Wednesday, March 19, 2008

Recently Added Eleventh Bill of Rights

Though not usually my style to just copy & paste an article, this one was just too good not to share, and it falls directly in line with what I've been writing about recently. Anyway, I picked it up over at Jim Sinclairs MineSet -- a highly recommended site with a wealth of info.


FROM TRADER DAN:

Looks like I picked a helluva time to try to take a vacation!

Adam Smith in his classic, "An Inquiry into the Nature and Causes of the Wealth of Nations". Speaks of what he terms, "the invisible hand". This is the sum total of individual human decisions each working for their own self-interest which form the market. Adam never lived long enough to see the NOT-SO-INVISIBLE hand of the US monetary authorities whose "footprint" in the once-upon-a-time freely traded gold market have become so obvious that only an idiot could miss seeing it. When the monetary authorities stated that they would do "everything possible" to prevent a meltdown of the US financial system, take them at their word - that everything includes a government ordered takedown of the gold market which cannot be allowed to trade in any manner, shape or form which would cast contempt on their heavy handed intervention into the US financial markets. After all, in our new LA-LA land, gazillions of additional liquidity being force fed into the system have no effect whatsoever on the domestic currency and are absolutely and completely harmless to its long term well being. That being the case, who needs gold anyway?

If you fall for this "Pin the Tail on the Gold Donkey" BS being foisted upon the mindless dolts who actually drink the purple kool-aid being served up by these unscrupulous profiteers, then shame on you. Do you think because Pauslon and Bernanke go out and wave their magic wands that they have fixed the systemic flaws plaguing the US financial landscape and that by papering over this wall of shame and deceit they cam make it all go away overnight?

We have indeed entered a new age - one in which we now have an ELEVENTH BILL OF RIGHTS in the US CONSTITUTION - "NO BEAR MARKET IN US EQUITIES IS PERMITTED BY GOVERNMENT EDICT IN ORDER THAT THE RIGHT OF THE US CITIZEN TO AN EVER-RISING STOCK MARKET BE NOT IMPEDED".

Heaven help us all - we are witnessing the entrenchment of the new aristocracy - the banking system and those that run it. They can damn well do whatever they please and screw the consequences to themselves since their entrenched cronies will make certain that they are bailed out and rescued from their own insatiable greed and recklessness at the expense of our children and grandchildren.

When I read the commentary of some writers whom I have come to immensely respect applauding the Fed for their actions and admitting that they have become "temporary socialists", until the crisis passes, I have to cringe because the game is over for those who love free markets. Why should my children have to pay for the greed of Wall Street?

Let them fail - then and only then will we ever have any sanity and prudence return to our banking system. If my parents or yours chose to make stupidly irrational and idiotic business decisions and as a result, ran their businesses into the ground, would we expect to see Paulson and Bernanke show up at their doors with a bucket full of freshly minted dollars to bail them out? Fat chance! Oh I get it - only "those too big to fail" get bailed out while those who play by the rules and run honest businesses are doomed to suffer the consequences of their own choices.

0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home

me