Friday, May 11, 2012

Regarding JPM...

...the entire industry is understandably silent (if not exactly reticent) regarding the recent "trading" losses suffered by JPM.  This is going to quickly morph into a political issue as it is likely most of the counter-parties who benefited from JPM's misfortune are also on Wall Street, and "someone" will make the connection that "taxpayer funds" were deployed to support Wall Street standards of living and New York City Real Estate.

I use the term "taxpayer funds" in quotations because it appears as though the public either fails to realize or forgets that the monopoy producer of the currency is the U.S. government, and "taxation" only serves as an aggregate demand management tool in such a case.

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