The Phaserl


Of Course the Markets Are Rigged

by Bill Holter, Miles Franklin:

The buzz yesterday was all about the book by Michael Lewis, Flash Boys: A Wall Street revolt. I first heard the headline on 60 minutes “The Markets are rigged” and my blood started pumping. I thought to myself, wow, they’re finally telling the truth? What has happened for them to finally do a story like this? Then came the letdown. The story was about HFT’s (high frequency traders) that front run orders and chip off a penny or two on every trade…YAWN!

A penny or two on every trade? Who cares? Did you trade your brains out last year and do 100 trades? Then you got “ripped off” for $1…maybe $2. Did you do 1,000 trades? Well then, you got stiffed for $10-20 or the equivalent of 1 pound of good quality beef. Yes I agree, this “penny or two” on so many trades does add up to some serious money and should be outlawed. I ask you, is this big deal…in light of the fact that the global financial system “almost” melted down because of fraud yet no one went to jail? NO ONE! Heck, Jon Corzine commingled client funds, his firm went belly up and his clients were initially stiffed…and charges were not even filed…ever.

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2 comments to Of Course the Markets Are Rigged

  • Sergio of the Jungle

    So, theft from my account is OK as long as it is only on a scale that doesn’t break my account? WTF kind of reasoning is that? It’s just as awful as MFGlobal, just not as blatant. Theft through inflation is OK because it happens to you gradually, right?
    You can’t just be a little bit crooked.
    It’s not just the unfairness of the stock trading system’s structure. It’s the fact that regulators have allowed a privileged group of people, the purchasing rights to information that every trader or investor should have access to. They allow these same people to front run trades. That makes them bought and paid for and complicit.
    It’s corruption on every level but it’s deeper than HFT. It is structurally the essence of the monetary system, where the right to create loans, ex nihilo (thereby creating counterfeit money yet calling it legal tender), is given to select private enterprises. HFT is just another aspect of the entirely corrupt fiat money problem. Corruption starts right there.

  • Z

    I would say, based upon ample evidence, they are rigged. GATA has published a lot of information that indicates this is true and here is a recent article from Paul Craig Roberts:

    Then you have a few “experts” who say that they do not think that the markets are rigged: for example.

    The purpose of this gaming is to keep that little particle of doubt in the general public’s mind so that they keep running in circles while they are getting screwed.

    No one in authority appears to want to do anything about it so why worry? Put your energy into more productive pursuits and better the lives of your family and friends. That is something tangible that anyone can do.

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