Michael Krieger Explains Why It Takes Only 5 Minutes
From Michael Krieger
Power concedes nothing without a demand. It never has, and it never will.
- Frederick Douglass
Fairly quickly, Corzine accumulated a massive net long sovereign debt position that eventually totaled $6.3 billion, or five times the company's tangible common equity as of the end of its fiscal second quarter. I'm told Corzine's move was highly controversial within the firm. But no one overruled him, maybe because after all, he was Jon Corzine. In a mark of just how much Corzine mattered to the market, in early August, MF Global filed a preliminary prospectus for a bond deal, in which the firm promised to pay investors an extra 1 percent if Corzine was appointed to a "federal position by the President of the United States" and left MF Global.
– Did accounting help sink MF Global?
It Takes 5 Minutes
Alright I am going to kick things off with Europe and get that out of the way as quickly as possible. Nothing has changed and absolutely nothing has been accomplished. There is no “solution” to the crisis that will not result in massive pain, confusion and wealth decimation. The reason is patently obvious. At least half the continent is completely and helplessly bankrupt. There are only two outcomes to the entire situation. Either the sovereign debts are written off aggressively and the banking system declared insolvent and restructured or the ECB decides to turn on those printing presses to the tune of trillions and destroys the purchasing power of the union in Zimbabwe-like fashion. People will read this and think I am exaggerating . The phrase “it takes 5 minutes” keeps running through my head because all it takes is a small amount of time to see the situation for what it is. I am not that smart. This is obvious. The scary thing is that it is abundantly clear that the vast majority of U.S. investors have not bothered to take the 5 minutes necessary to understand how extreme and binary the outcomes to all this is. Their clients will suffer massively in the months and years ahead as a result of their laziness and lack of macro curiosity.
Remember, there is a very good reason that no “definitive solution” has been announced. There is none. What the Eurocrats are trying to do is pretend that lifelines to bankrupt nations will be enough to tide them over until strong growth allows them to wiggle out of the problems. This has already been proven a failure after they tried it last year as Greece is now worse than ever. So there are two choices and no one can be totally certain which outcome it will be but either one will result in massive wealth destruction. The first choice is the one I prefer (hard defaults and a declaration of insolvency of the banking system followed by restructuring) because it will place the majority of the losses and pain on the elites that led us to this ruin and who own most of the financial assets in the world. The second option (massive inflation and loss of purchasing power) will kill the poor and middle classes as well as the wealthy but financially illiterate. The ruling oligarchs will be fine (until the masses come for their heads) as they understand what they are doing and will move to protect their assets. Since the same criminal, crooked and morally bankrupt financial oligarchy is still pulling the strings worldwide you have to assume they will opt for choice number two, although unforeseen social and political events could throw a wrench into their twisted plans. Gold is the only asset that should outperform in either scenario.
Before I leave Europe, there is a must read article posted this week on Zerohedge that everyone needs to read and understand. http://www.zerohedge.com/news/how-us-banks-are-lying-about-their-europea...
MF Global
What is there to say about this debacle that hasn’t been said already. The main point I want to make is that the collapse of this firm and its crony capitalist CEO Jon Corzine fits in perfectly to one of my overriding themes regarding the current fourth turning we find ourselves in. Namely, that the celebrated elites and “financial wizards” will be disrobed, disgraced and proven once and for all to be the frauds they always were. If nothing else, the story of MF Global should make it crystal clear to all observers that the biggest problem the world faces today comes back to a small cadre of financial engineering misfits that continue to be recycled all over the world’s positions of power. Most of them have Goldman on their resume or at the least JP Morgan. I just find this hilarious considering that I don’t think the clowns at any of these banks could make a dime without government help. When I write this I do not mean to insult individual rank and file people at these firms because I happen to know some of them to be capable and decent; however, come on guys. How can you feel good about your paycheck or trades when you are just a ward of the state that in reality owns you souls. Let’s see how you do without the government backstop. We just saw how Corzine did.
So Corzine was as “insider” as you get and he blew his firm to smithereens because he made the mistake of working at a firm that was allowed to fail. He represents everything that is ruining America today. Guys like him are everywhere and their reputations and firms will all be plunging into the ground over the next several years. The best part about this whole story is how Corzine was apparently being considered for Treasury Secretary of the United States. I mean this doesn’t surprise me at all, but it should be a warning to everyone around the world that it is people exactly like Corzine that make all the important decisions in the world today. While it takes a long time to run entire nation-states into the ground don’t you worry they are working hard and are well on their way. You’ve got to read this gem http://mobile.gothamist.com/2011/07/05/corzine_to_obama_if_i_raise_enoug...
