The Daily Ticker’s Aaron Task interviews William Black about JP Morgan’s massive trading loss and why CEO Jamie Dimon must be replaced with a manager who is not addicted to exploiting federal subsidies ala taxpayers to gamble on financial derivatives.
Here is a direct link.
This documentary is worth considering. It is looooonnnnng (2:12) and far reaching (definitely conspiratorial). It includes many upsetting allegations or assertions. However it is not necessary to accept every proposition in order to see some overall merit. Many of the ideas are broadly correct or within reason in my view. I am doubtful that the oppressors or the “they” in the film are as calculated and intentional as the film suggests. I think most of the harmful decisions are and have been made in the human tradition of basic greed and control–coveting resources and power for a few at the expense of the rest. The oppressive collusion between the finance sector and governments over the past 30 years is something that I have personally witnessed and warned about for many years now.
I do think that the world is now entering an important period of revolution and evolution. And there is great opportunity in this. I am convinced that a brighter future will be found ahead more in prevention than treatment, in clean, sustainable, self-suficient energy, and in getting the finance/debt genie back into the bottle. The greatest hurdle to getting there is not science, or a deficit of innovation–but overcoming the oppression and resistance of the current status quo. You can make up your own mind about where you agree and disagree. Depending on one’s world view, some of the ideas in the film are no doubt incredulous. The key is that we think instead of blindly follow. Most importantly, I believe that we must each strive to be the change we wish to see. Suggestions on positive actions individuals can and are taking, starts about 1:35 in the film, in case you want to fast forward to the takeaways.
“THRIVE is an unconventional documentary that lifts the veil on what’s REALLY going on in our world by following the money upstream — uncovering the global consolidation of power in nearly every aspect of our lives. Weaving together breakthroughs in science, consciousness and activism, THRIVE offers real solutions, empowering us with unprecedented and bold strategies for reclaiming our lives and our future.”
The usual parade of clueless commentators are scrambling to explain the ongoing plunge in risk assets worldwide. One of today’s “shocker” headlines is captured in the below clip: “Crude oil futures extended declines after the U.S. Energy Department said stockpiles rose to a 22 year high”.
The global downturn is slowing world demand just as rising production continues to swamp the glut. (Remember all that (over) investment in the oil and commodities space during the past decade?) As Euro stress escalates and the global recession advances, the risk off teeter totter favors cash, the US dollar and treasuries over risk-credit, commodities and stocks. Remember this image to help understand present dynamics. It is precisely the pattern we have seen in previous bear markets.
