#facestab last cranked 2009-03-03 22:09

Wall Street on the Tundra
posted by seti at 2009-03-03 10:18

cheezn8r: "...no longer a country. It is a hedge fund..."
cheezn8r: "...the only nation on earth that Americans could point to and say, 'Well, at least we didn't do that.'"
cheezn8r: ... but they couldn't have done it without other finance institutions to take them seriously ... i mean, someone had to actually do business with .. um 'kaupthing' for them to end up like this ...
cheezn8r: or is this another case of just the invisible hand of the market making corrections for us?
cheezn8r: should that be the invincible hand of the market? .. or maybe the indivisible hand of the market .. NaN .. divide by zero error ... over and out
seti: several billion dollars divided by 300,000 citizens equals a very big hole they have dug.
cheezn8r: yeah, but "kaupthing?" someone gave them a shovel? wtf?
cheezn8r: they call this a 'system'? wtf? i see nothing systematic about this 'financial system' except idiocy .. systematic idiotic behaviour
cheezn8r: ritualised idiotic behaviour ... mediated by exchange of tokens that have no material form
cheezn8r: once "rather suspicious of the market system as a cornerstone of economic organization, especially its distributive implications" ... what happened?
cheezn8r: i know species of insect that have it more together than us.
cheezn8r: like .. um .. butterlies. and moths.
cheezn8r: hid his money inside 'a board game' ... i think we can guess what game that might be .. nice sense of irony, m8
cheezn8r: "a thin layer that will almost certainly one day be known as Asshole Capitalist"
cheezn8r: remember kids, this is what happens to successful, responsible socialist systems, don't let it happen to you!
cheezn8r: summary of the summary: "They created fake capital by trading assets amongst themselves at inflated values."
cheezn8r: aside: "One of the hidden causes of the current global financial crisis is that the people who saw it coming had more to gain from it by taking short positions than they did by trying to publicize the problem."
cheezn8r: the speech mentioned in the text, given at iceland uni
cheezn8r: which was summarised by the author as "I give you nine months. Your banks are dead. Your bankers are either stupid or greedy. And I?ll bet they are on planes trying to sell their assets right now."
cheezn8r: aka All UR Base R Belong 2 US
cheezn8r: aka Cities in Dust
cheezn8r: "The Central Bank said they were too busy to see him"
cheezn8r: ALL ABOARD THE B-ARK

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