From: RBN, Dave Hodges
In the United States, credit swap derivatives created national debt totals of over one quadrillion dollars. That is one thousand trillion dollars! The entire GDP of the planet is estimated at $66 trillion dollars. And somehow, in the infinite wisdom of Congress, we falsely and naively believed that a $750 billion transfer of wealth (i.e., bailout) was magically going to save the economy and the collective futures of the American middle class. In short, the debt created by futures speculation is approximately 16 times greater than the sum total of the entire wealth on the planet! And we think we are going to climb out of this?
The bailout is enough, just enough, to float the economy through the 2009 presidential inauguration. The placebo effect of the anticipated widespread public hope, which will be fueled by the Obama inauguration, may push the inevitable economic crash out another 30 days, but not much further. America is living on both borrowed money and borrowed time.
The present bail out (i.e., the public theft of our collective private assets) will not save your job, your mortgage or your pension. If the bailout was going to preserve anything but the bottom line of the international banksters, then ask yourself why NORTHCOM is constantly conducting riot suppression activities. What does NORTHCOM and the Government know that most Americans do not know with regard to what lies ahead?
The bailout is nothing but a power play which provided the means for the Treasury Secretary (i.e., the treasury czar), the former head of Goldman Sachs, Henry Paulson, to gain absolute power over the economy. Does any well-informed person think that Obama is going to bring about real change? Where is Obama’s new Treasury Secretary coming from?
Meet the new boss, the same as the old boss. The new Treasury Secretary elect, Timothy Geithner, is the President the New York Fed. And what about Clinton’s chief financial advisor, Larry Summers who has now resurfaced in the Obama administration? Summers and Robert Rubin, another Goldman Sachs colleague, in conjunction with Paulson, undermined the Glass-Steagall Act during the Clinton administration. The Glass-Steagall Act resulted from Depression era policies which wisely prohibited banks from becoming insurance brokers and engaging in other unsavory practices such as participating in the credit swap derivatives ponzi schemes. If Rubin and company had not convinced Clinton to scrap Glass-Steagall, we might not be on the precipice of economic disaster.