in a small, sleepy, collegetown and they have had massive protests with hundreds of people (not just students) in attendance.
Even saw an End the Fed sign. Maybe there is hope.
http://www.slate.com/articles/news_and_politics/the_best_policy/2011/10/...
Occupy Wall Street Has Already Won
How the movement has already shaken up American politics, and where it should go from here.
By Eliot Spitzer | Posted Thursday, Oct. 13, 2011
Occupy Wall Street has already won, perhaps not the victory most of its participants want, but a momentous victory nonetheless. It has already altered our political debate, changed the agenda, shifted the discussion in newspapers, on cable TV, and even around the water cooler. And that is wonderful.
Suddenly, the issues of equity, fairness, justice, income distribution, and accountability for the economic cataclysm–issues all but ignored for a generation—are front and center. We have moved beyond the one-dimensional conversation about how much and where to cut the deficit. Questions more central to the social fabric of our nation have returned to the heart of the political debate. By forcing this new discussion, OWS has made most of the other participants in our politics — who either didn’t want to have this conversation or weren’t able to make it happen — look pretty small.... snip
Seeing all the negative ratings on common-sense posts, it seems OWS is now occupying Zero Hedge as well. The author of this article is obviously succumbing to the "see what you desire not what really is" syndrome. I understand the desire for many left-libertarians to foist their version of reality upon the OWS crowd, but the vast majority of protesters are just looking for a handout. The vast majority want straight up soviet style communism, not a classically liberal system that is more free. Sprinkle in some drug addicts and anti-semmites and you end up with 95% of the OWS crowd (from what I can tell). I keep hoping that the 5% of them that actually understand economics, understand the political corruption, and do not worship Obama every day, will rest control of OWS and come up with some actionable plans to either tear down or reform (at least parts) of the unfair "system".
Let the negative ratings begin!
These OWS folks seem to represent the 47% that don't pay taxes, yet tax the entitlement system to the point of non-sustainability. As I see it, that still leaves me in the majority: the remaining 52%. I don't think their claim of being the "99%" is completely accurate.
I read a posted comment on ZH about a student that took out a loan to study Spanish in Spain. Then bemoaned the lack of jobs and the fact that she could not pay back her suffocating student loan payments. She was making real plans to default on her loans and leave the States. WTF? An intelligent free-market approach would have been to do a cost-basis analysis on her fiinanced education and the kind of salaried job that would support it. Further adjustments, if needed, could have been to tighten her belt a little, maybe eat ramen noodles twice a week and live in a cheap apartment with a roomate or two to split the bills. But, no, she went to Spain instead. Real Spartan existence, I'm sure. Now, for her, the flamenco music (and flowing Spanish wine, paella, tapas, attention from robusto, dark and handsome Spanish males) has stopped. Jeez, who would have thought that so many people could speak two languages? That must have been a real suprise to her. I wonder if she is an OWSr now?
As I have said before, there are whiney, selfish, disallusioned mis-led young idiots that make up most of this movement. The remaining part of this movement is organizers and political-types, union organizers, etc that have manufactured this in response to the tea party and to distract the nation from Obama's failed administrative policies. Whether or not the administration is invlved is yet to be determined.
And, although I support and sympathize with the tea party, I do not identify myself with it. So, consider this before you hurl your personal, emotionally charged attacks at me. If you need an angle, I like the Georgia Bulldogs...
SP500 / DOW daily charts remain choppy but bullish.
A reminder that SP500 / DOW weekly indicators now give bullish warning. If confirmed, it suggests significant equity rally this year.
Importantly, monthly charts remain bearish.
http://stockmarket618.wordpress.com
Here Comes the Third (And Perhaps Even Fourth and Fifth) Party Movements
HA!! Here comes the next $850 billion bailout so Oblahblah can get a few more votes. Again (ad nauseum), the bankers won't pay, the burden will fall on the working class.
BB,
Hey man, just chant "Marxists suck" 1000 times and maybe you'll get it out of your system.
BB,
Hey man, just chant "Marxists suck" 1000 times and maybe you'll get it out of your system.
