from Armstrong Economics:
I have stated for years that the banks are NOT great traders – they are manipulators. You can tell the bias and untrustworthiness of mainstream press for just about every organization criticized Greg Smith’s book – Why I Left Goldman Sachs. Any journalist who dared to support Goldman and diminish what Smith wrote about is not worth reading and may be even a paid propagandist. What Smith wrote about was by ABSOLUTELY NO means limited to Goldman Sachs. As a major hedge fund manager, you simply cannot for one second let your guard down and think that ANY bank dealing desk is there to provide a service. They are all proprietary traders and they ALL trade against clients to make money. Those who create these grand conspiracies of all-powerful groups that seek to control the world are most likely disinformation that has provided these proprietary schemes with cover. The best way to hide such activity is exaggerate it so at the end of the day it sounds absurd and then anyone who writes a book about the truth gets thrown into the same vat and ignored.
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