The unwitting customers of MF Global, if they held gold and silver in their accounts, will now have their hard assets seized from them, liquidated, and thrown into the pool of settlement cash.
Not the stockholders of MF Global--the customers of MF Global.
Which eventually means, of course, that under the right circumstances of breathtaking fraud, no asset is safe unless it is stowed out of sight, location known only to the owner. Gold coins buried in the back forty, and the farmer armed at all times. Now that's how a nation builds a vital economy--destroy all trust between parties in a transaction!
We've always believed it could never happen here, that we live under the Rule of Law.
Dem daze iz gawn, brethrun. Today, it's MF Global. Next year, it may be the community bank down the street.
The final line of the article Jesse reprints is especially charming, recalling the Red Chinese tradition of summary execution, in which the authorities bill the deceased's family for the ammunition expended to murder their loved one.
Sweeeet....
Saturday, December 17, 2011
Friday, December 16, 2011
The Crooks And The Cops Lock Arms: The SEC Plans To Appeal Judge Krakoff's Ruling In The Citigroup Case
Time was, when the crooks, in this case Citigroup (who ripped off everyone in sight, including every taxpayer in the US for generations), got caught and lost their case in court, they appealed their conviction/loss, proclaiming that they were the real victims, etc. etc., and that theft isn't theft because it was done with computers by white people in suits, not black people holding up liquor stores with guns--you know, real criminals, the kind you put in jail, to keep white folk like us safe on the way to the country club...
Them daze iz over, ya'll. Merry Christmas!
OS's readers may remember a couple of earlier posts, here and here, in which he recounts how one federal Judge Rakoff had decided he had had enough, and that he would not rubber-stamp one more sweetheart deal between the SEC Enforcement Division and the banks they were supposed to be, well, enforcing the rules on. His intent, obviously, was for the SEC to go back, and extract real penalties from Citigroup for having blatantly ripped the world off for some 700 million dollars, and come back to him.
To quote John Belushi: 'But NOOOOOOOOOOOOOOoooooo......'
The SE frigging C plan to lock arms with the crooks, and appeal the judge's ruling!!!
They have no intention of (a) ceasing to make sweetheart deals with crooks, and (b) exposing the inner workings of the machine that makes these sweetheart deals by actually litigating them, because that would open them up to adversarial process, which includes (drumroll please) Discovery!
So, instead of spending their energies enforcing the law, they'll spend their energies arguing that they shouldn't have to enforce the law, even though that's what they were instituted to do, and are paid to do, and (by innocent souls like OS) expected to do.
This is Alice Through The Looking Glass, pure and simple.
It is maddening, but no longer surprising to read of it. We're at the point where the cops don't even need to pretend to uphold the law.
By the way, if anyone thinks those MF Global clients, including all those farmers who didn't even know they were MR Global clients, have a prayer of getting their money back, this should disabuse them.
The cops now protect the crooks--it's the Chicago Way--the world of Al Capone, Eric Holder, Tim Geithner...
Them daze iz over, ya'll. Merry Christmas!
OS's readers may remember a couple of earlier posts, here and here, in which he recounts how one federal Judge Rakoff had decided he had had enough, and that he would not rubber-stamp one more sweetheart deal between the SEC Enforcement Division and the banks they were supposed to be, well, enforcing the rules on. His intent, obviously, was for the SEC to go back, and extract real penalties from Citigroup for having blatantly ripped the world off for some 700 million dollars, and come back to him.
To quote John Belushi: 'But NOOOOOOOOOOOOOOoooooo......'
The SE frigging C plan to lock arms with the crooks, and appeal the judge's ruling!!!
They have no intention of (a) ceasing to make sweetheart deals with crooks, and (b) exposing the inner workings of the machine that makes these sweetheart deals by actually litigating them, because that would open them up to adversarial process, which includes (drumroll please) Discovery!
So, instead of spending their energies enforcing the law, they'll spend their energies arguing that they shouldn't have to enforce the law, even though that's what they were instituted to do, and are paid to do, and (by innocent souls like OS) expected to do.
This is Alice Through The Looking Glass, pure and simple.
It is maddening, but no longer surprising to read of it. We're at the point where the cops don't even need to pretend to uphold the law.
By the way, if anyone thinks those MF Global clients, including all those farmers who didn't even know they were MR Global clients, have a prayer of getting their money back, this should disabuse them.
The cops now protect the crooks--it's the Chicago Way--the world of Al Capone, Eric Holder, Tim Geithner...
Tuesday, December 13, 2011
Complete Incompetence Department: 'Could We Pretty-Please Have Our Drone Back?'
Horrifying? Yes.
Surprising? Not at all.