I think the baby boom dynamic has important effects.
Born in the right time at the right place, this huge voting and consuming block forced house prices up as on average most in this huge group had better opportunities to earn more money all at the same time.
With the "liberty" aspects of this group, politically it was a case of more freedom, more liberty, more consumption and fewer restrictions. Initally this all worked economically, however the consumption, the entitlements and the liberties got out of hand and became uneconomic.
Consider, to get more consumption, you need more debt and lower prices, to get lower prices you need to drive down wages and ultimately this has led to jobs being offshored. This worked for those boomers who were more senior or in managerial positions. The cost of this has been lesser wages, benefits or job opportunities for young people. You can see in the media every time jobs go off shore, but how can you tell the opportunties that could have come to a western country that instead go east. Another aspecft is taxation needed to increase for government debt burden. Again boomer voting blocks pass this on to other groups.
Now, this dynamic is breaking down. Boomers themselves are threatened in the job market as some industries disappear off shore entirely. Benefits are in the process of being cut for everyone, not just youngers and tax has to go up even further. As boomers age, they are still a key voting block. The real issue though is that as a voting block they are nolonger hegemon, and it will get worse every year. In the jobs market, boomer participation is on a share declining trend from here on in.
What does this mean ? For a start, that dream to downsize the boomer home to a smaller retirement home and pocket cash is now over. There is no-one in the following generations who can afford the wealth transfer required to enable this to happen.
Second,with the decline of the voting hegenemy new politics is arriving. TEA party and OWS in the US, and VALUES based politics in the UK (all major party groups) is now on the agenda. This is gping to challenge key boomer ideals
* That the consumer is king in the economy. Young people want a producer exconomy and if you are at the end of your working life, this is a negative change. Better for boomers near retirement to have a consumer economy where goods and services are dirt cheap because you have paid your house and have a pension plan. Politically the consumer exconomy is now DEAD.
* Freedoms backed in civil rights laws are extremely expensive to implement for government. Litigation costs kill small businesses, so expect a more simple "rough and ready" approach to laws backing liberties and a suppression of litigation in the general public arena
* Values based politics wil will promote stability of society - this wll be about tackling crime (getting worse) and family (needed to replace dwindling government). More community solutions on the one hand, and more JUDGEMENT of no contributors on the other.
* Finally, government will be getting smaller. Either to pay debts or because it goes bankrupt. Most government services are geared to boomers, so it will be the boomers that get hit.
This is the ECONOMICS which will dictate the politics. For the boomers, what the economy gave in the early part of your lives (for little addional efforts) will now be taken off you in the latter part. The reason for this is that the economics of the boomer gernation is unstainable due to more claims on wealth than there is wealth to go around. The mechanism will be inflation.
The politics of this is that the boomer gerneration will have to explain why they get to have things that others in yonger genrations can't seem to achieve. You might think you have paid in, worked hard and taken your opportumties but when you then cap it off to the newly qualified graduate (and many boomers did not need degrees to succeed) who has a mountain of college debt and no job offer that they should pay more tax to fund your benefits they themselves won't get one look at their face provide all the politcal explaination of what is going to happen next will precision and clarity.
And one final thing - the consumption generation - the boomer generation - is the generation that built an economy out of debt rather than savings. This provided the rocket fuel for the banksters and corporate cronies to control everything.
I should have added another economic point. Interest rates will be staying low as governments need to reduce interest payments on national debts. Even if there is inflation - another economic negative for Boomers - big point I should have added - MAJOR politics around this point.
Jim Rickards - Who’s the Sucker at the Global Gold Poker Table?
"When asked how those officials from the Middle-Eastern countries view paper money, Rickards responded":
“Well, the way I would put it, Eric, it is a joke, but they are in on the joke. They understand the vulnerability of it. They understand the gaming of it and the way paper money is used to transfer wealth from people who don’t really understand it to those who do and are in a position to manipulate it."
- Jim Rickards, via a recent King World News Interview:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/10/8_Ji...