The Flaw in the System: The Bankers Don't Care About Banks
dailykos.com — Alan Greenspan says he is in a "state of shocked disbelief" that the concept of self-interest did not protect the banks from taking excessive risks and destroying themselves. But he, along with Tim Geithner and many others, are missing the fundamental flaw in the system. The bankers don't care about the banks; they care about the bankers.
by Cenk Uygur Mon Mar 02, 2009
Comment by SatoriSeeker
The real flaws in the system -
Fiat currency: your money is a paper ticket with no intrinsic value, a unit of faith in the Federal Reserve
- Fractional Reserve Banking: banks create 90% of what they loan you out of thin air and then you work 30 years to pay them back money they never had in the first place
- Legal Tender Laws: force everyone to use the worthless tickets or go to jail, no free market in money for you - Federal Reserve: private corporation run by member banks, has never published its list of shareholders, has unlimited money creation powers
- FDIC: why take an interest in how unstable our monetary/banking system is if the Gov provides insurance on the tax payers dime It's not greed. It is the broken monetary system with unlimited powers of money creation, greed takes the path of least resistance to wealth, currently that path is to simply exploit the corrupt monetary system rather than providing goods and services to people to raise their standard of living.
Don't let anyone tell you capitalism has failed, the failure was too much government invention in the affairs of its people by mandating such a corrupt system that would never exist without government forcing it to be so.
A report here: