Another message we got today from Kurt:
"Both China and the USA have something very important in common: rigged markets. Both privatize the profits on the upside and socialize the losses on the downside. The slight difference is while China runs the economy through the central bank, in the USA, the central bank runs the economy through the government. Nice 2 minute video by Jim Jubak on how the US. capital markets are now run by the Chinese model, albeit in the slight difference noted above.Thanks to Gary North for the concepts presented here."
Friday, October 10, 2008
Rigged Markets -- Made in China
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Basically what's going on here is that the 'free market system' traditionally was managed by people with ethics. Not all, but most. Today, the ethics are gone and it's 'grab what you can while you can.' It should come as no surprise that we've finally reached the point where the honest are dragged down by the dishonest. And along with them go the taxpaying consumer.
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