BrasscheckTV: Imaginary money and its consequences‏

Lisbon
 
Ponzi schemes are not limited to
con artists. 
 
The entire financial system operates
like a Ponzi scheme - and after decades
of fun and games we're reaching
its inevitable limits.
 
Note: The short intro to his excellent
interview is just plain dumb. Stick
with it. It'll be worth it. 
 
Video:
 
http://www.realecontv.com/page/11899.html
 
- Brasscheck

The Ultimate Ponzi Scheme

172 Karl Denninger on Banks - Part I

How we got where we are

Where are we?

We've got:

1. Mountains of debt that can't possibly be paid off.

2. An economy dependent on ever-expanding debt which cannot go on forever

3. Rolling frauds...the doctcom "boom", the subprime "boom", and now the "boom" being created by the Fed bailing out the Big Banks that lost money in their own scams.

The root of all evil?

Fractional reserve banking and the Fed.

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