Debt Rattle October 9 2015
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DPC H.A. Testard Bicycles & Automobiles, New Orleans 1910 • September Liquidity Crisis Forced Fed Into Massive Reverse Repo Operation (IRD) • Bank Of
[See the full post at: Debt Rattle October 9 2015]As with “rogue” securities traders and bankers, so with engineers apparently; it is, by definition, never the fault of management because management is not capable of faults.
In NZ we have this thing called the fiduciary duty of boards. They have an obligation to KNOW what the fuck is going on in their organisations and if they don’t they are in breach of that duty and it is an actual crime. And you can do time.
If they didn’t know, their massive failures of governance has exposed their companies and shareholders to catastrophic losses. For that alone they should be marched without their damned golden parachutes and then prosecuted.
It is a measure of their power at every level that only the engineers and the traders will do the time and this shower of pricks will walk away scot free.
So I’m re-reading “Catch 22” at the moment; you know, so I can keep my mind off the headlines, and actually get to sleep.
All seems so soothingly parallel.
The massive Fed reverse repo thing is not what the linked article says it is.
“The spike in RRPs is not evidence of a mushrooming financial catastrophe and crisis under way. It’s not that there isn’t a mushrooming financial crisis under way. There is. It’s just that last week’s RRP spike has absolutely nothing to do with it. It has to do with a Fed stupid parlor trick and the temporary shortage of short term T-bills along with the resulting excess of cash.”
Catch 22 ages very very well. So does the movie which left me cold back in the day but now I love it. Catch 22 was about bureaucracy and today’s world of corporations and institutions, government and NGO is vastly more bureaucratic than the WWII era was, except for the US military that is. The birth of our world springs as much as anything else from the seemingly almost spontaneous emergence of a vast military bureaucracy in WWII and then that experience fanning out to envelop corporations and institutions of all sorts.
Yossarian the individual caught in the wheels of the great bureaucracy.
“Hong Kong’s high street shop rents have fallen as much as 43%…”
Because Landlords (easy money thieves that they are) refused to innovate assuming their cash inflow from rents would last a 100 generations. Then the internet happened and people no longer needed a High Street front store to sell their goods. These tollbooth capitalists with their monopoly on locations for goods trading have been handed their hats and told to fck off. Today, a little girl with a bright fashion idea and a skilled pair of hands can go direct to the consumer and bypass these parasites.
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