Posted on 04/24/2012 1:07:57 PM PDT by appeal2
www.FinancialSurvivalNetwork.com presents
Danielle Park, proprietress of www.JugglingDynamite.com joined FSN today for another far-ranging discussion of what's wrong with the global financial system. It seems not a lot has changed since the Great Depression, and the lessons which were learned during that debacle were slowly forgotten. As a result, limitations on banking activity and financial instruments gradually gave way to a climate of cowboy, crony capitalism. The banks, while receiving extremely generous privileges from the government were able to avoid all limitations on their behavior and business practices. After the passage of Glass-Steagall, commercial banks were prohibited from engaging in risky banking activity. They weren't allowed to expand to other states and could only engage in sound lending. Throughout the years, that all changed and eventually the banks became the masters of their own destiny, as well as everyone else's. Yet again, we now see how this science experiment has wound up. It's time to restructure the entire financial industry, get rid of the zombie banks, and the performance of basic function of capital allocation and character based lending.
Hussein likes check writing to nothing will have changed.
IMHO, I think this video is flat out wrong.
I think of the debt as the stealth quantitative easing. It devalues the dollar and is along with the other QE causing inflation. It is not the children that will pay directly. It is anyone holding dollars and the middle class who will pay.
Old people on fixed incomes are the most impacted!
The children will grow up as we did in the 70s where inflation is a way of life. They will be paid in inflated dollars.
The indirect impact on them is that their parents will have less to pass on to them (if any).
That must be why he didn’t vote for the bill when he was a Senator for the state of Illinois.
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