Quotes

Since we were already on the subject.

We couldn't decide on just one Zappa photo.    

Since we're already on the subject.

If the American people ever allow private banks to control the issue of their  currency, first by inflation, then by deflation, the banks … will deprive the people of  all property until their children wake-up homeless on the continent their fathers conquered … The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.  Thomas Jefferson

I believe that banking institutions are more dangerous to our liberties than standing armies. Thomas Jefferson

The modern theory of the perpetuation of debt has drenched the earth with blood, and crushed its inhabitants under burdens ever accumulating.  Thomas Jefferson

I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its constitution; I mean an additional article, taking from the federal government the power to borrow money.  Thomas Jefferson

If (As the supreme court had recently inferred) Congress has the right under the Constitution to issue paper money, it was given to them to be used by themselves, not to be delegated to individuals or corporations.  Andrew Jackson

 

 

The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of  consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.  Abraham  Lincoln

 

 

 

 

 

Issue of currency should be lodged with the government and be protected from domination by Wall Street. We are opposed to … provisions [which] would place our currency and credit system in private hands.   Theodore Roosevelt

 

 

 

I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of  credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most  completely controlled and dominated Governments in the civilized world no longer a  Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.  Woodrow Wilson 

 

 

 

Yes you did you half-witted narcissistic twit!!!!!

 

Since we were already on the subject.

From Zero Hedge, yet again.

John Koutoulas offers up a primer to prosecuters everywhere for the prosecution of John Corzine on charges of fraud and possibly perjury in the matter of MF global and One Billion Six Hundred Million Dollars of supposedly segregated customer funds.

We've cut and pasted the conclusion which probably get's you home.  This isn't the easiest read we've ever posted but we found it to be worth the effort.

There are links all through this thing which disappeared when I first formatted this post.

If you drag your mouse around a bit you'll find some other good stuff.

To sum up, while Vice President Joe Biden’s “Smartest Guy I Know” was smart enough to not explicitly say “Steal the Customer Money” in an email, there is enough circumstantial evidence, to conclusively prove fraud (and probably perjury) beyond a reasonable doubt.

• Corzine was well aware of the risk involved with his European Sovereign Debt trades, and fired the risk manager who brought the risk to the board’s attention.
• Corzine encouraged his yes man CFO Henri Steenkamp to risk deficits in customer segregated funds against the advice of his more experienced CFO, Christine Serwinski.
• MF Global falsified a segregated funds report to show $200M in firm excess while internal calculations, external JP Morgan calculations, and common sense showed massive shortfalls.
• That 200M coincidentally is the exact amount (less 170k and change) transferred from customer accounts to MF Global’s house account, with exactly 87.5% of it being transferred to JPM almost immediately following the initial transfer.
• None of the transfers of customer money to JPM or BONY were approved by CME Group which, as MF Global’s DSRO, required MF Global to have all equity withdrawals pre-approved by them in writing.
• JP Morgan risk officers notified Corzine personally of their concern that customer money may have been used as part of the initial transfer.
• MF Global intentionally changed its business practices to favor its own liquidity needs over its customers by redirecting wire redemption requests to checks. This incidentally, would have zero effect on its liquidity position if it was not knowingly misusing customer funds, as unlike banks which may fractionally reserve lend, brokers must have a ratio of customer funds or permitted collateral greater than 1:1, as per CFTC Commissioner Jill Sommers, “EVERY SECOND OF EVERY DAY.”

While no single bullet point proves fraud, taken together, any reasonable person will conclude that Corzine is guilty beyond a reasonable doubt.

Last December, when Rick Santelli asked me if customers would get their money back, I told him, “Damn right they will.” The distressed debt markets agree, as buyers have now paid more than 98% of the face value of customer claims for US designated accounts, and over 93% for claims for 30.7, UK designated accounts. However, the futures industry remains severely damaged as shown by CME’s Q3 profit down 31% as futures customers would rather take counterparty risk with a TBTF bank than trust uninsured clearing houses with ‘segregation’ protection that has proven to be nothing more than a paper tiger by Corzine’s theft. 

If Corzine is allowed to walk, it sends the message to not just the futures industry, but the entire US financial complex, “You can steal customer money from not just commodities accounts, but savings accounts, checking accounts, 401ks, and IRAs so long as you pay Obama 500k in bundled protection money, err, campaign contributions.”  And, while the current administration clearly doesn’t care about the integrity of markets, I do.

So today, for the 1 year anniversary of the day 38,000 farmers, ranchers, commercial hedgers, retirees, traders, and hedge funds were robbed, and 2,800 MF Global employees lost their jobs so an incredibly insecure multi-,multi-millionaire, Jon Corzine, could desperately try and show the world he is a great trader, after all, I renew my pledge to do all that I can to help put him behind bars. I am working with multiple state Attorneys General to help them bring charges once the DoJ officially closes their ‘investigation.’ And, I have another little trick up my sleeve that I assure you that Corzine’s high-priced lawyers haven’t thought of, so stay tuned.

So, Jonny Boy, keep pretending how you did nothing wrong and you’re just bummed out that you haven’t gotten back to work being an awesome hedge fund manager. I hope your 500k bought a Presidential Pardon along with the DoJ’s silence, because the law is coming for you and you’re going to need it.

xoxo,

James L. Koutoulas, Esq.
President, Commodity Customer Coalition
CEO, Typhon Capital Management

  President Obama gave an interview to the Des Moines Register last Wednesday and upon being asked whether he regrets pursuing "ObamaCare" rather than focusing more on the economy, President Obama answered as follows,

"Absolutely not.  Remember the context.  First of all, Mitch McConnell has imposed an ironclad filibuster from the first day I was in office. And that's not speculation."

Keep in mind here that Mr. McConnell was then and still is the Senate Minority Leader, and that in 2009 upon Minnesota's Al Franken being seated, Democrats held 60 seats in the Senate and as a result a GOP filibuster was not possible.

The argument that cancer stricken Ted Kennedy and terminally ill Robert Byrd were unable to take their seats to vote to end this "ironclad" Republican filibuster fails as well as Republicans, in small numbers to be sure, crossed the aisle on at least three separate occasions as three Republican Senators voted for the February 2009 stimulus bill, five for the Lilly Ledbetter bill and nine for an expansion of the state children's health program.

As President Obama's then Chief of Staff and now Mayor of Chicago Rahm Emmanuel so elegantly put it.

Always with the excuses, this President.