Jacques Attali’s Parable of the One-Legged Pants
Or, a Prominent Jew Explains the Financial Crisis
Guillaume Durocher
The following is a joke told by Jacques Attali – a prominent member of the French ruling class, Socialist Party member, theoretician of globalism, and Jew – to a Jewish audience during a conference organized by the Adath Shalom Conservative Jewish Community of Paris. Attali wore a kippah and sat beside a rabbi during the event, marking the pious solemnity of the occasion. To be filed under chutzpah and goyishe kop.
***
The [following] story is the one which I believe sums up the best, better than any economic theory, what is happening today.
Schlomo telephones David saying: “Listen, I have a great deal for you. I have a truck full of pants worth $1. Do you want them? Great.”
David takes the pants. He telephones Jonathan and tells him: “Listen, I have a great deal for you, a truck full of pants worth $2. Do you want them? Great.”
Jonathan call Shaoul who proposes $3 and the story continues. Until at a certain moment Moshe calls Christian and says: “I have a great deal for you. I have pants worth $49.” “Great, great, I’ll take them.”
The following day Christian telephoned to Moshe saying:
– Listen, you’re really a crook.
– What do you mean I’m a crook?
– But yes, you sold me unwearable pants for $49.
– What do you mean?
– You know very well. I opened the truck and the pants only had one leg. What do you want me to do with pants which no one can wear?
– You don’t understand. These aren’t meant to be worn. They are meant to be bought and sold, to be bought and sold, and bought, and sold!
This is exactly, exactly the best lesson one can have on what is at stake today if you want to understand what is happening in the modern financial system. You understand everything once you have understood this story.
Video:
Original conference: http://www.akadem.org/sommaire/themes/politique/economie/crise-economique/le-capitalisme-peut-il-etre-moral-23-06-2010-8195_199.php
Jacques%20Attali%E2%80%99s%20Parable%20of%20the%20One-Legged%20Pants%20Or%2C%20a%20Prominent%20Jew%20Explains%20the%20Financial%20Crisis
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16 comments
Reminds me of the $40 box scam/joke:
I have a box. We each put $20 in it. I’ll sell you this box now for $30. You make $10 so it’s a good deal. You should take it.
Attali is one of the main jewish operators in France, he has direct influence over two main political parties and their top politicians, the former President (and crypto-jew) Sarkozy also made his policies according to Attali vision.
He said in another jewish conference how the muslims need their own “bourgeoisie” and that muslims are not well networked as the jews (is there anyone who is?).
The former & the incumbent as well are crypto-jews !
Today in all political parties in France. The question is not, “Who’s a Jew” The question is, who’s NOT !
I completely fail to see how this joke explains anything at all about the present predicament. Would the purveyors of this thesis care to explain just what it is that is being pointlessly bought and sold ad infinitum?
Moreover, while Attali is undoubtedly a Jew through and through, this kind of insipid ‘analysis’ is something the socialist mind is incurably in thrall to, so I fail to see how Attali’s Jewishness has very much to do with it – unless his telling of the joke is interpreted as his Jewishness trumping his socialism, which is certainly possible, but something of a stretch, I’m inclined to think.
Attali is basically saying that the White goyim Christians are a bunch of suckers and are not “in the know” like the jews who perfectly understand the market scam.
Attali isn’t really a Socialist but a jewish Globalist, he also has direct influence over the “Conservative” UMP Party in France.
who perfectly understand the market scam.
What “scam”? Specifics, please.
@Verlis
“I completely fail to see how this joke explains anything at all about the present predicament.”
It’s mostly just a racist joke – as noted by the names used.
To the extent that there is an element of truth in it the pants are the financial instruments – effectively fake money – that the financial sector create and use for quick in/out speculation but which aren’t solid enough to use / invest long term.
If you have some fake money and use it as capital to say buy a house then if/when that fake money is found out you lose the house. If you use the fake money to speculate on commodities then if the instrument goes pop some day you still get to keep the profit you made from the speculation.
It’s not a good analogy at all as securitization is more a symptom of the real problem which is having the control of the money supply in the hands of a pack of criminals. Over expanding the money supply makes them a lot of money – which is why they keep doing it – until the inevitable bust happens. The noughties securitization boom was a new way for them to over-expand the money supply which allowed it to go much further than usual – hence the size of the boom and the size of the bust and current depression.
