Czesław Miłosz, Nobel Prize Acceptance, 8 December 1980
"Price discovery is not a sexy function of markets, but it is critical to the efficient allocation of scarce capital and resources, and to the preservation of the long term wealth of investors and the economy as a whole. If price discovery is compromised by manipulation, then we will all be gradually impoverished and the economy will be imbalanced and unstable.
Over the past 25 years the forces of regulatory liberalisation and demutualisation of markets have allowed the largest global banks to set the rules, processes and infrastructure of global markets to their own self-interested requirements."
London Banker, Lies, Damn Lies, and LIBOR
"This is the Dr. Evil strategy, as so named by the US traders who got
nailed pulling this baloney in the European bond market some years
ago. It is a massive dumping of contracts into a dull market for the
purpose of gaming the price to achieve some objective."
Jesse, 21 September 20>
"Most of them became wealthy by being well connected and crooked. And they are creating a society in which they can commit hugely damaging economic crimes with impunity, and in which only children of the wealthy have the opportunity to become successful. That’s what I have a problem with. And I think most people agree with me."
Charles Ferguson, Predator Nation
John Henry Newman, 1890
"For we wrestle not against flesh and blood, but against principalities and powers, against the rulers of the darkness of this world, against spiritual wickedness in high places."
Ephesians 6:12
Sometimes words are there, but just do not seem to be able to rise to the surface.
This is a beginning, but the rot has been allowed to grow deeply into the system.
There is work yet to be done.
Fīat iūstitia ruat cælum.
Non nobis solum.
Have a pleasant evening.
