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Strategies & Market Trends : Heinz Blasnik- Views You Can Use -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (4601)	6/3/2010 4:01:28 PM
From: bruwin	Read Replies (1) \| Respond to of 4904

You may want to read the contents of the following article entitled "MONETARY REFORM : GOLD AND BILLS OF EXCHANGE" by Antal E. Fekete ... financialsense.com Here's an extract from the tail-end of the article ... "The problem of destroying the clearing system of the gold standard by expelling self-liquidating credit in 1909 was further aggravated in 1971 when the gold standard itself was destroyed. By 2008 the festering crisis has become a fully blown credit collapse, encompassing the entire globe. We must have the humility to admit that it was our reckless experimentation with irredeemable currency and synthetic credit that resulted in this fiasco greater than any other man-made disaster in history. The runaway Debt Tower of Babel is toppling, and the quadrillion-dollar-strong global derivatives monster is vaporizing. There is no bottom to this collapse. The financial system is self-destructing. It is in a death-spiral. Every wave of losses in the mortgage market, in the stock market, in hedge funds, or in derivatives triggers a new wave of losses. This will continue until total exhaustion is reached. It is futile to expect the Fed and the Treasury to regain control of the careening financial system, even if all the central banks of the world pool resources. There are not nearly enough dollars in existence to cover the derivatives losses, despite the Fed’s endless stream of bailout money, and despite the Treasury’s endless stream of bailout bonds donated to the Fed for collateral, which the latter needs but hasn’t got, to create more bailout money. Halving interest rates again and again is oil on the fire. It has been the main cause for capital destruction, and contributes directly to unemployment." You decide if it makes Sense and is of Value.