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How Long Can The Financial Fraud Last?

When asking such a question pertaining to what the world is going through today looking at it on more simple terms gains some perspective. For example on a smaller scale when a small business man cheats on his taxes or a homeowner claims too many exemptions the probability of their fraud lasting maybe 3-5 years is fairly good before the tax man sees the discrepancies and calls an audit correct? As we now know the financial fraud we are seeing today at the top of the financial chain is much more pervasive than just the small businessman or single homeowner. One could easily say its just about everyone at the top, they are all a part of it and it has been going on for decades.

Yes I have to admit that not all are  up there are participating in the cheating of the people but the fact is the number of the folks on the straight and narrow are in such a minority that when they do speak they get muffled or at worst deemed quacks, pretty much like Dr. Michael Burry who gives the commencement speech at UCLA in 2012. He was the guy in the Michael Lewis book “The Big Short” and was one of many who saw the fraud going on in the housing market and warned others being laughed at, told he was a nut etc. Since his timing of the crash was off by a year or so, even the investors he convinced to give him money were calling up asking what the hell was going on. They were paying premiums on their Credit Default Swaps losing money every year waiting for the burst that just didn’t seem like it was going to happen. This went on for the last year or two if I recall from the book. To the extent that when his investors were calling saying they wanted to pull their money out of the fund he just stopped answering the phone because he knew it was coming, just not when. As you will see in the clip below he says he became one of the one percent by betting against the fraud of the one percent. Not in those words but you get the picture.

Before we get on to the Max Kieser episode I want to share a video of Bill Black from 2013 describing how its much easier to rob a bank from the inside. Keep in mind Bill was the chief investigator/regulator of the Savings and Loans crisis in the 80s. The difference as you will see in the video is there were people who went to jail over the S&L fraud. While not one single person has been held accountable in the current crisis and that they have only tried to fool people and investors alike the crisis over and the world is back on track. This is a joke that we just haven’t heard the punch line yet. The way we know this is due to the fact of how all the economic data is fudged in some way, shape or form to make things look better. I could probably fill this entire article with examples but lets just stick to the most recent and truly comical. Lets start with the ISM Mfg. PMI data released Monday this week. After somebody wrote an email saying “Uhh I think you screwed” up they quickly revised the figure to the upside showing further expansion as you can see in this article. Now lets just say there was a glitch trying to give them the benefit of the doubt and the actual email wasn’t somebody from the Obummer administration saying “common you can do better than that”. The fact is there are so many lies floating around out there that even if there was a real mess up and the true numbers are the better ones, why would we be stupid enough to believe them? Its as though these folks have never heard of The Little Boy That Cried Wolf.

Now the real good stuff that should be reserved for Comedy Central. Of which I am sure they had a hay day with is both the UK and Italy have decided to include Cocaine use and use of prostitutes in their GDP calculations. What a great way to boost the GDP figures of the country so the debt to GDP ratio looks that much better. Even Monty Python couldn’t do better. The real kicker here is that its not just the UK and Italy that started the “lets find more we can add to GDP” but the US who actually started it adding “intangibles”. I have a feeling its only a matter of time before illicit drug use and black market items are added into US GDP.

Now when countries are that desperate to boost GDP does it really show that things are getting better or does it more likely desperation? Im thinking the latter.

Here is Bill Black explaining exactly how the bankers did it in the 80s as well as how the current crisis could have been prevented if the political elites didn’t just make it easier to rob a bank from the inside after the S&L crisis.

Finally we get to Max Kieser as he describes how the manipulation of all markets is crucial to maintaining the status quo. As long as they can keep this up the current situation could go on for a long time. However like I have said before it only takes one with deep pockets to run for the exit to start the domino effect and it all come crashing down. The problem with that is the top 1% are all so invested in keeping this charade going it may be quite some time before the music stops.


Have a great day



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