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View Diary: Pam Martens: "What We Don’t Know About the Biggest Wall St. Banks Could Kill the Economy–Again" (58 comments)

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  •  No, look, it's very simple. (12+ / 0-)

    The Fed simply prints out a few quadrillion dollars, and lends it to the banks in zero-percent loans, and then the banks buy Treasury bills with the money and pocket the interest difference.  Eventually, the interest piles up to a point where the banks have paid off the loans with it.

    At any rate, a bailout may not strictly be necessary, since if nobody actually checks the bank's accounting books, nobody notices their collective bankruptcy.

    This is about "what we don't know" about Wall Street banks?  They own the world's most precious commodity -- the loyalty of our politicians.  

    Maybe, then, what we need is the sort of economic collapse that affects them, and not merely us.  It's easy to predict economic stagnation, on the other hand, in light of giant vampire banks sucking the life out of the economy.

    "Exxon’s CEO was recently quoted as saying, ‘What good is it to save the planet if humanity suffers?’, as if the future of humanity could be separated from the ecosystems on which we depend." -- Charlotte Wilson

    by Cassiodorus on Wed Sep 04, 2013 at 06:14:16 AM PDT

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