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%% Title and pageno
F1 SF
565.3 30.0 M(1)S
56.7 30.0 M()S
56.7 704.5 M
F2 SF
(Naked short selling)S
56.7 682.5 M
F3 SF
(Saturday 29 May 2010 17:57)S
56.7 660.5 M
(The blog freiheitdenken.org usually has good stuff, but I'm not buying Robert P. Murphy's crap.)S
56.7 638.5 M
(The economic theory is all OK, I'm not arguing with that. But what we're dealing with here is the reality of a)S
56.7 626.5 M
(financial industry that somehow translates that theory to the right to make a living out of how the economy)S
56.7 614.5 M
(organizes itself. Traders aren't people who are willing to get another job when there isn't enough trading to)S
56.7 602.5 M
(do to make a living, they will just keep on trading to make more money even if the economy doesn't even)S
56.7 590.5 M
(need that trading to function properly. In theory the economy needs traders to determine the price of stuff,)S
56.7 578.5 M
(but do we really need to support a whole industry of traders to determine the price of stuff hundreds of times)S
56.7 566.5 M
(per second with the accuracy of fractions of a cent? No, only other traders need that so they can make more)S
56.7 554.5 M
(money using that data. The transparency of the system has gotten to the point where depending on the)S
56.7 542.5 M
(scale you're operating at you're looking at a brick wall or through intermolecular space. For those who can)S
56.7 530.5 M
(afford to monitor the markets on the level of intermolecular space it's all transparent, while for the rest of the)S
56.7 518.5 M
(world it's about as transparent as a brick wall. It's hard to justify what's happening when only a couple of)S
56.7 506.5 M
(organizations can see through the brick wall, and call that transparency.)S
56.7 484.5 M
("Bill Gates could spread rumors about Microsoft and begin unloading his huge position." I hate Bill Gates as)S
56.7 472.5 M
(much as the next man, but compared to price manipulating traders he's a decent guy. And what strikes me is)S
56.7 460.5 M
(that this example shows Robert P. Murphy's total lack of ethics in this. Can't we assume Bill Gates values)S
56.7 448.5 M
(the little trust people have in him more than a couple of hundred million dollars? Are traders really sociopaths)S
56.7 436.5 M
(that lie and cheat whenever they think they can get away with it and make a quick buck? Just because)S
56.7 424.5 M
(decent people don't do bad things doesn't mean the government shouldn't be involved in regulating those)S
56.7 412.5 M
(bad things and let a couple of sociopaths ruin society.)S
56.7 390.5 M
("Going the other way, why don¤t manipulative speculators spread positive rumors about companies?" Well,)S
56.7 378.5 M
(because it's for example a bit easier to spread the rumor Steve Jobs has died than to spread the rumor he is)S
56.7 366.5 M
(alive again - even when it's Steve Jobs. And there is of course the psychological effect that fear caused by a)S
56.7 354.5 M
(negative rumor results in a much more emotional response than a positive rumor provokes. Robert P.)S
56.7 342.5 M
(Murphy's point just makes no sense, it only emphasizes he's just spreading capitalist propaganda the)S
56.7 330.5 M
(sheeple that buy his books like to hear. They probably also like to hear they are not stupid. But if they are all)S
56.7 318.5 M
(not stupid, who are they trading with? Either you're smarter than the trader you buy from, or you're more)S
56.7 306.5 M
(stupid than the seller. You can't be both not stupid and do the right thing.)S
56.7 284.5 M
("Short-selling vastly broadens the number of people, and thus the perspectives and information, involved in)S
56.7 272.5 M
(the pricing process." And all those people expect to make a profit to make a living from being involved in the)S
56.7 260.5 M
(pricing process? If I as an individual won't ever need massive amounts of for example rubber, how do I)S
56.7 248.5 M
(contribute to society by spending my life gathering huge amounts of information and have a perspective)S
56.7 236.5 M
(about the rubber market when my only goal is to trade in it to make a profit so I don't have to get a proper)S
56.7 224.5 M
(job? At some point it just gets cheaper to employ all those "not stupid" people in a central planning bureau)S
56.7 212.5 M
(and go for communism as the pricing process. Warren Meyer doesn't like to see anyone who has a career as)S
56.7 200.5 M
(a trader has a personal incentive to keep that career going, whether the world needs it or not, trying to make)S
56.7 188.5 M
(money for no good reason in the big picture.)S
56.7 166.5 M
(Banning naked short selling isn't the right solution, but if the financial industry doesn't see how it's involved in)S
56.7 154.5 M
(an arms race that is going to cost more than the planet is worth they shouldn't be surprised someone starts)S
56.7 142.5 M
(to get in their way in a manner they don't like or understand. And then having naked short selling banned is)S
56.7 130.5 M
(probably a better option than being burned alive in your office by some revolutionary forces.)S
showpage
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%% Title and pageno
F1 SF
565.3 30.0 M(2)S
56.7 30.0 M()S
F3 SF
56.7 718.5 M
(Soulless boring dorks¤)S
56.7 696.5 M
F3 SF
(by Roland van Ipenburg http://www.xs4all.nl/~ipenburg/blog/posts/dull/2010/05/29/naked-short-selling/)S
showpage
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