Might as well blame the current banking problems on Johann. Had Gutenberg not invented the movable printing press, there wouldn't have been paper currency. Governments would not have the means to print themselves out of debt. After all, who else is there? Name anyone in the US who has faced charges for their role in the calamity of 2008? Name anyone from whom the government demanded restitution to the citizens who lost everything as a result of their actions. Name anyone who has been barred from trading for what they did. Right. Might as well blame Johann.
The only major changes to occur since 2008 is the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by President Obama in May 2009. I've mentioned this bill before. Signed into law in 2009, but the text continues to grow above the presidential signature, like a trusted secretary who gets her bosses signature on a blank sheet and then types the letter above it. Dodd-Frank is the bill which protects consumers from bail-outs by establishing the means for bail-ins. The legal confiscation of consumer deposits so banks have an in-house resource to use against default caused by bank mistakes. Who made a 30,000 page law possible? Johann.
2008 was a wake-up call. Instead of allowing nature take its course to self correct, the world's central banks hit the snooze button and printed $10 trillion to prop themselves up. We cannot live by the belief, 'checks in the book means money in the account.' and neither can Wall Street bankers.
Yet, Johann is still at it, but it isn't only fiat currency he's printing. He's also printing bundles of debt to sell to risk addicted Wall Street gamblers. No one, it seems, learned anything from 2008.
That whirling sound lulling us into sleep? It's Johann running his printing press.
We have a way out: Gold.
No comments:
Post a Comment