Defaulted Collateral

Written by Nexcerpt on October 19th, 2010 in Patterns & News.
Tags: ,

Who said this? Is it anonymous? When did it first appear?

From Mark Gibbs, to The Irregulars, at 04:55 on Tue 19 Oct 2010:


   "... the world will soon wake up to the reality that
   everyone is broke and can collect nothing from the bankrupt,
   who are owed unlimited amounts by the insolvent,
   who are attempting to make late payment on a bank holiday in the wrong country,
   with an unacceptable currency, against defaulted collateral,
   of which nobody is sure who holds title." --- Anonymous.

Mark closed by asking, “Game over then, chaps?” — which should kick off a day of interesting replies among the Irregulars. But, I’m left wondering how anonymous that quote really is.

Searching “attempting to make late payment on a bank holiday”…

The only citation Google knew before yesterday was Jesse’s Café, 15 Oct 2010:

   Jesse's Café Américain
   Oct 15, 2010... who are owed unlimited amounts by the insolvent,
   who are attempting to make late payment on a bank holiday in the
   wrong country, ...

Bing saw it one week earlier, also in the header:

   Jesse's Café Américain: Robert Reich: Aftershock
   Oct 09, 2010 · ... everyone is broke and can collect nothing from
   the bankrupt, who are owed unlimited amounts by the insolvent, who
   are attempting to make late payment on a bank holiday ...
   http://jessescrossroadscafe.blogspot.com/2010/10/​robert-reich-aftershock.html

Because of its header location, the quote is perceived as Jesse’s signature ID by automated systems such as Wikio.

Update: 2010-10-19 15:11 UTC: Just as Jesse was about to go viral, he changed his quote!

   “THERE IS NO MEANS OF AVOIDING THE FINAL COLLAPSE OF A BOOM
   BROUGHT ABOUT BY CREDIT EXPANSION. THE ALTERNATIVE IS ONLY
   WHETHER THE CRISIS SHOULD COME SOONER AS THE RESULT OF
   A VOLUNTARY ABANDONMENT OF FURTHER CREDIT EXPANSION
   OR LATER AS A FINAL AND TOTAL CATASTROPHE
   OF THE CURRENCY SYSTEM INVOLVED.” Ludwig von Mises

Suddenly, the anonymous bit appeared on two other blogs yesterday, including The Burning Platform and Zero Hedge, An Angry Ireland Calls Out Europe On Its Bullshit Stress Test.

In the past ten minutes, Google also discovered the quote anew at Wall Street Examiner, as Quote of the Week. They don’t call it “Anonymous” — they say, “Heard on the Web.” Which means it’s flying into other inboxes today, probably by the thousands.

We know Jesse is capable of a bearish wordy bon mot or two. The footers at Jesse’s are filled with self-attributed gems like:

   These are personal observations about the economy and the markets.
   In providing information, we hope this allows you to make your own
   decisions in an informed manner, even if it is from learning by
   our mistakes, which are many.

So, although Jesse seems perfectly willing to share the credit:

   It is not always easy to determine the status of material posted
   to the Internet with regard to fair use and public domain.

…I tend to think Jesse made that shit up. And, it’s very good shit. And, if Jesse didn’t make that shit up, Jesse should probably pretend Jesse did — because it’s gonna be all over the web for the next few months.

Oddest discovery of the session: there are only sixteen “Bloggers with an occupation of essere umano” that is, “human being” (in Italian). Look at their profile photos. Edvard Munch, an unblinking eyeball, funky faux impressionism, something resembling a zombie Picasso, Snoopy… I’m intrigued by the internal consistency.

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