Bluefield Daily Telegraph, Bluefield, WV

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September 12, 2012

September set to be another bumpy ride

You can learn a lot about life and the world by watching old movies and reading classic works of literature. Great lines can sum up thoughts and emotions in a few words.

In the 1942 classic WWII film “Casablanca,” Claude Rains as Captain Renault uttered the immortal words, “I’m shocked, shocked to find gambling going on in this establishment!” That was shortly before the croupier approaches him, hands him a wad of bills, and says, “Your winnings sir.” It’s a funny moment that makes me laugh every time.

If you listen carefully to the dialogue in that movie you start to get a feeling that they were not only talking about the world at war back then, but also about the world in chaos today.

I get the same reaction every time I hear someone in the world of Wall Street expressing shock and dismay about new revelations of someone gaming the system. Who would have thought that gambling, speculation and manipulation would be going on in the financial markets? Be still my heart.

When Spanish Prime Minister Mariano Rajoy and French President Francois Hollande (both extreme socialists) were elected to office, it reminded me of the character Rick Blaine’s final words, “Louie, I think this is the beginning of a beautiful friendship.”

After only a few months, regarding the relationship between these two world leaders, we know that the electorate now understands that more of the same does not result in a different outcome. Therefore, in Europe unemployment continues to rise, housing deteriorates and hope declines.

The world is misinformed, as the same failed policies of the past are repeated again and again and again.

Most people have absolutely no clue about high-frequency trading, mark-to-model or a dozen other tactics and techniques that create fraudulent and manipulated financial markets.

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