Thanks Hawk - There's comfort, not only in what was said, but in who said it: Gary Gensler, head of CFTC. It's funny how few very few have commented on this important issue. Vi (Coming US Dollar Crisis) has given it some attention, mostly as "derivatives" as opposed to CDS.
Mish? Not much.
Very few understood the enormous systemic risk and consequent scams being perpetrated by financial elites worldwide.
---
The extent to which people have been (and still are) deluded is difficult to understand...
"Meanwhile, idiots are cheering on these regulators. Self fulfilling prophecy, except for one thing. The black opaque market which settles outside of "transpartency" and "accountability" has to do so on free market principles alone. Every transaction is between two individuals instead of between members of a group whose group status makes them totally irresponsible. When you have two individuals transacting in derivatives since derivatives are zero sum, you have perfect integrity. Why? Because if one guy doesn't pay, the other guy puts a hit out on him."
Message 25763579
No comprehension of systemic risk, or the underlying realities and scams of which Greece is just the latest example. Just the religious fervor of free-market evangelism, consequences be damned. You've gotta wonder, who are the real "imbeciles" on SI?
Fortunately, few here are persuaded by pseudo-intellectual bullying.
---
On the subject of the Greek CDS scam, get this:
"The risk that Greece will be unable to repay its bond investors may be exaggerated, according to Standard & Poor’s. “Capital markets have been overshooting relative to Greece’s fundamentals,” Moritz Kraemer, Frankfurt-based managing director of European sovereign ratings at S&P, said yesterday. “Greece’s default is very unlikely.”
LOL! This, after weeks of scare stories in international media, threatening doom if Greece defaults. Of course, we know who raked in the profits from the panic. Greece's default was no more likely to cause a global collapse than Dubai's - which was the preceding scare story in which banksters profited from a false alarm.
These guys are making a killing yelling "Fire!" in crowded theaters. Nothing made me happier than to see the EU stuff it to the banksters.
Full story: EU Lays Groundwork for Greek Lifeline to Bolster Euro bloomberg.com
Jim |