They have to delude themselves about the real cause – their control of the money supply – because if they faced the truth then they’d have to face the truth about their entire history.
Financial instruments are not “fake money.” Strictly speaking, they are not money at all. Financial instruments represent claims on cash flows produced by real economic activity. One may point out the existence of a vast universe of financial derivatives, which represent (contingent) claims on other financial assets and which are typically used for speculation, but changes in their value ultimately depend on the value of the underlying asset, which in turn is linked to activity in the real economy. So despite appearances to the contrary, instruments aren’t simply being traded back and forth pointlessly in the hopes of sticking the last sucker to hold the instrument with the highest price.
The last part of your reply conflates securitization with ‘over-expanding’ the money supply, but these are two separate phenomena. Securitization of mortgages is not of itself a scam, but the way it was practised in the last fifteen or so years certainly was. The scam lay, firstly, not in the securitization, but in the marketing of the securities as actually secure, when people in the industry simply must have known – must have – that there was no hope of appropriately termed “liar loans” ever being paid back. The second part of the scam was the all-too-realistic expectation that tax-payers could be relied on to bail out the perpetrators. (Not nearly enough has been done to bring these bastards to justice.)
As for ‘over’-expanding the money supply, as far as I can tell no one really knows what the money supply should be, so over-expansions of it are far from straightforward to detect. Central bankers can only rely on reason, prudence and experience to guide decision-making, not some hard and fast rule set in stone.
Out of the numerous names he could of chosen that 49th person was called ‘Christian’…
Yes, the point is that if only Jews were involved, the financial scheme of mark it up and sell it on could have gone on forever. But the goyishe kop actually thought that goods were for use, and the blockheads brought the whole scheme down. Now, sensible people would think that the goy was in the right here, and we might even ascribe that view charitably to Attali. But that is to miss the essential perversity of the Jewish mind. He really thinks the dumb goyim are at fault. Don’t ponder that too long, as your brain will explode.
But the goods are for use. They’re real. It’s not a roulette wheel or a greyhound track – bets made over meaninglessness. While the value of the goods can be unreasonably or unrealistically bid up only to then suffer terrifying declines, the modern financial system actually prevents this from occurring with the frequency or severity it used to – which is quite ironic from the point of view of people who despise financial innovation.
I doubt anything I say will persuade you, so I’ll leave you with a choice quote from one William Fowler, written in 1870:
“To the merchant and banker it [Wall Street] is a financial centre, collecting and distributing money, regulating the exchanges of a continent and stRiki-Eiking balances of trade with London and Frankfort. …The moralist and philosopher look upon it as a gambling-den, a cage of unclean birds, an abomination where men drive a horrible trade, fattening and battening on the substance of their friends and neighbors”
I guess some things change, while others stay the same.
@Verlis
1)
“Financial instruments are not “fake money.””
and
“The scam lay, firstly, not in the securitization, but in the marketing of the securities as actually secure, when people in the industry simply must have known – must have – that there was no hope of appropriately termed “liar loans” ever being paid back. ”
As I said – fake money.
2)
“One may point out the existence of a vast universe of financial derivatives, which represent (contingent) claims on other financial assets and which are typically used for speculation, but changes in their value ultimately depend on the value of the underlying asset, which in turn is linked to activity in the real economy.”
The securitization of sub-prime mortgages had nothing to do with the real economy – it was entirely a product of financial racketeering aka banksterism.
3)
“The last part of your reply conflates securitization with ‘over-expanding’ the money supply, but these are two separate phenomena.”
Nope. They *can* be separate phenomena but in this context they were one and the same – the securitization was done to expand the money supply even more than it already was because the banksters make money on the false boom created by expanding the money supply – until the bust – and as long as the banks are always bailed out in the busts then the banking mafia profit from the boom and bust cycle.
4)
“As for ‘over’-expanding the money supply, as far as I can tell no one really knows what the money supply should be, so over-expansions of it are far from straightforward to detect.”
It’s standard central banking mafia practise to intentionally aim for 2% inflation. The aim is to rob people in a slow and controlled way. Occasionally they fall into a greed frenzy and over do it leading to a massive boom and a massive bust. When the banking mafia do this it usually ends in a world war.
