Tuesday, June 10, 2014

Henry Hazlitt on Karl Marx and Hate

Henry Hazlitt wrote:
The whole gospel of Karl Marx can be summed up in a single sentence: Hate the man who is better off than you are. Never under any circumstances admit that his success may be due to his own efforts, to the productive contribution he has made to the whole community. Always attribute his success to the exploitation, the cheating, the more or less open robbery of others. Never under any circumstances admit that your own failure may be owing to your own weakness, or that the failure of anyone else may be due to his own defects, to his laziness, incompetence, improvidence or simple stupidity.
(Via Mark Perry)


  1. Le secret des grandes fortunes sans cause apparente est un crime oublié, parce qu'il a été proprement fait.

  2. yes everyone that criticizes all the financial fraud is jealous....Hazlitt never met the current psychopaths ruling the financial sector....this permeates into the criminal valuations today via financial repression.

    You don't hate this?...you should...it's stealing your purchasing power and enriching a select few.

    If It’s Happening In China, It For Sure Happens In London and NYC

    What is happening is that elaborate financing schemes were devised in order to create sources of financing. The scheme initially involved the counterparty to the loan (the borrower) issuing a note of security interest against copper collateral sitting in a warehouse in some Chinese port (in this case, copper). This is a collateralized loan if the chain of events stops there. However, the enterprising lender would than take the securitized note and use it as “collateral” – i.e. rehypothecate the note – to borrow funds from another source.

    See where this is going? What turns out as a legitimate securitized loan travels through the fraudulent global fractionalized banking system meat grinder and comes out the other end as a giant Ponzi scheme. Now there’s several “legitimate” claims on the same pile of copper. When one party decides to grab the collateral, the scheme collapses.

    This is a simplified explanation of what is happening in China but it captures the essence of the situation.

    Here’s the problem. This same scheme is being applied to the gold and silver sitting in London LBMA and Comex warehouses AND in big bank custodial gold/silver vaults (read into this: the GLD and SLV vaults/HSBC and JPM).

    I can guarantee this is going on with gold and silver.


  3. Yup. Marxism is just the politics of ENVY.

    1. yes...the labels really matter...lol....

      US pressures El Salvador to buy Monsanto's GMO seeds

      As one of the preconditions to authorizing close to $300 million in aid, the United States is pressuring El Salvador to purchase genetically modified seeds from Monsanto instead of non-GM seeds from local farmers.

      According to Sustainable Pulse, a website covering developments related to genetically modified organisms and sustainable agriculture, the US will reportedly withhold $277 million in aid through the Millennium Challenge Compact if El Salvador refuses to purchase GM seeds from the biotech company Monsanto.

      The website states that the stalled aid package was originally put on hold in late 2013, when it was revealed that Millennium Challenge Corporation would not deliver funds to the country unless “specific” economic and environmental reforms were made. Apparently, one of those is related to the purchase of GMO seeds.


  4. And It’s Gone!

    In the non-financial category you must include common sense, integrity, work ethic and the rule of law amongst others. They are all gone. Maybe not completely because there are still some smart, hardworking and honest people out there but when you look at the “top,” yeah, it’s pretty much all gone. When I say the “top,” I am talking about the places that wield the power and make the decisions.

    OK, yes, apparently “it” is gone, “it” being the collateral. All along I have said that the entire system which is “credit based” is a daisy chain and that no link, anywhere could “break” …or the whole system would break. The situation in China’s Qingdao port looks to be the link that is breaking. If there are 80,000 tons of aluminum and 20,000 tons of copper missing here, what about other ports? Then of course the thought process leads your mind to the banks and the lenders themselves. These institutions are not just Chinese banks. If you recall, JP Morgan offloaded their commodities arm to Mercuria back in March. Swiss based Mercuria was a big lender to this market; good timing by Morgan and Mercuria now holds part of the bag? Citigroup was also another big lender in this market, can they or do they have the strength to eat loans that were made in retrospect with “less” or even no collateral?

    Please understand that this situation is going to bring trust into the equation and just as any receding tide does, all of the bad deals and frauds will be exposed. I could have titled this piece “show me the money” because this is where all of this will lead. “Receipts” everywhere will be questioned and not just for aluminum and copper. There will be questions raised between banks, between sovereigns and of exchanges themselves. “Trust me” will not cut it anymore and we will soon find out who really has what.

    Does GLD really have the 800 tons of gold that they say? What about the LBMA and COMEX? Oh heck, what about Ft. Knox, West Point and of course the Federal Reserve Board of NY? Do you see the danger here? We have shown you so many bits and pieces of anecdotal evidence where common sense told you that there was no way that the amounts of physical gold “claimed” could never be true, how could all of these pieces be pure coincidence?
    This is where I believe we are headed, “show me the money” so to speak. I think that we are at a very big crossroads where “trust” will be supplanted by “fact,” as in you either have it or you don’t.


    1. This. This times a million. The banks will make taxpayers cover losses, and the wheel grinds us down to a third world country.