Jon Corzine And George Zimmerman Should Have A Lot In Common...

To be a “sophisticate” in the 21st century requires the same ability that has been required in almost all the previous ones. It requires the ability to shut one’s eyes and one’s mind to anything one does not want to see or think about. The more glaring the contradiction between what is said and what is done becomes, the harder it is to remain sophisticated. The tragedy here is that the only alternative - that of becoming independent - is looked upon as more terrifying than to go on pretending to be deaf, dumb and blind. One has to be all three to maintain the ridiculous notion that the Fed can “save” the system it has destroyed.  - Bill Buckler, The Privateer

Is anyone besides me disgusted with all of the focus in the media on the queen Elizabeth thing going on in Britain?  I mean, why should anyone in this country give a rat's ass?  It's a meaningless, ceremonial position in a country that has become largely irrelevant on the world scene, other than to help our Government manipulate markets and maintain a highly leveraged, fraudulent monetary and banking system.  It's not coincidental that JP Morgan had its CIO derivatives unit set up in London (see below).

I'll tell you why Americans care.  Read the above quote.  It's a distraction.  "People need something to make themselves feel good."  Right.  Feel good about what?  That some person deemed "royal" by lineage gets to sponge off the public wealth (confiscated and taxed)?  The only thing a distraction does is keep the public from focusing on the fact that the people in control of the system are robbing and pillaging the public, holding the system up long enough to take what they can while the public remains "distracted."  Taking your mind off a problem doesn't fix it.  And the longer the problem goes unfixed, the worse it will be when it really hits hard...

Let's take a look at a couple ways in which the elitists are robbing the public blindly, while the public focuses on "distractions."

MF Global - Jon Corzine and all of the MF Global management should be in a jail cell sitting next George Zimmerman (I'm sure everyone knows who that is, as its an example of a "distraction") awaiting arraignment.  But Corzine is running around raising more campaign money for Obama.   Despite headlines yesterday which announced that MF Global bankruptcy trustee James Giddens "might" file charges against Corzine, this article was posted on Marketwatch which suggested that Corzine would likely get away with his fraud:  LINK 

Not only is Corzine guilty, the entire upper management knew that the firm was going to hit the wall way before it starting illegally using customer funds to keep MF alive:  "Facing pressure last summer to increase its capital cushion, MF Global moved some of its risky European debt holdings to an unregulated entity in an effort to avoid having to raise the extra money."  LINK  Someone really want to try and tell me with a straight face that Corzine didn't know exactly what was going on with customer funds?

Here's one that should piss everyone off.  The Government/FHA is introducing a new FHA mortgage refinance program - using taxpayer money of course - to incentivize homeowners to refinance their existing mortgage into one that carries much lower mortgage insurance fees.  And guess what?  This refi program is a no-income, no employment verification and it's okay to be under water program:  "The new lender is not required to verify homeowner's income, employment or credit score. And no appraisal is required, so the homeowner can be underwater."  LINK

Really what this program does is it takes taxpayer money and taxpayer guarantees, applies them to bank mortgages that are not yet delinquent, and enables the existing lender to convert the mortgage into a mortgage with lower monthly payments. It helps the bank keep the borrower current.  It's back to the mortgage bubble days where the borrower's credit quality is ignored.  It does free up some income that can be used to buy "thinga-ma-jigs," but it does so using taxpayer money and shifts more of the risk of mortgage onto the taxpayer.  Like that everyone?

Here's a biggie.  With very little public notice, and something of which 99.5% of this country is unaware, the Government has quietly put in place taxpayer guarantees of the Comex, CME and a couple of other lesser known derivatives clearinghouses: 

Readers know Mr. Gensler as the chief regulator of MF Global, which was run into bankruptcy by his old Beltway and Goldman Sachs pal Jon Corzine. An estimated $1.6 billion is still missing from MF Global customer accounts. What an amazing feat Mr. Gensler will have performed if, through his agency's oversight, he can manage to have U.S. customers eat the cost of Mr. Corzine's bets on foreign debt and have U.S. taxpayers underwrite bets in foreign derivatives trading.  LINK

Even worse, via FDIC, the Taxpayer now is on the hook for derivatives blow ups at the Too Big To Fail Banks.  This has been in effect for awhile, but here's an article from the Financial Times on the hold-up in Morgan Stanley's move to get FDIC guarantees using the same legal maneuvering already approved at other banks:  LINK

How many of you reading this knew that your tax dollars were backstopping the derivatives risks being taken at banks like JPM?  For those of you who don't know about this, or don't care, enjoy your "sophisticate distractions" while they last.  By the time the public really takes a good look at reality, it will be too late to do anything about it.  It likely is too late already - got gold?