Home > Anarchy, Austrian School, Fractional Reserve Banking, Gold > Anything “paper” can be duplicated, sold from under your nose, embezzled

Anything “paper” can be duplicated, sold from under your nose, embezzled

I’m sorry, but I can’t help myself…

This article is full of great quotes, great insights on naked short selling, I’m amazed this stuff is appearing in Rolling Stone. Who owns the mag, and can their credit lines be cut? Perhaps we should ask GS if they can cut the mag’s credit lines and fire Matt Taibbi.

“To the rest of the world, the brazenness of the theft — coupled with the conspicuousness of the government’s inaction — clearly demonstrates that the American capital markets are a crime in progress. To those of us who actually live here, however, the news is even worse. We’re in a place we haven’t been since the Depression: Our economy is so completely fucked, the rich are running out of things to steal.

“This is the basic outline for how to seize the assets of a publicly traded company using counterfeit stock. What naked short-sellers do is sell large quantities of stock they don’t actually have, flooding the market with “phantom” shares that, just like those Island Rubles, depress a company’s share price by making the shares less scarce and therefore less valuable.

“A thing so fundamental to civilized society as the integrity of a stock, or a mortgage note, or even a U.S. Treasury bond, can no longer be protected, not even in a crisis, and a crime as vulgar and conspicuous as counterfeiting can take place on a systematic level for years without being stopped, even after it begins to affect the modern-day equivalents of the Rockefellers and the Carnegies. What 10 years ago was a cheap stock-fraud scheme for second-rate grifters in Brooklyn has become a major profit center for Wall Street. Our burglar class now rules the national economy. And no one is trying to stop them.”

This shows how the mechanics of embezzlement and fractional reserve banking can be applied to any paper asset.

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