skip to main |
skip to sidebar
Much of the recent rally, that nominally looks like a straight shot higher is really due to the monetization going on in the US and Europe.
Such distribution of money through asset bubbles can provide the appearance of vitality, but it is not self-sustaining.
But as we saw in the tech and the housing bubbles, they can go quite far, and inflict serious damage on real economy, before they collapse.
Francine McKenna is an ex-auditor from Price, Waterhouse Coopers.
McKenna has a blog called re: The Auditors, and also writes for Forbes.
MF Global is a slowly boiling scandal. It is always the cover up that brings the most damage, rather than the initial criminal acts that are committed by a few.
She provides a very plausible description of what really happened at MF Global, and I find it to be entirely consistent with my own thoughts and extensive reading on the subject.
She does not address the actual cause of the MF Global bankuptcy but that is another matter.
It is a dirty business. And Francine is a highly credible source.
This will start viewing at 13:00 to hear McKenna's thoughts.
It was 'Risk Off' into the weekend as traders and funds raised cash levels as the markets took a 'wait and see' attitude towards the Greek debt deal.
