tag:blogger.com,1999:blog-53246864840716464.post3047629582433801606..comments2024-02-29T00:46:38.800-08:00Comments on Washingtons Blog: Bank of America Stock Is Up ... But So Are Credit Default Swaps and PutsUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-53246864840716464.post-38866096267987784692011-08-12T10:30:24.928-07:002011-08-12T10:30:24.928-07:00Tried to use BoA ATM yesterday, tellers were outsi...Tried to use BoA ATM yesterday, tellers were outside the bank, saying their network was down all morning. No withdrawals possible.... but I could still do deposits (!!!!)Mike P.https://www.blogger.com/profile/15353566952945887632noreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-77011397103551323372011-08-12T08:36:21.074-07:002011-08-12T08:36:21.074-07:00The Mafia and Cosa Nostra are either dead or in ja...The Mafia and Cosa Nostra are either dead or in jail, and their place has been taken by the banksters. The only reason they are still free is that they have made huge payments to political campaigns. This is really sick. They have transformed our government into a fascist state, and the middle class is getting creamed. <br /> Why don't people get mad and start voting out all incumbents? The tea party is full of beans. We need a new group which is more knowledgeable, and which seeks advice from real economists instead of politicians like the Summers-Geithner crowd? <br /> Economics is a religion with three sects: the Keynesians, who are in power now and who believe that inflation is "good for the soul": the Moniterists with patron saint, Milton Friedman, who believe that a little inflation is O.K. as long as you do not carry it "too far": and the Austrians who believe we should get back on the gold standard so that we can insure everyone that their savings and livlihoods will not be stolen from them by a overwhelmingly greedy, rapacious, power-hungry government. <br /> The Austrians are the real economists, but they have not had their say in government for nearly a century. Let's get back to real money which is not constantly being inflated away.<br /> Government loves inflation because it effectively destroys the value of the mountains of debt it accumulates. A "moderate" inflation rate of 5% destroys the buying power of treasury bonds. This is why we have inflation.<br /> The Byzantine Empire gets a lot of negative attention, but when they saw what was happening to their economy during the Middle Ages through debasement of their coinage, they switched back to the gold standard and continued on for centuries after the economies of Rome, Persia, India, China and the Arab World had collapsed not only economically, but also politically and socially. <br /> On the other hand, Rome did exactly what the U.S. and Western Europe are doing now during the 4th century and it soon collapsed completely. <br /> Want proof? Go to the National Archaeological Museum in Athens and look carefully at the chronological Byzantine coin collection and read chapter 3 of Michael Grant's The Climax of Rome and add banksters to the overspending on useless military adventures. <br />As Mark Twain said, "History doesn't repeat itself, but it rhymes."oldgeezerhttps://www.blogger.com/profile/10721919111919453310noreply@blogger.com