Doug Noland: What We Know

``Heightened global market instability has began to be transmitted to U.S. securities markets... We can safely assume that the $10bn of uncovered fraud in the commodities financing area is the tip of the iceberg. I feel comfortable with my assumption that the financial world has never seen fraud and malfeasance to the extent that has manifested throughout China over the past decade, particularly during the post-crisis stimulus fiasco.''