by Joseph P. Farrell, Giza Death Star:
So many people sent me the story about the Texas stock exchange and its connection to Blackrock, that this story must be our lead story for this week. The version of the story that will be the focus of today’s blog is that in The Gateway Pundit, which many of you saw and sent along. So thanks to all of you who sent versions of this story.
You might recall that a little over three years ago I blogged about the story of Texas Governor Greg Abbot trying to woo the NASDAQ stock exchange away from New York City to Texas, to the Dallas/Fort Worth metroplex:
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Back then there was talk of NASDAQ moving its data center to Texas, and according to the story, “other exchanges” were considering a similar move. That provoked a bit of analysis from me:
Now this article, one might have noted, is a bit peculiar in several respects. For one thing, it mentions – twice – “NASDAQ and other exchanges,” the clear implication being the NYSE itself. But that’s only one of what might be “other exchanges.” We’ll get back to that in a moment. Then there is a second peculiarity in that the article specially mentions that what is being moved are the “trading platforms” and “data centers”. I strongly suspect that the language here is meant to be reassuring to the low information news consumer, because the language implies that the actual exchange floors themselves – you know, that image we have in our minds of people on the floors of those exchanges shouting bids at each other and waving papers around. They’re just moving the data centers and not the actual exchanges themselves.
Except in the modern world of dark pools and algorithmic trading, to move the data center so far away from the actual trading floor is a big clue, because in the dark pool world of quants and algorithmic trading, moving the data center is moving the trading floor, at least, the virtual one. And whatever may be left of real humans on the real trading floor shouting buy and sell orders at each other won’t be far behind. THe reason? Because in the world of algorithmic trading, trading/data centers need to be as close to “the action” as possible, because trades are executed in nanoseconds. The farther the distance – even at the speed of light – the greater the risk that certain trades won’t go through in time.
Which brings me back to “the other exchanges.” The article, I suspect, has already given us the “public spin version” of the reasons for the move: higher taxes. But I suspect the deeper reason is the insanity of the political culture in the “blue states”, and their increasing fiscal unsoundness and lack of stability. It’s difficult – even in a dark pool – for traders manning the phone banks and computers to execute trades by following arrows on the floor, wearing masks, and “social distancing” (which Abbot will have to explain too). One needs sane environments in which to conduct market activities. So one wonders if “other exchanges” means that commodities exchanges – like in Chicago, another “blue” city with a mayor competing with DiBlasio for the nuttiest mayor of the year award – might be looking at Texas as well.
Which brings me to my high octane speculation of the day, for I do not for a moment think that this is just happenstance. All the mentioned “reasons” in the article seem to be to be a bit contrived. After all, New York and New Jersey have had high taxes for years if not decades. So what has changed? For one thing, the political and cultural climate. For another, the financial one. Texas is a producing state. It produces things: crops, cattle, horses, technologies, rockets, airplanes, cement… New York produces, hmmm… well, crops, horses, some technology, and things like that. But it’s biggest product is “financial paper”, or what I call “crapitalism.” And it’s produced a lot of that. And it also produces lots of taxes. So if one is entertaining the idea of a financial reset, or even a “coming split” in the country, one wants to be “where the action is,” and that’s not New York or California, it’s Texas.
And while we’re talking about splits and financial resets, Texas has something else New York doesn’t, and that thing makes me wonder if we’re looking at the public face of plans – detailed plans – that were set in motion some time ago…:
Texas has a state bullion depository. And isn’t it funny how they’re all of a sudden talking about crypto-“currencies” “backed” by gold…
All New York has is the Federal Reserve… which tends to lose massive amounts of gold on occasion. Just ask Hjalmar Schacht…
Obviously, in that bit of “high octane speculation” I was, as usual, giving free rein to the imagination…
…which, in the context of the current story, seems to be a bit of confirmation that perhaps that some of those speculations, at least, were true. What emerges from this more recent article is not only that the Texas stock exchange is more or less a done deal, but that the reason being proferred for it is the unwelcoming tax and crime environment in New York City, a “reason” which i suspect is not the whole story:
