"The fuel to keep the global financial system functioning does not stop at the borders of the US. The"Dodd-Frank Wall Street Reform and Consumer Protection Act” has just produced the first ever"audit” of the US central bank. It reveals that in the period between December 2007 and July 2010, the Fed parceled out $US 16.1 TRILLION in emergency loans to financial entities all over the world. Almost half of this - a total of $US 7.75 TRILLION - was loaned to four US banks. They were Citigroup, Morgan Stanley, Merrill Lynch and the Bank of America. In July 2010 [the cut off date for this"audit”], total US stock market capitalisation was $US 15 TRILLION. The Fed provided about half of that.
"This inflationary explosion is unprecedented in any era. It represents the biggest ever effort to rescue a debt-based system from the ravages caused by its own debt issuing excesses. It has, at best, provided a"remission” for global paper markets. The cost has been devastating for REAL economies everywhere.
"A cancer patient who goes under the knife gets the malignant disease physically removed. If all traces of the malignancy are removed, the patient will recover. If all goes well, the recovery will be permanent with no"remissions”. A life-threatening malignancy is NOT fought or cured by doing everything possible to increase its power and potency. Yet that is what financial authorities in the US and everywhere else have been doing in regard to the life blood of their economies. As this stark fact becomes ever clearer, Washington DC and Wall Street stand helpless before the fact that they can only cure the economy at the cost of killing the financial system which is feeding on it. It’s THAT simple. - Bill Buckler...The Privateer...July 24, 2011
http://chumly.com/n/ac2d54
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