Matt Taibbi Strikes Again
Matt Taibbi, the independent writer who pens some very good work has another new article appearing in Rolling Stone magazine this week.
Mr. Taibbi did an outstanding job on this, his newest writeup about Wall Street corruption and the stealing of millions from the ‘middle class’.
While you wait for my nightly video update I highly recommend this article by Matt Taibbi
[...]By the middle of the Bush years, the great investment banks like Bear and Lehman no longer made their money financing real businesses and creating jobs. Instead, Wall Street now serves, in the words of one former investment executive, as “Lucy to America’s Charlie Brown,” endlessly creating new products to lure the great herd of unwitting investors into whatever tawdry greed-bubble is being spun at the moment: Come kick the football again, only this time we’ll call it the Internet, real estate, oil futures. Wall Street has turned the economy into a giant asset-stripping scheme, one whose purpose is to suck the last bits of meat from the carcass of the middle class.[...]
At one point in his article, Matt writes:
“Here’s how naked short-selling works: Imagine you travel to a small foreign island on vacation. Instead of going to an exchange office in your hotel to turn your dollars into Island Rubles, the country instead gives you a small printing press and makes you a deal: Print as many Island Rubles as you like, then on the way out of the country you can settle your account. So you take your printing press, print out gigantic quantities of Rubles and start buying goods and services. Before long, the cash you’ve churned out floods the market, and the currency’s value plummets. Do this long enough and you’ll crack the currency entirely; the loaf of bread that cost the equivalent of one American dollar the day you arrived now costs less than a cent.
With prices completely depressed, you keep printing money and buy everything of value — homes, cars, priceless works of art. You then load it all into a cargo ship and head home. On the way out of the country, you have to settle your account with the currency office. But the Island Rubles you printed are now worthless, so it takes just a handful of U.S. dollars to settle your debt. Arriving home with your cargo ship, you sell all the island riches you bought at a discount and make a fortune.”
However, if you go to this website http://www.deepcapture.com/the-simple-metaphorical-explanation/ and read the article, you will notice that Matt’s example, though not as detailed, is very similar to the one written at Deepcapture. Now, I do not know whether Matt gave credit to the author but if he didn’t, there is a case for plagiarism here.
Regards,
Anon