If you think our federal government is over its financial problems just because they borrowed over $1 trillion to keep the banks afloat, you haven't read "Web of Debt" by Ellen Hodgson Brown, which was originally put out in July 2007 and has been reprinted and updated to December 2008. The same thing that interested me (I've told Senator Feingold now for over 17 years) is derivatives and why, when I started talking about them, they were only $5 trillion and now, according to several sources, they are over $600 trillion and still no federal regulations on the derivative market.
The derivatives don't have any value as an asset and in fact, they are much worse than junk bonds. If the government would look into them, which they must do, because nothing is working in our economy except the huge commissions and bonuses these hedge fund dealers are getting for selling these toxic derivatives. Since all this vulture capitalism isn't working, they still have to borrow money from Communist China and any other country that will loan to us, as well as selling off U.S. assets to foreigners to keep going.
There are three solutions we could follow, according to the book "Web of Debt" and I quote: "There are only three choices for the job: a private banking cartel, local communities acting separately, or the collective body of the people acting through their representative government." Like it says, we're operating presently under the first one and that definitely isn't working. We could use the third solution being our government but since they are being lobbied and paid for by the big investment banks, that isn't working.
The only solution left is to break-up the big banks "Too Big to Fail" because five of the biggest ones, control 88 percent of the derivative market. You're going to have to get down to your local small community banks and do business on a local level, where all the loans stay local and the banks are financed by CDs sold to local customers of the bank at a fair interest rate.
So, what I've been saying for years, as well as on Facebook and Twitter: "Derivatives are junk." They're junk and they're creating bubbles in our economy and in the world so big that nobody can absorb the amount of debt they created.
The derivatives don't have any value as an asset and in fact, they are much worse than junk bonds. If the government would look into them, which they must do, because nothing is working in our economy except the huge commissions and bonuses these hedge fund dealers are getting for selling these toxic derivatives. Since all this vulture capitalism isn't working, they still have to borrow money from Communist China and any other country that will loan to us, as well as selling off U.S. assets to foreigners to keep going.
There are three solutions we could follow, according to the book "Web of Debt" and I quote: "There are only three choices for the job: a private banking cartel, local communities acting separately, or the collective body of the people acting through their representative government." Like it says, we're operating presently under the first one and that definitely isn't working. We could use the third solution being our government but since they are being lobbied and paid for by the big investment banks, that isn't working.
The only solution left is to break-up the big banks "Too Big to Fail" because five of the biggest ones, control 88 percent of the derivative market. You're going to have to get down to your local small community banks and do business on a local level, where all the loans stay local and the banks are financed by CDs sold to local customers of the bank at a fair interest rate.
So, what I've been saying for years, as well as on Facebook and Twitter: "Derivatives are junk." They're junk and they're creating bubbles in our economy and in the world so big that nobody can absorb the amount of debt they created.
