End… of Ponzi
by Bill Holter
Miles Franklin
I saw an ad on TV last night that said, “Don’t worry about Social Security, WE’LL be there when you need us.” Think about this, really? Basically, they are saying that if the U.S. government goes “insolvent,” THEY “will be there for you!” How stupid is this marketing campaign? Social Security goes bust which theoretically cannot happen as long as the government is “solvent” (whatever that means) yet we still have a banking system or an insurance industry?
This is the “mindset” in America and also an illustration of what the derivatives market is made up of. The derivatives market has been used to “make” things. Not really “things” because as you know this is just a paper market with massive leverage so it can’t “produce” anything. But it has produced is the current “reality” by way of setting and making “prices.” Prices of everything from real goods to interest rates and asset values of all sorts. Derivatives will be looked back upon as the “magicians wand.”
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2013-02-11 09:31:32
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