muses of the moment

January 26, 2013

Grumblings from both ends

Filed under: Odds 'n ends — totallygroovygirlfriday @ 12:35 pm

gg has noticed an increase in the grumblings from the left and the right. The left, most recently, with the Swartz suicide (see gg’s Martin Luther King Day post) and Manning still in jail. And the right, represented here with one of gg’s favorite farming sites. The gun issue, of course, igniting the most recent debate. And paying higher taxes brings out the grumblings of everyone in between.

These grumblings have one thing in common: unhappiness with government getting into people’s business, regardless of whether that “business” falls on the liberal or conservative side of the line.

One day there is going to be an issue that unites these two ends of the spectrum. gg really thought the taxpayer bailout of a corrupt banking and financial system would do it, but not-so-much.

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Saturday funny

Filed under: Global Debt, The Banking Crisis, The Financial Crisis — totallygroovygirlfriday @ 3:22 am

Click here for a Saturday funny.

Italian bank used derivatives to try and stay afloat during the global banking crisis that was triggered by the derivative market. Oh, the irony! Since the global derivative market is still not contracted, but expanded, the bank is still in trouble. Shocker!

If that was not enough chicanery, there is a twist in that none other than Mario Draghi, as Director of the Bank of Italy, would have had to vet Mussari (and his banks’ regulated books) during this period – as BMPS accumulated what is obviously undocumented derivatives positions to intentionally obscure losses. Once again, years later, it seems the truth comes out – and of course we would expect no-one to go to jailand the lying in Europe (then and now) continues unabated – as the reality of financial system health remains hidden from view.

Nothing is fixed. groovygirl hopes you are prepared.

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