The State of the Union (and Financial Markets)
The one thing I feel more confident in than anything else right now is that the U.S. consumer is about to roll over. The most interesting dichotomy lately has been the extremely depressed consumer confidence numbers (and falling) coupled with resilient consumer spending. I believe this is about to reconcile itself via much lower rates of consumption. Let’s start off with today’s Bloomberg Consumer Comfort reading.
Bloomberg Consumer Comfort Reading 10 Year Chart
This chart tells us two things. First the number was the second lowest on record. People aren’t lying on these surveys. They are being screwed and they know it. The second observation is that it is clear there is basically no bounce since the recession supposedly ended. Why? Because we are in a depression. Sadly, it is a depression in which Central Bankers are doing everything in their power to transfer more and more purchasing power to the elite financial oligarchs that already own everything via money printing.
Despite the horrific consumer confidence numbers and the recent stats showing a new food stamp participation record in the United States where we have about 15% of citizens needing government assistance to survive, spending has held up pretty well. How has this happened? Well, it seems the main reason is a decline in the savings rate.
U.S. Personal Savings as a % of Disposable Income 10 Year Chart
Ok, so what we see is that as confidence has dropped so has the savings rate as people scramble to maintain some semblance of a lifestyle that is gone forever. Many will point to this and say, well look at the 2005 period where savings went even further south and kept the economy afloat. Why can’t this happen again? There are two reasons I think it won’t. The main one is that in 2005 housing prices will still at their peaks and people thought they were much wealthier than they were due to these “assets.” As a result, they were willing to dip into their savings. That is not the case today and therefore I think people will only dip so far into their savings. I think people are right here right now about to cut back. The other reason relates to commodity prices. Although the important ones have all have all shown large year-over-year increases, they have been more or less flat sequentially as of late. I believe that is about to change and if the governments of the world continue to prop things up and sustain unsustainable consumption we will see oil and other commodities make another meaningful move higher in the months ahead. Since I think a large percentage of U.S. investors are totally clueless about the real state of inflation and the consumer, once spending starts to get cutback it will catch markets completely flatfooted. I think this is a near-term event. As always, we shall see.
Peace and wisdom,
Mike
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wonder if retail will rollover
cnbc avoiding the less than stellar #s on retailers this morning
motown
http://www.reuters.com/article/2011/11/03/us-detroit-financial-manager-i...
Last night this conversation between Obama, Geitner and Bernanke was recorded in the Oval Office:
Obama: What seems to be the problem gentlemen? And it had better be important because Sports Center is about to give my pre-season basketball picks.
Geitner: Mr. President the global credit markets are seizing up again. All liquidity is being drained from the system because those greedy European peasants are demanding what was promised to them.
Obama: No problem Timmy. I'll give a speech in the morning with soothing words and caring faces. I'll put just the right emphasis on selected words and phrases. The press will fall all over themselves thanking me, and the markets will heal.
Bernanke: (Looking at Geitner with dumbfounded glare) Mr. President I think we may need to do more than that. I think we need to inject a significant amount of capital into the markets immediately. We can call it The American Re-Investment Act Phase 9. I'll print the living shit out of money, and create a lot electronically, then the system will free up. (A devilish grin appears.) Of course we will have to tax some one for the additional debt.
Obama: Is there any way we can exempt minorities, Muslims, single mothers and White Sox fans from the tax?
Geitner: I think that is called Obamacare.
Obama: Hmm... (scratching his chin) This is another hardship on the American people, and more importantly, it will hurt my poll numbers. Do you think we can blame Bush?
Bernanke: (Trying to keep a straight face.) Mr. President you will be viewed as a hero to thousands on Wall Street, which means big campaign dollars, and we can even blame it on the banks. They don't care...
Geitner: (Laughing out loud) Yeah... like they have souls anyway.
"Chief KnocAHoma"...Nice to have the fly on the wall.:)
Thank President Obummer for turning the US into a Zimbabwe economic powerhouse!
http://chimpout.com/
For those lovers of CHANGE from our leadership
This is hateful sh*t dude. You really stepped over the line
I'll second that.
Yep. The guy is on the wrong blog altogether. He should have taken that left toin at Albecoiky.
just simply appalling Leonardo, how can anyone be
complicit to this evilness...
