I have been following the US financial meltdown for some time (see my February posting here) and I can tell you that it is way more serious than we are even seeing in the lamestream media.
Why is the US Fed bailing out these financial institutions? I asked that back in February but the reality is that they have no choice. If they let enough of them go down then credit will dry up and commerce will stop and we have The Great Depression II.
Watch this 40 minute video to see why we need credit: Money as Debt
Then read the mainstream Wall Street Journal article here.
Then read the real behind-the-scenes story on what's really happening and how bad it is from the International Forecaster here. (try to read past Chapman's invective to get to the good points).
We are seeing the biggest heist in world history right now and you and I and our kids are going to pay for it for many years to come. Do not for a micro-second, believe any Pollie or Central Banker when they say they didn't see this coming. They have known for years and they knew exactly what was going on. The housing bubble was DESIGNED to export inflation by allowing consumption to continue whist we exported our jobs which helped corporations make big profits. and executives big bonuses. Evenutally the house of cards came tumbling down helped along by some greedy Wall Street types and compliant politicians.
Savings and Loans in the 80s led to the mass looting of middle america's savings
Energy deregulation led to Enron (see this video)
And now finaicial instruments which were deregualted in 1996 by Bill "I did not have sexual relations with that woman" Clinton whose mentor is Carol Quigley, need I say more, have resulted in this latest debacle.
Deregulation is NOT always a good thing.
I doubt the real perps will get prosecuted for this, they never do. A few figure heads will roll but the real money men will get away scott free yet again.
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