Thursday, 12 July 2012
The total amount of gold ever mined from this planet is approximately 160 thousand tons: nine trillion dollars worth. Libor manipulation affected at least 800 trillion dollars worth of investment products.
See "For investors and customers, PFG is MF Global all over again...". Trust in the US financial system, and in segregated investor accounts, is further eroded. See also "Penson brokerage warning" and "Don't let another MF Global ruin you".
Monday, 9 July 2012
Steve Keen explains how elimination of debt is needed to solve the financial crisis, in this RT.com interview: Keen proposes that it would be better to inject stimulus funds into individuals to reduce their debt, instead of into financial institutions which are not lending those funds.