The facts are what they are.....they just luv to chimp out. And i'm not even racist. But lawlessness is just in their DNA.
WTF? Seriously, dude, get a life.
They dont get any 'blacker' than Alan Keyes, Walter Williams, Thomas Sowell, Louis Farakhan. Are they chimps? If you say so, you're blind. The enemy isn't blackness, it's greed, sloth, entitlement, self-conceit, and indulgence.
those guys are all jewgroes, without the jew blood theyd be chimps like the rest.
I won't sit here and deny statistics... Or pretend that there would be more white dudes in the NBA if there were more basketball hoops in Bumbleweed Suburbia.
But try to judge people for what they do... For what they say... For who they are, as individuals...........Cuz I don't give a fuck what you say, Reggie Middleton kicks fucking ass. He's smarter than you, he's smarter than me, and he could OWN you if he chose to... You Fucking Fuck.
I personally learned alot from sites like chimpout and niggermania, even though they sometimes cross the line.
For example, have you ever wondered why so many blacks have so much to eat, and live in all these houses, even though many of them can barely count? It's because they are handed food stamps and section 8 vouchers, paid for by all you supposedly enlightened people out there. The fiat money printing continues the charade.
Ever encountered an incompetent black who clearly was out of their league, even in low level positions? They are token blacks hired to keep the lawyers away, and they can only be fired for the most egregious, obvious stuff. This lowers the quality of every place where they work.
Of course, at some point most people learn this on their own. Whether it's a Teach for America newbie who has to deal with the ghetto schools, the unknowing middle aged people who put grandma in a nursing home full of affirmative action hirees, or simply the people who have to live amongst the worst blacks. Or maybe someone who was mugged, beaten, robbed, raped, or had a friend or family member killed.
Eventually alot of people figure it out, the other half continue to insist we are "racist" and society is divided, and nobody can work together.
Well done indeed, America.
To all the people out there who claim racism, prove me wrong. Live with, work with, do business with, befriend the people whom you claim to have nothing but love and tolerance for. Otherwise, shut the fuck up and leave me alone.
Ever wonder why an uber-wealthy fat fuck lives in his 6-car multi-faceted facilitated waste of a mansion? Cuz people like you are more worried about denying someone who may be lesser than you, for whatever reason (biological, environmental, whatever), than those receiving Section 1,000 vouchers to the nth degree, golden parachutes, deception and crime (albeit more sophisticated).
Point is... If you LEARNED anything from those sites, then you were naive to begin with... Most here live in the real world, and can't deny what we see.
Want to fight dependancy? Want to fight entitlement? Want to fight affirmative action for those people MORONS like you believe deserving? Then wake up. This isn't about racism. You make it about that. This is about fraud, on a level that crushes ANYTHING you can present to me based on biology.
Bring it, bitch.
I see we Jews have taught you white Goys well....we must fight racism wherever we see it! Race? There is no such thing!
Read my post again, uber-jew.
The Secret Relationship between Blacks and Jews.pdf
I'm sorry Mr. Kreiger, I am a Harvard PHD - I dont understand, could you please explain?
Problem is that they are all so terrified with the truth that they block it out. They just don't want to accept it.
That explains the expression "bitter truth"
It's also hubris. These people build their entire sense of selves, not to mention their professional reputations, around being right about everything.
How does someone like that cope with the realization that they haven't just made a few mistakes in their calculations, but rather their basic, underlying assumptions are demonstrably false?
"How does someone like that cope with the realization that they haven't just made a few mistakes in their calculations, but rather their basic, underlying assumptions are demonstrably false?"
Well, if they had any old school honor they would take a one way walk in the woods with a bottle of good wiskey and their fathers duling pistol, but that's way too much to hope for these days.
Hubris is one of my favorite universal themes... and so apropos in these times.
Five minutes bitches!
Math is the final abuser. Always has been, always will be.
MATH, Bitchez.
You're correct. They've been bruoght up to believe that they're the exceptional ones and that they are responsible for the fate of others. Of course, this allows them to live the high life, but they're earning it, really!
None of us here grew up knowing everything. I didn't get most of what's going on until a bit later on in life.
When one is totally immersed in a paradigm one is totally immersed. The trees are in the way!
LMFAO!!
No selling drugs to kids! That's an infamnia.
Is this a comedy, tradegy, or documentry?
I guess it was all three. I liked the Marx brothers more.
It's all three, kinda like Capitalism: A Love Story meets Wall Street: Money Never Sleeps. The both got it wrong, but it was fun to watch.