From ABC News, who no longer even attempts to pretend TheOne has a shred of credibility:
Perhaps it really doesn't matter to Himself that the worst people on the planet now possess one of our most sophisticated pieces of military technology, delivered to their doorstep.
Maybe he's decided that they're on the winning side in this generation, and has decided to just go with the flow of history.
Maybe he really does sympathize with the Islamists, and although not intending to turn this over to them, saw an opportunity to help his brethren in the situation?
How to explain this inexplicable behavior?
Why does Hilary Clinton remain at State one more day? Her resignation would blow the Obama Administration sky-high. Same for Leon Panetta at Defense. Why does he remain, since this occurred on his watch, and his Commander-in-Chief just sold every person in uniform down the river?
Nothing explains this incident.
Ronnie and Margaret, we miss you.
Surprising? Not at all.
From ABC News, who no longer even attempts to pretend TheOne has a shred of credibility:
The Obama administration has delivered a formal request to Iran for the return of a U.S. surveillance drone captured by Iranian armed forces, but said it is not hopeful that Iran will comply.
President Barack Obama said Monday that the U.S. wants the top-secret aircraft back. "We have asked for it back. We'll see how the Iranians respond," Obama said during a White House news conference with Iraqi Prime Minister Nouri al-Maliki on Monday.
In an interview broadcast live Monday night on Venezuelan state television, Iranian President Mahmoud Ahmadinejad said nothing to suggest his country would grant the U.S. request.
"The Americans have perhaps decided to give us this spy plane," Ahmadinejad said. "We now have control of this plane."
Speaking through an interpreter, Ahmadinejad said: "There are people here who have been able to control this spy plane, who can surely analyze this plane's system also. ... In any case, now we have this spy plane."
He added, "Very soon, they're going to learn more about the abilities and possibilities of our country."At this point, mounting a raid to retrieve it, or attempting to destroy it would be futile, as it has certainly been disassembled, and is now being gone over piece-by-piece by the Chinese.
Perhaps it really doesn't matter to Himself that the worst people on the planet now possess one of our most sophisticated pieces of military technology, delivered to their doorstep.
Maybe he's decided that they're on the winning side in this generation, and has decided to just go with the flow of history.
Maybe he really does sympathize with the Islamists, and although not intending to turn this over to them, saw an opportunity to help his brethren in the situation?
How to explain this inexplicable behavior?
Why does Hilary Clinton remain at State one more day? Her resignation would blow the Obama Administration sky-high. Same for Leon Panetta at Defense. Why does he remain, since this occurred on his watch, and his Commander-in-Chief just sold every person in uniform down the river?
Nothing explains this incident.
Ronnie and Margaret, we miss you.
That Worked Well...NOT! BofE QE Achieves Almost Nothing...No One Surprised, Except The People Operating The Presses
HT Adam Smith Institute...
The BoE claimed that the £200 billion it printed in 2009 onwards, resulted in the yields on five and ten years gilts being 100 basis points lower than they would otherwise have been. It claimed that growth was boosted by between 1.5 and 2%. On the basis of this, it enthusiastically decided to print another £75 billion this October.
Not so, says the highly authoritative (and not personally interested) Bank for International Settlements in its latest quarterly report. The real effect was about a quarter of what the BoE claims. Yields were on average 27 points lower.
The BIS also doesn’t agree with the BoE’s belief that new stimulus will have a similar effect. “It may be harder to achieve the same degree of effectiveness as with the initial programmes once the surprise or novelty element wanes”, it states in its conclusion. This basically means that financial movers realise that the money printing results in inflation, and that they therefore add that future inflation into their behaviour.
Monday, December 12, 2011
'The whole affair is complete theatre, of course.': Detlev Schlichter
This article has been making the rounds, and deserves to be shared. Schlichter cuts through the verbiage, the grandstanding, and the blatant falsehoods, and succinctly tells us the truth.
Remember OS's meme about culture shaping economy? We have a culture that assumes that we all will have unlimited access--it's our right--to all good things of life, and somebody else somewhere sometime will foot the bill. Thus, our present conundrum.
That being said, 'nuff said.
This is unsustainable. Math is math, and TheGreatAndGood refuse to acknowledge it, believing themselves to be immune from its inexorable consequences.
Thus, either there is a God in charge, whose providential will is in the process of being worked out via this human folly, or there isn't. OS thinks we are on the verge of finding out, one way or t'other. He's not predicting TheEndOfTheWorld, but we are in for a very rough slog here in the West, and for his part, plans to work for its preservation in a healthy form, for the restoration of Christendom.
