Experts painted similar scenarios in testimony before a September 2010 informal meeting of the House Committee on Homeland Security. These experts were unanimous in their opinion that a hostile foreign entity could crash the U.S. financial markets. And to do so, it would most likely engage in manipulative trading through one of several shady brokerages that offer platforms – such as dark pools or so-called “sponsored access” – that enable miscreant financial operators to trade in anonymity.
In Florence the totality of the burden was shifted to the surrounding countryside, whose landowners and peasants finally had to sell everything to the bankers.
Because of that, the primary production of food for example, went down, so the global players of the Middle Ages switched to more distant markets in Flanders or made good profits through the import of grain, the export of which they had bought at a low price from the cash-strapped King of Naples. That at some time they would perish, together with the common weal which they had looted as much as they could, didn't occur to even the most clever bankers - then as today.
OLD1953 wrote:> You just have to read this. Especially John.
> http://www.forbes.com/forbes/2011/0509/ ... atale.html
> It's so - - - typical. 50 t0 1 leverage. Is there any sane comment
> I can make that doesn't involve cursing?
John wrote:It also feels good and ends the pain (for a few seconds, anyway)
to hope that people like this are finally going to jail, where
The Financial Times reports that there is a frenzy to create synthetic junk bonds, ostensibly to satisfy the desire of yield-hungry investors. Any time you see a lot of long money flowing into synthetic assets rather than real economy uses, it’s a sign that Keynes’ casino is open for business (”When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.”)
The author compare this development to that of the asset backed securities CDO market, one of our betes noirs which blew up spectacularly in the crisis. There are some similarities and differences.
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