The short answer is ‘maybe.’ It is more of a buyer beware situation than most had thought, and still think.
It is nice to see someone in the mainstream media addressing this situation intelligently and without making an apology for what is apparently a criminal act and surely an egregious abuse of the public trust.
It is an axiom that it is not the initial crime that does the greatest and most widespread damage, although in this case it appears likely that someone in MF Global is due for jail time.
The damage is going to be to the US and British financial systems, Wall Street and the City of London, and in a large part because of the capture of political process by the monied interests.
This week the Senate led by Richard Shelby turned down the appointment of Richard Cordray to head the Consumer Financial Protection Bureau. They have vowed to block any appointee until they can change the law that authorized the Bureau in the wake of the financial crisis in order to provide ‘accountability.’ For them that means the ability to control the Bureau and starve it of funds in order to protect their banking cronies on Wall Street.
Nothing is ever perfectly safe in this world. But some things are safer than others and there are steps one can take to diversify their wealth and avoid higher risks.
‘A wise person does at once, what a fool does at last. Both do the same thing; only at different times.‘ –Lord Acton
If I am correct, there are even bigger scandals to come when the tide goes out again, although there will be great efforts made to cover them up and excuse them ‘for the sake of public confidence in the system.’ The derivatives market is a scandal-in-process, and is likely to rock the US banking system and the Dollar to their foundations when it topples.
There may be even larger losses and anxiety for the unsuspecting who have misplaced their trust in false ideologies, slogans and theories promoted by a self-serving oligarchy.