< HOME  Wednesday, April 12, 2006

King of Pain Spreads His Gospel

Free from his earthly anchor at the Federal Reserve, the King of Pain continues to spread his financial gospel all over the world by live performance via satallite:
"With today’s technology, we’re not all that far away from eliminating location as critical aspects of trading," Greenspan said in his keynote address via satellite for FT Asian Financial Centers Summit, held in Seoul Wednesday. [rule the world by remote control]

He said on top of large number of investors and institutions creating skilled manpower, trustable system such as special protection of property rights is a necessary condition for financial centers. "Most successful financial centers exhibit equal treatment for equal parties, domestic or foreign, in what we call national [read: royal] treatment.’’

He explained that Sarbanes-Oxley Act worked as a regulation on foreign investors in the U.S. He said he also supported the law, but it eventually made many investors move to London.

The former Federal Reserve chairman advised that Seoul develop various niche products to become a world financial hub.

"Once you have a base, you can add other products." He said Seoul already has some critical products, and is a major player in the options market.
That base is a LEGAL one. That's why I cringe when I see the oft-cited quote by Meyer Amschel Rothschild:
"Give me control of a nation's money and I care not who makes her laws"
What a load of crap! Money today is nothing but legal tender. Money depends on law for its supreme power. That quote turns the true nature of money on its head, thereby obscuring the solution to its evils.

Money is the illegitimate spawn of the law and the law must be its undoing.


Post a Comment

<< Home