How is it that as Americans, we’ve grown so bored with fraud among bankers that we just take it for granted? Are we are so devoid of moral outrage in this country that when bankers create a product for sale to working people (knowing it’s a one of the worst investments ever created) and then create another for themselves (which bets against the one they sold to us), we aren’t really that upset. We shrug it off…and we’re just like…”Wonder who’s gonna get voted off the island this week…”
Why do we continue to tolerate the greedy, rapacious fools on Wall Street? Are we that apathetic? We’re becoming inured to the fraud. And people aren’t financially literate enough to know the difference.
They’re stealing and yet we treat them like geniuses…”Oh, don’t pressure the bankers, the whole system will come down…!!” Like the system is working as it is. I’ve got news for you – it SUCKS for you and me. It’s a terrible system. It’s rigged for their enrichment and you’re just letting it happen. Where is the outrage? These people aren’t gifted. For the last five years they’ve been handed EVERYTHING!
They borrow from the Fed at near zero rates and buy guranteed Treasuries at 3.5%…who could lose in that scenario? A five-year-old could be a steely-eyed, genius banker…because a five-year-old knows that virtually free money invested at 3.75% makes more money. Genius.
But now comes this.
There’s a news story out recently about how, in an effort to make faster trades on the New York Stock Exchange, financial firms have begun to use microwaves transmitters to send their order. Microwave systems are faster than existing fiber optic networks and when it comes to placing trades at the speed of light and beyond, milliseconds matter. The only problem? The trading signals are arriving to the trading floor BEFORE they theoretically can. They are traveling FASTER than the speed of light.
I’ll say it again. Whatever’s happening during the transmission of these microwave trades is occurring at a speed that exceeds the theoretical speed of light. So what’s going on?
Well, one explanation is that there’s a tear in the time space continuum and light moves faster on Wall Street than it does elsewhere on the planet.
The other is that someone on Wall Street is cheating. Imagine my surprise.
Given the choice between these two options, I’m more likely to suspect the cheating, thieving, blood-sucker bankers and investment wonks whose warped rapaciousness adds no value to our society and merely steers it toward complete collapse and misery rather than assume that Einstein was made a big mistake and nobody has figured that out until the WallStreet geniuses showed up.
Nope. My guess is that someone is trading on insider information and that nothing will happen. Because as soon as anyone says anything unfriendly toward Wall Street, they’re labeled a communist, or a socialist, or anti-American or a anti-capitalist…and they’re quickly dismissed.
The truth is our society has become accustomed to thieves and con artists gaining the upper hand on governement regulators and getting over on the citizenry. We’re not surprised by it, in fact. We’re actually enamored of it…We almost welcome it. Because we’ve confused greed and dishonesty with intellect and hard work. We reward wealth regardless of how it’s achieved. And that prompts people to attempt to obtain wealth by any means necessary.
Jamie Dimon, the CEO of JP Morgan Chase is heading up the largest, most heavily penalized, steeply fined and reprimanded bank in the history of our world. But because it makes a profit, we’re all enamored of Dimon and his ability to steer a bank from near insolvency to success in a mere 5 years. The President of the United States of America sings the praises of Jamie Dimon’s genius…
“(JP MORGAN CHASE) is one of the best managed banks. You could have a bank that isn’t as strong…and we might have had to step in. That’s why Wall Street reform is so important.” Mr. Obama praised Mr. Dimon as “one of the smartest bankers we got,”
But he did it all with your money!! He borrowed money from the Fed at .003% interest and then bought government bonds at 3.75% interest and made the numbers work. What. A. Genius.
People seem to forget that he presided over the single largest loss in banking history, (the London Whale), managed to fleece a county in Alabama out of billions in revenue in a currency swap scheme that would embarrass the Mafia, sell toxic mortgage assets to hedge funds and other investors while simultaneously CREATING funds to bet against them and HE DID IT WHILE BORROWING MONEY AT NEAR ZERO…it’s truly embarrassing. He’s not a hero, he’s a thief. And so are all the Wall Street bankers. Thieves.
So in the face of this monstrous loss of capital and this huge wealth transfer into the hands of the upper 1/10th of 1%, I say buy gold. You’ll probably see it go up. But if you don’t it will at least hold it’s value as it has for hundreds of years…
You can still buy the same goods and services with one ounce of gold today that you could buy with an ounce of gold 110 years ago.
So buy gold. Good Luck.