Martin Armstrong discusses the Occupy Wall Street protests (Armstrong sees them heading down a Marxist rabbit hole as those involved have NO CLUE what is going on or who is involved- as can be clearly seen in Mark Dice's video) as well as introduces some controversial statements regarding gold in his latest commentary/ history lesson. (which also includes a TA update on gold)
The PRIMARY DEALERS were NOT too big to fail. That was all bullsh*t. They were STRATEGICALLY TOO IMPORTANT TO FAIL! In other words, if the PRIMARY DEALERS collapsed, how would the government sell its debt? It is NOT all banks nor is it Wall Street in general that are the culprits. Only a selected few who are the PRIMARY DEALERS! Without them, Congress CANNOT borrow forever without any intention of paying anyone back.
They (Dexia) were the PRIMARY DEALER to municipal governments in France. Eliminate that strategic source of borrowing and if you think Lehman was a disaster, you haven't seen anything yet if government can't sell new debt! That is WHY the banks are bailed out! It is a matter of self interest to keep the whole system going!
Gold and Silver
Pulse of the World Economy.