Long time viewers and listeners will recognize this
from the many times we played it on
our radio show over the years
What market regulations should prohibit are practices in which profit-taking can routinely occur without wealth creation; wealth creation is the world-interest that makes bankers’ self-interest possible. Arguments that market discipline, the discipline of self-interest, should allow Wall Street to remain self-regulating only reveal that Wall Street, as Hegel would say, “simply does not know what it is doing.”
Denninger on foreclosure mess: “All you have to do is be willing to cheat”
And the more-complicated and obfuscated the better, because that obfuscation reduces the risk you will get caught – at least in the short term. Unfortunately nothing fixes a Ponzi Scheme beyond the short term.More
Max,this was excerpted from a long interview, and Mr. Klein got the gist correct.
“This is the Biggest Fraud in the History of the Capital Markets”
Washington Post (blog) – October 8, 2010
Interview by Ezra Klein
UPDATE: Karl Denninger: “The Nothingburger Defense Gets Destroyed”
he power delivered to a small group of people by our current privately controlled monetary system is unmatched by any source of power in history. This video reveals the secret that nobody else bothers to point out that explains why everyone in the system is basically controlled by the most senior capital holders behind the elite banks, and why even senior government officials do their bidding while letting them get away with the biggest crimes in history.
Understanding the basic structure of the system also reveals why Ellen Brown’s notion of commonwealth banks is a necessary complement to our current private monetary system.
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