This is a crime on the same level as that of Bernie Madoff, only it involves an ex-Senator/Governor, the two most prestigious Wall Street investment banks, the CME, the CFTC, politicians, judges and even the Obama Administration. That this crime is going unprosecuted and the main perpetrator, Jon Corzine, is not waiting his justice in jail, is the latest, largest and most obvious signal that the United States as it was created and has existed is in full-scale collapse - Dave in Denver on MF GlobalOn that cheery thought, Happy New Year!
By now most of you have read the story about how MF Global sold assets to Goldman Sachs and JP Morgan "cleared" the trades right before MF Global filed. JP Morgan refuses to give up the funds that it is holding from these trades. Please keep in mind that the bankruptcy trustee could force JP Morgan to relinquish these funds but is not. Coincidentally (wink wink) JP Morgan happens to be a significant client of the bankruptcy trustee's law firm. Let's see: Jon Corzine was the CEO of Goldman Sachs and his number one lieutenant was Gary Gensler, who happens to be the chairman of the CFTC, the regulatory body that oversees firms like MF Global. Jon Corzine also happens to have been Vice President Biden's financial adviser and has spent plenty of time with Obama in the Oval office. See where this is going? This is grand scale theft in the billions and it is being enabled by those who were entrusted to enforce the laws and prevent this from happening, all the way up the President.
In other words, the United States is now a full-scale banana republic and we are watching the full-scale historic collapse of an Empire. From an intellectual standpoint, I find this thoroughly engaging and fascinating to observe. Fortunately I have come to the conclusion that there is nothing that can done about it so I've decided to look at it with a healthy dose of humor - the type of humor that is derived from the appreciation of the absurd. Try to enjoy your life as much as possible and don't let the full-scale theft and corruption going on agitate you. There's nothing you can do about it and Obama has made it crystal clear that not only is he not going to try and CHANGE it, he's actually become part of it. Period.
So there you have it. The economy is bad, it's getting worse and the Government will have no choice but to print a lot more money. Like trillions. Got gold?I wanted to tell you a little information concerning taxes that is not on anyone's radar (sort of like a stealth aircraft of information). Since about late 2008 early 2009, the requests for payment plans to the IRS has tripled. People out there just don't have the money to pay their taxes in full, so they need a payment plan to keep IRS at bay. Even with a payment plan in place, the interest on taxes due keep adding up and the penalties for not paying on time and not paying in full keep adding up, keeping taxpayers in debt to Uncle Sam, meaning they have less disposable income to spend and invest meaning less money for the economy to grow. I have seen the requests for payment plans to the IRS triple with my own eyes...