Ben Bernanke’s Hush Money

michaelr · 07-27-2008, 12:40 PM

This is a Lew Rockwell report. I am going to post it because it gets to the point. Our banking system is based on whats is known as a "Fractional Reserve" system. Sounds impressive hey? Well it is not. See when a bank gets a $1,000 dollars in deposits they can lend up to $10,000. Now a bank receiving part of that loan, they can do the same thing. Now the large banks are crumbling fast and falling like dominoes. The FDIC just took Bank of America and one other Friday. As these giants fall they will, and don't fool yourself here, take every bank down in their path of fractional lending. Got it??

Ben Bernanke’s Hush Money

Bourne · 07-27-2008, 01:22 PM

Quote:

Originally Posted by michaelr

This is a Lew Rockwell report. I am going to post it because it gets to the point. Our banking system is based on whats is known as a "Fractional Reserve" system. Sounds impressive hey? Well it is not. See when a bank gets a $1,000 dollars in deposits they can lend up to $10,000. Now a bank receiving part of that loan, they can do the same thing. Now the large banks are crumbling fast and falling like dominoes. The FDIC just took Bank of America and one other Friday. As these giants fall they will, and don't fool yourself here, take every bank down in their path of fractional lending. Got it??

Ben Bernanke’s Hush Money

I'm having difficulty locating anything indicative of the Bank of America having been taken over by the FDIC on Friday.

Would you have a link, please?

michaelr · 07-27-2008, 02:04 PM

Quote:

Originally Posted by Bourne

I'm having difficulty locating anything indicative of the Bank of America having been taken over by the FDIC on Friday.

Would you have a link, please?

Your right I got the names wrong, I had a busy day yesterday at the mountains and was going from memory. Here is the correct story and I apologize for the error.

Quote:

WASHINGTON (Reuters) - U.S. regulators took over two banks on Friday and sold them to Mutual of Omaha Bank, the sixth and seventh bank failures this year as the economy struggles under the weight of falling home prices.

Source............

Bourne · 07-27-2008, 02:40 PM

Quote:

Originally Posted by michaelr

Your right I got the names wrong, I had a busy day yesterday at the mountains and was going from memory. Here is the correct story and I apologize for the error.

Source............

Thanks.

I know that BOA bought Countrywide Mortgage and I thought that you might be referring to that.

As of yesterday my BOA shares were doing quite well.

Burning Giraffe · 07-27-2008, 04:19 PM

Quote:

Originally Posted by michaelr

This is a Lew Rockwell report. I am going to post it because it gets to the point. Our banking system is based on whats is known as a "Fractional Reserve" system. Sounds impressive hey? Well it is not. See when a bank gets a $1,000 dollars in deposits they can lend up to $10,000. Now a bank receiving part of that loan, they can do the same thing. Now the large banks are crumbling fast and falling like dominoes. The FDIC just took Bank of America and one other Friday. As these giants fall they will, and don't fool yourself here, take every bank down in their path of fractional lending. Got it??

Ben Bernanke’s Hush Money

No wonder Obama is supporting Bernanke.

michaelr · 07-27-2008, 04:34 PM

Quote:

Originally Posted by Burning Giraffe

No wonder Obama is supporting Bernanke.

I am going to show you something, this gets real ugly from this point foward.

Article here..............

Burning Giraffe · 07-27-2008, 04:57 PM

Quote:

Originally Posted by michaelr

I am going to show you something, this gets real ugly from this point foward.

Article here..............

Thank God. If that's right, the system will collapse before I'm too old to survive a depression. I think I'll keep holding off on having kids.

william the wierd · 07-28-2008, 01:27 AM

Some problems with the analysis so far:
Defining debt, money supply and banking in meaningful terms is no longer possible. GM through GMAC was, at least at one time, the nation's biggest consumer bank even though it has never been an official bank. The biggest commercial real estate bank changes from year to year but it is usually an insurance company such as Prudential or MONY.
Most demographic analyses place the collapse of the current republic in 2020. Since 5 years is an awfully long time between currency collapse and a new constitution somebody's wrong. This is not the early 1700s where the Mississippi scheme/South Sea Bubble of 1720-1 was followed by revolution in 1776 and 1789 nor even the late 1700s where currency collapse in 1786 led to the current republic in 1789. Things move a little faster these days so either revolution in 2016/7 or currency collapse in 2018/9 or else this is a prediction of double dip revolution as in 1783 and 1789. That is going to be very messy.

michaelr · 07-28-2008, 03:27 PM

With the news today that two more US banks have failed, I thought it would be useful to see where we are with the continuing collapse of the global financial system.

Failed Banks So far:

Northern Rock
Bear Stearns
IndyMac
First Integrity Bank
ANB Financial
Hume Bank
Douglas National Bank
First Heritage Bank
First National Bank of Nevada

Forthcoming failures(?):

Barclays (senior execs jumping ship right now!)
Bradford & Bingley
HBOS
Downey Financial
Corus Bankshares
Doral Financial
FirstFed Financial
Oriental Financial
BankUnited Financial
Washington Mutual
… and many more. Keep you posted.

Source...............

This is the beginning of the end.

Burning Giraffe · 07-28-2008, 03:33 PM

Quote:

Originally Posted by michaelr

This is the beginning of the end.

Damn, you are such a fucking pessimist Michael! I love ya man, and you're fighting the good fight, but this is not the beginning of the end. We've been through this shit before. This is just the beginning of a bad time. That's all. The sky isn't going to land on us or anything.