from Armstrong Economics:
COMMENT: You and the people you represent are not making one dollar for the real economy, you are only stealing money from the real economy by taking money from production, mining and normal investors.
REPLY: Producers need to sell risk so they can produce on a guaranteed basis. Sorry, but without the free markets nothing would exist. Do not confuse that with over-leverage used by banks that blow everything up. They bought 30 year bonds and sold 10 year bonds and leveraged that to the hilt. The slightest up-tick in rates wiped out Orange County. This same scheme has been repeated time and time again. They blow up because they think they found the guaranteed trade and are routinely blown out of the water.
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