Someone Speaks the Truth on CNBC!

This morning, I heard some of Squawk Box on the radio, and someone said that the current crisis is due to the “fence around core Europe” crumbling, because “governments don’t have enough money to help out their banking systems.” Fractional-reserve commercial banks have metastasized since their central banks had all restraints removed, starting with Nixon’s repudiation of the remnants of the gold standard. Since the banksters also run the governments, they have been able to run wild, even by fractional-reserve standards. But now, with the double dip in this Fed-bank depression, have they brought the temple down on their heads, too? We can only hope for a little justice in this world.

UPDATE I should note that Bob Wenzel has long predicted another boom (and even greater trouble ahead), thanks to massive money printing by the Fed.

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9:21 am on August 5, 2011