Found in another blog posting linked from this site, a very telling quote:
“If all the bank loans were paid up, no one would have a bank deposit, and there would not be a dollar of currency or coin in circulation.
This is a staggering thought. We are completely dependent on the commercial banks for our money. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp upon the picture, the tragic absurdity of our hopeless position is almost incredible - but there it is. It (the banking problem) is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it is widely understood and the defects remedied very soon.” - Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta
What this means to me is that my last blog posting was wrong- and WAY too optimistic. This crisis is by design. The US Government has failed in one of it's most basic duties, and the dollar is completely without support. Anybody still counting on the "full faith and credit" of the US Government for the value of money, is a victim of OUTRIGHT FRAUD.
It's time to close down the banking system once and for all- and start over.
Not quite sure how to do updates but:
UPDATE: According to One Estimate, the bad debt exceeds the Gross World Product 10:1- 685 Trillion vs 65 Trillion.
Yeah, we're going to save the credit market....sure. For what? So that the entire productivity of the planet can go into paying the interest on these loans, and STILL not have enough?