Bix Weir of Road to Roota fame believes there’s an extreme derivatives induced meltdown taking place in Europe as we speak. Of course there’s the story of a rogue trader from JP Morgan who’s taken control of the world CDS market and is bending it to his will: obviously, with little or no supervision from his bosses. How can such things happen in today’s financial world, especially after the passage of Dodd-Frank, which was supposed to solve all these problems?
The head of commodities trading at JP Morgan, also accused by some of being the antichrist of precious metals, Blyteh Masters appears for a completely scripted interview on a financial network and proclaims that she’s shocked there’s gambling and manipulation taking place, because it’s so illegal. JP Morgan handles customer orders and hedges. The company has no control or influence over metals prices in any market, because that wouldn’t be right. The metals investors have been known to pull out the garlic necklaces and silver crosses! Masters also happened to mention that she just bought a bridge in lower Manhattan and is entertaining offers on it. She proposed setting up EZ Pass toll lanes to charge bikers and pedestrians for the right to cross. It’s so comforting to know that she’s looking out for the public.
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