Obama aka Barry Soetero aka Harrison J. Bounel aka Bari M. Shabazz is the right men for the job.
you made my day! thank you
(bowing to the audience) Thank you... thank you... I'll be here all week. Be sure to fondle your waitress!
I am The Chief!
Avioding #'s? I was of the impression that CNBS only avoided news.
Yeah no shit. How dumb do you think we are down here Mikey? The fact is all this Kick the Caan down the road bullshit doesn't represent an economic threat to the US is because there in the death throes of Bailout Nations instead of the USA's, well--I wouldn't call it mere since now every one knows bailouts fail too--successful bailout of Wall Street. The euro landers couldn't even handle a 5 billion dollar CDS. We had to deal with an 80 billion dollar one at Phuck nuts AIG! Anywho I would agree "there are security issues." and since I hate war and the people who start them with a passion (CN plucking N and Anderson Cooper--yeah that's right--I'm watching you phucker) I don't like what's going on over there and have an...enraged interest in it.
Not in defense of the Euro Cluster Fuck, but they've got several countries acting in their own interest, whereas the US only has one. Ah, the failings of democracy!
It's all pointed at the edge of the cliff, just that some will get there faster than others.
The EU will fragment. So too will the US.
eventually, that might be for the best anyway, no?
Green shootz bitchez!!!!
http://youtu.be/MoAyBb8D5GU
Quite right, but I think only Germany's vote counts.
http://www.thetrader.se/2011/11/03/germany-increasingly-frustrated-over-...
Very well said sir.
I'll do the same thing in one sentence:
We're fucking screwed.
Its clear sailing until Thanksgiving with the market breaking out about 1260 spx because there is no hard news, just rumors.
Yeah well in 5 minutes, the algos can pump the SPX up 20 points!
It takes less than that on a good porn site.
It only takes five minutes...
See, this is my point. I am an MD, and much of what is discussed here is beyond my limited knowledge, yet I can still see the structural flaws as clear as day. What baffles me is why others are so blind to the OBVIOUS ?!?! If I can read the thoughts of bright financial minds, look at numbers, underdstand the basics of how an economy works (thanks Mises), then why can't others? People I know that I consider very bright are in denial or are ignorant. It's somehwat surreal. I have given up trying to educate. People hear what they want and no more. I think it's willful ignorance for many.
Syrin:
"It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair
Excellent quote
It's called cognitive dissonance
It's called knowing where your bread's buttered. When you can't deal with how that conflicts with your idea of yourself and the world, then it's called cognitive dissonance.
People are so greedy and so stupid they will believe anything if they think it gets them what they want. The bigger the greed and stupidity, the bigger the lies they will believe and tell. Unless they figure out a better thing to want and a better way to get it. In other words, people are dumb monkeys.
“Education is teaching our children to desire the right things.”
? Plato
To wit, the monkey trap:
Nounmonkey trap (plural monkey traps)
http://en.wiktionary.org/wiki/monkey_trap
I am sure that monkey totally believed he could get that banana. (haha)
same thing is true in the medical industry. and yet the "professionals" don't get it. strange that.
seems like a false comparison to me. care to elaborate?
Guess what your brain is made of: cholesterol.
Second best selling prescription drug: Zocor (cholesterol-lowering drug)
Rate of Alzheimer's in aged population: 1 in 8
Number of objective studies showing high cholesterol statistically increases risk of heart disease: Try to find one
Normalcy bias is insidious. Unless you see the ticking time bomb, it's hard to believe that all of this is going to blow up at some point. And unless you really study it, why should you believe smoeone who tells you that the economy isn't going to get better soon? Remember Y2k -- all of our computers were going to stop working and the world as we know it was going to end... but it didn't. All the Y2k'ers looked like Chicken Little runnung around yelling "the sky is falling!"
I have to admit that, though the fundamentals make absolutely no sense to me, even I doubt my own eyes when it looks like everything is about to fall apart ... but it doesn't. How long can this go on? Days? Weeks? Years? It's just nuts.
You are not alone in your thoughts, concerns. It should have already blown up.
However I've heard increasing voices stating to never bet against the FED, ECB ability to print their way out of any mess.
Mike's most importatn point is that it will take years or at least the pain will last for years. Do not try to time this mess, they will keep the plates twirling on the sticks for quite some time.. After all every sheep in the world will help spin the plates for the wolves, normalcy bias is a powerful thing..
