Free Republic

With the Kanjorski Meme still spreading (see Ben Smith, Andrew Leonard, Moldbug, and more), I think I'm finally able to squash it with some hard figures: there never was a $500 billion outflow from any asset class in the space of a couple of hours or even weeks, and the Fed never shut down or froze any money-market accounts. This is not the first time that Kanjorski has made these allegations. But first, it's worth going through the timeline. On September 15, Lehman Brothers failed. The Reserve fund -- which was $64 billion that morning, and which had a substantial...

Full Title: "Did China or Jihadists try to bankrupt America? Pentagon report reveals financial terrorists may have triggered economic crash" Terrorists and other 'financial enemies' were likely responsible for the near collapse of the U.S. financial system in 2008, a new Pentagon report has concluded. The 2009 report, Economic Warfare: Risks and Responses, said financial terrorism by Jihadists or countries such as China may have cost the global economy $50 trillion in a series of co-ordinated strikes against the U.S. economy. In an astonishing conclusion, the report claims two unidentified traders deliberately devalued trillions of dollars' worth of stocks at...

Evidence outlined in a Pentagon contractor report suggests that financial subversion carried out by unknown parties, such as terrorists or hostile nations, contributed to the 2008 economic crash by covertly using vulnerabilities in the U.S. financial system. The unclassified 2009 report “Economic Warfare: Risks and Responses” by financial analyst Kevin D. Freeman, a copy of which was obtained by The Washington Times, states that “a three-phased attack was planned and is in the process against the United States economy.” While economic analysts and a final report from the federal government's Financial Crisis Inquiry Commission blame the crash on such economic...