MF Global Inc. Trustee James Giddens declared the liquidation of MFGI "essential complete" after gaining approval of a final 95% distribution to allowed unsecured creditors on top of the 100% distribution ($6.9 billion) for customer claims.
The long-term “irreversible” trends continue to develop. Many of the trends, such as debt creation and the movement away from the U.S. dollar, are accelerating and their consequences are appearing globally.
The lame duck may well throw a life preserver to the black swan to keep it afloat temporarily. However, the golden eagle and the silver loony are hovering overhead. Gold and silver are making cup and handle patterns which is historically indicative of major breakouts.
Libor, Bernie Madoff, MF Global, Peregrine Financial, zero-percent interest rates, the Social Security and Medicare entitlement funds, quote stuffing and high frequency trading (HFT), and debt-based money. What do all of these things have in common?
The US is a great place to be an oligarch. You are permitted to steal with impunity from people who are too brain dead to notice they are being robbed. Also in the US it is inexpensive to gain oligarch status.