In the meantime, he has work to do, much travel ahead, and a long-anticipated Christmas to enjoy. He hopes his readers do the same. A few entries in the next few days, and then likely silence over the holidays.
OS suspects there will be much to discuss in the New Year.
Ya'll take care of yohselves, and love on yer luved onez reaaaallll good.
The problems around the world are essentially the same. After decades of ongoing and generous expansion of the fiat money supply, of artificially low interest rates and cheap credit, banks are hopelessly overextended, asset markets are distorted, and sovereign states are bust. I sometimes get pushback on the last point. Are they really bust? – Yes, most of them are. They have acquired debt loads and spending habits – now very deep-rooted and practically impossible to eradicate – that require constant new borrowing at fairly low interest rates – cheap credit forever. Obviously, that is not going to happen. The end of the forty-year credit boom has arrived. The private sector is no longer playing ball.
Remember OS's meme about culture shaping economy? We have a culture that assumes that we all will have unlimited access--it's our right--to all good things of life, and somebody else somewhere sometime will foot the bill. Thus, our present conundrum.
That being said, 'nuff said.
This is unsustainable. Math is math, and TheGreatAndGood refuse to acknowledge it, believing themselves to be immune from its inexorable consequences.
Thus, either there is a God in charge, whose providential will is in the process of being worked out via this human folly, or there isn't. OS thinks we are on the verge of finding out, one way or t'other. He's not predicting TheEndOfTheWorld, but we are in for a very rough slog here in the West, and for his part, plans to work for its preservation in a healthy form, for the restoration of Christendom.
In the meantime, he has work to do, much travel ahead, and a long-anticipated Christmas to enjoy. He hopes his readers do the same. A few entries in the next few days, and then likely silence over the holidays.
OS suspects there will be much to discuss in the New Year.
Ya'll take care of yohselves, and love on yer luved onez reaaaallll good.
Sunday, December 11, 2011
Merry Christmas To The Thugs Who Run North Korea
HT Outside The Beltway-Steven Taylor
From the BBC, droll as always:
Only frightened thugs react in this manner to a Christmas tree. That being the case, OS proposes the South Koreans and the US proceed to put the afterburners to the Christmas spirit:
We've got every square inch of North Korea mapped--every hill, hamlet, fishing village and farm. Let's put up Christmas trees and mongo-sized creches within sight of any and all on the border, and on the SK-controlled islands as well. Then, let's turn those lights on, and play Christmas carols from dusk til dawn. Don't have to fire a shot--Christmas trees are a lot cheaper than artillery shells and choppers. Let's spread some hope and cheer, and cut the legs out from under those criminals in Pyongyang.
It sounds like the NKs have an incipient Christianity problem--strange how the gospel manages to take root in those dark corners, and little churches spring up like weeds under the feet of the despots.
Reminds one of the story of a baby born in a barn all those years ago, right under the noses of the Romans...
They also have a grinding and obvious poverty problem...this is a satellite shot of the region, taken at night a few years back. That's Japan on the right, Manchuria and China at the top and, South Korea at bottom left, and that black hole in the middle is, well, North Korea--Worker's Paradise.
From the BBC, droll as always:
North Korea has warned South Korea of "unexpected consequences" if it lights up a Christmas tree-shaped tower near their tense border. The North's state-run Uriminjokkiri website said it would amount to a form of "psychological warfare".
Seoul's annual tradition of lighting up a Christmas tree tower was suspended in 2003 following a warming of ties. However, the South lit a tower last year as relations deteriorated between the neighbours.
The Associated Press quotes a defence ministry official as saying the South has agreed to allow Christian groups to light a further two towers this year.
Only frightened thugs react in this manner to a Christmas tree. That being the case, OS proposes the South Koreans and the US proceed to put the afterburners to the Christmas spirit:
We've got every square inch of North Korea mapped--every hill, hamlet, fishing village and farm. Let's put up Christmas trees and mongo-sized creches within sight of any and all on the border, and on the SK-controlled islands as well. Then, let's turn those lights on, and play Christmas carols from dusk til dawn. Don't have to fire a shot--Christmas trees are a lot cheaper than artillery shells and choppers. Let's spread some hope and cheer, and cut the legs out from under those criminals in Pyongyang.
It sounds like the NKs have an incipient Christianity problem--strange how the gospel manages to take root in those dark corners, and little churches spring up like weeds under the feet of the despots.
Reminds one of the story of a baby born in a barn all those years ago, right under the noses of the Romans...
They also have a grinding and obvious poverty problem...this is a satellite shot of the region, taken at night a few years back. That's Japan on the right, Manchuria and China at the top and, South Korea at bottom left, and that black hole in the middle is, well, North Korea--Worker's Paradise.
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