Friday, May 29, 2009

Martin Armstrong’s Reply to the SEC…

The SEC is intervening in Armstrong’s case and has asked for a review. It’s likely that Martin’s writings and publicity have helped to highlight his plight. It seems to me that the window of opportunity for him opened up when SEC Chairman Cox was forced to step down following the Madoff episode and the now very evident findings that the SEC is not just asleep at the switch, but was complicit in allowing large firms to operate giant Ponzi schemes (they still are) while going after only the small fish to make believe they are actually doing something. They are doing something alright, they are creating a huge black hole of moral hazard and it seems to me that Amrstrong was caught up in their games… at the very least his punishment is far out of proportion.

At any rate, here is a very long legal brief he just submitted to the SEC. I have not read it all yet, but I know it outlines his case from his perspective. I will make more comments on this as I get through it – it’s 81 pages long, but for those who are interested in his perspective and background on the case here it is. I think it’s heartening to see the SEC review this, I hope they do the right thing and release him immediately. He is a national asset whose views should be highly considered, not shunned or tagged/discredited with jail time. Despite the naysayers, I say that his viewpoints reflect reality WAY more closely than those of the “accepted” economists who espouse Friedman, Marx, and Keynesian economic claptrap that amounts to nothing more than ignorance of math and has produced a mass psychosis of Alice in Wonderland thinking.