If private sector malevolence and public sector incompetence drives investment returns, let’s take a look at what governments have been doing to shore up the financial sector.
The answer is tapping the Pope. You’re not going to believe this one, but Reuters, which is one of the most respected news sources in the world, is reporting that the US spying agency, the NSA, tapped the Pope’s phone (known as the Popemobile) because of ‘threats to the financial system‘.
God bless Edward Snowden, who leaked this golden nugget.
Our uncle in Germany was trained in communications by the German military. He’s very surprised that anyone is surprised over the NSA phone tapping.
But the scale and depth of the monitoring is incredible. Le Monde reports more than 70 million French phone calls were intercepted – more than the population of France – in 30 days! El Mundo reckons 60 million Spanish phone calls were recorded in a month. Der Speigel claims Chancellor Merkel’s phone may have been tracked since 2002, back when she became leader of the German opposition.
In Spain, Spanish Foreign Minister Jose Manuel Garcia-Margallo is pointing out he has received ‘no official indication that our country has been spied on‘ from the American ambassador. Bahaha. He could be waiting for some time. Then again, the Spanish are very patient. The government just scrounged 6.5 billion euros to pay some of its bills owed to private contractors which were due in 2011.
We haven’t heard much criticism of the whistle-blowers coming out of Europe lately. It’s one thing for a foreign government to monitor European citizens. It’s quite another if that government is monitoring the local politicians.
Then again, the best defence to come from the NSA so far is that the European spy agencies helped tap their own people, possibly including their own leaders. It really doesn’t get better than that.
Do you remember the crazy lady who led police in Washington DC on a car chase? She believed President Obama was monitoring her phone too. Crazy woman. Didn’t she know she’s not important enough? Until police shot her dead anyway. Then she was important.
Can you believe they tapped the Popemobile? For threats to the financial system.
for The Daily Reckoning Australia