Moral Bankruptcy

Thu, Nov 10, 2011 - 9:06pm

As you know, I was out all day today. It was nothing earth-shattering. Just a long list of mundane tasks that needed to get done. Accordingly, I had a lot of time to think. Think about trust. Honesty. Responsibility. The present. The future. All of this stuff swirling around in my mind for hours. I had an idea of what I wanted to write tonight but I didn't know if I could pull it off.

I guess what got me started was MFing Global. OK, so I lost 3G. I can handle it. But do you know that one of your fellow Turdites lost thousands of dollars and 5000 ounces of physical silver? That's incredibly disturbing. MFing Global clients were assured that their funds were held "separately". They were assured by the CME that all would be well. Clients trusted them and now that trust is gone. Soon, Bank of America will declare bankruptcy due to the untenable book of derivatives they inherited when they purchased Merrill Lynch. In broad daylight, BoA recently transferred the default risk of these derivatives from their ML subsidiary and onto their retail bank subsidiary. Now, when BoA ultimately files for Chapetr 11, the losses will be borne by their regular, retail bank customers. "Don't worry", they say. "The accounts are FDIC insured", they proclaim. Really? Really. And that makes it OK? Steal regular folks savings accounts to pay off the counter-parties of some long ago CDS deal? How can this happen and no one even bats an eye? I guess it's just business as usual these days.

How did we get to this point? How could a country that was built upon personal responsibility and self-reliance degenerate so rapidly into a narcissistic cesspool of corporate and individual sociopaths? Did the descent begin with Watergate? Was it Iran/Contra and the Gordon Gekko 80s? Could it have been "read my lips, no new taxes"? How about "Listen to me. I did not have sexual relations with that woman"? Maybe it was "I've got to violate the free market to save the free market"? Enron. Worldcom. Ceaseless wars. All of this has combined to push this country to the brink of dissolution and anarchy.

At any rate, this was what I wanted to write and then I found that it had already been written. It was also written much better than I could have ever done. So, please humor me now and take a few minutes to read this column from Jim Quinn of The Burning Platform.

At the risk of redundancy, below is the final paragraph. This reads like something I could have written myself.

"When I consider all that is wrong in our society, I become despondent, angry and despairing for the future of our country. It seems that everyone in positions of power across the spectrum of education, religion, finance, and politics are psychopaths, bent upon self-destruction no matter the cost to society or unborn generations. Our nation has degenerated into an egocentric, self-loathing, vain, shallow excuse for a civilization. There is anger flaring up, but it is just as likely to be misdirected and misinformed. The lack of critical thinking skills and the overwhelming effects of media propaganda has so degraded the intelligence of the populace that when the system breaks down in the next few years, the masses will clamor for a savior rather than seeking truthful answers and willingly making the sacrifices required to get our nation back on track. This country will get what it deserves – a despotic ruler and a brutish civilization governed on the basest of principles. This is what happens when a society rewards lying and greed over honesty and compassion. There are consequences to actions and inactions alike. We’ve made our choice."

The optimist in me wants to hope that there is still time, that we can correct our course. The realist in me knows that there can be no turning back. The die has been cast.


About the Author

turd [at] tfmetalsreport [dot] com ()


Witchsmeller Pursuivant
Nov 10, 2011 - 9:18pm

And people wonder why I think

And people wonder why I think anarchism is a reasonable contender to replace the current structure of society? Not that I think it will mind you, it's plainly obvious that society will revert to brutal fascism, because modern fascism defends the powerful, and selects scapegoats to enrage the populace.

Nov 10, 2011 - 9:18pm


The die has been cast. But after every winter comes spring. Things will suck and suck hard, but they WILL get better once again.

Nov 10, 2011 - 9:19pm

Compassion - couldn't have

Compassion - couldn't have said it any better.

Nov 10, 2011 - 9:19pm

No words

There rerally are no words that we can speak to those caught in this MF scandal that will really combat the outrage that must be felt. Yes, we can express our sorrow at their loss - why even our Turd was caught up in this snare. But really what do words count for except to offer support.

With that said, I feel for all Turdites if they were a victim of MF and want to show them that the community does care. Keep a stiff upper lip if possible and know that the Sun will shine tomorrow as it has in millennia past.

To everyone that can (financially) support our Turd, now is the time.

Nov 10, 2011 - 9:22pm


that paragraph said it all for me as well...

November 10, 2011 - 3:23pm #417
Nov 10, 2011 - 9:24pm

At this risk of getting too

At this risk of getting too political, I find the idea insulting that "we" decided anything. I just happened to be spat out upon the face of the earth on this plot of land some people call the United States of America. I was never asked if I wanted to be part of a system that rewards greed, lying, and corruption. There is no "social contract," because nobody can show me the contract I voluntarily signed in my handwriting. All there IS is brute force. The whole system is based upon it, so it shouldn't be a surprise that there are people in power who use it to do extreme harm to other human beings all over the world. This isn't about selecting the "right" or "moral" candidate in order to fix the system. The problem IS the system - any system that rules with force - and the problem won't go away until enough people recognize that and start down the path toward true independence. A state of one... There aren't hundreds of states littering this planet, that is just a fabrication of imaginary lines on pieces of paper backed up by extreme violence. There are billions of states, approximately 7 billion now, and each one is autonomous and has natural rights.

End of rant.

Las Vegas Dave
Nov 10, 2011 - 9:25pm

100% correct. Plan accordingly

AG, AU, semi and full auto weapons and lots and lots of ammo.

We are past the tipping point Turd

Nov 10, 2011 - 9:27pm

Turd- I have to ask the question...

Fine, fine post brother. And given what has happened to you, and to tankerfirstofficer, and so many others, I have to ask... is it time to quit trading, close accounts and go pure physical? Because I love trading. I love it like a good football game. Or beer. Or steak. But if it is truly time to quit this rat race, if there is no reason to trust any of these shysters anymore, then I guess I will have to. Would love your thoughts, if you have the chance. Be well, my friend.

Dr G
Nov 10, 2011 - 9:29pm

Turd, what a wonderful post.

Turd, what a wonderful post. A true gem. Thanks for all you do!

I've always said that I don't stack physical for myself--it's for my children and their children. I believe they will live in a world much different than the one we live in today. I don't know if my stack will make them wealthy, or elite, or give them special rights. I only know that it will insulate them to a small degree from that which is inevitable.

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