Tuesday, September 4, 2012

An Ode to Harry Markopolis

The difference between genius and stupidity is, genius has it's limits.

Over the weekend, I saw another news report of the impending California economic implosion- you know- the one Meredith Whitney predicted a year and a half ago...

It hasn't happened yet- but it will. Meredith Whitney made the same mistake that I always made when shorting markets. Always early. http://archive.mises.org/19120/meredith-whitneys-dream-coming-true/

Never underestimate the willingness of your adversaries to keep an ugly truth from becoming a hideous reality. They will hide, conceal, mislead, inject capital, raise taxes, borrow from any source, employ crooked auditors, fudge numbers, do anything imaginable to keep the truth from becoming truth. Because when they do, two things happen.

Ultimately they get exposed as frauds. Secondly, the whole scheme comes crashing down ala Bernie Madoff. And Bernie Madoff is a perfectly good example of a fraud that should have been uncovered 10 years before it was. Unfortunately,  NOBODY had an interest in telling that truth. The truth was quite inconvenient for everyone. Except competing interests. http://www.guardian.co.uk/business/2010/mar/24/bernard-madoff-whistleblower-harry-markopolos

Folks like Meredith Whitney, Harry Markopolis, or some guy on the street like Frankenstein Government- have credibility problems. Nobody has a vested interest in hearing a nasty truth nor do people attach credibility when nothing disastrous nor imminent is taking place. They would much rather listen to all of the bullshit and lies being spun to them by bankers, politicians, and the crony media. Everything is going to be ok. These are the institutions that people find "credible." The same people that stole their home equity, the people stealing money in the form of taxes that can only go higher and higher, bankers and politicians now desperately trying to keep the banking Ponzi scheme afloat while trillions and trillions of debt and liabilities are concealed by accounting practices designed to deceive virtually everyone.

How long can this last?

For 10 years, Harry Markopolis tried to get the SEC off their dead, porn watching asses and do something about Bernie Madoff's ridiculous gains year after year. Peter Schiff warned CNBC viewers for two years that the housing market and banks were going to implode- nobody listened.

On a much grander scale, it's time to listen. Here's a guy I like. A good read from Dave over at the Golden Truth. http://truthingold.blogspot.com/2012/09/why-gold-is-going-much-higher.html


1 comment:

Anonymous said...

That, my friend, is some scary reading (the Golden Truth, I mean.)