Posted 11 years ago on Jan. 4, 2012, 7:48 p.m. EST by demcapitalist
This content is user submitted and not an official statement
The Occupy Wall Street Movement full article at http://www.minyanville.com/businessmarkets/articles/mf-global-mf-global-bankruptcy-mf/1/4/2012/id/38681#ixzz1iXVld3Xd
This group has gotten more heat, quite literally, than an overcooked chicken. They are slammed for not having an agenda, for having long, unwashed hair, for living in a decade that ended over 40 years ago, for having played too much Frisbee as kids. Much of that is true, but they have at least showed one thing that most Americans furious over the decade-long tidal wave of banking and political abuses have not—the courage to take to the street and stay there. They are the building block, that first step, of what may likely become a far more organized and status-quo jeopardizing legion. They are essentially saying that something is wrong, and while they might not know exactly how to fix it, their point is clear: We are not leaving until someone does something. As they continue largely ignored, the great question is whether more organized, politically and economically savvy groups will join their call. Certainly in a sense, the farmers and sophisticated futures traders have paid them a different bit of attention recently, as they have witnessed firsthand a heralded system that has failed them to the core.
The reason the banks always beat the people is that they are far more organized. It takes the people an exceptionally long time to go from complaining about things to actually doing something about it. The Greeks say “It’s terrible” to literally every injustice spoken, and what that means is, "Let’s just enjoy our coffee in peace." Slowly, I think the masses are unifying a touch, or at least there is a collective patience that is eroding away. In the MF Global case, what if every futures customer reduced their trading to just core ideas for a while? Yes, if traders, directly affected or not by MF Global, seriously narrowed the scope of their trading in an organized protest of the Exchange. I refrain from asking traders to completely abandon their strategies and drive for opportunities. It’s unrealistic even though the corruption has clearly weighed on widespread psyches and corresponding risk modeling. A crisis where the wrong precedents emerge and threaten all its actors. If trading volumes dropped by, say, 50% instead of the 10% that has occurred, what would the CME Group (CME) do then? Likely, if players were this organized from the outset, some entity would have engineered a full backstop by now. Perhaps there is something to build on from this Occupy Movement. They have at least showed us a new will for justice.