Thursday, February 16, 2012
Russell spent some time commenting on an earlier blog. I poo-poohed his comments and stuck to my guns about doing business with thieves. That may have been a mistake and I think that it may well be time to serve up a big portion of crow for self-consumption.
Theft is theft. The big boys have been doing it on a progressively greater scale for quite some time now. I have a tendency of forgetting that the amounts that they steal from each other are significant in the same sense that the amounts that they steal from us are significant.
I think what tipped me over to the side of seeing this as problem was the sudden realization that MF global may have been one of the bigger turning points. Where the big boys had been previously satisfied with a parasitic role of milking everyone for a small amount, MF Global was where they decided to go after big game and become a true predator.
Yes, it is all the same thing. Pervasive petty thefts in a setting of "financial services" is one thing. One has come to expect such a thing, it is the modern equivalent of the hated gabelle, irritating, good for some displays of dissension, but it just becomes part of the landscape. It is a wholesale operation where the weakness of the host can be masked.
MF Global showed that the big boys would be more than willing to pull down one of their own without even a trace of hesitation.
Now I am worried about what they would decide to do if us low lifes who have been milked for what we are worth are now found to be worthless. Now that the big boys have thrown away any semblance of respect for the rule of law, what are the rules of the game?
at 4:30:00 AM