michaelsuede

Fictional Reserve Banking

In an earlier post I commented on Lord Bernanke’s demand that banks be allowed to run 0% reserves. In this post Washington’s blog points out that due to CDOs and other leveraging instruments the banks already effectively have no reserves. Washington’s blog reports: And as Steve Keen notes – citing Table 10 in Yueh-Yun C.…

Synagogue Bomb Plot Directed by Federal Provocateur

From NBC New York: Defense attorneys say an alleged plot to bomb New York synagogues was hatched and directed by a federal informant. Lawyers for four men from Newburgh have filed a motion to dismiss the terror indictment against them. They said the informant badgered the defendants until they got involved in the plot. They…

Thought Exercise – Why Socialism Fails

Experiment: Pretend there is no US federal government at all for a moment. Now assume two states are side by side and equal in all respects. – same laws, same taxes, same everything. State A decides it wants to socialize healthcare. In order to do this, it will necessarily have to set prices and raise…

Through A Looking Glass Darkly

“We are spending more money than we have ever spent before, and it does not work. After eight years, we have just as much unemployment as when we started and an enormous debt to boot.” -US Treasury Secretary, Henry Morgenthau Guess when Morgenthau wrote that? May of 1939 Even mainstream economists have been forced to…

Blair Has Earned $30 Million In Secret Oil Deals Since 2007

The Fascist State reigns supreme. The Daily Mail reports: Tony Blair waged an extraordinary two-year battle to keep secret a lucrative deal with a multinational oil giant which has extensive interests in Iraq. The former Prime Minister tried to keep the public in the dark over his dealings with South Korean oil firm UI Energy…