Great headline from Jesse:
Propaganda and Perception Management, and the Process of Dehumanisation
Then he invariably pimps gold and silver, the Plutocrats' preferred control mechanism.
To be clear, the post in question does not perpetuate any lies, does not pimp gold and silver, but wait for that to happen in a later post. He is like clockwork: he pimps gold and silver on a daily basis.
To be clear, I like Jesse and Yves a great deal. I just think they are cowards. They both have a following and the credibility to create movements, but they'll never do it.
UPDATE: Yves Smith gives a much better example of what I say above. She argues for a "tax to kill high frequency trading," essentially accepting that HFT is legitimate under current law. A strong case can be made that HFT is, in fact, a form of securities fraud that is already outlawed under the Securities Exchange Act of 1934. No new laws are required. Just apply the existing securities fraud laws against HFT.
But that won't happen. There is no such thing as the US stock market any longer. Between dark pools and internalization at large retail houses like TD Ameritrade, there is almost no real trading going on in the exchanges. Without HFT to act as a proxy for price discovery, stock prices would plummet. HFTers own the ball. If you throw them out of the ball game, there is no game because the ball goes where the HFTers go. Unless you freeze the markets, outlaw the dark pools (another form of securities fraud), outlaw retailers from front-running their customers (via internalization), and outlaw HFT -- all of which can be done by simply applying current law-- nothing will be done about HFT.
But just by arguing about HFT on the HFTers' terms, you have legitimized their right to play. You have perpetuated their lies.
UPDATE: Yves Smith gives a much better example of what I say above. She argues for a "tax to kill high frequency trading," essentially accepting that HFT is legitimate under current law. A strong case can be made that HFT is, in fact, a form of securities fraud that is already outlawed under the Securities Exchange Act of 1934. No new laws are required. Just apply the existing securities fraud laws against HFT.
But that won't happen. There is no such thing as the US stock market any longer. Between dark pools and internalization at large retail houses like TD Ameritrade, there is almost no real trading going on in the exchanges. Without HFT to act as a proxy for price discovery, stock prices would plummet. HFTers own the ball. If you throw them out of the ball game, there is no game because the ball goes where the HFTers go. Unless you freeze the markets, outlaw the dark pools (another form of securities fraud), outlaw retailers from front-running their customers (via internalization), and outlaw HFT -- all of which can be done by simply applying current law-- nothing will be done about HFT.
But just by arguing about HFT on the HFTers' terms, you have legitimized their right to play. You have perpetuated their lies.
