From Of Two Minds via ZeroHedge
''The Fed policy's first-order effect is to issue hundreds of
billions in "free money" to banks; the second-order effect is to destroy
the rule of law in the U.S.
Let's start with a few questions about the proper role of the
Central State and Central Bank: why should they bail out private banks?
The answer boils down to something like this: "If the private
banks absorbed the losses that are rightly theirs in a capitalist
system, they would implode. Since the State and Central Bank have
enabled these private banks to infiltrate and dominate the nation's
financial system, that system is now hostage to these private 'too big
to fail' banks."
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