Tuesday, September 30, 2008

William Grigg's Denouement

"We are now into the second year of the unraveling of the world financial system. It could be described as the Great Denouement (or final act) of a plot that began in 1913, when Congress created the Federal Reserve System, aka the Focus of Evil in the Modern World. So far the effects of the unraveling have had minimal impact on the larger economy. ... While we're accustomed to weekly bank failures and periodic federal bailouts, the converging meltdowns of three pillars of Wall Street in a single weekend indicates that the crisis is accelerating and deepening in ways that our financial overlords hadn't anticipated. The fact that Lehman was permitted to fail demonstrates that the overlords are now beginning to conduct triage among themselves--a spectacle that might offer the some brief amusement for the hoi polloi until the survivors within the Power Elite turn their undivided attention on the rest of us. ... Lehman was part of the cartel that pushed for the creation of the Fed. Its roster of corporate leaders bristles with insider credentials; senior management officials held prestigious positions on the Federal Reserve Board, in the World Economic Forum, and the Council on Foreign Relations. And yet the firm is now bound for bankruptcy, a casualty of the Fed's housing/mortgage/refinancing bubble. ... When it became clear that no rescue could be arranged for Lehman, the bankster mafia did the next best thing: It opened the markets--just a crack--to let a handful of favored investors minimize their losses. The manipulation was as undisguised as the contempt the banksters feel for the torpid and indifferent public that is being plundered on behalf of the financial elite. ... Surely there are people just as qualified as Fuld to lead a company to immediate ruin who would have done so for less than one percent of what Lehman paid Fuld. ... Even Helicopter Ben must appreciate the point that the foreign creditors who continue to fund this racket are eventually going to stop taking dollar-shaped IOUs. That's when the real fun will begin", my emphasis, William Grigg (WG) at lewrockwell.com, 17 September 2008.

When Merrill fired Stan O'Neal in October 2007, giving him a $161 million severance package, the Valero convenience store clerk, where I buy my Houston Chronicle said, "That's crazy. Giving a guy who screwed up $161 million. Hell, I Could have screwed up Merrill for only $16 million. Hell, if Merrill's board was real cheap, I'd have done it for only $1.6 million". If he's still interested, I'll refer him to Lehman's bankruptcy trustee. Could he hurt Lehman more than Fuld? But he has no Harvard MBA. So. He has no college degree? So.

Here I go again, with my answer to Carthago delenda est, "Got gold? Get more".

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