muses of the moment

June 19, 2012

Bruce Krasting speaks greek

Filed under: Dollar Crisis, Economic Crisis, European Debt Implosion, Fiat Currency — totallygroovygirlfriday @ 5:43 am

Click here for an interesting post from Bruce Krasting via zerohedge on Greece and euro issues.

Groovygirl thought the really interesting thing about this post: the Greek shipper was not buying more dollars in the mist of a possible euro reorganization, but buying German corporate bonds that can be redeemed in a new German currency. Initially, a breakup of the euro might be dollar positive, but there seems to be more and more currency “options” for capital to flee to besides the dollar. Remember those French citizens wanting Swiss francs in cash, not more euros or dollars?

Other interesting details: Europe has 3 months before a major breakdown. Jim Sinclair says something similar. The wealthy Greeks are leaving the country because they fear more riots/civil unrest.

MF Global

Filed under: MF Global bankruptcy — totallygroovygirlfriday @ 1:49 am

Jesse pulls together some more updated info on the MF Global crime scene. Click here. (Good video at the end of the link.)

Click here for more detailed info.

No, regulation doesn’t work and more regulation doesn’t work. What we need is to enforce the regulations on the books now.

As Martin Armstrong states, there is no rule of law. It is gg’s opinion that capital will go where there is rule of law. And if capital can not get there (say, because of capital controls), it will go underground.

MF Global is just a taste of things to come in a nation with no rule of law.

It is clear now, four years later, that not one of the breakdowns had to happen to the extent that they did. Government regulation in general was relaxed, but in addition, regulators (both public and private) were defunded, fired, turned a blind eye, covered up for a fee. Whistle-blowers from the mortgage industry to banking to the derivative industry were silenced again and again. Debt was covered up, loop-holes were used, and no one, even “independent” accountants raised an eyebrow. Those that did, were railroaded out of the industry.

Until the regulators (both private and government) actually regulate something, you must look after your own investments.

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