But why is stock market evidence of healthy economy? It's all fake. How do MF Global investors feel? Will they get money back? Country can go in toilet and governemt will control money into stock market to try to prevent bank run. Stock market is up so must be okay.
I'm sure, I'm not only one who took all the cash out of bank.
Sometimes wonder if only reason stock market crash in 2009 because Wall Street afraid Obama was honest man.
i'm glad your not a psychiatric,... for if you were, i'd fire you
just kidding
no seriously
just think of herd mentality,... it's that simple
lemmings at em,...
Syrin, yep, I'm no finance guy but enjoy hangin' around to learn.
I've looked into "normalcy-bias" and that seems to be fruitful.
I taught for a while, and always thought that I could put the guys in the way of what I was trying to "teach/train", but could never "impose" teaching on them.
My approach now is to ask: a) "How much food do you have on hand?" and then b) (like last weekend, where we had up to two feet of 'global warming' dumped on us, trees with leaves, power outages still ongoing) ask "Don't you know that the grocery stores only have 3 days of food on hand?"
Hurricane recently has helped.
Good luck to you and yours.
- Ned
Well, the "problem" is is that people think that they know it all. Even Mises misses the BIG PICTURE.
It's all a big con job. OK, it's all a big DISTRACTION. People like to be lied to in order to feel that all is well and fine. Those willing to lie earn an easy living: they are appointed to be the scapegoats, they will defend the failings, manufacturing all sorts of reasons, and will propose "fixes" (and another round is served).
The point at which people require there to be a god or a master is the point at which they've given up responsibility/control of themselves.
But, surreal it most definitely is. I had fun encounters with all positions on the political wheel; everyone had their reasons why housing prices wouldn't fall (yeah, I bet against them all).
It's easy to leap past all these folks by challenging the fundamentals: again, even Mises fails here (but is closer than most).
#
*
Good stuff. And Mike is absolutely correct - it ain't rocket science. It doesn't take an ability to "read the tea leaves" to figure out that the current debt levels and unfunded liabilities are gargantuan.
And maybe that's the problem - the numbers are SO big, it may be too hard for most people to comprehend.
Our leaders need to grow a set and get after it asap - if it's not already too late.
You mean to tell the truth to the sheeple? That's anathema. What kind of politicians to you think they are?
Fair enough... obviously, most are the kind who keep expecting everyone to swallow the blue pill.
And maybe most people will, but from personal observation, I notice more and more people choosing the red pill.
There is hope.
And, if hope runs out, I've prepared for that, too.
The money shot of the piece:
"The scary thing is that it is abundantly clear that the vast majority of U.S. investors have not bothered to take the 5 minutes necessary to understand how extreme and binary the outcomes to all this is. Their clients will suffer massively in the months and years ahead as a result of their laziness and lack of macro curiosity."
When playing musical chairs, you only lose when the music stops...
They are playing musical chairs but do not realize the building is on fire.. When the smoke starts coming into the room, then, and only then, will we see the appropriate response from these clowns..
Well, we're all part of this, therefore we're all part clown too.
Economies of scale were always going to falter eventually, and when they go into reverse it's going to crush the entire paradigm*. Very few will escape the massive consequences: that is why I believe that the ONLY tactic is DELAY- that's what you do to minimize any impact, you slow it down, you absorb the collision slowly (and that's really what's going on- worthless assets ARE being marked down, worthless jobs ARE being eliminated). But, no matter, the system requires critical mass, and since this will kill that mass the system too will be killed.
* Machine output to available human consumers was always going to hit the wall. And, growth was always going to end: this applies both to physical and virtual (economic) growth.
It's getting serious. As a Banana Republic we are running short of bananas.
"The road will seem so straight and fair travel, you will kick yourself for stumbling through the brambles for so long, and wonder at your neighbors who still can't see the path, though it is truly a freeway."
(Aristotle, courtesy of FOFOA)
Turd: You and Mike are absolutely correct, greenie on ya, 5 on Mike.
However, they (as it stands today) will suffer no professional sanction. Why? Funds are measured vs. their "benchmark." Advisors have no discretion under MPT and CAPM. "You can't time the market!" Etc. Retail industry advisors are well protected (that is, the Barrons' list of 100 top blah blah blah won't be hurt.)
Mike: Laziness and lack of macro curiosity. Yep, but not viewed by them as lazy, they work their asses off. Macro curiosity? Malkiel, Fama, and the rest of the Chicago school killed that off. Plus professional sanctions for non-believers who hadn't made their bones with the Guild.
