By Mike McCune —
Michael Dueker…William Broeksmit…Karl Slym…Gabriel Magee. Chance are you’ve never heard of any of these people. But they are important to the world population and they are all linked together.
Dueker, Broeksmit, Slym and Magee all died within the last week. Every death is being treated as a suicide by authorities. That is one way in which they are linked but not the important one to the rest of the world.
All were heavily involved in finance–finance on a global scale, that is. That is the scary link.
Dueker, a Russell Investment whiz kid, was reported missing on January 29. His body was found near the Tacoma Narrows Bridge in Washington. He was a prolific writer on monetary policy. Broeksmit, a former senior executive at Deutsche Bank AG in London was found dead at home in London’s South Kensington area on Jan. 26. Slym, Tata Motors managing director, was found dead in a Bangkok motel where he was attending a board meeting. On Jan. 28, 39-year-old Magee, a JP Morgan employee apparently jumped from the roof of the company’s European headquarters in London.
Four deaths by suicide in four days in widely scattered parts of the world is not unusual but it supports a theory of mine that the world’s economic engine has already wrecked through the tinkering of the central bankers. These people were quite likely being asked the same questions I am, “Where do I find a safe haven for my assets?”
I have not found one. I suspect, but cannot prove, these people didn’t find one either. So, like the financial crunch inspired suicides in Oct. 1929, I think that is the common link here.
Consider a moment the impact this portends for each and every one of us. As I have said, many of you have written or caught me personally and asked, “What is a safe haven for my wealth?” But if the stress of trying to please clients is causing this kind of disruption among the world’s leading institutes where can the Main Street person go.
I firmly stand on my criticism of the world’s governments. They created the currencies we use to ‘measure and value our wealth.’ But they are all in debt. Un-repayable, policy-driving debt that is crushing any hopes of an economic recovery despite all the blather spouted by governments around the world.
Until governments get their financial houses in order, there is no hope for the person on Main Street. The uber-rich may survive the storm that is coming but the governments of the world will not.
I believe the world order we have known is toast. It will be a time for finding new or better ways of proceeding. Proceeding where each individual is not supported by the community unless he or she is willing to do whatever they can to work. If you are too lazy or too sick or simply too old to accomplish anything worthwhile for the benefit of the community, you will be ‘left on the prairie’ as the Native Americans did to those members of the tribe that were no longer an economic supporter.
Governments have bent so far away from their roots to maintain this voting bloc the debt load they’ve been forced to incur to be benevolent states is no longer supported by a world economy that has stalled.
One of the reasons the global economy has stalled is the geo-physicists’ who claim the world’s population exceeded the world’s ability to produce resources in 1986. What the summary of that position is, the world could no longer replace the food consumed by its population each year. It could not replace the energy consumed or the water consumed. Those things are necessary for fundamental life to exist.
Governments have no shortage of currency–they merely print up a new batch as needed–but they are not able to supply the food, energy or water in the quantities necessary for life. As people, we have to cull the herd, if not by attrition of war and natural death then by the Indian way of not supporting those no longer able or willing to help provide for the common good.
Bleeding heart stalwarts aside, the incessant shortages of necessities, make the ‘protection of the wealth’ we have a meaningless exercise of futility. That may have been the understanding these professional money managers reached. The destruction of the value they held so dear and clung to all their life may, no proof again but only a may, have been the overriding reason for their suicide.
If the only value you measure life by is the accumulation of man-made currency, what a hollow existence that must be. Obviously these individuals did not consider their families or fellow employees in reaching the fatal decision. But maybe they recognized the futility of putting all their eggs into the one basket.
No matter the reason, it is odd that four deaths have come in four days in the financial realm. It is not the end of the world but it is a clear warning but is ignored.
The media outlets focused on the Super Bowl or the Olympic games or the weather or the antic of the ‘Beib’, missing this crucial development in the financial arena. It is a high-stakes game few can afford to play in but it is one we should all be watching as we all are affected…even the media itself.
“I have sworn on the altar of God eternal hostility to every form of tyranny over the mind of man.”–Thomas Jefferson