"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat

Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput


Friday, April 1, 2011

Santa Claus is coming to a Foreign Bank near you

Kudos to Bloomberg for pursuing this issue and getting to the bottom of the Federal Reserve's "Excellent Adventures around the Globe" with American taxpayer money.

Note the part that I highlighted in blue.

Ron Paul's comments are more than likely striking a chord in the hearts of those who are as outraged over this as I am.

The irony in all this is that the US is effectively bankrupt having a federal government debt burden over $14 trillion and rising with politicians unable to even cut a measley $60 billion without the fools on the left screaming "extremism" and yet here we are loaning money to other foreign banks.

Let's see if I have this right - the Fed prints the money into existence and then the US government goes a begging into the world by issuing gazillions in Treasuries and then turns around and loans that to other banks.

"Oh don't worry", they tell us, "the loans are being repaid".

That's terrific. When I see the US reducing its own external liabilities then I won't worry. Meanwhile the US plunges deeper and deeper in the debt abyss.

Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret


1 comment:

  1. I still don't see what positive effect cutting spending will have. There is no amount of spending cuts that could come remotely close to even hoping to possibly make a iota of difference to the dire fiscal situation. The monetary system is going to crash, 100% guaranteed, and the "fools on the left" are merely trying to protect the base of the economy (people and the environment, NOT dollars), the little guys as long as they can. As I say, why protect the ponzi scheme at the expense of the weak and vulnerable? Isn't that what the bankers want, to keep the scheme going for as long as possible so they can gobble up even more control of the world's assets? Shouldn't we be doing everything we can right now to bring it down as quickly as possible, and this involves spending the monetary system into oblivion?


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