I honestly have no idea what is going on with this Bruno Iksil person, but zerohedge is reporting that JP Morgan’s prop desk is taking a bath on some (what seem to me to be) arcane “CDX Series 9″ trades. Its amazing how something I have never heard of can supposedly cost a firm 3 BILLION DOLLARS but such is life in the big screwed up casino called 21st century “capitalism.” Anyway, someone wrote about getting up tomorrow, doing your duty, and sending JP Morgan a message by buying some physical silver. Who knows if the whole Max Keiser “Crash JP Morgan” thing can do any good, but we all know who has been the big short standing on the white metal (even as they supposedly have reduced some shorts of late.) And it is nice to believe that people can try to make some sort of statement. A statement that, if the speculation is true, really could finally be a way to push back and push back hard against a trading desk that acts like it is above the law. (Well, of course, it may be the case that they own the U.S. government, but still…..)
And at least tonight, you are getting a relative discount on the metal, at under 30 bucks. I will certainly try to scrounge around the car console and do my part tomorrow. Hope you do the same, if not because it will do any good, but because of the principle of protesting against such a cock-eyed, messed up, unreformed, bloated, arrogant banking system. Cause get what?– and this is the best part of all– I have a sneaky feeling that the taxpayer and dollar holder will have to come to the rescue of Mr. Iksil.
Isn’t this getting just a tad- bit old?