<<I'm having a hearty chuckle over the stunning Madoff "Ponzi scheme" revelation. Just think of all the hoity-toity socialites who will now have to demineralize / decrystallize their jewelry, and submit their fancy wardrobes and handbags to consignment shops to pay basic living expenses!>>
yes, that is delicious. biblical, i might and in fact do say.
also, it makes the case for physical gold savings so very well.
<<The USA has one-upped the great Hong Kong "accumulator" scandal with this one. What is Asia going to to to get back in the running? <ggg>>>
not so fast, not quite, because the face value of accumulators outstanding may be about us$ 500 billion, and at 30% down and margin call wipe out, the losses come to us$ 150 billion, 3x madoff damage.
but of course, the losses are spread out over a larger population.
otoh, the losses were concentrated within a much shorter elapsed time, measured not in decades but in quarters; iow, hk is more efficient in creating mega damage via financial weapons of mass destruction, and highly productive in distributing the damage to a wider audience, leaving them standing but wiping out their balance sheet. |
