"If i give you something that's worth nothing and you make up something to give to me that's worth nothing then in actuallity we've given each other nothing. NO one seems to be able to tell what happens if all of this fails. What individual will be left holding the IOU? Only a person can lend as only a person can borrow."
Like Mark Twain said, "There are lies, damn lies and statistics." Look at Groupon, Angie's List, Linkedin, Pandora, Yelp and all the others they just keep throwing money at these companies until there is enough public hype and attention that they can flog it on the public market and hand the dogs over to the individual investors who loose everything. Now the FED is back with its own pump and dump, rallying up there market when the bottom is falling out of the world. It's sort of like Bretton Woods redux. The Euro will be pegged to the dollar and the Fed will lend dollars to the ECB which will in turn lend to banks and through the banks, the money goes to Greece and the four other PIIGS. Gold isn't involved, so this scheme won't collapse like the original Bretton Woods pact. And it allows the ECB to "magically" convert dollars to Euro's without Angela Merkel getting her panties in a knot.
As one commenter on the CNN piece put it: "Are you sleeping America? Are you sleeping America? Are you sleeping America? Six individuals just took our money and loaned it to the EU on the thin ice that the EU will be able to repay us exorbitant interest once they get back on their feet. All the while, the IMF has been authorizing the printing of money like crazy, mostly going to France and Italy as a secret deal to get them out of the same trouble Greece has been in....whoa, hold on...what???
I love how they can make money come out of no where with no real back up other than the debt holders "US" as of we, would pay the debt if the financial institutions fail or default. The Federal Reserve (a privately owned and operated world bank) has just lent your money, your children's money, you grandchildren's money and your great-grandchildren's money to a struggling EU (economists have been one-sided - The EU is a dead duck that will never rebuild under its current operating model because their import to export ratio as a a bloc is gapped about 280%/year) while the IMF has been allowing the ECB to print money at will, essentially devaluing ALL worldwide currency, Your $10 bill is worth .6% less today, 1% less tomorrow etc etc etc...."
Another added: "Swapping one type of worthless paper for another. All this does is shift the debt around, think of the table game where there are 3 cups on the table and one of them is covering up a ball. All this is, is moving the cups around and confusing the public as to where the money is.. (again). If i give you something that's worth nothing and you make up something to give to me that's worth nothing then in actuallity we've given each other nothing. NO one seems to be able to tell what happens if all of this fails. What individual will be left holding the IOU? Only a person can lend as only a person can borrow.
Said yet another, "'It's simple- look at what the markets did today- they skyrocketed. I bet if you looked at Congresses' (and European politicians'/wealthy's) financial records, they bought like crazy over the past couple of days. It's just a money grab, like all the others. They are creating another bubble to profit on at everyone else's expense...
And this one sums it up, "I am trying to figure this one out: All of these governments, central banks and HUGE banks too big to fail are either indebted and BROKE but they keep lending to each other in order to make money off the interest and avert crisis. So when one fails a new liquidity crisis has to be averted to avoid failure and a deeper crisis. So the Funny Money lending and debt cycle continues. And the taxpayer everywhere is on the hook. Meanwhile, with the Money printing presses full steam ahead inflation keeps rising and governments keep overspending.
Eventually someone ends up holding all the money and there are only two choices. End the game or start lending the money out again to keep people in the game.
This situation bares one other striking resemblance to the game. It appears that the central banks and Parker brothers share the same printing press.
I guess my question is: How can someone (Fed / Gov't A) who is broke lend to another person (Gov't B) who is broke and that 2nd broke person lends to a 3rd person (Foreign Bank) who is broke? That third person needs to charge high interest rates to make money off of a 4th person (Consumer/Taxpayer). Now how can the 4th person who originally went broke first (because Gov't A created an unsustainable asset bubble to recover from a burst asset bubble) be expected to be responsible for all of the debts?
For simplicity sake, I have omitted a certain foreign debt holder who is establishing/building an unprecedented manufacturing base and enough currency reserves to eventually flush the toilet on your fiat currency. show less"
The REAL problem is that infinite growth is not possible on a finite planet and we have passed the tipping point. Until we change the way that money works, nothing can change for the better.
In other news:
Congressman Dennis Kucinich (D-OH), a longtime advocate for reform of the Federal Reserve, is sharply criticizing the Federal Reserve today after Bloomberg news reported that the Federal Reserve secretly committed nearly $8 trillion in support to American and international financial institutions during the 2008 bailout. Kucinich recorded a video for his website before going to the floor of the House of Representatives to call upon Congress to reclaim its Constitution primacy over monetary policy.
In other news today:
money.cnn.comThe Federal Reserve, acting with five other central banks, took further steps Wednesday to make it cheaper for banks around the world to trade in U.S. dollars.Owen Frager shared Delivering Happiness's photo.
money.cnn.comU.S. stocks rallied Wednesday, after the Fed said that it will act with other central banks to boost liquidity and support the global economy.
news.cnet.comAsk Maggie offers advice on when children should get their first cellphone and when parents should consider buying a smartphone. Read this blog post by Marguerite Reardon on Signal Strength.Owen Frager shared a link.
adage.comWPP has acquired Glover Park Group, a decade-old U.S. firm known for its government-relations capabilities.Owen Frager shared a link.
adage.comAccording to CBS's Norah O'Donnell, these are the first official TV ads from the Obama for America campaign.
Owen Frager shared a link.
technorati.comOn November 18th, as the country was celebrating Thanksgiving, President Obama signed a law, allowing Americans to kill and eat horses.Owen Frager shared a link.
www.ereleases.comTwitter has proven to be a great tool for companies to engage the public and build their brand. On the flip side, it has also shown itself to be perfect for people and businesses to make fools of themselves and kill their public perception. Who’d have thought you could prove yourself to be a complet...
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Tracy Lawrence, the notary public who blew the whistle on a massive...See MoreWhisteblower On Massive Foreclosure Fraud Found Dead
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