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Sunday, October 16, 2011

Free (?) Markets

JP Morgan Chase says that its exposure to Greek debt is zero. Others say, using different guidelines, that it is around $30 billion or more.

A Free Market with such obscurity is a sham.

The financial community has conspired to destroy free markets in the name of their own profits. They have taken Accounting - which is supposed to make things clear - and used it to obscure; they have created the well-known "needle in a hay stack" instruments like derivatives which - when they go sour - leave banks that hold them wondering if the bank next door has any "toxic" assets... and nobody really knows because no one has found that "needle in the hay stack"... so banks stop lending to other banks, and the banking system grinds to a halt.

There is no point going on with this: there are no Free Markets when those markets are manipulated to hide what is going on.

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