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Elaine, your blog is becoming a must read for me. I have been pounding the table on the yen/jpy cross completely controlling our markets. The incredibly weird credit swap arrangement that was foisted upon us by the FED, the ECB and the Swiss Bank in December is the instrument for washing the yen into dollars. I do not think the Japanese are willing to back the dollar directly anymore, and what do the Europeans have to lose? They have so much buying power with their currency that they can not deploy for the fear of setting off every commodity market up a pole. So far, I think one person has gotten it, and that's from the financial blogs! Of course you get it, but I don't think too many people can keep up with you, or in the least they lack the attention span. I am only saying this because I do not see any comments on what I would judge to be two outstanding essays. For entertainment I run the DIA and the eur/jpy on the same graph in the morning - it's like two ugly twins complicit in crime. How utterly pathetic. The Japanese are destroying every lurch towards integrity in our markets. We can do nothing but watch, corruption has permeated every level of power completely. Sine moribus leges vanae.

Elaine Meinel Supkis

Calvino, over the years I have noticed that what I consider to be the most important articles are usually commentless. Yet they do penetrate into minds.

When you see me post a long line of data and many charts and graphs, it is because I am learning something new and am amazed and often, infuriated by the new information. When I visit either the Fed, the Treasury or the central banks of other nations, this happens. I once wrote three pieces about the Basel II Accords which are the TRIGGER for the banking collapse, before the banking collapse, no one understood the significance.

This is why I said well before the August collase, it would happen. The Basel II deadline for reporting the true mark to market value of CDOs was in September so of course, the banks panicked in August.

The most boring international reports are stuffed with vital information. Note how our government and press are both happy to blame the mess today on people not paying their mortgages! Talk about a swindle. This is one of the biggest.

This is why I keep trying to prove this is all a systematic failure at the top, not the bottom of society.


Karl Marx was right! Capitalism ALWAYS sows the seeds of its own destruction.

Unfortunately, because of the mind-set of the people in this country in favor of "free enterprise" and the brainwashing of them to the point of conviction that the present corrupt system actually IS "free enterprise," we'll never see any kind of socialism or actual free enterprise in this country. And if China or any other country corners the corrupt capitalists demanding of them repayments for debts owed that country, those rotten pigs will sell us up the river... into slavery!

Elaine Meinel Supkis

And Ed, the nastiest, most hard-nosed capitalists are always former communists. Isn't that a hoot?


America practices corporate socialism or klepitalism; it does not practice "free enterprise", laissez-faire, or capitalism.
While there do exist some mostly unregulated markets for some goods and services in the US. Those markets are fewer and farther between every year.
In football there is the Rozelle Rule. The requirement that each year's replacement crop of performers be allocated in reverse order of team performance. The worst each year get to chose the best of the new crop.
In economics there is no Rozelle rule, winners one year have a leg up the next. eventually all competetive markets degenerate into a ranked heirarchy. Without much work, most industries fall into a pareto type of distribution of market share or power. 80% of the business flows to 20% of the firms in the industry. Since loser firms and owners outnumber winner firms and owners, losers then run to the government to give to them what they could not earn in competetion. The final glorious stage is of course the ability of firms to privatize their profits and socialize their losses. This is the year the banks and financial industry go once again to the well to socialize their losses.

Elaine Meinel Supkis

I read a lot of history. Banks have been doing this since....the very beginning! Since the Tulip Mania! Since the South Sea Bubble! It NEVER changes.

All rulers must save all banks. They try to avoid irritating the peasants to death which is why they do other horrible things which often involves attacking somebody who has gold.

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