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“I know that life is a doorway to eternity, and yet my heart so often gets lost in petty anxieties. It forgets the great way home that lies before it.”
Sophie Scholl
Riskiness was the trade today as the Greek Parliament voted to place its economy under European austerity measures and the financials rallied.
1350 is the big resistance in the SP futures. Apple is the Titan of the tech sector reaching $500 today.
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.