.
The banking mafia in Wall St and London are a criminal mafia who should be RICOed.
@Verlis
“But the goods are for use. They’re real. It’s not a roulette wheel or a greyhound track…”
They’re not for use they’re for making bets on commodity and currency prices.
In a world where 90% of it is/was actual investment and only 10% gambling that is okay but in a world where financial racketeering has turned those proportions upside down it boils down to a pack of financial criminals gambling with the entire world’s future.
As I said – fake money.
By your heterodox definition of money, perhaps.
The securitization of sub-prime mortgages had nothing to do with the real economy – it was entirely a product of financial racketeering aka banksterism.
All mortgages can be securitized, not just sub-primes. Securitization enables cash flows from mortgages to be combined in ways to suit various investor risk/reward profiles, and from this perspective they’ve been a beneficial innovation, not a ‘racket.’ Their link to the real economy is straightforward: people want houses to live in, and securitization makes it easier for lenders to offer home loans.
It’s standard central banking mafia practise to intentionally aim for 2% inflation. The aim is to rob people in a slow and controlled way.
It’s not a precise 2%. It typically varies between 2-3%, it’s only a target (one fairly often missed), and the link between it and the money supply is not as simple as was once thought. (Just look at ‘quantitative easing’, which has increased the money supply enormously with nothing like the predicted inflationary effects of the doomsayers.)
Inflation-targeting was instituted to tame the out-of-control inflation which preceded it. So far, it must be judged a success.
Inflation does act like a tax, that much is true, but it’s not clear to me how the ‘banking mafia’ captures the proceeds. It seems to me that it’s government which benefits most.
They’re not for use they’re for making bets on commodity and currency prices.
Commodity and currency prices are rooted in the real economy. Speculation not only aids the process of ‘price discovery,’ it provides a tremendously valuable service by adding enormous liquidity to financial markets, the effect of which is to minimize the bid/ask spread, thereby saving investors billions of dollars annually.
The main issue I see is that an excessively lucrative financial industry will divert talent away from the provision of real goods and services. I can’t help but think that that really would imperil future prosperity. My hope is that the rewards of financial innovation will run their course, and ambitious up-and-comers once dazzled by the prospects of ‘making a killing on Wall Street’ will instead concentrate their efforts on science, technology and real production.
@Verlis
I like to debate in good faith at first just in case someone is simply misinformed but now I’ll just lay it out for anyone reading…
1) The banking mafia control the expansion of the money supply through loans. They create money out of thin air and then charge interest on it. This means they have a financial interest in expanding the money supply.
This is the key point at the root of the boom and bust cycle and by extension the root of the depressions and world wars that happen when the banking mafia create a particularly massive boom and bust.
2) Money-lending for consumption is inherently deflationary because for the money lender to make money they *must* extract more than they put in. Offering credit let’s people spend beyond their means and this leads to a boom in the short term but the money lenders take back more in the medium term hence the bust.
Example, with cheap credit someone earning $200 a week can spend like they’re earning $400 a week (hence the boom) but eventually all the debt repayments stack up and after they’re paid the person ends up with only $100 a week (hence the bust).
There’s more to it but this is all you really need to know to see the heart of the problem.
#
on the specifics
– during the noughties credit boom, securitization was seen as an additional way to expand the money supply
– a lot of it was built on sand because a lot of it was based on sub-prime mortgage fraud (hence why I call it fake money – it was real but built on sand)
– another analogy might be fairy gold that can disappear at any time
– you can’t use fairy gold as the foundation of something because it could disappear at any moment
– hence why it just gets used for gambling aka currency and commodities speculation
If the sociopath in the picture was referring to anything it was probably referring to this aspect of the crash (although his analogy is simply an anti-white lie as the reason the sub-prime bubble burst was because it was built on sand).
However it doesn’t matter in the end as securitization was just a symptom of the main problem described in points 1) and 2) above.
#
To repeat…
They have a financial interest in expanding the money supply which leads them to constantly *over* expand it causing boom and bust.
Every 80 years or so they have a greed stampede and really over do the over-expansion causing a huge boom and a huge bust which leads to depressions and world wars.
It’s as simple as that.
thanks for the short, lucid, and understandable post explaining the “woe of Babylon”.
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