He could not be silenced. Professor Black said, amongst other javelins in the heart of MOPE (Management of Perceptions Economics), the following:
1. Securitized mortgage instruments are all fraudulent.
2. The Fed is holding a huge amount of these as collateral.
3. They are valueless.
4. The manufacturers of these are, under commercial and criminal statute and law, criminals.
The interviewer almost swallowed her tongue.
Gold will trade at and above $1650. QE to infinity is not a choice, it is all that is left (Jim Sinclair commenting on Black interview at jsmineset website)
Harvey Organ had this to say about the interview:
“And now for the big economic stories of the day.
Professor Black, who has been very vocal and accurate on the mortgage mess gave an interview on Bloomberg yesterday.(I have referred to Prof Black on many occasions in my previous commentaries)
He basically is stating that the securitized mortgage instruments are ALL fraudulent. The Fed is holding a huge amount of these mortages and they are valueless and the authors of these instrument are criminals.
Question: What does this mean now for real estate prices, bank solvency, dollar dilution, and the likelihood of a “double dip depression”? Whatever the answer, this reality needs to be factored in to your thinking.
you can view at the following link: