(snip)'October 17, 2007
Elaine Meinel Supkis
The privateers and pirates operating out of Queen Elizabeth's islands are in a bad mood. People are demanding they open their books! Ahoy, slash their throats, maties! We have a world banking system that is very much operating in the dark. The occult abilities to produce lots of money depends on keeping things in the dark. Countrywide's Mozilo the Gorilla is being investigated by the SEC and I learn that Demcratic Senator Dodd is running for President and hedge funds and banks are pouring money into his pockets because he now heads the Banking Committee. And Hillary gets even more pirate cash then even any Republicans! Time to arrest everyone!
From Bloomberg:
Amid a clamor for more rules governing the funds, if regulators and trade groups in the U.K. get their way, we may soon find out more about how the funds work. We'll know their strategies and the companies they are investing in.
But hold on. Is that really fair, or wise? After all, a certain amount of secrecy may well be what made hedge funds so successful. If you get rid of that, you will either drive the whole industry offshore or kill it.
Astonishing, isn't it? Even after the first salvos of economic cannonades punch holes in our banking Titanic, there is still a debate defending opacity in our multitude of off-shore funds? True, our pirates and howling hell beasts made lots of loot while operating totally in the dark. For example, if I wanted to dig a tunnel to the bank vault at my local bank, I wouldn't want the authorities to know what I was doing. The mantra that we should let capitalist speculators maxium freedom and minimum oversight is now being replaced by increasing cries for someone to take control of this evolving mess.
Of course, right now, the same people who created our devious, dark system are now screaming at Russia and China to open their books and let us see what they are doing. The yin/yang of dark systems versus light systems lies in the heart of our economic mess that is unfolding. The darkest heart here is in Japan: far from embracing free trade or even modern banking, Japan has set up this bizarre system whereby they can have a fake economy while running a totally different system just under the surface. Since their system is totally occult and is set to undermine all other economic systems, they are successfully destroying the European sectors of the American empire as well as wrecking the American system itself.
The Chinese imitate the Japanese in some key ways but one: they are trying to set up the pre-bubble/collapse system of Japan. That was where the executives and the workers were closer in status and pay and the factory system was paternalistic, not exploitive. The Japanese dumped that system as being unprofitable and are running the serf system whereby the nobles crush the lowly workers and keep them in perpetual poverty while the nobles play interesting international intrigues.
From Bloomberg:
They aren't the only ones who think the funds should be telling the world more about what they are doing. According to a report in the Financial Times, the U.K.'s Financial Services Authority, which regulates the nation's financial industry, may allow companies to force disclosure from hedge funds that have built up a stake in the business, even if they have done so through derivatives contracts rather than by buying shares.
Likewise, German Finance Minister Peer Steinbrueck has been trying to get the Group of Seven industrialized nations to demand more transparency from the funds. And, in September, Joseph Yam, chairman of the Hong Kong Monetary Authority, said in a lecture he was unhappy with the levels of disclosure from the funds.
Germany seems to be increasingly agitated about the world economy. They have a cultural doctrine of strong currency and socialism which is breaking down due to the weak currency/serfdom for workers system being imposed on the entire planet by the world's #1 and #2 economies. In the past, I have marveled over the noxious mess of having the top two nations pursue obvious depression-type dynamics while at the same time, boasting about being great economies. Whenever another country begins to grab increasing market share and has a higher growth rate than the previous leaders, we see these sorts of tensions. When Germany and the US were surging past England 100 years ago, these tensions caused open warfare.'(snip)
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