The whole thing is more incestuous on a systematic level than I would have believed as a small little piglet.
- Ned
{OT, can't resist. Setting: exclusive New England Girls Prep School, first dance of the year. Headmistress: "Now girls, there are going to be boys around here, and, well, you know how they are. So, I don't want you to throw your whole life away for five minutes of pleasure." Suzie, in the back: "Uh, Ms. Smythe, could you tell us all how to make it last five minutes?"}
Lazy investment managers? Come on, they read the reports from the ratings agencies, or at least look at the pretty colored charts.
Empire building one PowerPoint at a time.
And many of them really believe all the shit that they've memorized and regurgitated for their CFA designations. About a Billion Years Ago I was starting to attend courses for the CFA exams and during the first few minute of the first course, we began to be lectured about Economics. The lecturer posed a question which I proceeded to answer.
Bzzzzzt! Wrong, Knukles!
The answer is blah, blah, blah Neo_Keynesian Clap Trap when the question had to do directly with Monetary Policy.... (My God! Shades of the Bernak!)
Which I disputed viz; monetary policy and applied the appropriate analysis.
Bzzzzzt! Wrong, Knukles!
So I got up and left.
Well, my boss at the time was a high ranking Muckety Muck in CFA World and the next morning asked me why I'd left. I'd not told him, BTW. So, somebody thought.... And I mean I'd not even had my first cuppa....
So I told him that I saw very little reason to memorize and regurgitate that which has so efficiently promised the majority of the universe active managers to underpreform their benchmarks.
Ah, was the Beginning of a Beautiful Relationship.
Bzzzzzt! Wrong, Knukles!
"So I told him that I saw very little reason to memorize and regurgitate that which has so efficiently promised the majority of the universe active managers to underpreform their benchmarks."
Yes!!
lmao, at least you didn't get ulcers for the wrong reasons ;-) - Ned
"And many of them really believe all the shit that they've memorized and regurgitated for their CFA designations."
They're programmed to "serve." Another cog in the backstopped wheel... Doing "God's" work!
We're all in the System. It's all we really have to work with, or so we're programmed to believe.
Yeah, the "answer" is 42! OOPS!
Great article.
Why is the consumer spending more while confidence is tanking? Simple - sub-prime lending is being used again to goose the economy. This decreases the savings rate and increases consumption. I really doubt if anyone with real savings has suddenly decided to go on a spending spree.
That is a bingo!
When you wish upon a car, makes no difference what your credit are, any GM your heart desires we'll make it come true.
It feels so good driving home with that brand new car. Everyone deserves to feel that way....and when these new subprime loans go belly up the lenders deserve to be bailed out again by the taxpayers. And when the EZ credit dries up, then the car companies deserve to be bailed out again by the taxpayers.
Forward? Spin for the mother fuckin' win!
"...a better way to do business." Using taxpayer's money instead of retained earnings or raising capital like our free-market competitors.
Best because your savings deposits are loaned out ten times over to sub-prime borrowers! This time will be different...our management team is sure of it!
And makin' all of the same fucking substandard types of loans that they made last time.
But this time IS different.
Last time, they were a private company that was admonished for sucking ignorant poor underpriviliged people into usurious loans that financially enslaved them and then went belly when they couldn't pay. (BTW which is called fraudulent conveyance, which is against the law in which remedies are provided, but has the government moved to... oh, never mind.)
This time around it's a company Which At The Direct Behest of The Government is making all of the same fucking... oh never mind.
Stupid me. I just bought an '87 pickup for cash ('cause the '63 died). What was I thinking?
Who the hell in good conscience would down tick HH for that beautiful bit of corroboration?
I want reasons:
<crickets, Jiminy>
@ Ancona...a lucid distillate
"Either the sovereign debts are written off aggressively and the banking system declared insolvent and restructured or the ECB decides to turn on those printing presses to the tune of trillions and destroys the purchasing power of the union in Zimbabwe-like fashion."
Central Banks = TPTB ....... Hmmm, I wonder which direction this will take....Anyone....Anyone?
Are you really sure MF is done? There is still plenty of time for Ben and Tim to bail him out.
Corzine is still a long long way from a jail cell. At this point there is no reason to believe the feds will ever actually send him on a perp walk.
What we see is not necessarilly reality. It may be nothing more than another act in the grand illusion.
i'll bet you any day now, the cftc and the cme announces they've found all that money and it was simply miscategorized. you watch.