Commentary on Political Economy

Monday 12 September 2011

A Funny Thing Happened...On the Way to the Bank!

Our friends would know by now that as capitalist regimes the world over become ever more desperate in their frantic attempts to save this "systemically risky" political economy, the society of capital, from implosion and disintegration, they run around like headless chooks seeking repressive solutions such as "national austerity for the good of the country" and other arcane remedies. As the despair grows and profitability of capitalist investments falls, these "very serious people" start to resemble the meanest, vilest, most verminous type of low life imaginable on earth: our political, economic, and even entertainment leaders (our "stars") begin to resemble the most lurid gang of bandits intent of theft and rapine, on looting and stealing - on anything! - only to be able to save their filthy lucre!

So it stands to reason - and this is the "funny" thing - that the biggest set of bandits in the Western world - the Italian Government led by none other than Signor Don Berlusconi! - should seek support for some relief from its death-throes - which will continue until it drowns in its own vomit! -.... that these illustrious criminals should look for help aid and assistance to.... why, where else?? TO CHINA'S DICTATORSHIP of course!!!!! To the biggest gang of murderers this sorry earth has ever known!

But if that were not embarrassment enough for our Western political leaders who pride themselves on being called "honourable and respectable and eminent and Sirs and Madams" - if that were not enough then we have the tragicomedy of Wall Street investors BUYING WHOLESALE the biggest Italian "bufala" (bullshit) of all! The rumour that the Chinese leadership of murderous gangsters is willing to assist - in extremis, in articulo mortis! - the "mafiosi" in Rome and Milan with a generous spree of Italian bond purchases!!!

Friends! Such is the desperation, the misery and exasperation of these rotten bastards that they are now willing to buy the most amasing science fiction, fables, tall stories, metropolitan myths and legends! To this perverse and despicable twist of miserable fate has the lofty and noble bourgeoisie fallen!!
FORGET MADOFF!! Now you can trust Chinese murderers to come to our aid in a rush of generosity! Enough! Assez! Basta! I have heard it all!

Let me tell you: unless Bernanke comes up with QE3 by the end of next week, the European bourses, starting with the banks, will not even be able to wipe the blood from their trading floors with their euros!! Because, as in the Lehman Brothers episode, the US Federal Reserve will become the lender of first resort, not to its own banks.... but to the Europena ones! (The ECB may not have the mandate, legal or political, to do anything about the coming collapse of European banking and sovereign defaults, starting with Greece.)

Here is the FT article announcing the "Chinese Bufala"!! Read, laugh and enjoy!!

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