Ormolu occamy...

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"There is much discussion these days as to whether the price of gold is being manipulated. The answer is simply 'yes.'" Says Jeff Thomas, International Man [Link]. If you have it, not on paper, if you have physical gold, hide it. The same greedy disaster that has befallen the money market is happening to gold as well (and probably everything else) much as banks never have cash anywhere near the amount of money they lend, so too bullion banks hold only a tiny proportion of the gold they sell.

"Of course, this charade cannot go on forever. Eventually, the buyers realise what is being done and will then demand delivery of their gold. This will bring about two major events: a crash in the paper gold market and a dramatic increase in the price of physical gold."

By coincidence, the UK's famous alchemist and instigator of the Brown Bottom was visiting the New York Stock Exchange today: "He showed a rare Midas touch", a new habit that would be: golden Brown texture like sun...

Ormolu occamy...

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"There is much discussion these days as to whether the price of gold is being manipulated. The answer is simply 'yes.'" Says Jeff Thomas, International Man [Link]. If you have it, not on paper, if you have physical gold, hide it. The same greedy disaster that has befallen the money market is happening to gold as well (and probably everything else) much as banks never have cash anywhere near the amount of money they lend, so too bullion banks hold only a tiny proportion of the gold they sell.

"Of course, this charade cannot go on forever. Eventually, the buyers realise what is being done and will then demand delivery of their gold. This will bring about two major events: a crash in the paper gold market and a dramatic increase in the price of physical gold."

By coincidence, the UK's famous alchemist and instigator of the Brown Bottom was visiting the New York Stock Exchange today: "He showed a rare Midas touch", a new habit that would be: golden Brown texture like sun...

Overflowing ordure...

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Some, me included, defended the banks from much criticism over the 'credit crunch' because it was not only the banks but also the greedy public and the hopelessly wrong politicians: in the UK's case Gordon Brown et al. Now, the banks have ceded any goodwill by letting the mask slip to reveal the casino-bank wide-boy jumped-up spivs they really are; I have no need nor wish to paraphrase Raedwald who puts it so well:

"We have been forced to recapitalise the banks, mortgaging future generations and impoverishing the Kingdom, to pay for the bankers' greed and folly. Ordinary lives have been ruined, industry grievously wounded, the nation's trade, it's very life-blood, draining from severed vessels as these gilded popinjays, these pampered jades, these foul and corrupt excrescences continue to lie, steal, distort, manipulate and cheat to maintain their pillage of the national wealth. Though the temptation is to march on Docklands with a coil of hempen rope and decorate the lamp columns of Canada Square with this noxious fruit, we must leave it to the courts and the criminal justice system to exact retribution. For retribution there must be."

Overflowing ordure...

---

Some, me included, defended the banks from much criticism over the 'credit crunch' because it was not only the banks but also the greedy public and the hopelessly wrong politicians: in the UK's case Gordon Brown et al. Now, the banks have ceded any goodwill by letting the mask slip to reveal the casino-bank wide-boy jumped-up spivs they really are; I have no need nor wish to paraphrase Raedwald who puts it so well:

"We have been forced to recapitalise the banks, mortgaging future generations and impoverishing the Kingdom, to pay for the bankers' greed and folly. Ordinary lives have been ruined, industry grievously wounded, the nation's trade, it's very life-blood, draining from severed vessels as these gilded popinjays, these pampered jades, these foul and corrupt excrescences continue to lie, steal, distort, manipulate and cheat to maintain their pillage of the national wealth. Though the temptation is to march on Docklands with a coil of hempen rope and decorate the lamp columns of Canada Square with this noxious fruit, we must leave it to the courts and the criminal justice system to exact retribution. For retribution there must be."

Obvious outcome II...

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"What were they thinking?..." from Frances Wooley on Worthwhile Canadian Initiative (and good comments on that post). "No one ever seriously considered the possibility that an EU country might not be able to repay its debt... ... the question is: Why?" Click on image to enlarge: the graph is 6 months old but it does tell the story of 'The Much Praised "Convergence" as a Cause'; the failure of the market to differentiate across the Eurozone members and treat all Eurozone governments as the same (paraphrasing Frank J. Lysy via the 6 month link above). Hat-tip Raedwald.

Obvious outcome II...

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"What were they thinking?..." from Frances Wooley on Worthwhile Canadian Initiative (and good comments on that post). "No one ever seriously considered the possibility that an EU country might not be able to repay its debt... ... the question is: Why?" Click on image to enlarge: the graph is 6 months old but it does tell the story of 'The Much Praised "Convergence" as a Cause'; the failure of the market to differentiate across the Eurozone members and treat all Eurozone governments as the same (paraphrasing Frank J. Lysy via the 6 month link above). Hat-tip Raedwald.