These currency traders insist that competitive devaluation -- destroying our currencies -- is a wonderful idea while they dump those same paper currencies (for gold) at the fastest rate in history.
Where does this leave us with the central banks? We have currency traders whom
and Hellwig insist are "The Gang Who Couldn't Shoot Straight." Then we have their other function: manufacturing our currencies -- products
that these same central banks are dumping them at the fastest rate in history.
We now have overwhelming evidence that central banks are manifestly incompetent institutions (if not patently suicidal). This justifies, at the least, removing this Cast of Clowns before they can inflict any more harm upon the global economy -- if not abolishing these institutions altogether.
The facts are clear. Our central banks are absolutely incompetent. They intend to destroy their currencies (our money). They will
, as has happened with every other paper currency in history. As a result, these central banks are dumping these same currencies at the fastest rate in history -- in favor of gold.
Simultaneously, we have just seen the greatest/fastest liquidation of
in history, as the Big Money dumped unprecedented quantities of this paper, and exchanged it for real bullion.
the Cyprus Steal
is a "precedent," the bankers/politicians aren't simply destroying our paper, they're openly
Did I forget to mention that? The decision to steal the money out of the
of ordinary Cyprus citizens was undertaken by (you guessed it) Western central banks.
accuses central banks of being grossly incompetent, this is in fact an incomplete accusation. They are grossly incompetent thieves.
Once upon a time,
used to defend central banks. It's very difficult to see how
could defend them ever again in the future...unless it conveniently "forgets" it ever wrote its own piece.
This article was written by an independent contributor, separate from TheStreet's regular news coverage.