Journal zogger's Journal: Honest Tangibles..and dishonest intangibles 5
It looks like some banks in Italy are actually going to accept as collateral some real produced wealth, fine wines and prosciutto hams
But we are still are afflicted globally by the high stakes casino alleged "bank" gambling with their threats to crash the economy and so on if we don't support all their bad bets with looney tunes derivatives.
As pointed out in the article, the sum alleged worth of all those triple leveraged derivatives bets not only adversely effect the stock market because of the massive swings they can cause on purpose and take advantage of, "gaming the system" like what was claimed with goldman sachs stolen software, but also are just insane on their face, they claim they are worth many multiples of the entire planet's net worth in real stuff. That's just nuts. It's basically a *pure lie* they are pushing, and they want the tax payers to back them up to perpetuate this lie, and that's been happening. How blatant does it need to get to see the outright mass thievery going on as "official supported policy"?
The quicker we can get an airgap between the real economy and those gamblers and get them out of all positions of official economic policy making the better. Their entire mindset is just alien to the rest of the planet and they don't represent anything worthwhile really.
Why should six billion humans be kept in constant economic peril and in perpetual economic bondage just to satisfy the lusts of a what proportionately are just a few people? Just "because"? That's not a good enough reason to allow those sorts of businesses to continue. The nature of their business, which consists of not producing a thing, just skimming from the rest of the planet and then gambling with it within their gambler's guild, IS a good enough reason to remove them from the real economy. .
Cheese (Score:2)
The article points out that the bank has long stored wheels of Parmesan cheese while it ages. I didn't know any banks did this. Totally cool.
It is totally cool (Score:1)
Banks here have tangible goods as collateral and they hates dealing with it, repoed cars and trucks and homes etc, jonesys dry cleaners, whatever, bad loans. *Once* in a great while I'll see them selling some repossessed trucks and cars outside a little bank, but not too often, they want to stick to manipulating digits.
What those banks there in Italy are doing is more a high end good eats pawnshop,err, delipawnshop with planned storage facilities and so on, which to me is more of a worthwhile bank t
Re: (Score:2)
Cars, boats, planes, stocks and homes are all titled property, so are fairly easy to understand and do the paperwork on. Artwork, wine, jewelry, etc. is a different animal and require special skills.
It seems the Italians have a history of this sort of thing with premium cheeses, and they're just expanding it to the more stable commodities. Still, I believe it was just one bank and that has got to be a seriously special skill. I can't wait for the first story of a guy who got hungry while in the vaults.
Real metals still affected (Score:1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0wFUoeLGnXw [bloomberg.com]
"Aluminum Inventories
Aluminum prices may rise even as inventories monitored by the London Metal Exchange are near record highs because most of the stockpiled metal is locked into financial arrangements that make supplies inaccessible to users, Kleinfeld said.
"Almost all of it is tied up in financing deals" creating short-term tightness in supplies, Kleinfeld said.
The metal is tied up in so-called cash-and-carry trades, which let speculators
speculation bondage (Score:1)
Yep, it messes with a ton of commodities. Last year, that was a big part of the huge fast oil prices spike. The OPEC dudes were telling the truth, they were receiving (had received)the old lower prices, but the per barrel price on the market got driven up to tremendous levels by people sitting on the supplies as it was flash traded back and forth by computer algorithms and market movers who could allegedly handle big quantities, and by doing it in advance of everyone else knowing about it, the cozy relation