Finally a clear explanation on the crisis!
WHO OWNS THE FEDERAL RESERVE BANK?
"Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.” — The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s"
Most people are following this continuing disaster in the mainstream media. Unfortunately for them the experts do their best to submerge their views under a thick layer of technical jargon. This is done intentionally as they know full well that over 90% of population have a 30 second attention span. I suppose that with general population waking up to what is going it must be a shock to them and thus an explanation for decline in civility. There is an old saying,"Ignorance is bliss, however once roused from their slumber the ignorant tend to march in protest. Unfortunately for society even then they don’t have a plan."
"To see little or no reaction in the fixings is very disappointing and reinforces the fact that Libor is broken and that the transmission mechanism from central banks isn’t working,” said Barry Moran, a Dublin-based currency trader at Bank of Ireland, the country’s second-biggest bank. "Things are still very stressed and we don’t know what’s going to fix it in the short term.”
Read more comments on this link
NO Revolution without singing
Margaret Flowers Sings "The Day Hank Paulson Lied"
For more on Paulson’s Plunder watch
California seeking short-term loan to get by
Asia’s revenge
"Yet the huge fiscal boosts and associated government recapitalisation of shattered financial systems are only a temporary solution. There can be no return to business as usual. It is, above all, neither desirable nor sustainable for global macroeconomic balance to be achieved by recycling huge savings surpluses into the excess consumption of the world’s richest consumers. The former point is self-evident, while the latter has been demonstrated by the recent financial collapse."
"Lessons must be learnt. But those should not just be about the regulation of the financial sector. Nor should they be only about monetary policy. They must be about how liberalised finance can be made to support the global economy rather than destabilise it."
Backdoor Bailout
"So how come that "to inject capital into financial institutions" was the first item that Hank Paulson listed as his priority in his press conference yesterday, thus suggesting that now the US, like the UK, will undertake a partial nationalization of its distressed banks?
The reality is that the TARP legislation passed by Congress (formally the Emergency Economic Stabilization Act) does NOT in any explicit way allow for such recapitalization of banks via injection of public capital. "
(see sidebar of the link which Krugman references)
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A diary update:
“Baucus questions second AIG loan
http://thehill.com/leading-the…..tml”
Sounds good huh? Except that the FED isn’t part of the government nor is the Government a stockholder in it; PLEASE see the above posting “WHO OWNS THE FEDERAL RESERVE BANK?”
And another update (since Ian hasn’t posted anything except for this morning):
Why Libor Is the Key
http://seekingalpha.com/articl…..is-the-key
And a history of LIBOR
http://www.bloomberg.com/apps/…..refer=home
I don’t think the Sheep can keep ignoring reality bur the election is the true test. Depending of course how much Rove steals? But will Obama fight unlike Gore and the other guy?
So long and thanks for all the fish.
Now doesn’t that make you feel better?
Enjoy your ‘rabble,rabble,rabble,rabble,rabble,rabble,rabble,rabble’.
DON’T PANIC!
and don’t forget your towel.
An update -though I wasn’t going to- BECAUSE SO MANY WANT TO KNOW “WHAT TO DO?”
Well, here’s a suggestion:
http://www.mediachannel.org/wo…..the-abyss/
“What to do as an economic war against most Americans is unleashed? We need to fight back. We need an economic justice movement because the Democratic Party is vacillating. One way to start might be the way the movement against the Vietnam War started — with A NATIONAL TEACH-IN MOVEMENT on campuses and communities to educate the change-oriented community to put this issue and some real solutions on the agenda.”
Richard Gardener from Marblehead, Ma. wrote in response to the above idea: “There are so many small progressive democratic organizations and groups that could be united to form the foundation of a movement. It would have to be very well organized – almost like a third party political campaign – because we are moving into dangerous, more authoritarian and meaner times. And even many people who might be on your side “theoretically” in practice will have had “conservatism” so ingrained as to make civil disobedience a high hurdle to clear.
Like you, I too believe we are at the edge of the abyss. And I feel many others do as well. They just need to be reached, organized and emboldened to act.”