Anyone wondering about the worst-case scenario following the MF Global bankruptcy filing, one that included the loss looting of almost a billion dollars in customer accounts, is encouraged to have a listen to this interview with former commodities broker Ann Barnhardt at Financial Sense Online in which the terms in the title above are used to describe the people running the global financial system.
Barnhardt notes that we are no longer a nation of laws, but rather, a nation of men, namely a group of “criminal oligarchs” like former MF Global chief Jon Corzine who, for all intents and purposes, are above the law.
That particular idea looks like it will be put to the test in short order as the House Agriculture Committee sent a subpoena his way earlier today.
A total systemic collapse is in our not-too-distant future according to Barnhardt and the purchase of precious metals and shotgun shells are recommended over stocks and bonds.
The characterization of the Securities and Exchange Commission as an inept group dominated by affirmative action hires and lots more fun stuff are in this interview that, come to think of it, just might be worth a second listen.
All of this from a woman who looks so sweet and unassuming…
A quick look at Barnhardt’s website and its videos reveals that she’s a bit prone to hyperbole, but this is still food for thought.