Max: There is no such thing as a ‘naked credit default swap.’ Trading something that has no cost basis whatsoever to another party who does not take delivery of an imaginary financial fiction does not constitute a bona fide transaction. Buying and selling avatars on Second Life has more economic legitimacy.
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Why is there no naked short buying?
http://www.ft.com/cms/s/0/638214c6-748b-11de-8ad5-00144feabdc0.html?nclick_check=1
Blair for president. More crooks in command!
@ Max
The Sea Shepherd is an interesting name. So is its flag.
Create the Problem – Stir up a Reaction – Provide the Solution
There’s only one game in Babylon.
At Bertrand Russell’s family chapel, one of the stained glass windows depicts a wolf in sheep’s clothing. The outlines are identical to the those used for the wolf in sheep’s clothing used for the Fabians “coat of arms”. Self-declared em-eye-six Agent Russell was quite the wolf (Geulph?), leading the sheep on with his phony peace activism.
And here we have NWO Paul Watson reciting the Crown/Rothschild/Rockefeller agenda, Agenda 21 to be precise.
The Beginning of the End for Life as We Know it on Planet Earth?
Commentary by Paul Watson
Founder and President of Sea Shepherd Conservation Society
http://www.seashepherd.org/news-and-media/editorial-070504-1.html
I find it surreal that we really need to say that it’s not acceptable buying and selling nothing and making a profit out of it (in our expense). These guys have divorced themselves from logic, and instead of putting them into mental institutions with pills and special care, we are letting them lead the way to destruction. The problem is that if a calm solution don’t prevail, things are going to get even more ugly. I mean I don’t want to see them hunging from trees, but that’s where we’re going right now, and no cameras or Xe will be saving them.
Max lives! I thought this was Stacy’s blog…
Max – have you read Martin Armstrong’s newsletter on Goldman Sachs? And do you care to share your view on Mr Armstrong?
http://www.gold-speculator.com/martin-armstrongs-economic-pi-cycle/8363-goldman-sachs-conspiracy-real-dark-pool-july-10-2009-a.html
Doesn’t naked here means where the risk is not carried by the owner? What is the ‘cost basis’ mean then ? Kind of the same as having infinite leverage isn’t it ? Wasn’t this what the trillion dollar black hole of debt was made up of?
Perhaps this link also belongs with this thread , about the bill to ban all credit default swaps http://tinyurl.com/ladhnt
According the underlying contract ‘an act of state’ can trigger force majeure. I’d assume that the introduction of a law would qualify. The contract here http://tinyurl.com/mb266m
I would be interested to understand how the colateral for a cds shadows the cds itself, where they originated and how they blew up to get a sense of the size of the ‘tumor’ and where to cut, to see how effective the proposed laws would be…
A bunch of demented, psychopaths gambling on nothings.
So It Begins: The SEC Commences Investigation Into Goldman Sachs Trading Practices
From GATA:
United States Securities and Exchange Commission
Washington, D.C. 20549
July 20, 2009
Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
7 Villa Louisa Road
Manchester, Connecticut 06043-7541
Dear Mr. Powell:
Thank you for your letter of July 7, 2009, to Chairman Mary Schapiro of the U.S. Securities and Exchange Commission. Your letter has been referred to the SEC’s Office of Investor Education and Advocacy for a response.
We are taking your complaint regarding Goldman Sachs and its proprietary software that may be used to manipulate the markets very seriously, and have referred it to the appropriate people within the SEC.
Please understand that the SEC conducts its investigations on a confidential basis and neither confirms nor denies the existence of an investigation unless we bring charges against someone involved. We do this to protect the integrity and effectiveness of our investigative process and to preserve the privacy of the individuals and entities involved. As a result, we will not be able to provide you with any future updates on the status of your complaint or of any pending SEC investigation.
I’ve attached a flyer that describes our policy as it will apply to your complaint. If you have any question, please contact Bonnie Dailey, an attorney on my staff, at 202-551-6364.
Sincerely,
Gloria Smith-Hill
Branch Chief
Office of Investor Education and Advocacy
……I won’t hold my brreath
@ Max and Stacy
This afternoon on ABC radio in Sydney they were talking about Goldman Sachs bonus’. They take sms comments and read them out over the air. One of them said Goldman Sachs are ‘SCUM’.
Must have been one of us or someone who saw Max.
Its gone more than viral, its mainstream dudes.
WooooHoooo!!!!
Stop saying NAKED!!!!!
Hahahhahahahhaa
@Mother Earth
Sure if naked means the risk is not the owners, it must be THE TAXPAYERS.
