Activist Post: Customer Deposits Are Property of the Bank: Close Your Account NOW

Is this hysteria?  Or a precursor?

http://www.activistpost.com/2012/08/customer-deposits-are-property-of-bank.html

Breaking News ENI 2Q ADJ NET EU1.46 BLN; ANALYST EST EU1.52 BLN Peregrine Trustee Seeks to Subpoena Banks on Transfers

JPMorgan is being investigated in Peregrine's bankruptcy and the vaporization of segregated accounts.  What a surprise.

http://www.bloomberg.com/news/2012-07-31/peregrine-trustee-seeks-to-subpoena-banks-on-transfers.html

Food Inflation May Rise to 3% to 4% in 2013 After Drought

There a myriad of reasons why we will have food inflation, in addition to the current drought.  There are two other reasons few understand:  the bankruptcies of MF Global and Peregrine--and subsequent theft of client segregated funds.  Many of these clients included farmers hedging their crops and livestock.  With their funds dissipated from the fraud, the crop and feed shortages will become more acute going forward.  It takes money to grow crops:  for seed, fertilizer, labor, machinery, water, and land.  No money, no honey.


http://www.bloomberg.com/news/2012-07-25/food-inflation-may-rise-to-3-to-4-in-2013-after-drought-1-.html

PFG Is Now MFG(lobal) Part 2 As $220 Million In Segregated Client Money Has Just Vaporized

That these financial scandals and outright fraud continue to happen again and again--despite government regulators' assurances they won't happen again should tell us the system is broken--and there is no fix on the horizon.  Yet, the distracted masses continue along, unable and unwilling to think beyond tomorrow's episodes of reality TV.

http://www.zerohedge.com/news/pfgbest-now-mf-global-part-2-220-million-segregated-client-money-has-just-vaporized

MF Global Trustee Says Commingling Shortfall May Be Double Previous Estimate, Could Reach "$1.2 Billion Or More"

http://www.zerohedge.com/news/mf-global-trustee-says-commingling-shortfall-may-be-double-previous-estimate-could-reach-12-bil