Peak Oil Entrepreneur
by Paula | 22 April 2009 | permalink | comments
Tags: collapse,
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An article in yesterday’s Slate contains a concise and clear description of the architecture of the current massive wealth transfer. From The Scary Rise of the Empty Creditor:
But if a lender or creditor believes it can profit more from a complete failure — i.e., if it has an insurance policy that pays off only in the event of utter devastation — that creditor might be more inclined to push a company toward bankruptcy. And thanks to the financial innovations of recent years — the rampant use of hedging and credit-default swaps, the ability of investors to purchase insurance on debt — that’s exactly what seems to be happening. Creditors are acting to protect their economic self-interest by encouraging companies to destroy themselves.
Got that?
This is what the left v. right, liberal v. conservative political nonsense is designed to distract you from. All this tea-party tax protest crap is designed to do is funnel your attention away from Wall Street and keep you angry at the government, lest you wrap your head around what’s really going on and burn down the NYSE.
Eventually people are going to wise up. When they do there will be blood in the streets.![[end article]](/images/article-end.gif){kind=small}
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