Forbes comes out with a snark-filled pean to the very rich who Mr. Forbes admits, got us all in this immense mess.  He thinks, only the rich will get us out of this mess they made so we better give them lots of time, money and admiration for being so very, very clever and awfully, horribly rich.  The gnome de plume for the banking crooks is Forbes.

Finding funny things to say about these guys is getting easier all the time.  Back when the very rich got very rich playing credit game and using credit as leverage to make all sorts of idiotic and useless deals, we were supposed to admire them for being so awfully rich while doing really nothing productive.


Production is all about making things.  Getting money via moving money isn’t production.  It is the exploitation of capital.  All the great bubble scandals of the last 5,000 years were based on the hope of making money in the future on some sort of deal, the further away in space as well as in time, the better.  This is why our ancestors latched onto the South Seas bubble froth in England or the Mississippi Bonds delusions in Paris.  


Since these business deals were as far off as the moon, back in those days, the fevered mind could conjure up all sorts of potential business schemes with little interference from reality.  A general rule of thumb here is: the less real the thing being speculated on is, the greater the potential to balloon it to immense size.  There is nothing on earth more unreal than the Derivatives Beast, for example.  This is why it was so easy to grow.  Since its systems were set entirely upon possible future events of unknowable size and duration, the imagination of the dealers in these bonds and insurance hedge deals could simply make up whatever they wanted.


So, as usual in all such cases, the psychological urge was to put on the rosy glasses and see only the nicest, happiest and richest outcomes and this, of course, utterly minimized risks.  Insurance systems were launched by the Italians in Northern Italy during the Renaissance.  Very early on, they figured out that if they could judge probability of FAILURE correctly, they could then protect themselves from ruin due to the need to pay out of pocket the losses they insured.  So they began keeping records and collecting data to refine their estimation of their own risks. 


The birth of population statistics is thanks to these early insurance dealers.  They also discovered, way back then, they could sell off shares of collections of insurance deals and thus, gain a profit before the terms of the insurance were finalized with the death of the party being insured!  Early mathematical formulas which track value over time leading to balancing risks versus longevity were launched in the 15th century and have grown tremendously since.


With this modern, immense data base coupled with a huge backlog of historical references, it boggles the mind that the braniacs who destroyed the global financial systems, so vastly underrated risk for so long!


Elitism –


We know the art here is being snarky but frankly, this is a correct picture.  Namely, the guys who wrecked everything, the ones at the very top, got to relax and goof off while supervising armies of hard-working people who were restlessly searching for ways to MINIMIZE RISK.  Namely, the devotion of these people was to find ‘hedges’ that would minimize costs from losses on risk bets and on top of this, they had to devise a way of ‘spreading the risk’ so they could all CLAIM they had NO RISK.  


This group effort was supervised by lazy people at the very top who were not just a collection of random nobodies.  They are people who spend much of this idle time, socializing and schmoozing with each other.  The effort to unload risk onto a vehicle that would make risk vanish into the mists of some distant corner of the financial universe was not thought up by one person.  This was very much, a joint effort.  And to do it, they had to conspire with each other to make it work.  Just like the South Sea Bubble and the Mississippi Madness were isolated to pretty much the neighborhoods where the guys who launched these schemes lived and of course, the royals who supported these deals, so it is today: the top conspirators clustered in just a few places.  NYC, London, Hong Kong, Singapore, Switzerland, etc.  


Socializing is how they passed information and tested out future deals with each other.  If no one blew the whistle but, instead, shouted, ‘What a fabulous idea!  We can get infinite credit this way and not worry about risk!’ then all was well.  Of course, the lure of making infinite money playing risky games while lying about risk is very tempting, it is also very criminal.  The conspirators, in this case, as always, simply made it all legal.  End of story.

They can’t bail us out.  And the swift collapse of government rule across the planet is now causing increasingly serious problems.  For example, the ASEAN meeting in Thailand had to be cancelled and things are rapidly getting increasingly violent there:


UPDATE 1-Thai PM vows swift action against summit wreckers | Reuters


“If there are requests for me to resign or dissolve parliament, don’t worry, I am prepared to make such decisions. But today, in the current situation, what I have to do is to bring peace to the country, bring back governance and have a process of political reform,” he added.

Abhisit suffered a huge political reversal on Saturday when an Asian summit in Thailand he had presented as a sign of the country’s return to normality had to be cancelled after red-shirted anti-government protesters broke into the venue.

Asked by Reuters on Saturday if he planned to resign, Abhisit said simply: “We have to restore law and order.”picture-125


For the last decade, Hu and Wen have roamed the planet, making many deals, inking treaties, opening markets and making alliances. They planned to do this at the cancelled ASEAN meeting:


China to ink FTA pact with ASEAN


China will sign an investment agreement with ASEAN over the weekend to mark the completion of free-trade area (FTA) talks, a senior official said Wednesday.

The pact will be inked at the 12th China-ASEAN Summit in Pattaya, Thailand, which Premier Wen Jiabao will attend….

Trade last year between China and ASEAN stood at $230 billion, up 14 percent compared with 2007.

“We should promote the FTA and do all we can to maintain trade growth,” Hu said….

He called for China and ASEAN to increase investment in each other’s markets, primarily in infrastructure such as railways, roads, airports and bridges.


Across the planet, when ‘free trade’ is suggested, smart people who are the intended victims of this rise up in fury.  Again and again, citizens of countries whose rulers want ‘free trade’ fight this, tooth and nail.  Some of the bitterest riots and battles across the planet, have been due to ‘free trade’ deals being made behind the backs of the populace at large.


Nonetheless, these deals grind onwards, relentlessly.  The commitment to this process is tremendous…at the very top.  The ruling elites all love this business.  It is, for them, a great way to get richer and more powerful.  It cuts wages.  It eliminated local influence of small people.  We see this in Afghanistan: all the empires of the world are anxious to crush the locals there who cling to the past.  One where, they exist in their own culture, doing as they please.  


The reason the elites in London or NYC need to control very distant populations is simple: this is how all these past finance schemes operated.  The greater the distance, the less information, the easier it is to lie about risk and to make up stuff due to lack of data and statistics.


The art of collating data, drawing up charts, making graphs, bookkeeping, accounting, statistical analysis, etc have soared in the last 500 years.  We have vast schools of learning that train many people in these arts.  And these people do a great job, correctly accumulating information and knowledge.  I use the hard work of this army of anonymous intellects to examine facts and figure out, what is going on, and predicting the future.


So, with all this at our fingertips, why on earth do we fall, like fools, into the exact same traps our ancestors, with far less information, fell into so spectacularly, before this?  This is why I created the concept of the Cave of Wealth and Death: it is the best explanation for the inability of humans to resist the Dark Forces.  The people who run into the cave to grab the wealth know perfectly well, the dangers.  They talk about this, all the time.  


This is why they swear, they won’t run to the Goddess of Inflation and embrace her. They swear, they will not make infinite funny money.  They also swear, they will not minimize risk or go into the Cave with their pockets empty.  They claim, they love Libra and want to balance their books.


This is all hogwash.  They want us to look the other way while they do the exact opposite.  This is why their cure for their mess here is to make our PUBLIC books utterly unbalanced. They want more credit via us.  They want us to replace the Goddess of Inflation but having us take on all the risks of all the losses.  And meanwhile, they want more free trade and this, over our literally dead bodies.





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Filed under free trade, money matters



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