Dec 192011
The more one hears of MF Global the more worried one should be. The issues are much bigger and more dangerous than the likely fraud/theft that seems likely in this situation. Whether political favorite Jon Corzine will even be tried is unsure at this stage. But the implications for the Rule of Law which has taken numerous beatings in the last few years are even more important.
Without the Rule of Law, contracts are meaningless. Without the sanctity of contract, trade will shrink. A modern economy cannot run when limited to agreements between family and old friends.
The latest blow to our legal system is this one:
Trustee to Seize and Liquidate Even the Stored Customer Gold and Silver Bullion From MF Global
Courtesy of Jesse’s Cafe Americain
The bottom line is that apparently some warehouses and bullion dealers are not a safe place to store your gold and silver, even if you hold a specific warehouse receipt. In an oligarchy, private ownership is merely a concept, subject to interpretation and confiscation.
Although the details and the individual … [Read the rest of the article]
