This joke has it right.
Question: A Greek, an Italian and a Spaniard walk into a bar. Who picks up the tab?
Answer: The Americans.
The author understands how the financial markets work. The Europeans will pay for their bankers’ stupidity. So will we. MF Global was just the beginning.
And then there is the decision by the Federal Reserve to ride to the rescue of European banks with more liquidity by cutting rates on dollar swaps. That follows hard on the heels of the news of $7.7 trillion in secret Fed bank bailouts during the mortgage meltdown. The chief beneficiaries of that Fed largesse – JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley – have predictably been identified as those U.S. banks with the most exposure now to the European crisis, amounting to hundreds of billions of dollars. They, too, must have grown accustomed to the bailouts.
Must the rest of us be victimized by the collapse of European debt and its contagion? Is there anything for us to gain from it? The answer to both questions is yes.
You have figured this out. Most Americans have not.
Americans will be collectively victimized by the monetary authority, the Federal Reserve. The Fed will print as much money as necessary to protect the banking cartel which it serves. It has ever been so. And Americans will be victimized by the resulting destruction of the dollar and the further crippling of the economy.
What are you planning to do about this? The author says you had better begin with three assumptions;.
#1: The problem is bigger than the conventional wisdom acknowledges.
#2: The solutions advanced by the governing classes are inadequate to the problem.
#3: With each new initiative the media breathlessly report that the problem has been solved. The equity markets take a ride on those reports.
He makes a good point.
There are always some investors who are taken in by the latest in an unending string of breathless announcements that the debt crisis has been fixed. Wall Street gladly separates them from their money. Remember, the problem was years in the making. Its solution will demand a long process of costly adjustments and debt liquidation. Real solutions will not be greeted with euphoria.
A systemic global monetary breakdown can be delayed, but it cannot be avoided. That is because the debt is too big to be backstopped forever. Despite knowing that Greece lied about its deficits to gain admission to the Eurozone, naïve ratings analysts, state officials, regulators, bankers and investors all believed that Greece would be forever backstopped.
Do you believe this? I hope so. You had also better believe this:
Can the Federal Reserve backstop everybody? It’s been desperately trying to keep the American people from finding out just how much it has been backstopping the rest of the world. And what backstops the Federal Reserve?
Only the printing press.
Nation states and their institutions, the governing classes and the lapdog media are always surprised by crisis. But you don’t have to be. If you understand that the European debt crisis is a dress rehearsal for what is to come here at home, you aren’t likely to underestimate the problem or put much stock in patchwork plans that provide liquidity but leave the underlying debt unaddressed.
This has always been my concern with the progressive's desperate desire to have a one world economic conga line…austensibly to promote peace, cause if we're all interconnected, why would we wage war on one another?
Well folks, the music has stopped and the conga line has become a bloddy train wreck….I refuse to pick up the tab!
Luke 10:18And he said unto them, I beheld Satan as lightning fall from heaven.
In ancient Hebrew the word for lightning is barack, the word for heaven or the
heights is bama and to connect the words either an “a” or an “o” is used.
2 Thessalonians 2:3 (King James Version)
3Let no man deceive you by any means: for that day shall not come, except there
come a falling away first, and that man of sin be revealed, the son of perdition;
Political Correctness a term first seen in Mao’s Little Red Book, a communist engendered abomination that is instituting censorship little by little.
“If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter.”- George Washington
Carl Marx, once wrote that, the goal of the Communists was to quote,. “enter into men’s minds and cast God down from his throne.”
Matthew 12:31Wherefore I say unto you, All manner of sin and blasphemy shall be forgiven unto men: but the blasphemy against the Holy Ghost shall not be forgiven unto men.
In ancient Babylon their economy was based on usury.
“If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. Exodus 22:25
Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him. Ezekiel 18:13
Usury is unlawful; expressly prohibited by GOD!
Article 1 Section 8 of the U.S. Constitution clearly states that only the Congress can print and coin money!
The Federal Reserve Act of 1913 was slipped thru congress during the Christmas break with the majority of it’s members absent.
The Federal Reserve is self serving and privately owned in violation to the Constitution, charging interest on illegally printed money. Money printed from nothing!
In America On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. Five months later A UNITED STATES PRESIDENT, PRESIDENT JOHN F. KENNEDY was MURDERED BY COMMUNIST!
“If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. Exodus 22:25
Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him. Ezekiel 18:13
Usury is unlawful; expressly prohibited by GOD!
In ancient Babylon their priest sacrificed babies to their gods baal, and molech.
In America the communist under their socialist programs have sacrificed over 50 million American babies to their god satan!
Leviticus 20:2-5
2Again, thou shalt say to the children of Israel , Whosoever he be of the children of Israel , or of the strangers that sojourn in Israel , that giveth any of his seed unto Molech; he shall surely be put to death: the people of the land shall stone him with stones.
3And I will set my face against that man, and will cut him off from among his people; because he hath given of his seed unto Molech, to defile my sanctuary, and to profane my holy name.
4And if the people of the land do any ways hide their eyes from the man, when he giveth of his seed unto Molech, and kill him not:
5Then I will set my face against that man, and against his family, and will cut him off, and all that go a whoring after him, to commit whoredom with Molech, from among their people.
Luke 22:35-36 Then Jesus asked them, “When I sent you without purse, bag or sandals, did you lack anything?” “Nothing,” they answered. 36 He said to them, “But now if you have a purse, take it, and also a bag; and if you don’t have a sword, sell your cloak and buy one.
Jeremiah 50:16Cut off the sower from Babylon, and him that handleth the SICKLE in the time of harvest: for fear of the oppressing sword they shall turn every one to his people, and they shall flee every one to his own land.
Jeremiah 50:23How is the HAMMER OF THE WHOLE EARTH CUT ASUNDER AND BROKEN! how is Babylon become a desolation among the nations!
BABYLON = the HAMMER and SICKLE!
Jeremiah 50:14 “ Put yourselves in array against Babylon all around, All you who bend the bow; Shoot at her, spare no arrows, For she has sinned against the LORD.
All nations compassed me about: but in the name of the LORD will I destroy them. Psalm 118:10
“The thing that separates the American Christian from every other person on earth is the fact that he would rather die on his feet, than live on his knees!”. George Washington
“NO KING BUT KING JESUS!”
Here in Germany nearly everyone would have answered: the Germans.
But your answer is the correct one.