Revolution Blog

big boys running scared

Published on 2011-11-02
A major Wall Street trading firm, MF Global, filed for bankruptcy on Monday 10/31. Headed by Jon Corzine, former Goldman CEO and ex-governor of New Jersey, the firm was a major player in the global derivatives market, and specialized in proprietary trading (i.e. trading their own book). It seems they got on the wrong side of multi-billion dollar bets in PIIGS debt instruments. (Boo hoo, was there ever really another side to that bet?)

Furthermore, it appears that while in the throes of a severe cash crunch, the company succumbed to the temptation to cannibalize customer client accounts, which is a big no-no:

FBI to probe MF Global's use of client money(external link)

Speaking of PIIGS debt, the pig in charge of Greece, Prime Minister Papandreou, has grown so frightened of his own voters that he is no longer willing to try to force austerity measures down their throats. Instead he is, incredibly, submitting the grand bailout plan recently agreed among the uncrowned heads of Europe not only to a vote of confidence in Parliament, but to a public referendum as well! Undoubtedly the rioters and occupiers will approve that, probably right after the USA elects the late Harold Stassen President (never mind Ron Paul). Which suggests Papandreou mainly wants the deal exploding and Greece defaulting to be someone else's fault. Yessir, it's all about plausible deniability when the fecal missiles start impacting the rotating blades.

The globalists, the predators in government and finance, are watching it all spiral out of control just as they were closing in for the kill. They want a United States of Europe and have been assiduously beating those drums for decades. And yet they're much more likely to get an Untied States of Europe first. (Dyslexia is a bitch.) The elites are marching in one direction and the world is marching in the other. The gap is becoming too big to straddle, as Papandreou has discovered.

Those who will assume the unraveling is all part of some master plan behind all the plans, are falling prey to the same Hayekian knowledge fallacy to which the Fabian predators are original subscribers. Perfect knowledge to foresee and anticipate all events and consequences does not exist. Brittle overreaching systems thrash ever more wildly as one crisis remedy precipitates another crisis, in ever-quickening succession. Today their insider clique firms are imploding and their career politicians are running scared. While we can logically expect opportunistic responses, it's difficult to believe there's an overall script being read here.

The question before us is not how to topple the state; it's toppling of its own rotten weight just fine without any help. The question is how do we get out from under? To this end, we need to build an alternative agorist economy. And quickly. Will we be ready for prime time when the wheels really come off in a couple more years? Every day's news increasingly suggests that we don't have nearly as much time as we may have thought.