Every Cloud

Hedge funds have made large profits from Greek debt and providing insurance to overexposed European banks, it emerged on Sunday.

France signalled that private banks were likely to help in any rescue plan for Athens.

The hedge funds have been successful as traders anticipated that over-exposed European banks would drive a wave of selling against Greece, industry insiders told the Financial Times.

“There are a group of funds, perhaps three or four, that have played this as a huge sovereign basis trade, and made a lot,” said a strategist at one of London’s biggest hedge funds.

But as we know the wonder of the financiers is they can make money from a crisis, thus the Greeks will be safe knowing they will be ok as the hedge funds will use these profits to ensure human welfare…Oh no wait, the other thing, fuck the people over completely so they can buy themselves a third yacht. I knew it was one of the two!

4 Responses to “Every Cloud”

  1. GDAEman Says:

    Adam Smith had it partly right… but the refined economic principle is better known as “The Invisible Finger.” Truth be known, Adam Smith didn’t say what the free market fundamentalists attribute to him, but those factual details don’t seem to matter in today’s infotainment media landscaple.

  2. RickB Says:

    Smith is wildly misrepresented in contemporary religion, oops I mean orthodox economics, his invisible hand is conditional upon a good deal of the things current neoliberals are zealously against. Truth is- many people like having nice things, economists are people (albeit sometimes witless, banal and self absorbed ones, eg freakonomics) , if you want nice things you say stuff rich people like so you get rewarded with books deals, tenure, consultancies etc= hegemony of orthodox economics, otherwise known as- is that ok master, we said everyone is just as psychotically selfish and greedy as you are so you don’t feel so bad, can I have my reward now?
    Heresy is the path to poverty and isolation. Adam Smith these days would appear to be a social democrat, to the left of both UK & US mainstream parties. The unaccountable power of global capital is the problem confronting us, at a level and sophistication beyond what Smith imagined, one of the reasons Marx is so hated is he absolutely nailed the true face of capital, solutions though need now to be both ecologically sound and socially just, that will not happen until the ruling class (which is global and often corporate in nature now) can be contained within democratic structures. In short- at present without big changes earth will die, the elite will fly off in a rocket ship- lets hope any aliens that encounter them realise the threat they represent and vaporise the fuckers immediately.

  3. libhomo Says:

    Why are hedge funds allowed to exist? All funds should be under the laws regulating mutual funds.

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