You could have woken up stone scatologically broke this morning. That’s “you” as in the whole world.
The idiots breeding ground sometimes called the finance sector got lucky yesterday. The risks leading to the bailout of Credit Suisse, one of the world-leading wealth managers should wake the dead. …But maybe even the credit market might notice, given time and chaperones.
This bailout may well be one of the world’s most understated risk management events. Understated with good reason; the world doesn’t want to know highly-paid morons around the world are managing its money. It’s a secret.
This useless, self-serving cretin hatchery of a sector just dodged a huge storm of bullets. If they were just doing staid, boring, business, they’d be doing fine. …But no. They slavishly squirrel away bad deals, barely credible tax evasions, and trashy derivatives like there are no consequences.
“Too big to fail” be damned and a half. The Swiss government did the right thing due to the needs of a staggeringly stupid, easily avoidable, financial situation. Nobody actually has to write themselves into a black hole of debt.
You may be amazed to learn that the word “no” has been invented, and seems quite useful. You don’t actually have to get into insane credit and liquidity positions. The Swiss Central bank had to pump in $160 billion to maintain liquidity. Why? Did someone run out of fingers and toes to count the debt?
Nor, interestingly, do you have to tolerate tides of ridiculous numbers as financial statements on which to base creditworthiness. This bogus backwoods lousy “accountancy” is worldwide. It’s for idiots and aspiring idiots. It fools no one and never has fooled anyone. Anyone seeing the constant streams of self-contradictory numbers out of hats could tell, easily.
What a nice environment. Be selectively financially illiterate, crash the credit market… And get rewarded. Why aren’t this gaggle of global clowns doing jail time? …Because if nobody is responsible by law, you can get away with any amount of irresponsibility. That’s resulted in several major crises since 2000, and the culture hasn’t changed.
Why is it tolerated? If you want the world to go broke, these are the guys determined to make it happen. They’re encouraged by no regulation and meaningless political jingles about “free enterprise”.
This enterprise is anything but free. It’s a global closed shop for insiders only. The public need not apply. God help the poor private investors trying to find somewhere safe to put their money.
This is parasitism incarnate. It goes nicely with the money laundering, helping those poor broke organized criminals scrape by with an extra billion or so per day. When anything untoward comes to light, it’s like a parade of scantily-clad maggots on a catwalk.
Finance and credit are irretrievably interlocked. If either sector gets infected, both get the disease. Credit Suisse was a hideous possible scenario, caused entirely by the international culture of being able to get away with almost anything. When the banks come crashing down, something gets done, but none of it ever needs to happen.
Also notable – The bailout means about 10,000 jobs will go. This is collateral damage. Most of those people will be lower-level workers. They’re not the problem.
The sainted and anointed executives will no doubt sail into other jobs with their skill sets to help trash another bank or so.
Where will the geniuses strike next? Why don’t they start a theme park on Wall Street? Goldman Sachs could organize the parade. You could have a big fat absurd diaper-wearing nobody with an ego the size of North America doing the cheerleading. What a surprise.
What is the difference between the finance sector and QAnon? See what happens next.