Imagine two bankers (GS and JPM) standing at an imaginary roulette wheel making bets with chips they borrow from the casino – with each bank agreeing (colluding) to allow the other to ‘win’ every other bet until all the chips are in the pockets of the two bankers forcing the casino (the US economy) to declare bankruptcy wherein the US Fed/Treasury loan trillions more to the casino. Repeat.
This is the history of Wall St. over the past 25 years with the only change being the size of the illegitimate bets are betting bigger until we now have the situation where GS and JPM are making bets equivalent to the entire country’s GDP. Each American goes to sleep at night not knowing if he or she will wake up having had their country lost in craps game the night before.
Nice analogy @Max,
The Chinese are in the back alley of the casino making the chips while Bernanke’s passing toilet paper to them through the bathroom window.
some other articles, both in US:
US corruption probe nets dozens
http://news.bbc.co.uk/2/hi/americas/8165607.stm
Minimum wage hike: More money or fewer jobs?
http://money.cnn.com/2009/07/24/news/economy/minimum_wage/?postversion=2009072403
lol, I guess Nixon exchanged the gold window for the bathroom window.
Yes, great analogy Max.
Can I use that? No Copyright?
Thanks
@Max Aren’t these gambles another example of artificial volatility? The fundamental strategy of bansk seems to skim marginal cost of all transactions, and if there are non, then they generate some..
Watching Ron Paul talk about the fed being a government onto itself, how would a simple police raid of their administration pan out? A bit like the german police raids on Hitlers SA offices perhaps (who tortured political opponents in the basement of the party headquarters) ? Would the corporate/banking/defence structure protect itself against intrusions by those who still believe in law and order?
Wouldn’t AIG have more fun swapping these?
http://www.kityoung.com/?gclid=CLuo3q7-7ZsCFYYU4wodiF4b_Q
Its just what came to mind, but I realise im wrong as these will hold value over a longer term.
Just trying to help!
@ Steve from the arse end of the world
About: The Goldman Sachs Conspiracy: The Real Dark Pool – July 10, 2009 http://tinyurl.com/nf94nr
Pitty that Martin Armstrong’s letters are not copyable cause that would made it a lot easier for me to tare the piece.
Gonna read it anyways and make some comments on it. First impression is that he somehow likes the word “Conspiracy” cause he uses it a lot?
@ Steve from the arse end of the world
Did Martin Armstrong realy typed this stuff on a stoneage Oldy Boldy Head Typewriter. Which planet does this guy live on? Welcome To 2009. If it’s digital fabricated, the best I ever saw.
@Youri Carma,
I think he types them in jail where he’s doing time for tax evasion or something like that.
@anythingbutgreen,…
I like the way Watson alludes to the fact
at depleted resources by stating humans
are synonymous to viruses. As any thinking
man is aware, the system that was created
by a few, was and is the problem. Like you
say, a subtle slight of hand, wink and a
nod.
Watsons postulate is right on the money,
but to blame the many for the actions of
a few is akin to breaking the legs of a
cow, and shooting it for not getting up!
@anythingbutgreee,…….
Always remember Pareto’s law when you witness a leader of folk condemning the populace!
Interesting… that’s the 2nd time I’ve come across the name Melissa Bean (D-Ill.) in less than 10 hours. The first time, I read that she added an amendment to the climate bill of all places to help Wall Street avoid having over-the-counter derivatives regulated.
“About the same time, Rep. Melissa Bean (D-Ill.) took the lead in adding another little-noticed provision to the legislation — a section designed to prevent regulatory action she said could shut down the multitrillion-dollar market for over-the-counter derivatives, a complex type of financial instrument.”
http://www.latimes.com/news/nationworld/nation/la-na-climate-fineprint20-2009jul20,0,5210778.story
Mini US:
naked, naked, naked, naked, NAKED!
What’s the matter with you, don’t you know that naked is in?!
http://www.youtube.com/watch?v=HLcy5Qd4s5s
@Mep,……the worlds fallin’ apart an there’s more interest in a naked guy wearin’ a hat playin’ wif himself ! Hmmmmm,…bout sums it up
Braad and circuses,…Bread and circuses !!
“In other words, people should be placed in parks within ecosystems instead of parks placed in human communities. We need vast areas of the planet where humans do not live at all and where other species are free to evolve without human interference.”
@Max:
Yes, “leave room for nature, leave room for nature, leave room for nature”…on the Georgia Guildstones. Who is to “put” the people where they need to go? The Blimey Pirate?
Lordy: Look at the dollar chart!
“Humans on the Earth behave in some ways like a pathogenic micro-organism, or like the cells of a tumor.”
- Sir James Lovelock, Healing Gaia
Which particular humans is he refering to is the question, maybe…..