Kids for Cash Documentary
Joe Biden granted Pennsylvania Judge Michael Conahan clemency. The kids did not receive the same sympathy.
A number of people have asked me to comment on Bloom’s speech on the floor of the European Parliament. He is incorrect in attributing the insolvency of the European banks to fractional banking. They have blown themselves up because of derivative exposure, not actual lending.
The US banks survived and have prospered BECAUSE of TARP. The US government bought the toxic financial waste they created so the bankers got away with it again. In Europe, the design of the euro was to deny creating a national European debt, therefore there could be no bailout because that would mean the money would flow from one country to the another to bail out their banks. Hence, European banks still have the tonic financial waste on their books from 2007.
The central banks are ARTIFICIALLY manipulating interest rates down to try to save the banks, but this Quantitative Easing has not only failed, it has set the stage for the next financial disaster — the collapse of government pensions and private pension funds. These funds are regulated and it is mandated that they have government debt for that is “risk free,” so they claim.
The bankers sell the government debt so the politicians cannot let the bankers fail for they also fund their elections. This entire mess is not going to be held off much longer. We will be looking at this in great detail at the WEC in Orlando (Oct. 25-26).