Posted Nov 2, 2013 by Martin Armstrong
COMMENT: You and the people you represent are not making one dollar for the real economy, you are only stealing money from the real economy by taking money from production, mining and normal investors.
REPLY: Producers need to sell risk so they can produce on a guaranteed basis. Sorry, but without the free markets nothing would exist. Do not confuse that with over-leverage used by banks that blow everything up. They bought 30 year bonds and sold 10 year bonds and leveraged that to the hilt. The slightest up-tick in rates wiped out Orange County. This same scheme has been repeated time and time again. They blow up because they think they found the guaranteed trade and are routinely blown out of the water. Outlawing all futures markets will destroy society and eliminate all progress. That will be a Dark Age. If you are happy with the government telling you what to do and eliminating all freedom, then that is your dream world. It is not mine. There was such a world – it was Communism. Sorry that failed with free markets suppressed as you dream so do not try to force your views on the rest of us that cherish liberty when they have never worked even once.
Eliminate banks being able to trade with other people’s money. The banks should be regulated so that they are to lend on a prescribed basis and not TRADE. Stop government borrowing and you will eliminate the power of the banks. Deal with the abuses – do not pretend shutting down “paper” trading will solve your problems and make you suddenly rich over-night. Nice dreams. When you loose a tooth, don’t forget to put it under your pillow. I am sure the NSA will give you a quarter.
“When the people fear their government, there is tyranny; when the government fears the people, there is liberty.” Thomas Jefferson